NI Holdings, Inc. (NODK) Stock

NI Holdings, Inc. (NODK) is a Financials stock trading at $15.29 (as of 2026-08-21), with a market capitalization of $311.99M and a trailing P/E of 39.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

NI Holdings, Inc. (NODK) underwrites property and casualty insurance products in the United States, including private passenger auto, non-standard automobile, homeowners, farm owners, crop hail, multi-peril crop, and liability coverage. Founded in 1946 and headquartered in Fargo, North Dakota, it operates as a subsidiary of Nodak Mutual Group, Inc.

Understand NI Holdings, Inc.: how it makes money

NI Holdings underwrites United States property and casualty insurance, such as private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance, and makes money by collecting premiums to cover losses and operating expenses.

In property and casualty insurance, profitability is driven by underwriting performance, meaning the relationship between premiums collected and the costs to pay losses plus expenses, which is summarized by the Combined Ratio.

Business quality (Weak): For the latest quarter, a Combined Ratio of 79.7 and an Expense Ratio of 37.3 align with a positive Operating margin (26.4%), but results can change quickly if losses or expenses move against the company.

Bull case

  • Underwriting looks favorable in the latest quarter: Combined Ratio is 79.7%, and the Loss and Loss Adjustment Expense Ratio is 42.4%, indicating losses are well controlled relative to premiums (as captured by these ratios).
  • Operating profitability remains strong: Operating margin is 26.4% for the quarter, which is consistent with the quarter's underwriting ratios.

Bear case

  • Claims or costs can quickly pressure results: If losses and loss adjustment expenses rise, the Loss and Loss Adjustment Expense Ratio can increase, which typically worsens the Combined Ratio and can compress operating margin.
  • Ongoing expense discipline matters: If the Expense Ratio rises, it can worsen the Combined Ratio, which may hurt underwriting profitability.
Valuation — source: SEC EDGAR (first-party)
Price$15.29
Market Cap$311.99M
P/E Ratio39.8
EV / EBITDA22.2
Price / Book1.25
Price / Sales1.17
FCF Yield-10.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$285.05M
Net Margin-3.7%
Revenue Growth (YoY)-7.7%
EPS Growth (YoY)-101.8%
FCF Growth (YoY)-85.7%
Valuation vs Sector & Industry
Stock P/E39.8
Sector P/E (Financials)15.1
Industry P/E (Insurance)13.0
vs Sector163.8%
vs Industry205.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderM3F, Inc. ($21.30M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryInsurance
CEOCindy L. Launer
Employees202
CountryUS
IPO Date2017-03-16

Related Companies (Business model: Property & Casualty Insurer; 8 closest by market cap; US-domiciled)

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NODK earnings history · NODK institutional & insider holders · NODK KPIs & operating metrics · NODK financials · NODK investor presentations & press releases · NODK SEC filings · NODK peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.