NI Holdings Inc. Common Stock (NODK)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach a small P&C insurer by asking whether it can underwrite at a profit through the cycle and whether the price pays for the risk. NI Holdings, at $14.83 on 2026-10-13, has a $302.6M market cap. FairStock shows 39.03 times earnings and 1.21 times book, with ROE of 3.18% and ROCE of 1.20%. That is not a classic bargain. A 166-employee regional insurer writing auto, homeowners, farm, commercial, crop and non-standard auto has few obvious moat advantages; scale is modest and underwriting is commodity-like. The annual record is uneven: in fiscal FY2025, the year ended 2025-12-31, revenue was $285.1M and net income was -$10.4M, or -$0.50 per diluted share; in fiscal FY2024, the year ended 2024-12-31, revenue was $325.2M and net loss was $6.1M, or -$0.29; in fiscal FY2023, the year ended 2023-12-31, revenue was $304.0M and net loss was $5.5M, or -$0.26. The latest quarters point to a possible turn: in fiscal Q1 2026, the quarter ended 2026-03-31, net income was $12.5M, or $0.60 per diluted share, and in fiscal Q2 2026, the quarter ended 2026-06-30, net income was $146,000, or $0.01 per diluted share, on $70.2M of revenue. But that Q2 margin is only 0.21%, so the turn is fragile. FairStock's revenue growth is -7.66%, while profit growth is 101.21%, largely a rebound from a low base. The balance sheet shows no debt (D/E 0.00) and a low beta of 0.35, which helps. A Piotroski F-Score of 5/9 and FairStock score of 36/100 suggest mediocrity, not a fortress. The data lack a combined ratio, reserve development, and investment yield, so I cannot verify underwriting discipline. CET1 and NIM are bank measures and not in the data. FairStock's Lynch category is none, with the given reason that it has losses in each of the last four years and has not yet earned a profit. Without consistent profits, the current multiple looks full.

In plain English: NI Holdings sells property and casualty insurance, including auto, home, farm and crop coverage, mainly in the United States. The business has been weak on an annual basis, with losses in recent years, though it posted small profits in the first two quarters of 2026. At $14.83, the stock looks fully priced relative to those thin and inconsistent profits and only modestly above the company's accounting net assets.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer