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NI (NODK) Financials

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$15.77 -0.08 (-0.50%)
Closing price 04:00 PM Eastern
Extended Trading
$15.85 +0.08 (+0.51%)
As of 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 17 4.55 16 31 26 40 8.42 -53 -5.48 -6.06 -10
Consolidated Net Income / (Loss)		 18 4.64 16 31 27 41 8.33 -39 20 6.60 -10
Net Income / (Loss) Continuing Operations		 18 4.64 16 -142 27 41 8.33 -39 20 6.60 -10
Total Pre-Tax Income 		26 6.12 22 39 34 53 11 -53 21 10 -12
Total Revenue		 146 164 189 212 271 307 324 268 304 325 285
Net Interest Income / (Expense)		 0.00 0.00 5.03 0.00 0.09 0.17 7.13 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 5.03 0.00 0.09 0.17 7.13 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 146 164 184 212 271 306 317 268 304 325 285
Other Service Charges		 1.85 1.67 1.65 6.50 2.13 1.80 1.78 1.38 1.94 1.94 1.00
Net Realized & Unrealized Capital Gains on Investments		 4.39 9.33 3.00 10 22 21 15 -5.34 9.96 13 13
Premiums Earned		 139 153 179 196 246 284 300 272 292 310 271
Total Non-Interest Expense		 120 158 167 346 237 254 313 321 283 315 297
Property & Liability Insurance Claims		 84 119 123 119 170 168 216 242 187 207 201
Insurance Policy Acquisition Costs		 17 19 17 22 21 34 32 25 29 34 37
Amortization Expense		 19 20 28 32 46 51 65 54 68 71 60
Impairment Charge		 - - - - - - 0.00 0.00 0.00 2.63 0.00
Income Tax Expense		 8.29 1.48 6.39 7.92 7.31 11 2.97 -14 0.72 3.55 -1.92
Net Income / (Loss) Discontinued Operations		 - - - - - - - -15 -25 -1.51 0.00
Other Adjustments to Consolidated Net Income / (Loss)		 - - - - - - - 0.00 0.00 -11 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.13 0.09 -0.38 0.16 0.10 0.96 -0.08 -0.68 0.25 0.00 0.00
Basic Earnings per Share		 $0.00 $0.00 $0.71 $1.39 $1.19 $1.86 $0.39 ($2.49) ($0.26) ($0.29) ($0.50)
Weighted Average Basic Shares Outstanding		 - 23M 22.51M 22.36M 22.18M 21.77M 21.42M 21.33M 21.16M 20.97M 20.99M
Diluted Earnings per Share		 $0.00 $0.00 $0.71 $1.39 $1.19 $1.84 $0.39 ($2.49) ($0.26) ($0.29) ($0.50)
Weighted Average Diluted Shares Outstanding		 - 23M 22.51M 22.39M 22.27M 21.94M 21.66M 21.33M 21.24M 21.09M 20.99M
Weighted Average Basic & Diluted Shares Outstanding		 - 23M 22.51M 22.36M 22.12M 21.32M 21.20M 21.07M 20.62M 20.68M 20.54M

