NASDAQ : TWFG
TWFG, Inc. — Financial statements
Financials · Insurance Brokers · United States
Last price 26.5 USD (Oct 30, 2026, 2:11 PM EDT) · Market cap 1.43B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
TWFG, Inc. (TWFG) reported revenue of 294.73M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Operating Revenue | 279.48M | 233.96M | 193.72M | 166.99M | 147.78M |
| Other Revenue | 15.25M | 14.55M | 10.04M | 5.05M | 6.09M |
| Revenue | 294.73M | 248.51M | 203.76M | 172.04M | 153.88M |
| Cost of Revenue | 41.63M | 37.64M | 29.06M | 13.97M | 12.24M |
| Gross Profit | 253.10M | 210.88M | 174.70M | 158.07M | 141.63M |
| Selling, General & Admin | 174.95M | 155.54M | 134.75M | 127.82M | 114.62M |
| Operating Expenses | 199.27M | 173.89M | 146.77M | 132.68M | 117.92M |
| Operating Income | 53.83M | 36.98M | 27.93M | 25.39M | 23.72M |
| Interest Expense | -255.00K | -287.00K | -2.22M | -1.00M | -398.00K |
| Interest & Investment Income | 4.97M | 6.61M | 4.38M | 891.00K | 46.00K |
| Other Non Operating Income (Expenses) | 1.27M | 1.14M | 9.00K | -17.00K | -18.00K |
| Pretax Income | 59.81M | 44.45M | 30.09M | 25.26M | 23.35M |
| Income Tax Expense | 4.17M | 3.28M | 1.50M | ||
| Earnings From Continuing Operations | 55.64M | 41.17M | 28.59M | 25.26M | 23.35M |
| Earnings From Discontinued Operations | 834.00K | -2.73M | |||
| Net Income to Company | 55.64M | 41.17M | 28.59M | 26.10M | 20.61M |
| Minority Interest in Earnings | -46.85M | -33.20M | -25.85M | -26.10M | -20.61M |
| Net Income | 8.80M | 7.96M | 2.75M | ||
| Net Income to Common | 8.80M | 7.96M | 2.75M | ||
| Shares Outstanding (Basic) | 14.47M | 14.91M | 14.77M | 631.75K | 631.75K |
| Shares Outstanding (Diluted) | 14.56M | 15.10M | 14.98M | 631.75K | 631.75K |
| EPS (Basic) | 0.61 | 0.53 | 0.19 | ||
| EPS (Diluted) | 0.60 | 0.53 | 0.19 | ||
| Free Cash Flow | 59.68M | 53.15M | 37.28M | 29.89M | 25.64M |
| Free Cash Flow Per Share | 4.10 | 3.52 | 2.49 | 47.32 | 40.59 |
| Gross Margin | 85.88% | 84.86% | 85.74% | 91.88% | 92.05% |
| Operating Margin | 18.26% | 14.88% | 13.71% | 14.76% | 15.41% |
| Profit Margin | 2.98% | 3.20% | 1.35% | ||
| Free Cash Flow Margin | 20.25% | 21.39% | 18.30% | 17.38% | 16.66% |
| EBITDA | 77.44M | 54.63M | 38.97M | 30.25M | 27.02M |
| EBITDA Margin | 26.27% | 21.98% | 19.12% | 17.58% | 17.56% |
| D&A For EBITDA | 23.61M | 17.65M | 11.04M | 4.86M | 3.30M |
| EBIT | 53.83M | 36.98M | 27.93M | 25.39M | 23.72M |
| EBIT Margin | 18.26% | 14.88% | 13.71% | 14.76% | 15.41% |
| Effective Tax Rate | 6.97% | 7.38% | 4.97% | ||
| Revenue as Reported | 294.73M | 248.51M | 203.76M | 172.04M | 153.88M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 73.75M | 155.93M | 195.77M | 39.30M | 22.33M |
| Cash & Short-Term Investments | 73.75M | 155.93M | 195.77M | 39.30M | 22.33M |
| Receivables | 61.07M | 44.79M | 34.91M | 25.06M | 20.64M |
| Restricted Cash | 19.01M | 11.97M | 9.55M | 7.17M | 7.93M |
| Other Current Assets | 16.70M | 12.83M | 1.62M | 3.58M | 37.81M |
| Total Current Assets | 170.52M | 225.52M | 241.85M | 75.11M | 88.72M |
| Property, Plant & Equipment | 8.45M | 7.50M | 7.99M | 3.06M | 2.92M |
| Long-Term Investments | 100.00K | 300.00K | 500.00K | 800.00K | |
| Other Intangible Assets | 178.74M | 138.63M | 72.98M | 36.44M | 21.36M |
| Other Long-Term Assets | 635.00K | 589.00K | 310.00K | 337.00K | 361.00K |
| Total Assets | 358.35M | 372.33M | 323.43M | 115.44M | 114.15M |
| Accounts Payable | 4.59M | 1.57M | 3.23M | 211.00K | |
| Accrued Expenses | 24.00M | 18.54M | 16.68M | 12.49M | 9.50M |
| Current Portion of Long-Term Debt | 2.48M | 2.56M | 2.51M | 2.78M | 2.64M |
| Current Portion of Leases | 1.23M | 1.32M | 1.01M | 882.00K | 629.00K |
| Current Income Taxes Payable | 647.00K | 1.05M | 1.50M | ||
| Other Current Liabilities | 33.62M | 19.04M | 14.69M | 18.76M | 33.34M |
| Total Current Liabilities | 66.57M | 44.08M | 39.62M | 34.91M | 46.33M |
| Long-Term Debt | 1.37M | 8.70M | 5.13M | 47.96M | 8.36M |
| Long-Term Leases | 3.39M | 2.90M | 3.37M | 1.52M | 1.68M |
| Other Long-Term Liabilities | 24.00K | ||||
| Total Liabilities | 71.33M | 55.69M | 48.14M | 84.39M | 56.37M |
| Common Stock | 128.00K | 150.00K | 148.00K | 632.00K | 632.00K |
| Additional Paid-In Capital | 18.62M | 59.95M | 58.37M | 25.11M | 25.11M |
| Retained Earnings | 27.38M | 23.25M | 15.29M | 4.80M | 32.18M |
| Comprehensive Income & Other | 21.00K | 30.00K | 83.00K | 500.00K | -140.00K |
| Total Common Equity | 46.15M | 83.38M | 73.88M | 31.05M | 57.79M |
| Minority Interest | 240.88M | 233.27M | 201.40M | ||
| Shareholders' Equity | 287.03M | 316.65M | 275.29M | 31.05M | 57.79M |
| Total Liabilities & Equity | 358.35M | 372.33M | 323.43M | 115.44M | 114.15M |
| Total Debt | 8.46M | 15.49M | 12.03M | 53.14M | 13.31M |
| Net Cash (Debt) | 65.28M | 140.44M | 183.75M | -13.84M | 9.02M |
| Net Cash Per Share | 4.48 | 9.30 | 12.26 | -21.91 | 14.28 |
| Filing Date Shares Outstanding | 12.88M | 15.03M | 14.90M | 631.75K | 631.75K |
| Total Common Shares Outstanding | 12.80M | 15.03M | 14.81M | 631.75K | 631.75K |
| Working Capital | 103.95M | 181.43M | 202.23M | 40.20M | 42.38M |
| Book Value Per Share | 3.61 | 5.55 | 4.99 | 49.15 | 91.47 |
| Tangible Book Value | -132.59M | -55.25M | 906.00K | -5.38M | 36.43M |
| Tangible Book Value Per Share | -10.36 | -3.68 | 0.06 | -8.52 | 57.67 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | 8.80M | 7.96M | 2.75M | 26.10M | 20.61M |
| Depreciation & Amortization | 23.61M | 17.65M | 11.04M | 4.86M | 3.30M |
| Other Amortization | 719.00K | 704.00K | 976.00K | ||
| Loss (Gain) From Sale of Assets | -1.25M | -1.12M | -84.00K | -890.00K | |
| Stock-Based Compensation | 3.88M | 4.58M | 2.22M | ||
| Other Operating Activities | 48.34M | 34.55M | 26.90M | -118.00K | 3.30M |
| Change in Accounts Receivable | -4.89M | 370.00K | -1.76M | -383.00K | -1.55M |
| Change in Accounts Payable | -67.00K | ||||
| Change in Other Net Operating Assets | -18.43M | -11.19M | -1.65M | -1.06M | -2.62M |
| Operating Cash Flow | 60.78M | 53.50M | 40.48M | 30.15M | 25.75M |
| Capital Expenditures | -1.09M | -356.00K | -3.20M | -260.00K | -115.00K |
