KINGSWAY Corp KWY
Kingsway Financial Services Inc. was incorporated under the Business Corporations Act (Ontario) on September 19, 1989. Effective December 31, 2018, the Company changed its jurisdiction of incorporation from the province of Ontario, Canada, to the State of Delaware. The Company's registered office is located at 10 S. Riverside Plaza, Suite 1520, Chicago, Illinois 60606. The common shares of Kingsway are listed on the NYSE under the trading symbol "KFS."
Kingsway is a holding company with operating subsidiaries located in the United States and is the only publicly-traded US company employing the Search Fund model to acquire and build great businesses. The Company owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, and that have recurring revenues. Kingsway seeks to compound long-term shareholder value on a per share basis via its decentralized management model, its talented team of operators, and its tax-advantaged corporate structure.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.0M | $109.4M | $103.2M | $93.3M | $78.4M | $47.6M | $59.9M | $52.1M | $44.6M | $176.6M |
| SG&A | $61.2M | $44.9M | $41.8M | $43.5M | $45.2M | $42.1M | $36.3M | $29.7M | $27.3M | $41.6M |
| Total operating expenses | $137.4M | $107.2M | $102.3M | $96.9M | $78.9M | $66.2M | $61.4M | $54.4M | $48.9M | $183.5M |
| Operating income | -$2.4M | $2.2M | $954.0K | -$3.6M | -$474.0K | -$5.2M | -$1.4M | -$2.3M | $6.8M | -$7.1M |
| Interest expense | — | — | $6.2M | $8.1M | $6.2M | — | $9.0M | $7.4M | $6.3M | $4.5M |
| Pre-tax income | -$14.0M | -$8.3M | $23.7M | $35.0M | -$6.6M | -$6.5M | -$3.1M | -$21.9M | -$12.5M | -$10.5M |
| Income tax | $3.8M | $147.0K | $1.9M | $4.8M | $3.9M | $1.1M | $363.0K | $315.0K | $16.7M | $9.7M |
| Net income | -$10.3K | -$8.3K | $24.0K | $15.1M | $1.9M | -$5.4M | -$6.9M | -$28.3M | -$16.9M | $522.0K |
| EPS, basic | -0.43 | -0.35 | 0.91 | 1.06 | -0.04 | -0.35 | -0.32 | -1.41 | -0.79 | 0.01 |
| EPS, diluted | -0.43 | -0.35 | 0.89 | 0.98 | -0.04 | -0.35 | -0.32 | -1.41 | -0.79 | 0.01 |
| Shares, diluted (wtd. avg.) | $27.9M | $27.2M | $26.4M | $25.3M | $22.5M | $22.2M | $21.9M | $21.7M | $21.5M | $20.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.3M | $5.5M | $17.5M | $77.2M | $27.3M | $39.1M | $25.7M | $755.0K | $20.4M | $31.5M |
| Short-term investments | $178.0K | $169.0K | $161.0K | $157.0K | $157.0K | $157.0K | $155.0K | $152.0K | $151.0K | $401.0K |
| Inventory | $1.8M | $714.0K | — | — | — | — | — | — | — | — |
| Property, plant and equipment | $6.4M | $1.6M | $1.9M | $773.0K | $1.1M | $95.0M | $99.1M | $79.0K | $108.0M | $117.0M |
| Goodwill | $69.1M | $56.5M | $50.4M | $45.5M | $7.9M | $39.0M | $82.1M | $74.7M | $80.8M | $61.0M |
| Other intangibles | $52.3M | $40.0M | $35.7M | $33.1M | $30.8M | $84.1M | $86.4M | $5.7M | $79.4M | $89.0M |
| Total assets | $231.5M | $186.6M | $197.7M | $285.6M | $475.6M | $452.5M | $399.6M | $22.2M | $13.2M | $253.1M |
| Long-term debt | $70.7M | $57.5M | $44.4M | $102.1M | $94.1M | $268.3M | $258.5M | $253.3M | $244.1M | $233.7M |
| Total liabilities | $197.1M | $168.3M | $173.1M | $263.5M | $460.9M | $433.8M | $378.9M | $13.8M | $3.2M | $251.6M |
| Retained earnings | -$373.4M | -$361.5M | -$346.9M | -$370.4M | -$395.1M | -$394.8M | -$388.1M | -$382.2M | -$311.0M | -$297.7M |
| Total equity | $15.2M | $8.4M | $24.6M | $16.1M | $8.3M | $12.2M | $14.0M | $24.3M | $50.7M | $56.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.0K | $1.1M | -$26.2M | -$14.6M | -$5.9M | $1.7M | $759.0K | -$10.1M | -$14.4M | -$15.6M |
| Depreciation and amortisation | $9.2M | $7.0M | $6.2M | $6.4M | $5.1M | $6.7M | $6.9M | $6.7M | $5.4M | $2.8M |
| Stock-based compensation | $1.7M | $1.8M | $1.6M | $4.1M | $3.6M | $1.4M | $1.2M | -$1.7M | $1.2M | $1.0M |
| Capital expenditure | — | — | — | — | $830.0K | $213.0K | — | — | — | $645.0K |
| Investing cash flow | -$29.6M | -$16.8M | $6.5M | $100.9M | -$8.6M | $4.0M | -$6.5M | $20.0M | $20.1M | -$8.8M |
| Financing cash flow | $32.7M | $11.4M | -$40.0M | -$37.9M | -$540.0K | $13.6M | $1.3M | -$4.1M | $2.2M | $9.1M |
| Buybacks | $345.0K | $2.5M | $3.2M | $0 | — | — | — | — | $0 | $125.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001174947-26-000457.
Others in SIC 6331
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |