Kingsway Financial Services Inc. Financial Ratios — KFS

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-4.5	-13.95	-10.57	-4.09	0.41	0.22	-3.11	-6.8	-1.51	-1.58	-0.07	6.49	9.75	-4.82	-5.13
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-15.35	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-12.95	-31.48	-25.2	-10.08	-7.13	-5.92	-26.93	-40.66	-4.95	-10.16	-8.14	30.48	21.97	-7.34	-10.24
Profit Margin (%)	-9.94	-32.62	-21.41	-8.13	0.7	0.45	-33.77	-55.76	-9.31	-10.45	-0.42	21.56	21.88	-8.24	-7.85
Net Income to Common Margin (%)	-9.94	-32.62	-21.41	-8.32	0.45	0.13	-36.46	-56.91	-10.92	-12.11	-1.03	21.29	21.82	-8.4	-8.72
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.8	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	2.24	3.38	35.78	-17.8	2.94	46	20.58	49.11	-1.52	-0.29	2.27	1.48
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	47	48	43	41	40	234	261	253	262	272	97	103	46	60	78
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	47	48	43	41	40	234	261	253	262	272	97	103	46	60	78
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.18	- -	- -	- -	-0.04	-0.09	- -	- -	-0.01	-0.02	-0.13	- -	-0.03	-0.15	-0.3
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	7	- -	- -	6	5	7	13	14	15	14	6	8	6	5	5
Common Equity/Total Assets	25.47	-70.3	-92.08	-103.42	-123.31	-59.41	-61.37	-101.05	-97.11	-87.26	-83.08	-129.68	-175.44	-193.54	-161.16
Long-Term Debt/Equity (%)	40.54	72.62	116	84.36	79.64	369.41	466.26	842.56	1,261.53	1,454.76	654.6	467.02	185.34	329.03	226.71
Long-Term Debt/Capital (%)	34.84	-22.18	-16.82	-15.6	-16.01	-412.02	-729.31	-227.45	-246.93	-264.5	-34.73	-39.63	-14.99	-20.69	-28.29
Long-Term Debt/Total Assets (%)	12.61	12.74	13.19	13.48	16.55	46.64	51.45	66.96	65.58	60	20.31	36.17	23.07	32.27	33.7
Total Debt/Equity (%)	40.54	72.62	116	84.36	79.64	369.41	466.26	842.56	1,261.53	1,454.76	654.6	467.02	185.34	329.03	226.71
Total Debt/Capital (%)	34.84	-22.18	-16.82	-15.6	-16.01	-412.02	-729.31	-227.45	-246.93	-264.5	-34.73	-39.63	-14.99	-20.69	-28.29
Total Debt/Total Assets (%)	12.61	12.74	13.19	13.48	16.55	46.64	51.45	66.96	65.58	60	20.31	36.17	23.07	32.27	33.7
Net Debt to Equity	-32.9	-50.92	-151.03	-63.44	-23.56	311.75	456.64	793.92	1,179.66	1,360.52	569.45	171.44	143.5	284.36	181.35
Net Debt/Capital (%)	-76.67	11.29	15.79	9.21	3.92	-211.62	-620.86	-189.45	-204.89	-216.99	-29.15	-11.67	-11.27	-17.55	-21.96
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-1	- -	-1	- -	- -	-1	- -	- -	- -	- -	-1	- -	- -	-1	-2
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	25.47	-70.3	-92.08	-103.42	-123.31	-59.41	-61.37	-101.05	-97.11	-87.26	-83.08	-129.68	-175.44	-193.54	-161.16
