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NI (NODK) Financials

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$13.22 +0.08 (+0.61%)
Closing price 04:00 PM Eastern
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$13.24 +0.02 (+0.19%)
As of 04:02 PM Eastern
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Annual Income Statements for NI

Annual Income Statements for NI

This table shows NI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -53 -5.48 -6.06
Consolidated Net Income / (Loss)		 -39 20 6.60
Net Income / (Loss) Continuing Operations		 -39 20 6.60
Total Pre-Tax Income 		-53 21 10
Total Revenue		 268 304 325
Net Interest Income / (Expense)		 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00
Total Non-Interest Income		 268 304 325
Other Service Charges		 1.38 1.94 1.94
Net Realized & Unrealized Capital Gains on Investments		 -5.34 9.96 13
Premiums Earned		 272 292 310
Total Non-Interest Expense		 321 283 315
Property & Liability Insurance Claims		 242 187 207
Insurance Policy Acquisition Costs		 25 29 34
Amortization Expense		 54 68 71
Impairment Charge		 0.00 0.00 2.63
Income Tax Expense		 -14 0.72 3.55
Net Income / (Loss) Discontinued Operations		 -15 -25 -1.51
Other Adjustments to Consolidated Net Income / (Loss)		 0.00 0.00 -11
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.68 0.25 0.00
Basic Earnings per Share		 ($2.49) ($0.26) ($0.29)
Weighted Average Basic Shares Outstanding		 21.33M 21.16M 20.97M
Diluted Earnings per Share		 ($2.49) ($0.26) ($0.29)
Weighted Average Diluted Shares Outstanding		 21.33M 21.24M 21.09M
Weighted Average Basic & Diluted Shares Outstanding		 21.07M 20.62M 20.68M

Quarterly Income Statements for NI

This table shows NI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -9.99 0.89 -4.21 -8.12 0.23 6.63 6.42 -20 -2.71 9.85
Consolidated Net Income / (Loss)		 -10 16 -4.50 -11 0.81 34 6.42 -7.48 -2.71 10
Net Income / (Loss) Continuing Operations		 -10 16 -4.50 -2.58 0.81 26 6.42 -7.48 -2.71 10
Total Pre-Tax Income 		-13 17 -5.51 -3.26 1.02 28 8.18 -9.07 -3.46 14
Total Revenue		 89 37 82 81 78 63 91 88 89 57
Net Interest Income / (Expense)		 0.00 -1.65 2.24 1.92 0.00 -4.16 3.55 0.00 0.00 -3.55
Total Interest Income		 0.00 -1.65 2.24 1.92 0.00 -4.16 3.55 0.00 0.00 -3.55
Total Non-Interest Income		 89 38 79 79 78 68 88 88 89 61
Other Service Charges		 0.48 0.06 0.27 0.49 0.45 0.73 0.41 0.70 0.49 0.34
Net Realized & Unrealized Capital Gains on Investments		 -0.83 10 1.42 -0.17 1.17 7.55 1.83 1.94 5.22 4.16
Premiums Earned		 90 28 78 79 76 59 86 85 83 56
Total Non-Interest Expense		 102 20 87 84 77 35 83 97 92 43
Property & Liability Insurance Claims		 79 14 59 60 53 14 52 69 65 21
Insurance Policy Acquisition Costs		 5.91 1.61 9.66 7.48 7.33 4.87 10 8.23 9.72 5.46
Amortization Expense		 18 4.15 19 17 17 16 21 19 18 14
Income Tax Expense		 -3.07 0.73 -1.01 -0.69 0.21 2.20 1.76 -1.59 -0.75 4.13
Basic Earnings per Share		 ($0.47) $0.04 ($0.20) ($0.38) $0.01 $0.31 $0.31 ($0.94) ($0.13) $0.47
Weighted Average Basic Shares Outstanding		 21.33M 21.33M 21.37M 21.28M 21.11M 21.16M 20.93M 20.97M 20.99M 20.97M
Diluted Earnings per Share		 ($0.47) $0.04 ($0.20) ($0.38) $0.01 $0.31 $0.30 ($0.94) ($0.13) $0.48
Weighted Average Diluted Shares Outstanding		 21.33M 21.33M 21.37M 21.28M 21.19M 21.24M 21.05M 20.97M 20.99M 21.09M
Weighted Average Basic & Diluted Shares Outstanding		 21.12M 21.07M 21.03M 20.86M 20.58M 20.62M 20.63M 20.65M - 20.68M

Annual Cash Flow Statements for NI

This table details how cash moves in and out of NI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -8.53 -15 27
Net Cash From Operating Activities		 -15 51 39
Net Cash From Continuing Operating Activities		 -14 19 15
Net Income / (Loss) Continuing Operations		 0.00 -30 -7.57
Consolidated Net Income / (Loss)		 - -5.23 -6.06
Net Income / (Loss) Discontinued Operations		 - -25 -1.51
Depreciation Expense		 0.60 0.69 0.68
Amortization Expense		 55 69 72
Non-Cash Adjustments to Reconcile Net Income		 -61 -61 -40
Changes in Operating Assets and Liabilities, net		 -8.41 23 10
Net Cash From Investing Activities		 25 -8.81 -4.54
Net Cash From Continuing Investing Activities		 39 4.34 -7.42
Purchase of Property, Leasehold Improvements and Equipment		 -0.88 -0.66 -0.99
Purchase of Investment Securities		 -61 -68 -70
Sale of Property, Leasehold Improvements and Equipment		 0.00 0.00 12
Sale and/or Maturity of Investments		 101 73 52
Other Investing Activities, net		 - 0.00 0.19
Net Cash From Discontinued Investing Activities		 - -13 2.88
Net Cash From Financing Activities		 -18 -7.47 -3.64
Net Cash From Continuing Financing Activities		 -18 -36 -11
Repayment of Debt		 0.00 -0.02 -0.10
Repurchase of Common Equity		 -4.18 -7.28 0.00
Other Financing Activities, Net		 -14 -28 -11
Net Cash From Discontinued Financing Activities		 - 28 7.06
Cash Income Taxes Paid		 2.18 -11 2.85

Quarterly Cash Flow Statements for NI

This table details how cash moves in and out of NI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -8.76 7.82 14 21 -35 -15 12 8.60 -1.94 8.80
Net Cash From Operating Activities		 -38 9.39 -4.35 24 -10 42 16 19 -18 22
Net Cash From Continuing Operating Activities		 -38 11 -4.35 23 -12 12 16 0.56 -14 12
Net Income / (Loss) Continuing Operations		 -10 55 -4.50 -20 -0.21 -5.37 6.42 -21 -2.71 9.85
Consolidated Net Income / (Loss)		 -10 - -4.50 -8.24 0.30 7.21 6.42 -20 -2.71 9.85
Depreciation Expense		 0.17 0.09 0.18 0.13 0.16 0.23 0.24 0.10 0.19 0.15
Amortization Expense		 18 4.03 19 13 17 20 21 15 18 18
Non-Cash Adjustments to Reconcile Net Income		 -52 -26 -24 -16 -14 -7.84 -24 2.32 -16 -2.04
Changes in Operating Assets and Liabilities, net		 5.70 -21 4.95 20 -15 12 12 8.33 -17 6.61
Net Cash From Investing Activities		 31 6.41 19 -18 -3.14 -6.79 -4.14 0.37 9.10 -9.87
Net Cash From Continuing Investing Activities		 31 21 19 -5.66 -3.65 -5.78 -4.14 -2.51 9.10 -9.87
Purchase of Property, Leasehold Improvements and Equipment		 -0.27 0.17 -0.29 -0.36 -0.11 0.10 -0.05 -0.58 -0.15 -0.21
Purchase of Investment Securities		 -12 2.56 -22 -14 -13 -19 -14 -22 -16 -19
Sale and/or Maturity of Investments		 42 19 42 8.20 9.59 13 10 9.34 23 8.80
Net Cash From Financing Activities		 -1.14 -7.98 -0.79 -2.60 -4.06 -0.01 -0.18 -0.02 -3.41 -0.03
Net Cash From Continuing Financing Activities		 -1.14 -7.98 -0.79 -24 -11 -0.28 -0.18 -7.08 -3.41 -0.03
Repayment of Debt		 - 6.67 0.00 - - -0.02 -0.03 -0.02 -0.03 -0.03
Other Financing Activities, Net		 -0.20 -13 -0.17 -21 21 -28 -0.15 -7.06 -3.39 -0.00
Cash Income Taxes Paid		 - -0.19 0.00 -0.94 - -10 -0.89 3.74 - 0.01

