Latest Ratios: P/E Ratio -23.8x · EV/EBITDA N/A · ROE -40.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $296M | $375M | $228M | $222M | $201M | $124M | $104M | $41M | $62M | $109M | $125M |
| Enterprise Value | $358M | $436M | $282M | $259M | $240M | $210M | $361M | $289M | $267M | $308M | $322M |
| P/E Ratio → | -23.79 | — | — | 9.44 | 7.55 | — | — | — | — | — | 312.50 |
| P/S Ratio | 2.17 | 2.74 | 2.02 | 2.06 | 1.75 | 1.52 | 1.52 | 0.60 | 1.43 | 0.56 | 0.71 |
| P/B Ratio | 8.28 | 10.89 | 12.44 | 9.03 | 9.07 | 8.37 | 5.58 | 1.96 | 2.52 | 2.21 | 1.98 |
| P/FCF | — | — | 635.75 | — | 16.88 | — | 71.44 | — | — | — | — |
| P/OCF | — | — | 213.31 | — | — | — | 62.34 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.19 | 2.51 | 2.40 | 2.09 | 2.58 | 5.27 | 4.24 | 6.12 | 1.59 | 1.82 |
| EV / EBITDA | — | — | — | 8.66 | 5.79 | — | — | — | 4.55 | 5.91 | 6.92 |
| EV / EBIT | — | — | — | 8.65 | 5.57 | — | — | — | — | — | — |
| EV / FCF | — | — | 788.61 | — | 20.17 | — | 247.67 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 83.1% | 96.0% | 96.9% |
| Operating Margin | -10.2% | -10.2% | -7.3% | 22.0% | 30.5% | -8.1% | -7.6% | -2.1% | -37.2% | -6.0% | -3.9% |
| Net Profit Margin | -7.8% | -7.8% | -8.2% | 21.9% | 21.6% | -0.4% | -9.8% | -8.6% | -61.0% | -8.0% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -40.7% | -40.7% | -43.2% | 100.8% | 134.1% | -2.0% | -34.1% | -25.8% | -71.8% | -27.5% | 1.4% |
| ROA | -5.1% | -5.1% | -4.8% | 9.7% | 6.5% | -0.1% | -1.6% | -1.6% | -6.3% | -3.1% | 0.2% |
| ROIC | -12.4% | -12.4% | -9.2% | 29.0% | 32.3% | -2.6% | -1.4% | -0.4% | -5.1% | -3.4% | -3.4% |
| ROCE | -6.7% | -6.7% | -4.3% | 9.8% | 9.6% | -1.5% | -1.2% | -0.4% | -3.9% | -2.4% | -1.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.27 | 2.27 | 3.29 | 1.85 | 4.67 | 6.55 | 14.55 | 12.62 | 9.54 | 4.94 | 3.69 |
| Debt / EBITDA | — | — | — | 1.53 | 2.50 | — | — | — | 4.03 | 4.67 | 5.02 |
| Net Debt / Equity | — | 1.79 | 2.99 | 1.48 | 1.77 | 5.86 | 13.78 | 11.97 | 8.25 | 4.04 | 3.12 |
| Net Debt / EBITDA | — | — | — | 1.22 | 0.95 | — | — | — | 3.49 | 3.82 | 4.23 |
| Debt / FCF | — | — | 152.87 | — | 3.29 | — | 176.24 | — | — | — | — |
| Interest Coverage | -1.57 | -1.57 | -0.72 | 4.78 | 5.32 | -0.08 | -0.38 | -0.09 | -1.59 | -1.37 | -0.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 790.93 | 790.93 | — | — | 34.52 | 1.16 | — | 0.98 | 11.55 | 27.34 | 33.37 |
| Quick Ratio | 790.93 | 790.93 | — | — | -6.60 | -0.20 | — | -0.40 | 0.12 | 19.30 | -5.96 |
| Cash Ratio | 587.46 | 587.46 | — | — | 29.75 | 0.36 | — | 0.43 | 13.36 | 16.81 | 17.98 |
| Asset Turnover | — | 0.59 | 0.60 | 0.54 | 0.40 | 0.17 | 0.15 | 0.17 | 0.12 | 0.40 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.27 | 0.36 | 0.07 |
| Days Sales Outstanding | — | 37.22 | 35.47 | 41.05 | 44.63 | 47.92 | 107.75 | 93.12 | 108.45 | 52.63 | 65.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.3% | 0.0% | — | — | — | — | — | 1.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 10.6% | 13.2% | — | — | — | — | — | 0.3% |
| FCF Yield | — | — | 0.2% | — | 5.9% | — | 1.4% | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 1.1% | 1.4% | 0.2% | 0.0% | 0.1% | 0.0% | 0.6% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.5% | 0.4% | 1.1% | 1.4% | 0.2% | 0.0% | 0.1% | 0.0% | 1.9% | 0.0% | 0.1% |
| Shares Outstanding | — | $28M | $27M | $26M | $25M | $23M | $22M | $22M | $22M | $22M | $20M |
Persistent Operating Margin Deficit
