Skyward Specialty Insurance Group, Inc. (SKWD) 10-Year Financial Performance & Capital Metrics

SKWD • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceCommercial Lines InsuranceMiddle Market Commercial

AboutSkyward Specialty Insurance Group, Inc., an insurance holding company, engages in underwriting commercial property and casualty insurance coverages in the United States. The company offers general liability, excess liability, professional liability, commercial auto, group accident and health, property, surety, and workers' compensation insurance products. Skyward Specialty Insurance Group, Inc. was incorporated in 2006 and is headquartered in Houston, Texas.Show more

Revenue $1.15B +28.2%
Combined Ratio 86.69% -1.2%
Net Income $119M +38.2%
Return on Equity 16.33% +2.8%
Medical Cost Ratio 71.43% +2.5%
Operating Margin 13.31% +8.2%
Net Margin 10.35% +7.8%
ROA 3.56% +9.9%
Equity / Assets 21.29% -4.9%
Book Value per Share 19.19 +11.2%
Tangible BV/Share 17.08 +14.3%
Debt/Equity 0.15 -22.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 86.7% combined ratio
✓Strong 5Y profit CAGR of 61.3%
✓Strong Piotroski F-Score: 7/9

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y39.37%

3Y28.9%

TTM22.51%

Profit (Net Income) CAGR

10Y-

5Y61.31%

3Y45.83%

TTM5.62%

EPS CAGR

10Y-

5Y58.16%

3Y112.29%

TTM3.35%

ROCE

10Y Avg0.59%

5Y Avg0.24%

3Y Avg3.85%

Latest5.19%

Peer Comparison

Middle Market Commercial

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ASICAtegrity Specialty Holdings LLC	884.91M	18.41	19.18	42.48%	14.98%	9.58%	14.19%
SKWDSkyward Specialty Insurance Group, Inc.	2.05B	46.48	16.20	28.17%	10.55%	14.69%	14.66%	0.15

Profit & Loss

	Dec 2013	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	218.24M	447.89M	535.82M	636.4M	895.4M	1.15B
Revenue Growth %	-	1.05%	0.2%	0.19%	0.41%	0.28%
Medical Costs & Claims+	0	399.15M	401.47M	468.21M	623.75M	819.78M
Medical Cost Ratio %	-	-	-	-	-	-
Gross Profit+	218.24M	48.73M	134.35M	168.2M	271.65M	327.89M
Gross Margin %	-	-	-	-	-	-
Gross Profit Growth %	-	-0.78%	1.76%	0.25%	0.62%	0.21%
Operating Expenses+	197.19M	143.27M	86.04M	118.42M	161.55M	175.15M
OpEx / Revenue %	-	-	-	-	-	-
Depreciation & Amortization	-21.05M	5.99M	5.6M	4.1M	3.89M	3.36M
Combined Ratio %	-	-	-	-	-	-
Operating Income+	21.05M	-94.53M	48.31M	49.78M	110.1M	152.74M
Operating Margin %	-	-	-	-	-	-
Operating Income Growth %	-	-5.49%	1.51%	0.03%	1.21%	0.39%
EBITDA+	0	-88.55M	53.91M	53.88M	113.99M	156.1M
EBITDA Margin %	-	-	-	-	-	-
Interest Expense	0	5.53M	4.62M	6.41M	10.02M	9.5M
Non-Operating Income	4.31M	-5.53M	-4.62M	-6.41M	-10.02M	-9.5M
Pretax Income+	16.74M	-94.53M	48.31M	49.78M	110.1M	152.74M
Pretax Margin %	-	-	-	-	-	-
Income Tax+	5.86M	-19.89M	9.99M	10.39M	24.12M	33.91M
Effective Tax Rate %	-	-	-	-	-	-
Net Income+	10.88M	-74.64M	38.32M	39.4M	85.98M	118.83M
Net Margin %	-	-	-	-	-	-
Net Income Growth %	-	-7.86%	1.51%	0.03%	1.18%	0.38%
EPS (Diluted)+	0.29	-2.14	0.30	1.05	2.24	2.87
EPS Growth %	-	-8.38%	1.14%	2.5%	1.13%	0.28%
EPS (Basic)	0.29	-4.60	1.02	1.05	2.34	2.96
Diluted Shares Outstanding	37.6M	34.93M	32.47M	37.6M	38.32M	41.38M

Balance Sheet

	Dec 2013	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	934.56M	487.16M	2.12B	2.36B	2.95B	3.73B
Asset Growth %	-	-0.48%	3.35%	0.12%	0.25%	0.26%
Total Investment Assets+	0	58.99M	949.36M	1.08B	1.61B	2.86B
Long-Term Investments	0	0	787.72M	901.37M	1.56B	1.81B
Short-Term Investments	0	58.99M	622.63M	728.73M	1.29B	1.05B
Total Current Assets+	77.18M	238.15M	0	0	0	2.56B
Cash & Equivalents	77.18M	15.86M	42.11M	45.44M	65.89M	121.6M
Receivables	0	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	-1.45B	-1.65B	-2.32B	0
Goodwill & Intangibles+	72.08M	21M	91.34M	89.87M	88.44M	87.35M
Goodwill	22.56M	16.01M	65.73M	65.73M	65.73M	65.73M
Intangible Assets	49.53M	4.99M	25.6M	24.14M	22.7M	21.61M
PP&E (Net)	11.09M	2.84M	9.63M	8.67M	9.07M	15.31M
Other Assets	774.21M	-23.85M	-888.68M	-999.91M	-1.66B	-742.96M
Total Liabilities	736.28M	411.35M	1.69B	1.94B	2.29B	2.94B
Total Debt+	99.79M	32.11M	128.53M	128.61M	128.69M	119.54M
Net Debt	22.61M	16.25M	86.42M	83.17M	62.8M	-2.07M
Long-Term Debt	99.79M	32.11M	128.53M	128.61M	78.69M	76.54M
Short-Term Debt	0	0	0	0	50M	43M
Total Current Liabilities+	34.93M	41.09M	0	0	0	398.94M
Accounts Payable	0	41.09M	160.68M	162.19M	201.04M	253.28M
Deferred Revenue	0	0	0	0	0	0
Other Current Liabilities	0	-41.09M	-160.68M	-162.19M	-251.04M	102.67M
Deferred Taxes	0	0	0	0	0	0
Other Liabilities	601.56M	-41.05M	-159.03M	-158.46M	-115.75M	2.42B
Total Equity+	198.28M	75.81M	426.08M	421.66M	661.03M	794M
Equity Growth %	-	-0.62%	4.62%	-0.01%	0.57%	0.2%
Shareholders Equity	198.28M	75.81M	426.08M	421.66M	661.03M	794M
Minority Interest	0	0	0	0	0	0
Retained Earnings	-174.98M	-45.78M	-144.81M	-105.42M	-21.71M	97.12M
Common Stock	312K	42K	168K	168K	399K	401K
Accumulated OCI	-3.25M	0	4.64M	-43.48M	-22.95M	-22.12M
Return on Equity (ROE)	0.05%	-0.54%	0.15%	0.09%	0.16%	0.16%
Return on Assets (ROA)	0.01%	-0.11%	0.03%	0.02%	0.03%	0.04%
Equity / Assets	-	-	-	-	-	-
Debt / Equity	0.50x	0.42x	0.30x	0.31x	0.19x	0.15x
Book Value per Share	5.27	2.17	13.12	11.21	17.25	19.19
Tangible BV per Share	-	-	-	-	-	-

