The business behind the dividend
| Measure | KINS | Median | Formula |
|---|---|---|---|
| Return on equity | 33.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $40.52m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $73.05m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 23.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 19.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -7.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 33.2% | 27.5% | -17.9% | -62.3% | -9.8% | 1.0% | -6.8% | 3.5% | 10.6% | 15.7% | 1.0% |
| Operating margin | 23.8% | 15.0% | -5.1% | -21.5% | — | — | — | — | — | — | 15.0% |
| Net margin | 19.0% | 11.8% | -4.3% | -17.3% | -4.6% | 0.7% | -4.1% | 2.7% | 10.8% | 11.5% | 0.7% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Kingstone Companies pays out less than 370 of them. The median for that group is 30.6%, against this company’s 3.5%.
Closest on GAAP earnings
- Renaissancere Holdings (RNR) 2.9%
- Kinsale Capital Group (KNSL) 3.1%
- Loews (L) 3.1%
- QCR Holdings (QCRH) 3.2%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →