NI Holdings, Inc. Financial Ratios — NODK Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	13.82	3.31	10.93	18.43	13.11	16.91	3.2	-22.04	-2.59	-2.95	-5.3
Return on Assets (%)	- -	6.9	1.69	4.88	7.44	5.46	7.18	1.33	-8.39	-0.86	-1.03	-2.02
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	12.26	3.06	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	14.67	17.76	3.74	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	14.67	17.76	3.74	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	70.75	-109.6	-24.09	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	14.67	17.76	3.74	11.63	18.44	12.49	17.24	3.49	-19.75	6.76	3.12	-4.33
Profit Margin (%)	10	11.98	2.78	8.45	14.64	9.75	13.18	2.6	-19.83	-1.8	-1.86	-3.65
Net Income to Common Margin (%)	10	11.98	2.78	8.45	14.64	9.75	13.18	2.6	-19.83	-1.8	-1.86	-3.65
Effective Tax Rate (%)	31.65	32.03	24.18	29.06	20.22	21.62	21.72	26.3	- -	3.48	34.94	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	13.82	3.31	10.93	18.43	13.11	16.91	3.2	-22.04	-2.59	-2.95	-5.3

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-1.08	-0.56	-2.99	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-1.08	-0.56	-2.99	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	47.56	52.21	50.09	40.61	40.17	43.04	41.93	41.03	34.9	31.85	38.33	37.81
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt to Equity	-16.01	-9.69	-11.94	-10.8	-25	-20.06	-28.97	-20.33	-18.56	-16.39	-20.82	-21.52
Net Debt/Capital (%)	-21.9	-11.72	-14.68	-21.44	-58.19	-38.81	-62.22	-35.13	-27.72	-24.09	-33.75	-37.05
EBITDA	20	26	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	20	26	6	- -	-2	-1	-1	-1	-1	-1	-1	- -
Operating Income (Loss)	20	26	6	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	47.56	52.21	50.09	40.61	40.17	43.04	41.93	41.03	34.9	31.85	38.33	37.81
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	9.33	15.8	5.83	15.18	11.47	12.94	18.98	9.58	-4.24	12.62	13.66	-5.75
CFO/CapEx	- -	- -	- -	- -	13.5	19.9	82.81	39.47	-17.42	77.2	38.86	-70.38
Altman's Z-Score	1.51	1.64	1.37	2.97	2.19	2.3	1.91	1.9	1.42	1.32	1.85	1.72

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	3.6	3.84	4.39	4.57	5.03	5.15	4.74	2.83	3.11	4.12	3.84
Days Sales Outstanding	- -	101.45	95.01	83.17	79.88	72.56	70.85	76.96	129.16	117.34	88.7	95.12
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	382	352	381	358	405	283	275	329	279
- Cash & Cash Equivalents	22	15	18	28	69	62	101	71	47	41	51	52
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	3	3	4	3	3	3	5	4	2	3	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-152	-165	-176	121	31	27	-59	-26	110	-53	137	97
Total Capital	121	138	143	156	187	222	264	272	217	211	202	191
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	0.64	0.15	0.1	- -	- -	0.41	0.19	0.42	0.34
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	6.57	1.48	1.05	- -	- -	- -	2.61	3.56	- -
EV/Free Cash Flow to Firm	- -	- -	- -	6.57	1.38	1	- -	- -	- -	2.51	3.47	- -
Diluted Market Cap	- -	- -	- -	382	352	383	360	410	283	276	331	279
Diluted Enterprise Value	-18	-11	-15	358	286	324	264	343	238	238	280	227
EV per Share	- -	- -	- -	5.38	1.39	1.21	- -	- -	5.17	3.2	6.55	4.6
TTM Sales	138	146	164	189	212	271	306	324	268	304	325	285
TTM EBITDA	20	26	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	20	26	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	10	17	7	18	21	26	51	29	-15	51	39	-15
TTM Free Cash Flow to Firm	10	17	7	18	23	27	52	30	-14	52	39	-15

Multiples (USD)