Annual Balance Sheets for NI

This table presents NI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 614 655 527
Cash and Due from Banks		 47 41 51
Trading Account Securities		 356 22 25
Loans and Leases, Net of Allowance		 0.00 289 308
Loans and Leases		 - 289 308
Accrued Investment Income		 2.46 2.33 2.63
Premises and Equipment, Net		 9.84 7.45 7.55
Unearned Premiums Asset		 64 55 54
Deferred Acquisition Cost		 30 27 26
Intangible Assets		 17 2.73 0.10
Other Assets		 88 208 53
Total Liabilities & Shareholders' Equity		 614 655 527
Total Liabilities		 361 404 282
Future Policy Benefits		 190 119 137
Unearned Premiums Liability		 149 126 126
Other Long-Term Liabilities		 22 159 18
Total Equity & Noncontrolling Interests		 253 250 245
Total Preferred & Common Equity		 251 248 245
Total Common Equity		 251 248 245
Common Stock		 96 97 96
Retained Earnings		 214 208 202
Treasury Stock		 -29 -35 -34
Accumulated Other Comprehensive Income / (Loss)		 -29 -21 -18
Other Equity Adjustments		 -0.94 -0.70 -0.46
Noncontrolling Interest		 2.23 2.76 0.00

Quarterly Balance Sheets for NI

This table presents NI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 637 628 687 657 675 571 560
Cash and Due from Banks		 54 61 53 35 69 51 39
Trading Account Securities		 353 343 358 25 379 326 26
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 307
Loans and Leases		 - - - - - - 307
Accrued Investment Income		 2.20 2.35 2.73 2.72 2.92 2.47 2.25
Premises and Equipment, Net		 9.92 9.92 10 10 9.71 7.59 7.55
Unearned Premiums Asset		 103 68 109 100 83 93 85
Deferred Acquisition Cost		 30 - 34 32 37 - 27
Intangible Assets		 17 17 17 17 9.93 2.73 2.73
Other Assets		 67 101 104 436 85 56 63
Total Liabilities & Shareholders' Equity		 637 628 687 657 675 571 560
Total Liabilities		 386 375 447 427 419 335 319
Future Policy Benefits		 186 205 232 241 225 149 159
Unearned Premiums Liability		 154 153 185 165 171 158 137
Other Long-Term Liabilities		 41 - 29 21 22 29 23
Total Equity & Noncontrolling Interests		 251 253 240 230 256 236 241
Total Preferred & Common Equity		 249 253 238 228 256 236 241
Total Common Equity		 249 253 238 228 256 236 241
Common Stock		 96 96 96 96 97 97 96
Retained Earnings		 213 210 202 202 218 194 192
Treasury Stock		 -28 -29 -31 -35 -35 -34 -34
Accumulated Other Comprehensive Income / (Loss)		 -32 -25 -27 -34 -24 -20 -12
Other Equity Adjustments		 -1.18 1.21 -0.94 -0.94 -0.70 -0.70 -0.70
Noncontrolling Interest		 2.06 - 1.93 1.64 0.00 0.00 0.00

Annual Metrics And Ratios for NI

This table displays calculated financial ratios and metrics derived from NI's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -17.34% 13.53% 6.97%
EBITDA Growth		 -96.44% 3,087.76% -7.95%
EBIT Growth		 -567.68% 138.86% -50.63%
NOPAT Growth		 -544.23% 153.58% -66.72%
Net Income Growth		 -564.29% 151.26% -66.72%
EPS Growth		 -738.46% 89.56% -11.54%
Operating Cash Flow Growth		 -152.43% 433.65% -24.54%
Free Cash Flow Firm Growth		 1,187.12% -63.58% -45.37%
Invested Capital Growth		 -28.14% -1.11% -2.30%
Revenue Q/Q Growth		 -15.38% -8.97% -17.29%
EBITDA Q/Q Growth		 -69.47% 48.60% -7.70%
EBIT Q/Q Growth		 13.71% 389.52% 1,287.94%
NOPAT Q/Q Growth		 13.71% 499.18% 1,204.05%
Net Income Q/Q Growth		 20.44% 247.97% 22.15%
EPS Q/Q Growth		 -10.67% 50.94% 36.96%
Operating Cash Flow Q/Q Growth		 -205.82% 1,260.75% 15.66%
Free Cash Flow Firm Q/Q Growth		 36.42% 9.81% 202.79%
Invested Capital Q/Q Growth		 -0.91% 8.90% 1.35%
Profitability Metrics		 - - -
EBITDA Margin		 1.05% 29.55% 25.43%
EBIT Margin		 -19.75% 6.76% 3.12%
Profit (Net Income) Margin		 -14.45% 6.52% 2.03%
Tax Burden Percent		 73.16% 96.52% 65.06%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 3.48% 34.94%
Return on Invested Capital (ROIC)		 -12.22% 7.88% 2.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 -79.61% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -0.66% 0.00% 0.00%
Return on Equity (ROE)		 -12.88% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 20.53% 8.99% 5.00%
Operating Return on Assets (OROA)		 -8.35% 3.24% 1.72%
Return on Assets (ROA)		 -6.11% 3.13% 1.12%
Return on Common Equity (ROCE)		 -12.83% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -15.41% 8.01% 2.70%
Net Operating Profit after Tax (NOPAT)		 -37 20 6.60
NOPAT Margin		 -13.82% 6.52% 2.03%
Net Nonoperating Expense Percent (NNEP)		 67.38% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 119.75% 93.24% 96.88%
Earnings before Interest and Taxes (EBIT)		 -53 21 10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2.82 90 83
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.13 1.11 1.35
Price to Tangible Book Value (P/TBV)		 1.21 1.13 1.35
Price to Revenue (P/Rev)		 1.06 0.91 1.02
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.95 1.15
Enterprise Value to Revenue (EV/Rev)		 0.89 0.78 0.86
Enterprise Value to EBITDA (EV/EBITDA)		 84.57 2.64 3.39
Enterprise Value to EBIT (EV/EBIT)		 0.00 11.56 27.62
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 11.98 42.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 4.66 7.28
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.83 10.49 22.65
Leverage & Solvency		 - - -
Debt to Equity		 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00
Financial Leverage		 0.01 0.00 0.00
Leverage Ratio		 2.11 2.52 2.39
Compound Leverage Factor		 2.11 2.52 2.39
Debt to Total Capital		 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.88% 1.10% 0.00%
Common Equity to Total Capital		 99.12% 98.90% 100.00%
Debt to EBITDA		 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.37% 0.99% 0.56%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 62 23 12
Operating Cash Flow to CapEx		 -1,741.91% 7,719.82% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00
Efficiency Ratios		 - - -
Asset Turnover		 0.42 0.48 0.55
Fixed Asset Turnover		 27.17 35.16 43.36
Capital & Investment Metrics		 - - -
Invested Capital		 253 250 245
Invested Capital Turnover		 0.88 1.21 1.31
Increase / (Decrease) in Invested Capital		 -99 -2.81 -5.77
Enterprise Value (EV)		 238 238 280
Market Capitalization		 283 276 331
Book Value per Share		 $11.88 $11.70 $11.67
Tangible Book Value per Share		 $11.07 $11.57 $11.66
Total Capital		 253 250 245
Total Debt		 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00
Net Debt		 -47 -41 -51
Capital Expenditures (CapEx)		 0.88 0.66 -11
Net Nonoperating Expense (NNE)		 1.67 0.00 0.00
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00
Total Depreciation and Amortization (D&A)		 56 69 73
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($2.49) ($0.26) ($0.29)
Adjusted Weighted Average Basic Shares Outstanding		 21.33M 21.16M 20.97M
Adjusted Diluted Earnings per Share		 ($2.49) ($0.26) ($0.29)
Adjusted Weighted Average Diluted Shares Outstanding		 21.33M 21.16M 21.09M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.07M 20.62M 20.68M
Normalized Net Operating Profit after Tax (NOPAT)		 -37 20 8.31
Normalized NOPAT Margin		 -13.82% 6.52% 2.56%
Pre Tax Income Margin		 -19.75% 6.76% 3.12%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -10.81% 36.70% 0.00%

