NI Holdings (NODK) AI Stock Analysis

• Market Cap: $287.68M
• Dividend Yield: N/A
• Average Volume (3M): 22.28K
• Price to Earnings (P/E): 55.5
• Beta (1Y): 0.41
• Revenue Growth: -6.46%
• EPS Growth: N/A
• Country: US
• Employees: 202
• Sector: Financial
• Sector Strength: 79
• Industry: Insurance - Property & Casualty
• EPS (TTM): 0.24
• Shares Outstanding: 20,698,574
• 10 Day Avg. Volume: 24,766
• 30 Day Avg. Volume: 22,278
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.90
• Price to Cash Flow (P/CF): 3.40
• P/FCF Ratio: 3.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

NI Holdings faces severe financial challenges with declining revenues and profitability, reflected in a low financial performance score. The technical analysis indicates a bearish trend, and the stock appears overvalued with a high P/E ratio. While recent corporate events are positive, they do not significantly alter the overall outlook, resulting in a moderately low overall stock score.

NI Holdings Business Overview & Revenue Model

Company Description

NI Holdings, Inc. (NODK) is an insurance holding company that operates through its subsidiaries and provides a variety of insurance products. Primarily focusing on property and casualty insurance, the company offers personal auto, homeowners, farmowners, and commercial insurance solutions. Headquartered in North Dakota, NI Holdings serves a broad geographical area in the United States, leveraging its expertise in risk management and financial stability to cater to its diverse client base.

How the Company Makes Money

NI Holdings, Inc. generates revenue primarily through the underwriting and sale of insurance policies. Its key revenue streams include the collection of premiums from policyholders across its range of insurance products, including personal auto, homeowners, farmowners, and commercial lines. The company also earns income from its investment portfolio, which consists of fixed maturity securities, equity securities, and other financial instruments. This investment income complements its underwriting profits, contributing to the company's overall financial performance. Additionally, NI Holdings may engage in strategic partnerships and reinsurance agreements to manage risk and expand its market presence, further influencing its profitability.

NI Holdings Financial Statement Overview

Summary

NI Holdings is facing significant financial challenges, with declining revenues, profitability, and cash flows. While the balance sheet remains strong due to no debt, the declining equity is concerning. Addressing these challenges is crucial for improving financial health and stability.

Income Statement

NI Holdings has faced significant challenges with declining revenues and profitability. The company experienced a substantial revenue drop from $365.7 million in 2023 to $32.6 million in 2024, indicating a severe contraction. The net profit margin is negative, reflecting ongoing losses, and EBIT and EBITDA margins are also absent, further highlighting profitability issues.

Balance Sheet

The balance sheet shows a strong equity position with stockholders' equity matching total assets, suggesting no leverage. However, the declining equity from $343.2 million in 2021 to $245.3 million in 2024 points to a deterioration in financial stability. The debt-to-equity ratio remains favorable at zero, but declining equity levels are a concern.

Cash Flow

The cash flow statement reflects a significant decline in free cash flow, turning negative in 2024. The operating cash flow to net income ratio is not favorable due to negative cash flows. The company's ability to generate cash has been inconsistent, with significant swings in operating cash flow over the years.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
32.60M	365.69M	324.44M	323.97M	306.36M
	Gross Profit
32.60M	365.69M	324.44M	323.97M	306.36M
	EBIT
-292.60M	0.00	18.82M	11.39M	51.86M
	EBITDA
0.00	0.00	0.00	0.00	0.00
	Net Income Common Stockholders
-1.51M	-5.48M	-53.77M	8.42M	40.39M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
3.35M	56.69M	47.00M	70.62M	101.08M
	Total Assets
526.54M	615.68M	614.23M	651.78M	617.60M
	Total Debt
0.00	2.06M	1.84M	0.00	0.00
	Net Debt
-3.35M	-54.63M	-45.16M	-70.62M	-101.08M
	Total Liabilities
281.91M	365.28M	361.02M	304.37M	8.76M
	Stockholders Equity
244.63M	247.64M	250.98M	343.20M	344.33M
Cash Flow		Free Cash Flow
-5.91M	25.00M	-31.55M	28.47M	50.47M
	Operating Cash Flow
-5.91M	25.97M	-30.39M	29.17M	51.01M
	Investing Cash Flow
9.10M	-8.81M	25.05M	-48.15M	200.00K
	Financing Cash Flow
-158.00K	-7.47M	-18.28M	-11.47M	-12.27M

NI Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.08
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NODK, the sentiment is Negative. The current price of 13.08 is below the 20-day moving average (MA) of 13.95, below the 50-day MA of 14.29, and below the 200-day MA of 15.16, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 46.05 is Neutral, neither overbought nor oversold. The STOCH value of 66.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NODK.

NI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
THG	82 Outperform	$5.65B	13.40	16.03%	2.23%	4.07%	1110.92%
UFCS	78 Outperform	$675.91M	11.14	8.18%	2.40%	14.41%	―
SIGI	75 Outperform	$5.27B	26.88	6.82%	1.68%	15.35%	-44.64%
SAFT	74 Outperform	$1.13B	15.87	8.66%	4.74%	21.61%	273.90%
Sector *	64 Neutral	$13.46B	9.44	9.34%	4.72%	16.14%	-8.80%
KMPR	59 Neutral	$3.85B	12.27	12.01%	2.08%	-6.08%	―
NODK	46 Neutral	$287.68M	55.47	2.47%	―	-6.46%	―

NI Holdings Corporate Events

NI Holdings Expands Board with New Director Appointment

On March 18, 2025, NI Holdings, Inc. announced an increase in its Board of Directors to nine members, appointing Dave L. Stende as a director effective April 1, 2025. Mr. Stende, recognized as an independent director under Nasdaq standards, will join the Board’s Audit Committee and receive standard non-employee director compensation. His appointment is expected to strengthen the company’s governance structure.

NI Holdings Appoints Matt Maki as Permanent CFO

NI Holdings, Inc. announced the appointment of Matt Maki as the full-time Chief Financial Officer, effective March 1, 2025. Mr. Maki, who has been with the company since August 2020, previously served as the Interim CFO and will now take on the role permanently. His compensation package includes a base salary, incentives, and a one-time bonus, along with an anticipated employment agreement detailing terms of his employment and benefits. This move solidifies the company’s financial leadership and is expected to enhance its operational stability and strategic planning.