NASDAQ : SKWD
Skyward Specialty Insurance Group, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 58.51 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.60B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 1.59B | 1.30B | 1.06B | 829.14M | 615.99M | 499.82M |
| Total Interest & Dividend Income | 105.43M | 86.30M | 78.08M | 49.77M | 30.92M | 15.37M |
| Gain (Loss) on Sale of Investments | 14.89M | 22.15M | 6.34M | 11.05M | -15.71M | 17.11M |
| Other Revenue | 26.12M | 3.58M | 9.06M | -4.00M | 11.21M | 12.81M |
| Total Revenue | 1.73B | 1.42B | 1.15B | 885.97M | 642.42M | 545.10M |
| Policy Benefits | 968.41M | 795.02M | 669.81M | 515.24M | 402.51M | 354.41M |
| Policy Acquisition & Underwriting Costs | 237.07M | 195.42M | 149.97M | 108.51M | 65.69M | 47.06M |
| Amortization of Goodwill & Intangibles | 18.61M | 1.64M | 2.01M | 1.80M | 1.55M | 1.52M |
| Selling, General & Administrative | 8.73M | |||||
| Other Operating Expenses | 225.10M | 186.10M | 166.17M | 140.29M | 116.48M | 91.44M |
| Total Operating Expenses | 1.46B | 1.18B | 987.97M | 765.84M | 586.23M | 494.43M |
| Operating Income | 275.59M | 238.36M | 162.24M | 120.13M | 56.19M | 50.67M |
| Interest Expense | -20.74M | -7.92M | -9.50M | -10.02M | -6.41M | -4.62M |
| Other Non Operating Income (Expenses) | -14.02M | -14.02M | ||||
| EBT Excluding Unusual Items | 240.83M | 216.42M | 152.74M | 110.10M | 49.78M | 46.05M |
| Impairment of Goodwill | -2.77M | |||||
| Gain (Loss) on Sale of Assets | 5.08M | |||||
| Asset Writedown | -53.00K | |||||
| Pretax Income | 240.83M | 216.42M | 152.74M | 110.10M | 49.78M | 48.31M |
| Income Tax Expense | 52.93M | 46.40M | 33.91M | 24.12M | 10.39M | 9.99M |
| Net Income | 187.90M | 170.03M | 118.83M | 85.98M | 39.40M | 38.32M |
| Preferred Dividends & Other Adjustments | 1.68M | 18.88M | 18.51M | |||
| Net Income to Common | 187.90M | 170.03M | 118.83M | 84.31M | 20.52M | 19.81M |
| Shares Outstanding (Basic) | 42.49M | 40.41M | 40.06M | 36.03M | 16.57M | 16.31M |
| Shares Outstanding (Diluted) | 43.69M | 41.81M | 41.38M | 38.32M | 32.65M | 32.47M |
| EPS (Basic) | 4.42 | 4.21 | 2.97 | 2.34 | 1.24 | 1.21 |
| EPS (Diluted) | 4.30 | 4.07 | 2.87 | 2.24 | 1.21 | 1.18 |
| Free Cash Flow | 402.17M | 402.62M | 300.89M | 335.08M | 206.61M | 173.13M |
| Free Cash Flow Per Share | 9.21 | 9.63 | 7.27 | 8.74 | 6.33 | 5.33 |
| Operating Margin | 15.90% | 16.83% | 14.11% | 13.56% | 8.75% | 9.30% |
| Profit Margin | 10.84% | 12.00% | 10.33% | 9.52% | 3.19% | 3.63% |
| Free Cash Flow Margin | 23.20% | 28.42% | 26.16% | 37.82% | 32.16% | 31.76% |
| EBITDA | 296.10M | 241.90M | 165.59M | 124.02M | 60.29M | 56.28M |
| EBITDA Margin | 17.08% | 17.08% | 14.40% | 14.00% | 9.38% | 10.32% |
