Kingsway Financial Services Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Kingsway Financial Services Inc (KFS) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Kingsway Financial Services Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 154M vs 852,126M combined for tracked competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+2.4% annualized vs trailing 12 months), vs accelerating (+3.9%) for its tracked peer group.
- Growth: Kingsway Financial Services Inc generated 27.6% revenue growth year over year in Q2 2026, vs 8.3% for its tracked competitors combined.
- Profitability: Its 0.4% net margin compares with 19.2% for the peer group.
- Peer revenue share: Kingsway Financial Services Inc accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.25M compares with $1.18M for the peer group (0.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
KFS Sales vs. its Competitors, Q2 2026
Kingsway Financial Services Inc reported revenue growth of 27.57 % year on year in Q2 2026, above its competitors' combined revenue growth of 8.27 %.
With a net margin of 0.40 %, Kingsway Financial Services Inc reported lower profitability than its competitors (19.22 %).
Kingsway Financial Services Inc generated 0.02 % of the combined sales of its peer group, up from 0.02 % a year earlier.
Kingsway Financial Services Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Kingsway Financial Services Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Kingsway Financial Services Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Kingsway Financial Services Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (1) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Kingsway Financial Services Inc's competitor groups requires a Commercial License.
For context: the Property & Casualty Insurance industry grew revenue 5.5% year over year, combined, vs 27.6% for Kingsway Financial Services Inc. Kingsway Financial Services Inc's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
Kingsway Financial Services Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Kingsway Financial Services Inc | No | Yes | Yes | No |
| Competitors combined (41) | ||||
| High-Confidence Competitors (5) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 75.00 % (6 of 8) | 62.50 % (5 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
KFS Stock Performance relative to its Competitors
KFS Stock Performance relative to High-Confidence Competitors
KFS Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | United Fire Group Inc | 282.9% | Outperformed |
| 2 | Universal Insurance Holdings Inc | 282.9% | Outperformed |
| 3 | Safety Insurance Group Inc | 282.9% | Outperformed |
| 4 | Heritage Insurance Holdings Inc | 282.9% | Outperformed |
| 5 | Travelers Companies inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Kingsway Financial Services Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Kingsway Financial Services Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Kingsway Financial Services Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Kingsway Financial Services Inc | 300.48 | 154.13 |
| Progressive Corp | 128,004.06 | 91,055.00 |
| Travelers Companies inc | 81,175.77 | 48,921.00 |
| Metlife Inc | 64,418.30 | 79,403.00 |
| Allstate Corp | 63,958.84 | 70,137.00 |
| American International Group Inc | 43,038.12 | 26,636.00 |
| SUBTOTAL | 663,577.81 | 893,873.04 |
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Sources: Kingsway Financial Services Inc's official press releases and company reports; CSIMarket.com's market research; and the company reports and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Kingsway Financial Services Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Kingsway Financial Services Inc's Competitors Named by the Company
Competitive relationships identified from Kingsway Financial Services Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| DDI | Company report | 85% |
| IWS | Company report | 85% |
| SNS | Company report | 85% |
| PWI | Company report | 85% |
| Geminus | Company report | 85% |
| Penn | Company report | 85% |
| Penn | Company report | 85% |
| Image Solutions | Company report | 85% |
| Prime | Company report | 85% |
| HVAC Trinity | Company report | 85% |
| Home PWSC | Company report | 85% |
| PWSC | Company report | 85% |
| James River Group Holdings Inc | Company report | 85% |
| Global Indemnity Group Llc | Company report | 85% |
| Old Republic International Corporation | Company report | 85% |
| Enstar Group Ltd | Company report | 85% |
| Proassurance Corporation | Company report | 85% |
| Hallmark Financial Services inc | Company report | 85% |
| Aspen Insurance Holdings Limited | Company report | 85% |
| Kingstone Companies Inc | Company report | 85% |
| Rli Corp | Company report | 85% |
| Unico American Corporation | Company report | 85% |
| Fg Nexus Inc | Company report | 85% |
| Donegal Group Inc | Company report | 85% |
| National Security Group Inc. | Company report | 85% |
| Hanover Insurance Group Inc | Company report | 85% |
| Tiptree Inc | Company report | 85% |
| Hci Group Inc | Company report | 85% |
| Kemper Corporation | Company report | 85% |
| Safety Insurance Group Inc | Company report | 85% |
| Universal Insurance Holdings Inc | Company report | 85% |
| Heritage Insurance Holdings Inc | Company report | 85% |
| Fednat holding company | Company report | 85% |
| United Fire Group Inc | Company report | 85% |
| Presurance Holdings Inc | Company report | 85% |
| Markel Group Inc | Company report | 85% |
| State Auto Financial Corporation | Company report | 85% |
| American Coastal Insurance Corporation | Company report | 85% |
| Horace Mann Educators Corporation | Company report | 85% |
| Essent Group Ltd | Company report | 85% |
Company report basis, confidence, active dates and source counts for Kingsway Financial Services Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from Kingsway Financial Services Inc reports (named-competitor disclosures) and corroborating sources. Confidence reflects evidence strength.
Kingsway Financial Services Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Kingsway Financial Services Inc | Kingsway Search Xcelerator 54.18 % |
| Travelers Companies inc | Business Insurance 47.23 % |
| Metlife Inc | Group Benefits 36.13 % |
| Allstate Corp | Allstate Protection 87.37 % |
| American International Group Inc | North America Operating 30.08 % |
| The Hartford Insurance Group Inc | P&C Business Insurance 55.32 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Kingsway Financial Services Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Kingsway Financial Services Inc | 300 | 253,919 | -10,059 |
| Progressive Corp | 128,004 | 1,821,100 | 233,900 |
| Travelers Companies inc | 81,176 | 1,438,853 | 244,618 |
| Metlife Inc | 64,418 | 1,726,152 | 79,543 |
| Allstate Corp | 63,959 | 1,308,526 | 248,134 |
| American International Group Inc | 43,038 | 1,205,249 | 134,208 |
| PEERS TOTAL | 663,277 | 1,178,525 | 203,807 |
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Kingsway Financial Services Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Brown and Brown Inc | US 86.46 % |
| Ncr Atleos Corporation | United States 47.84 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Kingsway Financial Services Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 65 companies in Kingsway Financial Services Inc's industry classification, broader than the peer set above. Market cap in millions of $.Kingsway Financial Services Inc ranks #0 of 65 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 3,537, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 2 | Chubb Limited | 140,584 | 7.13 % |
| 3 | Progressive Corp | 128,004 | 6.49 % |
| 4 | Travelers Companies inc | 82,332 | 4.18 % |
| 5 | Allstate Corp | 63,959 | 3.24 % |
| 6 | American International Group Inc | 1,234 | 5.2% |
| 7 | The Hartford Insurance Group Inc | 1,234 | 5.2% |
| 8 | Arch Capital Group Ltd | 1,234 | 5.2% |
| 9 | W R Berkley Corp | 1,234 | 5.2% |
| 10 | Cincinnati Financial Corporation | 1,234 | 5.2% |
| 11 | Markel Group Inc | 1,234 | 5.2% |
| 0 | Kingsway Financial Services Inc | 276 | 0.00 % |
Market cap and industry share for the rest of Kingsway Financial Services Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-07-17.
