Conifer Holdings (CNFR) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CNFR SEC filings page.
Conifer Holdings (CNFR) reported $39.0M in revenue over the twelve months to Mar 31, 2026, down 39.6% from the prior twelve months. This page shows its 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).
Shrinking revenue is not being absorbed by the cost base, leaving reported earnings disconnected from cash generation.
FY2024's positive profit did not come from core operations: net income reached$24.3M while operating cash flow was-$32.7M . By FY2025, cash conversion had deteriorated to-$43.9M despite a narrower operating loss than FY2024, making this a cash-conversion problem rather than merely an earnings-volatility problem.
Revenue fell from
Liabilities were
Financial Health Signals
Scored against insurers 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.
Not available for Conifer Holdings, and counted as zero in the overall score.
Conifer Holdings reported revenue of $43.3M in fiscal year 2025, against $67.3M in fiscal year 2024. Premium Growth ranks insurers on the three-year path of the premiums they write rather than on total revenue, and Conifer Holdings scores 2/100 among other insurers.
Conifer Holdings funded 3.7% of its assets with shareholders' equity at the end of fiscal year 2025, holding $9.0M of equity against $239.3M of assets. Capital ranks insurers on that cushion, and Conifer Holdings scores 9/100 among other insurers.
Not available for Conifer Holdings, and counted as zero in the overall score.
Combined Ratio puts claims and running costs together against premiums earned, and a figure under 100% means the underwriting made money before any investment income was counted. Conifer Holdings scores 16/100 on it among other insurers.
Conifer Holdings reported a net loss of $18.4M in fiscal year 2025, against $24.3M in fiscal year 2024. Stability ranks insurers on how steady net income has been across five years, and Conifer Holdings scores 13/100 among other insurers.
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.
Conifer Holdings reported a net loss of $18.4M while operations used $43.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Conifer Holdings reported an operating loss of $25.9M against $3.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Conifer Holdings generated $11.5M in revenue in Q1 2026. This represents a decrease of 27.3% from the same quarter a year earlier. Against the prior quarter it is up 150.2%.
Conifer Holdings reported $2.6M in net income in Q1 2026. This represents an increase of 402.3% from the same quarter a year earlier. Against the prior quarter it is up 115.4%.
Not reported for Q1 2026.
Cash & Balance Sheet
Conifer Holdings held $25.5M in cash against $12.3M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Conifer Holdings's operating margin was -9.2% in Q1 2026, reflecting core business profitability. This is up 18.7 percentage points from the same quarter a year earlier.
Conifer Holdings's net profit margin was 22.7% in Q1 2026, showing the share of revenue converted to profit. This is up 19.4 percentage points from the same quarter a year earlier.
Conifer Holdings's ROE was 10.4% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 200.5 percentage points.
Not reported for Q1 2026.
Capital Allocation
None of these metrics is reported for Q1 2026.
CNFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.5M-27.3% | $4.6M-68.7% | $6.7M-58.3% | $16.1M-9.9% | $15.9M-14.8% | $14.7M-5.5% | $16.0M-37.0% | $17.9M-28.2% |
| Operating Income | -$1.1M+76.0% | -$14.9M+42.9% | -$2.9M+60.3% | -$3.6M+16.2% | -$4.4M-997.2% | -$26.1M-32.1% | -$7.3M-37.9% | -$4.4M+17.3% |
| Interest Expense | $2.0M+265.2% | $906K+5.0% | $874K-61.6% | $864K-0.5% | $541K-38.3% | $863K+2.1% | $2.3M+166.1% | $868K+5.9% |
| Income Tax | -$38K | $141K+1181.8% | $0+100.0% | $0+100.0% | $0+100.0% | $11K-89.4% | -$1.4M-199.1% | -$333K |
| Net Income | $2.6M+402.3% | -$17.0M+30.6% | -$4.0M-107.5% | $2.1M+151.9% | $522K+605.4% | -$24.6M-26.1% | $52.8M+2050.8% | -$4.0M+16.6% |
| EPS (Basic) | $0.15+275.0% | N/A | -$0.32-107.4% | $0.17+153.1% | $0.04+300.0% | N/A | $4.32+2063.6% | -$0.32+17.9% |
| EPS (Diluted) | $0.15 | N/A | -$0.32-107.4% | $0.17+153.1% | $0.04 | N/A | $4.32+2063.6% | -$0.32+17.9% |
| Diluted Shares (Avg) | 17M | N/A | 12M0.0% | 12M0.0% | 12M | N/A | 12M0.0% | 12M0.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, EBITDA.
CNFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $236.6M-14.6% | $239.3M-15.0% | $285.0M-5.0% | $283.3M-3.3% | $277.1M-8.0% | $281.7M-10.8% | $299.9M+2.2% | $292.9M-1.2% |
| Cash & Equivalents | $25.5M+147.7% | $27.4M-1.1% | $7.4M-77.1% | $22.0M+126.4% | $10.3M-40.6% | $27.7M+159.3% | $32.4M+125.5% | $9.7M-48.3% |
| Total Liabilities | $211.4M-15.9% | $230.3M-11.5% | $259.7M+3.5% | $255.1M-13.3% | $251.5M-15.8% | $260.1M-16.8% | $250.8M-11.0% | $294.1M+5.2% |
| Long-Term Debt | $12.3M+2.1% | $12.2M+2.1% | $12.1M-26.4% | $12.1M-51.4% | $12.0M-51.9% | $11.9M-52.4% | $16.5M-34.8% | $24.8M-27.0% |
| Total Equity | $25.2M-1.5% | $9.0M-58.3% | $25.3M-48.4% | $28.2M+2521.3% | $25.6M+899.8% | $21.5M+645.1% | $49.1M+316.0% | -$1.2M-106.9% |
| Retained Earnings | -$79.0M-26.1% | -$81.6M-29.2% | -$64.5M-70.9% | -$60.6M+33.1% | -$62.6M+27.7% | -$63.2M+27.1% | -$37.8M+43.8% | -$90.6M-40.4% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.
CNFR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.3M+45.6% | -$25.2M-25.9% | -$681K+93.7% | -$2.8M+72.8% | -$15.3M-286.7% | -$20.0M-57.9% | -$10.7M-1593.9% | -$10.1M-321.5% |
| Stock-Based Compensation | $13K-13.3% | N/A | N/A | N/A | $15K-53.1% | N/A | N/A | N/A |
| Investing Cash Flow | $168K+101.7% | N/A | -$13.9M-128.2% | $14.4M+394.8% | -$9.6M-517.0% | N/A | $49.2M+1200.8% | $2.9M+139.7% |
| Financing Cash Flow | $6.2M-16.7% | $8.0M+277.8% | $0+100.0% | $0+100.0% | $7.5M+1860.6% | -$4.5M-179.5% | -$15.8M-76.9% | -$408K-13500.0% |
| Dividends Paid | $0 | $0 | $0 | $0+100.0% | $0-100.0% | $0 | $0 | -$176K |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Share Buybacks.
CNFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -9.2%+18.7pp | -322.7% | -43.6%+2.1pp | -22.6%+1.7pp | -27.9%-30.6pp | -177.1% | -45.8%-24.9pp | -24.3%-3.2pp |
| Net Margin | 22.7%+19.4pp | -369.2% | -59.4% | 12.7%+34.8pp | 3.3%+2.9pp | -166.8% | 329.6% | -22.1%-3.0pp |
| Return on Equity | 10.4%+8.4pp | -190.1%-75.9pp | -15.7%-123.3pp | 7.3% | 2.0%-0.8pp | -114.1%+560.1pp | 107.6%+130.6pp | N/A |
| Return on Assets | 1.1%+0.9pp | -7.1%+1.6pp | -1.4%-19.0pp | 0.7%+2.1pp | 0.2%+0.2pp | -8.7%-2.6pp | 17.6%+18.5pp | -1.4%+0.3pp |
| Debt-to-Equity | 0.490.0x | 1.36+0.8x | 0.48+0.1x | 0.43 | 0.47-9.3x | 0.55-8.1x | 0.34-1.8x | N/A |
| Asset Turnover | 0.050.0x | 0.020.0x | 0.020.0x | 0.060.0x | 0.060.0x | 0.050.0x | 0.050.0x | 0.060.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Conifer Holdings CNFR | FY2025 | $43.3M | -$18.4M | -42.6% | $18.1M | 7/100 |
| Ni Hldgs Inc NODK | FY2025 | $285.1M | -$10.4M | -3.6% | $313.0M | 31/100 |
| Kingstone KINS | FY2025 | $214.9M | $40.8M | 19.0% | $287.4M | 39/100 |
| Oxbridge Re Hldgs Ltd OXBR | FY2025 | $2.6M | -$2.1M | -80.7% | $10.9M | 22/100 |
| Global Indemnity Group Llc GBLI | FY2025 | $450.1M | $25.3M | 5.6% | $439.2M | 49/100 |
| Horace Mann Educators Corp HMN | FY2025 | $1.7B | $162.1M | 9.5% | $2.1B | 25/100 |
Where Conifer Holdings Ranks
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) recorded an outflow of $43.9M in operating cash flow during fiscal year 2025, representing cash used by 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.
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 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) reported a net loss of $18.4M while operations used $43.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $25.9M against $3.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 7 out of 100 on our Financial Health Score, indicating weak standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), 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.