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 0.23 6.63 6.42 -20 -2.71 9.85 6.46 -12 -1.67 -3.16 13
Consolidated Net Income / (Loss)		 0.81 34 6.42 -20 -2.71 10 6.46 -12 -1.67 -3.16 13
Net Income / (Loss) Continuing Operations		 0.81 26 6.94 -7.48 -2.71 10 6.46 -12 -1.67 -3.16 13
Total Pre-Tax Income 		1.02 28 8.83 -9.07 -3.46 14 7.75 -15 -1.86 -2.90 16
Total Revenue		 78 63 74 88 89 57 71 76 77 61 60
Net Interest Income / (Expense)		 0.00 -4.16 2.76 2.52 2.81 -3.55 2.84 3.15 3.04 -9.02 2.66
Total Interest Income		 0.00 -4.16 2.76 2.52 2.81 -3.55 2.84 3.15 3.04 -9.02 2.66
Investment Securities Interest Income		 - - 2.76 2.52 2.81 - 2.84 3.15 3.04 - 2.66
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 78 68 72 85 86 61 69 73 74 70 57
Other Service Charges		 0.45 0.73 0.40 0.70 0.49 0.34 0.23 0.32 0.26 0.19 0.13
Net Realized & Unrealized Capital Gains on Investments		 1.17 7.55 1.46 -0.58 2.41 4.16 0.87 -0.41 1.36 12 1.70
Premiums Earned		 76 59 70 85 83 56 67 73 72 58 55
Total Non-Interest Expense		 77 35 66 97 92 43 64 91 78 64 44
Property & Liability Insurance Claims		 53 14 40 69 65 21 39 67 56 39 23
Insurance Policy Acquisition Costs		 7.33 4.87 8.71 8.23 9.72 5.46 8.63 8.40 8.50 11 8.65
Amortization Expense		 17 16 17 19 18 14 17 16 14 13 12
Income Tax Expense		 0.21 2.20 1.90 -1.59 -0.75 4.13 1.29 -3.27 -0.19 0.26 3.20
Basic Earnings per Share		 $0.01 $0.31 $0.31 ($0.94) ($0.13) $0.47 $0.31 ($0.57) ($0.08) ($0.16) $0.60
Weighted Average Basic Shares Outstanding		 21.11M 21.16M 20.93M 20.97M 20.99M 20.97M 21.01M 21.04M 21.00M 20.99M 20.88M
Diluted Earnings per Share		 $0.01 $0.31 $0.30 ($0.94) ($0.13) $0.48 $0.31 ($0.57) ($0.08) ($0.16) $0.60
Weighted Average Diluted Shares Outstanding		 21.19M 21.24M 21.05M 20.97M 20.99M 21.09M 21.10M 21.04M 21.00M 20.99M 20.94M
Weighted Average Basic & Diluted Shares Outstanding		 20.58M 20.62M 20.63M 20.65M - 20.68M - - - 20.54M 20.48M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -7.21 3.80 9.28 41 -6.82 39 -30 -8.53 12 48 0.79
Net Cash From Operating Activities		 17 7.31 18 21 26 51 29 -15 51 39 -15
Net Cash From Continuing Operating Activities		 17 7.31 18 21 26 51 29 -14 19 15 -4.86
Net Income / (Loss) Continuing Operations		 18 4.64 16 31 27 41 8.33 0.00 -30 -7.57 -10
Consolidated Net Income / (Loss)		 18 4.64 16 31 27 41 8.33 - -5.23 -6.06 -10
Net Income / (Loss) Discontinued Operations		 - - - - - - - - -25 -1.51 0.00
Depreciation Expense		 0.52 0.44 0.50 0.49 0.54 0.71 0.69 0.60 0.69 0.68 0.69
Amortization Expense		 19 21 29 33 47 53 67 55 69 72 60
Non-Cash Adjustments to Reconcile Net Income		 -0.77 -5.62 -2.13 -3.42 -11 -5.72 -79 -61 -61 -40 -1.97
Changes in Operating Assets and Liabilities, net		 -19 -13 -25 -40 -38 -38 32 -8.41 23 10 -64
Net Cash From Investing Activities		 -24 -3.51 -92 23 -30 0.20 -48 25 -8.81 -4.54 19
Net Cash From Continuing Investing Activities		 -24 -3.51 -92 23 -30 0.20 -48 39 4.34 -7.42 19
Purchase of Property, Leasehold Improvements and Equipment		 -0.53 -0.55 -1.33 -1.55 -1.29 -0.62 -0.74 -0.88 -0.66 -0.99 -0.22
Purchase of Investment Securities		 -40 -34 -126 -87 -109 -115 -166 -61 -68 -70 -35
Sale of Property, Leasehold Improvements and Equipment		 - - - - - 0.07 0.04 0.00 0.15 0.28 0.37
Sale and/or Maturity of Investments		 17 31 36 85 80 115 119 101 73 64 54
Net Cash From Discontinued Investing Activities		 - - - - - - - - -13 2.88 0.00
Net Cash From Financing Activities		 0.00 0.00 83 -3.00 -2.03 -12 -11 -18 -7.47 -3.64 -2.78
Net Cash From Continuing Financing Activities		 0.00 0.00 83 -3.00 -2.03 -12 -11 -18 -36 -11 -2.78
Repayment of Debt		 - - - - - 0.00 -6.67 0.00 -0.02 -0.10 -0.11
Repurchase of Common Equity		 0.00 0.00 -8.04 -3.00 -2.01 -12 -4.32 -4.18 -7.28 0.00 -2.52
Other Financing Activities, Net		 0.00 0.00 -2.40 0.00 -0.02 -0.03 -0.49 -14 -28 -11 -0.16
Net Cash From Discontinued Financing Activities		 - - - - - - - - 28 7.06 0.00
Other Net Changes in Cash		 - - - - - - - - 28 20 0.00
Cash Income Taxes Paid		 - - - 10 4.00 12 4.45 2.18 -11 2.85 3.92

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -35 -15 8.75 8.60 -1.94 8.80 6.27 -0.42 -32 27 6.00
Net Cash From Operating Activities		 -10 42 17 19 -18 22 9.89 6.40 -45 13 -1.87
Net Cash From Continuing Operating Activities		 -12 12 6.93 0.56 -14 12 9.89 18 -43 16 -1.87
Net Income / (Loss) Continuing Operations		 -0.21 -5.37 5.90 -21 -2.71 9.85 6.46 -12 -1.67 -3.16 13
Consolidated Net Income / (Loss)		 0.30 7.21 6.42 -20 -2.71 9.85 6.46 -12 -1.67 -3.16 13
Depreciation Expense		 0.16 0.23 0.15 0.10 0.19 0.15 0.17 0.17 0.18 0.18 0.17
Amortization Expense		 17 20 17 15 18 18 17 16 14 14 12
Non-Cash Adjustments to Reconcile Net Income		 -14 -7.84 -17 2.32 -16 -2.04 -15 -19 -11 43 -12
Changes in Operating Assets and Liabilities, net		 -15 12 9.21 8.33 -17 6.61 1.76 21 -47 -40 -15
Net Cash From Investing Activities		 -3.14 -6.79 -4.14 0.37 9.10 -9.87 -3.46 -6.79 14 15 8.93
Net Cash From Continuing Investing Activities		 -3.65 -5.78 -5.13 -2.51 9.10 -9.87 -3.46 -6.79 14 15 8.93
Purchase of Property, Leasehold Improvements and Equipment		 -0.11 0.10 -0.05 -0.58 -0.15 -0.21 -0.02 -0.16 -0.04 - -0.04
Purchase of Investment Securities		 -13 -19 -14 -22 -16 -19 -9.95 -17 -5.33 -2.61 -6.13
Sale of Property, Leasehold Improvements and Equipment		 - - - - 1.77 - 0.00 - 0.01 0.34 0.03
Sale and/or Maturity of Investments		 9.59 13 8.89 9.34 23 8.80 6.51 10 19 17 15
Net Cash From Financing Activities		 -4.06 -0.01 -0.18 -0.02 -3.41 -0.03 -0.16 -0.03 -1.20 -1.40 -1.07
Net Cash From Continuing Financing Activities		 -11 -0.28 -5.14 -7.08 -3.41 -0.03 -0.16 -0.03 -1.20 -1.40 -1.07
Repayment of Debt		 - -0.02 -0.03 -0.02 -0.03 -0.03 -0.03 -0.03 -0.03 -0.03 -0.03
Repurchase of Common Equity		 -4.06 0.00 - - - - 0.00 - - - -0.86
Other Financing Activities, Net		 21 -28 -5.12 -7.06 -3.39 -0.00 -0.13 -0.01 -0.02 -0.01 -0.18
Cash Income Taxes Paid		 - -10 -0.89 3.74 - 0.01 0.00 2.98 1.13 -0.18 -0.57

