NI (NODK)
Market Price (11/6/2026): $15.3 | Market Cap: $312.2 MilSector: Financials | Industry: Property & Casualty Insurance
NI (NODK)
Market Price (11/6/2026): $15.3Market Cap: $312.2 MilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -58% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Artificial Intelligence, and Digital Health & Telemedicine. Themes include Edge AI, Wearable Health Devices, Show more. | Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -62% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 41x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.0%, Rev Chg QQuarterly Revenue Change % is -7.7% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Key risksNODK key risks include [1] unfavorable prior year loss reserve development in its Non-Standard Auto business, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -58% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Digital Health & Telemedicine. Themes include Edge AI, Wearable Health Devices, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -62% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 41x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.0%, Rev Chg QQuarterly Revenue Change % is -7.7% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Key risksNODK key risks include [1] unfavorable prior year loss reserve development in its Non-Standard Auto business, Show more. |
Qualitative Assessment
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Updated on 11/1/2026
NI (NODK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strategic Shift Driving Improved Profitability Despite Revenue Decline. NI Holdings reported a significant turnaround in profitability for fiscal Q2 2026 (ended June 30, 2026), moving from a net loss of $12.1 million (or basic EPS of $(0.57)) in Q2 2025 to a net income of $0.1 million (or basic EPS of $0.01) in Q2 2026. This improvement stemmed from its strategic decision to exit most of its Non-Standard Auto business and lower catastrophe losses, which contributed to an improved combined ratio of 107.7% compared to 125.1% in the prior year quarter. While gross premiums written decreased by 4.1% year-over-year to $107.2 million in the same quarter, this strategic pivot towards more profitable segments like Crop and assumed reinsurance, alongside reduced exposure in less favorable lines, stabilized investor sentiment by demonstrating a focus on underwriting discipline and earnings quality over top-line growth.
2. Macroeconomic Headwinds of Rising Interest Rates. During fiscal Q3 2026 (July-September 2026), the broader macroeconomic environment exerted upward pressure on interest rates, with the Federal Reserve raising its policy rate by 25 basis points in September 2026, bringing the range to 3.75%-4.00%. Long-term U.S. Treasury yields also surged to levels not seen since 2007, increasing financing costs for businesses and potentially impacting valuations across the market. As a small-capitalization company with a market cap of approximately $300 million, NI Holdings may have faced increased sensitivity to these rising borrowing costs, which could have dampened any significant upward stock movement despite company-specific operational improvements.
Show more
NI (NODK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strategic Shift Driving Improved Profitability Despite Revenue Decline. NI Holdings reported a significant turnaround in profitability for fiscal Q2 2026 (ended June 30, 2026), moving from a net loss of $12.1 million (or basic EPS of $(0.57)) in Q2 2025 to a net income of $0.1 million (or basic EPS of $0.01) in Q2 2026. This improvement stemmed from its strategic decision to exit most of its Non-Standard Auto business and lower catastrophe losses, which contributed to an improved combined ratio of 107.7% compared to 125.1% in the prior year quarter. While gross premiums written decreased by 4.1% year-over-year to $107.2 million in the same quarter, this strategic pivot towards more profitable segments like Crop and assumed reinsurance, alongside reduced exposure in less favorable lines, stabilized investor sentiment by demonstrating a focus on underwriting discipline and earnings quality over top-line growth.
2. Macroeconomic Headwinds of Rising Interest Rates. During fiscal Q3 2026 (July-September 2026), the broader macroeconomic environment exerted upward pressure on interest rates, with the Federal Reserve raising its policy rate by 25 basis points in September 2026, bringing the range to 3.75%-4.00%. Long-term U.S. Treasury yields also surged to levels not seen since 2007, increasing financing costs for businesses and potentially impacting valuations across the market. As a small-capitalization company with a market cap of approximately $300 million, NI Holdings may have faced increased sensitivity to these rising borrowing costs, which could have dampened any significant upward stock movement despite company-specific operational improvements.