Cash Flow

	Dec 2013	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	0	44.71M	175.28M	208.94M	338.19M	305.12M
Operating CF Growth %	-	-	2.92%	0.19%	0.62%	-0.1%
Operating CF / Revenue %	-	-	-	-	-	-
Net Income	10.88M	-74.64M	38.32M	39.4M	85.98M	118.83M
Depreciation & Amortization	0	5.99M	5.6M	4.1M	3.89M	3.36M
Stock-Based Compensation	0	-25K	522K	2.29M	8.53M	9.39M
Deferred Taxes	0	-19.55M	9.98M	10.27M	9.38M	-8.71M
Other Non-Cash Items	-10.88M	53.26M	-30.7M	-327K	-4.34M	-12.59M
Working Capital Changes	0	79.68M	151.56M	153.22M	234.75M	194.84M
Cash from Investing+	0	-74.93M	-183.01M	-193.38M	-493.81M	-243.69M
Capital Expenditures	0	-2.07M	-2.15M	-2.33M	-3.11M	-4.22M
Acquisitions	0	0	-2.37M	0	0	-32.17M
Purchase of Investments	0	-201.69M	-363.54M	-327.2M	-636.42M	-636.56M
Sale/Maturity of Investments	0	1000K	1000K	1000K	1000K	1000K
Other Investing	0	-31.44M	-20.45M	-2.62M	18.5M	45.55M
Cash from Financing+	0	56.3M	1.38M	2.18M	130.95M	-4.23M
Dividends Paid	0	0	0	0	0	0
Share Repurchases	0	-540K	0	0	0	0
Stock Issued	0	255K	1.38M	2.18M	130.95M	5.56M
Debt Issuance (Net)	0	-1000K	0	0	0	-1000K
Other Financing	0	0	0	0	0	0
Net Change in Cash+	0	26.08M	-6.35M	17.74M	-24.68M	57.19M
Exchange Rate Effect	0	0	0	0	0	0
Cash at Beginning	0	87.55M	113.62M	107.27M	125.01M	100.34M
Cash at End	0	113.62M	107.27M	125.01M	100.34M	157.53M
Free Cash Flow+	0	42.64M	173.13M	206.61M	335.03M	300.89M
FCF Growth %	-	-	3.06%	0.19%	0.62%	-0.1%
FCF Margin %	-	-	-	-	-	-
FCF per Share	-	1.22	5.33	5.5	8.74	7.27

Key Ratios

Metric	2013	2020	2021	2022	2023	2024
Combined Ratio	90.36%	121.11%	90.98%	92.18%	87.7%	86.69%
Medical Cost Ratio	0%	89.12%	74.93%	73.57%	69.66%	71.43%
Return on Equity (ROE)	5.49%	-54.47%	15.27%	9.29%	15.88%	16.33%
Return on Assets (ROA)	1.16%	-10.5%	2.94%	1.76%	3.23%	3.56%
Equity / Assets	21.22%	15.56%	20.12%	17.84%	22.38%	21.29%
Book Value / Share	5.27	2.17	13.12	11.21	17.25	19.19
Debt / Equity	0.50x	0.42x	0.30x	0.31x	0.19x	0.15x
Revenue Growth	-	105.23%	19.63%	18.77%	40.7%	28.17%

Frequently Asked Questions

Valuation & Price

Skyward Specialty Insurance Group, Inc. (SKWD) has a price-to-earnings (P/E) ratio of 16.2x. This is roughly in line with market averages.

Growth & Financials

Skyward Specialty Insurance Group, Inc. (SKWD) grew revenue by 28.2% over the past year. This is strong growth.

Yes, Skyward Specialty Insurance Group, Inc. (SKWD) is profitable, generating $141.2M in net income for fiscal year 2024 (10.4% net margin).

Dividend & Returns

Skyward Specialty Insurance Group, Inc. (SKWD) has a return on equity (ROE) of 16.3%. This is reasonable for most industries.

Industry Metrics

Skyward Specialty Insurance Group, Inc. (SKWD) has a combined ratio of 86.7%. A ratio below 100% indicates underwriting profitability.

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