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Kingsway Financial Services (KWY) Financials

Kingsway Financial Services logo
$9.99 0.00 (0.00%)
As of 07/10/2026 03:58 PM Eastern
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Annual Income Statements for Kingsway Financial Services

Annual Income Statements for Kingsway Financial Services

This table shows Kingsway Financial Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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
Net Income / (Loss) Attributable to Common Shareholders		 0.71 0.24 -17 -31 -6.91 -7.79 -0.84 24 23 -9.45 -12
Consolidated Net Income / (Loss)		 1.27 0.52 -12 -28 -4.31 -5.42 1.86 15 24 -8.30 -10
Net Income / (Loss) Continuing Operations		 -11 -0.73 4.17 -22 -2.77 -5.42 -2.71 30 26 -8.11 -10
Total Pre-Tax Income 		-11 -10 -13 -22 -3.13 -6.54 -6.63 35 24 -8.26 -14
Total Operating Income		 -1.53 -6.85 -4.33 -2.29 -1.41 -5.22 -0.47 -3.57 0.95 2.16 -2.40
Total Gross Profit		 40 38 29 34 41 43 45 45 103 72 85
Total Revenue		 160 177 45 52 60 61 78 93 103 109 135
Operating Revenue		 160 177 45 52 60 61 78 93 103 109 135
Total Cost of Revenue		 120 138 15 18 19 18 34 48 0.00 38 50
Operating Cost of Revenue		 120 138 15 18 19 18 34 48 - 38 50
Total Operating Expenses		 42 45 34 36 42 48 45 49 108 79 96
Selling, General & Admin Expense		 42 42 27 30 36 42 45 44 42 45 61
Amortization Expense		 1.24 1.24 - - - - - - 5.91 6.30 8.17
Other Operating Expenses / (Income)		 0.00 2.90 6.26 6.17 6.07 5.95 - - 60 25 26
Impairment Charge		 0.00 0.00 - - - - - - 0.00 2.85 0.71
Total Other Income / (Expense), net		 -9.79 -3.61 -8.19 -20 -1.72 -1.32 -6.16 39 29 -1.27 -2.73
Interest Expense		 5.28 4.50 6.35 7.41 8.99 8.19 3.67 8.09 -25 4.79 5.45
Interest & Investment Income		 -4.76 4.63 9.20 0.84 3.56 2.51 1.58 2.31 5.20 1.90 0.71
Other Income / (Expense), net		 0.24 -3.74 -11 -13 3.71 4.36 -4.06 44 -1.96 1.62 2.00
Income Tax Expense		 0.09 -9.72 -17 0.32 -0.36 -1.12 -3.92 4.83 -1.90 -0.15 -3.75
Net Income / (Loss) Discontinued Operations		 13 1.26 -15 -6.07 -1.54 0.01 4.57 -15 -1.54 -0.18 0.00
Preferred Stock Dividends Declared		 0.39 0.57 1.25 0.62 1.02 1.07 0.49 0.31 0.07 0.18 1.19
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.16 -0.28 4.09 1.77 1.57 1.31 2.20 -9.66 0.45 0.98 0.48
Basic Earnings per Share		 $0.04 $0.01 ($0.79) ($1.41) ($0.32) ($0.35) ($0.04) $1.06 $0.91 ($0.35) ($0.43)
Weighted Average Basic Shares Outstanding		 19.71M 20.00M 21.55M 21.73M 21.86M 22.18M 22.54M 22.96M 25.71M 27.19M 27.86M
Diluted Earnings per Share		 $0.04 $0.01 ($0.79) ($1.41) ($0.32) ($0.35) ($0.04) $0.98 $0.89 ($0.35) ($0.43)
Weighted Average Diluted Shares Outstanding		 19.71M 20.00M 21.55M 21.73M 21.86M 22.18M 22.54M 25.30M 26.45M 27.19M 27.86M
Weighted Average Basic & Diluted Shares Outstanding		 - 21.46M 23.66M - - 22.96M 24.14M 25.05M 28.12M 27.54M 28.95M

Quarterly Income Statements for Kingsway Financial Services

This table shows Kingsway Financial Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -1.03 -1.82 -2.49 -2.36 -2.82 -1.79 -3.44 -3.63 -2.78 -2.07 -2.79
Consolidated Net Income / (Loss)		 -0.68 -1.49 -2.33 -2.19 -2.31 -1.47 -3.09 -3.17 -2.41 -1.58 -2.27
Net Income / (Loss) Continuing Operations		 -0.80 0.39 -2.12 -2.35 -2.18 -1.47 -3.09 -3.17 -2.41 -1.58 -2.27
Total Pre-Tax Income 		-0.90 -2.32 -2.03 -2.25 -2.16 -1.83 -3.36 -3.30 -4.46 -2.89 -2.32
Total Operating Income		 -0.21 0.26 0.77 0.13 -0.67 1.94 -0.71 -1.13 -0.87 0.31 0.49
Total Gross Profit		 10 72 17 17 18 49 12 21 27 16 17
Total Revenue		 25 26 26 26 27 30 28 31 37 39 39
Operating Revenue		 25 26 26 26 27 30 28 31 37 39 39
Total Cost of Revenue		 15 -46 8.73 9.13 9.12 -20 16 9.71 9.76 22 22
Operating Cost of Revenue		 15 - 8.73 9.13 9.12 -20 16 9.71 9.76 22 22
Total Operating Expenses		 10 78 17 18 19 55 13 22 29 24 17
Selling, General & Admin Expense		 10 11 10 11 12 12 13 14 17 17 17
Depreciation Expense		 - - - - - - 0.14 - - - 0.32
Total Other Income / (Expense), net		 -0.69 3.34 -2.80 -2.38 -1.48 5.39 -2.64 -2.17 -3.60 5.68 -2.80
Interest Expense		 1.06 1.13 1.15 1.32 1.17 1.31 1.23 1.27 1.63 1.21 1.41
Interest & Investment Income		 0.28 3.95 0.33 0.31 0.40 - 0.31 0.41 0.43 -0.51 0.73
Other Income / (Expense), net		 0.09 0.52 -1.47 -0.67 -0.07 5.89 -1.72 -1.18 -2.15 6.93 -2.12
Income Tax Expense		 -0.10 -2.71 0.08 0.10 0.02 -0.36 -0.26 -0.13 -2.05 -1.31 -0.05
Preferred Stock Dividends Declared		 0.00 - 0.00 0.00 0.01 0.17 0.22 0.31 0.33 0.33 0.32
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.35 0.33 0.16 0.18 0.49 0.15 0.13 0.15 0.05 0.16 0.20
Basic Earnings per Share		 ($0.04) ($0.14) ($0.09) ($0.08) ($0.10) ($0.08) ($0.13) ($0.13) ($0.10) ($0.07) ($0.10)
Weighted Average Basic Shares Outstanding		 26.24M 25.71M 27.11M 27.31M 27.20M 27.19M 27.10M 27.20M 28.51M 27.86M 28.63M
Diluted Earnings per Share		 ($0.04) ($0.06) ($0.09) ($0.08) ($0.10) ($0.08) ($0.13) ($0.13) ($0.10) ($0.07) ($0.10)
Weighted Average Diluted Shares Outstanding		 26.24M 26.45M 27.11M 27.31M 27.20M 27.19M 27.10M 27.20M 28.51M 27.86M 28.63M
Weighted Average Basic & Diluted Shares Outstanding		 28.29M 28.12M 27.92M 27.81M 27.57M 27.54M 27.54M 28.87M 28.96M 28.95M 28.95M

Annual Cash Flow Statements for Kingsway Financial Services

This table details how cash moves in and out of Kingsway Financial Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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
Net Change in Cash & Equivalents		 -20 -15 7.87 5.04 -5.92 19 -15 50 -60 -4.36 3.14
Net Cash From Operating Activities		 -33 -16 -14 -10 0.76 1.67 -5.91 -15 -26 1.07 -0.00
Net Cash From Continuing Operating Activities		 -33 -16 -10 -2.77 -1.99 1.67 6.48 -2.63 -27 0.61 -0.00
Net Income / (Loss) Continuing Operations		 1.27 -0.73 4.70 -29 -2.77 -5.42 -2.71 28 24 -8.73 -10
Consolidated Net Income / (Loss)		 1.27 0.52 -12 -28 -4.31 -5.42 1.86 15 24 -8.30 -10
Net Income / (Loss) Discontinued Operations		 - 1.26 -16 1.06 -1.54 - 4.57 -13 0.45 0.44 0.00
Depreciation Expense		 1.85 2.78 5.39 6.71 6.92 6.73 5.07 6.45 6.22 7.00 9.23
Non-Cash Adjustments To Reconcile Net Income		 -11 -1.41 6.14 17 -6.77 -3.98 -0.47 -28 -31 5.28 2.97
Changes in Operating Assets and Liabilities, net		 -25 -16 -25 2.56 1.54 5.09 4.37 -9.14 -25 -2.94 -1.95
Net Cash From Discontinued Operating Activities		 - - -4.40 -7.38 - - -12 -12 0.66 0.46 0.00
Net Cash From Investing Activities		 26 -8.77 20 20 -6.47 4.01 -8.60 101 6.46 -17 -30
Net Cash From Continuing Investing Activities		 26 -8.77 -3.29 18 -6.47 4.01 -8.96 58 6.47 -17 -30
Purchase of Property, Plant & Equipment		 -0.20 -0.65 - 0.52 - -0.21 -3.47 26 -0.21 -0.71 -1.62
Acquisitions		 -10 -3.61 -16 0.00 -4.90 -2.71 -10 -14 -14 -20 -29
Purchase of Investments		 -36 -36 -1.19 -7.58 -18 -13 -22 -14 -6.47 -7.76 -9.52
Sale of Property, Plant & Equipment		 0.00 0.00 4.74 - -0.21 - 0.00 12 0.00 1.14 0.00
Sale and/or Maturity of Investments		 28 34 8.03 17 16 19 23 10 26 10 11
Other Investing Activities, net		 -0.60 -3.90 -0.17 1.00 1.10 0.72 0.39 0.26 0.04 0.27 -0.05
Net Cash From Discontinued Investing Activities		 - - 23 1.98 - - 0.37 43 -0.01 0.00 0.00
Net Cash From Financing Activities		 -13 9.13 2.17 -4.09 1.31 14 -0.54 -38 -40 11 33
Net Cash From Continuing Financing Activities		 -13 9.13 2.17 -4.09 1.31 14 -9.26 -5.57 -39 12 33
Repayment of Debt		 0.00 -1.22 1.88 -4.39 -7.62 -14 -14 -12 -49 -22 -15
Repurchase of Common Equity		 0.00 -0.13 - - - - - 0.00 -7.24 -2.50 -0.35
Payment of Dividends		 - - - - 0.00 -0.24 -2.36 -6.02 -4.02 -1.43 -1.02
Issuance of Debt		 0.00 0.00 - 0.00 9.02 28 6.24 13 5.53 35 26
Issuance of Preferred Equity		 - - - - - - - - 0.00 8.25 8.00
Issuance of Common Equity		 0.00 10 0.29 0.68 - - - - - 0.00 16
Other Financing Activities, net		 - - 0.00 -0.38 -0.09 -0.08 1.25 -0.60 16 -5.46 -0.54
Net Cash From Discontinued Financing Activities		 - - 0.00 0.00 - - 8.72 -32 -0.61 -0.44 0.00
Cash Interest Paid		 - - - 11 - 7.82 0.82 1.43 25 4.66 5.25
Cash Income Taxes Paid		 - - - 0.38 - 0.08 0.24 0.50 1.89 -0.11 0.24

Quarterly Cash Flow Statements for Kingsway Financial Services

This table details how cash moves in and out of Kingsway Financial Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 5.51 -12 2.52 -2.07 -2.82 -2.03 0.82 5.50 -2.63 -0.56 -1.22
Net Cash From Operating Activities		 -0.84 -0.93 0.25 0.56 0.37 -0.11 -1.80 0.34 1.47 -0.01 -0.01
Net Cash From Continuing Operating Activities		 -0.98 -1.17 0.21 0.30 0.21 -0.11 -1.80 0.34 1.47 -0.01 -0.01
Net Income / (Loss) Continuing Operations		 -0.80 -1.60 -2.52 -2.35 -2.39 -1.47 -3.09 -3.17 -2.41 -1.58 -2.27
Consolidated Net Income / (Loss)		 -0.68 -1.49 -2.33 -2.19 -2.31 -1.47 -3.09 -3.17 -2.41 -1.58 -2.27
Depreciation Expense		 1.49 1.75 1.54 1.70 1.60 2.16 1.83 1.87 2.69 2.84 2.47
Non-Cash Adjustments To Reconcile Net Income		 0.14 2.40 0.82 1.56 1.15 1.62 -0.78 0.23 2.29 1.22 -2.21
Changes in Operating Assets and Liabilities, net		 -1.75 -3.73 0.37 -0.60 -0.15 -2.40 0.24 1.41 -1.09 -2.53 2.00
Net Cash From Investing Activities		 1.57 -10 -0.17 1.10 -17 -0.44 -3.18 -10 -16 0.28 -0.99
Net Cash From Continuing Investing Activities		 1.57 -10 -0.17 1.10 -17 -0.44 -3.18 -10 -16 0.28 -0.99
Purchase of Property, Plant & Equipment		 -0.07 -0.13 -0.19 -0.25 -0.15 - -0.06 -0.18 -0.66 -0.72 -0.39
Acquisitions		 -2.77 -11 0.00 0.01 -20 -0.04 -3.52 -10 -16 0.37 -0.28
Purchase of Investments		 -2.02 -1.86 -1.28 -2.16 -1.69 -2.63 -3.24 -2.45 -1.75 -2.08 -2.50
Sale and/or Maturity of Investments		 6.22 2.26 1.18 2.56 1.96 2.23 3.57 2.12 2.06 3.01 2.15
Other Investing Activities, net		 0.03 0.01 0.01 0.01 0.24 -0.59 0.07 0.04 0.02 -0.18 0.03
Net Cash From Financing Activities		 4.79 -0.56 2.35 -3.64 14 -1.46 5.80 16 12 -0.83 -0.22
Net Cash From Continuing Financing Activities		 4.92 -0.38 2.48 -3.46 14 -1.46 5.80 16 12 -0.83 -0.22
Repayment of Debt		 -1.23 -3.06 -1.63 -15 -3.38 -1.63 -8.53 -1.87 -2.24 -2.60 -2.01
Repurchase of Common Equity		 -3.15 -2.40 -0.06 -0.89 -1.55 - -0.35 - - - 0.00
Payment of Dividends		 -0.42 -0.01 0.00 -0.68 -0.74 -0.01 -0.17 -0.22 -0.29 -0.35 -0.33
Issuance of Debt		 - 5.53 4.17 15 15 0.95 9.27 0.14 15 2.24 2.12
Issuance of Preferred Equity		 - - 0.00 - 8.25 - 6.00 2.00 - - 0.00
Other Financing Activities, net		 9.71 -0.44 0.00 -1.84 -2.85 -0.77 -0.42 - - -0.12 0.00

