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NI Holdings, Inc. (NODK) Annual Reports

Q: Where can I read NI Holdings, Inc. (NODK) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

NI Holdings, Inc. is listed on Nasdaq, classified by the SEC under Fire, Marine & Casualty Insurance (SIC 6331). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1681206 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$70.2M	$76.1M	-7.7%
Net income	$146,000	$-12.1M	+101.2%
EPS (diluted)	$0.01	$-0.57	+101.8%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 70.2 mn Net income 0.15 mn

Show table：Income statement

Item	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	138	30.0	32.6	51.1	32.6	31.6	39.0	59.3	34.5	34.9	47.8	56.7	50.2	38.3	52.9	64.1	57.0	60.6	68.7	70.3	71.3	46.2	95.7	80.8	83.7	70.8	83.2	84.6	85.3	66.1	75.8	89.2	93.3	81.6	97.0	92.8	94.4	91.3	87.8	89.0	73.9	71.4	76.1	76.6	61.0	59.6	70.2
Gross profit	—	—	—	—	55.6	—	—	—	34.3	15.1	9.42	2.93	29.3	17.3	9.96	16.7	32.7	24.3	16.9	5.56	30.0	28.4	29.6	19.5	37.7	26.3	13.4	16.4	27.2	29.5	-24.1	10.6	17.9	18.8	16.6	27.2	44.1	33.4	15.8	18.2	38.9	29.0	6.40	15.7	18.8	31.8	16.6
Net income	13.8	4.71	-0.47	6.29	7.05	6.21	-1.76	-1.00	1.24	4.69	0.13	-2.73	13.4	6.12	0.23	9.84	14.9	13.8	2.48	-6.98	17.1	-3.59	18.7	3.66	21.6	9.67	-2.64	-4.74	6.13	1.91	-45.9	-9.98	0.89	-4.21	-8.12	0.23	6.63	6.42	-16.2	-2.70	9.85	6.46	-12.1	-1.67	-3.16	12.5	0.15

Balance sheet

Quarterly · In mn (USD)

Total assets 543 mn Total liabilities 294 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Total assets	—	—	—	—	259	—	—	—	279	374	430	419	377	376	441	491	458	477	538	529	508	536	624	630	618	621	708	696	652	624	682	637	614	628	687	657	655	675	571	560	527	525	620	544	506	492	543
Total liabilities	—	—	—	—	109	—	—	—	125	125	187	179	121	117	182	221	183	184	241	237	198	235	300	305	269	269	357	353	304	292	409	386	361	375	447	427	404	419	332	319	282	271	377	300	266	242	294
Equity	136	—	—	—	150	—	—	—	153	249	243	240	256	259	260	269	276	293	297	292	310	302	325	326	349	353	351	344	347	332	273	251	253	253	240	230	250	256	239	241	245	254	243	244	240	250	249

Cash flow

Quarterly · In mn (USD)

Operating 0.91 mn Investing -5.57 mn Financing -1.45 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	10.4	—	—	—	17.2	5.77	2.36	-27.1	26.3	6.16	4.29	-18.2	26.2	4.34	10.4	-19.4	25.7	4.23	6.81	-12.5	27.2	3.62	18.2	9.14	20.1	10.8	10.9	-12.2	19.7	3.85	9.80	-38.3	-5.71	-4.35	12.3	-10.9	29.0	16.1	18.6	-18.0	21.7	9.89	6.40	-44.8	13.2	-1.87	0.91
Investing	-3.05	—	—	—	-24.4	-4.33	-5.64	10.8	-4.32	-8.93	-84.4	3.08	-1.61	-6.72	-4.61	40.1	-5.38	-3.03	-14.4	-22.8	9.73	-7.58	-1.68	-1.11	10.6	-51.4	-0.7	-0.33	4.32	-12.3	0.23	30.7	6.41	19.4	-18.3	-3.14	-6.79	-4.14	0.37	9.10	-9.87	-3.46	-6.79	13.9	15.2	8.93	-5.57
Financing	—	—	—	—	—	—	—	8.31	—	90.8	-8.04	0	0	—	—	—	-3.00	-0.02	-2.00	0	0	-1.53	-5.28	-4.58	-0.87	-7.75	-1.67	-0.94	-1.10	-8.23	-0.93	-1.14	-7.98	-0.79	-2.60	-4.06	-0.01	-0.18	-0.02	-3.41	-0.03	-0.16	-0.03	-1.20	-1.39	-1.06	-1.45
Cash at period end	21.7	—	—	—	14.5	15.9	12.7	4.64	18.3	106	18.1	2.98	27.6	25.2	31.0	51.7	69.0	70.1	60.6	25.2	62.1	56.6	67.9	71.3	101	52.7	61.2	47.7	70.6	53.9	63.0	54.3	47.0	61.3	52.6	34.5	56.7	68.5	51.4	39.1	50.9	57.2	56.8	24.6	51.7	57.7	51.6

Profitability

Quarterly · %

Gross margin 23.6% Net margin 0.2%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Gross margin	—	—	—	—	170.4%	—	—	—	99.4%	43.2%	19.7%	5.2%	58.4%	45.0%	18.8%	26.0%	57.4%	40.1%	24.6%	7.9%	42.0%	61.4%	31.0%	24.1%	45.1%	37.1%	16.1%	19.4%	31.8%	44.5%	-31.8%	11.9%	19.2%	23.1%	17.2%	29.3%	46.7%	36.5%	18.0%	20.4%	52.7%	40.6%	8.4%	20.5%	30.8%	53.3%	23.6%
Net margin	10.0%	15.7%	-1.4%	12.3%	21.6%	19.6%	-4.5%	-1.7%	3.6%	13.4%	0.3%	-4.8%	26.8%	16.0%	0.4%	15.4%	26.1%	22.7%	3.6%	-9.9%	24.0%	-7.8%	19.6%	4.5%	25.8%	13.7%	-3.2%	-5.6%	7.2%	2.9%	-60.6%	-11.2%	0.9%	-5.2%	-8.4%	0.3%	7.0%	7.0%	-18.5%	-3.0%	13.3%	9.0%	-15.8%	-2.2%	-5.2%	21.0%	0.2%

