What is Conifer Holdings's earnings per share (EPS)?

Conifer Holdings (CNFR) reported diluted earnings per share of $-1.51 for fiscal year 2025. This represents a -178.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Conifer Holdings Financials

CNFR

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Conifer Holdings (CNFR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CNFR FY2025 2026-05-13

Conifer’s shrinking revenue base is making fixed operating costs harder to absorb, while cash support comes from outside operations.

FY2024’s reported profit was not an operating turn: net income reached $24.3M even as operating cash flow was -$32.7M. That mismatch reversed in FY2025, when the company posted a -$18.4M net loss and operating income stayed deeply negative at -$25.9M, pointing to earnings shaped by non-core items rather than a self-funding core business.

The clearest operating pattern is negative operating leverage: revenue fell from $90.5M in FY2023 to $43.3M in FY2025. As that base shrank, operating margin worsened from -33.7% to -59.8%, suggesting overhead was not falling as fast as volume.

Cash looked stable at $27.4M in FY2025 versus $27.7M a year earlier, but that stability did not come from internal cash generation. Equity dropped to $9.0M while financing cash flow added $15.5M, so the balance sheet was being supported externally and the capital cushion available to absorb losses became much thinner. That is why leverage pressure can rise even without a large debt increase: the equity base is shrinking.

Financial Health Signals

Financial Health Score 26/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Conifer Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

Revenue Progress

Burn Trend

Balance Sheet

Piotroski F-Score Partial

1/7

Conifer Holdings passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

2.38x

For every $1 of reported earnings, Conifer Holdings generates $2.38 in operating cash flow (-$43.9M OCF vs -$18.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-8.1x

Conifer Holdings earns $-8.1 in operating income for every $1 of interest expense (-$25.9M vs $3.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$43.3M

YoY-35.6%

5Y CAGR-16.0%

10Y CAGR-4.8%

Conifer Holdings generated $43.3M in revenue in fiscal year 2025. This represents a decrease of 35.6% from the prior year.

EBITDA

N/A

Net Income

-$18.4M

YoY-175.7%

Conifer Holdings reported -$18.4M in net income in fiscal year 2025. This represents a decrease of 175.7% from the prior year.

EPS (Diluted)

$-1.51

YoY-178.2%

Conifer Holdings earned $-1.51 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 178.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$27.4M

YoY-1.1%

5Y CAGR+27.3%

10Y CAGR+8.0%

Conifer Holdings held $27.4M in cash against $12.2M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

12M

YoY+0.0%

5Y CAGR+4.8%

10Y CAGR+4.8%

Conifer Holdings had 12M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-59.8%

YoY-4.4pp

5Y CAGR-51.0pp

Conifer Holdings's operating margin was -59.8% in fiscal year 2025, reflecting core business profitability. This is down 4.4 percentage points from the prior year.

Net Margin

-42.6%

YoY-78.8pp

5Y CAGR-43.1pp

10Y CAGR-42.7pp

Conifer Holdings's net profit margin was -42.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 78.8 percentage points from the prior year.

Return on Equity

-205.6%

YoY-318.8pp

5Y CAGR-207.0pp

10Y CAGR-205.7pp

Conifer Holdings's ROE was -205.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 318.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CNFR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$43.3M-35.6%	$67.3M-25.7%	$90.5M-13.7%	$104.9M-9.5%	$116.0M+12.1%	$103.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$25.9M+30.6%	-$37.3M-22.4%	-$30.5M-7.5%	-$28.3M-112.2%	-$13.3M-47.0%	-$9.1M
Interest Expense	$3.2M-34.8%	$4.9M+52.3%	$3.2M+7.9%	$3.0M+4.2%	$2.9M-2.5%	$2.9M
Income Tax	$141K+107.7%	-$1.8M-421.2%	-$353K+96.3%	-$9.4M-4638.9%	$208K+3366.7%	$6K
Net Income	-$18.4M-175.7%	$24.3M+193.9%	-$25.9M-142.7%	-$10.7M-876.3%	-$1.1M-283.9%	$595K
EPS (Diluted)	$-1.51-178.2%	$1.93+191.0%	$-2.12-112.0%	$-1.00-809.1%	$-0.11-283.3%	$0.06

