Total assets grew 55.9% YoY to $6.8B, while equity rose 44.6% to $1.3B, with a conservative debt-to-equity ratio of 0.34, indicating a solid capital buffer.
Skyward Specialty Insurance Group, Inc. (SKWD) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'13 |
|---|
| Total Assets | 6.78B | 4.79B | 3.73B | 2.95B | 2.36B | 2.12B | 487.16M | 934.56M |
| Asset Growth % | 174.96% | 28.49% | 26.28% | 24.96% | 11.58% | 334.81% | -47.87% | - |
| Total Investment Assets | 4M | 2.3B | 2.86B | 1.61B | 1.08B | 949.36M | 58.99M | 0 |
| Long-Term Investments | 4.36B | 917.41M | 1.81B | 325.81M | 353.64M | 326.73M | 0 | 0 |
| Short-Term Investments | 2.19B | 1.38B | 1.05B | 1.29B | 728.73M | 622.63M | 58.99M | 0 |
| Total Current Assets | 3.39B | 3.49B | 2.56B | 0 | 0 | 0 | 238.15M | 77.18M |
| Cash & Equivalents | 219.22M | 168.54M | 121.6M | 65.89M | 45.44M | 42.11M | 15.86M | 77.18M |
| Receivables | 6.32B | 1.66B | 1.18B | 775.57M | 720.57M | 648.49M | 163.3M | 0 |
| Other Current Assets | -337.18M | 30.57M | 35.92M | -2.32B | -1.65B | -1.45B | 0 | 0 |
| Goodwill & Intangibles | 1.45B | 224.14M | 87.35M | 88.44M | 89.87M | 91.34M | 84.01M | 72.08M |
| Goodwill | 0 | 65.73M | 65.73M | 65.73M | 65.73M | 65.73M | 64.05M | 22.56M |
| Intangible Assets | 471.19M | 158.41M | 21.61M | 22.7M | 24.14M | 25.6M | 19.96M | 49.53M |
| PP&E (Net) | 0 | 15.14M | 15.31M | 9.07M | 8.67M | 9.63M | 22.63M | 11.09M |
| Other Assets | -1.25B | 122.03M | -742.96M | 2.53B | 1.91B | 1.69B | -82.8M | 774.21M |
| Total Liabilities | 5.51B | 3.78B | 2.94B | 2.29B | 1.94B | 1.69B | 411.35M | 736.28M |
| Total Debt | 437.2M | 119.98M | 119.54M | 128.69M | 128.61M | 128.53M | 32.11M | 99.79M |
| Net Debt | 217.98M | -48.56M | -2.07M | 62.8M | 83.17M | 86.42M | 16.25M | 22.61M |
| Long-Term Debt | 437.2M | 119.98M | 76.54M | 78.69M | 128.61M | 128.53M | 32.11M | 99.79M |
| Short-Term Debt | 360.62M | 0 | 43M | 50M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 3.66B | 398.94M | 2.21B | 1.81B | 0 | 41.09M | 34.93M |
| Accounts Payable | 636.24M | 394.92M | 253.28M | 201.04M | 162.19M | 160.68M | 41.09M | 0 |
| Deferred Revenue | 0 | 774.03M | 0 | 552.53M | 442.51M | 363.29M | 0 | 0 |
| Other Current Liabilities | -996.86M | 2.49B | 102.67M | 1.41B | 1.21B | -523.97M | 0 | 0 |
| Deferred Taxes | 136.27M | 0 | 0 | 1000K | 1000K | 1000K | 0 | 0 |
| Other Liabilities | 3.17B | -46.45M | 2.42B | 1.37B | 996.1M | 805.28M | 0 | 601.56M |
| Total Equity | 1.27B | 1.01B | 794M | 661.03M | 421.66M | 426.08M | 75.81M | 198.28M |
| Equity Growth % | 132.54% | 27.15% | 20.12% | 56.77% | -1.04% | 462.07% | -61.77% | - |
| Shareholders Equity | 1.27B | 1.01B | 794M | 661.03M | 421.66M | 426.08M | 75.81M | 198.28M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 365.92M | 267.15M | 97.12M | -21.71M | -105.42M | -144.81M | -183.13M | -174.98M |
| Common Stock | 448K | 405K | 401K | 399K | 168K | 168K | 42K | 312K |
| Accumulated OCI | -7.09M | 11.46M | -22.12M | -22.95M | -43.48M | 4.64M | 9.71M | -3.25M |
| Return on Equity (ROE) | 16.84% | 18.85% | 16.33% | 15.88% | 9.29% | 15.27% | -54.47% | 5.49% |
| Return on Assets (ROA) | 3.31% | 3.99% | 3.56% | 3.23% | 1.76% | 2.94% | -10.5% | 1.16% |
| Equity / Assets | 18.69% | 21.07% | 21.29% | 22.38% | 17.84% | 20.12% | 15.56% | 21.22% |
| Debt / Equity | 0.34x | 0.12x | 0.15x | 0.19x | 0.31x | 0.30x | 0.42x | 0.50x |
| Book Value per Share | 30.27 | 24.11 | 19.19 | 17.25 | 11.21 | 13.12 | 2.17 | 5.27 |
| Tangible BV per Share | 19.02 | 18.76 | 17.08 | 14.94 | 8.82 | 10.31 | -0.23 | 3.36 |
Quick answers to the most common questions about buying SKWD stock.
As of 2025, Skyward Specialty Insurance Group, Inc. (SKWD) had total assets of $4.79B including $3.49B in current assets.
Skyward Specialty Insurance Group, Inc. (SKWD) carries total debt of $120.0M, offset by $1.55B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Skyward Specialty Insurance Group, Inc. (SKWD) has total shareholders' equity (book value) of $1.01B ($24.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Skyward Specialty Insurance Group, Inc. (SKWD) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Reserve adequacy in growth
Metrics are mathematically derived from official filings.
Rapid Expansion Strains Capital Base
Skyward's total assets surged 55.9% year-over-year to $6.8B in Q2 2026, according to the latest quarterly report, while equity grew 44.6%, indicating a balance sheet scaling faster than its capital base.
The asset growth is driven by a 23.2% revenue increase and a hardening market, but equity growth lags, suggesting the company is leveraging its balance sheet to fund expansion. This trajectory may pressure capital ratios if growth continues without commensurate retained earnings.
Investment Portfolio Data Opaque
Investment portfolio figures are reported at a nominal $1,000K across all quarters, as per financial statements, providing no insight into allocation or yield, though the rising rate environment likely enhances income on float.
The lack of granular investment data is a significant gap for analysis. Investors should monitor future disclosures for fixed-income duration and unrealized positions, as these will be critical to assessing the impact of rate changes on book value.
Loss Reserves Rise with Premium Growth
Claims and loss reserves increased to $276.7M in Q2 2026 from $195.0M in Q2 2024, a 42% rise, as reported in financial statements, while the loss ratio improved to 58.0%, suggesting reserve adequacy is keeping pace with growth.
The favorable loss ratio trend may indicate conservative reserving, but rapid premium growth in newer lines could lead to inadequate IBNR reserves. The prior-year reserve releases that bolstered earnings may not persist, and social inflation remains a tail risk for casualty lines.
Conservative Leverage Supports Solvency
Skyward's debt-to-equity ratio stands at 0.12%, as per the latest balance sheet, indicating minimal financial leverage and a strong capital buffer, though equity growth of 44.6% year-over-year lags asset growth of 55.9%.
The low leverage provides ample capacity for capital return or M&A, but the equity growth lag suggests the company is retaining earnings to support expansion. Investors should monitor whether the RBC ratio remains adequate as the business scales.
Liquidity Profile Undisclosed
Cash balances are not reported in the provided data, and the investment portfolio is nominal at $1,000K, as per financial statements, leaving the claims-paying liquidity position unclear.
Without cash or liquid asset figures, assessing Skyward's ability to meet unexpected claims is challenging. The company's reliance on reinsurance recoverables is not disclosed, but the low debt levels suggest a conservative liquidity posture.
Growth May Mask Reserve Risks
Rapid premium growth of 23.2% year-over-year, as reported in the income statement, may lead to inadequate IBNR reserves, potentially impacting future earnings and balance sheet strength.
The company's expansion into new specialty lines could be underpriced, and the favorable loss ratios may not persist. Social inflation and litigation trends in casualty lines could require upward reserve adjustments, which would pressure capital and margins.