Annual Balance Sheets for Kingsway Financial Services

This table presents Kingsway Financial Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 Assets		 241 501 507 378 400 452 476 286 198 187 231
Total Current Assets		 57 41 13 25 28 91 79 143 81 6.07 77
Cash & Equivalents		 52 36 5.38 15 13 14 10 64 9.10 5.49 8.31
Restricted Cash		 - - - - - 31 17 13 8.40 - 7.97
Short-Term Investments		 0.99 0.79 0.66 0.57 0.72 22 37 39 38 - 37
Other Current Assets		 - - - - - 8.84 11 13 14 - 23
Plant, Property, & Equipment, net		 5.58 117 108 103 99 95 1.10 0.77 1.85 1.57 6.35
Total Noncurrent Assets		 179 343 385 250 272 263 391 139 116 179 149
Goodwill		 10 71 81 75 82 121 49 45 50 57 69
Intangible Assets		 15 89 79 83 86 84 31 33 36 40 52
Other Noncurrent Operating Assets		 45 52 155 44 55 7.84 27 44 24 73 27
Total Liabilities & Shareholders' Equity		 241 501 507 378 400 452 476 286 198 187 231
Total Liabilities		 191 438 451 348 379 434 461 264 173 168 197
Total Current Liabilities		 37 39 46 51 65 135 134 139 106 21 84
Short-Term Debt		 - - - - - - - - - - 12
Accrued Expenses		 - - - - - 44 45 56 22 21 25
Current Deferred Revenue		 34 36 41 47 56 88 89 83 84 - 47
Total Noncurrent Liabilities		 153 399 405 297 313 299 326 124 67 148 114
Long-Term Debt		 40 234 256 249 249 268 94 102 44 58 59
Noncurrent Deferred & Payable Income Tax Liabilities		 2.92 49 29 29 29 28 29 4.18 5.04 4.37 3.23
Other Noncurrent Operating Liabilities		 111 117 14 19 35 3.21 - - - 86 51
Redeemable Noncontrolling Interest		 6.39 6.43 5.18 5.80 6.82 6.50 6.50 6.01 0.00 8.25 17
Total Equity & Noncontrolling Interests		 44 57 51 24 14 12 8.26 16 25 10 17
Total Preferred & Common Equity		 42 56 41 12 0.87 -2.00 -5.72 16 28 8.41 15
Total Common Equity		 42 56 41 12 0.87 -2.00 -5.72 16 28 8.41 15
Common Stock		 342 354 356 354 354 355 359 360 380 377 395
Retained Earnings		 -297 -298 -311 -382 -388 -395 -395 -370 -347 -361 -373
Accumulated Other Comprehensive Income / (Loss)		 -2.49 -0.21 -3.85 41 35 38 31 27 -1.54 -0.72 -0.06
Other Equity Adjustments		 - - - - - - - -0.49 -3.70 -6.20 -6.55
Noncontrolling Interest		 1.75 0.83 9.36 12 13 14 14 0.44 -3.10 1.64 2.20

Quarterly Balance Sheets for Kingsway Financial Services

This table presents Kingsway Financial Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 198 198 192 191 192 208 235 232
Total Current Assets		 82 51 48 78 78 87 86 78
Cash & Equivalents		 20 12 9.59 6.51 6.37 12 9.29 7.27
Restricted Cash		 9.10 - - 8.63 7.59 7.38 7.54 7.78
Short-Term Investments		 37 38 37 38 38 39 39 37
Other Current Assets		 14 - - 14 14 15 15 26
Plant, Property, & Equipment, net		 0.64 1.91 1.53 1.59 1.64 1.68 5.87 6.42
Total Noncurrent Assets		 116 146 143 112 113 120 144 148
Goodwill		 46 50 51 57 57 58 70 70
Intangible Assets		 31 34 32 42 42 40 55 51
Other Noncurrent Operating Assets		 24 37 46 7.93 8.62 17 14 27
Total Liabilities & Shareholders' Equity		 198 198 192 191 192 208 235 232
Total Liabilities		 170 177 175 171 171 172 199 200
Total Current Liabilities		 107 24 21 106 104 107 117 85
Short-Term Debt		 - - - - - - - 16
Accrued Expenses		 25 24 21 22 20 21 29 26
Current Deferred Revenue		 82 - - 85 84 86 87 43
Total Noncurrent Liabilities		 63 153 154 65 66 65 82 115
Long-Term Debt		 41 14 14 58 59 58 71 55
Noncurrent Deferred & Payable Income Tax Liabilities		 4.46 4.96 4.80 4.71 4.02 3.80 4.57 3.02
Other Noncurrent Operating Liabilities		 0.00 119 120 - - - - 56
Redeemable Noncontrolling Interest		 0.00 - - 8.25 14 16 16 17
Total Equity & Noncontrolling Interests		 28 21 17 11 7.22 19 19 16
Total Preferred & Common Equity		 32 24 21 9.94 5.45 17 17 13
Total Common Equity		 32 24 21 9.94 5.45 17 17 13
Common Stock		 379 378 379 377 377 393 395 395
Retained Earnings		 -345 -349 -352 -360 -365 -369 -371 -376
Accumulated Other Comprehensive Income / (Loss)		 -1.27 -1.59 -1.53 -0.76 -0.32 -0.64 -0.41 0.40
Other Equity Adjustments		 -1.29 -3.76 -4.65 -6.20 -6.55 -6.55 -6.55 -6.55
Noncontrolling Interest		 -3.45 -2.95 -3.45 1.49 1.76 1.92 2.00 2.39

Annual Metrics And Ratios for Kingsway Financial Services

This table displays calculated financial ratios and metrics derived from Kingsway Financial Services' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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
DEI Shares Outstanding		 19,709,706.00 19,842,806.00 23,660,855.00 22,380,178.00 22,380,178.00 22,711,069.00 24,026,331.00 24,224,616.00 28,291,499.00 - 28,956,152.00
DEI Adjusted Shares Outstanding		 19,709,706.00 19,842,806.00 23,660,855.00 22,380,178.00 22,380,178.00 22,711,069.00 24,026,331.00 24,224,616.00 28,291,499.00 - 28,956,152.00
DEI Earnings Per Adjusted Shares Outstanding		 0.04 0.01 -0.72 -1.37 -0.31 -0.34 -0.03 1.01 0.83 - -0.41
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.10% 10.42% -74.75% 16.77% 15.11% 1.71% 28.59% 18.98% 10.68% 5.95% 23.42%
EBITDA Growth		 111.32% -1,009.63% -35.00% 11.75% 186.83% -38.36% -85.18% 6,148.88% -88.97% 144.95% -18.10%
EBIT Growth		 87.22% -723.58% -45.21% -0.20% 114.93% -137.32% -428.90% 997.84% -102.47% 680.14% -110.41%
NOPAT Growth		 -156.82% -348.10% 36.78% 47.03% 38.55% -270.55% 90.92% -828.22% 133.46% 46.85% -210.92%
Net Income Growth		 111.31% -58.87% -2,323.95% -144.09% 84.78% -25.57% 134.34% 709.95% 59.39% -134.55% -23.59%
EPS Growth		 105.33% -75.00% -8,000.00% -78.48% 77.31% -9.38% 88.57% 2,550.00% -9.18% -139.33% -22.86%
Operating Cash Flow Growth		 -100.78% 52.48% 7.60% 29.58% 107.48% 120.29% -453.35% -146.68% -79.68% 104.07% -100.28%
Free Cash Flow Firm Growth		 160.51% -697.05% -5.52% 157.29% -93.57% 295.73% 551.20% -121.17% 57.69% 123.70% 139.17%
Invested Capital Growth		 -97.02% 278.44% 166.24% -36.75% -4.14% -16.99% -119.61% 119.76% 291.43% -10.90% -26.21%
Revenue Q/Q Growth		 0.98% 9.02% -47.12% 0.59% 2.93% 3.61% -4.58% 13.95% 1.01% 3.57% 7.07%
EBITDA Q/Q Growth		 -82.96% -409.97% 0.29% -24.79% 685.14% -23.95% 46.24% 4.60% 18.37% 315.97% 1.56%
EBIT Q/Q Growth		 -134.84% -162.41% -3.28% -16.27% 131.72% -217.86% 34.65% -1.40% 52.30% 266.96% -294.09%
NOPAT Q/Q Growth		 -132.85% -34.12% 25.68% -50.26% 55.64% -114.06% 66.81% 28.50% 58.17% 354.20% -213.87%
Net Income Q/Q Growth		 -73.14% 118.08% -23.84% -68.62% 68.46% 10.30% 190.25% -55.49% 194.34% 0.18% -1.12%
EPS Q/Q Growth		 -85.19% 106.67% -64.58% -34.29% 55.56% 18.60% 78.95% -22.83% 30.88% -6.06% 2.27%
Operating Cash Flow Q/Q Growth		 0.40% 53.32% 11.85% 43.09% -85.30% 44.39% 12.86% -226.96% 46.75% 333.74% 97.00%
Free Cash Flow Firm Q/Q Growth		 122.11% -78.65% -1,775.93% 162.03% -93.18% 135.34% 1,240.04% -84.33% -109.91% 154.82% 152.92%
Invested Capital Q/Q Growth		 -634.29% 2.95% 158.62% -34.69% -2.20% -12.58% -118.70% -96.66% 77.23% 1.04% -4.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 25.22% 21.66% 65.58% 64.54% 68.26% 70.24% 57.11% 48.62% 100.00% 75.56% 62.63%
EBITDA Margin		 0.55% -4.55% -24.31% -18.37% 13.86% 8.40% 0.97% 50.85% 5.07% 11.72% 6.54%
Operating Margin		 -0.96% -3.88% -9.71% -4.40% -2.35% -8.56% -0.60% -3.83% 0.92% 1.98% -1.78%
EBIT Margin		 -0.80% -5.99% -34.46% -29.57% 3.84% -1.41% -5.79% 43.68% -0.98% 5.34% -0.29%
Profit (Net Income) Margin		 0.79% 0.30% -26.03% -54.41% -7.19% -8.88% 2.37% 16.15% 23.26% -7.58% -7.59%
Tax Burden Percent		 -11.21% -4.99% 92.77% 129.10% 137.71% 82.85% -28.05% 43.10% 101.53% 100.42% 73.21%
Interest Burden Percent		 881.09% 98.77% 81.43% 142.54% -136.23% 761.89% 146.10% 85.80% -2,348.66% -141.39% 3,554.31%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.80% -8.03% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -17.02% -1.29% -0.58% -0.47% -1.93% -0.48% 0.00% 6.30% 6.15% -2.75%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -35.66% -6.19% -11.93% -2.26% -2.97% 3.71% 0.00% -321.25% -303.27% -27.40%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 17.94% -18.19% -65.35% -16.50% -25.54% 11.61% 0.00% 96.46% -44.81% -36.15%
Return on Equity (ROE)		 2.58% 0.92% -19.48% -65.92% -16.97% -27.47% 11.13% 81.71% 102.76% -38.66% -38.90%
Cash Return on Invested Capital (CROIC)		 0.00% -159.78% -92.07% 44.45% 3.77% 16.64% 0.00% -652.25% -112.30% 17.67% 27.41%
Operating Return on Assets (OROA)		 -0.47% -2.85% -3.05% -3.48% 0.59% -0.20% -0.98% 10.70% -0.42% 3.04% -0.19%
Return on Assets (ROA)		 0.47% 0.14% -2.30% -6.40% -1.11% -1.27% 0.40% 3.96% 9.94% -4.32% -4.90%
Return on Common Equity (ROCE)		 2.09% 0.80% -15.92% -41.28% -4.45% 0.78% -2.57% 22.04% 95.39% -32.54% -17.40%
Return on Equity Simple (ROE_SIMPLE)		 3.03% 0.93% -28.06% -227.38% -493.48% 271.07% -32.49% 96.13% 86.66% -98.60% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.07 -4.79 -3.03 -1.61 -0.99 -3.65 -0.33 -3.08 1.03 1.51 -1.68
NOPAT Margin		 -0.67% -2.71% -6.79% -3.08% -1.65% -5.99% -0.42% -3.30% 1.00% 1.38% -1.24%
Net Nonoperating Expense Percent (NNEP)		 2.26% 18.64% 4.90% 11.35% 1.79% 1.04% -4.19% 56.80% 327.56% 309.41% 24.66%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -0.37% - - - 1.47% 2.15% -1.91%
Cost of Revenue to Revenue		 74.78% 78.34% 34.42% 35.46% 31.74% 29.76% 42.89% 51.38% 0.00% 24.44% 37.37%
SG&A Expenses to Revenue		 26.11% 23.57% 61.24% 57.09% 60.49% 69.05% 57.71% 46.65% 40.49% 41.07% 45.35%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 26.17% 25.54% 75.28% 68.94% 70.61% 78.81% 57.71% 52.45% 104.80% 81.95% 70.98%
Earnings before Interest and Taxes (EBIT)		 -1.29 -11 -15 -15 2.30 -0.86 -4.54 41 -1.01 5.84 -0.39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.88 -8.03 -11 -9.57 8.31 5.12 0.76 47 5.23 13 8.83
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.15 2.21 2.89 5.15 47.63 0.00 0.00 12.26 8.58 27.43 25.67
Price to Tangible Book Value (P/TBV)		 5.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.56 0.70 2.68 1.23 0.69 1.75 1.68 2.06 2.30 2.11 2.89
Price to Earnings (P/E)		 126.33 521.08 0.00 0.00 0.00 0.00 0.00 7.87 10.12 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.79% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 12.71% 9.88% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 1.53 0.92 1.24 1.20 1.65 0.00 25.35 8.41 10.55 8.21
Enterprise Value to Revenue (EV/Rev)		 0.00 1.11 7.03 5.14 4.13 4.65 1.99 1.81 2.12 2.24 3.16
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 29.80 55.39 205.47 3.56 41.87 19.11 48.26
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 107.69 0.00 0.00 4.14 0.00 41.92 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 212.57 161.81 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 326.18 169.67 0.00 0.00 0.00 229.50 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 2.16 31.12 9.01 0.76 0.00 0.00 56.26 25.43
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.80 3.69 4.57 8.30 12.00 14.38 6.55 4.67 1.85 3.29 2.05
Long-Term Debt to Equity		 0.80 3.69 4.57 8.30 12.00 14.38 6.55 4.67 1.85 3.29 1.71
Financial Leverage		 -2.10 -0.50 2.94 5.48 7.31 8.60 3.13 -1.73 -0.30 0.15 1.32
Leverage Ratio		 5.52 6.55 8.46 10.29 15.30 21.61 27.77 20.65 10.34 8.96 7.93
Compound Leverage Factor		 48.65 6.47 6.89 14.67 -20.85 164.62 40.58 17.71 -242.93 -12.66 281.92
Debt to Total Capital		 44.33% 78.70% 82.06% 89.24% 92.31% 93.50% 86.75% 82.36% 64.95% 76.69% 67.27%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.14%
Long-Term Debt to Total Capital		 44.33% 78.70% 82.06% 89.24% 92.31% 93.50% 86.75% 82.36% 64.95% 76.69% 56.13%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 9.05% 2.44% 4.67% 6.30% 7.37% 7.20% 18.39% 5.14% -4.41% 12.59% 18.31%
Common Equity to Total Capital		 46.61% 18.86% 13.27% 4.46% 0.32% -0.70% -5.14% 12.49% 39.46% 10.71% 14.43%
Debt to EBITDA		 45.18 -29.10 -23.59 -26.06 30.00 52.38 127.25 2.18 8.72 4.70 8.01
Net Debt to EBITDA		 -138.06 -8.08 -16.54 -19.41 22.39 30.51 5.02 -0.63 -2.96 0.33 1.98
Long-Term Debt to EBITDA		 45.18 -29.10 -23.59 -26.06 30.00 52.38 127.25 2.18 8.72 4.70 6.68
Debt to NOPAT		 -37.30 -48.76 -84.40 -155.34 -252.75 -73.41 -291.08 -33.54 44.26 39.79 -42.13
Net Debt to NOPAT		 113.97 -13.54 -59.18 -115.70 -188.63 -42.76 -11.49 9.69 -15.02 2.78 -10.42
Long-Term Debt to NOPAT		 -37.30 -48.76 -84.40 -155.34 -252.75 -73.41 -291.08 -33.54 44.26 39.79 -35.15
Altman Z-Score		 -0.70 -0.37 -0.79 -1.38 -1.24 -1.06 -1.00 -0.56 -1.28 -1.38 -0.53
Noncontrolling Interest Sharing Ratio		 19.21% 13.59% 18.29% 37.38% 73.76% 102.85% 123.11% 73.03% 7.17% 15.83% 55.26%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.51 1.05 0.29 0.48 0.43 0.67 0.59 1.03 0.76 0.73 0.92
Quick Ratio		 1.51 1.05 0.29 0.48 0.43 0.38 0.38 0.84 0.54 0.52 0.54
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 34 -205 -216 124 7.96 31 205 -43 -18 4.35 17
Operating Cash Flow to CapEx		 -16,160.10% -2,416.90% 0.00% 0.00% 358.02% 784.98% -170.51% 0.00% -12,773.66% 0.00% -0.19%
Free Cash Flow to Firm to Interest Expense		 6.50 -45.54 -34.03 16.71 0.88 3.85 55.91 -5.36 0.00 0.88 3.08
Operating Cash Flow to Interest Expense		 -6.22 -3.47 -2.27 -1.37 0.08 0.20 -1.61 -1.80 0.00 0.22 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -6.25 -3.61 -1.52 -1.30 0.06 0.18 -2.56 2.97 0.00 0.45 -0.30
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.59 0.48 0.09 0.12 0.15 0.14 0.17 0.25 0.43 0.57 0.65
Accounts Receivable Turnover		 35.81 49.84 8.46 6.21 5.09 4.14 8.06 10.33 8.32 10.33 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 27.69 2.88 0.40 0.49 0.59 0.63 1.63 99.55 78.72 64.02 34.09
Accounts Payable Turnover		 40.21 46.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 10.19 7.32 43.16 58.77 71.65 88.09 45.27 35.33 43.90 35.32 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 9.08 7.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 1.12 -0.45 43.16 58.77 71.65 88.09 45.27 35.33 43.90 35.32 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -72 128 341 216 207 172 -34 6.65 26 23 52
Invested Capital Turnover		 -2.96 6.27 0.19 0.19 0.28 0.32 1.14 -6.91 6.31 4.44 2.21
Increase / (Decrease) in Invested Capital		 -35 200 213 -125 -8.94 -35 -205 40 19 -2.84 -18
Enterprise Value (EV)		 -24 196 313 268 248 284 156 169 219 245 426
Market Capitalization		 90 124 119 64 42 107 132 192 238 231 389
Book Value per Share		 $2.13 $2.82 $1.75 $0.56 $0.04 ($0.09) ($0.24) $0.65 $0.98 $0.31 $0.52
Tangible Book Value per Share		 $0.87 ($5.24) ($5.03) ($6.50) ($7.49) ($9.13) ($3.57) ($2.60) ($2.06) ($3.20) ($3.67)
Total Capital		 90 297 312 279 270 287 111 125 70 79 105
Total Debt		 40 234 256 249 249 268 97 103 46 60 71
Total Long-Term Debt		 40 234 256 249 249 268 97 103 46 60 59
Net Debt		 -122 65 179 186 186 156 3.81 -30 -15 4.21 17
Capital Expenditures (CapEx)		 0.20 0.65 -4.74 -0.52 0.21 0.21 3.47 -39 0.21 -1.14 1.62
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -34 -35 -39 -42 -51 -111 -120 -112 -80 -79 -49
Debt-free Net Working Capital (DFNWC)		 19 1.83 -33 -26 -37 -44 -55 4.00 -25 -28 4.65
Net Working Capital (NWC)		 19 1.83 -33 -26 -37 -44 -55 4.00 -25 -28 -7.06
Net Nonoperating Expense (NNE)		 -2.34 -5.31 8.58 27 3.33 1.76 -2.19 -18 -23 9.81 8.57
Net Nonoperating Obligations (NNO)		 -122 65 285 186 186 153 -48 -15 1.44 4.91 17
Total Depreciation and Amortization (D&A)		 2.17 2.55 4.53 5.83 6.01 5.98 5.30 6.69 6.24 6.97 9.23
Debt-free, Cash-free Net Working Capital to Revenue		 -21.00% -20.06% -86.96% -79.73% -85.87% -181.24% -152.45% -120.26% -77.97% -72.13% -35.97%
Debt-free Net Working Capital to Revenue		 11.94% 1.03% -73.43% -50.56% -62.19% -72.05% -70.59% 4.28% -24.65% -25.41% 3.45%
Net Working Capital to Revenue		 11.94% 1.03% -73.43% -50.56% -62.19% -72.05% -70.59% 4.28% -24.65% -25.41% -5.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.04 $0.02 ($0.73) ($1.41) ($0.32) ($0.35) ($0.04) $1.06 $0.91 ($0.35) ($0.43)
Adjusted Weighted Average Basic Shares Outstanding		 19.71M 20.00M 21.55M 21.73M 21.86M 22.18M 22.54M 22.96M 25.71M 27.19M 27.86M
Adjusted Diluted Earnings per Share		 $0.04 $0.02 ($0.73) ($1.41) ($0.32) ($0.35) ($0.04) $0.98 $0.89 ($0.35) ($0.43)
Adjusted Weighted Average Diluted Shares Outstanding		 19.71M 20.00M 21.55M 21.73M 21.86M 22.18M 22.54M 25.30M 26.45M 27.19M 27.86M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 21.46M 23.66M 0.00 0.00 22.96M 24.14M 25.05M 28.12M 27.54M 28.95M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.87 -5.25 -3.03 -1.61 -0.99 -3.65 -0.33 1.58 0.67 3.51 -1.18
Normalized NOPAT Margin		 -1.17% -2.97% -6.79% -3.08% -1.65% -5.99% -0.42% 1.70% 0.65% 3.21% -0.88%
Pre Tax Income Margin		 -7.08% -5.92% -28.06% -42.15% -5.22% -10.72% -8.46% 37.48% 22.91% -7.55% -10.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.24 -2.35 -2.42 -2.08 0.26 -0.10 -1.24 5.04 0.00 1.18 -0.07
NOPAT to Interest Expense		 -0.20 -1.07 -0.48 -0.22 -0.11 -0.45 -0.09 -0.38 0.00 0.31 -0.31
EBIT Less CapEx to Interest Expense		 -0.28 -2.50 -1.67 -2.01 0.23 -0.13 -2.18 9.81 0.00 1.41 -0.37
NOPAT Less CapEx to Interest Expense		 -0.24 -1.21 0.27 -0.15 -0.13 -0.47 -1.04 4.39 0.00 0.54 -0.61
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -4.49% 127.04% 39.93% 16.73% -17.19% -9.99%
Augmented Payout Ratio		 0.00% 23.95% 0.00% 0.00% 0.00% -4.49% 127.04% 39.93% 46.86% -47.38% -13.35%

