Kingsway Financial Services Inc. (KFS) 10-Year Financial Performance & Capital Metrics

KFS • • Industrial / General

Consumer CyclicalAuto DealershipsAutomotive Services & AftermarketExtended Warranty & Insurance Services

AboutKingsway Financial Services Inc., through its subsidiaries, engages in the extended warranty business services, asset management, and real estate businesses. The company operates through three segments: Extended Warranty, Leased Real Estate, and Kingsway Search Xcelerator. The Extended Warranty segment markets, sells, and administers vehicle service agreements and related products for new and used automobiles, motorcycles, and ATVs. This segment also sells new home warranty products, as well as offers uninsured warrant administration services to homebuilders and homeowners; markets and distributes warranty products to manufacturers, distributors, and installers of heating, ventilation and air conditioning, standby generator, commercial LED lighting, and commercial refrigeration equipment; and provides equipment breakdown and maintenance support services to companies. The Leased Real Estate segment owns a parcel of real property consisting of approximately 192 acres located in the State of Texas. The Kingsway Search Xcelerator offers outsourced finance and human resources consulting services, including operational accounting, such as bookkeeping, accounting, financial reporting, and analysis and strategic finance services; technical accounting comprising initial public offerings, SEC reporting, and international consolidation services; human resources, workforce management, and compliance support services; and advisory services. The company offers its products and services through credit unions, dealers, homebuilders, and consumers. Kingsway Financial Services Inc. was incorporated in 1989 and is based in Itasca, Illinois.Show more

Revenue $113M +4.5%
EBITDA -$1M -104.2%
Net Income -$9M -139.4%
EPS (Diluted) -0.34 -138.2%
Gross Margin 100%
EBITDA Margin -1.12% -104.0%
Operating Margin -7.34% -133.4%
Net Margin -8.24% -137.7%
ROE -43.21% -142.9%
ROIC -9.24% -131.9%
Debt/Equity 3.29 +77.5%
Interest Coverage -1.72 -145.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 63.9%
✓Strong 5Y sales CAGR of 10.5%

✗Weaknesses

✗High debt to equity ratio of 3.3x
✗Weak Piotroski F-Score: 3/9
✗Expensive at 19.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.99%

5Y10.52%

3Y11.39%

TTM19.29%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-12.09%

EPS CAGR

10Y-

5Y-

3Y-

TTM-61.33%

ROCE

10Y Avg0.33%

5Y Avg2.46%

3Y Avg5.02%

Latest-4.3%

Peer Comparison

Extended Warranty & Insurance Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SDASunCar Technology Group Inc.	116.14M	2.09	-2.90	21.49%	-3.61%	-19.31%	9.69%	1.27
KFSKingsway Financial Services Inc.	379.41M	13.26	-39	4.53%	-8.29%	-60.38%	0.09%	3.29

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	158.75M	176.62M	193.18M	43.61M	68.25M	68.6M	81.41M	114.69M	107.66M	112.53M
Revenue Growth %	-0.15%	0.11%	0.09%	-0.77%	0.57%	0.01%	0.19%	0.41%	-0.06%	0.05%
Cost of Goods Sold+	5.29M	5.43M	7.69M	7.37M	0	0	0	0	0	0
COGS % of Revenue	0.03%	0.03%	0.04%	0.17%	-	-	-	-	-	-
Gross Profit+	153.46M	171.18M	185.49M	36.24M	68.25M	68.6M	81.41M	114.69M	107.66M	112.53M
Gross Margin %	0.97%	0.97%	0.96%	0.83%	1%	1%	1%	1%	1%	1%
Gross Profit Growth %	-0.16%	0.12%	0.08%	-0.8%	0.88%	0.01%	0.19%	0.41%	-0.06%	0.05%
Operating Expenses+	156.21M	178.04M	203.56M	-70.19M	69.66M	73.82M	88.04M	79.73M	84M	120.79M
OpEx % of Revenue	0.98%	1.01%	1.05%	-1.61%	1.02%	1.08%	1.08%	0.7%	0.78%	1.07%
Selling, General & Admin	41.76M	41.63M	46.27M	29.37M	35.76M	37.7M	45.24M	43.52M	41.8M	44.92M
SG&A % of Revenue	0.26%	0.24%	0.24%	0.67%	0.52%	0.55%	0.56%	0.38%	0.39%	0.4%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	0%	0%	0%	-	-	-	-	-	-
Other Operating Expenses	114.45M	136.41M	157.29M	-99.92M	33.9M	36.12M	42.8M	36.21M	42.2M	75.86M
Operating Income+	-1.53M	-6.85M	-11.65M	-16.21M	-1.41M	-5.22M	-6.63M	34.96M	23.65M	-8.26M
Operating Margin %	-0.01%	-0.04%	-0.06%	-0.37%	-0.02%	-0.08%	-0.08%	0.3%	0.22%	-0.07%
Operating Income Growth %	0.86%	-3.48%	-0.7%	-0.39%	0.91%	-2.71%	-0.27%	6.27%	-0.32%	-1.35%
EBITDA+	-284K	46.59M	52.12M	58.68M	-1.41M	-5.22M	-1.56M	41.41M	29.87M	-1.26M
EBITDA Margin %	-0%	0.26%	0.27%	1.35%	-0.02%	-0.08%	-0.02%	0.36%	0.28%	-0.01%
EBITDA Growth %	0.97%	165.05%	0.12%	0.13%	-1.02%	-2.71%	0.7%	27.49%	-0.28%	-1.04%
D&A (Non-Cash Add-back)	1.24M	53.44M	63.78M	74.89M	0	0	5.07M	6.45M	6.22M	7M
EBIT	-7.57M	-3.06M	-15.45M	-19.5M	0	0	-469K	43.05M	29.9M	-3.47M
Net Interest Income+	-5.28M	-7.39M	-12.61M	-13.58M	-15.06M	-13.67M	-6.16M	-8.09M	-6.25M	-4.79M
Interest Income	0	0	0	595K	0	0	0	0	0	0
Interest Expense	5.28M	7.39M	11.24M	12.26M	15.06M	13.67M	6.16M	8.09M	6.25M	4.79M
Other Income/Expense	-9.79M	-3.61M	-2.97M	-19.66M	-1.72M	914K	0	0	0	0
Pretax Income+	-11.32M	-10.45M	-29.42M	-20.36M	-3.13M	-4.31M	-6.63M	34.96M	23.65M	-8.26M
Pretax Margin %	-0.07%	-0.06%	-0.15%	-0.47%	-0.05%	-0.06%	-0.08%	0.3%	0.22%	-0.07%
Income Tax+	93K	-9.72M	-17.76M	358K	-363K	1.11M	-3.92M	4.83M	-1.9M	-147K
Effective Tax Rate %	-0.1%	-0.08%	0.53%	1.31%	1.88%	1.56%	0.05%	0.71%	1%	1.12%
Net Income+	1.11M	803K	-15.47M	-26.59M	-5.89M	-6.72M	-342K	24.72M	23.56M	-9.27M
Net Margin %	0.01%	0%	-0.08%	-0.61%	-0.09%	-0.1%	-0%	0.22%	0.22%	-0.08%
Net Income Growth %	1.09%	-0.27%	-20.26%	-0.72%	0.78%	-0.14%	0.95%	73.29%	-0.05%	-1.39%
Net Income (Continuing)	-11.41M	-733K	4.17M	-19.77M	-2.77M	-5.42M	-2.71M	30.13M	25.55M	-8.11M
Discontinued Operations	12.68M	-2.98M	-1.72M	-7.14M	-1.54M	6K	4.57M	-15.07M	-1.54M	-182K
Minority Interest	1.75M	829K	5.17M	5.63M	13.08M	14.16M	13.98M	437K	-3.1M	1.64M
EPS (Diluted)+	0.04	0.02	-0.72	-1.22	-0.13	-0.35	-0.04	1.05	0.89	-0.34
EPS Growth %	1.05%	-0.5%	-37%	-0.69%	0.89%	-1.69%	0.89%	29.3%	-0.15%	-1.38%
EPS (Basic)	0.04	0.02	-0.75	-1.22	-0.13	-0.35	-0.04	1.72	0.91	-0.34
Diluted Shares Outstanding	19.71M	20M	21.55M	21.73M	21.86M	22.18M	22.54M	25.3M	26.45M	27.19M
Basic Shares Outstanding	19.62M	20M	20.55M	21.73M	21.86M	22.18M	22.54M	22.96M	25.71M	27.19M
Dividend Payout Ratio	0.3%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	79.19M	68.44M	72.29M	27.73M	31.05M	0	33.35M	74.63M	0	0
Cash & Short-Term Investments	52.1M	36.88M	44.44M	32.07M	13.63M	35.25M	12.8M	64.33M	15.18M	13.63M
Cash Only	51.7M	36.48M	44.29M	31.91M	13.48M	14.37M	10.08M	64.17M	9.1M	5.49M
Short-Term Investments	400K	401K	151K	152K	155K	20.87M	157K	157K	6.08M	8.14M
Accounts Receivable	27.09M	31.56M	27.86M	12.96M	17.41M	20.25M	10.69M	14.02M	12.11M	10.94M
