Revenue growth remains robust at 28.39% year-over-year, though underwriting profitability is inconsistent, evidenced by a combined ratio that spiked to 112.4% in 2026Q1.
| 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 |
|---|
| Revenue | 208.47M | 199.19M | 155.14M | 144.19M | 130.16M | 161.23M | 131.37M | 145.12M | 113.77M | 92.77M | 77.44M | 64.18M | 50.05M | 36.57M | 29.08M | 27.69M | 21.6M | 8.39M | 429.64K | 649.25K | 7.12M | 12.02M | 15.09M | 8.69M | 3.78M | 2.62M | 7.82M | 9.07M | 1.03M | 996.62K | 1.12M |
| Revenue Growth % | 22.72% | 28.39% | 7.6% | 10.78% | -19.27% | 22.73% | -9.48% | 27.55% | 22.64% | 19.8% | 20.66% | 28.22% | 36.88% | 25.75% | 5% | 28.23% | 157.38% | 1852.98% | -33.82% | -90.88% | -40.74% | -20.34% | 73.71% | 129.56% | 44.68% | -66.54% | -13.82% | - | 3.45% | -10.91% | 9.24% |
| Medical Costs & Claims | 93.37M | 84.27M | 96.56M | 116.21M | 122.97M | 135.09M | 98.26M | 120.28M | 83.64M | 55.37M | 46.12M | 38.5M | 29.16M | 22.95M | 18.48M | 14.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 826.28K | 1.3M | 1.44M | 19.57K | 23.2K | 14.29K |
| Medical Cost Ratio % | 44.79% | 42.3% | 62.24% | 80.6% | 94.48% | 83.78% | 74.8% | 82.88% | 73.51% | 59.68% | 59.55% | 59.99% | 58.26% | 62.76% | 63.56% | 53.45% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 31.59% | 16.67% | 15.92% | 1.9% | 2.33% | 1.28% |
| Gross Profit | 115.1M | 114.93M | 58.58M | 27.98M | 7.19M | 26.14M | 33.11M | 24.84M | 30.13M | 37.4M | 31.32M | 25.68M | 20.89M | 13.62M | 10.6M | 12.89M | 21.6M | 7.67M | 911.23K | 5.75M | 11.08M | 13.92M | 15.09M | 8.69M | 3.78M | 2.69M | 6.51M | 7.63M | 1.01M | 973.42K | 1.1M |
| Gross Margin % | 55.21% | 57.7% | 37.76% | 19.4% | 5.52% | 16.22% | 25.2% | 17.12% | 26.49% | 40.32% | 40.45% | 40.01% | 41.74% | 37.24% | 36.44% | 46.55% | 100% | 91.37% | 212.09% | 884.9% | 155.61% | 115.83% | 100% | 100% | 100% | 103.02% | 83.33% | 84.08% | 98.1% | 97.67% | 98.72% |
| Gross Profit Growth % | - | 96.19% | 109.38% | 289.24% | -72.51% | -21.04% | 33.27% | -17.55% | -19.43% | 19.42% | 21.97% | 22.9% | 53.44% | 28.5% | -17.8% | -40.31% | 181.68% | 741.37% | -84.14% | -48.16% | -20.39% | -7.73% | 73.71% | 129.56% | 40.44% | -58.63% | -14.59% | - | 3.91% | -11.86% | 9.63% |
| Operating Expenses | 76.18M | 63.88M | 35.29M | 35.34M | 35.13M | 35.55M | 34.4M | 32.63M | 27.13M | 23.03M | 17.9M | 15.37M | 13.02M | 10.84M | 9.53M | 9.3M | 19.75M | 8.61M | 1.45M | 2.36M | 7.55M | 10.77M | 13.17M | 7.43M | 3.01M | 2.59M | 7.73M | 8.07M | 1.12M | 1.11M | 1.1M |
| OpEx / Revenue % | 36.54% | 32.07% | 22.75% | 24.51% | 26.99% | 22.05% | 26.18% | 22.48% | 23.84% | 24.83% | 23.12% | 23.95% | 26.01% | 29.65% | 32.76% | 33.58% | 91.44% | 102.6% | 337.15% | 363.48% | 106.08% | 89.64% | 87.27% | 85.54% | 79.58% | 98.86% | 98.87% | 89.03% | 108.5% | 111.72% | 98.76% |
| Depreciation & Amortization | 2.65M | 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 | 36.77K | 121.56K | 577.06K | 476.21K | 484.18K | 312.19K | 153.18K | 293.61K | 788.26K | 722K | 40.49K | 52.19K | 51.54K |
| Combined Ratio % | 81.33% | 74.37% | 84.99% | 105.11% | 121.47% | 105.84% | 100.98% | 105.36% | 97.36% | 84.51% | 82.67% | 83.94% | 84.27% | 92.41% | 96.32% | 87.03% | 91.44% | 102.6% | 337.15% | 363.48% | 106.08% | 89.64% | 87.27% | 85.54% | 79.58% | 130.45% | 115.54% | 104.95% | 110.4% | 114.05% | 100.04% |
| Operating Income | 38.93M | 51.05M | 23.29M | -7.37M | -27.94M | -9.41M | -1.29M | -7.78M | 3.01M | 14.37M | 13.42M | 10.31M | 7.88M | 2.78M | 1.07M | 3.59M | 1.85M | -218.51K | -1.02M | -1.71M | -432.75K | 1.25M | 1.92M | 1.26M | 772.78K | -796.42K | -1.21M | -448.9K | -107.25K | -140K | -443 |
| Operating Margin % | 18.67% | 25.63% | 15.01% | -5.11% | -21.47% | -5.84% | -0.98% | -5.36% | 2.64% | 15.49% | 17.33% | 16.06% | 15.73% | 7.59% | 3.68% | 12.97% | 8.56% | -2.6% | -237.15% | -263.48% | -6.08% | 10.36% | 12.73% | 14.46% | 20.42% | -30.45% | -15.54% | -4.95% | -10.4% | -14.05% | -0.04% |
| Operating Income Growth % | - | 119.19% | 416.18% | 73.64% | -196.96% | -630.65% | 83.45% | -358.81% | -79.07% | 7.09% | 30.16% | 30.9% | 183.64% | 159.59% | -70.22% | 94.21% | 946.35% | 78.55% | 40.44% | -295.29% | -134.76% | -35.19% | 53.01% | 62.48% | 197.03% | 34.41% | -170.49% | - | 23.39% | -31502.26% | -100.78% |
| EBITDA | 41.58M | 53.61M | 25.74M | -4.39M | -24.64M | -6.12M | 1.58M | -5.24M | 4.79M | 15.77M | 14.54M | 11.34M | 8.75M | 3.42M | 1.67M | 4.19M | 2.46M | 50.58K | -982.11K | -1.59M | 144.31K | 1.72M | 2.41M | 1.57M | 925.96K | -502.81K | -425.99K | 273.1K | -66.76K | -87.81K | 51.1K |
| EBITDA Margin % | 19.94% | 26.91% | 16.59% | -3.05% | -18.93% | -3.8% | 1.2% | -3.61% | 4.21% | 17% | 18.78% | 17.67% | 17.48% | 9.36% | 5.73% | 15.15% | 11.41% | 0.6% | -228.59% | -244.75% | 2.03% | 14.32% | 15.94% | 18.05% | 24.47% | -19.23% | -5.45% | 3.01% | -6.47% | -8.81% | 4.57% |
| Interest Expense | 287.76K | 445.21K | 3.51M | 4M | 2.02M | 1.83M | 1.83M | 1.83M | 1.82M | 60.34K | 0 | 0 | 0 | 75.73K | 81.62K | 120.88K | 259.38K | 311.38K | 337.27K | 471.35K | 1.35M | 1.11M | 1.26M | 420.19K | 64.3K | 47.43K | 144.17K | 0 | 0 | 0 | 0 |
| Non-Operating Income | -217.76K | -445.21K | -3.51M | -4M | -2.02M | -1.83M | -1.83M | -1.83M | -1.82M | 0 | 0 | 0 | 0 | -75.73K | -81.62K | -120.88K | -259.38K | -5.55M | -987.43K | -1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 38.93M | 51.05M | 23.29M | -7.37M | -27.94M | -9.41M | -1.29M | -7.78M | 3.01M | 14.31M | 13.42M | 10.31M | 7.88M | 2.78M | 1.07M | 3.59M | 1.85M | 5.02M | -368.72K | -884.52K | 305.71K | 901.76K | 1.86M | 1.36M | 710.95K | -1.02M | -3.69M | -442.8K | -107.25K | -140K | -443 |
| Pretax Margin % | 18.67% | 25.63% | 15.01% | -5.11% | -21.47% | -5.84% | -0.98% | -5.36% | 2.64% | 15.43% | 17.33% | 16.06% | 15.73% | 7.59% | 3.68% | 12.97% | 8.56% | 59.83% | -85.82% | -136.24% | 4.29% | 7.5% | 12.3% | 15.64% | 18.79% | -39.18% | -47.26% | -4.88% | -10.4% | -14.05% | -0.04% |
| Income Tax | 7.85M | 10.28M | 4.93M | -1.2M | -5.42M | -2.03M | -2.26M | -1.82M | -86.18K | 4.32M | 4.52M | 3.35M | 2.55M | 764.27K | 302.91K | 1.09M | 767.43K | -66.8K | -448.2K | -419.23K | 137.57K | 406K | 481.4K | 22.61K | 10.53K | 16.91K | 25K | 7.24K | 4.33K | 3.99K | 4.66K |
| Effective Tax Rate % | 20.17% | 20.14% | 21.17% | 16.25% | 19.39% | 21.59% | 175.51% | 23.34% | -2.87% | 30.21% | 33.68% | 32.49% | 32.34% | 27.53% | 28.32% | 30.31% | 41.5% | -1.33% | 121.55% | 47.4% | 45% | 45.02% | 25.94% | 1.66% | 1.48% | -1.65% | -0.68% | -1.63% | -4.04% | -2.85% | -1051.02% |
| 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 |
| Net Margin % | 14.91% | 20.47% | 11.83% | -4.28% | -17.31% | -4.58% | 0.74% | -4.11% | 2.72% | 10.76% | 11.49% | 10.84% | 10.65% | 5.5% | 2.64% | 9.04% | 4.55% | 57.45% | -227.45% | -7.31% | 7.14% | 4.12% | 9.11% | 14.85% | 27.64% | -35.54% | -47.58% | -4.96% | -10.82% | -14.45% | -0.46% |
| Net Income Growth % | 49.3% | 122.06% | 397.62% | 72.62% | -205.28% | -858.78% | 116.3% | -292.88% | -69.03% | 12.21% | 27.88% | 30.61% | 164.79% | 162.46% | -69.37% | 154.61% | -79.61% | 593.33% | -1959.66% | -109.33% | 2.55% | -63.93% | 6.56% | 23.31% | 212.53% | 75% | -726.21% | - | 22.51% | -2723.93% | -109.95% |
| EPS (Diluted) | 2.15 | 2.88 | 1.48 | -0.57 | -2.12 | -0.70 | 0.09 | -0.55 | 0.29 | 0.94 | 1.14 | 0.94 | 0.72 | 0.50 | 0.20 | 0.64 | 0.29 | 1.62 | -0.33 | -0.02 | 0.17 | 0.17 | 0.44 | 0.45 | 0.45 | -0.38 | -1.26 | -0.19 | -0.10 | -0.13 | -0.01 |
| EPS Growth % | 35.22% | 94.59% | 359.65% | 73.11% | -202.86% | -872.63% | 116.47% | -289.66% | -69.15% | -17.54% | 21.28% | 30.56% | 44% | 150% | -68.75% | 120.69% | -82.1% | 590.91% | -1962.5% | -109.41% | 0% | -61.36% | -2.22% | 0% | 218.42% | 69.84% | -563.16% | - | 23.23% | - | -106% |
| EPS (Basic) | - | 2.93 | 1.60 | -0.57 | -2.12 | -0.70 | 0.09 | -0.55 | 0.29 | 0.96 | 1.15 | 0.95 | 0.73 | 0.51 | 0.20 | 0.65 | 0.29 | 1.62 | -0.33 | -0.02 | 0.18 | 0.18 | 0.55 | 0.50 | 0.45 | -0.38 | -1.26 | -0.19 | -0.10 | -0.13 | -0.01 |
| Diluted Shares Outstanding | 14.45M | 14.14M | 12.42M | 10.76M | 10.65M | 10.59M | 10.73M | 10.77M | 10.72M | 10.58M | 7.81M | 7.38M | 7.36M | 4.06M | 3.87M | 3.92M | 3.43M | 2.98M | 2.97M | 2.96M | 3.25M | 2.92M | 3.23M | 2.95M | 2.41M | 2.45M | 2.95M | 2.35M | 1.12M | 1.12M | 847.24K |
New York geographic concentration
According to recent financial disclosures, Kingstone achieved a 28.39% year-over-year revenue growth rate, suggesting that aggressive rate adjustments are successfully penetrating the New York market, though the sustainability of this top-line expansion remains contingent on the company's ability to maintain policy retention in a hardening environment.
The recent acceleration in top-line growth appears to be driven by significant rate increases rather than organic volume expansion. Investors should monitor whether these price hikes eventually lead to adverse selection or a decline in policyholder retention, which would undermine the company's long-term competitive positioning in the tri-state area.
