Kingstone Companies, Inc. (KINS) Market Cap
Kingstone Companies, Inc. has a market capitalization of $244.1M.
Financials based on reported quarter end 2025-12-31
Price: $16.86
▼ -1.35 (-7.41%)
Market Cap: 244.08M
NASDAQ · time unavailable
CEO: Victor Jay Brodsky
Sector: Financial Services
Industry: Insurance - Property & Casualty
IPO Date: 1999-10-26
Website: https://www.kingstonecompanies.com
Kingstone Companies, Inc. (KINS) - Company Information
Market Cap: 244.08M · Sector: Financial Services
Kingstone Companies, Inc., through its subsidiary, Kingstone Insurance Company, underwrites property and casualty insurance products to individuals in New York. The company offers personal line of insurance products, including homeowners and dwelling fire multi-peril, cooperative/condominiums, renters, and personal umbrella policies. It also provides for-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs; and canine legal liability policies, as well as reinsurance products. It sells its products through retail and wholesale agents and brokers. The company was formerly known as DCAP Group, Inc. and changed its name to Kingstone Companies, Inc. in July 2009. Kingstone Companies, Inc. was founded in 1886 and is headquartered in Kingston, New York.
Analyst Sentiment
Based on 4 ratings
Consensus Price Target
No data available
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"KINS reported revenue of $40.7M and a net income of $14.8M for the fiscal year ending December 31, 2025. The company shows a solid profitability with an EPS of $1.04. For cash flow, KINS delivered strong operating cash flow of $53.0B and free cash flow of $53.0B, indicating robust cash flow generation capabilities. On the balance sheet, total assets stand at $453.4B against total liabilities of $330.7B, reflecting a healthy equity position with total equity at $122.7B and a net debt of -$7.7B, suggesting that the company has a net cash position. Shareholder returns include dividends of $0.05 per share in recent quarters, though the stock has experienced negative price performance over the past year, with a decline of around 9.46%. This total return profile may warrant caution for investors looking for capital appreciation, despite the solid cash flows and profitability metrics, which could favor dividends in the current context."
Revenue Growth
Revenue of $40.7M indicates moderate growth, but specific growth rates are not provided.
Profitability
Net income at $14.8M and EPS of $1.04 demonstrate strong profitability.
Cash Flow Quality
Excellent operating cash flow and free cash flow highlight robust cash generation.
Leverage & Balance Sheet
Strong balance sheet with more assets than liabilities and a net cash position.
Shareholder Returns
Negative price performance affects total return despite recent dividends.
Analyst Sentiment & Valuation
Currently no price target; mixed sentiment due to recent stock performance.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
So what: Management is framing Q4/FY25 as structurally improved underwriting—Select at 57% of policies in force, underlying combined ratio 74.4% in 2025, and expense ratio down to 30%. However, the Q&A reveals why investors should expect a choppier top-line story: 2026 EPS is being pulled lower mainly by cat normalization, with management explicitly guiding for 7–10 catastrophe points and noting seven catastrophe events declared since Jan 23. In other words, the business “control” metrics (underlying combined 74%–76%) look stable, but the headline net combined (81%–86%) and EPS range ($2.20–$2.90) are highly weather-dependent. Expansion into California is also controlled but not risk-free: they start small (<5% of 2026 premium) with a 30% quota share and will manage wildfire concentration in real time. Analyst pressure in Q&A focused on how far expense can fall (29%–30% comfortable range) and California risk differences (E&S/regulatory advantage vs wildfire exposure management).