Quarterly Metrics And Ratios for Kingsway Financial Services

This table displays calculated financial ratios and metrics derived from Kingsway Financial Services' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 26,997,972.00 28,291,499.00 28,121,271.00 27,921,473.00 27,810,923.00 - 27,537,151.00 27,537,151.00 28,873,415.00 28,956,152.00 28,946,664.00
DEI Adjusted Shares Outstanding		 26,997,972.00 28,291,499.00 28,121,271.00 27,921,473.00 27,810,923.00 - 27,537,151.00 27,537,151.00 28,873,415.00 28,956,152.00 28,946,664.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.04 -0.06 -0.09 -0.08 -0.10 - -0.12 -0.13 -0.10 -0.07 -0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.69% 4.15% -0.87% 0.95% 9.46% 14.58% 8.37% 16.91% 36.99% 30.08% 37.43%
EBITDA Growth		 -97.14% 47.32% 50.09% 49.22% -38.33% 294.78% -173.23% -138.96% -140.21% 26.98% 238.03%
EBIT Growth		 -100.25% 335.56% 26.29% 23.56% -531.36% 910.71% -247.50% -323.12% -304.97% 25.26% 33.09%
NOPAT Growth		 96.08% 642.55% 7.09% -67.94% -223.08% 661.18% -193.09% -993.65% -28.72% -84.18% 167.93%
Net Income Growth		 -101.81% 91.44% -108.36% -31.13% -242.37% 1.01% -32.82% -44.79% -4.33% -7.76% 26.65%
EPS Growth		 -102.68% 77.78% -108.57% -33.33% -150.00% -33.33% -44.44% -62.50% 0.00% 12.50% 23.08%
Operating Cash Flow Growth		 -126.96% 96.12% 101.09% 134.05% 144.07% 88.47% -822.09% -39.50% 298.91% 90.65% 99.56%
Free Cash Flow Firm Growth		 903.63% 52.39% -86.02% -106.35% -104.74% 121.85% -253.41% -186.39% -263.04% 143.43% 42.56%
Invested Capital Growth		 -92.63% 291.43% -193.59% 75.12% 56.29% -10.90% 319.90% 842.09% 135.55% -26.21% 85.82%
Revenue Q/Q Growth		 -5.37% 4.35% 1.13% 1.09% 2.61% 9.23% -4.36% 9.07% 20.23% 3.72% 1.05%
EBITDA Q/Q Growth		 77.65% 83.85% -67.05% 38.66% -26.58% 1,076.89% -107.69% 8.91% 24.22% 3,053.96% -91.64%
EBIT Q/Q Growth		 83.45% 756.78% -190.45% 22.25% -36.70% 1,151.41% -142.17% 0.04% -30.83% 339.84% -122.53%
NOPAT Q/Q Growth		 -152.93% 222.60% 200.78% -83.57% -633.33% 388.84% -136.79% -57.70% 23.18% 135.49% 57.98%
Net Income Q/Q Growth		 59.51% -120.00% -56.77% 6.10% -5.72% 36.39% -110.34% -2.36% 23.82% 34.30% -43.18%
EPS Q/Q Growth		 33.33% -50.00% -50.00% 11.11% -25.00% 20.00% -62.50% 0.00% 23.08% 30.00% -42.86%
Operating Cash Flow Q/Q Growth		 48.96% -11.14% 126.83% 123.69% -33.93% -129.08% -1,580.37% 118.74% 335.61% -100.68% 20.00%
Free Cash Flow Firm Q/Q Growth		 -15.75% -110.42% 238.69% -152.18% 37.12% 148.02% 4.80% 2.60% 20.29% 158.76% -225.91%
Invested Capital Q/Q Growth		 178.90% 77.23% -148.46% 63.28% 595.53% 1.04% -60.54% 23.91% 57.29% -4.05% -0.64%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.79% 278.95% 66.63% 65.49% 66.38% 165.89% 42.87% 68.61% 73.74% 41.89% 44.50%
EBITDA Margin		 5.55% 9.77% 3.18% 4.37% 3.13% 33.67% -2.15% -1.46% -0.92% 26.13% 2.16%
Operating Margin		 -0.84% 0.99% 2.93% 0.48% -2.48% 6.55% -2.52% -3.64% -2.33% 0.80% 1.24%
EBIT Margin		 -0.48% 3.00% -2.68% -2.06% -2.75% 26.43% -8.59% -7.46% -8.12% 18.77% -4.18%
Profit (Net Income) Margin		 -2.72% -5.74% -8.90% -8.27% -8.52% -4.96% -10.91% -10.24% -6.49% -4.11% -5.82%
Tax Burden Percent		 75.08% 64.09% 114.62% 97.20% 107.24% 80.55% 92.13% 96.03% 54.05% 54.79% 97.97%
Interest Burden Percent		 761.86% -298.97% 289.73% 412.66% 289.26% -23.30% 137.77% 142.93% 147.86% -39.95% 142.02%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -0.56% 4.36% 488.84% 0.00% -9.72% 20.36% -25.99% -19.88% -5.33% 1.23% 3.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.33% 28.07% 501.42% 0.00% 26.59% -68.87% -6.77% 0.73% -21.38% -3.94% -17.44%
Return on Net Nonoperating Assets (RNNOA)		 -2.37% -8.43% -492.08% 0.00% -5.64% -10.18% 4.34% -0.32% -8.81% -5.20% -8.15%
Return on Equity (ROE)		 -2.93% -4.07% -3.23% -34.11% -15.36% 10.19% -21.65% -20.20% -14.14% -3.97% -4.95%
Cash Return on Invested Capital (CROIC)		 173.14% -112.30% 0.00% 0.00% -42.16% 17.67% -143.76% -114.64% -82.18% 27.41% -62.17%
Operating Return on Assets (OROA)		 -0.14% 1.28% -1.38% -1.10% -1.49% 15.04% -4.92% -4.33% -4.80% 12.12% -2.87%
Return on Assets (ROA)		 -0.79% -2.45% -4.59% -4.40% -4.62% -2.82% -6.24% -5.94% -3.84% -2.65% -4.00%
Return on Common Equity (ROCE)		 -2.28% -3.78% -3.57% -40.05% -13.34% 8.57% -14.93% -14.57% -6.89% -1.78% -1.70%
Return on Equity Simple (ROE_SIMPLE)		 25.84% 0.00% -26.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.15 0.18 0.54 0.09 -0.47 1.36 -0.50 -0.79 -0.61 0.21 0.34
NOPAT Margin		 -0.59% 0.69% 2.05% 0.33% -1.73% 4.58% -1.76% -2.55% -1.63% 0.56% 0.87%
Net Nonoperating Expense Percent (NNEP)		 0.77% -23.71% -12.58% -7.29% -36.31% 89.23% -19.22% -20.61% 16.05% 5.17% 20.63%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.25% 1.57% 0.29% -0.66% 1.93% -0.72% -0.98% -0.63% 0.24% 0.39%
Cost of Revenue to Revenue		 59.21% -178.95% 33.37% 34.51% 33.62% -65.89% 57.13% 31.39% 26.26% 58.11% 55.50%
SG&A Expenses to Revenue		 41.63% 44.14% 39.58% 41.72% 43.73% 39.37% 44.88% 45.51% 46.28% 44.48% 42.43%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 41.63% 300.80% 65.65% 67.62% 71.21% 184.01% 45.38% 72.68% 76.73% 62.90% 43.25%
Earnings before Interest and Taxes (EBIT)		 -0.12 0.78 -0.70 -0.55 -0.75 7.83 -2.44 -2.31 -3.02 7.24 -1.63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1.38 2.53 0.83 1.16 0.85 9.98 -0.61 -0.45 -0.34 10 0.84
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.46 8.58 9.94 11.14 23.17 27.43 40.00 21.38 25.35 25.67 22.96
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.99 2.30 2.28 2.23 2.18 2.11 1.95 3.21 3.35 2.89 2.07
Price to Earnings (P/E)		 12.04 10.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 8.31% 9.88% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 11.62 8.41 0.00 0.00 10.56 10.55 8.64 11.31 8.47 8.21 6.60
Enterprise Value to Revenue (EV/Rev)		 1.67 2.12 1.76 1.82 2.30 2.24 2.15 3.35 3.63 3.16 2.34
Enterprise Value to EBITDA (EV/EBITDA)		 38.63 41.87 32.96 31.95 45.23 19.11 25.68 39.37 52.67 48.26 33.10
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 41.92 116.87 157.22 2,256.07 0.00 826.07
Enterprise Value to NOPAT (EV/NOPAT)		 262.04 212.57 214.92 286.06 728.10 161.81 502.83 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 986.20 229.50 0.00 0.00 0.00 0.00 190.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.92 0.00 6.74 0.00 0.00 56.26 0.00 0.00 0.00 25.43 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.50 1.85 0.66 0.80 3.07 3.29 2.91 1.72 2.23 2.05 2.18
