KWY NYSE Fire, Marine & Casualty Insurance Financials FY2016βFY2025
KINGSWAY Corp had $135M of revenue in fiscal 2025, up 23.4% on the year before. Over five years, revenue changed +17.2% a year on average.
Last close Β· Oct 23, 2026
$9.91
0.4%Hi! I read KINGSWAY Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+23.4%
Yes. Sales grew 23.4% last year.
Does it make a profit?
β7.6%
No. It lost money last year.
Is debt under control?
9.1x
Heavy. Repaying its debt would take 9.1 years of operating profit.
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· KINGSWAY Corp had $135M of revenue in fiscal 2025, up 23.4% on the year before. Over five years, revenue changed +17.2% a year on average. Its operating margin was β1.8%, down 3.8Β pts: of every 100 in sales, about β2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· KINGSWAY Corp lost $10.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· KINGSWAY Corp returned $0.3M to shareholders in fiscal 2025. The diluted share count rose 2.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.3M and sold $4.0M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.3M
3 insiders
Sold, 12 months
$4.0M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Kent A HansenCFO & EVP | Bought | 160 | $9.74 | $0.0M | Form 4 |
| Oct 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 357 | $9.74 | $0.0M | Form 4 |
| Sep 30, 2026 | Kent A HansenCFO & EVP | Bought | 169 | $9.30 | $0.0M | Form 4 |
| Sep 30, 2026 | Joshua HorowitzDirector | Bought | 858 | $9.23 | $0.0M | Form 4 |
| Sep 30, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 269 | $9.30 | $0.0M | Form 4 |
| Sep 28, 2026 | Joshua HorowitzDirector | Bought | 2,717 | $9.28 | $0.0M | Form 4 |
| Sep 15, 2026 | Kent A HansenCFO & EVP | Bought | 159 | $9.82 | $0.0M | Form 4 |
| Sep 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 254 | $9.82 | $0.0M | Form 4 |
| Aug 31, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 239 | $10.45 | $0.0M | Form 4 |
| Aug 31, 2026 | Kent A HansenCFO & EVP | Bought | 149 | $10.45 | $0.0M | Form 4 |
| Aug 20, 2026 | Joshua HorowitzDirector | Bought | 769 | $9.89 | $0.0M | Form 4 |
| Aug 19, 2026 | Joshua HorowitzDirector | Bought | 7,034 | $9.84 | $0.1M | Form 4 |
| Aug 18, 2026 | Joshua HorowitzDirector | Bought | 1,300 | $9.75 | $0.0M | Form 4 |
| Aug 17, 2026 | Kent A HansenCFO & EVP | Bought | 158 | $9.87 | $0.0M | Form 4 |
| Aug 17, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 254 | $9.87 | $0.0M | Form 4 |
| Aug 13, 2026 | Joseph StilwellDirector, 10% owner | Sold | 100,000 | $10.00 | $1.0M | Form 4 |
| Jul 30, 2026 | Kent A HansenCFO & EVP | Bought | 174 | $8.98 | $0.0M | Form 4 |
| Jul 30, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 278 | $8.98 | $0.0M | Form 4 |
| Jul 15, 2026 | Kent A HansenCFO & EVP | Bought | 161 | $9.76 | $0.0M | Form 4 |
| Jul 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 256 | $9.76 | $0.0M | Form 4 |
| Jun 30, 2026 | Kent A HansenCFO & EVP | Bought | 149 | $10.45 | $0.0M | Form 4 |
| Jun 30, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 239 | $10.45 | $0.0M | Form 4 |
| Jun 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 240 | $10.43 | $0.0M | Form 4 |
| Jun 15, 2026 | Kent A HansenCFO & EVP | Bought | 150 | $10.43 | $0.0M | Form 4 |
| May 29, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 250 | $10.03 | $0.0M | Form 4 |
| May 29, 2026 | Kent A HansenCFO & EVP | Bought | 156 | $10.03 | $0.0M | Form 4 |
| May 29, 2026 | Joshua HorowitzDirector | Bought | 3,800 | $9.91 | $0.0M | Form 4 |
| May 28, 2026 | Joshua HorowitzDirector | Bought | 700 | $9.95 | $0.0M | Form 4 |
| May 21, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Sold | 5,000 | $10.14 | $0.1M | Form 4 |
| May 20, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Sold | 5,000 | $10.43 | $0.1M | Form 4 |
