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Investment Highlights Market Valuation Price Chart Return vs. Risk About CNFR Interactive Breakdown Better Bets vs. CNFR Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Conifer (CNFR)

Market Price (10/31/2025): $1.43 | Market Cap: $17.5 Mil
Sector: Financials | Industry: Property & Casualty Insurance

Conifer (CNFR)

Market Price (10/31/2025): $1.43
Market Cap: $17.5 Mil
Sector: Financials
Industry: Property & Casualty Insurance

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 204%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 200%		  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -33%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -20%, Rev Chg QQuarterly Revenue Change % is -40%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -658%		  Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -94%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -94%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 204%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 200%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -658%
2 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -33%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -20%, Rev Chg QQuarterly Revenue Change % is -40%
3 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -94%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -94%

Market Valuation & Key Metrics

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CNFR Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
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Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
CNFR Return-18%-29%-32%-30%6%4%-62%
Peers Return3%-2%-15%70%161%18%349%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
CNFR Win Rate42%33%33%42%58%44% 
Peers Win Rate55%43%52%57%70%62% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
CNFR Max Drawdown-45%-34%-42%-56%-41%-61% 
Peers Max Drawdown-32%-18%-35%-12%-4%-8% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HRTG, KINS, PGR, CB, TRV. See CNFR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventCNFRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-83.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven510.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-46.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven87.6%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven276 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-62.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven166.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to HRTG, KINS, PGR, CB, TRV


In The Past

Conifer's stock fell -83.6% during the 2022 Inflation Shock from a high on 8/30/2021. A -83.6% loss requires a 510.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Conifer (CNFR)

Better Bets than Conifer (CNFR)

 CNFRBetter Performance than CNFR
MetricValueIndustry (Property & Casualty Insurance)
Rev Chg LTM-33.1%PGR (21.5%), CB (6.7%), TRV (6.7%), ALL (9.8%), HIG (6.9%)
Rev Chg 3Y Avg-19.7%PGR (20.0%), CB (12.2%), TRV (10.1%), ALL (9.7%), HIG (8.6%)
CFO/Rev LTM-93.7%PGR (20.4%), CB (22.6%), TRV (20.6%), ALL (13.2%), HIG (21.6%)
FCF/Rev LTM-93.7%PGR (20.0%), CB (22.6%), TRV (20.6%), ALL (12.9%), HIG (21.2%)
Total Yield204.4%
 CNFRBetter Performance than CNFR
MetricValueAll Other Sectors
Rev Chg LTM-33.1%NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg-19.7%NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
CFO/Rev LTM-93.7%NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM-93.7%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield204.4%TM (2018.7%), HMC (2171.7%), RNW (311.0%), MAGN (320.5%), SLB (9751.7%)
 Best Bets In Financials Sector
 CNFRDBRG OTF MTG NMIH CACC ENVA FNF ACGL APAM FI
What You Pay           
P/E0.539.713.28.47.512.310.213.98.610.510.6
P/EBIT-0.664.79.06.45.59.97.88.97.66.15.8
What You Get           
Rev Chg Q-39.8%-102.4%1,228.5%-0.7%7.2%8.3%16.3%16.8%22.4%4.4%8.0%
Rev Chg LTM-33.1%-84.8%89.0%2.2%10.0%12.5%21.1%7.4%23.5%10.0%6.7%
Rev Chg 3Y Avg-19.7%125.8%221.9%1.2%10.1%6.9%23.5%-0.7%29.8%0.2%7.5%
FCF/Rev 3Y Avg-45.9%101.2%76.2%62.2%58.8%57.1%54.7%50.8%38.4%29.0%20.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

Trade Ideas

Select past ideas related to CNFR. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.0%15.0%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		15.0%15.0%0.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Conifer

Financials

CNFRHRTGKINSPGRCBTRVMedian
NameConifer Heritage.Kingston.Progress.Chubb Traveler. 
Mkt Price-23.3314.45206.97278.06271.01206.97
Mkt Cap0.00.70.2121.3110.560.730.7
Rev LTM5286118682,37658,90048,40924,635
Op Inc LTM-------
FCF LTM-49-346916,47213,3219,9855,027
FCF 3Y Avg-30622612,35013,4098,6824,372
CFO LTM-49-257216,80013,3219,9855,028
CFO 3Y Avg-30722912,63413,4098,6824,377

Growth & Margins

CNFRHRTGKINSPGRCBTRVMedian
NameConifer Heritage.Kingston.Progress.Chubb Traveler. 
Rev Chg LTM-33.1%10.3%29.7%21.5%6.7%6.7%8.5%
Rev Chg 3Y Avg-19.7%9.5%10.8%20.0%12.2%10.1%10.5%
Rev Chg Q-39.8%2.2%43.3%21.3%8.2%4.8%6.5%
QoQ Delta Rev Chg LTM-12.0%0.5%9.3%4.9%2.2%1.2%1.7%
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-93.7%-2.9%38.7%20.4%22.6%20.6%20.5%
CFO/Rev 3Y Avg-45.9%9.5%16.3%18.0%24.8%19.4%17.2%
FCF/Rev LTM-93.7%-4.0%37.2%20.0%22.6%20.6%20.3%
FCF/Rev 3Y Avg-45.9%8.2%14.7%17.6%24.8%19.4%16.1%