API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	20.75	15.65	14.21	6.98	13.69	-19.64	5.34	8.38	-18.54
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-152	-165	-176	121	31	27	-59	-26	110	-53	137	97
Low Price	- -	- -	- -	14	14.37	14.76	10.15	16.17	12.55	12.01	12.71	12.01
EV/Sales	- -	- -	- -	0.64	0.15	0.1	- -	- -	0.41	0.19	0.42	0.34
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	23.9	11.32	14.45	8.85	48.14	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	23.94	11.83	13.99	8.26	48.13	-6.27	-51.24	-51.95	-27.24
Price/Earnings High	- -	- -	- -	26.47	12.88	16.5	9.79	53.99	-7.91	-59.04	-59.65	-31.71
Price/Earnings Low	- -	- -	- -	19.71	10.34	12.4	5.47	41.16	-5.04	-46.41	-43.98	-24.21
Price/Book Value	- -	- -	- -	2.5	1.91	1.74	1.38	1.51	1.32	1.32	1.63	1.46
Price/Book Value Average	- -	- -	- -	2.5	2	1.69	1.29	1.51	1.55	1.35	1.56	1.48
Price/Book Value High	- -	- -	- -	2.76	2.17	1.99	1.53	1.7	1.96	1.55	1.79	1.73
Price/Book Value Low	- -	- -	- -	2.06	1.74	1.5	0.85	1.3	1.25	1.22	1.32	1.32
Price/Tangible Book Value	- -	- -	- -	1.51	1.3	1.24	1.08	1.23	1.2	1.11	1.35	1.16
Price/Tangible Book Value Average	- -	- -	- -	1.51	1.36	1.2	1.01	1.23	1.41	1.13	1.29	1.18
Price/Tangible Book Value High	- -	- -	- -	1.67	1.48	1.42	1.2	1.38	1.78	1.31	1.48	1.37
Price/Tangible Book Value Low	- -	- -	- -	1.25	1.19	1.07	0.67	1.05	1.13	1.03	1.09	1.05
Price/Sales	- -	- -	- -	2.02	1.66	1.41	1.17	1.25	1.06	0.9	1.01	0.98
Price/Sales Average	- -	- -	- -	2.02	1.73	1.36	1.09	1.25	1.24	0.92	0.97	1
Price/Sales High	- -	- -	- -	2.24	1.88	1.61	1.29	1.4	1.57	1.06	1.11	1.16
Price/Sales Low	- -	- -	- -	1.67	1.51	1.21	0.72	1.07	1	0.84	0.82	0.88
Price/Cash Flow	- -	- -	- -	20.75	16.78	14.86	7.01	13.89	-18.51	5.39	8.55	-18.28
Price/Cash Flow Average	- -	- -	- -	20.78	17.54	14.39	6.54	13.89	-21.77	5.5	8.18	-18.58
Price/Cash Flow High	- -	- -	- -	22.97	19.1	16.97	7.76	15.58	-27.46	6.34	9.39	-21.62
Price/Cash Flow Low	- -	- -	- -	17.11	15.33	12.76	4.33	11.88	-17.51	4.98	6.92	-16.51
Price/Free Cash Flow Average	- -	- -	- -	20.78	16.35	13.75	6.52	13.69	-23.1	5.45	8.02	-18.84
Price/Free Cash Flow High	- -	- -	- -	22.97	17.8	16.22	7.72	15.36	-29.13	6.28	9.21	-21.93
Price/Free Cash Flow Low	- -	- -	- -	17.11	14.29	12.19	4.31	11.71	-18.57	4.93	6.79	-16.75
EV/Sales Average	- -	- -	- -	1.89	1.42	1.15	0.77	1.05	1.08	0.8	0.81	0.81
EV/Sales High	- -	- -	- -	2.11	1.58	1.39	0.98	1.2	1.4	0.94	0.95	0.98
EV/Sales Low	- -	- -	- -	1.54	1.2	0.99	0.41	0.86	0.83	0.71	0.66	0.7
EV/EBITDA Average	-0.91	-0.43	-2.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	-0.91	-0.43	-2.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	-0.91	-0.43	-2.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	-0.91	-0.43	-2.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	-0.91	-0.43	-2.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	-0.91	-0.43	-2.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	16.98	15.73	17.2	16.42	18.91	13.27	12.99	15.7	13.3
High Price	- -	- -	- -	18.8	17.9	19.64	18.17	21.21	19.68	15.28	17.24	15.73
Enterprise Value Average	-18	-11	-15	358	302	311	237	339	288	242	264	232
Enterprise Value High	-18	-11	-15	399	335	377	299	388	375	285	311	278
Enterprise Value Low	-18	-11	-15	291	256	269	124	280	223	216	216	200

Shares Outstanding	23	23	23	22	22	22	21	21	21	21	21	21
Diluted Weighted Avg Shares	17	17	23	23	22	22	22	22	21	21	21	21
Basic Weighted Avg Shares	17	17	23	23	22	22	22	21	21	21	21	21
Revenue per Share	8.1	8.57	7.12	8.4	9.5	12.21	14.07	15.12	12.55	14.37	15.51	13.58
EBITDA per Share	1.19	1.52	0.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.19	1.52	0.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.81	1.03	0.2	0.71	1.39	1.19	1.86	0.39	-2.49	-0.26	-0.29	-0.5
Basic EPS from Cont Ops	0.81	1.03	0.2	0.69	1.4	1.19	1.9	0.39	-1.81	0.94	0.31	-0.5
Diluted EPS, GAAP	0.81	1.03	0.2	0.71	1.39	1.19	1.84	0.39	-2.49	-0.26	-0.29	-0.5
Diluted EPS from Cont Ops	0.81	1.03	0.2	0.69	1.4	1.19	1.88	0.38	-1.81	0.93	0.31	-0.5
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.61	1.01	0.32	0.82	0.94	1.16	2.34	1.36	-0.72	2.41	1.84	-0.73
Free Cash Flow per Basic Share	0.61	1.01	0.32	0.82	0.87	1.1	2.31	1.33	-0.76	2.38	1.79	-0.74
Cash & Equivalents per Share	9.11	9.88	7.82	11.74	14.49	16.14	19.36	20.32	8.21	15.62	9.15	8.7
Book Value per Share	6.92	7.94	6.07	6.8	8.24	9.86	11.89	12.48	10.05	9.86	9.62	9.11
Tangible Book Value per Share	7.83	8.66	6.56	11.24	12.13	13.84	15.19	15.39	11.06	11.71	11.66	11.45

NI Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)