Cash flow generation is highly erratic, highlighted by an OCF/NI ratio of -1500.43 in 2026Q1, which suggests that non-cash reserve adjustments and claim timing significantly distort actual liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 8.77B | 75.86M | 57.95M | -11.33M | -915.52K | 24.35M | -10.23M | 29.86M | 22.3M | 28.05M | 15.2M | 20.4M | 17.33M | 7.38M | 6.38M | 7.25M | 3.72M | 1.2M | -752.64K | -374.38K | -315.61K | 477.18K | -721.5K | 7.08M | 335.9K | -1.2M | 230.51K | -6.56K | -180.86K | 64.04K | -104.93K |
| Operating CF Growth % | 48749.41% | 30.91% | 611.6% | -1137.2% | -103.76% | 337.88% | -134.28% | 33.92% | -20.5% | 84.5% | -25.49% | 17.71% | 134.75% | 15.81% | -12.11% | 94.92% | 210.27% | 259.36% | -101.04% | -18.62% | -166.14% | 166.14% | -110.19% | 2007.12% | 127.94% | -621.55% | 3613.86% | - | -382.42% | 161.03% | -169.87% |
| Operating CF / Revenue % | 4208.04% | 38.08% | 37.35% | -7.86% | -0.7% | 15.1% | -7.79% | 20.58% | 19.6% | 30.23% | 19.63% | 31.79% | 34.63% | 20.19% | 21.93% | 26.19% | 17.23% | 14.29% | -175.18% | -57.66% | -4.43% | 3.97% | -4.78% | 81.49% | 8.88% | -45.97% | 2.95% | -0.07% | -17.54% | 6.43% | -9.38% |
| Net Income | 31.08M | 40.77M | 18.36M | -6.17M | -22.52M | -7.38M | 972.39K | -5.97M | 3.09M | 9.99M | 8.9M | 6.96M | 5.33M | 2.01M | 766.71K | 2.5M | 983.14K | 4.82M | -977.21K | -47.45K | 508.38K | 495.76K | 1.37M | 1.29M | 1.05M | -929.55K | -3.72M | -450.04K | -111.58K | -143.99K | -5.1K |
| Depreciation & Amortization | 717.44M | 2.56M | 2.45M | 2.97M | 3.3M | 3.29M | 2.86M | 2.55M | 1.79M | 1.4M | 1.12M | 1.03M | 874.91K | 646.48K | 596.35K | 602.7K | 615.28K | 269.09K | 69.62K | 328.66K | 577.06K | 476.21K | 484.18K | 312.19K | 153.18K | 293.61K | 788.26K | 722K | 40.49K | 52.19K | 51.54K |
| Stock-Based Compensation | 655.13M | 1.48M | 1.38M | 832.6K | 1.39M | 1.9M | 1.77M | 1.5M | 702.65K | 270.23K | 106.88K | 134.19K | 171.88K | 59.96K | 48.28K | 105.88K | 348.86K | 88.98K | 112.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.59B | -201.55K | 4.93M | -1.2M | -5.42M | -2.2M | 3.11M | -1.99M | -5.4K | -1.81K | -293.36K | -226.93K | 113.82K | -724.05K | -338.72K | -325.11K | 724.79K | -294.11K | -487K | 6K | 360K | 14.8K | -54.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.93B | -834.17K | 465.67K | -908.37K | 13.75M | -9.19M | -671.54K | -3.88M | 3.04M | 469.87K | -80.38K | 150.6K | -583K | -371.94K | -319.64K | -373.83K | -161.82K | -5.2M | -16.81K | -750.27K | -814.47K | 0 | 7.39K | -157.25K | -306.12K | 557.93K | 2.41M | -52.81K | -1.7K | 13.42K | -20.95K |
| Working Capital Changes | 31.1M | 32.09M | 30.36M | -6.86M | 8.58M | 37.92M | -18.28M | 37.65M | 13.68M | 15.92M | 5.44M | 12.35M | 11.43M | 5.76M | 5.62M | 4.74M | 1.21M | 1.52M | 546.73K | 245.84K | -865.48K | -509.58K | -2.53M | 5.63M | -557.17K | -1.12M | 746.41K | -225.7K | -108.07K | 142.43K | -130.43K |
| Cash from Investing | -8.28B | -92.86M | -35.26M | 9.46M | -5.91M | -15.95M | 581.29K | -14.97M | -43.4M | -47.63M | -19.52M | -14.9M | -26M | -6.58M | -3.96M | -6.53M | -4.4M | -313.06K | 1.03M | 2.13M | -2.43M | 4.87M | -2.51M | -18.53M | -275.7K | 1.11M | -32.93K | -1.55M | -506.1K | -341.77K | -21.9K |
| Capital Expenditures | -1.94M | -2.81M | -2.34M | -1.83M | -4.55M | -4.5M | -3.33M | -3.94M | -2.73M | -2.82M | -576.21K | -1.26M | -808.48K | 0 | 0 | 0 | 0 | 1.87M | -4.44K | -213.31K | -187.44K | -32.88K | -110.12K | -133.22K | -28.8K | -25.58K | -165.41K | -124.53K | -15.05K | -56.09K | -175 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 233.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.37K | 311.51K | 414.35K | 1.26M | 0 | 0 | -950.69K | -67K | -67K | -106.04K | -211.05K | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -13.61B | -154.4M | -165M | -51.5M | -49.92M | -115.58M | -43.53M | -33.46M | -71.92M | -58.04M | -44.02M | -22.92M | -40.06M | -16.99M | -9.74M | -13.09M | -10.42M | -7.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 6.16B | 60.75M | 132.08M | 62.79M | 48.56M | 103.9M | 47.44M | 22.43M | 31.25M | 15.24M | 24.83M | 9.27M | 14.79M | 10.72M | 6.05M | 6.3M | 5.68M | 4.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -835.81M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 | -40.67M | -2M | 250.45K | 10.84K | -729.36K | -307.05K | -342.71K | -55.09K | -65.58K | -59.18K | 1.04M | 2.35M | -1.3M | 4.97M | -2.33M | -18.29M | -35.85K | 1.13M | 132.48K | -1.43M | -491.05K | -285.68K | -21.73K |
| Cash from Financing | -1.34B | 506.07K | -2.99M | -1.12M | -5.51M | -3.57M | -3.27M | -3.63M | -6.14M | 55.92M | 2.81M | -1.86M | -1.35M | 16.88M | -347.05K | -881.46K | 375.36K | -403.96K | -1.17M | -1.93M | 1.98M | -3.9M | 2.4M | 12.2M | 326.43K | -202.37K | -381.44K | 2.15M | 0 | 0 | 800K |
| Dividends Paid | -1.43M | -1.41M | 0 | 0 | -1.28M | -1.69M | -1.96M | -3.5M | -4.28M | -3.21M | -1.94M | -1.56M | -1.31M | -612.4K | -533.76K | -230.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -13.41K | 0 | -1.67M | -1.18M | 0 | -540.25K | -176.84K | -113.27K | -278.02K | -46.73K | -129.9K | -27.13K | -237.16K | 0 | 0 | 0 | 0 | 0 | 0 | -249.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 101.25K | 9.67M | 13.61M | 0 | 60.46K | 0 | 0 | 0 | 0 | 30.14M | 4.81M | 0 | 0 | 18.8M | 0 | 0 | 0 | 0 | 0 | 112.2K | 191.25K | 59.75K | 445.68K | 0 | 500K | 0 | 0 | 2.48M | 0 | 0 | 800K |
| Debt Issuance (Net) | -1.24M | -1000K | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | -1000K | 150K | -414K | 375.36K | -403.96K | -606.96K | -570.59K | 706.15K | -1000K | 1000K | 1000K | -140.24K | -235.7K | -381.44K | -328.68K | 0 | 0 | 0 |
| Other Financing | -1.33B | -576.52K | -1.45M | -14.3K | -2.15M | -205.77K | -133.94K | -130.9K | -1.32M | 50.28K | 54.87K | -19.94K | 9.43K | 11.75K | 63.84K | 0 | 0 | 0 | -562.18K | -1.47M | 1.09M | 0 | 0 | 0 | -33.33K | 33.33K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -848.65M | -16.49M | 19.69M | -2.98M | -12.33M | 4.83M | -12.93M | 11.25M | -27.24M | 36.34M | -1.51M | 3.64M | -10.02M | 17.68M | 2.07M | -153.49K | -298.7K | 482.37K | -887.87K | -165.59K | -765.08K | 1.45M | -833.4K | 741.9K | 386.63K | -296.65K | -183.87K | 589.75K | -686.96K | -277.73K | 673.16K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 12.18B | 28.67M | 8.98M | 11.96M | 24.29M | 19.46M | 32.39M | 21.14M | 48.38M | 12.04M | 13.55M | 9.91M | 19.92M | 2.24M | 173.13K | 326.62K | 625.32K | 142.95K | 1.03M | 1.2M | 1.96M | 515.9K | 1.35M | 607.4K | 220.77K | 517.42K | 943.18K | 353.43K | 1.04M | 1.32M | 644.96K |
| Cash at End | 11.36B | 12.18M | 28.67M | 8.98M | 11.96M | 24.29M | 19.46M | 32.39M | 21.14M | 48.38M | 12.04M | 13.55M | 9.91M | 19.92M | 2.24M | 173.13K | 326.62K | 625.32K | 142.95K | 1.03M | 1.2M | 1.96M | 515.9K | 1.35M | 607.4K | 220.77K | 759.31K | 943.18K | 353.43K | 1.04M | 1.32M |
| Free Cash Flow | 8.77B | 73.05M | 55.61M | -13.15M | -5.47M | 19.85M | -13.56M | 25.92M | 19.56M | 25.22M | 14.62M | 19.14M | 16.52M | 7.38M | 6.38M | 7.25M | 3.72M | 3.07M | -757.08K | -587.68K | -503.04K | 444.3K | -831.63K | 6.94M | 307.1K | -1.23M | 65.09K | -131.09K | -195.91K | 7.95K | -105.11K |
| FCF Growth % | 12981.16% | 31.36% | 522.76% | -140.64% | -127.54% | 246.35% | -152.32% | 32.49% | -22.43% | 72.46% | -23.6% | 15.84% | 123.8% | 15.81% | -12.11% | 94.92% | 21.25% | 505.38% | -28.82% | -16.83% | -213.22% | 153.42% | -111.98% | 2161.32% | 125.01% | -1986.18% | 149.66% | - | -2564.61% | 107.56% | -172.11% |
| FCF Margin % | 4207.1% | 36.67% | 35.84% | -9.12% | -4.2% | 12.31% | -10.32% | 17.86% | 17.2% | 27.19% | 18.89% | 29.83% | 33.01% | 20.19% | 21.93% | 26.19% | 17.23% | 36.58% | -176.21% | -90.52% | -7.06% | 3.7% | -5.51% | 79.95% | 8.12% | -46.95% | 0.83% | -1.45% | -19% | 0.8% | -9.4% |
| FCF per Share | 606.8 | 5.17 | 4.48 | -1.22 | -0.51 | 1.87 | -1.26 | 2.41 | 1.83 | 2.38 | 1.87 | 2.59 | 2.25 | 1.82 | 1.65 | 1.85 | 1.08 | 1.03 | -0.25 | -0.2 | -0.15 | 0.15 | -0.26 | 2.35 | 0.13 | -0.5 | 0.02 | -0.06 | -0.18 | 0.01 | -0.12 |
Catastrophe liquidity mismatch
As reported in recent financial statements, Kingstone's operating cash flow exhibits extreme volatility, swinging from a $8.7 billion inflow in 2026Q1 to significantly lower quarterly figures, which suggests that the timing of premium collections and claim settlements remains highly sensitive to seasonal catastrophe events in New York.
The wide variance in operating cash flow relative to net income indicates that the company's cash generation is not consistently tracking with accounting earnings. This disconnect suggests that underwriting cash flows are heavily influenced by the timing of reinsurance recoveries and the lumpiness of claim payments, which may complicate short-term liquidity planning.
Based on historical filings, the company frequently rotates its investment portfolio, with quarterly purchase activity often exceeding $40 million, indicating that management relies on active portfolio turnover to manage liquidity needs rather than maintaining a large, static cash buffer to cover potential underwriting volatility.
The consistent pattern of purchasing and selling investment securities suggests that the portfolio serves as the primary liquidity engine for the firm. Investors should monitor whether this reliance on asset sales to fund operations could force the realization of losses during periods of market stress or elevated claim activity.
According to the provided data, the OCF/NI ratio has fluctuated wildly, reaching a negative 1500.43 in 2026Q1, which highlights a significant divergence between reported net income and actual cash generation, likely driven by non-cash reserve adjustments and the timing of claim-related cash outflows.
This extreme ratio suggests that net income is a poor proxy for the company's immediate cash-generating capacity. The reliance on reserve development to smooth earnings appears to obscure the underlying cash reality, warranting further investigation into the sustainability of current underwriting cash flows.
As indicated by the quarterly claims data, Kingstone faces significant fluctuations in loss payments, with figures reaching $45.6 million in 2026Q1, suggesting that the company's cash position is highly vulnerable to the timing of large-scale claim settlements within its concentrated New York homeowners insurance book.
The variability in claims payments implies that the company must maintain a high degree of operational agility to match cash outflows with premium inflows. If claim severity trends upward due to inflationary pressures, the current cash flow structure may struggle to maintain adequate liquidity without further portfolio liquidation.
Quick answers to the most common questions about buying KINS stock.
Kingstone Companies, Inc. (KINS) generated $75.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kingstone Companies, Inc. (KINS) generated $73.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Kingstone Companies, Inc. (KINS) spent $2.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kingstone Companies, Inc. (KINS) returned $1.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.