Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NI Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
164
189
212
271
306
324
268
304
325
285
Gross profit
34.2
56.8
76.6
76.7
115
83.2
30
106
103
69.9
Operating expenses
158
167
173
237
254
313
321
283
315
297
Pre-tax income
6.12
22
39.2
33.8
52.8
11.3
-52.9
20.5
10.1
-12.3
Income tax
1.48
6.39
7.92
7.31
11.5
2.97
-14.2
0.72
3.55
-1.92
Income from continuing operations
-38
19.6
6.6
-10.4
Net income to minority interests
0.09
-0.38
0.16
0.1
0.96
-0.08
-0.68
0.25
Net income
4.55
16
31.1
26.4
40.4
8.42
-53.1
-5.48
-6.06
-10.4
EPS, basic
0.71
1.39
1.19
1.86
0.39
-2.49
-0.26
-0.29
-0.50
EPS, diluted
0.71
1.39
1.19
1.84
0.39
-2.49
-0.26
-0.29
-0.50
Shares, basic (weighted)
22.5
22.4
22.2
21.8
21.4
21.3
21.2
21
21
Shares, diluted (weighted)
22.5
22.4
22.3
21.9
21.7
21.3
21.2
21.1
21
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
18.3
27.6
69
62.1
101
70.6
47
41
50.9
51.7
Short-term investments
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
Property, plant and equipment
4.82
5.88
6.98
7.69
9.9
9.87
9.84
9.9
7.55
6.76
Goodwill
2.63
2.63
4.62
2.63
9.38
9.38
9.38
2.63
Intangible assets
0.28
8.81
8.34
7.87
7.41
Other non-current assets
10.9
11.1
12.1
Total assets
279
377
458
508
618
652
614
655
527
506
Total liabilities
125
121
183
198
269
304
361
404
282
266
Total debt
2.4
2.4
2.4
Paid-in capital
93.5
94.5
96
97.9
98.2
95.7
96.3
95.8
95.9
Retained earnings
140
153
184
218
259
267
214
208
202
191
Treasury stock
-8.04
-10.6
-12.3
-24
-26.5
-28.8
-35.2
-34.3
-36.1
Other comprehensive income
10.3
16
6.38
5.61
12.8
5.24
-29.3
-21.4
-18.2
-10.6
Shareholders' equity
153
256
276
310
245
240
Minority interests
3.52
3.18
3.26
3.5
4.55
4.21
2.23
2.76
Total equity
157
256
276
310
349
347
253
250
245
240
Total liabilities and equity
279
377
458
508
618
652
614
655
527
506
Shares outstanding
0
22.3
22.2
22.1
21.3
21.2
21.1
20.6
20.7
20.6
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
4.64
15.6
31.2
26.5
41.3
8.33
-38.7
19.8
6.6
-10.4
Depreciation and amortization
0.44
0.5
0.49
0.54
0.71
0.69
0.71
0.69
0.68
0.69
Stock-based compensation
0.42
1.23
1.61
2.3
2.41
-0.04
1.37
0.24
0.83
Deferred income tax
-0.09
-2.07
-0.69
-1.31
-3.83
-1.88
1.9
-1.36
Change in receivables
-1.95
-3.65
-2.81
-2.4
Cash from operations
7.31
18.4
21
25.7
51
29.2
-15.3
51
38.5
-15.3
Capital expenditures
-0.55
-1.33
-1.55
-1.29
-0.62
-0.74
-0.88
-0.66
-0.99
-0.22
Acquisitions
-0.7
Purchases of investments
-31.2
-101
-73.9
-92
-91.6
-128
-47.6
-56.3
-62.6
-26.8
Sales and maturities of investments
21.7
24.6
61.5
59.6
87.9
73
78
Cash from investing
-3.51
-91.9
23.4
-30.5
0.2
-48.2
25
-8.81
-4.54
18.8
Stock issued
93.1
Share buybacks
-8.04
-3
-2.01
-12.2
-4.32
-4.18
Dividends paid
-8.27
-6.73
Cash from financing
82.7
-3
-2.03
-12.3
-11.5
-18.3
-7.47
-3.64
-2.78
Net change in cash
3.8
9.28
41.4
-6.82
38.9
-30.5
-23.6
9.69
30.3
0.79
Free cash flow
6.76
17.1
19.4
24.4
50.4
28.4
-16.2
50.4
37.5
-15.5
Income taxes paid
3.8
4.55
10.3
4
11.6
4.45
2.18
-11.1
2.85
3.92
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
31.0%
Gross profit / revenue.
Pre-tax margin
4.2%
Pre-tax income / revenue.
Net margin
2.9%
Net income / revenue.
FCF margin
-12.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-12.2%
Cash from operations / revenue.
Effective tax rate
30.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
3.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.4%
Net income / average total assets.
Stock-based pay / revenue
0.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
0.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-12.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
2.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-1.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-31.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
32.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-9.5%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-139.7%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-141.3%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-1.8%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-3.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-6.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-3.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
-0.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
-0.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-0.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / equity
0.01x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.4%
Total debt / total assets.
Liabilities / assets
54.1%
Total liabilities / total assets.
Net debt
-$49.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.38
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$12.81
Revenue / diluted weighted shares.
FCF per share
-$1.56
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.56
Cash from operations / diluted weighted shares.
Book value per share
$12.21
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
38.6x
Market cap / net income. Only when net income is positive.
P/S
1.13x
Market cap / revenue.
P/B
1.21x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.21x
Market cap / tangible book value, when positive.
EV/Sales
0.95x
Enterprise value / revenue.
FCF yield
-10.8%
Free cash flow / market cap.
Earnings yield
2.6%
Net income / market cap (the inverse of P/E).
What was NI Holdings, Inc.'s revenue in fiscal 2025?
NI Holdings, Inc. reported revenue of $285.1M for fiscal 2025, 12.3% lower than the year before.
Was NI Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $10.4M.
How much free cash flow did NI Holdings, Inc. generate in fiscal 2025?
Cash from operations of $15.3M minus capital expenditures of $217.0K left free cash flow of -$15.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.