Valuation

CNFRHRTGKINSPGRCBTRVMedian
NameConifer Heritage.Kingston.Progress.Chubb Traveler. 
Mkt Cap0.00.70.2121.3110.560.730.7
P/S0.30.81.11.51.91.31.2
P/EBIT-0.64.85.59.08.47.96.7
P/E0.56.87.311.611.410.38.8
P/CFO-0.3-28.62.87.28.36.14.4
Total Yield204.4%14.8%13.7%11.0%10.1%10.5%12.3%
Dividend Yield0.0%0.0%0.0%2.4%1.3%0.8%0.4%
FCF Yield 3Y Avg-275.0%36.7%2.1%10.3%12.9%17.2%11.6%
D/E0.80.20.00.10.20.20.2
Net D/E-6.6-0.6-0.6-0.0-0.2-1.5-0.6

Returns

CNFRHRTGKINSPGRCBTRVMedian
NameConifer Heritage.Kingston.Progress.Chubb Traveler. 
1M Rtn--7.3%-1.7%-16.2%-1.5%-2.9%-2.9%
3M Rtn-10.6%-11.5%-14.5%4.9%4.6%4.6%
6M Rtn-23.8%-17.9%-25.4%-1.2%4.5%-1.2%
12M Rtn-117.0%40.3%-13.1%-0.7%10.2%10.2%
3Y Rtn-1,455.3%577.5%66.0%35.2%55.7%66.0%
1M Excs Rtn--3.1%-1.9%-17.7%-2.8%-3.9%-3.1%
3M Excs Rtn-1.7%-15.3%-23.5%-5.0%-4.0%-5.0%
6M Excs Rtn-2.0%-39.6%-47.1%-22.9%-17.2%-22.9%
12M Excs Rtn-103.2%31.9%-30.7%-20.0%-8.0%-8.0%
3Y Excs Rtn-1,501.6%415.0%-2.2%-32.5%-13.7%-2.2%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/13/20255/14/20253/28/202511/13/20248/13/20245/14/20244/1/202411/13/20238/9/20235/11/20233/27/202311/9/2022
Key Financials Quarterly            
Total Revenue111114161819162525252526
Net Income21-2553-40-19-3-512-2
EPS0.170.04-2.084.32-0.320.01-1.59-0.22-0.390.080.17-0.14
Key Financials TTM            
Total Revenue TTM52596668788591100101101101104
Net Income TTM30252430-26-27-26-4-3-7-11-14
Growth Rates Quarterly            
Total Revenue Growth-39.8%-38.4%-13.1%-37.0%-28.2%-24.2%-37.0%-3.4%1.0%-3.1%-8.7%-1.4%
Net Income Growth154.1%126.0%-30.4%2069.3%20.0%-76.9%-1021.8%-77.7%43.6%134.9%363.5%-26.0%
Margins Quarterly            
Net Income Margin19.0%4.5%-184.6%332.7%-21.2%1.2%-123.0%-10.6%-19.0%4.1%8.4%-5.8%
Cash & Debt            
Total Cash110101154116101110154157164160164178
Total Debt121212162525252534343448
Net Debt / (Cash)-98-89-143-100-76-85-129-131-130-126-130-130
Cash Flows Quarterly            
FCF from Operations-3-15-20-11-108-1315-6-261
Cash Flows TTM            
FCF from Operations TTM-49-56-33-25-141-13-27-26-38-40-7
Returns to Shareholders Quarterly            
Dividends00-0100000000
Share Repurchases-0-006-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-----114.0%124.3%------
Return on Invested Capital (ROIC) TTM            
ROIC TTM-----199.9%-700.0%------

Price Behavior

CNFR Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-9.04-1.61-1.090.310.180.11
Up Beta-16.25-1.68-1.900.720.490.29
Down Beta60.0116.2811.521.261.200.44
Up Capture-452%-225%-100%-6%-27%-2%
Bmk +ve Days13233574144420
Stock +ve Days9203262116319
Down Capture-4351%-1395%-1133%-451%-242%-29%
Bmk -ve Days8192952107330
Stock -ve Days12213058115326

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/18/2025-2.7%4.7%127.7%
3/31/2025-4.2%14.5%37.0%
11/13/2024-0.8%-0.0%-4.2%
8/14/2024-25.3%-24.0%0.6%
4/9/20240.0%10.9%-8.7%
11/13/20235.2%24.0%62.7%
7/28/2023-5.9%-26.3%-4.6%
3/14/2023-0.7%5.3%12.8%
...
SUMMARY STATS   
# Positive71010
# Negative131010
Median Positive3.5%9.3%11.0%
Median Negative-4.2%-10.8%-8.2%
Max Positive37.7%24.0%127.7%
Max Negative-25.3%-26.3%-16.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025813202510-Q 6/30/2025
3312025514202510-Q 3/31/2025
12312024328202510-K 12/31/2024
93020241113202410-Q 9/30/2024
6302024813202410-Q 6/30/2024
3312024514202410-Q 3/31/2024
12312023401202410-K 12/31/2023
93020231113202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023511202310-Q 3/31/2023
12312022327202310-K 12/31/2022
93020221109202210-Q 9/30/2022
6302022811202210-Q 6/30/2022
3312022512202210-Q 3/31/2022
12312021310202210-K 12/31/2021
93020211110202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Clarkston Ventures, LLC 8222025Buy2.00100,000200,0007,471,538Form
1Clarkston 91 West LLC8222025Buy5000.005002,500,0007,500,000Form
2Smith James Grant 4112025Buy0.6720,15013,50024,220Form
3Smith James Grant 4102025Buy0.6816,00010,88010,880Form
4SARAFA JOSEPH D 4082025Buy0.53100,00053,000185,500Form

Industry Resources

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