| D&A For EBITDA | 20.51M | 3.54M | 3.36M | 3.89M | 4.10M | 5.60M |
| EBIT | 275.59M | 238.36M | 162.24M | 120.13M | 56.19M | 50.67M |
| EBIT Margin | 15.90% | 16.83% | 14.11% | 13.56% | 8.75% | 9.30% |
| Effective Tax Rate | 21.98% | 21.44% | 22.20% | 21.91% | 20.87% | 20.68% |
| Revenue as Reported | 1.73B | 1.42B | 1.15B | 885.97M | 642.42M | 550.18M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 2.22B | 1.89B | 1.33B | 1.06B | 660.04M | 505.47M |
| Investments in Equity & Preferred Securities | 63.87M | 78.54M | 204.85M | 228.90M | 206.96M | 201.47M |
| Other Investments | 444.93M | 322.95M | 308.11M | 274.08M | 163.51M | 212.88M |
| Total Investments | 2.74B | 2.30B | 1.87B | 1.61B | 1.08B | 949.36M |
| Cash & Equivalents | 219.22M | 168.54M | 121.60M | 65.89M | 45.44M | 42.11M |
| Reinsurance Recoverable | 1.78B | 1.36B | 1.06B | 782.46M | 739.00M | 719.30M |
| Other Receivables | 978.41M | 544.22M | 321.64M | 179.24M | 139.22M | 112.16M |
| Deferred Policy Acquisition Cost | 186.49M | 136.10M | 113.18M | 91.95M | 68.94M | 59.46M |
| Property, Plant & Equipment | 15.14M | 12.18M | 13.97M | 16.89M | 20.16M | |
| Goodwill | 65.73M | 65.73M | 65.73M | 65.73M | 65.73M | |
| Other Intangible Assets | 471.19M | 22.31M | 21.61M | 22.70M | 24.14M | 25.60M |
| Restricted Cash | 83.30M | 30.57M | 35.92M | 34.45M | 79.57M | 65.17M |
| Long-Term Deferred Tax Assets | 47.99M | 27.86M | 30.49M | 21.99M | 36.19M | 33.66M |
| Other Long-Term Assets | 236.09M | 122.03M | 74.52M | 61.37M | 65.96M | 25.50M |
| Total Assets | 6.78B | 4.79B | 3.73B | 2.95B | 2.36B | 2.12B |
| Accounts Payable | 127.15M | 115.03M | 76.21M | 45.65M | 39.88M | 29.84M |
| Insurance & Annuity Liabilities | 3.07B | 2.32B | 1.78B | 1.31B | 1.14B | 979.55M |
| Unearned Premiums | 1.13B | 820.49M | 677.62M | 589.59M | 472.36M | 393.79M |
| Reinsurance Payable | 509.08M | 279.89M | 177.07M | 150.16M | 113.70M | 119.92M |
| Long-Term Debt | 437.20M | 119.98M | 119.54M | 128.69M | 128.61M | 128.53M |
| Long-Term Leases | 5.23M | 8.62M | 10.92M | |||
| Other Long-Term Liabilities | 169.05M | 128.00M | 102.67M | 58.59M | 36.86M | 29.59M |
| Total Liabilities | 5.51B | 3.78B | 2.94B | 2.29B | 1.94B | 1.69B |
| Preferred Stock, Convertible | 20.00K | 20.00K | ||||
| Common Stock | 448.00K | 405.00K | 401.00K | 399.00K | 168.00K | 168.00K |
| Additional Paid-In Capital | 927.69M | 730.55M | 718.60M | 710.86M | 577.29M | 575.16M |
| Retained Earnings | 365.92M | 267.15M | 97.12M | -21.71M | -105.42M | -144.81M |
| Treasury Stock | -19.43M | -2.00K | -2.00K | |||
| Comprehensive Income & Other | -7.09M | 11.46M | -22.12M | -28.52M | -50.40M | -4.45M |
| Total Common Equity | 1.27B | 1.01B | 794.00M | 661.03M | 421.64M | 426.06M |
| Shareholders' Equity | 1.27B | 1.01B | 794.00M | 661.03M | 421.66M | 426.08M |
| Total Liabilities & Equity | 6.78B | 4.79B | 3.73B | 2.95B | 2.36B | 2.12B |
| Filing Date Shares Outstanding | 44.40M | 44.47M | 40.13M | 40.00M | 37.66M | 16.53M |
| Total Common Shares Outstanding | 44.40M | 40.51M | 40.13M | 39.86M | 16.60M | 16.53M |
| Total Debt | 437.20M | 119.98M | 119.54M | 133.92M | 137.22M | 139.45M |
| Net Cash (Debt) | -217.98M | 48.56M | 2.07M | -68.03M | -91.79M | -97.34M |
| Net Cash Per Share | -4.99 | 1.16 | 0.05 | -1.78 | -2.81 | -3.00 |
| Book Value Per Share | 28.55 | 24.92 | 19.79 | 16.58 | 25.40 | 25.77 |
| Tangible Book Value | 796.35M | 921.52M | 706.65M | 572.60M | 331.77M | 334.72M |
| Tangible Book Value Per Share | 17.94 | 22.75 | 17.61 | 14.36 | 19.99 | 20.25 |
| Machinery | 4.75M | 4.51M | 5.03M | 7.23M | 7.48M | |
| Leasehold Improvements | 3.43M | 3.06M | 1.89M | 2.67M | 2.76M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 187.90M | 170.03M | 118.83M | 85.98M | 39.40M | 38.32M |
| Depreciation & Amortization | 20.51M | 3.54M | 3.36M | 3.89M | 4.10M | 5.60M |
| Gain (Loss) on Sale of Assets | -5.08M | |||||
| Gain (Loss) on Sale of Investments | -22.15M | -22.15M | -6.34M | -11.05M | 15.71M | -17.11M |
| Stock-Based Compensation | 11.96M | 11.96M | 9.39M | 8.53M | 2.29M | 522.00K |
| Change in Accounts Receivable | -222.58M | -222.58M | -142.41M | -40.02M | -27.06M | 1.88M |
| Reinsurance Recoverable | -159.19M | -159.19M | -234.63M | 19.19M | -51.26M | -3.14M |
| Change in Accounts Payable | 37.03M | 37.03M | 19.18M | 2.29M | 7.58M | 1.15M |
| Change in Unearned Revenue | 136.85M | 136.85M | 84.65M | 110.02M | 79.22M | 20.77M |
| Change in Income Taxes | 1.80M | 1.80M | 4.50M | -1.89M | ||
| Change in Insurance Reserves / Liabilities | 536.51M | 536.51M | 467.88M | 172.74M | 162.21M | 124.27M |
| Change in Other Net Operating Assets | -3.69M | -3.69M | 29.67M | 462.00K | -13.05M | 5.98M |
| Other Operating Activities | -94.74M | -59.12M | -27.75M | 11.07M | -713.00K | 5.20M |
| Operating Cash Flow | 407.30M | 408.08M | 305.12M | 338.19M | 208.94M | 175.28M |
| Capital Expenditures | -5.13M | -5.45M | -4.22M | -3.11M | -2.33M | -2.15M |
| Purchase / Sale of Intangible Assets | -2.00M | -2.00M | -50.00K | |||
| Cash Acquisitions | -301.04M | -10.55M | ||||
| Investment in Securities | -257.66M | -394.30M | -270.95M | -505.62M | -185.02M | -155.66M |
| Other Investing Activities | -23.79M | 15.18M | 4.00M | 11.99M | 3.73M | -6.75M |
| Investing Cash Flow | -580.22M | -366.90M | -243.69M | -493.81M | -193.38M | -183.01M |
| Long-Term Debt Issued | 43.41M | 107.00M | 50.00M | |||
| Total Debt Repaid | -93.00M | -43.00M | -116.79M | -50.00M | ||
| Net Debt Issued (Repaid) | 321.50M | 411.00K | -9.79M | |||
| Issuance of Common Stock | 200.00K | 5.56M | 130.95M | 2.18M | 1.38M | |
| Repurchases of Common Stock | -19.43M | |||||
| Financing Cash Flow | 302.27M | 411.00K | -4.23M | 130.95M | 2.18M | 1.38M |
| Net Cash Flow | 129.36M | 41.59M | 57.19M | -24.68M | 17.74M | -6.35M |
| Free Cash Flow | 402.17M | 402.62M | 300.89M | 335.08M | 206.61M | 173.13M |
| Free Cash Flow Margin | 23.20% | 28.42% | 26.16% | 37.82% | 32.16% | 31.76% |
| Free Cash Flow Per Share | 9.21 | 9.63 | 7.27 | 8.74 | 6.33 | 5.33 |
| Levered Free Cash Flow | -592.20M | -67.06M | -178.42M | 50.12M | 99.52M | 109.11M |
| Unlevered Free Cash Flow | -579.23M | -62.11M | -172.48M | 56.39M | 103.52M | 111.99M |
| Cash Interest Paid | 16.93M | 6.15M | 8.57M | 10.67M | 5.76M | 4.67M |
| Cash Income Tax Paid | 60.99M | 50.99M | 37.00M | 15.80M | ||
| Change in Working Capital | 303.82M | 303.82M | 207.62M | 239.78M | 148.17M | 144.93M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.71B | 2.07B | 2.03B | 1.35B | ||
| Enterprise Value | 2.93B | 2.03B | 2.04B | 1.42B | ||
| PE Ratio | 14.21 | 12.17 | 17.05 | 16.00 | ||
| PS Ratio | 1.57 | 1.46 | 1.76 | 1.52 | ||
| PB Ratio | 2.14 | 2.05 | 2.55 | 2.04 | ||
| P/FCF Ratio | 6.75 | 5.14 | 6.74 | 4.03 | ||
| P/OCF Ratio | 6.66 | 5.07 | 6.64 | 3.99 | ||
| EV/Sales Ratio | 1.69 | 1.43 | 1.77 | 1.61 | ||
| EV/EBITDA Ratio | 9.90 | 8.39 | 12.32 | 11.48 | ||
| EV/EBIT Ratio | 10.64 | 8.51 | 12.57 | 11.86 | ||
| EV/FCF Ratio | 7.29 | 5.04 | 6.78 | 4.25 | ||
| Debt / Equity Ratio | 0.34 | 0.12 | 0.15 | 0.20 | 0.33 | 0.33 |
| Debt / EBITDA Ratio | 1.48 | 0.50 | 0.72 | 1.06 | 2.18 | 2.36 |
| Debt / FCF Ratio | 1.09 | 0.30 | 0.40 | 0.40 | 0.66 | 0.81 |
| Net Debt / Equity Ratio | 0.17 | -0.05 | -0.00 | 0.10 | 0.22 | 0.23 |
| Net Debt / EBITDA Ratio | 0.74 | -0.20 | -0.01 | 0.55 | 1.52 | 1.73 |
| Net Debt / FCF Ratio | 0.54 | -0.12 | -0.01 | 0.20 | 0.44 | 0.56 |
| Quick Ratio | 0.90 | 0.80 | 0.77 | 0.66 | 0.49 | 0.59 |
| Current Ratio | 1.98 | 1.95 | 1.95 | 1.70 | 1.80 | 2.03 |
| Asset Turnover | 0.31 | 0.33 | 0.34 | 0.33 | 0.29 | 0.27 |
| Return on Equity (ROE) | 17.34% | 18.86% | 16.33% | 15.88% | 9.29% | 9.35% |
| Return on Assets (ROA) | 3.10% | 3.50% | 3.03% | 2.82% | 1.57% | 1.56% |
| Return on Invested Capital (ROIC) | 12.59% | 18.33% | 14.77% | 13.86% | 7.91% | 7.31% |
| Earnings Yield | 7.04% | 8.22% | 5.86% | 6.37% | ||
| FCF Yield | 14.82% | 19.46% | 14.85% | 24.83% | ||
| Buyback Yield / Dilution | -4.74% | -1.04% | -7.99% | -17.35% | -0.57% | -100.25% |