| May 19, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Sold | 5,000 | $10.30 | $0.1M | Form 4 |
| May 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 230 | $10.85 | $0.0M | Form 4 |
| May 15, 2026 | Kent A HansenCFO & EVP | Bought | 144 | $10.85 | $0.0M | Form 4 |
| Apr 30, 2026 | Kent A HansenCFO & EVP | Bought | 143 | $10.93 | $0.0M | Form 4 |
| Apr 30, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 229 | $10.93 | $0.0M | Form 4 |
| Apr 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 211 | $11.85 | $0.0M | Form 4 |
| Mar 30, 2026 | Kent A HansenCFO & EVP | Bought | 153 | $10.22 | $0.0M | Form 4 |
| Mar 30, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 244 | $10.22 | $0.0M | Form 4 |
| Mar 13, 2026 | Kent A HansenCFO & EVP | Bought | 146 | $10.71 | $0.0M | Form 4 |
| Mar 13, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 234 | $10.71 | $0.0M | Form 4 |
| Feb 27, 2026 | Kent A HansenCFO & EVP | Bought | 126 | $12.34 | $0.0M | Form 4 |
| Feb 27, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 202 | $12.34 | $0.0M | Form 4 |
| Feb 17, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 205 | $12.19 | $0.0M | Form 4 |
| Feb 17, 2026 | Kent A HansenCFO & EVP | Bought | 128 | $12.19 | $0.0M | Form 4 |
| Feb 2, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 183 | $13.69 | $0.0M | Form 4 |
| Feb 2, 2026 | Kent A HansenCFO & EVP | Bought | 114 | $13.69 | $0.0M | Form 4 |
| Jan 15, 2026 | Kent A HansenCFO & EVP | Bought | 116 | $13.54 | $0.0M | Form 4 |
| Jan 15, 2026 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 185 | $13.54 | $0.0M | Form 4 |
| Dec 31, 2025 | Kent A HansenCFO & EVP | Bought | 115 | $13.58 | $0.0M | Form 4 |
| Dec 31, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 184 | $13.58 | $0.0M | Form 4 |
| Dec 29, 2025 | Kent A HansenCFO & EVP | Sold | 7,500 | $13.67 | $0.1M | Form 4 |
| Dec 23, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Sold | 30,000 | $13.32 | $0.4M | Form 4 |
| Dec 22, 2025 | Stilwell Value LLC10% owner | Sold | 19,229 | $12.80 | $0.2M | Form 4 |
| Dec 16, 2025 | Stilwell Associates, L.P.10% owner | Sold | 10,429 | $12.80 | $0.1M | Form 4 |
| Dec 16, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 195 | $12.82 | $0.0M | Form 4 |
| Dec 16, 2025 | Kent A HansenCFO & EVP | Bought | 122 | $12.82 | $0.0M | Form 4 |
| Dec 15, 2025 | Stilwell Associates, L.P.10% owner | Sold | 34,269 | $12.80 | $0.4M | Form 4 |
| Dec 11, 2025 | Stilwell Activist Fund, L.P.10% owner | Sold | 67,500 | $12.80 | $0.9M | Form 4 |
| Dec 9, 2025 | Stilwell Activist Fund, L.P.10% owner | Sold | 20,000 | $12.80 | $0.3M | Form 4 |
| Dec 8, 2025 | Stilwell Activist Fund, L.P.10% owner | Sold | 35,000 | $12.82 | $0.4M | Form 4 |
| Nov 28, 2025 | Kent A HansenCFO & EVP | Bought | 120 | $13.03 | $0.0M | Form 4 |
| Nov 28, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 192 | $13.03 | $0.0M | Form 4 |
| Nov 17, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 197 | $12.70 | $0.0M | Form 4 |
| Nov 17, 2025 | Kent A HansenCFO & EVP | Bought | 123 | $12.70 | $0.0M | Form 4 |
| Oct 30, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 177 | $14.08 | $0.0M | Form 4 |
| Oct 30, 2025 | Kent A HansenCFO & EVP | Bought | 111 | $14.08 | $0.0M | Form 4 |
| Oct 15, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 157 | $15.92 | $0.0M | Form 4 |
| Oct 15, 2025 | Kent A HansenCFO & EVP | Bought | 98 | $15.92 | $0.0M | Form 4 |
| Sep 30, 2025 | Kent A HansenCFO & EVP | Bought | 107 | $14.63 | $0.0M | Form 4 |
| Sep 30, 2025 | John Taylor Maloney FitzgeraldPresident and CEO, Director | Bought | 171 | $14.63 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· KINGSWAY Corp owes $62.2M more than it holds in cash, about 9.1 years of operating profit.
Cash, debt and the ratios that show how comfortably KINGSWAY Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.2M | $64.3M | $9.3M | $5.7M | $8.5M |
| Debt incl. finance leases | $94.1M | $102M | $44.4M | $57.5M | $70.7M |
| Net debt / EBITDA | 18.3x | 13.1x | 4.9x | 5.7x | 9.1x |
| Debt / equity | β | 6.5x | 1.6x | 6.8x | 4.7x |
| Interest coverage | β0.1x | β0.4x | 0.2x | 0.5x | β0.4x |
| Current ratio | β | β | β | β | 0.9x |
| Quick ratio | β | β | β | β | 0.9x |
| Total assets | $476M | $286M | $198M | $187M | $231M |
| Total liabilities | $461M | $264M | $173M | $168M | $197M |
| Shareholders' equity | β$5.7M | $15.7M | $27.7M | $8.4M | $15.2M |
| Net debt (β = net cash) | $83.9M | $37.8M | $35.2M | $51.9M | $62.2M |
KIRA Β· Its return on capital was β2.4%: every 100 invested in the business earned about β2 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· KINGSWAY Corp passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 1 / 7 | 2 / 7 | 5 / 7 | 4 / 7 | 4 / 7 | 3 / 7 | 4 / 7 | 3 / 7 | 3 / 7 |
| Accruals ratio | 3.2% | β0.5% | β4.7% | β2.0% | β2.2% | 1.7% | 7.8% | 20.8% | β4.9% | β4.9% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β5.45 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $177M | $44.6M | $52.1M | $59.9M | $61.0M | $78.4M | $93.3M | $103M | $109M | $135M |
| Operating income | β$7.1M | $6.8M | β$2.3M | β$1.4M | β$5.2M | β$0.5M | β$3.6M | $1.0M | $2.2M | β$2.4M |
| Interest expense | $4.5M | $6.3M | $7.4M | $9.0M | $7.7M | $6.2M | $8.1M | $6.3M | $4.8M | $5.4M |
| Pretax income | β$10.5M | β$12.5M | β$21.9M | β$3.1M | β$6.5M | β$6.6M | $35.0M | $23.7M | β$8.3M | β$14.0M |
| Income tax | β$9.7M | β$16.7M | $0.3M | β$0.4M | β$1.1M | β$3.9M | $4.8M | β$1.9M | β$0.1M | β$3.8M |
| Net income | $0.5M | β$16.9M | β$30.7M | β$6.9M | β$7.8M | $1.9M | $15.1M | $24.0M | β$8.3M | β$10.3M |
| Net income to common | $0.2M | β$1.2M | β$30.7M | β$5.4M | β$7.8M | β$0.8M | $24.4M | $23.5M | β$9.5M | β$11.9M |
| Diluted EPS | $0.01 | β$0.79 | β$1.41 | β$0.32 | β$0.35 | β$0.04 | $0.98 | $0.89 | β$0.35 | β$0.43 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | β$15.6M | β$14.4M | β$10.1M | $0.8M | $1.7M | β$5.9M | β$14.6M | β$26.2M | $1.1M | β$0.0M |
| Capital expenditure | $0.6M | β | β | β | $0.2M | $0.8M | β | β | β | β |
| Free cash flow | β$16.2M | β | β | β | $1.5M | β$6.7M | β | β | β | β |
| Depreciation and amortization | $2.8M | $5.4M | $6.7M | $6.9M | $6.7M | $5.1M | $6.4M | $6.2M | $7.0M | $9.2M |
| Stock-based compensation | $1.0M | $1.2M | β$1.7M | $1.2M | $1.4M | $3.6M | $4.1M | $1.6M | $1.8M | $1.7M |
| Acquisitions | $0.5M | $7.9M | $0.0M | $4.9M | $2.7M | $10.0M | $13.7M | $13.6M | $20.1M | $29.2M |
| Share buybacks | $0.1M | $0.0M | β | β | β | β | $0.0M | $3.2M | $2.5M | $0.3M |
| Dividends and buybacks | $0.1M | $0.0M | β | β | β | β | $0.0M | $3.2M | $2.5M | $0.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $36.9M | $5.5M | $14.8M | $13.6M | $14.5M | $10.2M | $64.3M | $9.3M | $5.7M | $8.5M |
| Total debt | $234M | $244M | $253M | $259M | $268M | $94.1M | $102M | $44.4M | $57.5M | $70.7M |
