Forensic Analysis · General / Diversified · as of Jun 28, 2026
NI Holdings, Inc. (NODK)
A forensic read on NI Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
-1.8%
ROE
$334M
Market cap
NI Holdings, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
20d DSOReceivables vs revenue. Days sales outstanding moved from 15 to 20 days FY2024→FY2025 (receivables +18% vs revenue -12%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-5%Return on invested capital. Return on invested capital is -5% and rising from -20% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$9MGoodwill impairments. Took $9M of goodwill writedowns across 2 year(s) (FY2023 ($7M), FY2024 ($3M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-3.7%
Debt / Equity0.01x
Free Cash Flow$-15.5M
Latest Revenue$285.1M
Return on Equity-4.3%
Revenue Growth YoY-12.3%
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🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
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Data from SEC EDGAR public filings · metrics as of Jun 28, 2026. Forensic signals flag probability, not certainty.