Growth Catalysts
- Select product penetration to 57% of policies in force (from 45% a year ago), driving improved risk selection and lower claims frequency
- Net earned premium growth tailwind: Q4 net earned premiums +38% and full-year +46%, supported by further quota share reduction
- Improving claims operations (faster cycle times; earlier visibility into ultimate property claims cost)
- Measured expansion into California (E&S homeowners) starting 2026
Business Development
- Policies from the GARD Renewable Rights Agreement commenced writing in September (supported producer demand); New business policy count +25% in Q4 vs Q3
- California entry via excess & surplus (E&S) lines in 2026; using Select product adapted for California with help from the same actuarial consulting firm that built Select
Financial Highlights
- Q4 2025: net income $14.8M; diluted EPS $1.30 (note CFO later cites diluted EPS $1.03 for the quarter—transcript inconsistency); GAAP net combined ratio 64.2%; diluted operating EPS $1.80; annualized ROE 51%
- Full-year 2025: net income $40.8M; diluted EPS $2.88 (+95% YoY); ROE 43%
- Q4 underwriting: underlying loss ratio 34.7% (improved by 14+ points YoY); catastrophe loss ratio implied by GAAP combined vs underlying performance; full-year underlying loss ratio improved nearly 4 points to 44.4%; catastrophe loss ratio just 1.2 points
- Expense ratio milestone: full-year expense ratio 30% (improved 1.3 percentage points YoY); Q4 expense reduction aided by sliding-scale contingent ceding commission adjustments (27.9% expense ratio cited; 1.9 percentage point decrease)
- Guidance reframing: new primary metric underlying combined ratio (underlying loss ratio + net expense ratio), excluding catastrophe losses and prior-year reserve development
- 2026 guidance: underlying combined ratio 74% to 76% (comparable to 2025 underlying performance), but net combined ratio 81% to 86% due to higher catastrophe assumption
- Catastrophe loss assumption for 2026: 7 to 10 points (at/above 6-year historical average 7.1); narrative attributes headline EPS/ROE change largely to cat normalization
- Earnings sensitivity: each 1 point of catastrophe loss ratio ~ $0.13 impact on diluted EPS; illustrative $3.53 EPS at 2025 cat level (1.2 points), ~23% growth YoY
- Quota share: 2026 treaty quota share cession reduced from 16% to 5% (expected +$0.20 EPS impact at midpoint per CFO)
Capital Funding
- No debt at holding company
- Shareholder equity $122.7M (+84% in year)
- Investment portfolio increased to $309.7M; net investment income Q4 +55% to $3.0M (from $1.9M); full-year net investment income +44% to $9.8M
- Fixed income yield 4.3% at 12/31/2025 (up from 3.7%); effective duration 4.4 years (up from 3.9); said increase of 60 bps and half-year respectively
- Declared third consecutive quarterly dividend in 2026 (amount not provided in transcript)
Strategy & Ops
- Operational/metric change: introduce underlying combined ratio as primary lens going forward
- California build-out: much of the expense to enter California already incurred (product development and programming); staffing expected to be modest as California grows
- Reinsurance/cat cap: catastrophe reinsurance limits maximum first event loss to $5M pretax (~$0.27 per share after tax)
Market Outlook
- 2026 guidance: direct premiums written growth 16% to 20%
- 2026 guidance: diluted EPS $2.20 to $2.90 (midpoint $2.55)
- 2026: underlying combined ratio 74% to 76%
- 2026: catastrophe loss assumption 7 to 10 points; net combined ratio 81% to 86%
- California scaling: initial California contribution <5% of 2026 premium; start writing across all of California with focus on low-to-moderate wildfire risk
- Five-year goal reaffirmed: $500M direct premiums by year-end 2029
Risks & Headwinds
- Catastrophe normalization risk: 2026 guidance assumes higher-than-average catastrophe load (7–10 points) due to elevated winter storm activity in 2026
- Specific disclosed hurdle in Q&A: as of Jan 23, seven catastrophe events have been declared (driving expectation that winter isn’t over yet; winter storm loss estimates included in 2026 guidance)
- California concentration/exposure management risk: wildfire exposure must be managed in real time; start with low/moderate wildfire risk and initially lower limits/quota share
- Expense ratio ceiling uncertainty: management sees potential additional 0.5 to 1.0 point reduction from 30% but expects run-rate in 29% to 30%
- Regulatory proposal risk in New York homeowner profitability: uncertainty about final legislation; concern that affordability measures could limit pricing capacity and carrier availability (carrier capacity availability risk emphasized)
Sentiment: MIXED
Note: This summary was synthesized by AI from the KINS Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.