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$11.5M+150.2%	$4.6M-30.9%	$6.7M-58.6%	$16.1M+1.6%	$15.9M+7.8%	$14.7M-8.1%	$16.0M-10.5%	$17.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$1.1M+92.9%	-$14.9M-411.2%	-$2.9M+20.1%	-$3.6M+17.8%	-$4.4M+83.0%	-$26.1M-255.7%	-$7.3M-68.5%	-$4.4M
Interest Expense	$2.0M+118.1%	$906K+3.7%	$874K+1.2%	$864K+59.7%	$541K-37.3%	$863K-62.1%	$2.3M+162.1%	$868K
Income Tax	-$38K-127.0%	$141K	$0	$0	$0-100.0%	$11K+100.8%	-$1.4M-310.5%	-$333K
Net Income	$2.6M+115.4%	-$17.0M-329.2%	-$4.0M-293.6%	$2.1M+292.9%	$522K+102.1%	-$24.6M-146.5%	$52.8M+1436.4%	-$4.0M
EPS (Diluted)	$0.15	N/A	$-0.32-288.2%	$0.17+325.0%	$0.04	N/A	$4.32+1450.0%	$-0.32

CNFR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$239.3M-15.0%	$281.7M-10.8%	$315.6M+1.0%	$312.4M+7.6%	$290.4M+11.0%	$261.6M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$27.4M-1.1%	$27.7M+159.3%	$10.7M-62.0%	$28.0M+182.8%	$9.9M+21.0%	$8.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$230.3M-11.5%	$260.1M-16.8%	$312.7M+6.6%	$293.4M+17.4%	$249.9M+15.1%	$217.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$12.2M+2.1%	$11.9M-52.4%	$25.1M-26.0%	$33.9M+0.9%	$33.6M-18.1%	$41.0M
Total Equity	$9.0M-58.3%	$21.5M+645.1%	$2.9M-84.8%	$18.9M-53.2%	$40.5M-8.8%	$44.4M
Retained Earnings	-$81.6M-29.2%	-$63.2M+27.1%	-$86.7M-42.7%	-$60.8M-21.3%	-$50.1M-2.2%	-$49.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$236.6M-1.1%	$239.3M-16.0%	$285.0M+0.6%	$283.3M+2.2%	$277.1M-1.6%	$281.7M-6.1%	$299.9M+2.4%	$292.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$25.5M-6.9%	$27.4M+269.1%	$7.4M-66.2%	$22.0M+113.5%	$10.3M-62.8%	$27.7M-14.6%	$32.4M+234.0%	$9.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$211.4M-8.2%	$230.3M-11.3%	$259.7M+1.8%	$255.1M+1.4%	$251.5M-3.3%	$260.1M+3.7%	$250.8M-14.7%	$294.1M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$12.3M+0.5%	$12.2M+0.5%	$12.1M+0.5%	$12.1M+0.5%	$12.0M+0.5%	$11.9M-27.6%	$16.5M-33.7%	$24.8M
Total Equity	$25.2M+181.0%	$9.0M-64.6%	$25.3M-10.3%	$28.2M+10.3%	$25.6M+18.9%	$21.5M-56.1%	$49.1M+4310.4%	-$1.2M
Retained Earnings	-$79.0M+3.2%	-$81.6M-26.4%	-$64.5M-6.6%	-$60.6M+3.3%	-$62.6M+0.8%	-$63.2M-67.2%	-$37.8M+58.3%	-$90.6M

