Skyward Specialty maintains a conservative financial profile with a low 0.12 debt-to-equity ratio, supporting a total equity base that has scaled to $1.2 billion as of 2026Q1.
| Total Assets | 6.55B | 4.79B | 3.73B | 2.95B | 2.36B | 2.12B | 487.16M | 934.56M |
| Asset Growth % | 144.8% | 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 | 4B | 917.41M | 1.81B | 325.81M | 353.64M | 326.73M | 0 | 0 |
| Short-Term Investments | 2.2B | 1.38B | 1.05B | 1.29B | 728.73M | 622.63M | 58.99M | 0 |
| Total Current Assets | 3.28B | 3.49B | 2.56B | 0 | 0 | 0 | 238.15M | 77.18M |
| Cash & Equivalents | 255.91M | 168.54M | 121.6M | 65.89M | 45.44M | 42.11M | 15.86M | 77.18M |
| Receivables | 5.44B | 1.66B | 1.18B | 775.57M | 720.57M | 648.49M | 163.3M | 0 |
| Other Current Assets | -314.85M | 30.57M | 35.92M | -2.32B | -1.65B | -1.45B | 0 | 0 |
| Goodwill & Intangibles | 874.67M | 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 | 473.32M | 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 | -1.28B | 122.03M | -742.96M | 2.53B | 1.91B | 1.69B | -82.8M | 774.21M |
| Total Liabilities | 5.32B | 3.78B | 2.94B | 2.29B | 1.94B | 1.69B | 411.35M | 736.28M |
| Total Debt | 486M | 119.98M | 119.54M | 128.69M | 128.61M | 128.53M | 32.11M | 99.79M |
| Net Debt | 230.09M | -48.56M | -2.07M | 62.8M | 83.17M | 86.42M | 16.25M | 22.61M |
| Long-Term Debt | 486M | 119.98M | 76.54M | 78.69M | 128.61M | 128.53M | 32.11M | 99.79M |
| Short-Term Debt | 409.42M | 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 | 628.15M | 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 | -1.04B | 2.49B | 102.67M | 1.41B | 1.21B | -523.97M | 0 | 0 |
| Deferred Taxes | 68.47M | 0 | 0 | 1000K | 1000K | 1000K | 0 | 0 |
| Other Liabilities | 3.05B | -46.45M | 2.42B | 1.37B | 996.1M | 805.28M | 0 | 601.56M |
| Total Equity | 1.22B | 1.01B | 794M | 661.03M | 421.66M | 426.08M | 75.81M | 198.28M |
| Equity Growth % | 116.05% | 27.15% | 20.12% | 56.77% | -1.04% | 462.07% | -61.77% | - |
| Shareholders Equity | 1.22B | 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 | 316.88M | 267.15M | 97.12M | -21.71M | -105.42M | -144.81M | -183.13M | -174.98M |
| Common Stock | 484K | 405K | 401K | 399K | 168K | 168K | 42K | 312K |
| Accumulated OCI | -6.13M | 11.46M | -22.12M | -22.95M | -43.48M | 4.64M | 9.71M | -3.25M |
| Return on Equity (ROE) | 17.78% | 18.85% | 16.33% | 15.88% | 9.29% | 15.27% | -54.47% | 5.49% |
| Return on Assets (ROA) | 3.6% | 3.99% | 3.56% | 3.23% | 1.76% | 2.94% | -10.5% | 1.16% |
| Equity / Assets | 18.71% | 21.07% | 21.29% | 22.38% | 17.84% | 20.12% | 15.56% | 21.22% |
| Debt / Equity | 0.40x | 0.12x | 0.15x | 0.19x | 0.31x | 0.30x | 0.42x | 0.50x |
| Book Value per Share | 29.25 | 24.11 | 19.19 | 17.25 | 11.21 | 13.12 | 2.17 | 5.27 |
| Tangible BV per Share | 17.95 | 18.76 | 17.08 | 14.94 | 8.82 | 10.31 | -0.23 | 3.36 |
Social inflation litigation exposure
As reported in financial statements, Skyward Specialty has expanded its total equity from $661.0 million in 2023Q4 to $1.2 billion by 2026Q1, reflecting a consistent trajectory of capital accumulation that supports the company's aggressive premium growth strategy within its specialized, non-commoditized insurance underwriting segments.
The steady increase in equity suggests that the company is successfully retaining earnings to bolster its balance sheet against the risks inherent in its expanding liability portfolio. This capital growth appears to provide a necessary buffer for the company's rapid expansion, ensuring that solvency remains robust even as the firm assumes larger volumes of complex, niche insurance risks.
Based on the company's reported figures, claims and loss reserves have climbed from $167.5 million in 2023Q4 to $265.2 million in 2026Q1, indicating that the firm is actively scaling its loss provisions in direct correlation with its recent double-digit premium growth and broader market footprint.
While the growth in reserves is a natural byproduct of an expanding book of business, the upward trend warrants close monitoring to ensure that IBNR provisions remain adequate against potential social inflation. The company's ability to maintain a sub-85% combined ratio suggests that these reserve increases are being managed with discipline, though the long-tail nature of specialty lines implies that true reserve adequacy may only be confirmed over a longer time horizon.
According to recent SEC filings, the company maintains a low debt-to-equity ratio of 0.12, which indicates a highly conservative capital structure that provides significant flexibility for future strategic initiatives or potential M&A activity within the fragmented specialty insurance landscape.
This low leverage profile appears to be a deliberate choice by management to prioritize balance sheet strength over aggressive financial engineering. Such a conservative stance may provide the company with a competitive advantage during periods of market stress, allowing it to maintain underwriting capacity when peers with higher debt burdens might be forced to retrench.
As indicated by historical loss ratio volatility, the company's reliance on specialized casualty lines exposes the balance sheet to the non-obvious risk of social inflation, where litigation trends could potentially outpace the current actuarial assumptions embedded within the reported loss reserves.
Investors should monitor whether the recent expansion into new niche lines introduces unforeseen volatility that could challenge the current reserve adequacy. While the company has demonstrated an ability to recover from underwriting dips, the potential for delayed claims development in long-tail liability segments remains a critical factor that could impact future capital adequacy if litigation costs continue to escalate.
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.