NI Holdings, Inc. (NODK) Financial Statements
Industry: Fire, Marine & Casualty Insurance
In fiscal 2025, NI reported revenue of $285.1M, down 12.3% from $325.2M the year before. Net income was -$10.4M (a -3.7% net margin), or -$0.50 per diluted share. Gross margin was 24.5% and operating margin was -79.8%. Operating activities generated -$15.3M of cash, leaving -$15.5M of free cash flow. At fiscal year end, NI held $506.0M in total assets against $265.7M in total liabilities, including $51.7M of cash and equivalents.
Open the full interactive NI financials → Quarterly statements, key ratios, valuation history and price charts.
NI Key Stats
| Share Price | $14.83 |
|---|---|
| Market Cap | $309.6M |
| Dividend Yield | 2.17% |
| Revenue YoY Growth | -12.3% |
| 52-Week Range | $12.48 – $16.33 |
| Shares Outstanding | 20.8 million (basic, 2026 Q2) |
NI Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $306.4M | $324.0M | $324.4M | $365.7M | $325.2M | $285.1M |
| Cost of Goods Sold | $168.5M | $216.4M | $294.4M | $244.4M | $207.5M | $200.8M |
| Gross Profit | $115.2M | $83.2M | $33.9M | $106.7M | $102.6M | $69.9M |
| Operating Income | -$138.4M | -$229.5M | -$359.6M | -$263.2M | -$212.4M | -$227.5M |
| Pre-Tax Income | $52.8M | $11.3M | -$69.0M | -$4.3M | $10.1M | -$12.3M |
| Income Tax | $11.5M | $3.0M | -$15.3M | $963,000 | $3.5M | -$1.9M |
| Net Income | $40.4M | $8.4M | -$53.1M | -$5.5M | -$6.1M | -$10.4M |
| Diluted EPS | $1.84 | $0.39 | -$2.49 | -$0.26 | -$0.29 | -$0.50 |
NI Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $76.6M | $61.0M | $59.6M | $70.2M |
| Net Income | -$1.7M | -$3.2M | $12.5M | $146,000 |
| Diluted EPS | -$0.08 | -$0.15 | $0.60 | $0.01 |
NI Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $101.1M | $70.6M | $47.0M | $56.7M | $50.9M | $51.7M |
| Total Assets | $617.6M | $651.8M | $614.2M | $654.9M | $526.5M | $506.0M |
| Total Long-Term Debt | $5.0M | $5.0M | — | $2.4M | $2.4M | $2.4M |
| Total Liabilities | $268.7M | $304.4M | $361.0M | $404.5M | $281.9M | $265.7M |
| Shareholders' Equity | $348.9M | $347.4M | $253.2M | $250.4M | $244.6M | $240.3M |
NI Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $51.0M | $29.2M | -$30.4M | $26.0M | $38.5M | -$15.3M |
| Cash From Investing | $200,000 | -$48.2M | $25.0M | -$8.8M | -$4.5M | $18.8M |
| Cash From Financing | -$12.3M | -$11.5M | -$18.3M | -$7.5M | -$3.6M | -$2.8M |
| Free Cash Flow | $50.5M | $28.5M | -$31.6M | $25.0M | $37.5M | -$15.5M |
| Dividends Paid | — | — | — | — | $8.3M | $6.7M |
Figures from NI's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full NI financials page for every line item.
NI Company Profile
| Ticker | NODK |
|---|---|
| Exchange | Nasdaq |
| Industry | Fire, Marine & Casualty Insurance |
| Headquarters | Fargo, North Dakota |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001681206 |
Frequently Asked Questions
What was NI's revenue in fiscal 2025?
NI (NODK) reported revenue of $285.1M for fiscal 2025.
What is NI's annual revenue history?
NI's annual revenue by fiscal year: 2020: $306.4M; 2021: $324.0M; 2022: $324.4M; 2023: $365.7M; 2024: $325.2M; 2025: $285.1M.
What was NI's net income in fiscal 2025?
NI reported net income of -$10.4M for fiscal 2025.
What was NI's earnings per share (EPS) in fiscal 2025?
NI's diluted EPS was -$0.50 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did NI generate in fiscal 2025?
NI generated -$15.5M of free cash flow in fiscal 2025.
What was NI's revenue last quarter?
In its most recent reported quarter (2026 Q2), NI reported revenue of $70.2M.
How much debt does NI have?
NI reported $2.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of NI are outstanding?
NI reported a weighted average of 20.8 million basic shares outstanding in 2026 Q2.
What is NI's market cap?
Based on its latest closing price, NI (NODK) has a market capitalization of about $309.6M.
When does NI's fiscal year end?
NI's fiscal year end, as registered with the SEC, is December 31.
Where is NI headquartered?
NI lists its business address in Fargo, North Dakota in its SEC filings.