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← CockpitCompetitor Analysis › NODK NI Holdings, Inc.Open in the cockpit ↗

NI Holdings, Inc.NODKCompetitor analysis, valuation and peers

United States · USD·Financials›Multi-Line Insurance
Momentum strong 72
Mkt cap
$313M
US dollars, full cap
Free float
37%
of shares outstanding
$/day
$253,595
20-day average traded
P/B
1.26×
price to book
ROE
3.2%
delivered
Implied ROE
7.2%
what the price asks
Close · USD$15.33
1D-0.4%
1W+2.5%
1M+3.0%
3M-0.1%
6M+19.7%
YTD+15.3%
1Y+14.9%
ATR %2.2%
Beta0.03
52w lowhigh8.2% off high

What NI Holdings, Inc. does

Employees: 172

NI Holdings, Inc. at a glance

Size NI Holdings, Inc. (NODK) is a United States Financials company (Multi-Line Insurance) with a market value of $313M, the 3074th largest of 3,117 United States companies the cockpit tracks. Shares closed at $15.33 on 6 Nov 2026.

Performance Over six months the shares gained 19.7%, against +6.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 11 in its peer set.

Growth Revenue fell 13.8% over the last twelve months (peer median +11.9%); the operating margin is 4.2% (peer median 10.9%).

Valuation It trades at 1.26× book value against a peer median of 1.04× (5th most expensive of 11).

Price implies The share price implies a return on equity of about 7.2%; NI Holdings, Inc. delivers 3.2%, so the price asks more than the business earns today.

Relative performance

10011012011 May 202611 Aug 20266 Nov 2026NODK 115Peer median 107
Six months, rebased to 100: NI Holdings, Inc. against the median of its 10 peers (local-currency closes).

NI Holdings, Inc. financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue$267M$285M$325M$304M$324M
Revenue growth—-12%+7%-6%—
Net income$7.83M-$10.4M$5.09M-$5.48M-$53.1M
Free cash flow-$32.6M-$15.5M$37.5M$50.4M-$31.6M
Capital expenditure$96,000$217,000$991,000$661,000$1.16M
Total debt$1.16M$1.39M$1.82M$0$1.84M

Quarterly statements and history in the cockpit →

NI Holdings, Inc. competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-50%0%+50%-20%0%7326AIFUU130662SFCRELIGARECSNBOW2851NODK6-month return →1-month return →
Up and to the right = strong over both horizons. NI Holdings, Inc. is the large dot.

Fundamentals: return on equity against price-to-book

-100%-50%0%10×20×7326AIFUU130662SFCRELIGARECSNBOW2851NODKReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. NI Holdings, Inc. is the large dot.

Capital: ROE delivered against the ROE the price implies

-100%-50%0%-100%-50%0%7326AIFUU13CSNBOW2851NODKROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. NI Holdings, Inc. is the large dot.

NI Holdings, Inc. competitors and peer comparison

How NI Holdings, Inc. compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

NI Holdings, Inc. against its 10 peers (data as of 6 Nov 2026)
MeasureNODKPeer medianRank in peer set
1-month return+3.0%-0.2%3rd highest of 11
6-month return+19.7%+6.2%3rd highest of 11
Return on equity3.2%8.6%4th lowest of 11
Price / book1.26×1.04×5th most expensive of 11
Trailing P/E41.2×14.9×3rd most expensive of 10
ROE the price implies7.2%5.8%5th most demanding of 11
ROE delivered3.2%10.2%3rd lowest of 10

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
NI Holdings, Inc. NODKUnited States$313M+20%-14%3%1.26×7.2%3.2%
SBI Insurance 7326.TJapan$325M-3%+21%7%1.02×8.6%6.5%
AIFU AIFUUnited States$390M-76%-47%-113%0.30×4.9%-113.4%
United Overseas Insurance U13.SISingapore$403M+8%-8%7%0.98×3.6%7.0%
Asia Financial 0662.HKHong Kong$521M-6%+6%10%0.30×3.7%10.2%
Donegal DGICAUnited States$723M+9%-3%11%1.07×6.6%10.7%
Sagicor Financial SFC.TOCanada$792M-14%-4%12%0.75×4.6%11.6%
Religare Enterprises RELIGARE.NSIndia$845M+4%+18%3%2.67×23.7%n/a
Chesnara CSN.LUnited Kingdom$1.08B+11%+192%0%2.14×15.7%0.3%
Bowhead Specialty BOWUnited States$1.12B+26%+24%14%2.48×11.3%13.6%
Central Reinsurance 2851.TWTaiwan$1.12B+52%+21%37%1.41×5.1%37.4%

Questions

Which companies are NI Holdings, Inc.'s closest peers?
The cockpit's peer set: SBI Insurance (7326.T), AIFU (AIFU), United Overseas Insurance (U13.SI), Asia Financial (0662.HK), Donegal (DGICA), Sagicor Financial (SFC.TO), Religare Enterprises (RELIGARE.NS), Chesnara (CSN.L).
Is NI Holdings, Inc. expensive compared with its peers?
On price / book it trades at 1.26× against a peer median of 1.04×, 5th most expensive of 11 in its peer set. The share price implies a return on equity of about 7.2%; NI Holdings, Inc. delivers 3.2%, so the price asks more than the business earns today.
How has NI Holdings, Inc. stock performed?
Over six months to 6 Nov 2026 the shares returned +19.7% against +6.2% for the median peer; over one year +14.9%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.