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
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- IWS - Extended Warranty Segment - Vehicle Service Agreement Fees
- Business Services Consulting - Ravix - Consulting Fees
- Healthcare Segment - SNS and DDI - Health Care
- Skilled Trades Repair and Service Fees - M.L.C. Plumbing, LLC
- Motor Sales and Repair Service Fees - Roundhouse Segment
- Warranty Product Commissions - Trinity - Extended Warranty Segment
- Maintenance Support Service Fees - Trinity
- Software License and Support Fees - Systems Products International, Inc.(SPI)
| Segment | FY2025 |
|---|---|
| IWS - Extended Warranty Segment - Vehicle Service Agreement Fees | $61.4M |
| Business Services Consulting - Ravix - Consulting Fees | $22.6M |
| Healthcare Segment - SNS and DDI - Health Care | $17.9M |
| Skilled Trades Repair and Service Fees - M.L.C. Plumbing, LLC | $10.2M |
| Motor Sales and Repair Service Fees - Roundhouse Segment | $9.7M |
| Warranty Product Commissions - Trinity - Extended Warranty Segment | $5.0M |
| Maintenance Support Service Fees - Trinity | $4.3M |
| Software License and Support Fees - Systems Products International, Inc.(SPI) | $3.8M |
As the company reported it, from the “Note 13 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $176.6M | $44.6M | $52.1M | $59.9M | $47.6M | $78.4M | $93.3M | $103.2M | $109.4M | $135.0M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $522.0K | -$16.9M | -$28.3M | -$6.9M | -$5.4M | $1.9M | $15.1M | $24.0K | -$8.3K | -$10.3K |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $42.49B | 15.0x | -1.7% |
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| ACGL | ARCH CAPITAL GROUP LTD. | $34.70B | 8.8x | 14.3% |
| WRB | BERKLEY W R CORP | $27.22B | 16.5x | 9.9% |