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NI Holdings vs Kingsway: NODK and KWY compared
NI Holdings is the larger company: $68.6M of revenue in its latest quarter (Q3 2026) against $38.9M for Kingsway (Q3 2026). Kingsway is growing faster (+4% against -10% a year earlier). NI Holdings is more profitable, with an operating margin of 10.2% against 1.1%.
Where the money goes: NODK and KWY
NI Holdings (NODK) · Q3 2026
NI Holdings, Q3 2026: revenue $68.6M (-10% year over year), operating margin 10.2%, net earnings $5.5M, operating cash flow −$15.1M. The chart follows the revenue to costs, profit and cash.
Kingsway (KWY) · Q3 2026
Kingsway, Q3 2026: revenue $38.9M (+4% year over year), operating margin 1.1%, net loss $3.1M, operating cash flow $4.1M. The chart follows the revenue to costs, profit and cash.
| NI Holdings (NODK) | Kingsway (KWY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $68.6M | $38.9M |
| Revenue growth, Y/Y | -10% | +4% |
| Gross margin | 34.4% | — |
| Operating margin | 10.2% | 1.1% |
| Net earnings | $5.5M | −$3.1M |
| Net margin | 8.1% | -8.1% |
| Operating cash flow | −$15.1M | $4.1M |
Questions
Which is bigger, NI Holdings or Kingsway?
NI Holdings is the larger company: $68.6M of revenue in its latest quarter (Q3 2026) against $38.9M for Kingsway (Q3 2026).
Is NI Holdings or Kingsway growing faster?
Kingsway is growing faster (+4% against -10% a year earlier).
Which is more profitable, NI Holdings or Kingsway?
NI Holdings is more profitable, with an operating margin of 10.2% against 1.1%.
More: NI Holdings earnings · how NI Holdings makes money · Kingsway earnings · how Kingsway makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.