KINS · KINGSTONE COMPANIES, INC.

Kingstone Companies, Inc., through its subsidiary, Kingstone Insurance Company, provides property and casualty insurance products in the United States. The company offers personal line of insurance products, such as homeowners, dwelling fire, cooperative/condominiums, renters, and personal umbrella policies; and commercial auto insurance products. It also underwrites for-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs; and canine legal liability policies. The company provides 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.

Cap structure and valuation

Cap structure
SP	$14.16
SO	14.5M
Options	0.2M
Warrants	0.0M
FD SO	14.7M
MC	$207.9M

Cash	$11.4M
Total debt	$4.1M
EV	$200.7M

TTM Multiples
EV / Revenue	0.9x
EV / EBITDA	—
MC / Net Income	6.7x
EV / FCF	3.1x
MC / FCF	3.3x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-05. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	59.78	56.42	55.65	52.29
Revenue YoY %	18.4%	34.0%	36.5%	43.3%

Pretax Income	(7.40)	18.45	13.71	14.17
Tax Provision	(1.59)	3.69	2.83	2.91
Net Income	(5.81)	14.76	10.87	11.25
Net Margin %	(9.7%)	26.2%	19.5%	21.5%

Diluted EPS	-$0.40	$1.06	$0.74	$0.78
Basic EPS	-$0.40	$1.05	$0.77	$0.81
Diluted Avg Shares	14.5	-0.2	14.6	14.4
Basic Avg Shares	14.5	0.1	14.1	13.9

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	224.14	214.87	155.14	144.19	130.16
Revenue YoY %	4.3%	38.5%	7.6%	10.8%	—

Interest Expense	—	—	—	4.00	2.02
Pretax Income	38.93	51.05	23.29	(7.37)	(27.94)
Tax Provision	7.85	10.28	4.93	(1.20)	(5.42)
Net Income	31.08	40.77	18.36	(6.17)	(22.52)
Net Margin %	13.9%	19.0%	11.8%	(4.3%)	(17.3%)

Diluted EPS	$2.18	$2.88	$1.48	-$0.57	-$2.12
Basic EPS	$2.23	$2.93	$1.60	-$0.57	-$2.12
Diluted Avg Shares	14.5	14.1	12.4	10.8	10.6
Basic Avg Shares	14.5	13.9	11.5	10.8	10.6

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	11.36	12.18	26.77	33.71

Net PPE	8.02	7.90	7.86	7.85
Total Assets	465.34	453.43	428.59	393.42

Long-term Debt	2.81	3.14	3.47	3.80
Total Liabilities	350.83	330.69	320.94	298.54

Retained Earnings	28.07	34.60	20.54	10.38
Total Equity	114.50	122.73	107.65	94.88

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	11.36	12.18	28.67	8.98	11.96

Net PPE	8.02	7.90	9.28	9.40	10.54
Total Assets	465.34	453.43	374.92	317.63	320.33

Long-term Debt	2.81	3.14	4.32	25.24	25.16
Total Liabilities	350.83	330.69	308.21	283.13	284.16

Retained Earnings	28.07	34.60	(4.76)	(23.11)	(16.95)
Total Equity	114.50	122.73	66.71	34.50	36.17

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(5.81)	14.76	10.87	11.25
D&A	0.72	0.68	0.64	0.61
Stock-Based Comp	0.65	0.24	0.43	0.47
Operating Cash Flow	8.71	22.80	25.93	9.27

CapEx	(0.84)	(0.71)	(0.65)	(0.58)
Investing Cash Flow	(8.20)	(36.49)	(31.85)	(12.67)

Stock Issuance	0.00	0.00	(0.01)	(0.06)
Dividends Paid	(0.72)	(0.71)	(0.71)	—
Financing Cash Flow	(1.33)	(0.90)	(1.02)	(0.38)

Free Cash Flow	7.88	22.08	25.28	8.70

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	31.08	40.77	18.36	(6.17)	(22.52)
D&A	2.65	2.56	2.45	2.97	3.30
Stock-Based Comp	1.80	1.48	1.38	0.83	1.39
Operating Cash Flow	66.72	75.86	57.95	(11.33)	(0.92)

CapEx	(2.78)	(2.81)	(2.34)	(1.83)	(4.55)
Investing Cash Flow	(89.22)	(92.86)	(35.26)	9.46	(5.91)

Stock Issuance	(0.08)	9.47	13.61	0.00	0.06
Stock Buyback	—	—	—	—	0.00
Dividends Paid	—	(1.41)	0.00	0.00	(1.28)
Financing Cash Flow	(3.64)	0.51	(2.99)	(1.12)	(5.51)