Returns & leverage

Quarterly · %

ROE 3.2% ROA 1.4% Debt ratio 54.1%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	—	12.3%	—	—	—	3.1%	1.3%	2.1%	1.4%	7.6%	6.7%	6.8%	11.6%	11.7%	14.0%	14.7%	8.6%	9.0%	3.0%	8.1%	11.6%	12.3%	16.4%	9.6%	7.1%	2.4%	0.2%	-13.7%	-16.1%	-17.7%	-20.2%	-8.3%	-4.7%	-2.2%	2.0%	-1.2%	-2.5%	-1.1%	-1.0%	0.6%	1.1%	-4.3%	-1.7%	3.2%
ROA	—	—	—	—	6.8%	—	—	—	1.8%	0.8%	1.2%	0.8%	4.7%	4.5%	3.9%	6.5%	7.4%	9.1%	8.4%	4.7%	5.5%	1.8%	4.3%	6.2%	7.2%	9.3%	4.8%	3.6%	1.3%	0.1%	-6.1%	-7.2%	-8.4%	-9.5%	-3.1%	-1.7%	-0.9%	0.8%	-0.5%	-1.0%	-0.5%	-0.4%	0.3%	0.5%	-2.0%	-0.9%	1.4%
Debt ratio	—	—	—	—	42.0%	—	—	—	45.0%	33.5%	43.5%	42.7%	32.2%	31.2%	41.2%	45.1%	39.9%	38.5%	44.8%	44.8%	39.0%	43.7%	48.0%	48.3%	43.5%	43.3%	50.5%	50.6%	46.7%	46.8%	60.0%	60.6%	58.8%	59.7%	65.0%	65.0%	61.8%	62.1%	58.1%	56.9%	53.5%	51.6%	60.8%	55.2%	52.5%	49.2%	54.1%

EPS

Quarterly · US$

EPS US$0.01

Show table：EPS

Item	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	—	—	—	—	—	—	—	—	—	0.21	0.01	-0.12	0.62	0.27	0.01	0.44	0.67	0.62	0.11	-0.31	0.77	-0.16	0.85	0.17	1.00	0.45	-0.12	-0.22	0.28	0.09	-2.15	-0.47	0.04	-0.20	-0.38	0.01	0.31	0.30	-0.77	-0.13	0.47	0.31	-0.57	-0.08	-0.15	0.60	0.01

Revenue & profit

Year-to-date · In mn (USD)

Revenue 130 mn Net income 12.7 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 543 mn Total liabilities 294 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating -0.95 mn Investing 3.36 mn Financing -2.51 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 37.2% Net margin 9.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 3.2% ROA 1.4% Debt ratio 54.1%

EPS

Year-to-date · US$

EPS US$0.61

Revenue & profit

Annual · In mn (USD)

Revenue 285 mn Net income -10.4 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	146	164	190	212	271	306	324	324	366	342	285
Gross profit	—	—	56.8	76.6	76.7	115	83.2	33.9	107	106	69.9
Net income	17.6	4.69	15.5	31.1	26.4	40.4	8.42	-53.1	-5.48	-2.67	-10.4

Balance sheet

Annual · In mn (USD)

Total assets 506 mn Total liabilities 266 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total assets	259	279	377	458	508	618	652	614	655	527	506
Total liabilities	109	125	121	183	198	269	304	361	404	282	266
Equity	150	153	256	276	310	349	347	253	250	245	240

Cash flow

Annual · In mn (USD)

Operating -15.3 mn Investing 18.8 mn Financing -2.78 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	—	7.31	18.4	21.0	25.7	51.0	29.2	-30.4	26.0	38.5	-15.3
Investing	—	-3.51	-91.9	23.4	-30.5	0.2	-48.1	25.1	-8.81	-4.54	18.8
Financing	—	—	82.7	—	-2.02	-12.3	-11.5	-18.3	-7.47	-3.64	-2.78
Cash at period end	14.5	18.3	27.6	69.0	62.1	101	70.6	47.0	56.7	50.9	51.7

Profitability

Annual · %

Gross margin 24.5% Net margin -3.6%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gross margin	—	—	29.9%	36.1%	28.3%	37.6%	25.7%	10.4%	29.2%	31.1%	24.5%
Net margin	12.0%	2.9%	8.2%	14.6%	9.8%	13.2%	2.6%	-16.4%	-1.5%	-0.8%	-3.6%

Returns & leverage

Annual · %

ROE -4.3% ROA -2.0% Debt ratio 52.5%

Show table：Returns & leverage

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	11.7%	3.1%	7.6%	11.7%	9.0%	12.3%	2.4%	-17.7%	-2.2%	-1.1%	-4.3%
ROA	6.8%	1.8%	4.7%	7.4%	5.5%	7.2%	1.3%	-8.4%	-0.9%	-0.5%	-2.0%
Debt ratio	42.0%	45.0%	32.2%	39.9%	39.0%	43.5%	46.7%	58.8%	61.8%	53.5%	52.5%

EPS

Annual · US$

EPS US$-0.49

Show table：EPS

Item	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	—	—	0.72	1.39	1.19	1.86	0.39	-2.49	-0.26	-0.13	-0.49

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read NI Holdings, Inc. (NODK) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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