Ni Holdings, Inc. (NODK) intrinsic value & 10-year financials
Ni Holdings, Inc. (NODK) has a Graham intrinsic value of $12.95 per share. At $14.81 on Oct 17, 2026, the stock trades 14% above that value. Over the last 10 fiscal years revenue grew 77.1% a year to $285.1M, with an average return on invested capital of 0.1%.
- Graham intrinsic value
- $12.95
- Share price (Oct 17, 2026)
- $14.81
- Price vs Graham value
- 14% above
- Market cap
- $310.9M
- Revenue (FY2025)
- $285.1M
- Revenue growth (10-yr CAGR)
- 77.1%
- ROIC (10-yr avg)
- 0.1%
- Free cash flow (FY2025)
- -$15.5M
NODK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $285.1M | -$10.4M | -$0.50 | -$15.5M | — | -5.4% |
| FY2024 | $325.2M | -$6.1M | -$0.29 | $37.5M | — | -3.1% |
| FY2023 | $365.7M | -$5.5M | -$0.26 | $25.0M | — | -2.8% |
| FY2022 | $1.5M | -$53.1M | -$2.49 | -$31.6M | — | — |
| FY2021 | $1.8M | $8.4M | $0.39 | $28.5M | — | — |
| FY2020 | $1.8M | $40.4M | $1.84 | $50.5M | — | — |
| FY2019 | $2.1M | $26.4M | $1.19 | $24.4M | — | — |
| FY2018 | $6.5M | $31.1M | $1.39 | $19.4M | — | — |
| FY2017 | $1.6M | $16.0M | $0.71 | $17.1M | — | 8.7% |
| FY2016 | $1.7M | $4.6M | — | $6.8M | — | 3.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NI Holdings, Inc. is a consistent compounder, expanding top-line revenue at 77.1% annually over the past decade.
NI Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just 0.1% ROIC.
NI Holdings, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NI Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.95 per share.