Stock fact sheet · data as of
Kingsway Corporation (KWY): fair value, margin of safety and Wheel Score
Ticker symbol KWY · Financial Services · Insurance - Diversified · United States · Speculative
Is KWY undervalued?
At 10.01 (close of 5 Nov 2026), KWY has no GLS fair value: every one of the nine models needs a positive input (the company lost money over the last twelve months, EPS -0.25, it pays no dividend and its debts exceed what its assets would fetch), so the margin of safety is blank and the Wheel Score cannot be computed. Our scans leave the stock out at the first filter. What can be said from the nightly row is below.
The nightly engine files KWY under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for KWY
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -5.51 | -155% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Kingsway Corporation scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 2.5/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -9.8%, ROE -34.2%, ROA -4.6% - with debt at 2.48 times equity and negative free cash flow. Debt of 2.48 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
Kingsway Corporation pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 5/10, insider activity 2/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 30 Oct 2026.
| Piotroski F-score | 5 / 9 | ROIC | -9.8% |
|---|---|---|---|
| GLS Moat | 2.5 / 10 | ROE | -34.2% |
| Debt / equity | 2.48 | ROA | -4.6% |
| Free-cash-flow yield | -0.2% | Payout ratio | -18% |
| Institutions | 5 / 10 | Insiders · Congress | 2 · 5 / 10 |
Wheel Score 31: Weak
With a Wheel Score of 31 Kingsway Corporation sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (161 open interest, 24 a day); and filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades right at our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 8, big enough - market cap $290M (under $1.0B); Value (weak) is its weakest part.
Implied volatility is 40% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 161 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 53k shares a day on a market cap of $290M, with a beta of 0.25 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (161 open interest, 24 a day) |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Fails | trades right at our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $290M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 0% below fair value | |
| Premium | Strong | implied volatility 40% | |
| Moat | Weak | moat 2.5/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Strong | Red Flags score 92/100 | |
| Option trading | Weak | 24 contracts a day, 161 open interest | |
| Stability | Fair | beta 0.25, $290M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Kingsway Corporation reports earnings on 5 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Insurance - Diversified
The 12 companies below are the closest to Kingsway Corporation by market cap within the Insurance - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| IGIC International General Insurance Holdings Ltd. | 24.27 | 64.86 | +63% | 47Weak | $1.0B |
| XZO Exzeo Group, Inc. | 19.33 | 27.77 | +30% | 35No options | $1.7B |
| PLGO Pelagos Insurance Capital Limit | 27.42 | 144.15 | +81% | 36No options | $2.3B |
| GNW Genworth Financial, Inc. | 9.19 | 14.89 | +38% | 76Good | $3.5B |
| WTM White Mountains Insurance Group, Ltd. | 2,376.30 | 8,914.92 | +73% | 34No options | $5.7B |
| AXS AXIS Capital Holdings Limited | 107.78 | 470.12 | +77% | 46Weak | $7.7B |
| AEG Aegon Ltd. | 8.58 | 10.13 | +15% | 70Good | $13.0B |
| AEFC Aegon Funding Company LLC | 17.80 | 22.69 | +22% | 25No options | $13.8B |
| BNT Brookfield Wealth Solutions Ltd. | 43.08 | 55.05 | +22% | 40Weak | $14.3B |
| HIG The Hartford Insurance Group, Inc. | 138.11 | 378.41 | +64% | 73Good | $36.9B |
| ACGLO Arch Capital Group Ltd. | 18.33 | 141.94 | +87% | 39No options | $37.8B |
| ACGLN Arch Capital Group Ltd. | 15.11 | 133.92 | +89% | 39No options | $37.8B |
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Start free See the Sunday ScanQuestions about KWY
Is KWY undervalued right now?
The GLS models could not value KWY (the company lost money over the last twelve months, EPS -0.25, it pays no dividend and its debts exceed what its assets would fetch), so there is no fair value or margin of safety to compare the price of 10.01 against.
What is the Wheel Score of KWY and what does it mean?
KWY scores 31 out of 100 (Weak) - it fails Wheel Trade Filters 1, 2, 3, 4, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for KWY?
None of the nine GLS models produced a positive value for KWY (the company lost money over the last twelve months, EPS -0.25, it pays no dividend and its debts exceed what its assets would fetch), so there is no GLS fair value tonight.
When does Kingsway Corporation report earnings next?
The next earnings report is due on 5 Nov 2026 (after the close), 0 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does KWY have listed options, and how liquid are they?
Yes. The nightly snapshot found 18 listed contracts with 161 open interest across all expiries and implied volatility of 40% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.