| Sale of Property, Plant & Equipment | 44.00K | 49.00K | 40.00K | ||
| Divestitures | 1.97M | 1.84M | 928.00K | -5.00M | |
| Sale (Purchase) of Intangibles | -67.92M | -61.91M | -21.85M | -15.39M | -9.76M |
| Investment in Securities | -10.00M | -10.00M | |||
| Other Investing Activities | 64.00K | 334.00K | |||
| Investing Cash Flow | -77.00M | -70.38M | -25.05M | -14.65M | -14.50M |
| Long-Term Debt Issued | 41.00M | ||||
| Long-Term Debt Repaid | -1.91M | -43.44M | -2.64M | -2.56M | |
| Net Debt Issued (Repaid) | -1.94M | -1.91M | -43.44M | 38.36M | -2.56M |
| Issuance of Common Stock | 193.55M | ||||
| Repurchase of Common Stock | -44.89M | -3.15M | |||
| Common Dividends Paid | -21.16M | -15.86M | -9.31M | -33.41M | -20.56M |
| Other Financing Activities | 5.97M | 374.00K | 2.62M | -14.65M | 7.85M |
| Financing Cash Flow | -62.03M | -20.55M | 143.43M | -9.70M | -15.26M |
| Net Cash Flow | -78.25M | -37.42M | 158.85M | 5.80M | -4.01M |
| Free Cash Flow | 59.68M | 53.15M | 37.28M | 29.89M | 25.64M |
| Free Cash Flow Margin | 20.25% | 21.39% | 18.30% | 17.38% | 16.66% |
| Free Cash Flow Per Share | 4.10 | 3.52 | 2.49 | 47.32 | 40.59 |
| Levered Free Cash Flow | -32.68M | -35.81M | -175.25K | 23.22M | |
| Unlevered Free Cash Flow | -32.52M | -35.63M | 1.21M | 23.85M | |
| Cash Interest Paid | 160.00K | 194.00K | 2.30M | 832.00K | 404.00K |
| Cash Income Tax Paid | 6.33M | 3.27M | |||
| Change in Working Capital | -23.32M | -10.82M | -3.40M | -1.44M | -4.24M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 1.46B | 432.38M | 456.21M | ||
| Enterprise Value | 1.39B | 511.92M | 472.39M | ||
| Last Close Price | 26.96 | 28.77 | 30.80 | ||
| PE Ratio | 44.83 | 54.30 | 166.19 | ||
| Forward PE | 24.59 | 34.35 | 51.06 | ||
| PS Ratio | 4.94 | 1.74 | 2.24 | ||
| PB Ratio | 7.48 | 1.36 | 1.66 | ||
| P/TBV Ratio | 503.54 | ||||
| P/FCF Ratio | 24.42 | 8.14 | 12.24 | ||
| P/OCF Ratio | 23.98 | 8.08 | 11.27 | ||
| EV/Sales Ratio | 4.72 | 2.06 | 2.32 | ||
| EV/EBITDA Ratio | 17.98 | 9.37 | 12.12 | ||
| EV/EBIT Ratio | 25.86 | 13.84 | 16.92 | ||
| EV/FCF Ratio | 23.32 | 9.63 | 12.67 | ||
| Debt / Equity Ratio | 0.03 | 0.05 | 0.04 | 1.71 | 0.23 |
| Debt / EBITDA Ratio | 0.11 | 0.28 | 0.30 | 1.71 | 0.48 |
| Debt / FCF Ratio | 0.14 | 0.29 | 0.32 | 1.78 | 0.52 |
| Net Debt / Equity Ratio | -0.23 | -0.44 | -0.67 | 0.45 | -0.16 |
| Net Debt / EBITDA Ratio | -0.84 | -2.57 | -4.71 | 0.46 | -0.33 |
| Net Debt / FCF Ratio | -1.09 | -2.64 | -4.93 | 0.46 | -0.35 |
| Asset Turnover | 0.84 | 0.71 | 0.93 | 1.50 | |
| Quick Ratio | 2.02 | 4.55 | 5.82 | 1.84 | 0.93 |
| Current Ratio | 2.56 | 5.12 | 6.11 | 2.15 | 1.92 |
| Return on Equity (ROE) | 19.32% | 13.91% | 18.67% | 56.87% | |
| Return on Assets (ROA) | 9.60% | 6.64% | 7.95% | 13.82% | |
| Return on Invested Capital (ROIC) | 24.32% | 25.59% | 38.90% | 54.22% | 48.64% |
| Return on Capital Employed (ROCE) | 18.40% | 11.30% | 9.80% | 31.50% | 35.00% |
| Earnings Yield | 2.23% | 1.84% | 0.60% | ||
| FCF Yield | 4.10% | 12.29% | 8.17% | ||
| Payout Ratio | 199.20% | 339.05% | |||
| Buyback Yield / Dilution | 34.40% | -0.79% | -2,271.57% |