Kingsway Corporation
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About the company
Kingsway Financial Services, Inc. functions as a holding company, primarily delivering financial services. The firm organizes its activities into two principal segments: Extended Warranty and Kingsway Search Xcelerator.
- CEO
- John T. Fitzgerald
- IPO
- 2001
- Employees
- 588
- HQ
- Chicago, IL, US
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- Market Cap
- $290.34M
- P/E
- -33.18
- PEG
- 0.38
- P/S
- 1.87
- P/B
- 9.87
- EV/EBITDA
- 47.20
- Div Yield
- 0.00%
- Gross Margin
- 44.60%
- Op Margin
- -6.58%
- Net Margin
- -4.70%
- ROE
- -23.73%
- ROIC
- -4.14%
Latest fiscal year · YoY change
- Revenue
- $136.72M+0.0%
- Gross Profit
- $60.55M+0.0%
- Op Income
- $-14,004,000
- Net Income
- $-10,731,000+0.0%
- EPS
- $-0.43+0.0%
- OCF Growth
- +0.0%
- FCF Growth
- +0.0%
- 52W High
- $16.51
- 52W Low
- $8.41
- 50D MA
- $9.84
- 200D MA
- $11.45
- Beta
- 0.23
- RSI (14)
- 57
- Avg Volume
- 70.80K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Kingsway posted its strongest quarter under JT Fitzgerald, with record KSX and portfolio EBITDA, while reaffirming acquisition and organic growth targets.· August 6, 2026
- Consolidated revenue rose 27.6% to $39.4 million, with net income of $200,000 versus a $3.2 million loss a year ago.
- Consolidated adjusted EBITDA improved to $5.2 million from $1.7 million, led by record KSX adjusted EBITDA of $4.3 million.
- Portfolio EBITDA reached a quarterly record $7.2 million, and LTM portfolio EBITDA was $22 million to $23 million as of June 30.
- Kingsway sold Trinity Warranty Solutions for $8 million and used capital for redeployment; it also closed RCC in Image Solutions and added a new Operator-in-Residence.
- Management reiterated targets for 3 to 5 acquisitions in 2026 and double-digit organic growth at both KSX and Extended Warranty.
Q2 2026 consolidated revenue was $39.4 million, up 27.6% from $30.9 million in Q2 2025. Consolidated net income was $200,000 versus a net loss of $3.2 million a year ago, and consolidated adjusted EBITDA was $5.2 million versus $1.7 million. KSX revenue increased 68.3% to $22.3 million and KSX adjusted EBITDA rose 77.9% to a record $4.3 million; Extended Warranty revenue was $17.1 million versus $17.6 million last year, with segment adjusted EBITDA of $1.1 million versus $600,000. Portfolio EBITDA was a quarterly record $7.2 million, and LTM portfolio EBITDA was $22 million to $23 million as of June 30, 2026. Balance sheet net debt was $59.9 million, down from $62.4 million at December 31, 2025. JT said Kingsway is reaffirming 2026 targets of 3 to 5 acquisitions and double-digit organic growth at KSX and Extended Warranty. Management also noted RCC generated about $2.5 million of pro forma revenue and about $0.5 million of pro forma adjusted EBITDA over the 12 months ended April 30, 2026, and was bought for $2.4 million.
JT Fitzgerald framed Kingsway as a long-duration compounder built around the Search Fund model, asset-light recurring revenue businesses, and reinvestment of cash flow into acquisitions. He said the quarter was the strongest of his tenure, highlighted by record KSX EBITDA, record portfolio EBITDA, and broad momentum across the portfolio, while also stressing that the company is still early in its journey. He sounded optimistic but measured, pointing to progress at RCC, DDI, SNS, and Kingsway Skilled Trades, while acknowledging some businesses still have operational work to do.
Kent Hansen said the quarter featured strong top-line and profitability improvement, with consolidated revenue up 27.6% and adjusted EBITDA up to $5.2 million. He highlighted the sale of Trinity, which created a one-time $1.3 million gain, and noted about $1.1 million of cash distributions from ARGO-related search investments. He also said three operating subsidiaries, representing under 10% of LTM portfolio EBITDA, were out of covenant compliance during the quarter but are nonrecourse and are being waived or are in process of obtaining waivers; net debt was $59.9 million at quarter-end, down from $62.4 million at year-end.
Management said RCC was found through a broker and made sense because it has more than 80% recurring revenue, strong margins, and a history of organic growth, while fitting Image Solutions’ planned inorganic strategy. On ARGO, JT said several active search investments remain, including roughly three of significance, and he expects additional distributions in the future. In response to leverage and competition questions, Kent said consolidated leverage is around $2.7 million and JT said deal multiples have not shown meaningful creep despite more search competition; he added that Kingsway’s platform, sourcing engine, and active pipeline help improve the odds of closing acquisitions.
The call showed real operating momentum, especially in KSX, where adjusted EBITDA more than tripled over eight quarters and hit a quarterly record. Management also pointed to a record pipeline at DDI, improving signs at SNS, and tuck-in acquisition capacity supported by existing leverage and redeployment from the Trinity sale.
Several businesses remain in transition: Roundhouse was hurt by timing, Southside took a low six-figure write-down from a legacy construction project, and DDI is still absorbing sales investments before revenue catches up. Management also disclosed covenant issues at three subsidiaries, and SNS remains exposed to a difficult nurse staffing market even though conditions may be stabilizing.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 72.8%
- Shares Outstanding
- 28.95M
- Float Shares
- 21.08M
Buy/sell ratio 3.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Held by 37 ETFs
Biggest fund positions in KWY by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 20, 26 | Horowitz Joshua | buy | 769 |
| Aug 19, 26 | Horowitz Joshua | buy | 7,034 |
| Aug 18, 26 | Horowitz Joshua | buy | 1,300 |
| Aug 17, 26 | Fitzgerald John Taylor Maloney | buy | 254 |
| Aug 17, 26 | Hansen Kent A | buy | 158 |
| Aug 13, 26 | Stilwell Joseph | sell | 26,168 |
| Aug 13, 26 | Stilwell Joseph | sell | 40,850 |
| Aug 13, 26 | Stilwell Joseph | sell | 32,982 |
| Jul 30, 26 | Hansen Kent A | buy | 174 |
| Jul 30, 26 | Fitzgerald John Taylor Maloney | buy | 278 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our KWY coverage
Recent articles, reports, and earnings notes.
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Generate KWY report →Kingsway Stock Gains Post Q2 Earnings, EBITDA Hits Record High
zacks.com · Aug 13
Kingsway Financial Services Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Kingsway Corporation (KWY) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 7
Kingsway Reports Strong Second Quarter 2026 Financial Results
accessnewswire.com · Aug 6
Kingsway Announces Acquisition of Romeo Computer Company, Inc. by Image Solutions
accessnewswire.com · Aug 6
Kingsway Search Xcelerator Announces New OIR Fletcher Vynne
accessnewswire.com · Aug 3
Kingsway to Report Financial Results for Second Quarter 2026 on Thursday, August 6, 2026
accessnewswire.com · Jul 31
Kingsway Financial Services (NYSE:KWY) Shares Down 3.4% – Here’s Why
defenseworld.net · Jul 23
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