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MARKETS / NYSE / Financials / Insurance / KWY
NYSE · FIRE, MARINE & CASUALTY INSURANCE · MID CAP

Kingsway Corp. KWY

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$135.0M
▲ 23.4% YoY
$-10.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Kingsway owns or controls subsidiaries primarily in the business services and extended warranty industries. The company conducts its business through two reportable segments, Kingsway Search Xcelerator and Extended Warranty, that conduct their business and distribute their products and services primarily in the United States. At December 31, 2025, the company employed 607 personnel supporting its operations, consisting of approximately 569 full-time employees and 38 part-time employees. 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.

Written from the business description in Kingsway Financial Services Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth

USD 135.0M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 135.0 · Net income -10.3
100M200M-20M-40M
201120142017202020232025
Compound annual growth
+13.1%
+17.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +17.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−8 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -1.8% · Net -7.6%
10%20%-20%-40%
201120182025
ROE
FY2019 · ROE -103.6%
-50%-100%
201120182025
Three returns, three denominators.
Return on equityNot available: we don't have a clean profit figure for this period.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin-1.8%
Net margin-7.6%
EBITDAUSD 6.8M

Cash & shareholders

USD 0.00
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2021 · FCF -6.7
-30M-60M
201120182025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks -15.3
2M3M-10M-20M
20142015201620172022202320242025
Dividends paid·
Net buybacksUSD -15.3M
Share of profit·
Consecutive raises·

Total assetsUSD 231.5M
EquityUSD 15.2M
CashUSD 8.3M
Gross debtUSD 70.7M
Net debtUSD 62.4M

Net debt stands at 411% of equity.

The 15-year record

15 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
KWY, 15-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.10.10.10.10.10.10.10.10.00.20.20.20.20.20.2
Operating income $B−0.00.00.0−0.0−0.0−0.0−0.0−0.00.0−0.0−0.00.0−0.0−0.0−0.0
EBITDA $B0.00.00.00.00.00.00.00.00.0−0.00.00.0−0.0−0.0−0.0
Income tax $B−0.0−0.0−0.00.0−0.0−0.0−0.00.0−0.0−0.00.0−0.0−0.00.0−0.0
Net income $B−0.0−0.00.00.00.0−0.0−0.0−0.0−0.00.00.0−0.0−0.0−0.1−0.0
Free cash flow $B◌◌◌◌−0.00.0◌◌◌−0.0−0.0−0.0−0.0−0.0−0.1
EPS, diluted $−0.43−0.350.890.98−0.04−0.35−0.32−1.41−0.790.010.04−0.75−2.61−4.05−2.09
Dividend / sh $◌◌◌◌◌◌0.000.00◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————————————
ROE %◌◌◌———−103.6−114.1−34.8◌◌−35.2−73.3−55.3−16.3
Shares out B0.030.030.030.020.020.020.020.020.020.020.020.020.020.010.01

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC
Provenance

Company facts, as filed

How we verify · 0 failures in 45 reconciliationsAUDITED

Reconciled in 15 of the 15 fiscal years we could check. Five checks were skipped: cost of revenue is not tagged before 2012. Four checks were skipped: the balance sheet is not tagged before 2011. Four checks were skipped: EPS is not tagged before 2011.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityFire, Marine & Casualty Insurance
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2011

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