Latest Ratios: P/E Ratio -31.0x · EV/EBITDA N/A · ROE -4.3%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $317M | $279M | $331M | $275M | $283M | $410M | $360M | $383M | $352M | $382M | — |
| Enterprise Value | $266M | $227M | $282M | $236M | $238M | $339M | $259M | $321M | $283M | $355M | — |
| P/E Ratio → | -30.98 | — | 65.42 | — | — | 48.49 | 8.92 | 14.45 | 11.32 | 23.92 | — |
| P/S Ratio | 1.11 | 0.98 | 1.02 | 0.90 | 1.06 | 1.26 | 1.18 | 1.41 | 1.66 | 2.02 | — |
| P/B Ratio | 1.35 | 1.16 | 1.35 | 1.10 | 1.12 | 1.18 | 1.03 | 1.24 | 1.28 | 1.50 | — |
| P/FCF | 177.54 | 156.23 | 8.83 | 11.00 | — | 14.38 | 7.14 | 15.71 | 18.15 | 22.37 | — |
| P/OCF | 158.31 | 139.31 | 8.60 | 10.58 | — | 14.04 | 7.06 | 14.92 | 16.80 | 20.75 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 0.87 | 0.78 | 0.89 | 1.05 | 0.85 | 1.18 | 1.33 | 1.88 | — |
| EV / EBITDA | — | — | 26.05 | 11.09 | — | 27.17 | 4.41 | 8.90 | 6.56 | 15.73 | — |
| EV / EBIT | — | — | 27.80 | 11.48 | — | 29.97 | 4.91 | 9.49 | 7.23 | 16.12 | — |
| EV / FCF | — | 127.29 | 7.52 | 9.44 | — | 11.90 | 5.14 | 13.16 | 14.59 | 20.75 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.6% | 29.6% | 14.3% | 16.4% | -10.3% | 13.3% | 28.2% | 38.3% | 45.8% | 35.1% | 15.2% |
| Operating Margin | -4.3% | -4.3% | 3.1% | 6.8% | -19.7% | 3.5% | 17.2% | 12.5% | 18.4% | 11.6% | 3.7% |
| Net Profit Margin | -3.7% | -3.7% | -1.9% | -1.8% | -19.8% | 2.6% | 13.2% | 9.8% | 14.6% | 8.5% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.3% | -4.3% | -2.4% | -2.2% | -17.7% | 2.4% | 12.3% | 9.0% | 11.7% | 7.8% | 3.0% |
| ROA | -2.0% | -2.0% | -1.0% | -0.9% | -8.4% | 1.3% | 7.2% | 5.5% | 7.4% | 4.9% | 1.7% |
| ROIC | -4.8% | -4.8% | 3.7% | 7.3% | -16.4% | 3.2% | 16.0% | 11.2% | 13.5% | 9.1% | 3.4% |
| ROCE | -4.7% | -4.7% | 3.0% | 5.3% | -8.4% | 1.8% | 9.4% | 7.0% | 9.4% | 6.7% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.01 | 0.01 | 0.01 | — | — | — | — | — | — |
| Debt / EBITDA | — | — | 0.17 | 0.10 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.22 | -0.20 | -0.16 | -0.18 | -0.20 | -0.29 | -0.20 | -0.25 | -0.11 | -0.12 |
| Net Debt / EBITDA | — | — | -4.54 | -1.83 | — | -5.66 | -1.72 | -1.72 | -1.60 | -1.22 | -2.77 |
| Debt / FCF | — | -28.94 | -1.31 | -1.56 | — | -2.48 | -2.00 | -2.55 | -3.55 | -1.61 | -2.71 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($52M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.08 | 1.08 | 1.07 | — | — | — | — | — | 1551.48 | 822.84 | 6527.62 |
| Quick Ratio | 1.08 | 1.08 | 1.07 | 1.56 | — | — | — | — | 932.14 | 341.22 | 3581.74 |
| Cash Ratio | 0.74 | 0.74 | 0.73 | 1.35 | — | — | — | — | 251.64 | 64.47 | 469.69 |
| Asset Turnover | — | 0.56 | 0.62 | 0.46 | 0.44 | 0.50 | 0.50 | 0.53 | 0.46 | 0.50 | 0.59 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.1% | — | 1.7% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 14.9% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.5% | — | — | 2.1% | 11.2% | 6.9% | 8.8% | 4.2% | — |
| FCF Yield | 0.6% | 0.6% | 11.3% | 9.1% | — | 7.0% | 14.0% | 6.4% | 5.5% | 4.5% | — |
| Buyback Yield | 0.8% | 1.0% | 0.0% | 2.6% | 1.5% | 1.1% | 3.4% | 0.5% | 0.9% | 2.1% | — |
| Total Shareholder Yield | 0.8% | 1.0% | 0.0% | 2.6% | 2.5% | 1.1% | 5.1% | 0.5% | 0.9% | 2.1% | — |
| Shares Outstanding | — | $21M | $21M | $21M | $21M | $22M | $22M | $22M | $22M | $23M | $23M |
Weather-driven underwriting volatility
As reported in quarterly filings, NODK's combined ratio reached a peak of 120.1% in 2025Q2, illustrating a recurring inability to maintain underwriting profitability that warrants significant caution regarding the sustainability of the company's core insurance operations in the face of regional weather-related loss volatility.
The trajectory of the combined ratio suggests that the company is struggling to price risk effectively, with loss ratios frequently exceeding 90% during peak weather seasons. This pattern implies that the firm's underwriting discipline may be insufficient to offset the inherent volatility of its agricultural and property-heavy portfolio.
Based on current financial data, NODK trades at a P/B of 1.43, which appears to reflect investor apprehension regarding the company's ability to generate consistent ROE given the recent history of negative operating margins and the contraction of its overall asset base.
The current valuation multiple suggests that the market is applying a complexity discount, likely due to the unpredictable nature of the firm's crop insurance segment. Investors should monitor whether the current P/B ratio adequately prices in the risk of further capital erosion if underwriting losses persist.
According to historical balance sheet records, the company's equity buffer has remained stagnant near $250 million, suggesting that underwriting leverage is being tested by the persistent inability to generate consistent underwriting profits across its core regional insurance segments in the Upper Midwest.
The lack of growth in the capital base relative to the volatility of liabilities indicates that the company's underwriting leverage may be approaching a threshold where management must prioritize solvency over growth. This situation warrants further investigation into whether the current surplus is sufficient to withstand future catastrophic weather events.
As indicated by the divergence between net income and operating cash flow, the P/E ratio is a fundamentally flawed metric for NODK, as it obscures the significant impact of reserve development and the lumpy, seasonal nature of agricultural insurance earnings.
Analysts should prioritize the combined ratio and reserve development trends over P/E, as the latter is frequently distorted by one-time adjustments and non-cash accounting entries. Relying on P/E may lead to an inaccurate assessment of the company's true economic profitability and its ability to sustain long-term value.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying NODK stock.
NI Holdings, Inc.'s current P/E ratio is -31.0x. The historical average is 28.8x.
NI Holdings, Inc.'s return on equity (ROE) is -4.3%. The historical average is 3.5%.
Based on historical data, NI Holdings, Inc. is trading at a P/E of -31.0x. Compare with industry peers and growth rates for a complete picture.
NI Holdings, Inc. has 29.6% gross margin and -4.3% operating margin.