Days Sales Outstanding	62.29	65.23	52.63	108.45	93.12	107.75	47.92	44.63	41.05	35.47
Inventory	91.23M	80.66M	21.27M	27.45M	43.79M	0	39.2M	88.88M	0	0
Days Inventory Outstanding	6.3K	5.42K	1.01K	1.36K	-	-	-	-	-	-
Other Current Assets	0	0	0	0	-43.79M	-55.5M	-29.33M	-92.61M	-27.29M	-24.57M
Total Non-Current Assets+	33.31M	325.76M	306.29M	309.18M	330.64M	0	386.83M	80.28M	0	0
Property, Plant & Equipment	5.58M	116.96M	108.23M	103.14M	102.39M	97.97M	110.83M	1.68M	2.74M	3.96M
Fixed Asset Turnover	28.47x	1.51x	1.78x	0.42x	0.67x	0.70x	0.73x	68.11x	39.35x	28.44x
Goodwill	10.08M	71.06M	80.11M	73.93M	82.1M	121.13M	110.25M	45.5M	50.36M	56.52M
Intangible Assets	14.74M	89.02M	87.61M	83.82M	86.42M	84.13M	108.23M	33.1M	35.67M	40.05M
Long-Term Investments	105.43M	122.19M	103.08M	37.56M	59.73M	58.61M	0	56.73M	41.88M	41.34M
Other Non-Current Assets	-105.43M	-122.19M	-103.08M	-17.8M	-29.02M	-361.85M	28.97M	-60.91M	-130.64M	-141.87M
Total Assets+	241.02M	501.02M	484.6M	357.34M	399.62M	452.47M	475.63M	285.65M	197.72M	186.62M
Asset Turnover	0.66x	0.35x	0.40x	0.12x	0.17x	0.15x	0.17x	0.40x	0.54x	0.60x
Asset Growth %	-0.2%	1.08%	-0.03%	-0.26%	0.12%	0.13%	0.05%	-0.4%	-0.31%	-0.06%
Total Current Liabilities+	61K	2.05M	2.64M	2.4M	31.77M	0	28.85M	2.16M	0	0
Accounts Payable	145K	100K	27.86M	0	0	0	0	0	0	0
Days Payables Outstanding	10.01	6.72	1.32K	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	438K	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0
Other Current Liabilities	-12.54M	-5.35M	-10.36M	-16.95M	-17.44M	-46.81M	-26.27M	-31.2M	0	0
Current Ratio	1298.21x	33.37x	27.34x	11.55x	0.98x	-	1.16x	34.52x	-	-
Quick Ratio	-197.33x	-5.96x	19.30x	0.12x	-0.40x	-	-0.20x	-6.60x	-	-
Cash Conversion Cycle	6.35K	5.48K	-259.9	-	-	-	-	-	-	-
Total Non-Current Liabilities+	190.86M	435.71M	432.65M	348.18M	347.32M	0	460.88M	261.8M	0	0
Long-Term Debt	39.9M	233.69M	260.67M	253.26M	194.63M	268.29M	94.1M	102.09M	44.42M	57.54M
Capital Lease Obligations	0	0	0	0	3.53M	3.21M	2.48M	1.22M	1.2M	2.68M
Deferred Tax Liabilities	2.92M	48.72M	30.33M	28.53M	29.02M	27.55M	28.55M	4.18M	5.04M	4.37M
Other Non-Current Liabilities	113.72M	117.47M	171.98M	94.93M	92.66M	-387M	246.24M	72.39M	-134.65M	-147.7M
Total Liabilities	190.93M	437.76M	435.29M	332.55M	378.85M	433.81M	460.88M	263.53M	173.11M	168.31M
Total Debt+	39.9M	233.69M	243.49M	236.49M	262.06M	271.5M	96.58M	103.31M	45.61M	60.22M
Net Debt	-11.8M	197.22M	199.21M	204.57M	248.58M	257.13M	86.5M	39.14M	36.52M	54.73M
Debt / Equity	0.80x	3.69x	4.94x	9.54x	12.62x	14.55x	6.55x	4.67x	1.85x	3.29x
Debt / EBITDA	-	5.02x	4.67x	4.03x	-	-	-	2.50x	1.53x	-
Net Debt / EBITDA	-	4.23x	3.82x	3.49x	-	-	-	0.95x	1.22x	-
Interest Coverage	-0.29x	-0.93x	-1.04x	-1.32x	-0.09x	-0.38x	-1.08x	4.32x	3.78x	-1.72x
Total Equity+	50.1M	63.26M	49.31M	24.79M	20.77M	18.66M	14.75M	22.12M	24.61M	18.3M
Equity Growth %	0.04%	0.26%	-0.22%	-0.5%	-0.16%	-0.1%	-0.21%	0.5%	0.11%	-0.26%
Book Value per Share	2.54	3.16	2.29	1.14	0.95	0.84	0.65	0.87	0.93	0.67
Total Shareholders' Equity	48.34M	62.43M	44.14M	19.16M	7.69M	4.51M	773K	21.68M	27.71M	16.66M
Common Stock	0	0	0	470K	35.35M	0	30.78M	26.61M	0	0
Retained Earnings	-309M	-297.67M	-313.49M	-381.2M	-388.08M	-394.81M	-395.15M	-370.43M	-346.87M	-361.45M
Treasury Stock	0	0	0	0	-492K	-492K	-492K	-492K	-3.7M	-6.2M
Accumulated OCI	9.3M	-208K	-3.85M	40.51M	35.35M	38.06M	30.78M	26.61M	-1.54M	-718K
Minority Interest	1.75M	829K	5.17M	5.63M	13.08M	14.16M	13.98M	437K	-3.1M	1.64M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-32.8M	-15.59M	-18.98M	-10.14M	-759K	1.67M	-5.91M	-14.57M	-26.19M	1.07M
Operating CF Margin %	-0.21%	-0.09%	-0.1%	-0.23%	-0.01%	0.02%	-0.07%	-0.13%	-0.24%	0.01%
Operating CF Growth %	-1.24%	0.52%	-0.22%	0.47%	0.93%	3.2%	-4.53%	-1.47%	-0.8%	1.04%
Net Income	1.27M	522K	-11.13M	-29.4M	-4.31M	-6.73M	-4.92M	27.87M	24.01M	-9.09M
Depreciation & Amortization	1.84M	2.78M	5.57M	6.71M	6.92M	6.73M	5.07M	6.45M	6.22M	7M
Stock-Based Compensation	802K	1.01M	1.19M	-1.66M	1.23M	1.35M	0	4.05M	1.64M	0
Deferred Taxes	87K	-9.81M	-18.39M	-226K	-785K	-1M	0	1.41M	-1.92M	0
Other Non-Cash Items	-11.56M	-9.51M	573K	12.28M	-6.05M	-5.21M	-7.15M	-59.23M	-31.79M	4.46M
Working Capital Changes	-25.24M	-593K	3.21M	2.16M	2.25M	6.53M	1.09M	4.88M	-24.34M	-1.3M
Change in Receivables	4.08M	-4.25M	2.17M	997K	-3.93M	1.37M	-716K	-136K	3.67M	1.11M
Change in Inventory	-8.2M	2.87M	0	0	0	0	0	0	0	0
Change in Payables	-380K	-45K	0	0	0	0	0	0	0	0
Cash from Investing+	26.19M	-8.77M	24.56M	20.05M	-6.47M	4.01M	-8.6M	100.94M	6.46M	-16.85M
Capital Expenditures	-203K	-645K	4.55M	0	-212K	-213K	-830K	26.46M	-205K	-709K
CapEx % of Revenue	0%	0%	0.02%	-	0%	0%	0.01%	0.23%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	44.92M	1.25M	1.02M	8.84M	0	0	365K	55M	-14.49M	0
Cash from Financing+	-12.92M	9.13M	2.23M	-4.09M	1.31M	13.6M	-540K	-37.93M	-39.96M	11.44M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-329K	0	0	-780K	0	0	0	0	0	-13K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-12.59M	0	345K	302K	-89K	-243K	5.86M	-38.58M	7.15M	-7.31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-33.01M	-16.23M	-14.43M	-10.14M	-971K	1.46M	-6.74M	11.89M	-26.39M	358K
FCF Margin %	-0.21%	-0.09%	-0.07%	-0.23%	-0.01%	0.02%	-0.08%	0.1%	-0.25%	0%
FCF Growth %	-2.31%	0.51%	0.11%	0.3%	0.9%	2.5%	-5.62%	2.76%	-3.22%	1.01%
FCF per Share	-1.67	-0.81	-0.67	-0.47	-0.04	0.07	-0.30	0.47	-1.00	0.01
FCF Conversion (FCF/Net Income)	-29.63x	-19.41x	1.23x	0.38x	0.13x	-0.25x	17.27x	-0.59x	-1.11x	-0.12x
Interest Paid	0	7.3M	12.13M	11.37M	8.48M	7.82M	0	1.43M	24.58M	0
Taxes Paid	0	10K	37K	381K	138K	81K	0	501K	1.89M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.25%	1.42%	-27.48%	-71.76%	-25.84%	-34.11%	-2.05%	134.09%	100.83%	-43.21%
Return on Invested Capital (ROIC)	-3.43%	-3.44%	-3.43%	-5.09%	-0.42%	-1.44%	-2.64%	32.27%	28.99%	-9.24%
Gross Margin	96.67%	96.92%	96.02%	83.1%	100%	100%	100%	100%	100%	100%
Net Margin	0.7%	0.45%	-8.01%	-60.96%	-8.62%	-9.8%	-0.42%	21.56%	21.88%	-8.24%
Debt / Equity	0.80x	3.69x	4.94x	9.54x	12.62x	14.55x	6.55x	4.67x	1.85x	3.29x
Interest Coverage	-0.29x	-0.93x	-1.04x	-1.32x	-0.09x	-0.38x	-1.08x	4.32x	3.78x	-1.72x
FCF Conversion	-29.63x	-19.41x	1.23x	0.38x	0.13x	-0.25x	17.27x	-0.59x	-1.11x	-0.12x
Revenue Growth	-15.48%	11.25%	9.38%	-77.43%	56.5%	0.51%	18.68%	40.88%	-6.13%	4.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service Fees	-	-	-	-	-	-	44.2M	43.2M	56.71M	64.39M
Service Fees Growth	-	-	-	-	-	-	-	-2.26%	31.28%	13.54%
Extended Warranty	-	-	-	-	-	47.75M	-	-	-	-
Extended Warranty Growth	-	-	-	-	-	-	-	-	-	-
Leased Real Estate	-	-	-	-	-	13.61M	-	-	-	-
Leased Real Estate Growth	-	-	-	-	-	-	-	-	-	-
Vehicle service agreement fees	-	-	-	18.94M	24.86M	-	-	-	-	-
Vehicle service agreement fees Growth	-	-	-	-	31.29%	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line	126.37M	137.88M	140.34M	-	-	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line Growth	-	9.11%	1.79%	-	-	-	-	-	-	-
Operatings	149.7M	-	-	-	-	-	-	-	-	-
Operatings Growth	-	-	-	-	-	-	-	-	-	-
6400 to 6499 Insurance Agents, Brokers and Services	23.33M	-	-	-	-	-	-	-	-	-
6400 to 6499 Insurance Agents, Brokers and Services Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Kingsway Financial Services Inc. (KFS) reported $128.1M in revenue for fiscal year 2024. This represents a 44% decrease from $228.5M in 2011.

Kingsway Financial Services Inc. (KFS) grew revenue by 4.5% over the past year. Growth has been modest.

Kingsway Financial Services Inc. (KFS) reported a net loss of $10.6M for fiscal year 2024.

Dividend & Returns

Kingsway Financial Services Inc. (KFS) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Kingsway Financial Services Inc. (KFS) has a return on equity (ROE) of -43.2%. Negative ROE indicates the company is unprofitable.

Kingsway Financial Services Inc. (KFS) had negative free cash flow of $1.1M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Kingsway Financial Services Inc. (KFS) 10-Year Financial Performance & Capital Metrics

KFS • • Industrial / General

Consumer CyclicalAuto DealershipsAutomotive Services & AftermarketExtended Warranty & Insurance Services

Revenue $113M +4.5%
EBITDA -$1M -104.2%
Net Income -$9M -139.4%
EPS (Diluted) -0.34 -138.2%
Gross Margin 100%
EBITDA Margin -1.12% -104.0%
Operating Margin -7.34% -133.4%
Net Margin -8.24% -137.7%
ROE -43.21% -142.9%
ROIC -9.24% -131.9%
Debt/Equity 3.29 +77.5%
Interest Coverage -1.72 -145.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 63.9%
✓Strong 5Y sales CAGR of 10.5%

✗Weaknesses

✗High debt to equity ratio of 3.3x
✗Weak Piotroski F-Score: 3/9
✗Expensive at 19.7x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-4.99%

5Y10.52%

3Y11.39%

TTM19.29%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-12.09%

EPS CAGR

10Y-

5Y-

3Y-

TTM-61.33%

ROCE

10Y Avg0.33%

5Y Avg2.46%

3Y Avg5.02%

Latest-4.3%

Peer Comparison

Extended Warranty & Insurance Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SDASunCar Technology Group Inc.	116.14M	2.09	-2.90	21.49%	-3.61%	-19.31%	9.69%	1.27
KFSKingsway Financial Services Inc.	379.41M	13.26	-39	4.53%	-8.29%	-60.38%	0.09%	3.29

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	158.75M	176.62M	193.18M	43.61M	68.25M	68.6M	81.41M	114.69M	107.66M	112.53M
Revenue Growth %	-0.15%	0.11%	0.09%	-0.77%	0.57%	0.01%	0.19%	0.41%	-0.06%	0.05%
Cost of Goods Sold+	5.29M	5.43M	7.69M	7.37M	0	0	0	0	0	0
COGS % of Revenue	0.03%	0.03%	0.04%	0.17%	-	-	-	-	-	-
Gross Profit+	153.46M	171.18M	185.49M	36.24M	68.25M	68.6M	81.41M	114.69M	107.66M	112.53M
Gross Margin %	0.97%	0.97%	0.96%	0.83%	1%	1%	1%	1%	1%	1%
Gross Profit Growth %	-0.16%	0.12%	0.08%	-0.8%	0.88%	0.01%	0.19%	0.41%	-0.06%	0.05%
Operating Expenses+	156.21M	178.04M	203.56M	-70.19M	69.66M	73.82M	88.04M	79.73M	84M	120.79M
OpEx % of Revenue	0.98%	1.01%	1.05%	-1.61%	1.02%	1.08%	1.08%	0.7%	0.78%	1.07%
Selling, General & Admin	41.76M	41.63M	46.27M	29.37M	35.76M	37.7M	45.24M	43.52M	41.8M	44.92M
SG&A % of Revenue	0.26%	0.24%	0.24%	0.67%	0.52%	0.55%	0.56%	0.38%	0.39%	0.4%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	0%	0%	0%	-	-	-	-	-	-
Other Operating Expenses	114.45M	136.41M	157.29M	-99.92M	33.9M	36.12M	42.8M	36.21M	42.2M	75.86M
Operating Income+	-1.53M	-6.85M	-11.65M	-16.21M	-1.41M	-5.22M	-6.63M	34.96M	23.65M	-8.26M
Operating Margin %	-0.01%	-0.04%	-0.06%	-0.37%	-0.02%	-0.08%	-0.08%	0.3%	0.22%	-0.07%
Operating Income Growth %	0.86%	-3.48%	-0.7%	-0.39%	0.91%	-2.71%	-0.27%	6.27%	-0.32%	-1.35%
EBITDA+	-284K	46.59M	52.12M	58.68M	-1.41M	-5.22M	-1.56M	41.41M	29.87M	-1.26M
EBITDA Margin %	-0%	0.26%	0.27%	1.35%	-0.02%	-0.08%	-0.02%	0.36%	0.28%	-0.01%
EBITDA Growth %	0.97%	165.05%	0.12%	0.13%	-1.02%	-2.71%	0.7%	27.49%	-0.28%	-1.04%
D&A (Non-Cash Add-back)	1.24M	53.44M	63.78M	74.89M	0	0	5.07M	6.45M	6.22M	7M
EBIT	-7.57M	-3.06M	-15.45M	-19.5M	0	0	-469K	43.05M	29.9M	-3.47M
Net Interest Income+	-5.28M	-7.39M	-12.61M	-13.58M	-15.06M	-13.67M	-6.16M	-8.09M	-6.25M	-4.79M
Interest Income	0	0	0	595K	0	0	0	0	0	0
Interest Expense	5.28M	7.39M	11.24M	12.26M	15.06M	13.67M	6.16M	8.09M	6.25M	4.79M
Other Income/Expense	-9.79M	-3.61M	-2.97M	-19.66M	-1.72M	914K	0	0	0	0
Pretax Income+	-11.32M	-10.45M	-29.42M	-20.36M	-3.13M	-4.31M	-6.63M	34.96M	23.65M	-8.26M
Pretax Margin %	-0.07%	-0.06%	-0.15%	-0.47%	-0.05%	-0.06%	-0.08%	0.3%	0.22%	-0.07%
Income Tax+	93K	-9.72M	-17.76M	358K	-363K	1.11M	-3.92M	4.83M	-1.9M	-147K
Effective Tax Rate %	-0.1%	-0.08%	0.53%	1.31%	1.88%	1.56%	0.05%	0.71%	1%	1.12%
Net Income+	1.11M	803K	-15.47M	-26.59M	-5.89M	-6.72M	-342K	24.72M	23.56M	-9.27M
Net Margin %	0.01%	0%	-0.08%	-0.61%	-0.09%	-0.1%	-0%	0.22%	0.22%	-0.08%
Net Income Growth %	1.09%	-0.27%	-20.26%	-0.72%	0.78%	-0.14%	0.95%	73.29%	-0.05%	-1.39%
Net Income (Continuing)	-11.41M	-733K	4.17M	-19.77M	-2.77M	-5.42M	-2.71M	30.13M	25.55M	-8.11M
Discontinued Operations	12.68M	-2.98M	-1.72M	-7.14M	-1.54M	6K	4.57M	-15.07M	-1.54M	-182K
Minority Interest	1.75M	829K	5.17M	5.63M	13.08M	14.16M	13.98M	437K	-3.1M	1.64M
EPS (Diluted)+	0.04	0.02	-0.72	-1.22	-0.13	-0.35	-0.04	1.05	0.89	-0.34
EPS Growth %	1.05%	-0.5%	-37%	-0.69%	0.89%	-1.69%	0.89%	29.3%	-0.15%	-1.38%
EPS (Basic)	0.04	0.02	-0.75	-1.22	-0.13	-0.35	-0.04	1.72	0.91	-0.34
Diluted Shares Outstanding	19.71M	20M	21.55M	21.73M	21.86M	22.18M	22.54M	25.3M	26.45M	27.19M
Basic Shares Outstanding	19.62M	20M	20.55M	21.73M	21.86M	22.18M	22.54M	22.96M	25.71M	27.19M
Dividend Payout Ratio	0.3%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	79.19M	68.44M	72.29M	27.73M	31.05M	0	33.35M	74.63M	0	0
Cash & Short-Term Investments	52.1M	36.88M	44.44M	32.07M	13.63M	35.25M	12.8M	64.33M	15.18M	13.63M
Cash Only	51.7M	36.48M	44.29M	31.91M	13.48M	14.37M	10.08M	64.17M	9.1M	5.49M
Short-Term Investments	400K	401K	151K	152K	155K	20.87M	157K	157K	6.08M	8.14M
Accounts Receivable	27.09M	31.56M	27.86M	12.96M	17.41M	20.25M	10.69M	14.02M	12.11M	10.94M
Days Sales Outstanding	62.29	65.23	52.63	108.45	93.12	107.75	47.92	44.63	41.05	35.47
Inventory	91.23M	80.66M	21.27M	27.45M	43.79M	0	39.2M	88.88M	0	0
Days Inventory Outstanding	6.3K	5.42K	1.01K	1.36K	-	-	-	-	-	-
Other Current Assets	0	0	0	0	-43.79M	-55.5M	-29.33M	-92.61M	-27.29M	-24.57M
Total Non-Current Assets+	33.31M	325.76M	306.29M	309.18M	330.64M	0	386.83M	80.28M	0	0
Property, Plant & Equipment	5.58M	116.96M	108.23M	103.14M	102.39M	97.97M	110.83M	1.68M	2.74M	3.96M
Fixed Asset Turnover	28.47x	1.51x	1.78x	0.42x	0.67x	0.70x	0.73x	68.11x	39.35x	28.44x
Goodwill	10.08M	71.06M	80.11M	73.93M	82.1M	121.13M	110.25M	45.5M	50.36M	56.52M
Intangible Assets	14.74M	89.02M	87.61M	83.82M	86.42M	84.13M	108.23M	33.1M	35.67M	40.05M
Long-Term Investments	105.43M	122.19M	103.08M	37.56M	59.73M	58.61M	0	56.73M	41.88M	41.34M
Other Non-Current Assets	-105.43M	-122.19M	-103.08M	-17.8M	-29.02M	-361.85M	28.97M	-60.91M	-130.64M	-141.87M
Total Assets+	241.02M	501.02M	484.6M	357.34M	399.62M	452.47M	475.63M	285.65M	197.72M	186.62M
Asset Turnover	0.66x	0.35x	0.40x	0.12x	0.17x	0.15x	0.17x	0.40x	0.54x	0.60x
Asset Growth %	-0.2%	1.08%	-0.03%	-0.26%	0.12%	0.13%	0.05%	-0.4%	-0.31%	-0.06%
Total Current Liabilities+	61K	2.05M	2.64M	2.4M	31.77M	0	28.85M	2.16M	0	0
Accounts Payable	145K	100K	27.86M	0	0	0	0	0	0	0
Days Payables Outstanding	10.01	6.72	1.32K	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	438K	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0
Other Current Liabilities	-12.54M	-5.35M	-10.36M	-16.95M	-17.44M	-46.81M	-26.27M	-31.2M	0	0
Current Ratio	1298.21x	33.37x	27.34x	11.55x	0.98x	-	1.16x	34.52x	-	-
Quick Ratio	-197.33x	-5.96x	19.30x	0.12x	-0.40x	-	-0.20x	-6.60x	-	-
Cash Conversion Cycle	6.35K	5.48K	-259.9	-	-	-	-	-	-	-
Total Non-Current Liabilities+	190.86M	435.71M	432.65M	348.18M	347.32M	0	460.88M	261.8M	0	0
Long-Term Debt	39.9M	233.69M	260.67M	253.26M	194.63M	268.29M	94.1M	102.09M	44.42M	57.54M
Capital Lease Obligations	0	0	0	0	3.53M	3.21M	2.48M	1.22M	1.2M	2.68M
Deferred Tax Liabilities	2.92M	48.72M	30.33M	28.53M	29.02M	27.55M	28.55M	4.18M	5.04M	4.37M
Other Non-Current Liabilities	113.72M	117.47M	171.98M	94.93M	92.66M	-387M	246.24M	72.39M	-134.65M	-147.7M
Total Liabilities	190.93M	437.76M	435.29M	332.55M	378.85M	433.81M	460.88M	263.53M	173.11M	168.31M
Total Debt+	39.9M	233.69M	243.49M	236.49M	262.06M	271.5M	96.58M	103.31M	45.61M	60.22M
Net Debt	-11.8M	197.22M	199.21M	204.57M	248.58M	257.13M	86.5M	39.14M	36.52M	54.73M
Debt / Equity	0.80x	3.69x	4.94x	9.54x	12.62x	14.55x	6.55x	4.67x	1.85x	3.29x
Debt / EBITDA	-	5.02x	4.67x	4.03x	-	-	-	2.50x	1.53x	-
Net Debt / EBITDA	-	4.23x	3.82x	3.49x	-	-	-	0.95x	1.22x	-
Interest Coverage	-0.29x	-0.93x	-1.04x	-1.32x	-0.09x	-0.38x	-1.08x	4.32x	3.78x	-1.72x
Total Equity+	50.1M	63.26M	49.31M	24.79M	20.77M	18.66M	14.75M	22.12M	24.61M	18.3M
Equity Growth %	0.04%	0.26%	-0.22%	-0.5%	-0.16%	-0.1%	-0.21%	0.5%	0.11%	-0.26%
Book Value per Share	2.54	3.16	2.29	1.14	0.95	0.84	0.65	0.87	0.93	0.67
Total Shareholders' Equity	48.34M	62.43M	44.14M	19.16M	7.69M	4.51M	773K	21.68M	27.71M	16.66M
Common Stock	0	0	0	470K	35.35M	0	30.78M	26.61M	0	0
Retained Earnings	-309M	-297.67M	-313.49M	-381.2M	-388.08M	-394.81M	-395.15M	-370.43M	-346.87M	-361.45M
Treasury Stock	0	0	0	0	-492K	-492K	-492K	-492K	-3.7M	-6.2M
Accumulated OCI	9.3M	-208K	-3.85M	40.51M	35.35M	38.06M	30.78M	26.61M	-1.54M	-718K
Minority Interest	1.75M	829K	5.17M	5.63M	13.08M	14.16M	13.98M	437K	-3.1M	1.64M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-32.8M	-15.59M	-18.98M	-10.14M	-759K	1.67M	-5.91M	-14.57M	-26.19M	1.07M
Operating CF Margin %	-0.21%	-0.09%	-0.1%	-0.23%	-0.01%	0.02%	-0.07%	-0.13%	-0.24%	0.01%
Operating CF Growth %	-1.24%	0.52%	-0.22%	0.47%	0.93%	3.2%	-4.53%	-1.47%	-0.8%	1.04%
Net Income	1.27M	522K	-11.13M	-29.4M	-4.31M	-6.73M	-4.92M	27.87M	24.01M	-9.09M
Depreciation & Amortization	1.84M	2.78M	5.57M	6.71M	6.92M	6.73M	5.07M	6.45M	6.22M	7M
Stock-Based Compensation	802K	1.01M	1.19M	-1.66M	1.23M	1.35M	0	4.05M	1.64M	0
Deferred Taxes	87K	-9.81M	-18.39M	-226K	-785K	-1M	0	1.41M	-1.92M	0
Other Non-Cash Items	-11.56M	-9.51M	573K	12.28M	-6.05M	-5.21M	-7.15M	-59.23M	-31.79M	4.46M
Working Capital Changes	-25.24M	-593K	3.21M	2.16M	2.25M	6.53M	1.09M	4.88M	-24.34M	-1.3M
Change in Receivables	4.08M	-4.25M	2.17M	997K	-3.93M	1.37M	-716K	-136K	3.67M	1.11M
Change in Inventory	-8.2M	2.87M	0	0	0	0	0	0	0	0
Change in Payables	-380K	-45K	0	0	0	0	0	0	0	0
Cash from Investing+	26.19M	-8.77M	24.56M	20.05M	-6.47M	4.01M	-8.6M	100.94M	6.46M	-16.85M
Capital Expenditures	-203K	-645K	4.55M	0	-212K	-213K	-830K	26.46M	-205K	-709K
CapEx % of Revenue	0%	0%	0.02%	-	0%	0%	0.01%	0.23%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	44.92M	1.25M	1.02M	8.84M	0	0	365K	55M	-14.49M	0
Cash from Financing+	-12.92M	9.13M	2.23M	-4.09M	1.31M	13.6M	-540K	-37.93M	-39.96M	11.44M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-329K	0	0	-780K	0	0	0	0	0	-13K
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-12.59M	0	345K	302K	-89K	-243K	5.86M	-38.58M	7.15M	-7.31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-33.01M	-16.23M	-14.43M	-10.14M	-971K	1.46M	-6.74M	11.89M	-26.39M	358K
FCF Margin %	-0.21%	-0.09%	-0.07%	-0.23%	-0.01%	0.02%	-0.08%	0.1%	-0.25%	0%
FCF Growth %	-2.31%	0.51%	0.11%	0.3%	0.9%	2.5%	-5.62%	2.76%	-3.22%	1.01%
FCF per Share	-1.67	-0.81	-0.67	-0.47	-0.04	0.07	-0.30	0.47	-1.00	0.01
FCF Conversion (FCF/Net Income)	-29.63x	-19.41x	1.23x	0.38x	0.13x	-0.25x	17.27x	-0.59x	-1.11x	-0.12x
Interest Paid	0	7.3M	12.13M	11.37M	8.48M	7.82M	0	1.43M	24.58M	0
Taxes Paid	0	10K	37K	381K	138K	81K	0	501K	1.89M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.25%	1.42%	-27.48%	-71.76%	-25.84%	-34.11%	-2.05%	134.09%	100.83%	-43.21%
Return on Invested Capital (ROIC)	-3.43%	-3.44%	-3.43%	-5.09%	-0.42%	-1.44%	-2.64%	32.27%	28.99%	-9.24%
Gross Margin	96.67%	96.92%	96.02%	83.1%	100%	100%	100%	100%	100%	100%
Net Margin	0.7%	0.45%	-8.01%	-60.96%	-8.62%	-9.8%	-0.42%	21.56%	21.88%	-8.24%
Debt / Equity	0.80x	3.69x	4.94x	9.54x	12.62x	14.55x	6.55x	4.67x	1.85x	3.29x
Interest Coverage	-0.29x	-0.93x	-1.04x	-1.32x	-0.09x	-0.38x	-1.08x	4.32x	3.78x	-1.72x
FCF Conversion	-29.63x	-19.41x	1.23x	0.38x	0.13x	-0.25x	17.27x	-0.59x	-1.11x	-0.12x
Revenue Growth	-15.48%	11.25%	9.38%	-77.43%	56.5%	0.51%	18.68%	40.88%	-6.13%	4.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service Fees	-	-	-	-	-	-	44.2M	43.2M	56.71M	64.39M
Service Fees Growth	-	-	-	-	-	-	-	-2.26%	31.28%	13.54%
Extended Warranty	-	-	-	-	-	47.75M	-	-	-	-
Extended Warranty Growth	-	-	-	-	-	-	-	-	-	-
Leased Real Estate	-	-	-	-	-	13.61M	-	-	-	-
Leased Real Estate Growth	-	-	-	-	-	-	-	-	-	-
Vehicle service agreement fees	-	-	-	18.94M	24.86M	-	-	-	-	-
Vehicle service agreement fees Growth	-	-	-	-	31.29%	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line	126.37M	137.88M	140.34M	-	-	-	-	-	-	-
Property, Liability and Casualty Insurance Product Line Growth	-	9.11%	1.79%	-	-	-	-	-	-	-
Operatings	149.7M	-	-	-	-	-	-	-	-	-
Operatings Growth	-	-	-	-	-	-	-	-	-	-
6400 to 6499 Insurance Agents, Brokers and Services	23.33M	-	-	-	-	-	-	-	-	-
6400 to 6499 Insurance Agents, Brokers and Services Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Kingsway Financial Services Inc. (KFS) reported $128.1M in revenue for fiscal year 2024. This represents a 44% decrease from $228.5M in 2011.

Kingsway Financial Services Inc. (KFS) grew revenue by 4.5% over the past year. Growth has been modest.

Kingsway Financial Services Inc. (KFS) reported a net loss of $10.6M for fiscal year 2024.

Dividend & Returns

Kingsway Financial Services Inc. (KFS) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Kingsway Financial Services Inc. (KFS) has a return on equity (ROE) of -43.2%. Negative ROE indicates the company is unprofitable.

Kingsway Financial Services Inc. (KFS) had negative free cash flow of $1.1M in fiscal year 2024, likely due to heavy capital investments.