Show more
Updated on 11/1/2026
NI (NODK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strategic Shift Driving Improved Profitability Despite Revenue Decline. NI Holdings reported a significant turnaround in profitability for fiscal Q2 2026 (ended June 30, 2026), moving from a net loss of $12.1 million (or basic EPS of $(0.57)) in Q2 2025 to a net income of $0.1 million (or basic EPS of $0.01) in Q2 2026. This improvement stemmed from its strategic decision to exit most of its Non-Standard Auto business and lower catastrophe losses, which contributed to an improved combined ratio of 107.7% compared to 125.1% in the prior year quarter. While gross premiums written decreased by 4.1% year-over-year to $107.2 million in the same quarter, this strategic pivot towards more profitable segments like Crop and assumed reinsurance, alongside reduced exposure in less favorable lines, stabilized investor sentiment by demonstrating a focus on underwriting discipline and earnings quality over top-line growth.
2. Macroeconomic Headwinds of Rising Interest Rates. During fiscal Q3 2026 (July-September 2026), the broader macroeconomic environment exerted upward pressure on interest rates, with the Federal Reserve raising its policy rate by 25 basis points in September 2026, bringing the range to 3.75%-4.00%. Long-term U.S. Treasury yields also surged to levels not seen since 2007, increasing financing costs for businesses and potentially impacting valuations across the market. As a small-capitalization company with a market cap of approximately $300 million, NI Holdings may have faced increased sensitivity to these rising borrowing costs, which could have dampened any significant upward stock movement despite company-specific operational improvements.
3. Anticipation Ahead of Q3 2026 Earnings Release. NI Holdings' fiscal Q3 2026 earnings, covering the period ended September 30, 2026, were estimated to be released between November 6 and November 9, 2026, which falls outside the analysis period of July 31, 2026, to November 2, 2026. Without new financial results for the most recent quarter during the specified timeframe, investors likely maintained a holding pattern, awaiting fresh guidance and performance metrics. This lack of new material company-specific information regarding the latest quarter contributed to the stock's tendency to remain largely at its existing level.
Show less
NI (NODK) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strategic Shift Driving Improved Profitability Despite Revenue Decline. NI Holdings reported a significant turnaround in profitability for fiscal Q2 2026 (ended June 30, 2026), moving from a net loss of $12.1 million (or basic EPS of $(0.57)) in Q2 2025 to a net income of $0.1 million (or basic EPS of $0.01) in Q2 2026. This improvement stemmed from its strategic decision to exit most of its Non-Standard Auto business and lower catastrophe losses, which contributed to an improved combined ratio of 107.7% compared to 125.1% in the prior year quarter. While gross premiums written decreased by 4.1% year-over-year to $107.2 million in the same quarter, this strategic pivot towards more profitable segments like Crop and assumed reinsurance, alongside reduced exposure in less favorable lines, stabilized investor sentiment by demonstrating a focus on underwriting discipline and earnings quality over top-line growth.
2. Macroeconomic Headwinds of Rising Interest Rates. During fiscal Q3 2026 (July-September 2026), the broader macroeconomic environment exerted upward pressure on interest rates, with the Federal Reserve raising its policy rate by 25 basis points in September 2026, bringing the range to 3.75%-4.00%. Long-term U.S. Treasury yields also surged to levels not seen since 2007, increasing financing costs for businesses and potentially impacting valuations across the market. As a small-capitalization company with a market cap of approximately $300 million, NI Holdings may have faced increased sensitivity to these rising borrowing costs, which could have dampened any significant upward stock movement despite company-specific operational improvements.