Based on reported figures, the combined ratio fluctuated significantly, reaching a peak of 112.4% in 2026Q1, which indicates that underwriting losses are periodically offsetting operational gains and forcing a reliance on investment income to achieve bottom-line profitability during periods of elevated catastrophe-related claims activity.
The volatility in the combined ratio suggests that Kingstone's underwriting results are highly sensitive to weather-related events and potential reserve adjustments. The inability to consistently maintain a combined ratio below 100% implies that the current pricing strategy may not yet fully account for the underlying risk profile of the New York coastal book.
As reported in financial statements, the dramatic shift in 2025Q4 to a -30.2% loss ratio suggests that prior-year reserve releases are significantly distorting current-period earnings, potentially masking the true underlying underwriting performance and creating a misleading picture of the company's core profitability for the fiscal year.
The extreme variance in loss ratios between quarters warrants further investigation into the actuarial assumptions governing reserve development. Such fluctuations may indicate that the company is either overly conservative in its initial loss estimates or is utilizing reserve releases to smooth earnings during periods of operational stress.
Based on the provided data, the company's cash position of $12.1 million relative to its quarterly revenue suggests a vulnerable liquidity profile, which may limit management's ability to respond to sudden catastrophe events without potentially liquidating investment assets at unfavorable prices or increasing reliance on external financing.
The low cash-to-revenue ratio appears to be a structural concern for an insurer operating in a high-risk coastal environment. This lack of immediate liquidity may force the company to maintain a more conservative investment posture, potentially limiting the yield-generating capacity of its float and constraining its ability to pursue growth opportunities.
Quick answers to the most common questions about buying KINS stock.
For fiscal year 2025, Kingstone Companies, Inc. (KINS) reported total revenue of $199.2M. This represents a 17706.6% increase compared to $1.1M in 1996.
Kingstone Companies, Inc. (KINS) is profitable, generating $40.8M in net income for the fiscal year ending 2025 with a net profit margin of 20.5%.
Kingstone Companies, Inc. (KINS) reported an operating income of $51.0M, resulting in an operating profit margin of 25.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Kingstone Companies, Inc. (KINS) generated $114.9M in gross profit for the year, representing a gross profit margin of 57.7%. This demonstrates the company's core pricing power and production efficiency.