Quarterly Metrics And Ratios for NI

This table displays calculated financial ratios and metrics derived from NI's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 5.40% -57.03% 23.31% 6.97% -12.50% 72.75% 12.01% 8.30% 14.04% -9.94%
EBITDA Growth		 -26.22% -24.75% -27.58% 124.18% 242.20% 129.52% 114.99% -36.21% -19.07% -32.77%
EBIT Growth		 -104.34% 99.89% -311.47% 94.48% 107.69% 68.35% 248.38% -178.14% -439.16% -48.80%
NOPAT Growth		 -104.34% 161.78% -289.26% 94.48% 108.68% 62.32% 266.33% -178.14% -400.52% -60.29%
Net Income Growth		 -109.28% 161.78% -320.70% 77.06% 107.92% 112.82% 242.64% 30.10% -436.02% -69.72%
EPS Growth		 -113.64% -85.71% -322.22% 82.33% 102.13% 675.00% 250.00% -147.37% -1,400.00% 54.84%
Operating Cash Flow Growth		 -213.67% -52.30% -213.04% 147.38% 72.79% 342.89% 471.09% -23.20% -72.40% -47.74%
Free Cash Flow Firm Growth		 444.29% 4,265.49% 438.89% -178.38% -66.67% -74.92% -95.58% 99.16% -152.50% -44.20%
Invested Capital Growth		 -25.72% -28.14% -25.42% 0.00% -10.01% -1.11% 1.10% -1.80% 4.97% -2.30%
Revenue Q/Q Growth		 17.66% -58.87% -12.62% -0.59% -3.76% -18.80% -3.25% -3.88% 1.34% -35.87%
EBITDA Q/Q Growth		 112.41% 299.45% -26.74% -25.31% 75.66% 167.92% -17.37% -77.84% 122.87% 122.57%
EBIT Q/Q Growth		 77.57% 226.94% -937.84% 40.85% 131.25% 2,677.43% -29.03% -210.88% 61.90% 519.30%
NOPAT Q/Q Growth		 77.57% 273.47% -489.41% 40.85% 135.27% 3,142.48% -10.98% -198.91% 61.90% 528.41%
Net Income Q/Q Growth		 78.20% 258.14% -554.09% -137.73% 107.52% 4,151.43% -10.98% -216.50% 63.83% 483.14%
EPS Q/Q Growth		 78.14% 108.51% -600.00% -90.00% 102.63% 3,000.00% -3.23% -413.33% 86.17% 469.23%
Operating Cash Flow Q/Q Growth		 -491.17% 124.49% 23.77% 657.07% -143.03% 498.60% -44.31% 15.29% -196.59% 220.83%
Free Cash Flow Firm Q/Q Growth		 -74.42% 45.54% -17.72% -394.47% 110.87% 9.55% -63.63% -155.71% -582.42% 216.45%
Invested Capital Q/Q Growth		 0.00% -0.91% -0.05% -5.01% -4.35% 8.90% 2.18% -7.73% 2.25% 1.35%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 5.88% 57.06% 16.76% 12.59% 22.98% 75.81% 32.16% 7.41% 16.31% 56.59%
EBIT Margin		 -14.85% 45.84% -6.76% -4.02% 1.31% 44.67% 8.95% -10.33% -3.88% 25.39%
Profit (Net Income) Margin		 -11.40% 43.84% -5.52% -13.20% 1.03% 54.02% 7.03% -8.52% -3.04% 18.16%
Tax Burden Percent		 76.79% 95.66% 81.63% 328.06% 79.00% 120.92% 78.47% 82.45% 78.27% 71.52%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 4.34% 0.00% 0.00% 21.00% 7.77% 21.53% 0.00% 0.00% 28.48%
Return on Invested Capital (ROIC)		 -10.97% 38.78% -5.43% -8.09% 1.42% 49.74% 10.37% -11.60% -4.54% 23.86%