3. Anticipation Ahead of Q3 2026 Earnings Release. NI Holdings' fiscal Q3 2026 earnings, covering the period ended September 30, 2026, were estimated to be released between November 6 and November 9, 2026, which falls outside the analysis period of July 31, 2026, to November 2, 2026. Without new financial results for the most recent quarter during the specified timeframe, investors likely maintained a holding pattern, awaiting fresh guidance and performance metrics. This lack of new material company-specific information regarding the latest quarter contributed to the stock's tendency to remain largely at its existing level.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 1.6% change in NODK stock from 7/31/2026 to 11/5/2026 was primarily driven by a 3.5% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.15 | 15.39 | 1.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 273 | 267 | -2.1% |
| P/S Multiple | 1.2 | 1.2 | 3.5% |
| Shares Outstanding (Mil) | 21 | 21 | 0.3% |
| Cumulative Contribution | 1.6% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NODK | 1.6% | |
| Market (SPY) | -1.9% | 12.3% |
| Sector (XLF) | 1.0% | 34.8% |
Fundamental Drivers
The 19.5% change in NODK stock from 4/30/2026 to 11/5/2026 was primarily driven by a 26.8% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.88 | 15.39 | 19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 285 | 267 | -6.2% |
| P/S Multiple | 0.9 | 1.2 | 26.8% |
| Shares Outstanding (Mil) | 21 | 21 | 0.5% |
| Cumulative Contribution | 19.5% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NODK | 19.5% | |
| Market (SPY) | 2.3% | -11.1% |
| Sector (XLF) | 10.7% | 16.0% |
Fundamental Drivers
The 16.6% change in NODK stock from 10/31/2025 to 11/5/2026 was primarily driven by a 485.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.20 | 15.39 | 16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 310 | 267 | -13.9% |
| Net Income Margin (%) | 0.5% | 2.9% | 485.8% |
| P/E Multiple | 178.9 | 40.9 | -77.1% |
| Shares Outstanding (Mil) | 21 | 21 | 1.1% |
| Cumulative Contribution | 16.6% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NODK | 16.6% | |
| Market (SPY) | 8.4% | 1.6% |
| Sector (XLF) | 11.1% | 20.7% |
Fundamental Drivers
The 21.3% change in NODK stock from 10/31/2023 to 11/5/2026 was primarily driven by a 27.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.69 | 15.39 | 21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 288 | 267 | -7.3% |
| P/S Multiple | 0.9 | 1.2 | 27.9% |
| Shares Outstanding (Mil) | 21 | 21 | 2.3% |
| Cumulative Contribution | 21.3% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NODK | 21.3% | |
| Market (SPY) | 81.3% | 25.1% |
| Sector (XLF) | 85.5% | 31.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NODK Return | 15% | -30% | -2% | 21% | -15% | 16% | -6% |
| Peers Return | 34% | -21% | 7% | 4% | 20% | 21% | 71% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| NODK Win Rate | 58% | 33% | 50% | 67% | 42% | 45% | |
| Peers Win Rate | 69% | 44% | 54% | 54% | 60% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| NODK Max Drawdown | -14% | -34% | -19% | -17% | -22% | -10% | |
| Peers Max Drawdown | -17% | -38% | -30% | -26% | -36% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KEYS, A, TER, FTV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | NODK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.6% | -18.8% |
| % Gain to Breakeven | 21.4% | 23.1% |
| Time to Breakeven | 357 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.0% | -9.5% |
| % Gain to Breakeven | 14.9% | 10.5% |
| Time to Breakeven | 127 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.0% | -6.7% |
| % Gain to Breakeven | 13.6% | 7.1% |
| Time to Breakeven | 35 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.7% | -33.7% |
| % Gain to Breakeven | 44.2% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.3% | -19.2% |
| % Gain to Breakeven | 12.7% | 23.8% |
| Time to Breakeven | 140 days | 105 days |
In The Past
NI's stock fell -17.6% during the 2025 US Tariff Shock. Such a loss loss requires a 21.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | NODK | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -30.7% | -33.7% |
| % Gain to Breakeven | 44.2% | 50.9% |
| Time to Breakeven | 70 days | 140 days |
In The Past
NI's stock fell -17.6% during the 2025 US Tariff Shock. Such a loss loss requires a 21.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About NI (NODK)
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NI Holdings, Inc. (NODK) is a U.S.-based insurance company that underwrites a comprehensive range of property and casualty insurance products. Established in 1946 and headquartered in Fargo, North Dakota, the company plays a vital role in providing financial protection to individuals and agricultural operations against various risks, including property damage, liability, and agricultural losses.
The company's core offerings include a diverse portfolio of insurance policies. For personal lines, NODK provides private passenger auto, non-standard automobile, homeowners, and general liability insurance. Catering to the agricultural sector, it offers specialized farm owners, crop hail, and multi-peril crop insurance, designed to protect farmers from weather-related and other crop yield uncertainties.
NI Holdings primarily serves individual consumers seeking coverage for their personal assets like homes and vehicles, as well as farmers in need of specific insurance products for their agricultural businesses across the United States. As a subsidiary of Nodak Mutual Group, Inc., NODK leverages its deep roots and expertise to deliver these essential risk management solutions to its customer base.
```AI Analysis | Feedback
1. A regional State Farm or Allstate.
2. Like Travelers or Liberty Mutual, but with a stronger focus on agricultural and rural insurance.
3. A Property and Casualty insurer similar to Farmers Insurance, but with a more pronounced specialty in crop and farm policies.
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- Private Passenger Auto Insurance: Provides coverage for personal vehicles against risks such as collision, theft, and liability.
- Non-Standard Automobile Insurance: Offers insurance coverage for drivers or vehicles that may not qualify for standard auto insurance due to various risk factors.
- Homeowners Insurance: Protects homeowners against damage to their property and liability for accidents occurring on their property.
- Farm Owners Insurance: Combines property and liability coverage specifically designed for farms and their operations.
- Crop Hail Insurance: Covers agricultural crops against losses caused by hail, ensuring farmers are protected from specific weather-related damages.
- Multi-Peril Crop Insurance: Provides comprehensive coverage for various perils that can affect crop yields, including adverse weather, disease, and insect infestation.
- Liability Insurance: Offers financial protection against claims resulting from injuries or damages to other people or their property for which the insured is legally responsible.
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NI Holdings, Inc. (NODK) primarily sells its property and casualty insurance products directly to individuals and businesses, rather than having a few major corporate customers. Based on its product offerings, the company serves the following categories of customers:
- Individual Policyholders: This category includes individuals seeking personal lines of insurance such as private passenger auto, non-standard automobile, and homeowners' insurance for their personal assets.
- Agricultural Policyholders/Farmers: This category encompasses farmers and agricultural businesses that require specialized insurance products like farm owners, crop hail, and multi-peril crop insurance to protect their farming operations and harvests.
- Small Business/General Liability Policyholders: This category includes individuals and small businesses seeking general liability insurance policies to protect against various risks and potential lawsuits.
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Cindy Launer President and Chief Executive Officer
Ms. Launer was appointed President and Chief Executive Officer of NI Holdings, Inc. in October 2025. She previously served as Interim CEO in the fall of 2024 and has been an independent non-executive director on the company's board since November 2019. Ms. Launer brings 18 years of experience in the insurance industry, including her role as Chief Operating Officer of AIG's Commercial Insurance Business until her retirement in 2018. Before joining AIG, she held various audit, finance, investor relations, and Chief of Staff roles at MetLife and Deloitte & Touche LLP.
Matthew Maki Executive Vice President, Chief Financial Officer and Treasurer
Mr. Maki was appointed full-time Chief Financial Officer, effective March 1, 2025, after serving as Interim CFO since December 1, 2024. He joined NI Holdings in August 2020 as Vice President of Financial Planning and Analysis. Prior to his tenure at NI Holdings, he was Vice President of Accounting and Treasurer at RAM Mutual Insurance Company from August 2019 to August 2020. He also held various finance and treasury roles at Travelers Companies, Inc. Mr. Maki began his career as an auditor at Ernst & Young and is a Certified Public Accountant.
Kelly Dawson Senior Vice President and Chief Human Resources Officer
Ms. Dawson manages all human resources functions for NI Holdings, Inc. She brings over 20 years of experience in leadership roles from various companies.
Doug Duncan Senior Vice President and Chief Information Officer
Mr. Duncan serves as Senior Vice President and Chief Information Officer.
Kevin Elfstrand Senior Vice President and Chief Accounting Officer
Mr. Elfstrand has been promoted to Senior Vice President and Chief Accounting Officer, overseeing the Accounting department and external financial reporting. He has over 20 years of experience in the property and casualty insurance industry, including 17 years at Travelers Companies, Inc., where he most recently served as Assistant Vice President of Corporate Audit. Mr. Elfstrand began his career at Deloitte and is a Certified Public Accountant.
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Key Risks to NI Holdings, Inc. (NODK)
- Underwriting Losses and Profitability Pressure: NI Holdings, Inc. has been experiencing significant underwriting losses, with a combined ratio consistently above 100% throughout 2025, indicating that underwriting costs and claims have exceeded premium income. This has led to reported net losses for the company in 2025. The deterioration is attributed to factors such as unfavorable prior-year reserve development, increased liability claim severity in Private Passenger Auto, and catastrophe-related costs.
- Catastrophic or other significant natural or man-made losses: As a property and casualty insurer, NI Holdings, Inc. is inherently exposed to claims arising from catastrophes and other natural perils. Such events can have a significant negative impact on the company's financial condition and operating results.
- Adequacy of Loss and Loss Adjustment Expense Reserves: The company maintains reserves to cover its estimated unpaid losses and the expenses necessary to settle claims. The risk lies in the possibility that these established reserves, which are based on current facts and circumstances, may prove to be insufficient to cover actual claims, potentially leading to increased accruals for contingencies and negatively affecting financial performance.
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- Disruption by Technology-First Insurers (InsurTechs): Emerging companies are leveraging advanced technologies such as artificial intelligence, big data analytics, machine learning, and telematics to offer insurance products directly to consumers. These InsurTechs often provide a more streamlined, personalized, and digital-first experience, potentially at lower operating costs. This model innovation threatens traditional insurers like NODK, which may rely on established, less agile processes and agent networks, similar to how Netflix disrupted Blockbuster's brick-and-mortar model.
- The Rise of Autonomous Vehicles: For NODK's significant private passenger auto and non-standard automobile insurance segments, the gradual but accelerating development and adoption of autonomous vehicles pose a fundamental long-term threat. As self-driving technology matures and becomes more prevalent, accident rates are projected to decrease significantly. This could drastically reduce the demand for traditional auto collision insurance and shift the liability paradigm from individual drivers to vehicle manufacturers or software providers, fundamentally altering the auto insurance market.
- Increasing Frequency and Severity of Catastrophic Weather Events: The accelerating impacts of climate change are leading to more frequent and severe extreme weather events, including wildfires, floods, hurricanes, and intense storms. This directly threatens the underwriting profitability and long-term sustainability of property, farm owners, and crop insurers like NODK. Higher claims payouts, increased reinsurance costs, and the potential for certain regions to become uninsurable or prohibitively expensive pose a significant and growing threat to their core business model.
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The addressable markets for NI Holdings, Inc.'s main products and services in the United States are as follows:
- Private Passenger Auto Insurance: The U.S. private passenger auto insurance market recorded direct premiums written of approximately $359.51 billion in 2024. Another estimate indicates the U.S. car insurance market was valued at $386.2 billion in 2025, projected to grow to $409.87 billion in 2026 and reach $551.96 billion by 2031. The market size of Automobile Insurance in the US was also reported as $352.3 billion in 2024 and $352.9 billion in 2025.
- Non-Standard Automobile Insurance: null
- Homeowners Insurance: The United States homeowners insurance market size was estimated at $171.7 billion in 2024 and $175.1 billion in 2025. It is projected to increase from $184.59 billion in 2026 to $236.90 billion by 2031.
- Farm Owners Insurance: The farmers insurance market in the United States is valued at approximately $13.16 billion. The North America Farm and Ranch Insurance Market was valued at about $5.88 billion in 2023.
- Crop Hail and Multi-Peril Crop Insurance: The global crop insurance market was valued at $46.2 billion in 2024, with North America holding a significant share. North America accounted for 41.60% of the global market share in 2025, with the global market valued at $48.01 billion in 2025. Specifically, the Multi-Peril Crop Insurance Market size was estimated at $13.27 billion in 2025 and is expected to reach $14.54 billion in 2026.
- Liability Insurance Policies: The U.S. liability insurance market size was $107.40 billion in 2024 and is projected to reach approximately $196.39 billion by 2034. North America's liability insurance market reached $134.26 billion in 2024.
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NI Holdings, Inc. (NODK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
* Strategic Repositioning and Focus on Core Profitable Markets: The company's disciplined capital allocation involves strategic exits from unprofitable non-standard auto segments in certain markets, such as Illinois, South Dakota, and Arizona. This repositioning is intended to improve future underwriting margins and stabilize underwriting performance, allowing for more sustainable premium revenue growth from its core, profitable lines of business.
* Continued Growth in the Home and Farm Insurance Segment: NI Holdings has demonstrated strong premium growth in its Home and Farm segment, with a 10.1% increase in Q3 2025. This growth is anticipated to continue, driven by factors such as rate increases, higher insured values, and new business generation, particularly in North Dakota.
* Increased Net Investment Income: A favorable interest rate environment and an increased average fixed-income securities balance have contributed to a rise in net investment income. This trend is expected to continue to contribute positively to the company's overall revenue.
* Underwriting Improvements in Private Passenger Auto: Although the Private Passenger Auto segment faced challenges in 2025 due to increased liability claim severity and reserve strengthening, the strategic decision to cease writing non-standard auto business in unprofitable states aims to stabilize underwriting. This stabilization, coupled with ongoing management actions to strengthen reserves, is expected to position the company for improved underwriting performance and a return to profitability in this segment, supporting future premium growth.
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Share Repurchases
- NI Holdings, Inc. repurchased 548,549 shares of common stock for a total of $7.2 million during 2023.
- As of August 25, 2025, the company's Board of Directors approved a new authorization to repurchase up to $5 million of its outstanding common stock.
- This new authorization adds to approximately $1.3 million remaining under a previous repurchase plan announced in May 2022, bringing the total available for stock repurchases to approximately $6.3 million.
Share Issuance
- NI Holdings, Inc. has not sold any unregistered securities within the past three years (as of a recent SEC filing context around 2024).
- Historical data indicates a general decrease in shares outstanding from approximately 21.32 million in February 2021 to 20.61 million in October 2025, suggesting no significant share issuances during this period.
Outbound Investments
- Battle Creek Mutual Insurance Company became a wholly-owned subsidiary of NI Holdings, Inc. on January 2, 2024.
Capital Expenditures
- Capital expenditures for NI Holdings, Inc. were USD -217.0 thousand in 2025, which represents a 78.1% increase year-over-year.
Peer Outperformance in Property & Casualty Insurance
NODK has trailed 88% of its 41 Property & Casualty Insurance peers over 5Y. Property & Casualty Insurance ranks 5th of 18 industries in Financials by median 5Y return.