Long-Term Debt/Equity (%)	40.54	72.62	116	84.36	79.64	369.41	466.26	842.56	1,261.53	1,454.76	654.6	467.02	185.34	329.03	226.71
Long-Term Debt/Capital (%)	34.84	-22.18	-16.82	-15.6	-16.01	-412.02	-729.31	-227.45	-246.93	-264.5	-34.73	-39.63	-14.99	-20.69	-28.29
Long-Term Debt/Total Assets (%)	12.61	12.74	13.19	13.48	16.55	46.64	51.45	66.96	65.58	60	20.31	36.17	23.07	32.27	33.7
Total Debt/Equity (%)	40.54	72.62	116	84.36	79.64	369.41	466.26	842.56	1,261.53	1,454.76	654.6	467.02	185.34	329.03	226.71
Total Debt/Capital (%)	34.84	-22.18	-16.82	-15.6	-16.01	-412.02	-729.31	-227.45	-246.93	-264.5	-34.73	-39.63	-14.99	-20.69	-28.29
Total Debt/Total Assets (%)	12.61	12.74	13.19	13.48	16.55	46.64	51.45	66.96	65.58	60	20.31	36.17	23.07	32.27	33.7
CFO/Total Liabilities	-29.54	-15.19	-14.53	-6.44	-17.18	-3.56	-3.2	-2.91	-0.2	0.39	-1.28	-5.53	-15.13	0.63	- -
CFO/CapEx	-56.63	-274.68	-37.13	- -	-161.6	-24.17	- -	- -	-3.58	7.85	-7.12	- -	-127.74	1.5	- -
Altman's Z-Score	-0.17	-0.56	-0.81	-0.78	-0.91	-0.53	-0.98	-2.08	-2.01	-1.83	-1.03	-1.54	-2.64	-3.56	-2.36

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	4.44	3.14	2.85	3.32	5.05	5.67	2.49	13.73	18.5	15.63	14.17	13.52	10.56	11.57	11.79
Days Sales Outstanding	82.18	116.25	127.96	109.86	72.34	64.38	146.56	26.59	19.73	23.35	25.76	26.99	34.56	31.53	30.97
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	27	50	55	97	90	125	109	62	41	104	124	182	216	228	375
- Cash & Cash Equivalents	85	81	99	71	52	36	5	15	13	14	10	64	9	5	8
+ Preferred Equity and Hybrid Capital	- -	- -	- -	6	6	6	5	6	7	7	6	6	- -	8	16
+ Minority/Non Controlling Interest	-7	- -	1	4	2	1	9	12	13	14	14	- -	-3	2	3
+ Total Debt	47	48	43	41	40	234	261	253	262	272	97	103	46	60	78
Enterprise Value	-132	-63	-54	20	30	267	364	306	287	361	195	190	243	255	456
Total Capital	135	-214	-255	-261	-249	-57	-36	-111	-106	-103	-278	-261	-304	-291	-276
Total Debt/Capital (%)	34.84	-22.18	-16.82	-15.6	-16.01	-412.02	-729.31	-227.45	-246.93	-264.5	-34.73	-39.63	-14.99	-20.69	-28.29
Total Debt / EV	-0.36	-0.75	-0.79	2.02	1.31	0.87	0.72	0.83	0.91	0.75	0.5	0.54	0.19	0.24	0.17
EV/Sales	- -	- -	- -	0.13	0.19	1.51	7.83	5.67	4.54	5.61	2.39	1.66	2.26	2.27	3.34
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	84.35	22.85	27.76	- -	- -	- -	44.19	114.49
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	84.35	22.47	27.31	- -	- -	- -	39.36	81.44
Diluted Market Cap	27	50	55	97	90	125	109	62	41	104	124	201	222	228	375
Diluted Enterprise Value	-18	17	1	77	86	329	379	319	309	382	230	246	256	292	464
EV per Share	- -	- -	- -	1.16	1.55	13.36	16.89	14.09	13.12	16.29	8.64	8.27	9.46	9.38	16.38
TTM Sales	203	160	172	158	159	177	46	54	63	64	81	115	108	113	137
