Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164M | $189M | $212M | $271M | $306M | $324M | $268M | $304M | $325M | $285M |
| Revenue growth | — | 15.5% | 12.3% | 27.5% | 13.1% | 5.8% | -17.3% | 13.5% | 7.0% | -12.3% |
| Gross profit | $34.2M | $56.8M | $76.6M | $76.7M | $115M | $83.2M | $30.0M | $106M | $103M | $69.9M |
| Gross margin | 20.9% | 30.0% | 36.1% | 28.3% | 37.6% | 25.7% | 11.2% | 34.7% | 31.6% | 24.5% |
| Net income | $4.55M | $16.0M | $31.1M | $26.4M | $40.4M | $8.42M | -$53.1M | -$5.48M | -$6.06M | -$10.4M |
| Net margin | 2.8% | 8.5% | 14.6% | 9.8% | 13.2% | 2.6% | -19.8% | -1.8% | -1.9% | -3.7% |
| EPS (diluted) | — | $0.71 | $1.39 | $1.19 | $1.84 | $0.39 | -$2.49 | -$0.26 | -$0.29 | -$0.50 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.31M | $18.4M | $21.0M | $25.7M | $51.0M | $29.2M | -$15.3M | $51.0M | $38.5M | -$15.3M |
| Capital expenditures | $548K | $1.33M | $1.55M | $1.29M | $616K | $739K | $878K | $661K | $991K | $217K |
| Free cash flow | $6.76M | $17.1M | $19.4M | $24.4M | $50.4M | $28.4M | -$16.2M | $50.4M | $37.5M | -$15.5M |
| Share buybacks | — | — | — | — | $12.2M | $4.32M | $4.18M | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — | $8.27M | $6.73M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $18.3M | $27.6M | $69.0M | $62.1M | $101M | $70.6M | $47.0M | $41.0M | $50.9M | $51.7M |
| Total assets | $279M | $377M | $458M | $508M | $618M | $652M | $614M | $655M | $527M | $506M |
| Total liabilities | $125M | $121M | $183M | $198M | $269M | $304M | $361M | $404M | $282M | $266M |
| Long-term debt | — | $2.40M | — | — | — | — | — | $2.40M | $2.40M | $2.40M |
| Shareholders' equity | $153M | $256M | $276M | $310M | $349M | $347M | $253M | $250M | $245M | $240M |
| Retained earnings | $140M | $153M | $184M | $218M | $259M | $267M | $214M | $208M | $202M | $191M |
| Shares (wtd avg diluted) | — | 22.5M | 22.4M | 22.3M | 21.9M | 21.7M | 21.3M | 21.2M | 21.1M | 21.0M |
Every figure is extracted from NI Holdings, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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