Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 9.9x · ROE 18.9%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $2.1B | $2.1B | $1.3B | — | — | — | — |
| Enterprise Value | $2.2B | $2.1B | $2.1B | $1.4B | — | — | — | — |
| P/E Ratio → | 13.47 | 12.56 | 17.61 | 15.13 | — | — | — | — |
| P/S Ratio | 1.57 | 1.51 | 1.82 | 1.45 | — | — | — | — |
| P/B Ratio | 2.27 | 2.12 | 2.63 | 1.96 | — | — | — | — |
| P/FCF | 5.52 | 5.32 | 6.95 | 3.87 | — | — | — | — |
| P/OCF | 5.45 | 5.24 | 6.85 | 3.84 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.48 | 1.82 | 1.52 | — | — | — | — |
| EV / EBITDA | 9.89 | 9.51 | 13.38 | 11.94 | — | — | — | — |
| EV / EBIT | 10.05 | 9.32 | 12.88 | 11.33 | — | — | — | — |
| EV / FCF | — | 5.19 | 6.94 | 4.06 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.0% | 44.0% | 28.6% | 30.3% | 26.4% | 25.1% | 10.9% | 100.0% |
| Operating Margin | 15.3% | 15.3% | 13.3% | 12.3% | 7.8% | 9.0% | -21.1% | 9.6% |
| Net Profit Margin | 12.0% | 12.0% | 10.4% | 9.6% | 6.2% | 7.2% | -16.7% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 16.3% | 15.9% | 9.3% | 15.3% | -54.5% | 5.5% |
| ROA | 4.0% | 4.0% | 3.6% | 3.2% | 1.8% | 2.9% | -10.5% | 1.2% |
| ROIC | 18.5% | 18.5% | 15.1% | 13.4% | 7.3% | 12.0% | -45.3% | 7.1% |
| ROCE | 9.7% | 9.7% | 7.5% | 17.1% | 11.6% | 3.7% | -14.0% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.15 | 0.19 | 0.31 | 0.30 | 0.42 | 0.50 |
| Debt / EBITDA | 0.55 | 0.55 | 0.77 | 1.13 | 2.39 | 2.38 | — | 5.96 |
| Net Debt / Equity | — | -0.05 | -0.00 | 0.10 | 0.20 | 0.20 | 0.21 | 0.11 |
| Net Debt / EBITDA | -0.22 | -0.22 | -0.01 | 0.55 | 1.54 | 1.60 | — | 1.35 |
| Debt / FCF | — | -0.12 | -0.01 | 0.19 | 0.40 | 0.50 | 0.38 | — |
| Interest Coverage | 28.33 | 28.33 | 17.08 | 11.98 | 8.77 | 11.45 | -16.09 | — |
Net cash position: cash ($169M) exceeds total debt ($120M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 6.41 | — | — | — | 5.80 | 2.21 |
| Quick Ratio | 0.95 | 0.95 | 6.41 | — | — | — | 5.80 | 2.21 |
| Cash Ratio | 0.42 | 0.42 | 2.95 | 0.61 | 0.43 | — | 1.82 | 2.21 |
| Asset Turnover | — | 0.30 | 0.31 | 0.30 | 0.27 | 0.25 | 0.92 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 8.0% | 5.7% | 6.6% | — | — | — | — |
| FCF Yield | 18.1% | 18.8% | 14.4% | 25.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $42M | $41M | $38M | $38M | $32M | $35M | $38M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying SKWD stock.
Skyward Specialty Insurance Group, Inc.'s current P/E ratio is 13.5x. The historical average is 15.1x. This places it at the 33th percentile of its historical range.
Skyward Specialty Insurance Group, Inc.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Skyward Specialty Insurance Group, Inc.'s return on equity (ROE) is 18.9%. The historical average is 3.8%.
Based on historical data, Skyward Specialty Insurance Group, Inc. is trading at a P/E of 13.5x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Skyward Specialty Insurance Group, Inc. has 44.0% gross margin and 15.3% operating margin. Operating margin between 10-20% is typical for established companies.
Skyward Specialty Insurance Group, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Reserve adequacy in growth
Metrics are mathematically derived from official filings.
Combined Ratio Resilience Amid Expansion
Skyward's combined ratio averaged 85.4% over the last five quarters, with Q2 2026 at 86.7%, as reported in financial statements, indicating sustained underwriting profitability despite rapid premium growth.
The combined ratio has remained consistently below 90% since Q1 2025, with the loss ratio improving to 58.0% in Q2 2026 from 70.4% a year earlier. This improvement suggests that the company is effectively pricing risks in its specialty niches, though the expense ratio spiked to 28.6% in Q2 2026, likely reflecting investment in technology and talent. Investors should monitor whether the elevated expense ratio is a temporary front-loading or a structural shift that could pressure future margins.
ROE Decomposition: Underwriting Drives Returns
Skyward's ROE has been stable around 4-5% quarterly, with underwriting margins contributing 13-16% of net premiums earned, as per the latest quarterly data, while investment income remains a secondary driver.
The underwriting margin of 13.3% in Q2 2026, though slightly down from 15.7% in Q1, still indicates strong core profitability. ROE of 3.9% for the quarter appears modest, but when annualized, it suggests a run-rate above 15%, which is competitive for specialty insurers. The low leverage (D/E of 0.34) means ROE is not amplified by debt, so the quality of earnings is high, but it also limits potential returns compared to more levered peers.
Conservative Capital Structure Supports Growth
Skyward's debt-to-equity ratio of 0.34 in Q2 2026, as reported in financial statements, reflects minimal financial leverage, providing ample capacity to support its 23% premium growth without straining solvency.
The company's underwriting leverage, as measured by premiums-to-surplus, appears manageable given the strong capital base and low debt. The equity base grew 44.6% year-over-year, outpacing the 55.9% asset growth, which suggests that retained earnings are funding expansion. This conservative approach may limit ROE in the short term but positions the company well for potential market downturns or reserve shocks.
Valuation Discount to High-Growth Peers
Skyward trades at a P/B of 2.45 and forward P/E of 11.91, as per current market data, which is below Kinsale's 4.47 P/B and RLI's 3.32, reflecting a discount for its smaller scale and diversified model.
Compared to peers, Skyward's ROE of approximately 17% (annualized) is lower than Kinsale's 29.1% and RLI's 24.4%, justifying a lower multiple. However, its combined ratio of 86.7% is competitive with RLI's and better than James River's, suggesting that the discount may be excessive given its growth trajectory. The market appears to be pricing Skyward as a 'fast-follower' rather than a leader, but its niche focus and consistent underwriting profitability warrant a narrower gap.
Combined Ratio Masks Reserve Risk
The combined ratio, while strong, may understate reserve risk from rapid premium growth, as favorable prior-year development has boosted earnings, according to prior statement analysis, potentially obscuring underlying deterioration.
Skyward's combined ratio of 86.7% in Q2 2026 includes the benefit of favorable reserve development, which may not be sustainable. As the company grows at 23% annually, IBNR reserves for new lines may be inadequate, and the low loss ratio of 58.0% could be flattered by releases. Investors should adjust the combined ratio for reserve development to assess true underwriting performance, and monitor the loss ratio trend excluding prior-year releases.