Kingsway Financial Services Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Property & Casualty Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (89 companies). See the full Property & Casualty Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 63.05 % | 44.60 % (avg) | +18.4 pp |
| Operating Margin | -12.65 % | industry median | -43.0 pp |
| EBITDA Margin | 11.35 % | 22.01 % (avg) | -10.7 pp |
| Capital Intensity (Capex / Revenue) | - | 1.01 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Kingsway Financial Services Inc's Valuation vs Competitive Position
Valuation multiples vs the Property & Casualty Insurance industry average (89 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Property & Casualty Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 90.0x | 12.7x | +77.3x |
| EV / EBITDA | 21.5x | 5.0x | +16.5x |
| P/B | 20.5x | 2.1x | +18.4x |
| Return on Equity | -40.50 % | industry aggregate | -55.19 % |
| Return on Invested Capital | -11.55 % | 8.28 % (avg) | -19.83 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Kingsway Financial Services Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2016 | 2017 | 2018 | 2019 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 12.38 % | 9.38 % | -73.04 % | 15.11 % | 55.46 % | 10.68 % | 5.95 % | 23.42 % |
| Operating Margin | 28.94 % | 6.84 % | 108.30 % | 3.29 % | 11.50 % | 0.92 % | -10.35 % | -16.08 % |
| Return on Invested Capital | 18.00 % | 2.93 % | 12.04 % | 0.52 % | 2.36 % | 0.45 % | -5.04 % | -11.48 % |
| P/E | 1,594.2x | - | - | - | 63.1x | - | 875.8x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Kingsway Financial Services Inc's Strategic Group Map
Every company in Kingsway Financial Services Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Kingsway Financial Services Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Kingsway Financial Services Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 3,537 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Kingsway Financial Services Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Kingsway Financial Services Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Kingsway Financial Services Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Kingsway Financial Services Inc falls in the High attractiveness / Medium strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Kingsway Financial Services Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+2.4% annualized vs trailing 12 months).
Weaknesses
- Operating margin 43.0 points below the industry median.
- Return on equity 55.2 points below the industry aggregate.
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Kingsway Financial Services Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Kingsway Financial Services Inc | 0.18 | 1.54 | 4.94 |
| Progressive Corp | 0.06 | 1.06 | 0.23 |
| Travelers Companies inc | 0.01 | 1.08 | 0.29 |
| Metlife Inc | 0.08 | 0.29 | 0.70 |
| Allstate Corp | 0.02 | 0.15 | 0.25 |
| American International Group Inc | 0.04 | 1.44 | 0.17 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Kingsway Financial Services Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Kingsway Financial Services Inc | Q2 2026 | +27.6 % | - |
| Progressive Corp | Q2 2026 | +7.3 % | +4.3 % |
| Travelers Companies inc | Q3 2026 | -0.5 % | +1.5 % |
| Metlife Inc | Q2 2026 | +10.5 % | +6.0 % |
| Allstate Corp | Q2 2026 | +11.8 % | +55.8 % |
| American International Group Inc | Q2 2026 | -0.1 % | -17.1 % |
| PEERS TOTAL | +8.0 % | +55.3 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Kingsway Financial Services Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Kingsway Financial Services Inc | Q2 2026 | - | - |
| Progressive Corp | Q2 2026 | +1,027.3 % | +35.3 % |
| Travelers Companies inc | Q3 2026 | +0.4 % | - |
| Metlife Inc | Q2 2026 | +1,959.3 % | - |
| Allstate Corp | Q2 2026 | +6.1 % | - |
| American International Group Inc | Q2 2026 | +6.3 % | - |
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Kingsway Financial Services Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Kingsway Financial Services Inc | - | - | - |
| Progressive Corp | 9.51% | 11.22% | 35.40% |
| Travelers Companies inc | 5.82% | 7.60% | 26.20% |
| Metlife Inc | 0.49% | 0.77% | 12.93% |
| Allstate Corp | 10.88% | 16.50% | 43.12% |
| American International Group Inc | 1.83% | 2.10% | 7.26% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Kingsway Financial Services Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Kingsway Financial Services Inc | 87.50 | 1.95 |
| Progressive Corp | 10.99 | 1.41 |
| Travelers Companies inc | 10.15 | 1.66 |
| Metlife Inc | 19.11 | 0.81 |
| Allstate Corp | 4.94 | 0.91 |
| American International Group Inc | 14.91 | 1.62 |
| PEERS AVERAGE | 4.29 | 0.74 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.