Kingsway Financial Services Inc. (KFS)

KFS Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-10.73	-9.27	23.56	24.72	-0.34
Depreciation & Amortization	9.23	7	6.22	6.45	5.07
Gain (Loss) on Sale of Assets	-	-	-0.34	-37.92	-
Gain (Loss) on Sale of Investments	-0.71	-1.9	-4.05	-0.68	-3.73
Stock-Based Compensation	1.72	1.79	1.64	4.05	3.6
Change in Accounts Receivable	0.78	1.27	1.12	-0.14	-0.79
Change in Unearned Revenue	4.05	-0.89	0.86	-6.5	-2.35
Change in Other Net Operating Assets	-0.9	-1.63	-25.85	13.84	6.34
Other Operating Activities	-3.12	1.38	-29.58	-3.84	0.82
Operating Cash Flow	-0	1.07	-26.19	-14.57	-5.91
Capital Expenditures	-1.62	-0.71	-0.21	-	-0.83
Sale of Property, Plant & Equipment	-	-	-	26.46	-
Cash Acquisitions	-29.18	-20.05	-13.63	-13.69	-12.64
Investment in Securities	1.23	2.51	19.96	-1.99	4.51
Other Investing Activities	-0.05	0.27	-0.01	42.85	0.37
Investing Cash Flow	-29.61	-16.85	6.46	100.94	-8.6
Long-Term Debt Issued	26.69	34.9	5.6	12.85	6.4
Total Debt Repaid	-15.24	-21.59	-49.44	-11.64	-14.39
Net Debt Issued (Repaid)	11.45	13.31	-43.84	1.21	-7.99
Issuance of Common Stock	15.6	-	16.66	0.55	1.75
Repurchases of Common Stock	-0.47	-4.82	-3.65	-0.4	-0.5
Issuance of Preferred Stock	8	8.25	-	-	-
Preferred Dividends Paid	-1.02	-0.01	-	-	-
Total Dividends Paid	-1.02	-0.01	-	-	-
Other Financing Activities	-0.81	-5.29	-9.13	-39.29	6.2
Financing Cash Flow	32.75	11.44	-39.96	-37.93	-0.54
Miscellaneous Cash Flow Adjustments	-	-0.64	-0.61	-1.1	9.19
Net Cash Flow	3.14	-4.97	-60.3	47.33	-5.86
Free Cash Flow	-1.62	0.36	-26.39	-14.57	-6.74
Free Cash Flow Margin	-1.18%	0.32%	-24.18%	-15.10%	-8.03%
Free Cash Flow Per Share	-0.06	0.01	-1.00	-0.58	-0.30
Cash Interest Paid	5.25	4.66	24.58	1.43	0.82
Cash Income Tax Paid	0.24	-0.11	1.89	0.5	0.24
Levered Free Cash Flow	4.71	7.95	-1.12	61.84	-42.43
Unlevered Free Cash Flow	8.11	10.95	2.79	66.9	-38.57
Change in Working Capital	2.9	-1.4	-24.34	4.88	1.1

Updated Mar 12, 2026. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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