Conifer Holdings Financials
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).
A shrinking revenue base is colliding with persistent operating losses, while external financing keeps cash balances from collapsing.
The FY2024 profit looks like an accounting rebound, not an operating one: operating margin fell to-55.4% while operating cash flow stayed at-$32.7M , so the income statement and cash statement were telling opposite stories. FY2025 then slipped back to a-42.6% net margin, making that brief positive earnings year look non-core rather than evidence that the underlying engine had turned.
As revenue contraction took sales down to
Cash ended FY2025 near
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.
Conifer Holdings has an operating margin of -59.8%, meaning the company retains $-60 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -55.4% the prior year.
Conifer Holdings's revenue declined 35.6% year-over-year, from $67.3M to $43.3M. This contraction results in a growth score of 0/100.
Conifer Holdings carries a low D/E ratio of 1.36, meaning only $1.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.
Conifer Holdings generates a -205.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 113.1% the prior year.
Conifer Holdings passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
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.
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
Earnings & Revenue
Conifer Holdings generated $43.3M in revenue in fiscal year 2025. This represents a decrease of 35.6% from the prior year.
Conifer Holdings reported -$18.4M in net income in fiscal year 2025. This represents a decrease of 175.7% from the prior year.
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
Conifer Holdings held $27.4M in cash against $12.2M in long-term debt as of fiscal year 2025.
Conifer Holdings had 12M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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.
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
CNFR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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-3.9% | $18.6M |
| 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 | -$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-981.0% | $494K |
| Interest Expense | $906K+3.7% | $874K+1.2% | $864K+59.7% | $541K-37.3% | $863K-62.1% | $2.3M+162.1% | $868K-1.0% | $877K |
| Income Tax | $141K | $0 | $0 | $0-100.0% | $11K+100.8% | -$1.4M-310.5% | -$333K-120.5% | -$151K |
| Net Income | -$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-5437.8% | $74K |
| EPS (Diluted) | N/A | $-0.32-288.2% | $0.17+325.0% | $0.04 | N/A | $4.32+1450.0% | $-0.32-3300.0% | $0.01 |
CNFR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-2.7% | $301.1M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $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-44.0% | $17.3M |
| 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 | $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-1.5% | $298.5M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $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-0.5% | $24.9M |
| Total Equity | $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-145.5% | $2.6M |
| Retained Earnings | -$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-4.6% | -$86.6M |
CNFR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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-223.9% | $8.2M |
| 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 | N/A | -$13.9M-196.0% | $14.4M+250.1% | -$9.6M | N/A | $49.2M+1586.2% | $2.9M+287.2% | -$1.6M |
| Financing Cash Flow | $8.0M | $0 | $0-100.0% | $7.5M+266.7% | -$4.5M+71.4% | -$15.8M-3760.8% | -$408K+4.2% | -$426K |
| Dividends Paid | $0 | $0 | N/A | N/A | $0 | $0+100.0% | -$176K-200.0% | $176K |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CNFR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -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%-27.0pp | 2.6% |
| Net Margin | -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%-22.5pp | 0.4% |
| Return on Equity | -190.1%-174.4pp | -15.7%-23.0pp | 7.3%+5.2pp | 2.0%+116.2pp | -114.1%-221.7pp | 107.6% | N/A | 2.9% |
| Return on Assets | -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%-1.4pp | 0.0% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.36+0.9 | 0.48+0.1 | 0.43-0.0 | 0.47-0.1 | 0.55+0.2 | 0.34+21.7 | -21.32-31.1 | 9.75 |
| 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.
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 9, indicating weak financial health. 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 12 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.