NYSE · Financial Statements

Kingsway Financial (KFS) Financial Statements

$10.44 NYSE: KFS Market Cap $302.20M

Kingsway Financial most recently reported annual revenue of $137.0M, a net loss of $11.0M. Revenue grew at an average annual rate of 14.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Kingsway Financial: Revenue fell from $177.0M in 2016 to $137.0M in 2025, a change of -22.6% over 9 years; net profit was positive in 3 of 10 reported years; operating margin moved from -3.9% to -10.2%, a shift of -6.4 percentage points; the most recent year shows a net loss of $11.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$177.0M	$193.0M	$44.0M	$68.0M	$69.0M	$81.0M	$115.0M	$108.0M	$113.0M	$137.0M
Operating Expenses	$183.0M	$205.0M	$60.0M	$70.0M	$74.0M	$88.0M	$80.0M	$84.0M	$121.0M	$151.0M
Operating Profit	$-7.0M	$-12.0M	$-16.0M	$-1.0M	$-5.0M	$-7.0M	$35.0M	$24.0M	$-8.0M	$-14.0M
Operating Margin	-3.9%	-6.0%	-37.2%	-2.1%	-7.6%	-8.1%	30.5%	22.0%	-7.3%	-10.2%
Other Income	$-4.0M	$-3.0M	$-20.0M	$-2.0M	$1.0M	$0	$0	$0	$0	$0
Interest	$7.0M	$11.0M	$12.0M	$15.0M	$14.0M	$6.0M	$8.0M	$6.0M	$5.0M	$5.0M
Depreciation	$53.0M	$64.0M	$75.0M	$0	$0	$5.0M	$6.0M	$6.0M	$7.0M	$9.0M
Profit Before Tax	$-10.0M	$-29.0M	$-20.0M	$-3.0M	$-4.0M	$-7.0M	$35.0M	$24.0M	$-8.0M	$-14.0M
Tax	$93.0M	$60.4M	$-1.8M	$11.6M	$-25.9M	$59.1M	$13.8M	$-8.0M	$1.8M	$26.8M
Net Profit	$1.0M	$-15.0M	$-27.0M	$-6.0M	$-7.0M	$0	$25.0M	$24.0M	$-9.0M	$-11.0M
EPS	$0.02	$-0.72	$-1.22	$-0.13	$-0.35	$-0.04	$1.05	$0.89	$-0.34	$-0.43
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26
Revenue	$28.0M	$26.0M	$26.0M	$27.0M	$27.0M	$27.0M	$30.0M	$29.0M	$31.0M	$38.0M	$39.0M	$39.0M
Operating Expenses	$28.0M	$26.0M	$29.0M	$27.0M	$29.0M	$28.0M	$32.0M	$32.0M	$35.0M	$39.0M	$42.0M	$40.0M
Operating Profit	$0	$0	$-2.0M	$0	$-2.0M	$-1.0M	$-2.0M	$-3.0M	$-3.0M	$-1.0M	$-3.0M	$-1.0M
Operating Margin	1.4%	-0.8%	-8.8%	-1.1%	-8.3%	-2.5%	-6.0%	-11.7%	-10.5%	-2.3%	-7.4%	-1.9%
Interest	$0	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$2.0M	$1.0M	$1.0M
Profit Before Tax	$-2.0M	$-1.0M	$-2.0M	$-2.0M	$-2.0M	$-2.0M	$-2.0M	$-3.0M	$-3.0M	$0	$-3.0M	$-2.0M
Tax	$-13.6M	$-14.7M	$116.9M	$-4.1M	$-4.6M	$-970,000	$19.5M	$7.9M	$4.0M	$-567.9M	$45.2M	$2.0M
Net Profit	$-1.0M	$-1.0M	$-2.0M	$-2.0M	$-2.0M	$-3.0M	$-2.0M	$-3.0M	$-3.0M	$-2.0M	$-2.0M	$-2.0M
EPS	$-0.06	$-0.04	$0.01	$-0.08	$-0.09	$-0.10	$-0.07	$-0.13	$-0.13	$-0.10	$-0.07	$-0.10

Over the 10 years reported for Kingsway Financial, borrowings decreased from $234.0M in 2016 to $78.0M in 2025, cash stood at $16.0M in the latest year, shareholders' equity was $0.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$501.0M	$485.0M	$357.0M	$400.0M	$452.0M	$476.0M	$286.0M	$198.0M	$187.0M	$231.0M
Current Assets	$68.0M	$72.0M	$28.0M	$31.0M	$0	$33.0M	$75.0M	$0	$0	$22.0M
Cash	$36.0M	$44.0M	$32.0M	$13.0M	$14.0M	$10.0M	$64.0M	$9.0M	$5.0M	$16.0M
Inventory	$81.0M	$21.0M	$27.0M	$44.0M	$0	$39.0M	$89.0M	$0	$0	$0
Receivables	$32.0M	$28.0M	$13.0M	$17.0M	$20.0M	$11.0M	$14.0M	$12.0M	$11.0M	$14.0M
Fixed Assets	$117.0M	$108.0M	$103.0M	$102.0M	$98.0M	$111.0M	$2.0M	$3.0M	$4.0M	$13.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$123.0M	$103.0M	$38.0M	$60.0M	$79.0M	$0	$57.0M	$48.0M	$49.0M	$42.0M
Other Assets	$71.0M	$80.0M	$74.0M	$82.0M	$121.0M	$110.0M	$45.0M	$50.0M	$57.0M	$69.0M
Total Liabilities	$438.0M	$435.0M	$333.0M	$379.0M	$434.0M	$461.0M	$264.0M	$173.0M	$168.0M	$197.0M
Current Liabilities	$2.0M	$3.0M	$2.0M	$32.0M	$0	$29.0M	$2.0M	$0	$0	$0
Borrowings	$234.0M	$243.0M	$236.0M	$262.0M	$272.0M	$97.0M	$103.0M	$46.0M	$60.0M	$78.0M
Other Liabilities	$204.0M	$192.0M	$96.0M	$117.0M	$162.0M	$364.0M	$160.0M	$127.0M	$108.0M	$119.0M
Equity	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Reserves	$62.0M	$44.0M	$19.0M	$8.0M	$5.0M	$1.0M	$22.0M	$28.0M	$17.0M	$31.0M

For Kingsway Financial, operating cash flow was positive in 2 of 10 reported years; free cash flow in the latest year was negative at $2.0M; free cash flow was positive in 2 of 10 years; financing activities used $1.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-16.0M	$-19.0M	$-10.0M	$-1.0M	$2.0M	$-6.0M	$-15.0M	$-26.0M	$1.0M	$0
Investing Cash Flow	$-9.0M	$29.0M	$20.0M	$-7.0M	$4.0M	$-9.0M	$127.0M	$6.0M	$-18.0M	$-31.0M
Financing Cash Flow	$0	$0	$0	$0	$0	$6.0M	$-39.0M	$4.0M	$-10.0M	$-1.0M
Net Cash Flow	$-15.0M	$8.0M	$6.0M	$-6.0M	$19.0M	$-18.0M	$47.0M	$-60.0M	$-4.0M	$3.0M
Free Cash Flow	$-16.0M	$-14.0M	$-10.0M	$-1.0M	$1.0M	$-7.0M	$12.0M	$-26.0M	$0	$-2.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	—
EV / EBITDA	651.48
FCF Yield	-0.66%
Quick Ratio	790.93
Interest Coverage	-2.80
Return 1Y	—
Return 3Y	—
Return 5Y	—

Kingsway Financial (KFS) financials — frequently asked questions

What is Kingsway Financial's annual revenue?

Kingsway Financial (KFS) reported annual revenue of $137.0M in its most recent fiscal year.

What is Kingsway Financial's net profit?

Kingsway Financial (KFS) reported a net loss of $11.0M in its most recent fiscal year.

What is KFS EV/EBITDA?

Kingsway Financial's enterprise value to EBITDA (EV/EBITDA) ratio is 651.48.

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