NI HOLDINGS INC (NODK)
Financials · property and casualty insurance · NASDAQ
NI Holdings is a property and casualty insurance company providing specialized auto, home, farm, and crop coverage, primarily serving members of state farm bureaus in the Upper Midwest.
What NI HOLDINGS INC does
NI Holdings, Inc. is a property and casualty insurance holding company based in North Dakota. Through its insurance subsidiaries, including Nodak Insurance Company, the company provides a range of coverage including private passenger auto, homeowners, farmowners, commercial multi-peril, and federal multi-peril crop insurance. The company operates primarily through exclusive and independent agent networks in the Midwest and Western United States.
Recent developments
The company is actively running off its non-standard auto operations in Illinois, Arizona, and South Dakota. Financial results for Q2 2026 reflect improved profitability driven by this strategic reduction in exposure, favorable prior-year reserve development, and growth in North Dakota and crop insurance segments.
From NI HOLDINGS INC's filing of 2026-08-07.
Themes: property and casualty insurance, crop insurance, farm insurance, catastrophe risk management, reinsurance pooling, business turnaround
Fundamentals
- Price$14.75 as of 2026-10-20 close
- Market cap$301M as of 2026-07-31 (share count; price 2026-10-20)
- 1-year return+8.9% 2025-10-20 close $13.54 → 2026-10-20 close $14.75
- P/E38.82 as of 2026-10-20
- Net margin-3.7% FY2025, SEC XBRL
- Gross margin+24.5% FY2025, SEC XBRL
- ROE-4.3% FY2025, SEC XBRL
- ROICn/a No figure: it is a bank or insurer, whose operating income and debt are not what ROIC divides.
- Debt / equity0.01 borrowings, leases excluded / equity — 10-Q/10-K balance sheet 2026-06-30
- Revenue growth (YoY)-12.3% FY2025, SEC XBRL
- Revenue CAGR (3y)+2.1% SEC XBRL
- Beta0.39 as of 2026-09-03
- Last reported earnings2026-08-07 SEC EDGAR Form 8-K (Item 2.02)
How NODK compares in its sector
- price-to-earnings ratiotop 10% 487 covered Financials peers, as of 2026-10-20
- net profit marginbottom 10% 343 covered Financials peers, as of 2026-09-03
- gross marginbottom 10% 31 covered Financials peers, as of 2026-09-03
- return on equitybottom 10% 558 covered Financials peers, as of 2026-09-03
- 3-year revenue CAGRbottom 25% 347 covered Financials peers
- free cash flow (absolute dollars, latest fiscal year)bottom 10% 430 covered Financials peers, as of FY2025
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Dividend coverage (FY2025)
Not assessable from available data. NODK paid a dividend in FY2025, but coverage cannot be assessed from the available data (non_positive_net_income, non_positive_free_cash_flow).
- Earnings payoutnot assessable earnings were not positive that year
- Free-cash-flow payoutnot assessable free cash flow was not positive that year
Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.
Quarterly results
| Quarter | Revenue | Gross profit | Net income | Diluted EPS | Operating cash flow | Capex |
|---|---|---|---|---|---|---|
| Q2 FY2026 2026-06-30 | $70M | $17M | $146000 | $0.01 | $912000† | $19000† |
| Q1 FY2026 2026-03-31 | $60M | $32M | $13M | $0.60 | -$2M | $42000 |
| Q4 FY2025 2025-12-31 | $61M† | $19M† | -$3M† | -$0.15† | $13M† | $0† |
| Q3 FY2025 2025-09-30 | $77M | $16M | -$2M | -$0.08 | -$45M† | $35000† |
| Q2 FY2025 2025-06-30 | $76M | $6M | -$12M | -$0.57 | $6M† | $162000† |
| Q1 FY2025 2025-03-31 | $71M | $29M | $6M | $0.31 | $10M | $20000 |
| Q4 FY2024 2024-12-31 | $74M† | $39M† | $10M† | $0.47† | $22M† | $214000† |
| Q3 FY2024 2024-09-30 | $89M | $18M | -$3M | -$0.13 | -$18M† | $147000† |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-06-30
- Cash and equivalents$52M
- Total debt$2M borrowings only; leases excluded
- Net debt-$49M total debt − cash − short-term investments
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
How NI HOLDINGS INC looks technically
NI HOLDINGS INC (NODK) is trading 3.5% above its 200-day average, the long-term trend line — a longer-term uptrend. Its 50-day average crossed above its 200-day average about 91 trading days ago — a "golden cross", a bullish long-term signal. A strong uptrend is in place — ADX, a 0–100 trend-strength gauge, is 29, with buyers in control. Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 41, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bullish about 9 trading days ago (its momentum flipped positive). It made a new 20-day low about 19 trading days ago. Day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 1% of the past ~6 months), which often precedes a bigger move. Trading volume is unusually light — only about 28% of its 30-day average.
