Kingsway
KWY on NYSE. Kingsway sells business services and extended warranty products to companies and consumers. Market value $270m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 28 cents. Above 10 is good.
What you pay for each dollar of net assets: $21.56.
Profit per $100 you pay: $-2.21.
Quality score: 63 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$9.56 a share, 14% above its 1-year low
Over the past year the price has ranged from $8.41 to $16.51.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $78m | $93m | $103m | $109m | $135m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 17.2% a year
- Buying back its own sharesNo, 19% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $39 million last quarter, up 28% on a year ago.
- Profit: $157,000, after a loss of $4 million a year ago.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $27m |
| December 2024 | $30m |
| March 2025 | $28m |
| June 2025 | $31m |
| September 2025 | $37m |
| December 2025 | $39m |
| March 2026 | $39m |
| June 2026 | $39m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | -$2m |
| March 2025 | -$3m |
| June 2025 | -$4m |
| September 2025 | -$3m |
| December 2025 | -$2m |
| March 2026 | -$3m |
| June 2026 | $157,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 73 funds in all.
- Stilwell ValueJoseph Stilwell
- Value
- $35m
- Share of fund
- 20.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Stilwell ValueJoseph Stilwell | $35m | 20.1% | |
| Greenhaven Road CapitalScott Miller | $18m | 11.5% | Cut |
Largest holders overall
- Stilwell Value$35m
- Greenhaven Road Capital$18mCut
- Capricorn Fund Managers$15mCut
- BlackRock$13mAdded
- Vanguard Capital Management$9mAdded
- Geode Capital Management$5mAdded
- Belpointe Asset Management$4m
- Renaissance Technologies$3mCut
- State Street$3m
- Bard Associates$3m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- at least 12.7%−6.1 pts(filed with 5 related holders)Since 17 December 2025
What they said
We are filing this Forty-Ninth Amendment to report that members of the Group have sold shares of Common Stock pursuant to the terms of the Option Agreements dated March 31, 2025, as amended each on December 17, 2025, by the Option Agreement Amendments. The Option Agreements and…
Read the filing - Oakmont Capital Inc.at least 10.4%(filed with 1 related holder)Since 31 March 2025
What they said
Item 4 of this Schedule 13D is hereby supplemented as follows: On March 13, 2023, Oakmont converted the previously reported 13,142 Class A Preferred Shares into 82,144 Shares at a conversion price of US$4.00 per Share at the option of Oakmont. On March 22, 2023, Oakmont…
Read the filing - Adam J. Patinkinat least 10.3%+1.3 pts(filed with 3 related holders)Since 18 May 2026
What they said
Mr. Patinkin was appointed as Chairman of the Board of Directors of the Company on March 11, 2026. On May 18, 2026, in connection with his appointment as Chairman, the Company granted to Mr. Patinkin a 10-year option to purchase up to 400,000 shares of Common Stock, which will…
Read the filing - Oakmont Capital Inc.Passive investorat least 8.2%−2.1 pts(filed with 4 related holders)Since 17 December 2025
What they said
Item 4 of this Schedule 13D is hereby supplemented as follows: On December 17, 2025, the option agreement described in Item 6 of this Amendment No. 6 was exercised. Pursuant to such option agreement, Oakmont sold 500,000 Shares to DCP Special (as hereafter defined) at a price of…
Read the filing - Greenhaven Road CapitalPassive investorat least 6.8%(filed with 4 related holders)Since 30 October 2025
- Charles FrischerInsider or founder6.8%Since 11 April 2025
- Joshua S. HorowitzPassive investorat least 1.5%0.0 pts(filed with 3 related holders)Since 17 December 2025
What they said
On March 31, 2025, certain purchasers, including Palm Global and Mr. Horowitz, entered into option agreements with Stilwell Value LLC, an affiliate of Mr. Stilwell, to acquire an aggregate of 1,750,000 additional shares of Common Stock, at an exercise price of $8.25 per share,…
Read the filing - Capricorn Fund Managers LtdPassive investorSold down below 5%Since 30 June 2026
- Mirabella Financial Services LLPPassive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