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-69	-47	-42	-11	-27	-15	-19	4	13	13	-3	-8	-19	6	4
TTM Free Cash Flow to Firm	-67	-47	-41	-11	-27	-14	-19	4	13	13	-3	-8	-19	6	6

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	-0.36	-1.08	-1.35	-5.91	-2.76	-8.37	-7.55	-6.15	-74.33	55.29	-24.32	-13.77	-8.55	128.15	232.04
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-132	-63	-54	20	30	267	364	306	287	361	195	190	243	255	456
Low Price	1.92	1.74	2.74	3.75	3.75	3.65	4.8	1.82	1.63	1.26	4.07	5.05	6.25	7.6	7.06
EV/Sales	- -	- -	- -	0.13	0.19	1.51	7.83	5.67	4.54	5.61	2.39	1.66	2.26	2.27	3.34
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	126.33	525.29	- -	- -	- -	- -	- -	7.46	9.2	- -	- -
Price/Earnings Average	-2.47	-0.67	-1.37	-7.4	147.45	432.29	-7.47	-2.49	-7.66	-7.22	-137.17	5.76	9.1	-24.28	-27.35
Price/Earnings High	-3.92	-1.13	-1.71	-9.3	170.56	525.29	-8.27	-4.21	-10.18	-13.66	-156.36	8.09	11.61	-27.56	-39.28
Price/Earnings Low	-1.25	-0.44	-1.05	-4.97	103.66	306.77	-6.1	-1.29	-5.16	-3.59	-109.72	4.75	6.84	-21.87	-16.51
Price/Book Value	0.29	-0.19	-0.18	-0.31	-0.3	-0.42	-0.35	-0.16	-0.1	-0.26	-0.31	-0.49	-0.62	-0.63	-1
Price/Book Value Average	0.52	-0.13	-0.17	-0.31	-0.35	-0.35	-0.41	-0.2	-0.14	-0.14	-0.29	-0.38	-0.62	-0.64	-0.87
Price/Book Value High	0.83	-0.22	-0.21	-0.39	-0.41	-0.42	-0.45	-0.34	-0.18	-0.27	-0.33	-0.53	-0.79	-0.72	-1.25
Price/Book Value Low	0.26	-0.09	-0.13	-0.21	-0.25	-0.25	-0.33	-0.1	-0.09	-0.07	-0.23	-0.31	-0.46	-0.57	-0.53
Price/Tangible Book Value	0.35	7.82	-2.44	6.11	4.77	-1.21	-0.99	-0.47	-0.26	-0.54	-1.72	-2.91	-3.52	-2.63	-3.63
Price/Tangible Book Value Average	0.65	5.42	-2.23	6.14	5.57	-1	-1.16	-0.57	-0.34	-0.29	-1.6	-2.25	-3.48	-2.65	-3.16
Price/Tangible Book Value High	1.03	9.19	-2.79	7.72	6.44	-1.21	-1.28	-0.97	-0.45	-0.55	-1.82	-3.16	-4.44	-3.01	-4.53
Price/Tangible Book Value Low	0.33	3.57	-1.71	4.13	3.91	-0.71	-0.94	-0.3	-0.23	-0.14	-1.28	-1.86	-2.62	-2.39	-1.91
Price/Sales	0.13	0.31	0.32	0.61	0.57	0.71	2.34	1.16	0.64	1.62	1.52	1.59	2.01	2.02	2.74
Price/Sales Average	0.25	0.22	0.29	0.62	0.66	0.58	2.72	1.42	0.84	0.87	1.41	1.23	1.98	2.04	2.38
Price/Sales High	0.39	0.37	0.37	0.77	0.77	0.71	3.01	2.39	1.11	1.65	1.61	1.72	2.53	2.31	3.42
Price/Sales Low	0.12	0.14	0.22	0.41	0.47	0.41	2.23	0.73	0.56	0.43	1.13	1.01	1.49	1.84	1.44
Price/Cash Flow	-0.36	-1.07	-1.32	-5.91	-2.75	-8.02	-7.55	-6.15	-53.57	62.34	-20.9	-12.49	-8.25	213.31	-124,914.63
Price/Cash Flow Average	-0.65	-0.74	-1.2	-5.94	-3.2	-6.6	-8.79	-7.56	-69.72	33.63	-19.41	-9.66	-8.16	215.06	-108,655.86
Price/Cash Flow High	-1.04	-1.26	-1.51	-7.46	-3.71	-8.02	-9.72	-12.75	-92.59	63.66	-22.13	-13.55	-10.41	244.14	-156,027.2