Share of Property & Casualty Insurance constituents that NODK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
43%
of 46 industry peers · 15.4% return
3Y
21%
of 43 industry peers · 23.5% return
5Y
12%
of 41 industry peers · -23.0% return
No Property & Casualty Insurance peer with a comparable growth profile has beaten NODK by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is NODK's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 33.1% | 75.7% | 125.1% | SPNT 168% · RGA 162% · RNR 141% |
| Investment Banking & Brokerage | 13 | -3.9% | 89.1% | 93.1% | IBKR 305% · SNEX 152% · GS 141% |
| Diversified Banks | 12 | 30.0% | 140.4% | 90.3% | CM 144% · RY 129% · JPM 127% |
| Life & Health Insurance | 20 | 14.3% | 52.3% | 75.4% | JXN 514% · UNM 224% · FG 188% |
| Property & Casualty Insurance ← | 42 | 18.9% | 76.8% | 66.8% | TRV 178% · PGR 172% · ACGL 168% |
| Multi-Sector Holdings | 3 | 10.1% | 53.8% | 59.4% | BRK-B 99% · VOYA 59% · JEF 37% |
| Multi-line Insurance | 9 | 9.5% | 71.4% | 59.4% | AIZ 105% · GNW 104% · L 98% |
| Regional Banks | 263 | 30.0% | 87.5% | 46.7% | CBC 268% · FCNCA 176% · NIC 136% |
| Insurance Brokers | 15 | 5.5% | 13.4% | 33.4% | LIFE 287% · ARX 89% · WTW 56% |
| Financial Exchanges & Data | 15 | 20.6% | 37.2% | 27.9% | CBOE 183% · VIRT 131% · CME 71% |
| Asset Management & Custody Banks | 83 | -5.9% | 22.8% | 12.3% | VCTR 210% · AAMI 207% · WT 205% |
| Consumer Finance | 30 | 2.9% | 81.0% | 8.1% | ENVA 330% · FCFS 130% · ECPG 111% |
| Commercial & Residential Mortgage Finance | 14 | -46.5% | 36.8% | 2.5% | FNMA 327% · FMCC 293% · ACT 158% |
| Diversified Financial Services | 4 | -1.6% | 20.1% | -1.1% | FRHC 153% · EQH 71% |
| Specialized Finance | 3 | 15.8% | 31.5% | -19.7% | HASI -20% · CACC -24% |
| Transaction & Payment Processing Services | 17 | 19.3% | 9.1% | -29.4% | V 103% · MA 94% · CPAY 83% |
| Mortgage REITs | 35 | -18.0% | -6.1% | -37.2% | RITM 36% · DX 17% · AGNC 10% |
| Diversified Capital Markets | 20 | -47.1% | -8.5% | -70.1% | LPLA 83% · TW 38% · RIOT -53% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 170.50 |
| Mkt Cap | 35.8 |
| Rev LTM | 5,001 |
| Op Inc LTM | 1,481 |
| FCF LTM | 1,200 |
| FCF 3Y Avg | 1,227 |
| CFO LTM | 1,330 |
| CFO 3Y Avg | 1,297 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 36.0% |
| Op Inc Chg 3Y Avg | 5.3% |
| Op Mgn LTM | 21.2% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 1.6% |
| CFO/Rev LTM | 24.4% |
| CFO/Rev 3Y Avg | 24.5% |
| FCF/Rev LTM | 20.5% |
| FCF/Rev 3Y Avg | 18.3% |
Price Behavior
Price Behavior
| Market Price | $15.39 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 03/16/2017 | |
| Distance from 52W High | -5.8% | |
| 50 Days | 200 Days | |
| DMA Price | $14.98 | $14.37 |
| DMA Trend | down | up |
| Distance from DMA | 2.7% | 7.1% |
| 3M | 1YR | |
| Volatility | 13.7% | 20.6% |
| Downside Capture | 4.62 | -20.36 |
| Upside Capture | -1.53 | 1.88 |
| Correlation (S&P 500) | -0.4% | 1.6% |
NODK Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.29 | -0.11 | 0.06 | -0.26 | -0.00 | 0.41 |
| Up Beta | -1.75 | -0.62 | 0.31 | -0.71 | -0.05 | 0.43 |
| Down Beta | 0.35 | 0.12 | -0.26 | -0.27 | 0.29 | 0.61 |
| Up Capture | -46% | -12% | 5% | 4% | -1% | 8% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 16 | 24 | 55 | 107 | 350 |
| Down Capture | -48% | -10% | 14% | -46% | -26% | 52% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 23 | 35 | 64 | 133 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NODK | |
|---|---|---|---|---|
| NODK | 17.1% | 20.6% | 0.65 | - |
| Sector ETF (XLF) | 11.1% | 15.2% | 0.47 | 21.0% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 1.2% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -10.9% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -16.9% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 19.1% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | -8.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NODK | |
|---|---|---|---|---|
| NODK | -5.3% | 27.5% | -0.20 | - |
| Sector ETF (XLF) | 9.1% | 18.4% | 0.36 | 33.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 29.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -0.8% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 1.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 28.3% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 16.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NODK | |
|---|---|---|---|---|
| NODK | 0.2% | 29.6% | 0.06 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.54 | 38.2% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 36.3% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 1.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 10.8% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 35.3% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 9.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -1.8% | -2.0% | -3.6% |
| 5/8/2026 | 4.4% | 7.7% | 18.7% |
| 3/6/2026 | -1.4% | 1.0% | -3.0% |
| 11/7/2025 | -0.8% | 3.6% | 5.5% |
| 8/8/2025 | -1.5% | -3.0% | 3.3% |
| 5/9/2025 | 2.4% | 1.1% | 1.8% |
| 3/7/2025 | -5.7% | -4.8% | -11.4% |
| 11/7/2024 | 0.0% | -1.8% | 6.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 13 |
| # Negative | 14 | 14 | 11 |
| Median Positive | 2.5% | 5.3% | 3.9% |
| Median Negative | -1.4% | -3.0% | -5.6% |
| Max Positive | 4.4% | 10.8% | 18.7% |
| Max Negative | -5.7% | -10.1% | -12.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -1.8% | -2.0% | -3.6% |
| 5/8/2026 | 4.4% | 7.7% | 18.7% |
| 3/6/2026 | -1.4% | 1.0% | -3.0% |
| 11/7/2025 | -0.8% | 3.6% | 5.5% |
| 8/8/2025 | -1.5% | -3.0% | 3.3% |
| 5/9/2025 | 2.4% | 1.1% | 1.8% |
| 3/7/2025 | -5.7% | -4.8% | -11.4% |
| 11/7/2024 | 0.0% | -1.8% | 6.7% |
| 8/8/2024 | -3.6% | -10.1% | -1.2% |
| 5/9/2024 | 2.6% | 10.2% | 3.2% |
| 3/15/2024 | -2.2% | -7.4% | -8.9% |
| 11/7/2023 | -1.2% | 3.5% | 3.7% |
| 8/8/2023 | -1.6% | -1.2% | -7.4% |
| 5/8/2023 | 0.5% | 0.9% | 10.0% |
| 3/8/2023 | -0.9% | -8.1% | -5.9% |
| 11/7/2022 | -0.6% | -4.4% | -1.9% |
| 8/4/2022 | -1.4% | -2.9% | -12.3% |
| 5/6/2022 | 4.2% | 10.8% | 12.5% |
| 3/9/2022 | -2.9% | -3.1% | -5.6% |
| 11/5/2021 | -0.5% | -0.5% | -2.4% |
| 8/4/2021 | 3.2% | -0.4% | 2.2% |
| 5/5/2021 | 0.5% | -0.2% | 3.9% |
| 3/10/2021 | 3.2% | 7.0% | 1.9% |
| 11/4/2020 | 0.7% | 7.3% | 5.4% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 13 |
| # Negative | 14 | 14 | 11 |
| Median Positive | 2.5% | 5.3% | 3.9% |
| Median Negative | -1.4% | -3.0% | -5.6% |
| Max Positive | 4.4% | 10.8% | 18.7% |
| Max Negative | -5.7% | -10.1% | -12.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Investor Activity (13F)
Updated Nov 6, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Property & Casualty Insurance Resources |
| Insurance Journal |
| Business Insurance |
| PropertyCasualty360 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 11/5/2026