NI Holdings, Inc. (NODK) Key Metrics
NODK valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $302.2M
- Enterprise value
- $249.6M
- P/E (TTM)
- 39.0 10-yr median 14.5
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 1.1 10-yr median 1.2
- Price / book
- 1.2 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 9.7
- Dividend yield
- —
- Beta
- 0.31
NODK key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNODK valuation Price multiples at each fiscal year-end price.
NODK returns How much profit the business earns on the capital it uses.
NODK per-share figures Results divided by the shares outstanding at year-end.
NODK financial health Debt, liquidity and how easily interest is covered.
NODK efficiency & capital use Working capital cycle and where the cash goes.
NODK valuation history
NODK returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NODK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NODK cash returned to shareholders
NODK price vs earnings per share
NODK key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $279.2M | $331.1M | $274.9M | $283.1M | $409.5M | $360.3M | $383.0M | $352.1M | $382.3M | — |
| Enterprise value | $97.9M | $139.6M | −$53.5M | $108.4M | −$25.8M | −$61.2M | $24.9M | $283.2M | $354.7M | — |
| P/E ratio | — | — | — | — | 48.7 | 8.9 | 14.5 | 11.3 | 23.9 | — |
| Price / sales | 1.0 | 1.0 | 0.9 | 1.1 | 1.3 | 1.2 | 1.4 | 1.7 | 2.0 | — |
| Price / book | 1.2 | 1.4 | 1.1 | 1.1 | 1.2 | 1.0 | 1.3 | 1.3 | 1.5 | — |
| Price / free cash flow | — | 19.4 | 11.0 | — | 14.4 | 7.1 | 15.7 | 18.1 | 22.4 | — |
| Price / operating cash flow | — | 18.3 | 10.6 | — | 14.0 | 7.1 | 14.9 | 16.8 | 20.7 | — |
| EV / sales | 0.3 | 0.4 | -0.2 | 0.4 | -0.1 | -0.2 | 0.1 | 1.3 | 1.9 | — |
| EV / EBITDA | — | 12.9 | — | — | — | — | 0.7 | 6.6 | 15.7 | — |
| EV / free cash flow | — | 8.2 | — | — | — | — | 1.0 | 14.6 | 20.8 | — |
| Earnings yield | −3.7% | −1.8% | −2.0% | −18.8% | 2.1% | 11.2% | 6.9% | 8.8% | 4.2% | — |
| Free cash flow yield | −5.5% | 5.2% | 9.1% | −11.1% | 7.0% | 14.0% | 6.4% | 5.5% | 4.5% | — |
| Dividend yield | — | — | — | 1.1% | — | 1.7% | — | 0.0% | 0.6% | — |
| Shareholder yield (dividends + buybacks) | 1.0% | 0.0% | 2.6% | 2.5% | 1.1% | 5.1% | 0.5% | 0.9% | 2.7% | — |
| Share price at fiscal year-end | $13.30 | $15.70 | $12.99 | $13.27 | $18.91 | $16.42 | $17.20 | $15.73 | $16.98 | — |
| Per share | ||||||||||
| Revenue per share | $13.58 | $15.42 | $14.37 | $12.55 | $14.96 | $13.96 | $12.16 | $9.49 | $8.40 | $7.19 |
| Earnings per share | −$0.50 | −$0.29 | −$0.26 | −$2.49 | $0.39 | $1.84 | $1.19 | $1.39 | $0.71 | $0.20 |
| Operating cash flow per share | −$0.73 | $0.86 | $1.23 | −$1.42 | $1.35 | $2.32 | $1.15 | $0.94 | $0.82 | $0.32 |
| Free cash flow per share | −$0.74 | $0.81 | $1.18 | −$1.48 | $1.31 | $2.30 | $1.09 | $0.87 | $0.76 | $0.30 |
| Cash per share | $8.70 | $9.10 | $15.62 | $8.21 | $20.10 | $19.21 | $16.08 | $3.08 | $1.23 | $0.80 |
| Book value per share | $11.45 | $11.60 | $11.70 | $11.76 | $15.85 | $15.69 | $13.76 | $12.17 | $11.21 | $6.59 |
| Tangible book value per share | $10.53 | $10.35 | $10.31 | $9.56 | $13.88 | $14.86 | $13.63 | $11.97 | $10.58 | $6.08 |