at least 12.7%−6.1 pts (filed with 5 related holders) | 17 December 2025 | What they saidWe are filing this Forty-Ninth Amendment to report that members of the Group have sold shares of Common Stock pursuant to the terms of the Option Agreements dated March 31, 2025, as amended each on December 17, 2025, by the Option Agreement Amendments. The Option Agreements and… Read the filing | |
Oakmont Capital Inc. | at least 10.4% (filed with 1 related holder) | 31 March 2025 | What they saidItem 4 of this Schedule 13D is hereby supplemented as follows: On March 13, 2023, Oakmont converted the previously reported 13,142 Class A Preferred Shares into 82,144 Shares at a conversion price of US$4.00 per Share at the option of Oakmont. On March 22, 2023, Oakmont… Read the filing |
Adam J. Patinkin | at least 10.3%+1.3 pts (filed with 3 related holders) | 18 May 2026 | What they saidMr. Patinkin was appointed as Chairman of the Board of Directors of the Company on March 11, 2026. On May 18, 2026, in connection with his appointment as Chairman, the Company granted to Mr. Patinkin a 10-year option to purchase up to 400,000 shares of Common Stock, which will… Read the filing |
Oakmont Capital Inc. Passive investor | at least 8.2%−2.1 pts (filed with 4 related holders) | 17 December 2025 | What they saidItem 4 of this Schedule 13D is hereby supplemented as follows: On December 17, 2025, the option agreement described in Item 6 of this Amendment No. 6 was exercised. Pursuant to such option agreement, Oakmont sold 500,000 Shares to DCP Special (as hereafter defined) at a price of… Read the filing |
Greenhaven Road Capital Passive investor | at least 6.8% (filed with 4 related holders) | 30 October 2025 | |
Charles Frischer Insider or founder | 6.8% | 11 April 2025 | |
Joshua S. Horowitz Passive investor | at least 1.5%0.0 pts (filed with 3 related holders) | 17 December 2025 | What they saidOn March 31, 2025, certain purchasers, including Palm Global and Mr. Horowitz, entered into option agreements with Stilwell Value LLC, an affiliate of Mr. Stilwell, to acquire an aggregate of 1,750,000 additional shares of Common Stock, at an exercise price of $8.25 per share,… Read the filing |
Capricorn Fund Managers Ltd Passive investor | Sold down below 5% | 30 June 2026 | |
Mirabella Financial Services LLP Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $263,170 of shares on the open market. 3 sold $4m.
- Horowitz JoshuaDirectorBought
- Date
- 30 September 2026
- Shares
- 858
- Price
- $9.23
- Value
- $7,919
- Fitzgerald John Taylor MaloneyPresident and CEO, DirectorBought
- Date
- 30 September 2026
- Shares
- 269
- Price
- $9.30
- Value
- $2,502
- Hansen Kent ACFO & EVPBought
- Date
- 30 September 2026
- Shares
- 169
- Price
- $9.30
- Value
- $1,572
- Horowitz JoshuaDirectorBought
- Date
- 28 September 2026
- Shares
- 2,717
- Price
- $9.28
- Value
- $25,202
- Hansen Kent ACFO & EVPBought
- Date
- 15 September 2026
- Shares
- 159
- Price
- $9.82
- Value
- $1,561
- Fitzgerald John Taylor MaloneyPresident and CEO, DirectorBought
- Date
- 15 September 2026
- Shares
- 254
- Price
- $9.82
- Value
- $2,494
- Hansen Kent ACFO & EVPBought
- Date
- 31 August 2026
- Shares
- 149
- Price
- $10.45
- Value
- $1,557
- Fitzgerald John Taylor MaloneyPresident and CEO, DirectorBought
- Date
- 31 August 2026
- Shares
- 239
- Price
- $10.45
- Value
- $2,498
- Horowitz JoshuaDirectorBought
- Date
- 20 August 2026
- Shares
- 769
- Price
- $9.89
- Value
- $7,605
- Horowitz JoshuaDirectorBought
- Date
- 19 August 2026
- Shares
- 7,034
- Price
- $9.84
- Value
- $69,203
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 30 September 2026 | Horowitz Joshua Director | Bought | 858 | $9.23 | $7,919 |
| 30 September 2026 | Fitzgerald John Taylor Maloney President and CEO, Director | Bought | 269 | $9.30 | $2,502 |
| 30 September 2026 | Hansen Kent A CFO & EVP | Bought | 169 | $9.30 | $1,572 |
| 28 September 2026 | Horowitz Joshua Director | Bought | 2,717 | $9.28 | $25,202 |
| 15 September 2026 | Hansen Kent A CFO & EVP | Bought | 159 | $9.82 | $1,561 |
| 15 September 2026 | Fitzgerald John Taylor Maloney President and CEO, Director | Bought | 254 | $9.82 | $2,494 |
| 31 August 2026 | Hansen Kent A CFO & EVP | Bought | 149 | $10.45 | $1,557 |
| 31 August 2026 | Fitzgerald John Taylor Maloney President and CEO, Director | Bought | 239 | $10.45 | $2,498 |
| 20 August 2026 | Horowitz Joshua Director | Bought | 769 | $9.89 | $7,605 |
| 19 August 2026 | Horowitz Joshua Director | Bought | 7,034 | $9.84 | $69,203 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.