| Current assets | β | β | β | β | β | β | β | β | β | $76.5M |
| Current liabilities | β | β | β | β | β | β | β | β | β | $83.6M |
| Inventory | β | β | β | β | β | β | β | β | $0.7M | $1.8M |
| Property and equipment, net | $117M | $108M | $103M | $99.1M | $95.0M | $1.1M | $0.8M | $1.9M | $1.6M | $6.4M |
| Goodwill | $71.1M | $80.8M | $74.7M | $82.1M | $121M | $49.3M | $45.5M | $50.4M | $56.5M | $69.1M |
| Intangible assets | $89.0M | $79.4M | $83.3M | $86.4M | $84.1M | $30.8M | $33.1M | $35.7M | $40.0M | $52.3M |
| Total assets | $501M | $507M | $378M | $400M | $452M | $476M | $286M | $198M | $187M | $231M |
| Total liabilities | $438M | $451M | $348M | $379M | $434M | $461M | $264M | $173M | $168M | $197M |
| Preferred stock | β | $5.6M | β | β | β | β | β | β | β | β |
| Shareholders' equity | $56.0M | $41.4M | $12.5M | $0.9M | β$2.0M | β$5.7M | $15.7M | $27.7M | $8.4M | $15.2M |
| Margins | ||||||||||
| Operating margin | β4.0% | 15.2% | β4.4% | β2.4% | β8.6% | β0.6% | β3.8% | 0.9% | 2.0% | β1.8% |
| EBITDA margin | β2.4% | 27.3% | 8.5% | 9.2% | 2.5% | 5.9% | 3.1% | 6.9% | 8.4% | 5.1% |
| Net margin | 0.3% | β38.0% | β59.0% | β11.5% | β12.8% | 2.4% | 16.2% | 23.3% | β7.6% | β7.6% |
| FCF margin | β9.2% | β | β | β | 2.4% | β8.6% | β | β | β | β |
| Returns | ||||||||||
| Return on capital | β2.2% | 1.9% | β0.7% | β0.5% | β1.6% | β0.5% | β5.8% | 1.5% | 2.8% | β2.4% |
| Return on capital employed | β | β | β | β | β | β | β | β | β | β1.6% |
| Return on equity | 0.9% | β34.8% | β114.1% | β103.6% | β | β | 302.9% | 110.7% | β45.9% | β86.9% |
| Return on assets | 0.1% | β3.4% | β6.9% | β1.8% | β1.8% | 0.4% | 4.0% | 9.9% | β4.3% | β4.9% |
| Growth | ||||||||||
| Revenue growth | β | β74.8% | 16.8% | 15.1% | 1.7% | 28.6% | 19.0% | 10.7% | 5.9% | 23.4% |
| Net income growth | β | β3,345.6% | β | β | β | β | 709.9% | 59.4% | β134.5% | β |
| EPS growth | β | β8,000.0% | β | β | β | β | β | β9.2% | β139.3% | β |
| FCF growth | β | β | β | β | β | β561.8% | β | β | β | β |
| Share count change | β | 7.7% | 0.8% | 0.6% | 1.4% | 1.6% | 12.3% | 4.5% | 2.8% | 2.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | 19.6x | 54.0x | 44.5x | 168.4x | 18.3x | 13.1x | 4.9x | 5.7x | 9.1x |
| Debt / equity | 4.2x | 5.9x | 20.3x | 295.8x | β | β | 6.5x | 1.6x | 6.8x | 4.7x |
| Interest coverage | β1.6x | 1.1x | β0.3x | β0.2x | β0.7x | β0.1x | β0.4x | 0.2x | 0.5x | β0.4x |
| Current ratio | β | β | β | β | β | β | β | β | β | 0.9x |
| Quick ratio | β | β | β | β | β | β | β | β | β | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.4% | β | β | β | 0.3% | 1.1% | β | β | β | β |
| Stock comp / revenue | 0.6% | 2.7% | β3.2% | 2.1% | 2.2% | 4.6% | 4.3% | 1.6% | 1.6% | 1.3% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 1.0 | 2.0 | 5.0 | 4.0 | 4.0 | 3.0 | 4.0 | 3.0 | 3.0 |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β5.4 |
| Accruals ratio | 3.2% | β0.5% | β4.7% | β2.0% | β2.2% | 1.7% | 7.8% | 20.8% | β4.9% | β4.9% |
Source: SEC EDGAR XBRL filings (CIK 0001072627). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
