Kingsway vs NI Holdings
NI Holdings is the larger business, with $285m of revenue in fiscal 2025 against $135m for Kingsway (2.1 times as much). Kingsway grew faster (23.4% against -12.3%). NI Holdings kept more of each dollar of sales as profit: a net margin of -3.7% against -8.8%. NI Holdings carries less debt relative to equity (1.0% against 466.2%).
| Latest fiscal year | KingswayKWY, 2025 | NI HoldingsNODK, 2025 |
|---|---|---|
| Revenue | $135m | $285m |
| Revenue growth | 23.4% | -12.3% |
| Net income | −$11.9m | −$10.4m |
| Operating margin | -1.8% | — |
| Net margin | -8.8% | -3.7% |
| Return on equity | -101.1% | -4.3% |
| Free cash flow | −$3,000 | −$15.5m |
| Cash | $8.3m | $51.7m |
| Total debt | $70.7m | $2.4m |
| Debt to equity | 466.2% | 1.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $345,000 | — |
| Employees | — | 172 |
| Market value | $286m | $312m |
| Price vs our value range | — | — |
| Moat score | 28 (Weak) | 53 (Moderate) |
| Insider trades, 12 months | 52 buys, 14 sales | 0 buys, 0 sales |