Trend
8
| Distance from the 200-day | it is trading 3.5% above its 200-day average, the long-term trend line — a longer-term uptrend | +3.5% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $15.05 | $15.05 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $14.25 | $14.25 |
| Swing structure | each recent peak has been higher than the one before it and each dip has been shallower — the pattern chart-watchers call an uptrend, which describes where price has already been and not where it goes next | higher highs and higher lows |
| Last swing turn | its last significant turn was a swing low 13 calendar days ago — the swings before that are what the structure reading is measured on | 13 sessions |
| Wave structure | its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five; the labelling fails if price closes below 14.66. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a three-part correction in leg C. | possible upward five-wave sequence, in wave 3 (one of several readings) |
| Since the 50/200 cross | its 50-day average crossed above its 200-day average about 91 trading days ago — a "golden cross", a bullish long-term signal | 91 sessions |
| Trend strength (14-day ADX) | a strong uptrend is in place — ADX, a 0–100 trend-strength gauge, is 29, with buyers in control | 29.1 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 41, neither overbought (above 70) nor oversold (below 30) | 40.7 |
|---|---|---|
| Position in its 14-day range | it is trading near the bottom of its 14-day range ($14.66 to $15.76) — its "stochastic" reading is 8 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 8.2 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bullish about 9 trading days ago (its momentum flipped positive) | 9 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $16.70 | $16.70 |
|---|---|---|
| From the 52-week high | it is 11.7% below its 52-week high (its highest price of the past year) | -11.7% |
| Above the 52-week low | it is 19.2% above its 52-week low (its lowest price of the past year) | +19.2% |
| Below the 52-week high | it is 11.7% below its highest point of the past year | 11.7% |
| Since a 20-day breakout | it made a new 20-day low about 19 trading days ago | 19 sessions |
| Since a 55-day breakout | it made a new 55-day low about 19 trading days ago | 19 sessions |
| All-time high | its highest closing price on record is $21.21 (set on 2021-06-21) | $21.21 |
| Given back of the 52-week move | over the past year its closes ranged ($12.48 to $16.33), and it has given back roughly a third of its rise from last year’s low — 41% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $13.83 to $13.95. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 41.0% |
| From the all-time high | it is 30.5% below its all-time high | -30.5% |
| Nearest price level | it is sitting right on a resistance level at $14.77 — a price it turned at six times since 2025-03-07, most recently on 2026-10-07. Since 2024-10-21 it has 7 such levels below the current price and 6 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +0.1% |
| All-time low | its lowest closing price on record is $10.15 (set on 2020-03-20) | $10.15 |
| Above the all-time low | it is 45.3% above its all-time low | +45.3% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 1% of the past ~6 months), which often precedes a bigger move | 0th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.3302 between its high and its low — about 2.2% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.3302 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $14.68 and $15.00 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $14.68 – $14.84 – $15.00 |
| Typical daily range (% of price) | its price moves about 2.2% in a typical session — calmer than most companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 2.2% |
| Stretch from the 200-day average | it is trading 1.5 daily ranges above its 200-day average price (3.5% above it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 1.5 daily ranges above its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is unusually light — only about 28% of its 30-day average | 0.28× |
|---|
Price gaps
2
| Gap at the open | it opened on 2026-10-20 1.2% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +1.2% |
|---|---|---|
| Gap filled | a 2.9% gap up opened on 2026-09-02 has been "filled" 28 sessions ago — price traded back through the level the gap left behind, and it took 5 sessions to close | 28 sessions ago |
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 2.3 percentage points (the stock lost 1.3% while the market gained 1.0%) | -2.3% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 10.7 percentage points (the stock lost 7.1% while the market gained 3.6%) | -10.8% |
| vs market, 6 months | over the past 6 months this stock beat the market by 5.5 percentage points (the stock gained 14.0% while the market gained 8.5%) | +5.5% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 5.6 percentage points (the stock gained 8.9% while the market gained 14.6%) | -5.6% |
Signal agreement
2
| Bullish technical signals | 6 of the 9 technical signals we can compute for it are currently in a bullish state: a "golden cross" — its 50-day average is above its 200-day, trading above its 200-day average, MACD momentum is positive, a strong uptrend, with buyers in control, outperforming the market over 6 months, near the bottom of its 14-day range (oversold) — these describe past price behaviour, not a forecast | 6 of 9 |
|---|---|---|
| Bearish technical signals | 1 of the 9 technical signals we can compute for it is currently in a bearish state: trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 1 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 4.1% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-14 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is moderate, spanning 2.6% of the share price. | -4.1% |
|---|
Volume-weighted price
1
| Vs this year’s average price paid | the price is 1% above the average price paid so far this year, so the typical buyer over that stretch is showing a gain. That average is $14.57 — a volume-weighted average of daily closes over 196 sessions, not a true tick-by-tick VWAP. | +1.3% |
|---|
Price levels it has turned at before
NODK last closed at $14.75 on 2026-10-20. Since 2024-10-21 it has turned at 7 prices below its last close and 6 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $14.77 | Resistance | 0.1% above the last close | turned there six times · 2025-03-07 to 2026-10-07 |
| $14.38 | Support | 2.5% below the last close | turned there four times · 2025-01-13 to 2025-09-17 |
| $15.12 | Resistance | 2.5% above the last close | turned there four times · 2024-12-23 to 2026-08-20 |
| $15.42 | Resistance | 4.5% above the last close | turned there three times · 2025-01-29 to 2026-09-10 |
| $14.00 | Support | 5.1% below the last close | turned there twice · 2025-02-13 to 2025-09-29 |
| $13.76 | Support | 6.7% below the last close | turned there 14 times · 2025-03-12 to 2026-06-02 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part upward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five.
This labelling fails — stops being a possible reading at all — if it closes below $14.66.
This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
On past moves of this shape the leg has usually ended somewhere between $15.81 and $16.52 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
Alternate reading: The same swings also read as a three-part correction in leg C, which fails on a close below $14.66.
This reading has stood for 5 trading days, since 2026-10-14.
Read from daily closes as of 2026-10-20.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading above the 200-day moving average · Trading below the 50-day moving average · in a Bollinger Band volatility squeeze · in a strong, established uptrend (ADX) · beating the market · At the bottom of its 14-day range (stochastic below 20) | Learn: moving average · golden cross · adx · rsi · macd · breakout · bollinger bands · volume and relative volume
Based on daily closing prices as of 2026-10-20. Describes past price behavior only — informational, not financial advice.
Key risks (from latest filing)
["Catastrophic natural disasters (e.g., storms, hail, wind) and their impact on claims and financial results","High concentration of business in specific geographic regions of the Midwest and West","Significant reliance on reinsurance arrangements and licensing agreements with farm bureau organizations"]
What changed in the latest 10-Q
AI-assisted comparison of NODK's 10-Q filed 2026-05-08 against the prior one filed 2025-11-07.