| Dividends per share | — | — | — | $0.14 | — | $0.27 | — | $0.00 | $0.11 | $0.00 |
| Capex per share | $0.01 | $0.05 | $0.05 | $0.05 | $0.03 | $0.02 | $0.06 | $0.07 | $0.06 | $0.02 |
| Debt per share | $0.07 | $0.02 | $0.10 | $0.02 | — | — | — | $0.00 | $0.00 | $0.00 |
| Shares outstanding | 21.0M | 21.1M | 21.2M | 21.3M | 21.7M | 21.9M | 22.3M | 22.4M | 22.5M | 22.8M |
| Change in shares outstanding | −0.5% | −0.3% | −0.8% | −1.5% | −1.3% | −1.5% | −0.5% | −0.6% | −1.1% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −4.3% | −2.5% | −2.2% | −17.9% | 2.4% | 12.4% | 9.1% | 11.8% | 7.9% | 3.1% |
| Return on invested capital (ROIC) | −17.4% | — | — | — | — | — | — | 14.6% | 8.8% | 3.5% |
| Return on assets (ROA) | −2.0% | −1.0% | −0.9% | −8.4% | 1.3% | 7.2% | 5.5% | 7.4% | 4.9% | 1.7% |
| Return on tangible assets | −2.1% | −1.2% | −0.9% | −9.4% | 1.4% | 6.7% | 5.2% | 6.8% | 4.4% | 1.7% |
| Free cash flow margin | −5.4% | 5.3% | 8.2% | −11.8% | 8.8% | 16.5% | 9.0% | 9.1% | 9.0% | 4.1% |
| Income quality (OCF / net income) | — | — | — | — | 3.47 | 1.26 | 0.97 | 0.67 | 1.15 | 1.61 |
| Financial health | ||||||||||
| Total debt | $1.4M | $513,000 | $2.1M | $359,000 | — | — | — | $0 | $0 | $0 |
| Cash & short-term investments | $182.6M | $192.0M | $330.4M | $175.0M | $435.3M | $421.5M | $358.1M | $69.0M | $27.6M | $18.3M |
| Net debt | −$181.2M | −$191.5M | −$328.4M | −$174.7M | −$435.3M | −$421.5M | −$358.1M | −$69.0M | −$27.6M | −$18.3M |
| Debt / equity | 0.01 | 0.00 | 0.01 | 0.00 | — | — | — | 0.00 | 0.00 | 0.00 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | 0.00 | 0.00 | 0.00 |
| Net debt / EBITDA | — | −17.68 | −15.44 | — | −34.90 | −7.17 | −9.93 | −1.60 | −1.22 | −2.77 |
| Current ratio | 1.08 | 1.06 | 1.68 | 0.85 | 1.68 | 105.46 | — | — | 822.84 | — |
| Quick ratio | 1.08 | 1.06 | 3.24 | 1.04 | 2.14 | 218.19 | — | 932.14 | 341.22 | — |
| Interest coverage | — | — | — | -0.6 | — | — | — | — | — | — |
| Working capital | $20.5M | $16.8M | $166.1M | −$53.1M | $206.4M | $163.5M | $472.8M | $424.8M | $351.7M | $254.5M |
| Invested capital | $59.1M | $53.2M | −$80.7M | $76.3M | −$92.1M | −$77.2M | −$51.8M | $203.5M | $224.8M | $131.6M |
| Tangible asset value | $221.1M | $217.7M | $220.9M | $205.8M | $304.7M | $330.7M | $306.9M | $271.1M | $241.5M | $141.8M |
| Net current asset value | $58,000 | −$1.4M | $6.9M | −$53.1M | $206.4M | −$103.7M | $274.6M | $242.4M | $230.8M | $129.3M |
| Graham number | — | — | — | — | $11.77 | $25.49 | $19.16 | $19.50 | $13.39 | $5.44 |
| Graham net-net per share | −$0.99 | −$1.12 | −$9.66 | −$5.61 | $5.44 | $5.13 | $6.00 | $0.47 | $1.75 | −$0.57 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $3.0M | — | $6.0M | — | $0 | $2.4M | $0 |
| Share buybacks (net) | $2.7M | $158,000 | $7.3M | $4.2M | $4.3M | $12.2M | $2.0M | $3.0M | $8.0M | $0 |
| Dividend payout ratio | — | — | — | — | — | 14.9% | — | 0.0% | 15.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | 0.9% | 29.1% | — | 15.2% | 36.1% | 8.2% | 15.4% | 61.1% | 0.0% |
| Capex / revenue | 0.1% | 0.3% | 0.3% | 0.4% | 0.2% | 0.2% | 0.5% | 0.7% | 0.7% | 0.3% |
| Capex / operating cash flow | — | 5.5% | 3.8% | — | 2.4% | 1.1% | 5.0% | 7.4% | 7.2% | 7.5% |
| Capex / depreciation | 0.27 | 1.46 | 1.34 | 0.98 | 0.60 | 0.09 | 0.57 | 0.39 | 2.46 | 1.10 |
| Stock-based compensation / revenue | 0.4% | 0.2% | 0.5% | −0.0% | 0.9% | 0.7% | 0.7% | 0.6% | 0.2% | — |
| SG&A / revenue | — | — | — | 110.0% | 66.8% | 55.0% | 62.7% | 56.1% | 64.9% | 72.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 110.2 | 95.4 | 128.6 | 142.3 | 78.6 | 70.9 | 72.6 | 79.9 | 86.0 | 99.3 |
| Days of inventory on hand | — | — | -322.3 | -127.4 | -205.2 | -258.2 | 38.1 | 596.0 | 477.1 | 314.2 |
| Days payables outstanding | 0.8 | 0.0 | — | 13.8 | 10.3 | 13.1 | 95.3 | 138.8 | 0.7 | 0.8 |
| Cash conversion cycle (days) | 109.4 | 95.4 | — | 1.1 | -137.0 | -200.4 | 15.4 | 537.0 | 562.4 | 412.7 |
| Receivables turnover | 3.31 | 3.83 | 2.84 | 2.56 | 4.64 | 5.15 | 5.03 | 4.57 | 4.24 | 3.68 |
| Payables turnover | 457.38 | — | — | 26.40 | 35.34 | 27.94 | 3.83 | 2.63 | 525.88 | 482.40 |
| Inventory turnover | — | — | — | — | — | — | — | 0.61 | 0.77 | 1.16 |
| Asset turnover | 0.55 | 0.55 | 0.48 | 0.42 | 0.51 | 0.54 | 0.56 | 0.51 | 0.58 | 0.61 |
| Average receivables | $86.1M | $85.0M | $107.1M | $104.4M | $69.8M | $59.5M | $53.8M | $46.5M | $44.6M | $44.5M |
| Average payables | $439,000 | $0 | — | $11.2M | $8.0M | $7.9M | $43.6M | $43.8M | $233,500 | $288,000 |
| Average inventory | — | — | −$224.4M | −$103.1M | −$158.0M | −$155.6M | $17.4M | $187.9M | $160.5M | $119.6M |
| Intangibles / total assets | 3.8% | 5.0% | 4.5% | 7.7% | 6.5% | 2.9% | 0.6% | 1.0% | 3.7% | 4.2% |
Computed from NODK's annual financial statements (latest annual report filed March 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NODK valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 39.0. NI earned a return on equity of −4.3% and a return on invested capital of −17.4% in fiscal 2025. It ended the year with $1.4 million of debt and $182.6 million in cash and short-term investments, a net cash position of $181.2 million. It returned $2.7 million to shareholders: $0 in dividends and $2.7 million in share buybacks. The share count fell 7.8% from 22.8M to 21.0M over 9 years.
See the NODK income statement, the NODK chart for price history, or the NODK stock overview for the latest quote and news.
NODK key metrics FAQ
What is NI's P/E ratio?
NI's trailing P/E ratio is 39.0 based on the last twelve months of earnings (as of October 18, 2026). At the end of fiscal 2025 it was —, compared with a 10-year median of 14.5.
What is NI's return on equity?
NI's return on equity (ROE) was −4.3% in fiscal 2025: net income of -$10.4 million on average shareholders' equity of $242.5 million.
What is NI's ROIC?
NI's return on invested capital was −17.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NI have?
NI had total debt of $1.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does NI buy back its shares?
Yes. NI spent $2.7 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.5% over the year, to 21.0M..
What is NI's free cash flow yield?
NI generated -$15.5 million of free cash flow in fiscal 2025, a free cash flow yield of −5.5% on its market value at year-end ($279.2 million).
What is NI's current ratio?
NI's current ratio was 1.08 at the end of fiscal 2025: current assets were 1.08 times current liabilities.