NYSE : KWY
Kingsway Corporation — Financial statements
Financials · Asset Management · United States
Last price 9.83 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 284.39M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Interest & Dividend Income | 1.64M | 1.63M | 1.59M | 1.85M | 2.01M | 1.55M |
| Gain (Loss) on Sale of Investments | 3.11M | 714.00K | 1.90M | 4.07M | 921.00K | 3.96M |
| Other Revenue | 154.13M | 135.00M | 109.38M | 103.24M | 93.57M | 78.40M |
| Total Revenue | 158.88M | 137.34M | 112.87M | 109.16M | 96.50M | 83.91M |
| Policy Benefits | 25.73M | 25.73M | 24.58M | 23.07M | 20.89M | 19.54M |
| Policy Acquisition & Underwriting Costs | 10.21M | 8.36M | 7.04M | |||
| Amortization of Goodwill & Intangibles | 9.07M | 8.17M | 6.30M | 5.91M | 6.13M | 4.84M |
| Selling, General & Administrative | 64.57M | 57.40M | 42.44M | 38.70M | 37.72M | 44.74M |
| Other Operating Expenses | 60.28M | 50.44M | 37.72M | 27.21M | 18.67M | 7.05M |
| Total Operating Expenses | 161.78M | 143.46M | 112.82M | 107.00M | 96.08M | 83.21M |
| Operating Income | -2.91M | -6.12M | 48.00K | 2.16M | 424.00K | 695.00K |
| Interest Expense | -5.75M | -5.45M | -4.79M | -6.25M | -8.09M | -6.16M |
| Earnings From Equity Investments | -1.00K | -1.00K | -162.00K | -44.00K | 27.00K | |
| Other Non Operating Income (Expenses) | 740.00K | 477.00K | 662.00K | -2.65M | 18.03M | 16.00K |
| EBT Excluding Unusual Items | -7.91M | -11.10M | -4.24M | -6.78M | 10.37M | -5.42M |
| Merger & Restructuring Charges | -900.00K | -1.40M | -500.00K | -700.00K | -1.10M | -400.00K |
| Impairment of Goodwill | -732.00K | |||||
| Gain (Loss) on Sale of Assets | 1.35M | 342.00K | 37.92M | |||
| Asset Writedown | -971.00K | -706.00K | -2.12M | |||
| Legal Settlements | -700.00K | -700.00K | -200.00K | -500.00K | -400.00K | -100.00K |
| Other Unusual Items | -187.00K | -100.00K | -470.00K | 31.29M | -11.83M | -707.00K |
| Pretax Income | -9.32M | -14.00M | -8.26M | 23.65M | 34.96M | -6.63M |
| Income Tax Expense | -3.22M | -3.75M | -147.00K | -1.90M | 4.83M | -3.92M |
| Earnings From Continuing Ops. | -6.11M | -10.25M | -8.11M | 25.55M | 30.13M | -2.71M |
| Earnings From Discontinued Ops. | -182.00K | -1.54M | -6.88M | 4.03M | ||
| Net Income to Company | -6.11M | -10.25M | -8.29M | 24.01M | 23.25M | 1.32M |
| Minority Interest in Earnings | -1.18M | -479.00K | -977.00K | -453.00K | 1.47M | -1.66M |
| Net Income | -7.29M | -10.73M | -9.27M | 23.56M | 24.72M | -342.00K |
| Preferred Dividends & Other Adjustments | 1.30M | 1.19M | 179.00K | 74.00K | 306.00K | 494.00K |
| Net Income to Common | -8.58M | -11.92M | -9.45M | 23.48M | 24.42M | -836.00K |
| Shares Outstanding (Basic) | 28.60M | 27.86M | 27.19M | 25.71M | 22.96M | 22.54M |
| Shares Outstanding (Diluted) | 28.60M | 27.86M | 27.19M | 26.45M | 25.30M | 22.54M |
| EPS (Basic) | -0.30 | -0.43 | -0.35 | 0.91 | 1.06 | -0.04 |
| EPS (Diluted) | -0.30 | -0.43 | -0.35 | 0.89 | 1.06 | -0.04 |
| Free Cash Flow | -533.00K | -1.62M | 358.00K | -26.39M | -14.57M | -6.74M |
| Free Cash Flow Per Share | -0.02 | -0.06 | 0.01 | -1.00 | -0.58 | -0.30 |
| Operating Margin | -1.83% | -4.46% | 0.04% | 1.98% | 0.44% | 0.83% |
| Profit Margin | -5.40% | -8.68% | -8.37% | 21.51% | 25.30% | -1.00% |
| Free Cash Flow Margin | -0.34% | -1.18% | 0.32% | -24.18% | -15.10% | -8.03% |
| EBITDA | 7.63M | 3.10M | 7.04M | 8.38M | 6.87M | 5.76M |
| EBITDA Margin | 4.80% | 2.26% | 6.24% | 7.68% | 7.12% | 6.87% |
| D&A For EBITDA | 10.54M | 9.22M | 7.00M | 6.22M | 6.45M | 5.07M |
| EBIT | -2.91M | -6.12M | 48.00K | 2.16M | 424.00K | 695.00K |
| EBIT Margin | -1.83% | -4.46% | 0.04% | 1.98% | 0.44% | 0.83% |
| Effective Tax Rate | 13.80% | |||||
| Revenue as Reported | 135.00M | 135.00M | 109.38M | 103.24M | 93.28M | 78.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 36.77M | 36.96M | 36.47M | 37.59M | 35.67M | |
| Investments in Equity & Preferred Securities | 637.00K | 649.00K | 650.00K | 891.00K | 1.14M | 2.08M |
| Other Investments | 43.44M | 4.23M | 3.72M | 4.52M | 18.21M | 20.03M |
| Total Investments | 44.07M | 41.64M | 41.34M | 41.93M | 57.23M | 68.44M |
| Cash & Equivalents | 7.37M | 8.31M | 5.49M | 9.10M | 64.17M | 10.08M |
| Other Receivables | 15.88M | 15.90M | 11.81M | 14.66M | 14.92M | 11.70M |
| Deferred Policy Acquisition Cost | 15.39M | 14.91M | 13.89M | 13.73M | 13.26M | 10.93M |
| Property, Plant & Equipment | 13.16M | 13.37M | 3.96M | 2.74M | 1.68M | 3.35M |
| Goodwill | 65.38M | 69.13M | 56.52M | 50.36M | 45.50M | 49.26M |
| Other Intangible Assets | 48.49M | 52.27M | 40.05M | 35.67M | 33.10M | 30.83M |
| Restricted Cash | 7.68M | 7.96M | 7.64M | 8.40M | 13.06M | 17.26M |
| Other Current Assets | 5.36M | 1.76M | 714.00K | 17.75M | 38.48M | 269.38M |
| Other Long-Term Assets | 5.05M | 6.26M | 5.20M | 3.38M | 4.25M | 4.39M |
| Total Assets | 227.83M | 231.50M | 186.62M | 197.72M | 285.65M | 475.63M |
| Accrued Expenses | 15.09M | 24.04M | 20.45M | 22.34M | 27.80M | 26.27M |
| Current Portion of Leases | 1.10M | 1.55M | ||||
| Current Income Taxes Payable | 28.00K | 945.00K | 294.00K | |||
| Long-Term Debt | 44.50M | 70.71M | 57.54M | 44.42M | 102.09M | 94.10M |
| Long-Term Leases | 5.62M | 5.75M | 2.68M | 1.20M | 1.22M | 2.48M |
| Long-Term Deferred Tax Liabilities | 3.04M | 3.23M | 4.37M | 5.04M | 4.18M | 28.55M |
| Other Current Liabilities | 5.12M | 4.63M | 166.00K | 16.11M | 42.09M | 219.96M |
| Other Long-Term Liabilities | 4.54M | 2.50M | ||||
| Total Liabilities | 195.49M | 197.09M | 168.31M | 173.11M | 263.53M | 460.88M |
| Preferred Stock, Convertible | 16.25M | 16.25M | 8.25M | 3.71M | 4.20M | |
| Total Preferred Equity | 16.25M | 16.25M | 8.25M | 6.01M | 6.50M | |
| Common Stock | 296.00K | 296.00K | 281.00K | |||
| Additional Paid-In Capital | 396.12M | 394.85M | 376.50M | 379.81M | 359.99M | 359.14M |
