The company has undergone a significant defensive contraction, with total assets declining from $674.5 million in 2024Q1 to $492.1 million by 2026Q1 as management attempts to preserve the equity base.
| Total Assets | 492.11M | 506M | 526.54M | 654.89M | 614.23M | 651.78M | 617.6M | 508.16M | 458.49M | 376.99M | 278.7M | 258.62M | 247.22M |
| Asset Growth % | -4.51% | -3.9% | -19.6% | 6.62% | -5.76% | 5.53% | 21.54% | 10.83% | 21.62% | 35.27% | 7.76% | 4.61% | - |
| Total Investment Assets | 4M | 326.96M | 334.16M | 291.4M | 357.72M | 444.35M | 393.29M | 357.79M | 303.47M | 284.32M | 187.39M | 181.23M | 162.41M |
| Long-Term Investments | 925.22M | 196.05M | 193.13M | 2.01M | 229.68M | 79.69M | 390.36M | 355.88M | 303.47M | 284.32M | 187.39M | 181.23M | 162.41M |
| Short-Term Investments | 0 | 130.92M | 141.04M | 289.4M | 128.04M | 364.65M | 320.41M | 295.94M | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 97.93M | 265.72M | 281.05M | 0 | 466.9M | 510.81M | 0 | 0 | 425.11M | 352.17M | 254.58M | 235.94M | 225.82M |
| Cash & Equivalents | 57.72M | 51.72M | 50.93M | 41.04M | 47M | 70.62M | 101.08M | 62.13M | 68.95M | 27.59M | 18.32M | 14.52M | 21.73M |
| Receivables | 415.77M | 83.09M | 86.45M | 78.61M | 62.17M | 73.02M | 63.97M | 54.97M | 0 | 0 | 0 | 40.19M | 41.69M |
| Other Current Assets | 0 | 0 | 2.63M | -26.87M | 296.32M | 2.52M | -485.46M | -413.04M | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 67.96M | 19.21M | 100K | 10.04M | 17.25M | 17.72M | 18.19M | 2.91M | 4.62M | 2.63M | 11.57M | 11.07M | 9.87M |
| Goodwill | 0 | 0 | 0 | 2.63M | 9.38M | 9.38M | 9.38M | 2.63M | -12.87M | 2.63M | 2.63M | 2.63M | 2.63M |
| Intangible Assets | 0 | 19.21M | 100K | 7.41M | 7.87M | 8.34M | 8.81M | 284K | 17.49M | 0 | 8.94M | 8.44M | 7.24M |
| PP&E (Net) | 6.62M | 6.76M | 7.55M | 9.9M | 9.84M | 9.87M | 9.9M | 7.69M | 6.98M | 5.88M | 4.82M | 4.71M | 4.71M |
| Other Assets | -317.19M | 12.12M | 44.72M | 614.77M | -229.68M | 33.68M | -418.45M | -366.48M | -458K | -236K | -2.92M | -188.57M | -169.74M |
| Total Liabilities | 241.91M | 265.67M | 281.91M | 404.49M | 361.02M | 304.37M | 268.73M | 198.36M | 182.74M | 121.42M | 125.28M | 108.71M | 111.52M |
| Total Debt | 0 | 0 | 1.82M | 2.06M | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -57.72M | -51.72M | -49.11M | -38.97M | -45.16M | -70.62M | -101.08M | -62.13M | -68.95M | -27.59M | -18.32M | -14.52M | -21.73M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 369K | 0 | 513K | 501K | 359K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 8.95M | 245.23M | 263.79M | 245.28M | 0 | 0 | 0 | 0 | 274K | 428K | 39K | 537K | 155K |
| Accounts Payable | 0 | 878K | 0 | 0 | 0 | 326K | 0 | 170K | 0 | 428K | 39K | 537K | 155K |
| Deferred Revenue | 0 | 106.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.58M | 137.85M | 263.27M | 244.7M | -22.41M | -31.41M | -34.86M | -11.24M | -10.14M | -9.72M | -5.29M | -6.36M | -6.08M |
| Deferred Taxes | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 711K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | 232.97M | 20.43M | 268.04M | 388.27M | 321.97M | 277.66M | -8.76M | -4.59M | 182.74M | 121.42M | 122.35M | -3.52M | -5.03M |
| Total Equity | 250.2M | 240.34M | 244.63M | 250.4M | 253.21M | 347.41M | 348.87M | 309.8M | 275.75M | 255.57M | 153.42M | 149.92M | 135.69M |
| Equity Growth % | 0.83% | -1.76% | -2.3% | -1.11% | -27.12% | -0.42% | 12.61% | 12.35% | 7.9% | 66.59% | 2.33% | 10.48% | - |
| Shareholders Equity | 250.2M | 240.34M | 244.63M | 247.64M | 250.98M | 343.2M | 344.33M | 306.3M | 272.49M | 252.4M | 149.9M | 146.53M | 132.34M |
| Minority Interest | 0 | 0 | 0 | 2.76M | 2.23M | 4.21M | 4.54M | 3.5M | 3.26M | 3.18M | 3.52M | 3.38M | 3.35M |
| Retained Earnings | 203.48M | 191.07M | 201.58M | 208.38M | 214.12M | 267.21M | 258.74M | 218.48M | 183.95M | 152.87M | 139.59M | 135.04M | 117.58M |
| Common Stock | 230K | 230K | 230K | 230K | 230K | 230K | 230K | 230K | 230K | 230K | 0 | 0 | 0 |
| Accumulated OCI | -12.5M | -10.6M | -18.23M | -21.38M | -29.29M | 5.24M | 12.84M | 5.61M | 6.38M | 16M | 10.3M | 11.49M | 14.75M |
