Kingsway Corporation (KWY) Balance Sheet
KWY balance sheet, 2025
December 31, 2025 · U.S. dollars$231.5M assets = $197.1M liabilities + $34.4M equity
Both columns are drawn to the same scale: what KWY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KWY financial health
Descriptive bands, not a rating. Fiscal 2025.
KWY balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $285.6M2022 | $231.5M2025 | −6.8%/yr | |
| Total liabilities | $263.5M2022 | $197.1M2025 | −9.2%/yr | |
| Shareholders’ equity | $21.7M2022 | $31.4M2025 | +13.2%/yr | |
| Cash & short-term investments | $101.9M2022 | $15.6M2025 | −46.5%/yr | |
| Total debt | $102.1M2022 | $78.0M2025 | −8.6%/yr | |
| Net cash (debt) | −$176,0002022 | −$62.4M2025 | −$62.2M | |
| Book value per share | $0.942022 | $1.132025 | +6.4%/yr | |
| Debt / equity | 4.712022 | 2.482025 | −2.23 | |
| Shares outstanding | 23.2M2022 | 27.9M2025 | +6.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KWY assets
KWY liabilities and equity
KWY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KWY balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $15.6M | $42.6M | $15.2M | $101.9M |
| Cash & equivalents | $8.3M | $5.5M | $9.1M | $64.2M |
| Short-term investments | $7.3M | $37.1M | $6.1M | $37.7M |
| Receivables | $13.9M | $9.4M | $10.1M | $10.3M |
| Inventory | $0 | $0 | $0 | $0 |
| Other current assets | $8.0M | — | — | — |
| Total current assets | $37.5M | — | — | — |
| Property, plant & equipment (net) | $13.4M | $4.0M | $2.7M | $1.7M |
| Goodwill & intangible assets | $121.4M | $96.6M | $86.0M | $78.6M |
| Long-term investments | $41.6M | $41.3M | $41.9M | $56.7M |
| Other non-current assets | $17.6M | $44.7M | $67.1M | $148.6M |
| Total assets | $231.5M | $186.6M | $197.7M | $285.6M |
| Liabilities | ||||
| Total current liabilities | $90.4M | — | — | — |
| Long-term debt | $70.7M | $57.5M | $44.4M | $102.1M |
| Lease obligations | $7.3M | $2.7M | $1.2M | $1.2M |
| Other long-term liabilities | $36.0M | — | — | — |
| Total liabilities | $197.1M | $168.3M | $173.1M | $263.5M |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $296,000 | — | — | — |
| Retained earnings (deficit) | −$373.4M | −$361.5M | −$346.9M | −$370.4M |
| Accumulated other comprehensive income | −$60,000 | — | — | — |
| Minority interest | $3.0M | $1.6M | −$3.1M | $437,000 |
| Total shareholders' equity | $31.4M | $16.7M | $27.7M | $21.7M |
| Key figures | ||||
| Total debt | $78.0M | $57.5M | $44.4M | $102.1M |
| Net cash (debt) | −$62.4M | −$14.9M | −$29.2M | −$176,000 |
| Working capital | −$52.8M | — | — | — |
| Tangible book value | −$90.0M | −$79.9M | −$58.3M | −$56.9M |
| Book value per share | $1.13 | $0.61 | $1.02 | $0.94 |
| Shares outstanding | 27.9M | 27.1M | 27.1M | 23.2M |
| Current ratio | 0.42 | — | — | — |
| Quick ratio | 0.33 | — | — | — |
| Debt / equity | 2.48 | 3.45 | 1.60 | 4.71 |
| Equity / assets | 13.6% | 8.9% | 14.0% | 7.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $46.1M | $44.4M | $15.6M | $16.9M | $19.8M | $13.8M |
| Cash & equivalents | $7.4M | $7.3M | $8.3M | $9.3M | $12.1M | $6.4M |
| Short-term investments | $38.7M | $37.1M | $7.3M | $7.6M | $7.7M | $7.4M |
| Receivables | $14.9M | $16.4M | $13.9M | $16.7M | $15.3M | $10.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $18.1M | $17.3M | $8.0M | $7.5M | $7.4M | — |
| Total current assets | $79.2M | $78.1M | $37.5M | $41.1M | $42.5M | — |
| Property, plant & equipment (net) | $6.6M | $6.4M | $13.4M | $12.8M | $4.2M | $4.3M |
| Goodwill & intangible assets | $113.9M | $120.7M | $121.4M | $124.5M | $97.7M | $99.3M |
