NODK
NI Holdings, Inc.Financial Services·Insurance - Property & Casualty
$13.98
$286M market cap
Revenue
$120.6M
Free Cash Flow
$11.2M
Rev Growth
+0.0%
FCF Margin
9.3%
P/FCF
25.5x
EV/FCF
8.7x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
NI Holdings, Inc. underwrites property and casualty insurance products in the United States. The company's products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. is a subsidiary of Nodak Mutual Group, Inc.
2-Year Price History
$13.93-8.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 59.6 | 15.9 | 15.7 | 12.5 | -1.9 | -2.3 | -0.0 | 189.2 | 0.0 | 20.9 | 57.7% | -- | -- |
| Act | 2025-Q4 | 61.0 | -2.6 | -2.9 | -3.2 | 13.2 | 13.5 | -0.2 | 182.6 | 0.0 | 20.6 | -14.8% | -- | -- |
Valuation & Metrics
Market Stats
Price$13.98
Market Cap$286M
Enterprise Value$97M
P/S Ratio2.4x
P/FCF25.5x
EV/FCF8.7x
FCF Margin (TTM)9.3%
FCF Yield3.9%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$120.6M
Net Income$9.3M
Free Cash Flow$11.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin11.0%
Net Margin7.8%
FCF Margin9.3%
CapEx % of Revenue0.2%
SBC % of Revenue-0.6%
ROIC21.4%
WC Change % Rev8.1%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover5.2
Change (vs Prior)-4.5%
Need at least 2 settlement dates for chart
Employees
Headcount202
Revenue / Employee$596,995
Gross Profit / Employee$219,861
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
15.5%(-2.1% YoY)
58 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
7.3%(-0.7% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.0% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| M3F, Inc. | $21.3M | $14.87 | +$1.6M | +$3.1M | +1.8% | $404M |
| Newtyn Management, LLC | $8.6M | $14.25 | +$0 | +$129K | -4.1% | $936M |
| BlackRock, Inc.Passive | $6.8M | $15.63 | −$447K | −$620K | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $4.4M | $13.94 | +$204K | +$824K | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $3.8M | $12.89 | +$3.8M | +$3.8M | — | $4.04T |
| TCW GROUP INC | $2.7M | $14.26 | −$942K | −$1.6M | +1.6% | $13.25B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.0M | $14.53 | −$259K | −$255K | +2.3% | $1.61T |
| STATE STREET CORPPassive | $1.8M | $14.26 | +$12K | −$33K | -0.2% | $2.89T |
| Minerva Advisors LLC | $1.7M | $16.43 | +$0 | +$0 | -1.7% | $155M |
| Orchard Capital Management, LLC | $1.5M | $14.53 | +$0 | −$1.4M | +3.4% | $76.4M |
| RENAISSANCE TECHNOLOGIES LLC | $1.1M | $14.78 | +$14K | −$5K | +1.2% | $63.91B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1.0M | $13.27 | +$22K | +$118K | -2.3% | $4.93B |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $895K | $12.89 | +$895K | +$895K | -0.5% | $57.14B |
| NORTHERN TRUST CORPPassive | $807K | $14.11 | +$75K | −$145K | -0.2% | $755.34B |
| Arbiter Partners Capital Management LLC | $662K | $15.70 | +$0 | +$0 | +0.6% | $147M |
| VANGUARD FIDUCIARY TRUST COPassive | $606K | $12.89 | +$606K | +$606K | — | $395.83B |
| CALDWELL SUTTER CAPITAL, INC. | $573K | $13.03 | +$0 | +$573K | -1.4% | $246M |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $507K | $12.89 | +$507K | +$507K | — | $1.91T |
| MORGAN STANLEY | $495K | $13.72 | +$78K | +$267K | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $456K | $14.30 | +$31K | +$22K | -0.2% | $760.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
+0.02%
avg per quarter
Holders (ex-self)
+0.18%
excl. this stock
Buyers (this Q)
+0.46%
22 buyers · $0.01B in
Sellers (this Q)
+1.46%
27 sellers · $0.00B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+3.5%
how holders react when this stock falls
On quiet Qs
-0.4%
−10% to +10% baseline
On rallies (+10%+)
-3.2%
how they react when this stock rises
Holders' portfolio flow this Q
+2.2%
inflows — adds are organic
Sellers' portfolio flow this Q
-12.5%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.8%
Holder mid (any stock)
-1.5%
Holder rally (any stock)
-4.8%
Biggest decreases this quarter
TCW GROUP INC−$942Kα+1.6BlackRock, Inc.−$447Kα-0.2CITADEL ADVISORS LLCexited−$395KGEODE CAPITAL MANAGEMENT, LLC−$259Kα+2.3BANK OF AMERICA CORP /DE/exited−$80KNewEdge Advisors, LLCexited−$3KAMALGAMATED BANKexited−$3KTorren Management, LLCexited−$0Transamerica Financial Advisors, Inc.exited−$0Farther Finance Advisors, LLCexited−$0
New buyers this quarter
Top-5 holders · 68.9%
M3F, Inc.--
Newtyn Management, LLC--
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
M3F, Inc.1.7MTCW GROUP INC210KPRICE MICHAEL F—Newtyn Management, LLC670KPrice Jennifer C.—J. Goldman & Co LP—Orchard Capital Management, LLC120KAWH Capital, L.P.—Minerva Advisors LLC130KWestern Standard LLC—
Corporate
Order Flow (FINRA, ~3w lag)
13.9%retail-8.3pp
12.8%dark-0.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
NI Holdings, Inc.: Chronic Under-Reserving and Related-Party Disposals Masking Operational Rot
Overall Risk
7/10
Fraud
4/10
Dilution
2/10
Insolvency
4/10
Earnings Overstated
8/10
Hidden Liabilities
7/10
Legal
3/10
Audit Warnings
5/10
Hidden Upside
4/10
Contextually Acceptable
3/10