| Return on Equity (ROE) | -1.79% | -4.29% | -2.45% | -2.17% | -17.68% | 2.42% | 12.26% | 9.02% | 11.7% | 7.82% | 3% | 12.22% | 10.15% |
| Return on Assets (ROA) | -0.81% | -2.02% | -1.03% | -0.86% | -8.39% | 1.33% | 7.18% | 5.46% | 7.44% | 4.88% | 1.69% | 6.9% | 5.57% |
| Equity / Assets | 50.84% | 47.5% | 46.46% | 38.24% | 41.22% | 53.3% | 56.49% | 60.97% | 60.14% | 67.79% | 55.05% | 57.97% | 54.89% |
| Debt / Equity | 0.00x | - | 0.01x | 0.01x | 0.01x | - | - | - | - | - | - | - | - |
| Book Value per Share | 11.95 | 11.45 | 11.60 | 11.83 | 11.87 | 16.04 | 15.90 | 13.91 | 12.32 | 11.35 | 6.74 | 6.59 | 5.96 |
| Tangible BV per Share | 11.95 | 10.53 | 11.60 | 11.36 | 11.06 | 15.22 | 15.07 | 13.78 | 12.11 | 11.24 | 6.23 | 6.10 | 5.53 |
Weather-driven underwriting volatility
As reported in financial statements, NODK's total assets have declined from $674.5 million in 2024Q1 to $492.1 million by 2026Q1, reflecting a deliberate reduction in balance sheet scale that appears to be a defensive response to persistent underwriting losses and the need to preserve remaining equity capital.
The reduction in total assets suggests that management is prioritizing capital preservation over growth, likely shedding riskier or underperforming policy segments. Investors should monitor whether this contraction stabilizes the equity base or if further asset liquidation is required to meet ongoing claims obligations.
Based on the provided quarterly data, claims and loss reserves reached a peak of $88.6 million in 2024Q2, indicating that the company's liability profile is highly sensitive to seasonal weather events which frequently force significant adjustments to the reserve balance and erode the overall equity cushion.
The fluctuation in loss reserves suggests that the company's actuarial models may be struggling to keep pace with the increasing frequency of convective weather events in the Upper Midwest. This volatility warrants further investigation into whether current reserve levels are sufficient to cover long-tail liabilities without necessitating future capital injections.
According to recent balance sheet filings, equity has remained relatively stagnant, hovering near $250 million, which, when viewed against the backdrop of fluctuating liabilities, suggests that the company's capital adequacy is being tested by the ongoing inability to consistently generate underwriting profit across its core insurance segments.
The lack of meaningful equity growth indicates that the company is not currently retaining earnings to bolster its solvency position. This stagnation may limit the firm's capacity for strategic initiatives and leaves the balance sheet vulnerable to unexpected catastrophic events that could rapidly deplete the existing capital buffer.
As indicated by the historical balance sheet data, the company's heavy reliance on a narrow geographic footprint in the Upper Midwest creates a non-obvious risk where localized climate events can simultaneously impact both premium revenue and the liability side of the balance sheet through sudden, large-scale claims.
This geographic concentration appears to be a double-edged sword, providing deep local market knowledge while simultaneously exposing the balance sheet to systemic regional shocks. Investors should consider whether the current capital structure is robust enough to withstand a multi-year period of adverse weather conditions in this specific corridor.
Quick answers to the most common questions about buying NODK stock.
As of 2025, NI Holdings, Inc. (NODK) had total assets of $506.0M including $265.7M in current assets.
NI Holdings, Inc. (NODK) carries total debt of $0.0M, offset by $182.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NI Holdings, Inc. (NODK) has total shareholders' equity (book value) of $240.3M ($11.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NI Holdings, Inc. (NODK) reported a current ratio of 1.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.