NI Holdings, Inc.
NODK · Fire, Marine & Casualty Insurance · 20.5M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $11M (gross $12M, SBC $1M)
Grade
D52NI Holdings — small Midwest P&C insurer in a loss year.
Strengths
- Long cash runway; net income improving off the trough (75th pct)
Risks
- Net loss; revenue down 12%; weak ROA (7th)
- Crop/weather catastrophe exposure
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -3.7%)
- Cash burnNegative free cash flow (-15.5M)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
24.5%
Net margin
-3.7%
Return on assets
-2.1%
Revenue growth (QoQ)
-2.3%
Free cash flow
-$15M
Cash & investments
$52M
Cash runway
14q
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | Stende Dave L. | Grant | 5.0K | — |
| 2026-05-20 | Kaldor Dana John | Grant | 5.0K | — |
| 2026-05-20 | Devlin William Russell | Grant | 5.0K | — |
| 2026-05-20 | Missling Jeffrey R. | Grant | 5.0K | — |
| 2026-05-20 | Mathew Prakash | Grant | 5.0K | — |
| 2026-05-20 | Aasmundstad Eric K. | Grant | 5.0K | — |
| 2026-05-20 | Thomas Callie Jean | Grant | 5.0K | — |
| 2026-03-02 | Elfstrand Kevin Douglas | Grant | 9.3K | — |
| 2026-03-02 | Duncan Douglas Alan | Grant | 11K | — |
| 2026-03-02 | Maki Matthew James | Grant | 23K | — |
| 2026-03-02 | Launer Cindy | Grant | 56K | — |
| 2026-03-01 | Elfstrand Kevin Douglas | Tax withheld | 479 | $13.28 |
| 2026-03-01 | Maki Matthew James | Tax withheld | 1.6K | $13.28 |
| 2026-02-28 | Maki Matthew James | Tax withheld | 2.5K | $13.28 |
| 2026-02-28 | Elfstrand Kevin Douglas | Tax withheld | 873 | $13.28 |
| 2026-02-03 | Maki Matthew James | Tax withheld | 119 | $13.57 |
| 2026-01-02 | Maki Matthew James | Tax withheld | 115 | $13.27 |
| 2025-12-01 | Maki Matthew James | Tax withheld | 111 | $13.32 |
| 2025-12-01 | Launer Cindy | Grant | 14K | — |
| 2025-05-21 | Devlin William Russell | Grant | 3.9K | — |
| 2025-05-21 | Stende Dave L. | Grant | 3.9K | — |
| 2025-05-21 | Missling Jeffrey R. | Grant | 3.9K | — |
| 2025-05-21 | Mathew Prakash | Grant | 3.9K | — |
| 2025-05-21 | Launer Cindy | Grant | 3.9K | — |
| 2025-05-21 | Espegard Duaine | Grant | 3.9K | — |
| 2025-05-21 | Aasmundstad Eric K. | Grant | 3.9K | — |
| 2025-03-03 | Daggett Seth C. | Tax withheld | 2.3K | $14.24 |
| 2025-03-03 | Maki Matthew James | Tax withheld | 999 | $14.24 |
| 2025-03-03 | Maki Matthew James | Grant | 26K | — |
| 2025-03-03 | Daggett Seth C. | Grant | 47K | — |
| 2025-02-03 | Maki Matthew James | Grant | 993 | — |
| 2025-01-02 | Maki Matthew James | Grant | 955 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-26 | Exec/director changeShareholder vote | filing ↗ |
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-03-06 | ResultsExhibits | filing ↗ |
| 2026-02-23 | Exec/director change | filing ↗ |
| 2025-11-07 | ResultsExhibits | filing ↗ |
| 2025-10-31 | Exec/director change | filing ↗ |
| 2025-10-29 | Exec/director change | filing ↗ |
| 2025-10-10 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-26 | 2026-05-19 | 0002077096-26-000174 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001174947-26-000570 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001174947-26-000571 ↗ |
| 10-K | 2026-03-06 | 2025-12-31 | 0001174947-26-000305 ↗ |
| 8-K | 2026-03-06 | 2026-03-06 | 0001174947-26-000307 ↗ |
| 8-K | 2026-02-23 | 2026-02-17 | 0001174947-26-000212 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001174947-25-001356 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001174947-25-001357 ↗ |
| 8-K | 2025-10-31 | 2025-10-29 | 0001174947-25-001316 ↗ |
| 8-K/A | 2025-10-29 | 2025-10-10 | 0001174947-25-001307 ↗ |
| 8-K | 2025-10-10 | 2025-10-10 | 0002077096-25-000137 ↗ |
| 8-K | 2025-08-25 | 2025-08-25 | 0002077096-25-000046 ↗ |