Kingsway Corporation (KWY) Key Metrics
KWY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $277.4M
- Enterprise value
- $313.4M
- P/E (TTM)
- —
- Forward P/E
- 8.3
- PEG ratio
- 0.83
- Price / sales
- 1.7 10-yr median 2.1
- Price / book
- 21.4 10-yr median 10.2
- EV / EBITDA
- 45.0 10-yr median 43.2
- Dividend yield
- —
- Beta
- 0.25
KWY key metrics, 2022–2025
Fiscal year ended December 31, 2025 · U.S. dollarsKWY valuation Price multiples at each fiscal year-end price.
KWY returns How much profit the business earns on the capital it uses.
KWY per-share figures Results divided by the shares outstanding at year-end.
KWY financial health Debt, liquidity and how easily interest is covered.
KWY efficiency & capital use Working capital cycle and where the cash goes.
KWY valuation history
KWY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KWY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KWY cash returned to shareholders
KWY price vs earnings per share
KWY key metrics
2022–2025| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Valuation | ||||
| Market capitalization | $374.7M | $227.1M | $227.7M | $183.9M |
| Enterprise value | $437.1M | $279.2M | $263.0M | $221.8M |
| P/E ratio | — | — | 9.7 | 7.4 |
| Price / sales | 2.7 | 2.0 | 2.1 | 1.6 |
| Price / book | 11.9 | 13.6 | 8.2 | 8.5 |
| Price / free cash flow | — | 634.5 | — | — |
| Price / operating cash flow | — | 212.9 | — | — |
| EV / sales | 3.2 | 2.5 | 2.4 | 1.9 |
| EV / EBITDA | 652.4 | 79.2 | 7.3 | 4.5 |
| EV / free cash flow | — | 779.8 | — | — |
| Earnings yield | −2.9% | −4.1% | 10.3% | 13.4% |
| Free cash flow yield | −0.4% | 0.2% | −11.6% | −7.9% |
| Dividend yield | 0.3% | 0.0% | 0.0% | — |
| Shareholder yield (dividends + buybacks) | 0.4% | 1.1% | 1.4% | 0.0% |
| Share price at fiscal year-end | $13.45 | $8.37 | $8.40 | $7.93 |
| Per share | ||||
| Revenue per share | $4.91 | $4.15 | $3.97 | $4.95 |
| Earnings per share | −$0.39 | −$0.34 | $0.87 | $1.07 |
| Operating cash flow per share | −$0.00 | $0.04 | −$0.97 | −$0.63 |
| Free cash flow per share | −$0.06 | $0.01 | −$0.97 | −$0.63 |
| Cash per share | $0.56 | $0.20 | $0.34 | $2.77 |
| Book value per share | $1.13 | $0.61 | $1.02 | $0.94 |
| Tangible book value per share | −$3.23 | −$2.94 | −$2.15 | −$2.45 |
| Dividends per share | $0.04 | $0.00 | $0.00 | — |
| Capex per share | $0.06 | $0.03 | $0.01 | $0.00 |
| Debt per share | $2.80 | $2.12 | $1.64 | $4.40 |
| Shares outstanding | 27.9M | 27.1M | 27.1M | 23.2M |
| Change in shares outstanding | +2.7% | +0.1% | +16.9% | — |
| Returns & profitability | ||||
| Return on equity (ROE) | −44.6% | −41.8% | 95.4% | 114.0% |
| Return on invested capital (ROIC) | −13.6% | — | — | — |
| Return on assets (ROA) | −5.1% | −4.8% | 9.7% | 8.7% |
| Return on tangible assets | −9.7% | −10.3% | 21.1% | 11.9% |
| Free cash flow margin | −1.2% | 0.3% | −24.5% | −12.7% |
| Income quality (OCF / net income) | — | — | −1.11 | −0.59 |
| Financial health | ||||
| Total debt | $78.0M | $57.5M | $44.4M | $102.1M |
| Cash & short-term investments | $15.6M | $5.5M | $9.1M | $64.2M |
| Net debt | $62.4M | $52.0M | $35.3M | $37.9M |
| Debt / equity | 2.48 | 3.45 | 1.60 | 4.71 |
| Debt / assets | 0.34 | 0.31 | 0.22 | 0.36 |
| Net debt / EBITDA | 93.11 | 14.76 | 0.98 | 0.77 |
| Current ratio | 0.42 | — | — | — |
| Quick ratio | 0.42 | — | — | — |
| Interest coverage | -2.6 | — | — | — |
| Working capital | −$52.8M | — | — | — |
| Invested capital | $93.8M | $68.7M | $63.0M | $59.6M |
| Tangible asset value | −$87.0M | −$78.3M | −$61.4M | −$56.5M |
| Net current asset value | −$159.6M | — | — | — |
| Graham number | — | — | $4.47 | $4.74 |
| Graham net-net per share | −$6.14 | −$5.74 | −$5.77 | −$8.26 |
| Capital allocation | ||||
| Dividends paid | $1.0M | $13,000 | $0 | — |
| Share buybacks (net) | $345,000 | $2.5M | $3.2M | $0 |
| Dividend payout ratio | — | — | 0.0% | — |
| Dividends + buybacks / free cash flow | — | 703.1% | — | — |
| Capex / revenue | 1.2% | 0.6% | 0.2% | 0.0% |
| Capex / operating cash flow | — | 66.4% | — | — |
| Capex / depreciation | 0.18 | 0.10 | 0.03 | 0.00 |
| Stock-based compensation / revenue | 1.3% | 1.6% | 1.5% | 3.5% |
| SG&A / revenue | 44.8% | 39.9% | 38.8% | 37.9% |
| Efficiency | ||||
| Days sales outstanding | 31.1 | 31.5 | 34.6 | 32.8 |
| Receivables turnover | 11.74 | 11.57 | 10.56 | 11.13 |
| Asset turnover | 0.65 | 0.59 | 0.45 | 0.40 |
| Average receivables | $11.7M | $9.7M | $10.2M | $10.3M |
| Intangibles / total assets | 52.4% | 51.7% | 43.5% | 27.5% |
Computed from KWY's annual financial statements (latest annual report filed December 31, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
KWY valuation and financial ratios
Kingsway earned a return on equity of −44.6% and a return on invested capital of −13.6% in fiscal 2025. It ended the year with $78.0 million of debt and $15.6 million in cash and short-term investments, net debt of $62.4 million. It returned $1.4 million to shareholders: $1.0 million in dividends and $0.3 million in share buybacks.
See the KWY income statement, the KWY chart for price history, or the KWY stock overview for the latest quote and news.
KWY key metrics FAQ
What is Kingsway's EV/EBITDA?
Kingsway's enterprise value was 652.4 times EBITDA at the end of fiscal 2025 (enterprise value $437.1 million, EBITDA $0.7 million); the current EV/EBITDA is 45.0.
What is Kingsway's return on equity?
Kingsway's return on equity (ROE) was −44.6% in fiscal 2025: net income of -$10.7 million on average shareholders' equity of $24.0 million.
What is Kingsway's ROIC?
Kingsway's return on invested capital was −13.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Kingsway have?
Kingsway had total debt of $78.0 million at the end of fiscal 2025, a debt-to-equity ratio of 2.48 and $62.4 million of net debt (93.11 times EBITDA).
What is Kingsway's dividend yield?
Kingsway paid $1.0 million in dividends in fiscal 2025 ($0.04 per share), a payout ratio of —.
Does Kingsway buy back its shares?
Yes. Kingsway spent $0.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +2.7% over the year, to 27.9M..
What is Kingsway's free cash flow yield?
Kingsway generated -$1.6 million of free cash flow in fiscal 2025, a free cash flow yield of −0.4% on its market value at year-end ($374.7 million).
What is Kingsway's current ratio?
Kingsway's current ratio was 0.42 at the end of fiscal 2025: current assets were 0.42 times current liabilities.