📊 NODK Key Takeaways
Is NI Holdings, Inc. (NODK) a Good Investment?
NI Holdings exhibits fundamental deterioration despite a fortress balance sheet, with negative operating cash flow (-$1.9M) and revenue decline (-12.3% YoY) indicating operational distress. Net income collapsed 257.8% YoY in a specialty insurance segment, suggesting severe underwriting or claims challenges that require immediate turnaround execution to justify continued investment.
Profitability has deteriorated with double-digit revenue contraction, negative operating and net margins, and negative free cash flow, indicating weak core operations. While leverage is minimal and liquidity appears solid, fundamentals point to ongoing underwriting and expense pressure; until sustained profitability and positive cash generation return, risk-reward is unfavorable.
Why Buy NI Holdings, Inc. Stock? NODK Key Strengths
- Minimal leverage with 0.01x debt-to-equity ratio provides financial flexibility
- Strong cash position of $57.7M provides runway for operational restructuring
- Healthy gross margins at 53.3% demonstrate underlying business unit profitability
- Very low leverage (0.01x D/E) minimizing financial risk
- Solid cash position relative to scale ($51.7M)
- Strong equity base ($240M) supporting solvency
NODK Stock Risks: NI Holdings, Inc. Investment Risks
- Negative operating cash flow of -$1.9M indicates the core business is burning cash despite reporting net income
- Revenue declining 12.3% YoY combined with net income crash of 257.8% suggests deteriorating underwriting performance typical of adverse insurance cycles
- Extremely low returns on capital (5.0% ROE, 2.5% ROA) indicate inefficient capital deployment and value destruction
- Negative free cash flow margin of -3.2% is unsustainable even with adequate balance sheet reserves
- Persistent underwriting/operating losses driving negative margins
- Revenue decline (-12.3% YoY) suggesting pricing/competitiveness issues
- Negative operating and free cash flow reducing financial flexibility
Key Metrics to Watch
- Operating cash flow recovery - must return to positive territory within 2-3 quarters
- Combined ratio trend for insurance underwriting operations - indicates claim experience and profitability
- Revenue stabilization and growth pathway - current declining trend is untenable
- Combined ratio (underwriting margin)
- Operating cash flow trend
NI Holdings, Inc. (NODK) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The current ratio below 1.0x warrants monitoring of short-term liquidity.
NODK Profit Margin, ROE & Profitability Analysis
NODK vs Finance Sector: How NI Holdings, Inc. Compares
How NI Holdings, Inc. compares to Finance sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is NI Holdings, Inc. Stock Overvalued? NODK Valuation Analysis 2026
Based on fundamental analysis, NI Holdings, Inc. has mixed fundamental signals relative to the Finance sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
NI Holdings, Inc. Balance Sheet: NODK Debt, Cash & Liquidity
NODK Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: NI Holdings, Inc.'s revenue has declined by 72% over the 5-year period, indicating business contraction. The most recent EPS of $-0.26 indicates the company is currently unprofitable.
NODK Revenue Growth, EPS Growth & YoY Performance
NODK Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $59.6M | $6.5M | $0.31 |
| Q3 2025 | $76.6M | -$1.7M | $-0.08 |
| Q2 2025 | $76.1M | -$5.6M | $-0.27 |
| Q1 2025 | $71.4M | $6.4M | $0.30 |
| Q3 2024 | $78.0M | $231.0K | $0.01 |
| Q2 2024 | $81.1M | -$8.1M | $-0.38 |
| Q1 2024 | $81.6M | -$4.2M | $-0.20 |
| Q3 2023 | $89.2M | $231.0K | $0.01 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
NI Holdings, Inc. Dividends, Buybacks & Capital Allocation
NODK SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for NI Holdings, Inc. (CIK: 0001681206)
📋 Recent SEC Filings
❓ Frequently Asked Questions about NODK
What is the AI rating for NODK?
NI Holdings, Inc. (NODK) has a Combined AI Rating of SELL from Claude (SELL) and ChatGPT (SELL) with 71% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are NODK's key strengths?
Claude: Minimal leverage with 0.01x debt-to-equity ratio provides financial flexibility. Strong cash position of $57.7M provides runway for operational restructuring. ChatGPT: Very low leverage (0.01x D/E) minimizing financial risk. Solid cash position relative to scale ($51.7M).
What are the risks of investing in NODK?
Claude: Negative operating cash flow of -$1.9M indicates the core business is burning cash despite reporting net income. Revenue declining 12.3% YoY combined with net income crash of 257.8% suggests deteriorating underwriting performance typical of adverse insurance cycles. ChatGPT: Persistent underwriting/operating losses driving negative margins. Revenue decline (-12.3% YoY) suggesting pricing/competitiveness issues.
What is NODK's revenue and growth?
NI Holdings, Inc. reported revenue of $59.6M.
Does NODK pay dividends?
NI Holdings, Inc. pays dividends, with $6.7M distributed to shareholders in the trailing twelve months.
Where can I find NODK SEC filings?
Official SEC filings for NI Holdings, Inc. (CIK: 0001681206) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is NODK's EPS?
NI Holdings, Inc. has a diluted EPS of $0.60.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is NODK a good stock to buy right now?
Based on our AI fundamental analysis in May 2026, NI Holdings, Inc. has a SELL rating with 71% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is NODK stock overvalued or undervalued?
Valuation metrics for NODK: ROE of 5.0% (sector avg: 12%), net margin of 21.0% (sector avg: 25%). Compare these metrics with sector averages to assess valuation.
Should I buy NODK stock in 2026?
Our dual AI analysis gives NI Holdings, Inc. a combined SELL rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is NODK's free cash flow?
NI Holdings, Inc.'s operating cash flow is $-1.9M, with capital expenditures of $42.0K. FCF margin is -3.2%.
How does NODK compare to other Finance stocks?
Vs Finance sector averages: Net margin 21.0% (avg: 25%), ROE 5.0% (avg: 12%), current ratio N/A (avg: 1.2).