Management's Discussion & Analysis (MD&A)
- Added:
- Newer filing (2026-05-08) references 2025 Annual Report for Risk Factors; older filing (2025-11-07) references 2024 Annual Report and Form 10-Q Risk Factors
- Newer filing reports Q1 2026 results (three months ended March 31, 2026); older filing reports Q3 2025 results (three months ended September 30, 2025)
- Newer filing shows net income of $12,508 vs. $6,460 in prior year Q1; older filing shows net loss of $1,666
- Newer filing reports combined ratio of 79.7%; older filing reports combined ratio of 109.1%
- Newer filing shows underwriting gain of $11,221; older filing shows underwriting loss of $6,521
- Newer filing shows net premiums earned of $55,113 vs. $67,497 in prior year Q1; older filing shows $71,905 vs. $83,270
- Newer filing shows net losses and loss adjustment expenses of $23,356 vs. $38,525 in prior year Q1
- Newer filing notes strategic decision in Q3 2025 to stop writing non-standard auto business in Illinois, Arizona, and South Dakota with policies being non-renewed
- Newer filing reports Home and Farm segment earned premiums increased 8.3% to $25,694 vs. $23,721; older filing reported 0.7% increase
- Newer filing reports All Other segment earned premiums increased 60.1% driven by catastrophe reinsurance program participation; older filing reported 16.4% increase from rate increases
- Newer filing shows Private Passenger Auto loss ratio decreased 13.4 percentage points to 46.2%; older filing showed 2.6% premium growth
- Newer filing shows Non-Standard Auto loss ratio of 99.2% (increase of 19.6 points); older filing showed 52.8% premium decrease
- Newer filing includes net investment gains of $1,704 vs. $869 in prior year Q1
- Removed:
- Older filing language 'Unless otherwise noted, the information in the following discussion is being presented for our continuing operations' not present in newer filing
- Older filing's nine-month comparison data and analysis; newer filing presents only three-month period comparison
- Older filing's detailed discussion of catastrophe event in North Dakota during Q2 2025; newer filing does not mention this
- Reworded:
- Newer filing: 'strategic decision during the third quarter of 2025 to stop writing' vs. older filing: 'made the strategic decision to stop writing' (tense and framing change)
- Newer filing's Home and Farm segment narrative emphasizes 'new business growth in North Dakota and South Dakota, rate increases, and increased insured property values'; older filing emphasizes 'new business growth in North Dakota, rate increases, and increased insured property values' with no South Dakota emphasis
- Newer filing states All Other increase 'primarily driven by the Company's decision to participate on the catastrophe reinsurance programs'; older filing attributes increase to 'rate increases for the North Dakota commercial and excess lines of business'
- Notes:
- The two filings cover different reporting periods (Q1 2026 vs. Q3 2025), making direct operational comparison incomplete
- Older filing explicitly covers continuing operations; newer filing does not use this qualifier, though comparability for the same company is assumed
- Crop segment discussion differs due to seasonal nature; newer filing notes typical Q1 pattern while older filing discusses Q3 patterns
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales are on record for NODK — recent Form 4 activity was compensation-related (awards, option exercises, or tax withholding), not open-market buying or selling.
View full insider trading history → View SEC Form 3/4/5 filingsOnly open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding NODK as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 811,110
- Reported value $12,742,539
reported quarterly holdings change (2026-03-31 → 2026-06-30): 1 new, 3 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about NODK's institutional holders → See what each manager we track holds →
Short interest (FINRA)
NODK had 94,384 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
NODK had 0.46% of its shares outstanding sold short as of the 2026-09-30 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 2.5 days to cover at the same settlement.
- Reported short interest (shares) 94,384
- Short interest (% of shares outstanding) 0.46%
- Prior settlement (shares) 89,444
- Reported change 5.52%
- Days to cover (reported) 2.5
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- State Farm
- Progressive (PGR)
- Allstate (ALL)
- American Family Insurance
- Berkshire Hathaway / GEICO (BRK.B)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does NI HOLDINGS INC (NODK) do?
NI Holdings, Inc. is a property and casualty insurance holding company based in North Dakota. Through its insurance subsidiaries, including Nodak Insurance Company, the company provides a range of coverage including private passenger auto, homeowners, farmowners, commercial multi-peril, and federal multi-peril crop insurance. The company operates primarily through exclusive and independent agent networks in the Midwest and Western United States.
What sector is NI HOLDINGS INC (NODK) in?
NI HOLDINGS INC (NODK) is classified in the Financials sector. Its industry is property and casualty insurance. It trades on NASDAQ.
Who are NI HOLDINGS INC's (NODK) competitors?
Notable peers of NI HOLDINGS INC (NODK) include State Farm, Progressive, Allstate, American Family Insurance and Berkshire Hathaway / GEICO. This peer set is informational only — not financial advice.
Is NI HOLDINGS INC (NODK) overbought or oversold right now?
NI HOLDINGS INC (NODK) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 41, in the neutral middle (as of 2026-10-20). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on NODK come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest; prices are market data, as of 2026-09-03; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-20.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.