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 259 76 79 458 508 618 652 614 655 527 506
Cash and Due from Banks		 15 18 28 69 62 101 71 47 41 51 52
Trading Account Securities		 181 - - 303 356 390 442 356 22 25 24
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 289 308 301
Loans and Leases		 - - - - - - - - 289 308 301
Accrued Investment Income		 1.36 - - 1.90 2.09 2.14 2.52 2.46 2.33 2.63 2.46
Premises and Equipment, Net		 4.71 - - 6.98 7.69 9.90 9.87 9.84 7.45 7.55 6.76
Unearned Premiums Asset		 20 22 26 34 37 49 51 64 55 54 42
Deferred Acquisition Cost		 - 8.94 - - 15 24 - 30 27 26 19
Other Assets		 34 24 23 38 25 23 57 88 208 53 59
Total Liabilities & Shareholders' Equity		 259 117 109 458 508 618 652 614 655 527 506
Total Liabilities		 109 117 109 183 198 269 304 361 404 282 266
Future Policy Benefits		 45 60 46 87 93 106 140 190 119 137 138
Unearned Premiums Liability		 53 57 63 85 89 119 128 149 126 126 106
Other Long-Term Liabilities		 4.06 - - 1.47 6.24 44 19 22 159 18 21
Total Equity & Noncontrolling Interests		 150 0.00 0.00 276 310 349 347 253 250 245 240
Total Preferred & Common Equity		 150 0.00 0.00 276 306 344 347 251 248 245 240
Total Common Equity		 150 0.00 0.00 276 306 344 347 251 248 245 240
Common Stock		 - - - 95 96 98 98 96 97 96 96
Retained Earnings		 135 - - 184 218 259 267 214 208 202 191
Treasury Stock		 - - - -11 -12 -24 -26 -29 -35 -34 -36
Accumulated Other Comprehensive Income / (Loss)		 11 - - 6.38 5.61 13 5.24 -29 -21 -18 -11
Other Equity Adjustments		 3.38 - - 1.35 -1.67 -1.43 3.03 -0.94 -0.70 -0.46 -0.21

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 637 628 687 657 675 571 560 525 620 544 492
Cash and Due from Banks		 54 61 53 35 69 51 39 57 57 25 58
Trading Account Securities		 353 343 358 25 379 326 26 26 25 24 26
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 307 314 322 315 290
Loans and Leases		 - - - - - - 307 314 322 315 290
Accrued Investment Income		 2.20 2.35 2.73 2.72 2.92 2.47 2.25 2.33 2.70 2.46 2.27
Premises and Equipment, Net		 9.92 9.92 10 10 9.71 7.59 7.55 7.39 7.38 7.23 6.62
Unearned Premiums Asset		 103 68 109 100 83 93 85 49 86 76 40
Deferred Acquisition Cost		 30 - 34 32 37 - 27 24 26 22 19
Other Assets		 67 101 104 436 85 56 63 45 94 72 51
Total Liabilities & Shareholders' Equity		 637 628 687 657 675 571 560 525 620 544 492
Total Liabilities		 386 375 447 427 419 335 319 271 377 300 242
Future Policy Benefits		 186 205 232 241 225 149 159 136 204 157 124
Unearned Premiums Liability		 154 153 185 165 171 158 137 122 143 122 104
Other Long-Term Liabilities		 41 - 29 21 22 29 23 13 30 20 15
Total Equity & Noncontrolling Interests		 251 253 240 230 256 236 241 254 243 244 250
Total Preferred & Common Equity		 249 253 238 228 256 236 241 254 243 244 250
Total Common Equity		 249 253 238 228 256 236 241 254 243 244 250
Common Stock		 96 96 96 96 97 97 96 96 96 96 96
Retained Earnings		 213 210 202 202 218 194 192 208 196 194 203
Treasury Stock		 -28 -29 -31 -35 -35 -34 -34 -34 -34 -35 -36
Accumulated Other Comprehensive Income / (Loss)		 -32 -25 -27 -34 -24 -20 -12 -16 -15 -12 -13
Other Equity Adjustments		 -1.18 1.21 -0.94 -0.94 -0.70 -0.70 -0.70 -0.46 -0.46 -0.46 -0.21

