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Kingsway Financial Services Inc. through its subsidiaries, engages in the extended warranty and business services in the United States. It operates through two segments: Kingsway Search Xcelerator and Extended Warranty. 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 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, as well as after-market vehicle protection services. Its Kingsway Search Xcelerator segment 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, Securities and Exchange Commission reporting, and international consolidation services; human resources, workforce management, and compliance support services; and advisory services. This segment also provides financial executive services for project and interim staffing engagements; search services for permanent placements; healthcare staffing services to acute healthcare facilities for short-term and day-to-day needs of hospitals; software products for the management needs of all types of shared-ownership properties; and fully managed outsourced cardiac telemetry services, as well as provides mobile monitors to the hospitals. It also offers information technology managed services, as well as Electric Motor Solutions and Vertical Market Software services. The company offers its products and services through credit unions and dealers. Kingsway Financial Services Inc. was incorporated in 1989 and is headquartered in Chicago, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $137M | $-9M | $-11M | $-2M | -31.2% | 21.5% | - |
| 2024 | $113M | $-3M | $-9M | $0M | -50.7% | 4.5% | -139.4% |
| 2023 | $108M | $30M | $24M | $-26M | 95.7% | -6.1% | -4.7% |
| 2022 | $115M | $43M | $25M | $-15M | 111.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 114.69 | 107.66 | 112.53 | 136.72 |
| EBIT | 43.05 | 29.90 | -3.47 | -8.55 |
| Pretax Income | 34.96 | 23.65 | -8.26 | -14 |
| Tax Provision | 4.83 | -1.90 | -0.15 | -3.75 |
| Net Income | 24.72 | 23.56 | -9.27 | -10.73 |
| Net Income Common Stockholders | 24.42 | 23.48 | -9.45 | -11.92 |
| Total Expenses | 79.73 | 84 | 120.79 | 150.72 |
| Interest Expense | 8.09 | 6.25 | 4.79 | 5.45 |
| Interest Income | 0.71 | 1.11 | 1.35 | 1.44 |
| Selling General And Administration | 43.52 | 41.80 | 44.92 | 61.22 |
| Normalized Income | 11.77 | -0.15 | -6.29 | -10.21 |
| Basic EPS | 1.06 | 0.91 | -0.35 | -0.43 |
| Diluted EPS | 0.98 | 0.89 | -0.35 | -0.43 |
| Tax Effect Of Unusual Items | 4.49 | 6.71 | -0.05 | -0.19 |
| Tax Rate For Calcs | 0.14 | 0.21 | 0.02 | 0.27 |
| Total Unusual Items | 32.51 | 31.96 | -2.85 | -0.71 |
| Total Unusual Items Excluding Goodwill | 32.51 | 31.96 | -2.85 | -0.71 |
| Net Income From Continuing Operation Net Minority Interest | 39.79 | 25.10 | -9.09 | -10.73 |
| Reconciled Depreciation | 6.45 | 6.22 | 7 | 9.22 |
| Net Interest Income | -8.09 | -6.25 | -4.79 | -5.45 |
| Net Income From Continuing And Discontinued Operation | 24.72 | 23.56 | -9.27 | -10.73 |
| Diluted Average Shares | 25.30 | 26.45 | 27.19 | 27.86 |
| Basic Average Shares | 22.96 | 25.71 | 27.19 | 27.86 |
| Diluted NI Availto Com Stockholders | 24.42 | 23.48 | -9.45 | -11.92 |
| Preferred Stock Dividends | 0.31 | 0.07 | 0.18 | 1.19 |
| Minority Interests | 9.66 | -0.45 | -0.98 | -0.48 |
| Net Income Including Noncontrolling Interests | 15.06 | 24.01 | -8.29 | -10.25 |
| Net Income Discontinuous Operations | -15.07 | -1.54 | -0.18 | 0 |
| Net Income Continuous Operations | 30.13 | 25.55 | -8.11 | -10.25 |
| Other Income Expense | 0 | 0 | 0 | 0 |
| Special Income Charges | 32.51 | 31.96 | -2.85 | -0.71 |
| Other Special Charges | -32.51 | -31.96 | 0.16 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 2.85 | 0.71 |
| Net Non Operating Interest Income Expense | -8.09 | -6.25 | -4.79 | -5.45 |
| Interest Expense Non Operating | 8.09 | 6.25 | 4.79 | 5.45 |
| Other Operating Expenses | 5.11 | 1.61 | -0.19 | -0.38 |
| Depreciation And Amortization In Income Statement | 6.13 | 5.91 | 6.30 | 8.17 |
| Amortization | 6.13 | 5.91 | 6.30 | 8.17 |
| General And Administrative Expense | 43.52 | 41.80 | 44.92 | 61.22 |
| Other Gand A | 43.52 | 41.80 | 44.92 | 61.22 |
| Operating Revenue | 114.69 | 107.66 | 112.53 | 136.72 |
| Loss Adjustment Expense | 20.89 | 23.07 | 24.58 | 25.73 |
| Net Policyholder Benefits And Claims | 20.89 | 23.07 | 24.58 | 25.73 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Kingsway Financial Services Inc.this co. | KFS | $319M | - | 21.00 | -31.2% | 132.56 |
| Haverty Furniture Companies, Inc. | HVT | $353M | 18.32 | 1.14 | 6.4% | 9.74 |
| Xponential Fitness, Inc. | XPOF | $340M | - | -0.83 | 9.1% | 6.83 |
| Lands' End, Inc. | LE | $338M | 61.00 | 1.37 | 2.3% | 6.38 |
| Ranpak Holdings Corp. | PACK |
| $337M |
| - |
| 0.62 |
| -7.2% |
| 12.83 |
| Barnes & Noble Education, Inc. | BNED | $334M | - | 1.15 | -24.2% | 10.34 |
| Weyco Group, Inc. | WEYS | $319M | 13.90 | 1.32 | 9.6% | 7.16 |
| Hyliion Holdings Corp. | HYLN | $319M | - | 1.65 | -29.8% | -3.90 |
| Strattec Security Corporation | STRT | $312M | 11.30 | 1.28 | 7.6% | 4.77 |
| Peer Median | - | 16.11 | 1.21 | 4.3% | 6.99 | |