NI Holdings

NODK

Insurance - Property & Casualty · Financial Services

Price

$15.91

-0.10 (-0.62%)

Market Cap

$325.9M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−3.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 21.7M (2021) → 21.0M (2025)

NI Holdings, Inc. underwrites property and casualty insurance products in the United States. The company's products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota. NI Holdings, Inc. is a subsidiary of Nodak Mutual Group, Inc.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-16.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+93.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

63.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~8 years

$58M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$58M cash & investments at current burn rate

Revenue declining

NI Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

60.8%

Premium pricing power — 60.8% gross margin

Operating Margin

26.4%

Excellent — 26.4% operating margin

ROCE

6.3%

Weak — 6.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-15.2%

Shrinking sales (-15.2% YoY)

EPS YoY

-166.7%

Earnings shrinking (-166.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-10.1%

Burning cash (-10.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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