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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
Key Financial Trends
NI Holdings, Inc. (NASDAQ: NODK) Financial Summary and Trends (2022 - 2024)
NI Holdings has experienced significant volatility in its financial performance over the past several years, showing shifts in profitability, operating cash flows, and balance sheet strength. Here's an analysis of key trends based on the most recent quarterly data and comparative historical figures:
- Q4 2024 Turnaround: NI Holdings swung to a net income of $10.36M in Q4 2024 from a loss in the prior quarters of 2024, signaling operational improvements and profitable growth.
- Strong Premiums Earned Growth: Premiums earned remained robust at $56.1M in Q4 2024, supporting a total revenue of $57.1M despite negative net interest income.
- Net Realized & Unrealized Gains: Capital gains on investments contributed $4.16M in Q4 2024, a meaningful driver of non-interest income across recent quarters.
- Operating Cash Flow Recovery: Net cash from operating activities rebounded to $21.7M in Q4 2024 after negative cash flow in Q3 2024, demonstrating improved cash management and operations.
- Reduction in Total Non-Interest Expenses: Compared to earlier periods with expenses reaching near $97M, Q4 2024 expenses declined to $42.6M, indicating better cost controls.
- Persistently Negative Net Interest Income: The company reported negative net interest income in Q4 2024 (-$3.55M), which is a consistent pattern from previous quarters, suggesting challenges in interest-related earnings.
- Fluctuating Earnings Per Share: EPS shifted from negative values frequently in 2023 and early 2024 to positive $0.47 (basic) in Q4 2024, reflecting earnings volatility.
- Stable Share Count: Weighted average shares outstanding have remained fairly stable around ~20-21 million shares.
- Income Volatility and Losses in 2023 and Early 2024: The company showed losses in most of 2023 and first three quarters of 2024, with some quarters showing steep losses (e.g., Q2 2024 net loss to common of -$19.6M), pointing to operational and market challenges.
- Declining Total Assets and Equity: Total assets decreased from about $687M in mid-2023 to approximately $559.9M by Q3 2024, with total common equity declining from $255.8M at Q1 2024 to $241.4M at Q3 2024, potentially reflecting asset sales or capital erosion.
Overall Assessment: NI Holdings has shown commendable improvements in the final quarter of 2024 with a return to profitability and positive operating cash flow. However, prior quarters' losses and volatility in net interest income alongside declining asset base raise caution. Investors should watch upcoming quarters for sustained earnings growth, enhanced interest income, and stable or growing equity to confirm a durable turnaround.
08/03/25 03:32 AMAI Generated. May Contain Errors.