ROIC Less NNEP Spread (ROIC-NNEP)		 -49.23% 38.78% -23.59% 0.00% 1.42% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -0.39% 0.32% -0.28% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -11.36% 39.10% -5.71% 0.00% 1.43% 0.00% 0.00% 0.00% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 15.20% 20.53% 10.89% -212.44% 8.49% 8.99% 1.15% 2.15% -5.11% 5.00%
Operating Return on Assets (OROA)		 -7.05% 19.39% -3.67% -2.02% 0.67% 21.40% 5.16% -6.28% -2.51% 13.98%
Return on Assets (ROA)		 -5.41% 18.55% -3.00% -6.63% 0.53% 25.88% 4.05% -5.17% -1.96% 10.00%
Return on Common Equity (ROCE)		 -11.24% 38.95% -5.68% 0.00% 1.42% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -19.55% 0.00% -23.83% -10.22% -5.87% 0.00% 2.23% 3.78% 2.24% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.27 16 -3.86 -2.28 0.81 26 6.42 -6.35 -2.42 10
NOPAT Margin		 -10.40% 43.84% -4.73% -2.82% 1.03% 41.20% 7.03% -7.23% -2.72% 18.16%
Net Nonoperating Expense Percent (NNEP)		 38.25% 0.00% 18.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 114.85% 54.16% 106.76% 104.02% 98.69% 55.33% 91.05% 110.33% 103.88% 74.61%
Earnings before Interest and Taxes (EBIT)		 -13 17 -5.51 -3.26 1.02 28 8.18 -9.07 -3.46 14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5.24 21 14 10 18 48 29 6.51 15 32
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.15 1.13 1.10 1.33 1.19 1.11 1.25 1.36 1.36 1.35
Price to Tangible Book Value (P/TBV)		 1.23 1.21 1.18 1.43 1.29 1.13 1.30 1.38 1.38 1.35
Price to Revenue (P/Rev)		 0.90 1.06 0.82 0.92 0.82 0.91 0.85 0.84 0.84 1.02
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 61.88 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.62% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.93 0.94 0.86 1.10 1.04 0.95 0.98 1.14 1.20 1.15
Enterprise Value to Revenue (EV/Rev)		 0.75 0.89 0.64 0.77 0.72 0.78 0.67 0.71 0.74 0.86
Enterprise Value to EBITDA (EV/EBITDA)		 25.73 84.57 0.00 5.56 3.97 2.64 2.59 2.90 3.24 3.39
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 11.56 26.55 74.42 0.00 27.62
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 11.98 43.97 340.65 0.00 42.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 63.97 4.66 5.39 6.60 8.71 7.28
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.21 3.83 6.71 0.00 11.64 10.49 85.79 52.73 0.00 22.65
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00
Leverage Ratio		 2.24 2.11 2.14 2.86 2.69 2.52 2.56 2.64 2.58 2.39
Compound Leverage Factor		 2.24 2.11 2.14 2.86 2.69 2.52 2.56 2.64 2.58 2.39
Debt to Total Capital		 1.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 1.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.81% 0.88% 0.00% 0.80% 0.71% 1.10% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 97.36% 99.12% 100.00% 99.20% 99.29% 98.90% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 -5.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 1.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 1.06% 0.37% 0.65% 0.80% 0.77% 0.99% 0.00% 0.41% 0.35% 0.56%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 79 115 82 -243 26 29 3.64 -2.03 -14 16
Operating Cash Flow to CapEx		 -14,301.12% 1,900.00% -1,484.98% 6,827.61% -9,148.25% 0.00% 31,050.00% 3,220.42% 0.00% 10,152.34%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.47 0.42 0.54 0.50 0.52 0.48 0.58 0.61 0.65 0.55
Fixed Asset Turnover		 31.85 27.17 34.46 33.59 33.19 35.16 38.26 42.80 44.31 43.36
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 256 253 253 240 230 250 256 236 241 245
Invested Capital Turnover		 1.06 0.88 1.15 2.87 1.38 1.21 1.48 1.60 1.67 1.31
Increase / (Decrease) in Invested Capital		 -88 -99 -86 240 -26 -2.81 2.78 -4.32 11 -5.77
Enterprise Value (EV)		 237 238 217 265 240 238 250 269 290 280
Market Capitalization		 285 283 278 316 273 276 319 321 329 331
Book Value per Share		 $11.71 $11.88 $12.01 $11.34 $10.94 $11.70 $12.22 $11.26 $11.50 $11.67
Tangible Book Value per Share		 $10.90 $11.07 $11.20 $10.53 $10.13 $11.57 $11.75 $11.13 $11.37 $11.66
Total Capital		 256 253 253 240 230 250 256 236 241 245
Total Debt		 4.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -50 -47 -61 -53 -35 -41 -69 -51 -39 -51
Capital Expenditures (CapEx)		 0.27 0.49 0.29 0.36 0.11 -0.10 0.05 0.58 -1.63 0.21
Net Nonoperating Expense (NNE)		 0.90 0.00 0.64 8.42 0.00 -8.12 0.00 1.13 0.29 0.00
Net Nonoperating Obligations (NNO)		 4.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Depreciation and Amortization (D&A)		 18 4.12 19 13 17 20 21 16 18 18
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.47) $0.04 ($0.20) ($0.38) $0.01 $0.31 $0.31 ($0.94) ($0.13) $0.47
Adjusted Weighted Average Basic Shares Outstanding		 21.33M 21.33M 21.37M 21.28M 21.11M 21.16M 20.93M 20.97M 20.99M 20.97M
Adjusted Diluted Earnings per Share		 ($0.47) $0.04 ($0.20) ($0.38) $0.01 $0.31 $0.30 ($0.94) ($0.13) $0.48
Adjusted Weighted Average Diluted Shares Outstanding		 21.33M 21.33M 21.37M 21.28M 21.19M 21.24M 21.05M 20.97M 20.99M 21.09M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.12M 21.07M 21.03M 20.86M 20.58M 20.62M 20.63M 20.65M 0.00 20.68M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.27 16 -3.86 -2.28 0.81 26 6.42 -6.35 -2.42 10
Normalized NOPAT Margin		 -10.40% 43.84% -4.73% -2.82% 1.03% 41.20% 7.03% -7.23% -2.72% 18.16%
Pre Tax Income Margin		 -14.85% 45.84% -6.76% -4.02% 1.31% 44.67% 8.95% -10.33% -3.88% 25.39%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -8.18% -10.81% -6.31% -22.45% -64.09% 36.70% 116.93% 45.50% -0.04% 0.00%

Financials Breakdown Chart

Key Financial Trends

NI Holdings, Inc. (NASDAQ: NODK) has experienced notable fluctuations in its financial performance and position over the last four years, as reflected in its quarterly financial statements through Q4 2024.

Positive Highlights:

  • Q4 2024 showed a rebound with consolidated net income of $9.85 million attributable to common shareholders, a strong recovery from the losses in Q2 and Q3 2024.
  • Total revenue in Q4 2024 was $57.1 million, supported by $60.6 million in total non-interest income driven by premiums earned ($56.1 million) and net realized & unrealized capital gains on investments ($4.16 million).
  • Strong cash flow from operations in Q4 2024 at $21.7 million, following two quarters of negative operating cash flow in Q2 and Q3 2024.
  • Declining total liabilities: from $446.8 million in Q2 2023 to $318.5 million in Q3 2024, improving the balance sheet leverage.
  • Total common equity increased steadily over Q3 2022 to Q3 2024 from approx. $228 million to $241 million, indicating solid equity growth despite periods of net losses.

Neutral Observations:

  • Amortization expense remains a significant and consistent cost item, rising from around $4.1 million in late 2022 to $17.7 million in late 2024, reflecting ongoing intangible asset amortization.
  • Net interest income has been negative or zero in recent quarters, indicating NI Holdings operates with minimal interest-bearing assets or liabilities affecting net interest spread.
  • Trading account securities fluctuate significantly, from $352 million in Q3 2022 down to $25.6 million in Q4 2024, affecting investment income volatility.

Negative Concerns:

  • NI experienced net losses through most of 2023 and first three quarters of 2024, with a trough in Q2 of 2024 recording net income attributable to common shareholders of -$19.6 million and diluted EPS of -$0.94.
  • Property & Liability Insurance claims and acquisition costs are rising, with claims increasing to $65 million in Q3 2024 from $14.5 million in Q4 2023, pressuring underwriting profitability.
  • Negative net cash flows from financing activities in recent quarters suggest greater use of cash to repay debt or repurchase equity, which could limit liquidity.
  • Non-cash adjustments to reconcile net income are large and volatile, indicating earnings quality and cash flow timing risks.
  • Accumulated other comprehensive income remains negative and sizable (~ -$11.5 million to -$23.8 million), which could reflect unrealized losses on investments impacting equity.

Overall, NI Holdings has undergone a challenging period with deep losses in 2023 and early 2024 but has shown improvement in Q4 2024 with a positive net income and improved operational cash flow. Investors should watch trading securities volatility, claim trends, and amortization expense as key factors impacting profitability going forward.

10/07/25 04:44 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About NI's Financials

When does NI's fiscal year end?

According to the most recent income statement we have on file, NI's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has NI's net income changed over the last 2 years?

NI's net income appears to be on a downward trend, with a most recent value of $6.60 million in 2024, falling from -$38.69 million in 2022. The previous period was $19.83 million in 2023. Find out what analysts predict for NI in the coming months.

How has NI's revenue changed over the last 2 years?

Over the last 2 years, NI's total revenue changed from $267.78 million in 2022 to $325.20 million in 2024, a change of 21.4%.

How much debt does NI have?

NI's total liabilities were at $281.91 million at the end of 2024, a 30.3% decrease from 2023, and a 21.9% decrease since 2022.

How much cash does NI have?

In the past 2 years, NI's cash and equivalents has ranged from $41.04 million in 2023 to $50.93 million in 2024, and is currently $50.93 million as of their latest financial filing in 2024.

How has NI's book value per share changed over the last 2 years?

Over the last 2 years, NI's book value per share changed from 11.88 in 2022 to 11.67 in 2024, a change of -1.8%.


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This page (NASDAQ:NODK) was last updated on 10/7/2025 by MarketBeat.com Staff
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