| Retained Earnings | -377.10M | -373.37M | -361.45M | -346.87M | -370.43M | -395.15M |
| Treasury Stock | -6.54M | -6.54M | -6.20M | -3.70M | -492.00K | -492.00K |
| Comprehensive Income & Other | 54.00K | -60.00K | -718.00K | -1.54M | 26.61M | 30.78M |
| Total Common Equity | 12.83M | 15.17M | 8.41M | 27.71M | 15.67M | -5.72M |
| Minority Interest | 3.26M | 2.99M | 1.64M | -3.10M | 437.00K | 13.98M |
| Shareholders' Equity | 32.34M | 34.41M | 18.30M | 24.61M | 22.12M | 14.75M |
| Total Liabilities & Equity | 227.83M | 231.50M | 186.62M | 197.72M | 285.65M | 475.63M |
| Filing Date Shares Outstanding | 28.93M | 28.95M | 27.54M | 27.45M | 24.80M | 22.64M |
| Total Common Shares Outstanding | 28.60M | 28.63M | 27.14M | 27.10M | 23.19M | 22.64M |
| Total Debt | 74.01M | 78.02M | 60.22M | 45.61M | 103.31M | 96.58M |
| Net Cash (Debt) | -66.64M | -69.71M | -54.73M | -36.52M | -39.14M | -86.50M |
| Net Cash Per Share | -2.33 | -2.50 | -2.01 | -1.38 | -1.55 | -3.84 |
| Book Value Per Share | 0.45 | 0.53 | 0.31 | 1.02 | 0.68 | -0.25 |
| Tangible Book Value | -101.04M | -106.23M | -88.16M | -58.32M | -62.93M | -85.82M |
| Tangible Book Value Per Share | -3.53 | -3.71 | -3.25 | -2.15 | -2.71 | -3.79 |
| Machinery | 9.25M | 8.41M | 2.70M | 2.42M | 1.33M | 3.05M |
| Leasehold Improvements | 534.00K | 526.00K | 583.00K | 585.00K | 485.00K | 286.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -7.29M | -10.73M | -9.27M | 23.56M | 24.72M | -342.00K |
| Depreciation & Amortization | 10.54M | 9.22M | 7.00M | 6.22M | 6.45M | 5.07M |
| Gain (Loss) on Sale of Assets | -1.35M | -342.00K | -37.92M | |||
| Gain (Loss) on Sale of Investments | -3.11M | -714.00K | -1.90M | -4.05M | -681.00K | -3.73M |
| Stock-Based Compensation | 2.54M | 1.72M | 1.78M | 1.64M | 4.05M | 3.60M |
| Change in Accounts Receivable | -365.00K | 779.00K | 1.27M | 1.12M | -136.00K | -791.00K |
| Change in Unearned Revenue | 3.53M | 4.05M | -887.00K | 859.00K | -6.50M | -2.35M |
| Change in Other Net Operating Assets | -17.00K | -903.00K | -1.63M | -25.85M | 13.84M | 6.33M |
| Other Operating Activities | -1.98M | -3.12M | 1.38M | -29.58M | -3.84M | 815.00K |
| Operating Cash Flow | 2.65M | -3.00K | 1.07M | -26.19M | -14.57M | -5.91M |
| Capital Expenditures | -3.19M | -1.62M | -709.00K | -205.00K | -830.00K | |
| Sale of Property, Plant & Equipment | 26.46M | |||||
| Cash Acquisitions | -15.55M | -29.18M | -20.05M | -13.63M | -13.69M | -12.64M |
| Investment in Securities | 919.00K | 1.23M | 2.51M | 19.96M | -1.99M | 4.50M |
| Other Investing Activities | 809.00K | -46.00K | 272.00K | -11.00K | 42.85M | 365.00K |
| Investing Cash Flow | -12.62M | -29.61M | -16.85M | 6.46M | 100.94M | -8.60M |
| Long-Term Debt Issued | 26.69M | 34.90M | 5.60M | 12.85M | 6.40M | |
| Total Debt Repaid | -11.93M | -15.24M | -21.59M | -49.44M | -11.64M | -14.39M |
| Net Debt Issued (Repaid) | 8.32M | 11.45M | 13.31M | -43.84M | 1.21M | -7.99M |
| Issuance of Common Stock | 15.60M | 16.66M | 545.00K | 1.75M | ||
| Repurchases of Common Stock | -428.00K | -467.00K | -4.82M | -3.65M | -396.00K | -499.00K |
| Issuance of Preferred Stock | 8.00M | 8.25M | ||||
| Preferred Dividends Paid | -1.28M | -1.02M | -13.00K | |||
| Total Dividends Paid | -1.28M | -1.02M | -13.00K | |||
| Other Financing Activities | -1.06M | -809.00K | -5.29M | -9.13M | -39.29M | 6.20M |
| Financing Cash Flow | 5.55M | 32.75M | 11.44M | -39.96M | -37.93M | -540.00K |
| Miscellaneous Cash Flow Adjustments | -639.00K | -612.00K | -1.10M | 9.19M | ||
| Net Cash Flow | -4.41M | 3.13M | -4.97M | -60.30M | 47.33M | -5.86M |
| Free Cash Flow | -533.00K | -1.62M | 358.00K | -26.39M | -14.57M | -6.74M |
| Free Cash Flow Margin | -0.34% | -1.18% | 0.32% | -24.18% | -15.10% | -8.03% |
| Free Cash Flow Per Share | -0.02 | -0.06 | 0.01 | -1.00 | -0.58 | -0.30 |
| Levered Free Cash Flow | 5.80M | 4.71M | 7.95M | -1.12M | 61.84M | -42.43M |
| Unlevered Free Cash Flow | 9.40M | 8.11M | 10.95M | 2.79M | 66.90M | -38.57M |
| Cash Interest Paid | 5.25M | 5.25M | 4.66M | 24.58M | 1.43M | 821.00K |
| Cash Income Tax Paid | 237.00K | 237.00K | -112.00K | 1.89M | 501.00K | 243.00K |
| Change in Working Capital | 2.33M | 2.90M | -1.40M | -24.34M | 4.88M | 1.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 294.23M | 389.46M | 230.78M | 234.73M | 190.14M | 123.51M |
| Enterprise Value | 360.87M | 477.25M | 294.37M | 253.21M | 446.75M | 399.98M |
| PE Ratio | 9.99 | 7.79 | ||||
| PS Ratio | 1.79 | 2.84 | 2.04 | 2.15 | 1.97 | 1.47 |
| PB Ratio | 21.92 | 11.32 | 12.61 | 9.54 | 8.60 | 8.37 |
| P/FCF Ratio | 644.65 | |||||
| P/OCF Ratio | 107.16 | 216.29 | ||||
| EV/Sales Ratio | 2.21 | 3.48 | 2.61 | 2.32 | 4.63 | 4.77 |
| EV/EBITDA Ratio | 46.00 | 153.95 | 41.78 | 30.20 | 65.00 | 69.42 |
| EV/EBIT Ratio | 6,132.73 | 117.06 | 1,053.66 | 575.51 | ||
| EV/FCF Ratio | 822.27 | |||||
| Debt / Equity Ratio | 2.29 | 2.27 | 3.29 | 1.85 | 4.67 | 6.55 |
| Debt / EBITDA Ratio | 7.83 | 17.11 | 7.52 | 4.94 | 12.96 | 14.07 |
| Debt / FCF Ratio | 168.21 | |||||
| Net Debt / Equity Ratio | 2.06 | 2.03 | 2.99 | 1.48 | 1.77 | 5.86 |
| Net Debt / EBITDA Ratio | 8.73 | 22.49 | 7.77 | 4.36 | 5.70 | 15.01 |
| Net Debt / FCF Ratio | -125.04 | -43.00 | 152.87 | -1.38 | -2.69 | -12.84 |
| Quick Ratio | 0.68 | 0.81 | 0.85 | 0.60 | 1.11 | 0.09 |
| Current Ratio | 0.83 | 1.13 | 1.25 | 1.30 | 1.85 | 1.25 |
| Asset Turnover | 0.73 | 0.66 | 0.59 | 0.45 | 0.25 | 0.18 |
| Return on Equity (ROE) | -17.97% | -38.90% | -37.81% | 109.35% | 163.43% | -16.24% |
| Return on Assets (ROA) | -0.83% | -1.83% | 0.02% | 0.56% | 0.07% | 0.09% |
| Return on Invested Capital (ROIC) | -2.68% | -6.42% | 0.07% | 2.21% | 0.31% | 0.35% |
| Earnings Yield | -2.97% | -2.76% | -4.02% | 10.04% | 13.00% | -0.28% |
| FCF Yield | -0.19% | -0.42% | 0.15% | -11.24% | -7.66% | -5.46% |
| Buyback Yield / Dilution | -5.31% | -2.46% | -2.81% | -4.52% | -12.28% | -1.63% |