Free Cash Flow	63.94	73.05	55.61	(13.15)	(5.47)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	3.06	2.69	2.98	3.15
EBITDA Margin %	—	—	—	—
Working Capital	—	—	—	—
Net Debt	(8.55)	(9.04)	(23.30)	(29.91)
ROE %	(5.1%)	12.0%	10.1%	11.9%
ROA %	(1.2%)	3.3%	2.5%	2.9%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	3.06	2.69	4.62	8.21	7.86
EBITDA Margin %	—	—	—	—	—
Working Capital	—	—	—	—	—
Net Debt	(8.55)	(9.04)	(24.35)	16.27	13.20
ROE %	27.1%	33.2%	27.5%	(17.9%)	(62.3%)
ROA %	6.7%	9.0%	4.9%	(1.9%)	(7.0%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-13	Newgarden Thomas	Director	2026-05-13	P	15,201	$14.36	$218,286
2026-05-13	Newgarden Thomas	Director	2026-05-12	P	15,301	$14.52	$222,171
2026-04-20	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2026-04-15	F	(2,453)	$16.61	-$40,744
2026-04-17	Yankus William L	Director	2026-04-16	S	(13,500)	$18.00	-$243,000
2026-03-16	Chen Minlei	Officer (Chief Actuary and Senior VP)	2026-03-03	A	8,624	—	$0
2026-03-16	Chen Minlei	Officer (Chief Actuary and Senior VP)	2026-03-03	F	(1,512)	$16.53	-$24,993
2026-03-16	Chen Minlei	Officer (Chief Actuary and Senior VP)	2026-03-03	M	3,333	$2.25	$7,499
2026-03-16	Chen Minlei	Officer (Chief Actuary and Senior VP)	2026-03-03	M	(3,333)	—	$-0
2026-03-16	Chen Minlei	Officer (Chief Actuary, Senior VP)	2025-01-26	M	3,334	$2.25	$7,502
2026-03-16	Chen Minlei	Officer (Chief Actuary, Senior VP)	2025-01-26	M	(3,334)	—	$-0
2026-03-05	Chen Minlei	Officer (Chief Actuary and Senior VP)	2026-03-03	A	8,624	—	$0
2026-03-05	Chen Minlei	Officer (Chief Actuary and Senior VP)	2026-03-03	F	(1,512)	$16.53	-$24,993
2026-03-04	Patten Randy L	Officer (CFO, VP and Treasurer)	2026-03-03	A	3,126	—	$0
2026-03-04	Patten Randy L	Officer (CFO, VP and Treasurer)	2026-03-03	F	(435)	$16.53	-$7,191
2026-03-04	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2026-03-03	A	6,083	—	$0
2026-03-04	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2026-03-03	F	(845)	$16.53	-$13,968
2026-01-09	Golden Meryl S.	Director, Officer (CEO, President)	2026-01-09	A	40,000	—	$0
2026-01-09	Golden Meryl S.	Director, Officer (CEO, President)	2026-01-02	F	(7,735)	$16.83	-$130,180
2026-01-09	Golden Meryl S.	Director, Officer (CEO, President)	2025-12-31	A	1,663	$12.78	$21,253
2026-01-06	Singh Manmohan	Director	2026-01-02	A	7,011	—	$0
2026-01-06	Yankus William L	Director	2026-01-02	A	3,149	—	$0
2026-01-05	Pasricha Pranav	Director	2026-01-02	A	7,011	—	$0
2026-01-05	Tupper Floyd R	Director	2026-01-02	A	3,149	—	$0
2026-01-05	Newgarden Thomas	Director	2026-01-02	A	3,149	—	$0
2025-08-25	Patten Randy L	Officer (CFO, VP and Treasurer)	2025-08-25	A	43,290	—	$0
2025-08-21	Pasricha Pranav	Director	2025-08-19	A	1,536	—	$0
2025-06-23	Chen Minlei	Officer (Chief Actuary and Senior VP)	2025-06-18	A	10,000	—	$0
2025-05-27	Newgarden Thomas	Director	2025-05-27	P	12,500	$16.77	$209,625
2025-05-22	Golden Meryl S.	Director, Officer (CEO, President)	2025-05-22	P	5,000	$15.93	$79,650
2025-05-22	Golden Meryl S.	Director, Officer (CEO, President)	2025-05-22	A	5,000	$15.93	$79,650
2025-05-22	Newgarden Thomas	Director	2025-05-21	P	11,000	$16.11	$177,247
2025-05-19	D'Andre Carla	Director	2025-05-16	G	(2,907)	—	$-0
2025-05-19	D'Andre Carla	Director	2025-05-16	S	(5,000)	$17.47	-$87,350
2025-04-16	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2025-04-15	A	15,000	—	$0
2025-03-03	Chen Minlei	Officer (Chief Actuary and Senior VP)	2025-03-03	A	10,935	—	$0
2025-03-03	GRAVELLE JENNIFER	Officer (Chief Financial Officer)	2025-03-03	A	8,787	—	$0
2025-01-21	GRAVELLE JENNIFER	Officer (Chief Financial Officer)	2025-01-17	F	(2,020)	$15.32	-$30,946
2025-01-06	Golden Meryl S.	Director, Officer (CEO, President)	2025-01-03	F	(4,840)	$15.03	-$72,745
2025-01-06	Yankus William L	Director	2025-01-02	A	3,489	—	$0
2025-01-06	D'Andre Carla	Director	2025-01-02	A	3,489	—	$0
2025-01-06	Newgarden Thomas	Director	2025-01-02	A	3,489	—	$0
2025-01-06	MCFADDEN TIMOTHY P	Director	2025-01-02	A	3,489	—	$0
2025-01-06	Tupper Floyd R	Director	2025-01-02	A	3,489	—	$0
2025-01-06	Singh Manmohan	Director	2025-01-02	A	3,489	—	$0
2025-01-06	Golden Meryl S.	Director, Officer (CEO, President)	2025-01-02	F	(23,655)	$15.19	-$359,319
2025-01-06	Golden Meryl S.	Director, Officer (CEO, President)	2025-01-02	A	40,000	—	$0
2025-01-02	Golden Meryl S.	Director, Officer (CEO, President)	2024-12-31	F	(18,225)	$15.57	-$283,763
2024-12-30	GRAVELLE JENNIFER	Officer (Chief Financial Officer)	2024-01-17	F	(2,021)	$2.40	-$4,850
2024-12-20	Chen Minlei	Officer (Chief Actuary and Senior VP)	2024-12-13	F	(288)	$15.11	-$4,352
2024-12-20	Golden Meryl S.	Director, Officer (CEO, President)	2024-12-13	F	(288)	$15.11	-$4,352
2024-12-16	Yankus William L	Director	2024-12-13	S	(10,253)	$16.18	-$165,894
2024-11-27	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2024-11-26	S	(5,000)	$16.08	-$80,395
2024-11-21	Newgarden Thomas	Director	2024-11-21	P	5,000	$13.45	$67,250
2024-11-21	Newgarden Thomas	Director	2024-11-20	P	5,000	$13.25	$66,250
2024-11-21	Newgarden Thomas	Director	2024-11-19	P	5,112	$11.94	$61,037
2024-11-19	Chen Minlei	Officer (Chief Actuary and Senior VP)	2024-11-15	P	1,000	$11.12	$11,120
2024-11-19	D'Andre Carla	Director	2024-11-15	P	2,500	$10.95	$27,375
2024-11-19	D'Andre Carla	Director	2024-11-15	P	500	$10.97	$5,485
2024-11-19	D'Andre Carla	Director	2024-11-15	P	500	$11.00	$5,500
2024-11-19	D'Andre Carla	Director	2024-11-15	P	500	$11.12	$5,560
2024-11-15	MCFADDEN TIMOTHY P	Director	2024-11-15	P	500	$10.61	$5,305
2024-11-15	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2024-11-14	M	26,064	$7.99	$208,251
2024-11-15	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2024-11-14	F	(17,471)	$11.92	-$208,254
2024-11-15	BRODSKY VICTOR J	Officer (Chief Accounting Officer)	2024-11-14	M	(26,064)	—	$-0
2024-09-19	Golden Meryl S.	Director, Officer (CEO, President)	2024-09-18	M	50,000	$8.72	$436,000
2024-09-19	Golden Meryl S.	Director, Officer (CEO, President)	2024-09-18	F	(47,289)	$9.22	-$436,005
2024-09-19	Golden Meryl S.	Director, Officer (CEO, President)	2024-09-18	M	(50,000)	—	$-0
2024-09-11	GOLDSTEIN BARRY	Director, Officer (COB)	2024-09-10	F	(106,687)	$8.93	-$952,715
2024-06-18	Newgarden Thomas	Director	2024-06-14	A	6,114	—	$0