According to current market data, KFS trades at a price-to-book ratio of 8.28, which appears significantly elevated compared to historical norms and suggests that investors are pricing the company as a speculative growth platform rather than a traditional financial services firm with tangible asset backing.
The absence of a meaningful P/E ratio, coupled with a negative TTM figure of -23.79, indicates that the market is currently unable to anchor valuation to earnings. This premium valuation likely reflects expectations for future compounding through the Search Xcelerator model, though it warrants caution given the lack of consistent profitability.
Based on reported financial statements, KFS has consistently generated negative ROIC, with figures hovering around -0.6% to -3.3% over the last ten quarters, indicating that the company is currently destroying rather than compounding value on the capital deployed into its various micro-cap acquisitions.
The persistent inability to generate positive returns on invested capital suggests that the costs associated with the holding company structure and acquisition integration are currently outpacing the operational gains from the subsidiaries. Investors should monitor whether management can pivot toward positive ROIC as the portfolio matures.
As reported in recent filings, the company's asset turnover ratio has remained stagnant at approximately 0.13 to 0.17, which is notably low and highlights the capital-intensive nature of maintaining a holding company structure relative to the revenue generated by its underlying service-oriented subsidiaries.
This low turnover ratio implies that the company is carrying a significant asset base that is not yet contributing efficiently to top-line growth. The lack of improvement in this metric suggests that the current strategy of aggregating fragmented businesses has yet to yield the expected operational leverage.
According to recent quarterly data, the debt-to-equity ratio has climbed to 2.40, signaling that the company is increasingly reliant on external financing to fund its operations and acquisition pipeline despite the absence of positive net income to comfortably service these debt obligations.
The negative interest coverage ratios observed in several recent periods suggest that the company is currently in a vulnerable position regarding its debt service capacity. This trend warrants further investigation into the sustainability of the current capital structure if operating losses persist.
The most commonly misapplied metric for KFS is the P/E ratio, which obscures the company's transition from a legacy insurer to a micro-cap holding company and fails to account for the non-cash amortization charges that artificially depress net income in the current acquisition-heavy phase.
Analysts should instead focus on adjusted EBITDA or cash flow from operations to better gauge the underlying performance of the subsidiaries. Relying on traditional insurance valuation multiples is likely to lead to an incorrect assessment of the company's true earning power and growth potential.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KFS stock.
Kingsway Financial Services Inc.'s current P/E ratio is -23.8x. The historical average is 21.4x.
Kingsway Financial Services Inc.'s return on equity (ROE) is -40.7%. The historical average is -7.2%.
Based on historical data, Kingsway Financial Services Inc. is trading at a P/E of -23.8x. Compare with industry peers and growth rates for a complete picture.
Kingsway Financial Services Inc.'s current dividend yield is 0.36%.
Kingsway Financial Services Inc. has 100.0% gross margin and -10.2% operating margin.