| Long-term investments | $0 | $0 | $41.6M | $41.9M | $42.0M | $41.3M |
| Other non-current assets | $28.2M | $27.0M | $17.6M | $14.8M | $21.2M | $47.3M |
| Total assets | $227.8M | $232.2M | $231.5M | $235.1M | $207.7M | $192.1M |
| Liabilities | ||||||
| Accounts payable | $3.7M | $3.9M | — | — | — | — |
| Short-term debt | $23.9M | $16.9M | — | — | — | — |
| Total current liabilities | $90.7M | $85.0M | $90.4M | $92.0M | $90.2M | — |
| Long-term debt | $44.5M | $55.3M | $70.7M | $70.7M | $58.3M | $59.5M |
| Lease obligations | $1.1M | $1.1M | $7.3M | $7.2M | $2.8M | $2.9M |
| Other long-term liabilities | $60.3M | $59.3M | $36.0M | $36.6M | $23.5M | — |
| Total liabilities | $195.5M | $199.6M | $197.1M | $199.3M | $172.1M | $170.7M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $296,000 | $296,000 | $296,000 | $296,000 | $294,000 | — |
| Retained earnings (deficit) | −$377.1M | −$376.2M | −$373.4M | −$371.3M | −$368.5M | −$364.9M |
| Accumulated other comprehensive income | $54,000 | $395,000 | −$60,000 | −$407,000 | −$640,000 | — |
| Minority interest | $3.3M | $3.2M | $3.0M | $2.9M | $1.9M | — |
| Total shareholders' equity | $29.1M | $29.4M | $31.4M | $32.9M | $33.7M | $19.7M |
| Key figures | ||||||
| Total debt | $68.4M | $72.2M | $78.0M | $77.9M | $61.2M | $59.5M |
| Net cash (debt) | −$22.3M | −$27.9M | −$62.4M | −$61.0M | −$41.4M | −$45.7M |
| Working capital | −$11.5M | −$6.9M | −$52.8M | −$50.9M | −$47.7M | — |
| Tangible book value | −$84.8M | −$91.3M | −$90.0M | −$91.6M | −$64.0M | −$79.6M |
| Book value per share | $1.02 | $1.03 | $1.10 | $1.15 | $1.24 | $0.73 |
| Shares outstanding | 28.6M | 28.6M | 28.6M | 28.5M | 27.2M | 27.1M |
| Current ratio | 0.87 | 0.92 | 0.42 | 0.45 | 0.47 | — |
| Quick ratio | 0.67 | 0.72 | 0.33 | 0.36 | 0.39 | — |
| Debt / equity | 2.35 | 2.46 | 2.48 | 2.37 | 1.82 | 3.02 |
| Equity / assets | 12.8% | 12.7% | 13.6% | 14.0% | 16.2% | 10.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
KWY financial position
At the end of fiscal 2025 (December 31, 2025), Kingsway had total assets of $231.5 million (up 24.1% from a year earlier), total liabilities of $197.1 million and shareholders' equity of $31.4 million. It held $15.6 million in cash and short-term investments against $78.0 million of debt, net debt of $62.4 million. Its current ratio was 0.42. In the latest quarter (ended June 30, 2026) total assets were $227.8 million and equity $29.1 million.
Related: KWY income statement, KWY cash flow statement, KWY key metrics. See the KWY stock overview for the latest quote and news.
KWY balance sheet FAQ
What are Kingsway's total assets?
Kingsway reported total assets of $231.5 million at the end of fiscal 2025 (December 31, 2025), compared with $186.6 million a year earlier.
How much debt does Kingsway have?
Kingsway had $78.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.48.
How much cash does Kingsway have?
Kingsway held $15.6 million in cash and short-term investments at the end of fiscal 2025; with $78.0 million of debt that is net debt of $62.4 million.
What is Kingsway's book value?
Kingsway's shareholders' equity (book value) was $31.4 million at the end of fiscal 2025, or $1.13 per share.
What is Kingsway's current ratio?
Kingsway had current assets of $37.5 million and current liabilities of $90.4 million, a current ratio of 0.42 (current liabilities exceed current assets).
How much goodwill does Kingsway have?
Kingsway carried $121.4 million of goodwill and intangible assets, 52.4% of total assets, at the end of fiscal 2025.