KINGSWAY Corp (KFS) intrinsic value & 10-year financials
KINGSWAY Corp (KFS) has a Graham intrinsic value of $2.01 per share. Over the last 10 fiscal years revenue shrank 2.9% a year to $135.0M, with an average return on invested capital of -0.2%.
- Graham intrinsic value
- $2.01
- Revenue (FY2025)
- $135.0M
- Revenue growth (10-yr CAGR)
- -2.9%
- ROIC (10-yr avg)
- -0.2%
- Free cash flow (FY2025)
- —
KFS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $135.0M | -$10.3M | -$0.43 | — | -1.8% | -2.5% |
| FY2024 | $109.4M | -$8.3M | -$0.35 | — | 2.0% | 3.4% |
| FY2023 | $103.2M | $24.0M | $0.89 | — | 0.9% | 1.6% |
| FY2022 | $93.3M | $15.1M | $0.98 | — | -3.8% | -1.7% |
| FY2021 | $78.4M | $1.9M | -$0.04 | -$6.7M | 4.1% | 0.6% |
| FY2020 | $47.6M | -$7.8M | -$0.35 | $1.5M | -10.1% | -1.7% |
| FY2019 | $59.9M | -$6.9M | -$0.32 | — | -2.4% | -0.5% |
| FY2018 | $52.1M | -$30.7M | -$1.41 | — | 12.9% | 2.9% |
| FY2017 | $193.2M | -$16.9M | -$0.73 | — | -7.0% | -2.9% |
| FY2016 | $176.6M | $522.0K | $0.02 | -$16.2M | -4.0% | -1.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KINGSWAY Corp is facing top-line stagnation, with revenue contracting over the decade.
KINGSWAY Corp has historically struggled to out-earn its cost of capital, averaging just -0.2% ROIC.
KINGSWAY Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KINGSWAY Corp is modeled at -2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.01 per share.