CNFR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$43.9M-34.3%	-$32.7M-144.0%	-$13.4M+66.9%	-$40.5M-855.8%	$5.4M+79.6%	$3.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$78K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$2.9M
Investing Cash Flow	N/A	N/A	-$272K-100.5%	$56.5M+4003.3%	$1.4M+118.8%	-$7.3M
Financing Cash Flow	$15.5M+173.5%	-$21.1M-549.6%	-$3.2M-255.1%	$2.1M+141.8%	-$5.0M-198.6%	$5.1M
Dividends Paid	$0	$0	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$12K-66.7%	$36K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$8.3M+67.0%	-$25.2M-3598.2%	-$681K+75.3%	-$2.8M+81.9%	-$15.3M+23.7%	-$20.0M-86.5%	-$10.7M-5.9%	-$10.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$168K	N/A	-$13.9M-196.0%	$14.4M+250.1%	-$9.6M	N/A	$49.2M+1586.2%	$2.9M
Financing Cash Flow	$6.2M-21.9%	$8.0M	$0	$0-100.0%	$7.5M+266.7%	-$4.5M+71.4%	-$15.8M-3760.8%	-$408K
Dividends Paid	$0	$0	$0	$0	$0	$0	$0+100.0%	-$176K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CNFR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-59.8%-4.4pp	-55.4%-21.8pp	-33.7%-6.6pp	-27.0%-15.5pp	-11.5%-2.7pp	-8.8%
Net Margin	-42.6%-78.8pp	36.2%+64.8pp	-28.6%-18.5pp	-10.2%-9.2pp	-0.9%-1.5pp	0.6%
Return on Equity	-205.6%-318.8pp	113.1%+1010.4pp	-897.3%-840.9pp	-56.4%-53.7pp	-2.7%-4.0pp	1.3%
Return on Assets	-7.7%-16.4pp	8.6%+16.9pp	-8.2%-4.8pp	-3.4%-3.0pp	-0.4%-0.6pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.36+0.8	0.55-8.1	8.67+6.9	1.79+1.0	0.83-0.1	0.92
FCF Margin	N/A	N/A	N/A	N/A	N/A	2.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-9.2%+313.5pp	-322.7%-279.1pp	-43.6%-21.0pp	-22.6%+5.3pp	-27.9%+149.2pp	-177.1%-131.4pp	-45.8%-21.5pp	-24.3%
Net Margin	22.7%+391.9pp	-369.2%-309.7pp	-59.4%-72.2pp	12.7%+9.4pp	3.3%+170.1pp	-166.8%-496.4pp	329.6%+351.6pp	-22.1%
Return on Equity	10.4%+200.5pp	-190.1%-174.4pp	-15.7%-23.0pp	7.3%+5.2pp	2.0%+116.2pp	-114.1%-221.7pp	107.6%	N/A
Return on Assets	1.1%+8.2pp	-7.1%-5.7pp	-1.4%-2.1pp	0.7%+0.5pp	0.2%+8.9pp	-8.7%-26.3pp	17.6%+18.9pp	-1.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.49-0.9	1.36+0.9	0.48+0.1	0.43-0.0	0.47-0.1	0.55+0.2	0.34+21.7	-21.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Conifer Holdings's annual revenue?

Conifer Holdings (CNFR) reported $43.3M in total revenue for fiscal year 2025. This represents a -35.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Conifer Holdings's revenue growing?

Conifer Holdings (CNFR) revenue declined by 35.6% year-over-year, from $67.3M to $43.3M in fiscal year 2025.

Is Conifer Holdings profitable?

No, Conifer Holdings (CNFR) reported a net income of -$18.4M in fiscal year 2025, with a net profit margin of -42.6%.

How much debt does Conifer Holdings have?

As of fiscal year 2025, Conifer Holdings (CNFR) had $27.4M in cash and equivalents against $12.2M in long-term debt.

What is Conifer Holdings's operating margin?

Conifer Holdings (CNFR) had an operating margin of -59.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Conifer Holdings's net profit margin?

Conifer Holdings (CNFR) had a net profit margin of -42.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Conifer Holdings's return on equity (ROE)?

Conifer Holdings (CNFR) has a return on equity of -205.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Conifer Holdings's operating cash flow?

Conifer Holdings (CNFR) generated -$43.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Conifer Holdings's total assets?

Conifer Holdings (CNFR) had $239.3M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Conifer Holdings have outstanding?

Conifer Holdings (CNFR) had 12M shares outstanding as of fiscal year 2025.

What is Conifer Holdings's debt-to-equity ratio?

Conifer Holdings (CNFR) had a debt-to-equity ratio of 1.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Conifer Holdings's return on assets (ROA)?

Conifer Holdings (CNFR) had a return on assets of -7.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Conifer Holdings's cash runway?

Based on fiscal year 2025 data, Conifer Holdings (CNFR) had $27.4M in cash against an annual operating cash burn of $43.9M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Conifer Holdings's Piotroski F-Score?

Conifer Holdings (CNFR) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Conifer Holdings's earnings high quality?

Conifer Holdings (CNFR) has an earnings quality ratio of 2.38x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Conifer Holdings cover its interest payments?

Conifer Holdings (CNFR) has an interest coverage ratio of -8.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Conifer Holdings?

Conifer Holdings (CNFR) scores 26 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.