Annual Metrics And Ratios for NI

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 22,313,329.00 22,359,844.00 22,095,065.00 21,200,000.00 21,232,976.00 - - - 20,862,795.00
DEI Adjusted Shares Outstanding		 0.00 0.00 22,313,329.00 22,359,844.00 22,095,065.00 21,200,000.00 21,232,976.00 - - - 20,862,795.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.70 1.40 1.20 1.95 0.39 - - - -0.50
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.77% 12.37% 15.51% 12.30% 27.49% 13.20% 5.69% -17.34% 13.53% 6.97% -12.35%
EBITDA Growth		 21.05% -38.91% 85.20% -294.71% 181.26% 30.54% -25.79% -96.44% 3,087.76% -7.95% -40.92%
EBIT Growth		 28.03% -76.36% 259.75% -708.98% 125.23% 56.71% -78.66% -567.68% 138.86% -50.63% -221.53%
NOPAT Growth		 27.32% -73.63% 236.61% 100.13% -15.18% 56.02% -79.85% -544.23% 153.58% -66.72% -230.76%
Net Income Growth		 27.32% -73.63% 236.61% 100.13% -15.18% 56.02% -79.85% -564.29% 151.26% -66.72% -257.77%
EPS Growth		 0.00% 0.00% 0.00% 95.77% -14.39% 54.62% -78.80% -738.46% 89.56% -11.54% -72.41%
Operating Cash Flow Growth		 65.00% -57.46% 152.16% 13.73% 22.48% 98.75% -42.82% -152.43% 433.65% -24.54% -139.66%
Free Cash Flow Firm Growth		 0.00% 247.96% -97.87% -6,675.24% 97.25% 130.13% 112.26% 1,187.12% -63.58% -45.37% -135.06%
Invested Capital Growth		 0.00% -127.52% 27.73% 1,025.04% 12.35% 12.61% 1.00% -28.14% -1.11% -2.30% -1.76%
Revenue Q/Q Growth		 0.00% 0.00% 9.45% 3.34% 5.56% 4.14% 0.58% -15.38% -8.97% -17.29% -4.34%
EBITDA Q/Q Growth		 0.00% 0.00% 62.23% -237.53% 183.47% 307.49% -67.11% -69.47% 48.60% -7.70% -29.84%
EBIT Q/Q Growth		 0.00% 0.00% 299.46% -452.27% 123.92% 151.83% -93.70% 13.71% 389.52% 1,287.94% -379.89%
NOPAT Q/Q Growth		 0.00% 0.00% 357.83% 5.11% 9.00% 14.70% -66.18% 13.71% 499.18% 1,204.05% -433.09%
Net Income Q/Q Growth		 0.00% 0.00% 357.83% 5.11% 9.00% 14.70% -66.18% 20.44% 247.97% 22.15% -168.28%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 4.51% 9.17% 12.88% -64.22% -10.67% 50.94% 36.96% -457.14%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -0.50% -2.57% 6.19% -12.21% -1.31% -205.82% 1,260.75% 15.66% -125.08%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -1,408.21% 97.51% -19.89% -21.76% 36.42% 9.81% 202.79% -2,776.73%
Invested Capital Q/Q Growth		 0.00% 0.00% 33.12% 869.94% 5.99% 7.18% 2.44% -0.91% 8.90% 1.35% -1.42%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 31.32% 17.02% 27.29% -47.32% 30.17% 34.79% 24.42% 1.05% 29.55% 25.43% 17.14%
EBIT Margin		 17.76% 3.74% 11.63% -63.10% 12.49% 17.29% 3.49% -19.75% 6.76% 3.12% -4.33%
Profit (Net Income) Margin		 12.07% 2.83% 8.25% 14.71% 9.79% 13.49% 2.57% -14.45% 6.52% 2.03% -3.65%
Tax Burden Percent		 67.97% 75.82% 70.94% 79.78% 78.38% 78.28% 73.70% 73.16% 96.52% 65.06% 84.46%
Interest Burden Percent		 100.00% 100.00% 100.00% -29.22% 100.00% 99.68% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 32.03% 24.18% 29.06% 20.22% 21.62% 21.72% 26.30% 0.00% 3.48% 34.94% 0.00%
Return on Invested Capital (ROIC)		 23.46% 8.54% 0.00% 25.41% 9.05% 12.55% 2.38% -12.22% 7.88% 2.67% -3.56%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 8.54% 0.00% 25.41% 0.00% 0.00% 2.38% -79.61% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -2.35% 0.00% -2.75% 0.00% 0.00% 0.02% -0.66% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 6.19% 0.00% 22.66% 0.00% 0.00% 2.39% -12.88% 0.00% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 -176.54% 0.00% 0.00% -99.48% -2.58% 0.69% 1.38% 20.53% 8.99% 5.00% -1.79%
Operating Return on Assets (OROA)		 10.00% 3.66% 28.36% -49.83% 7.00% 9.41% 1.78% -8.35% 3.24% 1.72% -2.39%
Return on Assets (ROA)		 6.80% 2.77% 20.12% 11.62% 5.48% 7.35% 1.31% -6.11% 3.13% 1.12% -2.02%
Return on Common Equity (ROCE)		 0.00% 6.19% 0.00% 22.66% 0.00% 0.00% 2.38% -12.83% 0.00% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 11.73% 0.00% 0.00% 11.33% 8.65% 12.01% 2.40% -15.41% 8.01% 2.70% -4.33%
Net Operating Profit after Tax (NOPAT)		 18 4.64 16 31 27 41 8.33 -37 20 6.60 -8.63
NOPAT Margin		 12.07% 2.83% 8.25% 14.71% 9.79% 13.49% 2.57% -13.82% 6.52% 2.03% -3.03%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 67.38% 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% 0.00%
Operating Expenses to Revenue		 82.24% 96.26% 88.37% 163.10% 87.51% 82.71% 96.51% 119.75% 93.24% 96.88% 104.33%
Earnings before Interest and Taxes (EBIT)		 26 6.12 22 -134 34 53 11 -53 21 10 -12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 46 28 52 -101 82 107 79 2.82 90 83 49
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.28 1.25 1.05 1.18 1.13 1.11 1.35 1.16
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.30 1.26 1.10 1.24 1.21 1.13 1.35 1.16
Price to Revenue (P/Rev)		 0.00 0.00 2.02 1.66 1.41 1.18 1.26 1.06 0.91 1.02 0.98
Price to Earnings (P/E)		 0.00 0.00 23.90 11.33 14.51 8.92 48.66 0.00 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% 0.00%
Earnings Yield		 0.00% 0.00% 4.18% 8.83% 6.89% 11.21% 2.06% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.03 1.05 0.76 0.98 0.94 0.95 1.15 0.95
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 1.88 1.33 1.20 0.86 1.06 0.89 0.78 0.86 0.80
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 6.87 0.00 3.97 2.47 4.35 84.57 2.64 3.39 4.66
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 16.12 0.00 9.59 4.98 30.41 0.00 11.56 27.62 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 22.72 9.06 12.24 6.38 41.27 0.00 11.98 42.45 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 19.25 13.51 12.64 5.17 11.79 0.00 4.66 7.28 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 85.01 0.00 0.00 115.94 71.21 3.83 10.49 22.65 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.01 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 0.00
Financial Leverage		 0.00 -0.28 0.00 -0.11 0.00 0.00 0.01 0.01 0.00 0.00 0.00
Leverage Ratio		 1.73 2.23 0.00 1.95 1.65 1.71 1.82 2.11 2.52 2.39 2.13
Compound Leverage Factor		 1.73 2.23 0.00 -0.57 1.65 1.70 1.82 2.11 2.52 2.39 2.13
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.41% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.41% 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% 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% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 1.13% 1.30% 0.00% 0.88% 1.10% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 0.00% 0.00% 100.00% 98.87% 98.70% 98.59% 99.12% 98.90% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.83 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 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.60 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -7.88 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 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.60% 1.22% 0.65% 0.37% 0.99% 0.56% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -132 196 4.17 -274 -7.55 2.28 4.83 62 23 12 -4.34
Operating Cash Flow to CapEx		 3,234.84% 1,333.39% 1,381.18% 1,350.19% 1,989.53% 9,394.11% 4,190.80% -1,741.91% 7,719.82% 0.00% 0.00%
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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.98 2.44 0.79 0.56 0.54 0.51 0.42 0.48 0.55 0.55
Fixed Asset Turnover		 30.93 0.00 0.00 0.00 36.91 34.85 32.78 27.17 35.16 43.36 39.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 150 -41 -30 276 310 349 352 253 250 245 240
Invested Capital Turnover		 1.94 3.01 -5.32 1.73 0.92 0.93 0.92 0.88 1.21 1.31 1.18
Increase / (Decrease) in Invested Capital		 150 -191 11 306 34 39 3.50 -99 -2.81 -5.77 -4.29
Enterprise Value (EV)		 0.00 0.00 355 283 324 264 344 238 238 280 227
Market Capitalization		 0.00 0.00 382 352 383 360 410 283 276 331 279
Book Value per Share		 $0.00 $0.00 $0.00 $12.33 $13.86 $16.24 $16.36 $11.88 $11.70 $11.67 $11.45
Tangible Book Value per Share		 $0.00 ($0.11) ($0.12) $12.13 $13.73 $15.38 $15.53 $11.07 $11.57 $11.66 $11.45
Total Capital		 150 0.00 0.00 276 310 349 352 253 250 245 240
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 4.96 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 0.00
Net Debt		 -15 -18 -28 -69 -62 -101 -66 -47 -41 -51 -52
Capital Expenditures (CapEx)		 0.53 0.55 1.33 1.55 1.29 0.54 0.70 0.88 0.66 -11 -0.16
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.67 0.00 0.00 1.78
Net Nonoperating Obligations (NNO)		 0.00 -41 -30 0.00 0.00 0.00 4.96 0.00 0.00 0.00 0.00
Total Depreciation and Amortization (D&A)		 20 22 30 33 48 54 68 56 69 73 61
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.71 $1.39 $1.19 $1.86 $0.39 ($2.49) ($0.26) ($0.29) ($0.50)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 23M 22.35M 22.21M 22.12M 21.77M 21.42M 21.33M 21.16M 20.97M 20.99M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.71 $1.39 $1.19 $1.84 $0.39 ($2.49) ($0.26) ($0.29) ($0.50)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 23M 22.35M 22.21M 22.12M 21.94M 21.66M 21.33M 21.16M 21.09M 20.99M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.71 $1.39 $1.19 $1.84 $0.39 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 23M 22.35M 22.21M 22.12M 21.32M 21.20M 21.07M 20.62M 20.68M 20.54M
Normalized Net Operating Profit after Tax (NOPAT)		 18 4.64 16 31 27 41 8.33 -37 20 8.31 -8.63
Normalized NOPAT Margin		 12.07% 2.83% 8.25% 14.71% 9.79% 13.49% 2.57% -13.82% 6.52% 2.56% -3.03%
Pre Tax Income Margin		 17.76% 3.74% 11.63% 18.44% 12.49% 17.23% 3.49% -19.75% 6.76% 3.12% -4.33%
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 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 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 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 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% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 51.48% 9.59% 7.57% 29.59% 51.80% -10.81% 36.70% 0.00% -24.17%

Quarterly Metrics And Ratios for NI

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 20,862,795.00 20,862,795.00 20,862,795.00 20,862,795.00 20,537,521.00
DEI Adjusted Shares Outstanding		 - - - - - - 20,862,795.00 20,862,795.00 20,862,795.00 20,862,795.00 20,537,521.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.31 -0.58 -0.08 -0.15 0.61
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -12.50% 72.75% 12.01% 8.30% 14.04% -9.94% -4.11% -13.38% -13.95% -17.48% -16.56%
EBITDA Growth		 242.20% 129.52% 114.99% -36.21% -19.07% -32.77% -5.57% -87.59% -16.33% -65.66% 13.65%
EBIT Growth		 107.69% 68.35% 248.38% -178.14% -439.16% -48.80% -12.27% -68.95% 46.24% -120.93% 102.74%
NOPAT Growth		 108.68% 62.32% 266.33% -178.14% -400.52% -60.29% -6.85% -68.95% 46.24% -120.58% 93.62%
Net Income Growth		 107.92% 112.82% 242.64% 30.10% -436.02% -69.72% 0.64% 38.58% 38.41% -114.02% 93.62%
EPS Growth		 102.13% 675.00% 250.00% -147.37% -1,400.00% 54.84% 3.33% 39.36% 38.46% -133.33% 93.55%
Operating Cash Flow Growth		 72.79% 342.89% 471.09% -23.20% -72.40% -47.74% -40.66% -64.63% -149.17% -39.06% -118.88%
Free Cash Flow Firm Growth		 -66.67% -74.92% -95.58% 99.16% -152.50% -44.20% 99.66% -786.00% 73.08% -85.48% 96.39%
Invested Capital Growth		 -10.01% -1.11% 1.10% -1.80% 4.97% -2.30% -0.72% 3.08% 1.01% -1.76% -1.50%
Revenue Q/Q Growth		 -3.76% -18.80% -3.25% -3.88% 1.34% -35.87% -3.36% 6.47% 0.67% -20.34% -2.28%
EBITDA Q/Q Growth		 75.66% 167.92% -17.37% -77.84% 122.87% 122.57% -22.45% -94.66% 826.72% -10.49% 156.63%
EBIT Q/Q Growth		 131.25% 2,677.43% -29.03% -210.88% 61.90% 519.30% -44.00% -297.75% 87.88% -55.87% 642.47%
NOPAT Q/Q Growth		 135.27% 3,142.48% -10.98% -198.91% 61.90% 528.41% -34.40% -266.05% 87.88% -55.87% 717.01%
Net Income Q/Q Growth		 107.52% 4,151.43% -10.98% -216.50% 63.83% 483.14% -71.30% -286.55% 86.18% -89.44% 496.32%
EPS Q/Q Growth		 102.63% 3,000.00% -3.23% -413.33% 86.17% 469.23% -35.42% -283.87% 85.96% -100.00% 475.00%
Operating Cash Flow Q/Q Growth		 -143.03% 498.60% -44.31% 15.29% -196.59% 220.83% -54.49% -35.27% -799.89% 129.55% -114.10%
Free Cash Flow Firm Q/Q Growth		 110.87% 9.55% -63.63% -155.71% -582.42% 216.45% -46.81% -316.54% 79.26% 160.78% 619.60%
Invested Capital Q/Q Growth		 -4.35% 8.90% 2.18% -7.73% 2.25% 1.35% 3.83% -4.20% 0.20% -1.42% 4.10%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 22.98% 75.81% 32.16% 7.41% 16.31% 56.59% 34.35% 1.72% 15.86% 17.82% 46.79%
EBIT Margin		 1.31% 44.67% 8.95% -10.33% -3.88% 25.39% 10.85% -20.15% -2.43% -4.75% 26.36%
Profit (Net Income) Margin		 1.03% 54.02% 7.03% -8.52% -3.04% 18.16% 9.04% -15.84% -2.18% -5.17% 20.99%
Tax Burden Percent		 79.00% 120.92% 78.47% 82.45% 78.27% 71.52% 83.37% 78.64% 89.67% 108.98% 79.62%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 21.00% 7.77% 21.53% 0.00% 0.00% 28.48% 16.63% 0.00% 0.00% 0.00% 20.38%
Return on Invested Capital (ROIC)		 1.42% 49.74% 10.37% -11.60% -4.54% 23.86% 11.43% -18.26% -2.09% -3.91% 22.74%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.42% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 1.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 8.49% 8.99% 1.15% 2.15% -5.11% 5.00% 3.13% -2.38% 0.07% -1.79% 0.30%
Operating Return on Assets (OROA)		 0.67% 21.40% 5.16% -6.28% -2.51% 13.98% 5.82% -10.50% -1.31% -2.62% 14.16%
Return on Assets (ROA)		 0.53% 25.88% 4.05% -5.17% -1.96% 10.00% 4.86% -8.26% -1.17% -2.86% 11.27%
Return on Common Equity (ROCE)		 1.42% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -5.87% 0.00% 2.23% 3.78% 2.24% 0.00% 2.61% 5.84% 6.26% 0.00% -1.74%
Net Operating Profit after Tax (NOPAT)		 0.81 26 6.42 -6.35 -2.42 10 6.46 -11 -1.30 -2.03 13
NOPAT Margin		 1.03% 41.20% 7.03% -7.23% -2.72% 18.16% 9.04% -14.10% -1.70% -3.32% 20.99%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 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% 0.00%
Operating Expenses to Revenue		 98.69% 55.33% 91.05% 110.33% 103.88% 74.61% 89.15% 120.15% 102.43% 104.75% 73.64%
Earnings before Interest and Taxes (EBIT)		 1.02 28 8.18 -9.07 -3.46 14 7.75 -15 -1.86 -2.90 16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 18 48 29 6.51 15 32 25 1.31 12 11 28
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.19 1.11 1.25 1.36 1.36 1.35 1.18 1.10 1.17 1.16 1.08
Price to Tangible Book Value (P/TBV)		 1.29 1.13 1.30 1.38 1.38 1.35 1.18 1.10 1.17 1.16 1.08
Price to Revenue (P/Rev)		 0.82 0.91 0.85 0.84 0.84 1.02 0.93 0.86 0.96 0.98 0.99
Price to Earnings (P/E)		 0.00 0.00 61.88 0.00 0.00 0.00 0.00 172.70 109.91 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% 0.00%
Earnings Yield		 0.00% 0.00% 1.62% 0.00% 0.00% 0.00% 0.00% 0.58% 0.91% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.04 0.95 0.98 1.14 1.20 1.15 0.96 0.87 1.07 0.95 0.85
Enterprise Value to Revenue (EV/Rev)		 0.72 0.78 0.67 0.71 0.74 0.86 0.76 0.68 0.87 0.80 0.78
Enterprise Value to EBITDA (EV/EBITDA)		 3.97 2.64 2.59 2.90 3.24 3.39 3.00 2.93 3.74 4.66 4.06
Enterprise Value to EBIT (EV/EBIT)		 0.00 11.56 26.55 74.42 0.00 27.62 26.89 75.26 59.05 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 11.98 43.97 340.65 0.00 42.45 39.78 136.12 100.40 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 63.97 4.66 5.39 6.60 8.71 7.28 7.68 10.54 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.64 10.49 85.79 52.73 0.00 22.65 30.56 0.00 1,605.72 0.00 284.21
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 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 0.00
Financial Leverage		 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage Ratio		 2.69 2.52 2.56 2.64 2.58 2.39 2.35 2.48 2.27 2.13 2.02
Compound Leverage Factor		 2.69 2.52 2.56 2.64 2.58 2.39 2.35 2.48 2.27 2.13 2.02
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-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% 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% 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% 0.00%
Noncontrolling Interests to Total Capital		 0.71% 1.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.29% 98.90% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 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 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 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 0.00
Noncontrolling Interest Sharing Ratio		 0.77% 0.99% 0.00% 0.41% 0.35% 0.56% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 26 29 3.64 -2.03 -14 16 8.31 -18 -3.73 2.27 16
Operating Cash Flow to CapEx		 -9,148.25% 0.00% 31,050.00% 3,220.42% 0.00% 10,152.34% 49,440.00% 3,951.23% -213,333.33% 0.00% -18,670.00%
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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.52 0.48 0.58 0.61 0.65 0.55 0.54 0.52 0.54 0.55 0.54
Fixed Asset Turnover		 33.19 35.16 38.26 42.80 44.31 43.36 37.67 41.49 40.34 39.85 39.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 230 250 256 236 241 245 254 243 244 240 250
Invested Capital Turnover		 1.38 1.21 1.48 1.60 1.67 1.31 1.26 1.29 1.23 1.18 1.08
Increase / (Decrease) in Invested Capital		 -26 -2.81 2.78 -4.32 11 -5.77 -1.85 7.26 2.43 -4.29 -3.80
Enterprise Value (EV)		 240 238 250 269 290 280 244 211 260 227 212
Market Capitalization		 273 276 319 321 329 331 301 268 285 279 270
Book Value per Share		 $10.94 $11.70 $12.22 $11.26 $11.50 $11.67 $12.09 $11.57 $11.61 $11.45 $12.18
Tangible Book Value per Share		 $10.13 $11.57 $11.75 $11.13 $11.37 $11.66 $12.08 $11.56 $11.60 $11.45 $12.18
Total Capital		 230 250 256 236 241 245 254 243 244 240 250
Total Debt		 0.00 0.00 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 0.00
Net Debt		 -35 -41 -69 -51 -39 -51 -57 -57 -25 -52 -58
Capital Expenditures (CapEx)		 0.11 -0.10 0.05 0.58 -1.63 0.21 0.02 0.16 0.02 -0.34 0.01
Net Nonoperating Expense (NNE)		 0.00 -8.12 0.00 1.13 0.29 0.00 0.00 1.32 0.37 1.13 0.00
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Depreciation and Amortization (D&A)		 17 20 21 16 18 18 17 17 14 14 12
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.01 $0.31 $0.31 ($0.94) ($0.13) $0.47 $0.31 ($0.57) ($0.08) ($0.16) $0.60
Adjusted Weighted Average Basic Shares Outstanding		 21.11M 21.16M 20.93M 20.97M 20.99M 20.97M 21.01M 21.04M 21.00M 20.99M 20.88M
Adjusted Diluted Earnings per Share		 $0.01 $0.31 $0.30 ($0.94) ($0.13) $0.48 $0.31 ($0.57) ($0.08) ($0.16) $0.60
Adjusted Weighted Average Diluted Shares Outstanding		 21.19M 21.24M 21.05M 20.97M 20.99M 21.09M 21.10M 21.04M 21.00M 20.99M 20.94M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.58M 20.62M 20.63M 20.65M 0.00 20.68M 0.00 0.00 0.00 20.54M 20.48M
Normalized Net Operating Profit after Tax (NOPAT)		 0.81 26 6.42 -6.35 -2.42 10 6.46 -11 -1.30 -2.03 13
Normalized NOPAT Margin		 1.03% 41.20% 7.03% -7.23% -2.72% 18.16% 9.04% -14.10% -1.70% -3.32% 20.99%
Pre Tax Income Margin		 1.31% 44.67% 8.95% -10.33% -3.88% 25.39% 10.85% -20.15% -2.43% -4.75% 26.36%
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 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 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 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 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% 0.00%
Augmented Payout Ratio		 -64.09% 36.70% 116.93% 45.50% -0.04% 0.00% 0.00% 0.00% 0.00% -24.17% -77.39%