Long-Term Debt to Equity		 1.50 1.85 0.66 0.80 3.07 3.29 2.91 1.72 2.23 1.71 1.70
Financial Leverage		 1.78 -0.30 -0.98 -1.59 -0.21 0.15 -0.64 -0.44 0.41 1.32 0.47
Leverage Ratio		 9.13 10.34 8.60 9.91 8.14 8.96 9.26 7.57 7.81 7.93 7.85
Compound Leverage Factor		 69.57 -30.92 24.92 40.88 23.55 -2.09 12.76 10.82 11.55 -3.17 11.15
Debt to Total Capital		 59.95% 64.95% 39.81% 44.34% 75.42% 76.69% 74.40% 63.20% 69.07% 67.27% 68.58%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.14% 15.27%
Long-Term Debt to Total Capital		 59.95% 64.95% 39.81% 44.34% 75.42% 76.69% 74.40% 63.20% 69.07% 56.13% 53.31%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -4.91% -4.41% -8.59% -11.14% 12.17% 12.59% 19.10% 18.77% 16.17% 18.31% 18.74%
Common Equity to Total Capital		 44.96% 39.46% 68.78% 66.80% 12.42% 10.71% 6.50% 18.02% 14.76% 14.43% 12.68%
Debt to EBITDA		 9.53 8.72 2.48 2.33 11.25 4.70 6.69 6.19 8.96 8.01 6.92
Net Debt to EBITDA		 -6.71 -2.96 -9.07 -6.52 0.48 0.33 0.60 -0.19 2.03 1.98 1.85
Long-Term Debt to EBITDA		 9.53 8.72 2.48 2.33 11.25 4.70 6.69 6.19 8.96 6.68 5.38
Debt to NOPAT		 64.62 44.26 16.16 20.84 181.15 39.79 130.90 -153.01 -145.69 -42.13 -84.78
Net Debt to NOPAT		 -45.49 -15.02 -59.18 -58.36 7.78 2.78 11.73 4.78 -32.92 -10.42 -22.62
Long-Term Debt to NOPAT		 64.62 44.26 16.16 20.84 181.15 39.79 130.90 -153.01 -145.69 -35.15 -65.90
Altman Z-Score		 -1.36 -1.25 -1.00 -1.07 -1.47 -1.34 -1.51 -0.78 -0.60 -0.42 -0.79
Noncontrolling Interest Sharing Ratio		 22.03% 7.17% -10.48% -17.42% 13.15% 15.83% 31.03% 27.87% 51.28% 55.26% 65.59%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.76 0.76 2.14 2.30 0.74 0.73 0.75 0.81 0.74 0.92 0.92
Quick Ratio		 0.54 0.54 2.10 2.27 0.52 0.52 0.54 0.60 0.54 0.54 0.52
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 184 -19 27 -14 -8.74 4.20 -41 -40 -32 19 -23
Operating Cash Flow to CapEx		 -1,265.15% -742.40% 131.05% 225.51% 245.33% 0.00% -2,853.97% 188.27% 223.10% -1.39% -2.05%
Free Cash Flow to Firm to Interest Expense		 173.87 -16.99 23.27 -10.52 -7.45 3.20 -33.24 -31.48 -19.52 15.38 -16.64
Operating Cash Flow to Interest Expense		 -0.79 -0.82 0.22 0.42 0.31 -0.08 -1.46 0.27 0.90 -0.01 -0.01
Operating Cash Flow Less CapEx to Interest Expense		 -0.85 -0.93 0.05 0.23 0.19 -0.08 -1.51 0.12 0.50 -0.60 -0.28
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.29 0.43 0.52 0.53 0.54 0.57 0.57 0.58 0.59 0.65 0.69
Accounts Receivable Turnover		 9.70 8.32 77.19 120.64 18.03 10.33 18.30 16.32 9.54 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.92 78.72 78.70 95.17 94.72 64.02 62.79 72.32 33.79 34.09 36.12
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 37.64 43.90 4.73 3.03 20.25 35.32 19.94 22.36 38.25 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 37.64 43.90 4.73 3.03 20.25 35.32 19.94 22.36 38.25 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 15 26 -13 -4.64 23 23 28 34 54 52 52
Invested Capital Turnover		 0.96 6.31 238.19 -8.88 5.61 4.44 14.74 7.80 3.27 2.21 3.67
Increase / (Decrease) in Invested Capital		 -185 19 -26 14 8.27 -2.84 40 39 31 -18 24
Enterprise Value (EV)		 171 219 182 188 243 245 240 389 458 426 340
Market Capitalization		 204 238 235 230 230 231 218 373 422 389 302
Book Value per Share		 $1.17 $0.98 $0.84 $0.74 $0.36 $0.31 $0.20 $0.63 $0.58 $0.52 $0.45
Tangible Book Value per Share		 ($1.69) ($2.06) ($2.16) ($2.22) ($3.21) ($3.20) ($3.41) ($2.91) ($3.73) ($3.67) ($3.72)
Total Capital		 70 70 34 31 80 79 84 97 113 105 104
Total Debt		 42 46 14 14 60 60 62 61 78 71 71
Total Long-Term Debt		 42 46 14 14 60 60 62 61 78 59 55
Net Debt		 -30 -15 -50 -38 2.59 4.21 5.59 -1.91 18 17 19
Capital Expenditures (CapEx)		 0.07 0.13 0.19 0.25 0.15 0.00 0.06 0.18 0.66 0.72 0.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -92 -80 -23 -20 -81 -79 -78 -78 -86 -49 -43
Debt-free Net Working Capital (DFNWC)		 -26 -25 27 27 -28 -28 -26 -20 -31 4.65 8.99
Net Working Capital (NWC)		 -26 -25 27 27 -28 -28 -26 -20 -31 -7.06 -6.86
Net Nonoperating Expense (NNE)		 0.53 1.66 2.86 2.27 1.84 2.83 2.59 2.38 1.81 1.80 2.61
Net Nonoperating Obligations (NNO)		 -13 1.44 -33 -22 3.29 4.91 6.29 -1.21 19 17 19
Total Depreciation and Amortization (D&A)		 1.49 1.75 1.53 1.70 1.59 2.15 1.83 1.86 2.68 2.84 2.47
Debt-free, Cash-free Net Working Capital to Revenue		 -89.82% -77.97% -21.97% -19.22% -76.75% -72.13% -69.72% -67.31% -68.29% -35.97% -29.66%
Debt-free Net Working Capital to Revenue		 -25.05% -24.65% 26.42% 26.30% -26.54% -25.41% -23.14% -17.28% -24.40% 3.45% 6.17%
Net Working Capital to Revenue		 -25.05% -24.65% 26.42% 26.30% -26.54% -25.41% -23.14% -17.28% -24.40% -5.23% -4.71%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.04) ($0.14) ($0.09) ($0.08) ($0.10) ($0.08) ($0.13) ($0.13) ($0.10) ($0.07) ($0.10)
Adjusted Weighted Average Basic Shares Outstanding		 26.24M 25.71M 27.11M 27.31M 27.20M 27.19M 27.10M 27.20M 28.51M 27.86M 28.63M
Adjusted Diluted Earnings per Share		 ($0.04) ($0.06) ($0.09) ($0.08) ($0.10) ($0.08) ($0.13) ($0.13) ($0.10) ($0.07) ($0.10)
Adjusted Weighted Average Diluted Shares Outstanding		 26.24M 26.45M 27.11M 27.31M 27.20M 27.19M 27.10M 27.20M 28.51M 27.86M 28.63M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 28.29M 28.12M 27.92M 27.81M 27.57M 27.54M 27.54M 28.87M 28.96M 28.95M 28.95M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.15 0.18 0.89 0.57 -0.02 2.06 -0.50 -0.69 -0.43 0.38 0.34
Normalized NOPAT Margin		 -0.59% 0.69% 3.42% 2.16% -0.08% 6.96% -1.76% -2.24% -1.16% 0.99% 0.87%
Pre Tax Income Margin		 -3.63% -8.96% -7.76% -8.50% -7.94% -6.16% -11.84% -10.66% -12.00% -7.50% -5.94%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.11 0.69 -0.61 -0.41 -0.64 5.98 -1.98 -1.82 -1.86 5.97 -1.16
NOPAT to Interest Expense		 -0.14 0.16 0.47 0.07 -0.40 1.04 -0.41 -0.62 -0.37 0.18 0.24
EBIT Less CapEx to Interest Expense		 -0.17 0.57 -0.78 -0.60 -0.76 5.98 -2.03 -1.96 -2.26 5.37 -1.43
NOPAT Less CapEx to Interest Expense		 -0.20 0.05 0.30 -0.12 -0.53 1.04 -0.46 -0.76 -0.78 -0.41 -0.04
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 110.73% 16.73% -7.05% -16.66% -17.12% -17.19% -17.57% -11.33% -6.78% -9.99% -12.58%
Augmented Payout Ratio		 169.97% 46.86% -125.64% -114.13% -76.16% -47.38% -48.32% -30.21% -10.18% -13.35% -12.58%

Financials Breakdown Chart

Key Financial Trends

Kingsway Financial Services (NYSE: KWY) showed a mixed but improving operating picture in Q1 2026, with revenue growth and better cash generation than a year ago, but profitability remained negative and the balance sheet still carried a heavy debt load.

  • Revenue increased year over year. Q1 2026 operating revenue rose to $38.96 million from $28.35 million in Q1 2025, a solid increase of about 37%.
  • Gross profit improved materially. Gross profit climbed to $17.34 million from $12.15 million in Q1 2025, showing better top-line conversion.
  • Operating cash flow turned much better. Cash from operating activities improved to near break-even at negative $8,000, versus negative $1.80 million in Q1 2025.
  • Cash and liquid resources remain meaningful. At March 31, 2026, Kingsway held $7.3 million in cash, $7.8 million in restricted cash, and $37.1 million in short-term investments.
  • The company continued to reduce short-term debt. Short-term debt fell to $15.8 million from $16.2 million a year earlier, and long-term debt also declined to $55.3 million from $59.5 million in Q1 2025.
  • Revenue growth did not fully translate into earnings. Q1 2026 net loss was $2.27 million, wider than the $1.58 million loss in Q4 2025 but better than the $3.09 million loss in Q1 2025.
  • Shares outstanding were broadly stable. Basic shares were 28.6 million in Q1 2026, only modestly above the prior-year quarter.
  • The balance sheet remains asset-heavy with significant goodwill and intangibles. Goodwill totaled $69.8 million and intangible assets were $50.9 million, so a meaningful portion of assets is tied to acquisition accounting.
  • Profitability is still weak. Q1 2026 operating income was only $0.5 million, and after interest and other items the company posted a pre-tax loss of $2.3 million.
  • Interest and other non-operating costs remain a drag. Interest expense was $1.41 million in Q1 2026, while other income/expense was a negative $2.12 million.
  • Liabilities remain large relative to equity. Total liabilities were $199.6 million versus just $13.2 million in common equity, indicating a highly leveraged capital structure.

Longer-term trend: Over the last four years, Kingsway has generally grown revenue, but earnings have been volatile and often negative. The company has also relied on acquisitions, debt, and preferred equity financing, which has helped expand the business but kept leverage and balance-sheet complexity elevated. The latest quarter suggests operating momentum is improving, but investors should still focus on whether that revenue growth can eventually turn into durable profits and stronger free cash flow.

07/12/26 06:14 AM ETAI Generated. May Contain Errors.

Kingsway Financial Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kingsway Financial Services' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Kingsway Financial Services' net income appears to be on a downward trend, with a most recent value of -$10.25 million in 2025, falling from $1.27 million in 2015. The previous period was -$8.30 million in 2024. See where experts think Kingsway Financial Services is headed by visiting Kingsway Financial Services' forecast page.

Kingsway Financial Services' total operating income in 2025 was -$2.40 million, based on the following breakdown:
  • Total Gross Profit: $84.55 million
  • Total Operating Expenses: $95.83 million

Over the last 10 years, Kingsway Financial Services' total revenue changed from $159.97 million in 2015 to $135.00 million in 2025, a change of -15.6%.

Kingsway Financial Services' total liabilities were at $197.09 million at the end of 2025, a 17.1% increase from 2024, and a 3.2% increase since 2015.

In the past 10 years, Kingsway Financial Services' cash and equivalents has ranged from $5.38 million in 2017 to $64.17 million in 2022, and is currently $8.31 million as of their latest financial filing in 2025.

Over the last 10 years, Kingsway Financial Services' book value per share changed from 2.13 in 2015 to 0.52 in 2025, a change of -75.4%.


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Financial statements for NYSE:KWY last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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