# NI Holdings, Inc.: overview

NODK · Nasdaq · CIK 1681206 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/nodk.md) · [Financials](/companies/nodk/financials.md) · [Filings](/companies/nodk/filings.md) · [Insiders](/companies/nodk/insiders.md)

Latest reported revenue: [$70.2m](/filings/0001174947-26-000777.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 7, 2026 (XBRL us-gaap:Revenues, accession 0001174947-26-000777).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [89.0](/filings/0001174947-25-001356.md) | [73.9 d](/filings/0001174947-26-000305.md) | [71.4](/filings/0001174947-26-000570.md) | [76.1](/filings/0001174947-26-000777.md) | [76.6](/filings/0001174947-25-001356.md) | [61.0 d](/filings/0001174947-26-000305.md) | [59.6](/filings/0001174947-26-000570.md) | [70.2](/filings/0001174947-26-000777.md) |
| Gross margin | % | [20.4%](/filings/0001174947-25-001356.md) | [52.7% d](/filings/0001174947-26-000305.md) | [40.6%](/filings/0001174947-26-000570.md) | [8.4%](/filings/0001174947-26-000777.md) | [20.5%](/filings/0001174947-25-001356.md) | [30.8% d](/filings/0001174947-26-000305.md) | [53.3%](/filings/0001174947-26-000570.md) | [23.6%](/filings/0001174947-26-000777.md) |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [(3.0%)](/filings/0001174947-25-001356.md) | [13.3% d](/filings/0001174947-26-000305.md) | [9.0%](/filings/0001174947-26-000570.md) | [(15.8%)](/filings/0001174947-26-000777.md) | [(2.2%)](/filings/0001174947-25-001356.md) | [(5.2%) d](/filings/0001174947-26-000305.md) | [21.0%](/filings/0001174947-26-000570.md) | [0.2%](/filings/0001174947-26-000777.md) |
| Diluted EPS | $ per share | [(0.13)](/filings/0001174947-25-001356.md) | not reported | [0.31](/filings/0001174947-26-000570.md) | [(0.57)](/filings/0001174947-26-000777.md) | [(0.08)](/filings/0001174947-25-001356.md) | not reported | [0.60](/filings/0001174947-26-000570.md) | [0.01](/filings/0001174947-26-000777.md) |
| Free cash flow | $m | [(18.1) d](/filings/0001174947-25-001356.md) | [21.5 d](/filings/0001174947-26-000305.md) | [9.9](/filings/0001174947-26-000570.md) | [6.2 d](/filings/0001174947-26-000777.md) | [(44.8) d](/filings/0001174947-25-001356.md) | [13.2 d](/filings/0001174947-26-000305.md) | [(1.9)](/filings/0001174947-26-000570.md) | [0.9 d](/filings/0001174947-26-000777.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [324](/filings/0001174947-24-000361.md) | [268](/filings/0001174947-25-000304.md) | [304](/filings/0001174947-26-000305.md) | [325](/filings/0001174947-26-000305.md) | [285](/filings/0001174947-26-000305.md) |
| Gross margin | % | [25.7%](/filings/0001174947-24-000361.md) | [11.2%](/filings/0001174947-25-000304.md) | [34.7%](/filings/0001174947-26-000305.md) | [31.6%](/filings/0001174947-26-000305.md) | [24.5%](/filings/0001174947-26-000305.md) |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | [2.6%](/filings/0001174947-24-000361.md) | [(19.8%)](/filings/0001174947-25-000304.md) | [(1.8%)](/filings/0001174947-26-000305.md) | [(1.9%)](/filings/0001174947-26-000305.md) | [(3.7%)](/filings/0001174947-26-000305.md) |
| Diluted EPS | $ per share | [0.39](/filings/0001174947-24-000361.md) | [(2.49)](/filings/0001174947-25-000304.md) | [(0.26)](/filings/0001174947-26-000305.md) | [(0.29)](/filings/0001174947-26-000305.md) | [(0.50)](/filings/0001174947-26-000305.md) |
| Free cash flow | $m | [28.4](/filings/0001174947-24-000361.md) | [(16.2)](/filings/0001174947-25-000304.md) | [50.4](/filings/0001174947-26-000305.md) | [37.5](/filings/0001174947-26-000305.md) | [(15.5)](/filings/0001174947-26-000305.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/nodk/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Newtyn Management, LLC](/funds/1569241.md) | 2026-06-30 | $10.5m | 670,000 |  | Unchanged |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $8.6m | 545,925 |  | Added +17,123 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $5.7m | 360,722 |  | Added +19,606 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $4.5m | 288,170 |  | Reduced −6,628 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $2.9m | 181,574 |  | Added +27,871 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $2.9m | 181,564 |  | Added +143,168 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $2.1m | 134,886 |  | Reduced −3,869 |
| [Minerva Advisors LLC](/funds/1541536.md) | 2026-06-30 | $2.0m | 129,900 |  | Unchanged |
| [TCW GROUP INC](/funds/850401.md) | 2026-06-30 | $2.0m | 126,899 |  | Reduced −83,222 |
| [Orchard Capital Management, LLC](/funds/1858319.md) | 2026-06-30 | $1.9m | 120,742 |  | Added +1,113 |

## Recent filings

[All 309 filings](/companies/nodk/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-07 | 16:07 ET | [8-K](/filings/0001174947-26-000778.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001174947-26-000778 |
| 2026-08-07 | 16:06 ET | [10-Q](/filings/0001174947-26-000777.md) | Quarterly report, period 2026-06-30 | 0001174947-26-000777 |
| 2026-05-26 | 16:05 ET | [8-K](/filings/0002077096-26-000174.md) | 5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results | 0002077096-26-000174 |
| 2026-05-08 | 16:07 ET | [8-K](/filings/0001174947-26-000571.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001174947-26-000571 |
| 2026-05-08 | 16:06 ET | [10-Q](/filings/0001174947-26-000570.md) | Quarterly report, period 2026-03-31 | 0001174947-26-000570 |
| 2026-04-08 | 16:01 ET | [DEF 14A](/filings/0002077096-26-000051.md) | Proxy statement, period 2026-05-19 | 0002077096-26-000051 |
| 2026-03-06 | 16:09 ET | [8-K](/filings/0001174947-26-000307.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001174947-26-000307 |
| 2026-03-06 | 16:06 ET | [10-K](/filings/0001174947-26-000305.md) | Annual report, period 2025-12-31 | 0001174947-26-000305 |
| 2026-02-23 | 16:05 ET | [8-K](/filings/0001174947-26-000212.md) | 5.02 Departure or appointment of officers or directors | 0001174947-26-000212 |
| 2025-11-07 | 16:08 ET | [8-K](/filings/0001174947-25-001357.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001174947-25-001357 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001174947-26-000305.md), filed Mar 6, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/332d9079-8d8d-4c3f-9b3f-3b85d08e0ba1)

## About the filer

- CIK: 1681206
- Tickers: NODK
- Exchange: Nasdaq
- SIC code: 6331 Fire, Marine & Casualty Insurance
- State of incorporation: not reported
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:45 ET. No prices; not investment advice.