Financials Breakdown Chart

Key Financial Trends

NI Holdings, Inc. (NASDAQ: NODK) showed a sharp rebound in Q1 2026 after a weak finish to 2025, but the business still appears highly volatile quarter to quarter. Premiums earned remained the main revenue driver, while investment income and capital gains helped results. However, elevated claims and sizeable amortization expenses continue to pressure profitability. Cash generation was also weak from operations in the latest quarter, even though the company ended with a solid cash balance and a stronger equity base than a year ago.

  • Q1 2026 net income improved significantly to $12.5 million from a $3.2 million loss in Q4 2025, showing a strong quarter-over-quarter recovery.
  • Revenue improved quarter over quarter to $59.6 million in Q1 2026 from $60.0 million in Q4 2025, while pre-tax income swung back into the black at $15.7 million.
  • Premiums earned remained substantial at $55.1 million in Q1 2026, indicating the core insurance business is still generating meaningful volume.
  • Balance sheet equity strengthened year over year to $250.2 million in Q1 2026 from $255.8 million in Q1 2025, with retained earnings still a large contributor.
  • Cash and equivalents increased materially versus year-end to $57.7 million in Q1 2026 from $24.7 million in Q3 2025, helped by investing activity and cash generation.
  • Investment-related income continues to matter for results, including $1.7 million of capital gains in Q1 2026 and $2.7 million of interest income.
  • Share count stayed relatively stable around 20.9 million basic shares in Q1 2026, so earnings movement was driven more by operations than dilution.
  • Operating cash flow was negative in Q1 2026 at $(1.9) million, compared with positive $13.2 million in Q4 2025 and $9.9 million in Q1 2025.
  • Claims remained elevated at $23.4 million in Q1 2026, and claims expense has been a recurring source of pressure across the last several quarters.
  • Profitability remains volatile year over year: Q1 2026 net income of $12.5 million is well below Q1 2025’s $6.5 million on a trailing quarterly basis if adjusted for restatements, and prior quarters swung between losses and profits.

Longer-term trend: NI Holdings’ results have been inconsistent over the last four years. The company generated strong profits in parts of 2022 and late 2024, but 2023 and much of 2025 showed heavier earnings pressure, including periods of negative operating cash flow and losses. The most recent quarter suggests improvement, but investors should view the rebound cautiously until underwriting profitability and cash flow become more consistent.

Bottom line: NODK looks financially stable enough for now, with a healthy cash position and equity cushion, but the company still has a choppy earnings profile and insurance claims volatility that could keep the stock unpredictable.

07/14/26 09:41 PM ETAI Generated. May Contain Errors.

NI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NI's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NI's net income appears to be on a downward trend, with a most recent value of -$10.41 million in 2025, falling from $17.59 million in 2015. The previous period was $6.60 million in 2024. Check out NI's forecast to explore projected trends and price targets.

Over the last 10 years, NI's total revenue changed from $145.72 million in 2015 to $285.05 million in 2025, a change of 95.6%.

NI's total liabilities were at $265.67 million at the end of 2025, a 5.8% decrease from 2024, and a 144.4% increase since 2015.

In the past 10 years, NI's cash and equivalents has ranged from $14.52 million in 2015 to $101.08 million in 2020, and is currently $51.72 million as of their latest financial filing in 2025.

Over the last 10 years, NI's book value per share changed from 0.00 in 2015 to 11.45 in 2025, a change of 1,144.9%.


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Financial statements for NASDAQ:NODK last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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