Price/Cash Flow Low	-0.33	-0.49	-0.92	-3.99	-2.25	-4.68	-7.18	-3.89	-46.95	16.71	-15.53	-7.96	-6.14	193.68	-65,568.57
Price/Free Cash Flow Average	-0.67	-0.75	-1.24	-5.94	-3.22	-6.88	-8.79	-7.56	-96.74	29.83	-22.58	-10.64	-8.46	129.2	201.84
Price/Free Cash Flow High	-1.06	-1.27	-1.55	-7.46	-3.73	-8.37	-9.72	-12.75	-128.47	56.47	-25.74	-14.93	-10.79	146.68	289.83
Price/Free Cash Flow Low	-0.34	-0.49	-0.95	-3.99	-2.27	-4.89	-7.18	-3.89	-65.14	14.82	-18.06	-8.77	-6.36	116.36	121.8
EV/Sales Average	0.02	0.01	0.06	0.49	0.64	1.74	8.53	6.17	5.08	5.19	2.72	1.62	2.29	2.61	3.03
EV/Sales High	0.17	0.16	0.05	0.65	0.74	1.87	8.82	7.14	5.36	5.97	2.92	2.12	2.84	2.89	4.07
EV/Sales Low	- -	0.02	- -	0.29	0.44	1.57	8.03	5.48	4.81	4.75	2.44	1.41	1.8	2.41	2.09
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	2.08	3.81	3.9	5.55	4.57	6.25	5.05	2.87	1.86	4.7	5.48	7.93	8.4	8.37	13.45
High Price	6.04	4.48	4.46	7.01	6.17	6.25	6.5	5.95	3.21	4.8	5.8	8.6	10.6	9.58	16.8
Enterprise Value Average	5	2	-4	77	101	307	396	333	321	334	222	186	247	294	415
Enterprise Value High	34	26	9	102	118	329	410	386	339	384	238	243	306	325	557
Enterprise Value Low	-20	-10	-16	45	70	277	373	296	304	306	199	162	194	271	286

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	13	13	16	20	20	21	22	22	22	22	23	23	27	27	29
Diluted Weighted Avg Shares	13	13	14	17	20	20	22	22	22	22	23	25	26	27	28
Basic Weighted Avg Shares	13	13	14	17	20	20	22	22	22	22	23	23	26	27	28
Revenue per Share	15.49	12.14	12.2	9.06	8.05	8.83	2.16	2.48	2.89	2.9	3.61	4.99	4.19	4.14	4.91
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-1.54	-3.96	-2.61	-0.75	0.04	0.01	-0.79	-1.41	-0.32	-0.35	-0.04	1.06	0.91	-0.35	-0.43
Basic EPS from Cont Ops	-1.99	-4.05	-3.07	-0.84	-0.58	-0.04	0.19	-1.02	-0.13	-0.24	-0.12	1.31	0.99	-0.3	-0.37
Diluted EPS, GAAP	-1.54	-3.96	-2.61	-0.75	0.04	0.01	-0.79	-1.41	-0.32	-0.35	-0.04	0.96	0.89	-0.35	-0.43
Diluted EPS from Cont Ops	-1.99	-4.05	-3.07	-0.84	-0.58	-0.04	0.19	-1.02	-0.13	-0.24	-0.12	1.19	0.97	-0.3	-0.37
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.04
Cash Flow per Share	-5.82	-3.55	-2.96	-0.94	-1.66	-0.78	-0.67	-0.47	-0.03	0.08	-0.26	-0.63	-1.02	0.04	- -
Free Cash Flow per Basic Share	-5.92	-3.56	-3.04	-0.94	-1.67	-0.81	-0.67	-0.47	-0.04	0.07	-0.3	-0.63	-1.03	0.01	-0.06
Cash & Equivalents per Share	15.24	12.24	10.86	7.35	5.46	4.93	0.93	1.24	1.64	1.59	2.04	4.44	0.59	1.57	0.56
Book Value per Share	7.28	-19.93	-21.18	-17.94	-15.08	-14.88	-14.43	-17.59	-17.75	-17.8	-17.53	-16.13	-13.49	-13.28	-13.39
Tangible Book Value per Share	5.87	0.49	-1.6	0.91	0.96	-5.16	-5.08	-6.15	-7.07	-8.71	-3.19	-2.72	-2.39	-3.18	-3.71

Kingsway Financial Services Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)