NI Holdings, Inc.
NODKNasdaqFinancials · Fire, Marine & Casualty Insurance · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $285.1M | $325.2M | $304.0M | $1.5M | $1.8M | $1.8M |
| Operating income | — | — | — | — | — | — |
| Net income | −$10.4M | −$6.1M | −$5.5M | −$53.1M | $8.4M | $40.4M |
| Total assets | $506.0M | $526.5M | $654.9M | $614.2M | $651.8M | $617.6M |
| Total liabilities | $265.7M | $281.9M | $404.5M | $361.0M | $304.4M | $268.7M |
| Equity | $240.3M | $244.6M | $250.4M | $253.2M | $347.4M | $348.9M |
| EPS (diluted) | $-0.50 | $-0.29 | $-0.26 | $-2.49 | $0.39 | $1.84 |
| Shares out. | 20.7M | 20.6M | 21.1M | 21.2M | 21.3M | 22.1M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- −3.7%
- Return on equity
- −4.3%
- Return on assets
- −2.1%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 52.5%
- Debt / equity
- 1.11×
- Book value / share
- $11.62
- Revenue growth (YoY)
- −12.3%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- 1.0%clean
- Piotroski F-Score
- 1/7weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 severe● 3 warning● 1 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Reported a net loss
- Revenue declined year-over-year
- Negative operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Apr 3, 2017
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- M3 Partners LpPassive (13G)Apr 23, 2026
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Devlin William RussellDirector | May 20, 2026 | Grant | 5,015 | $0.00 |
| Stende Dave L.Director | May 20, 2026 | Grant | 5,015 | $0.00 |
| Aasmundstad Eric K.Director | May 20, 2026 | Grant | 5,015 | $0.00 |
| Kaldor Dana JohnDirector | May 20, 2026 | Grant | 5,015 | $0.00 |
| Missling Jeffrey R.Director | May 20, 2026 | Grant | 5,015 | $0.00 |
| Mathew PrakashDirector | May 20, 2026 | Grant | 5,015 | $0.00 |
| Thomas Callie JeanDirector | May 20, 2026 | Grant | 5,015 | $0.00 |
| Maki Matthew JamesOfficer — Chief Financial Officer | Feb 28, 2026 | Tax withholding | 2,471 | $13.28 |
| Launer CindyOfficer — Chief Executive Officer | Mar 2, 2026 | Grant | 56,000 | $0.00 |
| Elfstrand Kevin DouglasOfficer — Chief Accounting Officer | Feb 28, 2026 | Tax withholding | 873 | $13.28 |
| Duncan Douglas AlanOfficer — Chief Information Officer | Mar 2, 2026 | Grant | 11,100 | $0.00 |
| Maki Matthew JamesOfficer — Chief Financial Officer | Feb 3, 2026 | Tax withholding | 119 | $13.57 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 45,953 | 2.6 | -6.3% |
| Apr 30, 2026 | 49,045 | 5.2 | -4.5% |
| Apr 15, 2026 | 51,330 | 3.6 | -12.7% |
| Mar 31, 2026 | 58,808 | 2.2 | +2.8% |
| Mar 13, 2026 | 57,199 | 3.1 | +87.7% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Director / officer change · Shareholder voteMay 26, 2026
- Results of operationsMay 8, 2026
- Results of operationsMar 6, 2026
- Director / officer changeFeb 23, 2026
- Results of operationsNov 7, 2025
- Director / officer changeOct 31, 2025
- Director / officer change · Regulation FD disclosureOct 10, 2025
- Other material eventAug 25, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 8-KCURRENT REPORTMay 26, 2026
- 4May 21, 2026
- 4May 21, 2026
- 4May 21, 2026
- 4May 21, 2026
- 4May 21, 2026
- 4May 21, 2026
- 4May 21, 2026
- 3May 20, 2026
- 3May 20, 2026
- 8-KMay 8, 2026
- 10-QMay 8, 2026
- SCHEDULE 13G/AApr 23, 2026
- ARSANNUAL REPORTApr 8, 2026
- DEFA14APROXY STATEMENTApr 8, 2026
Event-driven situations (1)
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