What are the investment strengths of Kingsway Financial Services Inc (KFS)?

Revenue of 128M with asset turnover of 0.60x near industry median 0.90x suggests operational base exists if margins normalize 15.9M spent on acquisitions TTM indicates management pursuing growth strategy that could drive scale benefits

What are the investment risks for Kingsway Financial Services Inc (KFS)?

Goodwill of 69.5M is 418% of common equity with 249K impairment already taken - material writedown risk remains Net margin of -8.3% TTM with ROE of -80% and negative tangible equity - equity is effectively worthless on liquidation

Kingsway Financial Services Inc

KFS

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Kingsway Financial Services Inc AI Insights

Informational only. Not investment advice.

As of 2026-01-20

Snapshot

Tangible book value is -107.8M with goodwill/intangibles of 124.5M comprising 748% of common equity - balance sheet is hollow[Tangible Book Value]
Debt/equity of 4.7x with -10.6M net loss TTM and 5.3M interest expense consuming 41% of EBIT loss - unsustainable capital structure[Debt to Equity]
ROIC of -11.2% TTM vs industry median +3.3% - destroying capital while trading at 2.9x P/S vs median 1.3x[ROIC]

Watch Triggers

Cash and Equivalents: Falls below 5M or requires debt/equity raise — 9.3M cash with -0.9M FCF gives ~10 quarters runway before liquidity crisis
EBIT: Turns positive for 2 consecutive quarters — Would signal turnaround and reduce restructuring probability
Goodwill: Additional impairment charges >10M — Would eliminate remaining common equity, triggering covenant issues

Bull Case

Revenue of 128M with asset turnover of 0.60x near industry median 0.90x suggests operational base exists if margins normalize

Total Revenue TTMAsset Turnover TTM

15.9M spent on acquisitions TTM indicates management pursuing growth strategy that could drive scale benefits

Purchase of Business

Bear Case

Goodwill of 69.5M is 418% of common equity with 249K impairment already taken - material writedown risk remains

GoodwillAsset Impairment Charge

Net margin of -8.3% TTM with ROE of -80% and negative tangible equity - equity is effectively worthless on liquidation

Net Margin TTMROE TTMTangible Book Value

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Without profitability turnaround, equity dilution or restructuring likely within 12-18 months

3-12mhigh

Negative FCF of -0.9M TTM with only 9.3M cash
77.9M debt against 16.6M common equity
Ongoing operating losses consuming liquidity

FCF TTM: -0.9M, Cash: 9.3MNet income TTM: -10.6M, EBIT: -7.6MDebt/equity: 4.7x

Valuation Context

Caveats

Public Strategies Rankings

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KFS Fundamentals

Wholesale Trade → Merchant Wholesalers, Durable Goods

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$298.87M		—
Enterprise Value	$368.58M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$136.72M	+21.5%	—
Earnings Per Share (diluted) - TTM	$-0.43		—
Operating Margin - TTM	0%		—
Net Margin - TTM	-7.85%	+0.4%	—
Free Cash Flow - TTM	$-1.62M		—
Return on Common Equity - TTM	-91.0%	-39.7%	—
Beta 5Y (Monthly)	unknown		—

KFS Dividend History

18 dividends

2009

$0.1600

06/11/09$0.0800

03/12/09$0.0800

2008

$1.2036

12/11/08$0.3000

09/11/08$0.3000

06/12/08$0.3000

03/13/08$0.3036

2007

$1.1212

12/12/07$0.2984

09/12/07$0.2844

06/13/07$0.2828

03/13/07$0.2556

2006

$0.9248

12/13/06$0.2608

09/13/06$0.2228

06/13/06$0.2260

03/13/06$0.2152

2005

$0.6648

12/13/05$0.1724

09/13/05$0.1696

06/13/05$0.1604

03/11/05$0.1624

KFS Stock Splits

1 stock split

07/05/124:1 split

KFS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/12/26	12/31/25	Unknown	0001437749-26-007961
11/06/25	09/30/25	10-Q	0001437749-25-033593
08/07/25	06/30/25	10-Q	0001437749-25-025403
05/08/25	03/31/25	10-Q	0001437749-25-015475
03/17/25	12/31/24	10-K	0001437749-25-008039
11/06/24	09/30/24	10-Q	0001437749-24-033642
08/06/24	06/30/24	10-Q	0001437749-24-024868
05/08/24	03/31/24	10-Q	0001437749-24-015352
03/05/24	12/31/23	10-K	0001437749-24-006644
11/07/23	09/30/23	10-Q	0001437749-23-030641
08/08/23	06/30/23	10-Q	0001437749-23-022509
05/09/23	03/31/23	10-Q	0001437749-23-013289
03/08/23	12/31/22	10-K	0001437749-23-005796
11/10/22	09/30/22	10-Q	0001437749-22-026904
08/04/22	06/30/22	10-Q	0001437749-22-018878
05/06/22	03/31/22	10-Q	0001437749-22-011339
02/28/22	12/31/21	10-K	0001437749-22-004674
11/05/21	09/30/21	10-Q	0001437749-21-025408
08/05/21	06/30/21	10-Q	0001437749-21-018802
05/13/21	03/31/21	10-Q	0001072627-21-000046
03/29/21	12/31/20	10-K	0001072627-21-000022
11/06/20	09/30/20	10-Q	0001072627-20-000130
08/13/20	06/30/20	10-Q	0001072627-20-000090
07/17/20	03/31/20	10-Q	0001072627-20-000081
07/10/20	12/31/19	10-K	0001072627-20-000075
04/10/20	09/30/19	10-Q	0001072627-20-000062
04/10/20	06/30/19	10-Q	0001072627-20-000061
04/09/20	03/31/19	10-Q	0001072627-20-000058
02/27/20	12/31/18	10-K	0001072627-20-000034
11/09/18	09/30/18	10-Q	0001072627-18-000155
08/08/18	06/30/18	10-Q	0001072627-18-000097
05/14/18	03/31/18	10-Q	0001072627-18-000052
03/16/18	12/31/17	10-K	0001072627-18-000030
02/27/20	09/30/17	10-Q/A	0001072627-20-000037
11/07/17	09/30/17	10-Q	0001072627-17-000185
02/27/20	06/30/17	10-Q/A	0001072627-20-000036
08/07/17	06/30/17	10-Q	0001072627-17-000113
02/27/20	03/31/17	10-Q/A	0001072627-20-000035
05/05/17	03/31/17	10-Q	0001072627-17-000075
03/13/17	12/31/16	10-K	0001072627-17-000030
11/03/16	09/30/16	10-Q	0001072627-16-000271
08/04/16	06/30/16	10-Q	0001072627-16-000235
05/05/16	03/31/16	10-Q	0001072627-16-000143
03/10/16	12/31/15	10-K	0001072627-16-000118
11/09/15	09/30/15	10-Q	0001072627-15-000089
08/06/15	06/30/15	10-Q	0001072627-15-000067
05/07/15	03/31/15	10-Q	0001072627-15-000044
03/13/15	12/31/14	10-K	0001072627-15-000023
11/05/14	09/30/14	10-Q	0001072627-14-000122
08/08/14	06/30/14	10-Q	0001072627-14-000082
05/08/14	03/31/14	10-Q	0001072627-14-000042
03/31/14	12/31/13	10-K	0001072627-14-000026
11/07/13	09/30/13	10-Q	0001072627-13-000118
08/08/13	06/30/13	10-Q	0001072627-13-000086
05/10/13	03/31/13	10-Q	0001072627-13-000033
03/22/13	12/31/12	10-K	0001072627-13-000013
11/09/12	09/30/12	10-Q	0001072627-12-000082
08/13/12	06/30/12	10-Q	0001072627-12-000057
05/14/12	03/31/12	10-Q	0001072627-12-000027
03/30/12	12/31/11	10-K	0001072627-12-000009
03/28/12	09/30/11	10-Q	0001445305-12-000821
03/28/12	06/30/11	10-Q	0001445305-12-000825
03/28/12	03/31/11	10-Q	0001445305-12-000823
03/31/11	12/31/10	40-F	0001279569-11-000419
11/12/10	09/30/10	6-K	0001279569-10-001346
08/13/10	06/30/10	6-K	0001279569-10-000959
05/14/10	03/31/10	6-K	0001279569-10-000604
04/02/10	12/31/09	40-F	0001279569-10-000402
11/06/09	09/30/09	6-K	0001279569-09-001387
08/07/09	06/30/09	6-K	0001279569-09-001014
05/11/09	03/31/09	10-Q	--
03/27/09	12/31/08	40-F	0001279569-09-000413
11/05/08	09/30/08	6-K	0001279569-08-001228
08/07/08	06/30/08	6-K	0001279569-08-000910
03/31/08	03/31/08	Unknown	--
03/28/08	12/31/07	40-F	0001279569-08-000396
09/30/07	09/30/07	6-K	0001279569-07-001643
06/30/07	06/30/07	6-K	0001279569-07-001146
03/31/07	03/31/07	6-K	0001279569-07-000639
03/30/07	12/31/06	40-F	0001279569-07-000442
09/30/06	09/30/06	6-K	0001193125-06-222303
06/30/06	06/30/06	Unknown	--
03/31/06	03/31/06	6-K	0001194396-06-000128
03/31/06	12/31/05	40-F	0001194396-06-000130
09/30/05	09/30/05	6-K	0001194396-05-000155
06/30/05	06/30/05	6-K	0001194396-05-000124
03/31/05	03/31/05	6-K	0001194396-05-000077
03/31/05	12/31/04	40-F	0001194396-05-000046
09/30/04	09/30/04	Unknown	--
06/30/04	06/30/04	6-K	0001194396-04-000070
03/31/04	03/31/04	6-K	0001194396-04-000061
05/18/04	12/31/03	40-F	0001194396-04-000051
09/30/03	09/30/03	6-K	0001193125-03-049010
06/30/03	06/30/03	6-K	0001194396-03-000075
03/31/03	03/31/03	Unknown	--
05/14/03	12/31/02	40-F	0001194396-03-000038
09/30/02	09/30/02	Unknown	--
06/30/02	06/30/02	Unknown	--
03/31/02	03/31/02	6-K	9999999997-02-022439
05/17/02	12/31/01	5	0000908662-02-000060
09/30/01	09/30/01	Unknown	--
06/30/01	06/30/01	Unknown	--
03/31/01	03/31/01	Unknown	--
12/31/00	12/31/00	Unknown	--
09/30/00	09/30/00	Unknown	--
06/30/00	06/30/00	Unknown	--
03/31/00	03/31/00	Unknown	--