# Kingsway Corporation (KWY)

> Source: Nexqual · https://nexqual.com/KWY · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Kingsway Corporation (KWY), nexqual.com/KWY" · informational, not investment advice.

**Price:** USD 9.91 (+0.41% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 9.87 · day 9.76–10.08 · 52w 8.41–15.2 · market cap $287M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $154M, net income -$6.1M (-4.0% margin) (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -32.5% vs S&P 500 +13.4%; 5Y +80.8% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $78.4M | $93.3M | $103M | $109M | $135M | $154M |
| Operating income | -$474K | -$3.6M | $954K | $2.2M | -$2.4M | -$182K |
| Net income | $1.9M | $15.1M | $24.0M | -$8.3M | -$10.3M | -$6.1M |
| EPS (diluted) | -$0.04 | $0.98 | $0.89 | -$0.35 | -$0.43 | — |
| Free cash flow | -$6.7M | — | — | — | — | — |
| Operating margin | -0.6% | -3.8% | 0.9% | 2.0% | -1.8% | -0.1% |
| Net margin | 2.4% | 16.2% | 23.3% | -7.6% | -7.6% | -4.0% |
| Revenue growth | +28.6% | +19.0% | +10.7% | +5.9% | +23.4% | — |
| Cash + short-term investments | $10.2M | $64.3M | $9.3M | $5.7M | $8.5M | — |
| Total debt | $94.1M | $102M | $44.4M | $57.5M | $70.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.9x · EV/EBITDA 42.2x · EV/Sales 2.3x · P/B 22.4x · Earnings yield -2.13% · Buyback yield (TTM) 0.00% · Net debt $59.7M · EV $346M
P/E at fiscal year-ends: Dec 2023 9.3x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -32.5% | +80.8% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -32.6% | +12.6% |
| Volatility (annualized) | 41.3% | 35.6% |
| Max drawdown | -41.4% (Oct 2025→Jul 2026) | -47.5% (Jun 2025→Jul 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.33 -2.43% · VCTR (Victory Capital Holdings, Inc. ) USD 107.6 +0.20% · PDI (PIMCO Dynamic Income Fund) USD 14.31 +0.07% · AMG (Affiliated Managers Group, Inc.) USD 383.42 -3.06% · SEIC (SEI Investments Company) USD 102.3 -2.11% · IVZ (Invesco Ltd) USD 28.06 -2.54%

## More
Full page: https://nexqual.com/KWY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Kingsway Search Xcelerator | $22.3M | 56.7% | +68.3% | $3.5M | 15.6% |
| Extended Warranty | $17.1M | 43.3% | -3.1% | $675,000 | 3.9% |
| Total revenue | $39.4M | 100% | — | $4.2M | 10.6% |

## Company outlook (8-K filed 2026-08-06)

- "Management Commentary "Kingsway's second quarter came in significantly ahead of internal expectations," said JT Fitzgerald, Kingsway's President and CEO. "This result reflects the strong commercial momentum we see across the business, and that we discussed at our Investor Day in May. "KSX delivered a segment quarterly record of $4.3 million in adjusted EBITDA."
- "With easier year-over-year comparisons in the third and fourth quarters of 2026, I am confident in the positive trajectory of this metric in the back half of the year "I am also pleased to reaffirm our target of between three and five acquisitions in 2026 and our expectation for double-digit organic growth at both KSX and Extended Warranty in 2026."
- "Forward-Looking Statements This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected."
- "For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the section entitled "Risk Factors" in the Company's 2025 Annual Report on Form 10-K and subsequent Form 10-Qs and Form 8-Ks filed with the Securities and Exchange Commission."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2011-12-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2011-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |