A Business at a Glance
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Who We Are Skyward Specialty was formed as a Delaware corporation on January 3, 2006 as an insurance holding company. We operated under the name Houston International Insurance Group, Ltd. until we re-branded as Skyward Specialty in November 2020. References to “the Company,” “we,” “our,” “us” or like terms refer to the business of Skyward Specialty Insurance Group, Inc. and its subsidiaries. We are a growing specialty insurance company delivering commercial insurance products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.4B | 1.2B | 886M | 642M | 550M |
| Net Income | 170M | 170M | 119M | 84M | 21M | 20M |
| EPS | $4.07 | $4.07 | $2.87 | $2.24 | $0.54 | $1.18 |
| Free Cash Flow | 403M | 403M | 301M | 335M | 207M | 173M |
| ROIC | 18.1% | 17.0% | 13.3% | 11.9% | 4.3% | 4.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.10 | 0.10 | 0.13 | 0.08 | 0.12 | 0.12 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 216M | 216M | 153M | 110M | 50M | 48M |
| Operating Margin | 15.3% | 15.3% | 13.3% | 12.4% | 7.7% | 8.8% |
| ROE | 16.8% | 18.9% | 15.0% | 12.8% | 4.9% | 4.6% |
| Shares Outstanding | 42M | 42M | 41M | 38M | 40M | 17M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 550M | 642M | 886M | 1.2B | 1.4B | 1.4B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 48M | 50M | 110M | 153M | 216M | 216M |
| Op. Margin | 8.8% | 7.7% | 12.4% | 13.3% | 15.3% | 15.3% |
| Net Income | 20M | 21M | 84M | 119M | 170M | 170M |
| Net Margin | 3.6% | 3.2% | 9.5% | 10.3% | 12.0% | 12.0% |
| Non-Recurring | 7.9M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 4.2% | 4.3% | 11.9% | 13.3% | 17.0% | 18.1% |
| ROE | 4.6% | 4.9% | 12.8% | 15.0% | 18.9% | 16.8% |
| ROA | 0.9% | 0.9% | 2.9% | 3.2% | 4.0% | 3.5% |
| Cash Flow | ||||||
| Op. Cash Flow | 175M | 209M | 338M | 305M | 408M | 408M |
| Free Cash Flow | 173M | 207M | 335M | 301M | 403M | 403M |
| Owner Earnings | 169M | 203M | 326M | 292M | 393M | 393M |
| CapEx | 2.2M | 2.3M | 3.1M | 4.2M | 5.5M | 5.5M |
| Maint. CapEx | 5.6M | 4.1M | 3.9M | 3.4M | 3.5M | 3.5M |
| Growth CapEx | 0 | 0 | 0 | 866K | 1.9M | 1.9M |
| D&A | 5.6M | 4.1M | 3.9M | 3.4M | 3.5M | 3.5M |
| CapEx/OCF | N/A | N/A | 0.9% | 1.4% | 1.3% | 1.3% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 522K | 2.3M | 8.5M | 9.4M | 12M | 12M |
| Debt Repayment | 0 | 0 | 50M | 117M | 43M | 43M |
| Balance Sheet | ||||||
| Net Debt | -156M | -117M | -286M | -297M | -332M | -68M |
| Cash & Equiv. | 42M | 45M | 66M | 122M | 169M | 169M |
| Long-Term Debt | 50M | 50M | 50M | 100M | 100M | 100M |
| Debt/Equity | 0.12 | 0.12 | 0.08 | 0.13 | 0.10 | 0.10 |
| Interest Coverage | 10.5 | 7.8 | 11.0 | 16.1 | 27.3 | 27.3 |
| Equity | 426M | 422M | 661M | 794M | 1.0B | 1.0B |
| Total Assets | 2.1B | 2.4B | 3.0B | 3.7B | 4.8B | 4.8B |
| Total Liabilities | 1.7B | 1.9B | 2.3B | 2.9B | 3.8B | 3.8B |
| Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -145M | -105M | -22M | 97M | 267M | 267M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||
| EPS | 1.18 | 0.54 | 2.24 | 2.87 | 4.07 | 4.07 |
| Owner EPS | 10.08 | 5.06 | 8.66 | 7.06 | 9.40 | 9.40 |
| Book Value | 25.38 | 10.54 | 17.56 | 19.18 | 24.17 | 24.17 |
| Cash Flow/Share | 10.44 | 5.22 | 8.99 | 7.37 | 9.77 | 4.15 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 16.8M | 40.0M | 37.6M | 41.4M | 41.8M | 41.8M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | 15.1 | 17.7 | 12.7 | 11.3 |
| P/FCF | N/A | N/A | 3.8 | 7.0 | 5.4 | 4.8 |
| EV/EBIT | N/A | N/A | 9.0 | 11.8 | 8.5 | 8.6 |
| Price/Book | N/A | N/A | 1.9 | 2.6 | 2.1 | 1.9 |
| Price/Sales | N/A | N/A | 1.0 | 1.4 | 1.5 | 1.4 |
| FCF Yield | N/A | N/A | 26.3% | 14.3% | 18.6% | 20.9% |
| Market Cap | N/A | N/A | 1.3B | 2.1B | 2.2B | 1.9B |
| Avg. Price | N/A | N/A | 24.71 | 39.32 | 50.96 | 46.06 |
| Year-End Price | N/A | N/A | 33.90 | 50.80 | 51.85 | 46.06 |
Skyward Specialty Insurance Group, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Skyward Specialty Insurance Group, Inc. trades at 11.3x trailing earnings, compared to its 15-year median P/E of 15.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 4.8x vs a median of 5.4x. The company's 5-year average ROIC is 10.1%. At current prices, the estimated annualized return to fair value is +10.2%.
Skyward Specialty Insurance Group, Inc. (SKWD) has a current P/E ratio of 11.3, compared to its historical median P/E of 15.1. The stock is currently considered Cheap based on its historical valuation range.
Skyward Specialty Insurance Group, Inc. (SKWD) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
Skyward Specialty Insurance Group, Inc. (SKWD) has a market capitalization of $1.9B. It is classified as a small-cap stock.
Skyward Specialty Insurance Group, Inc. (SKWD) does not currently pay a regular dividend.
Based on historical P/E analysis, Skyward Specialty Insurance Group, Inc. (SKWD) appears cheap. The current P/E of 11.3 is 25% below its historical median of 15.1. The estimated fair value CAGR (P/E method) is 42.4%.
Skyward Specialty Insurance Group, Inc. (SKWD) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
Skyward Specialty Insurance Group, Inc. (SKWD) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Skyward Specialty Insurance Group, Inc. (SKWD) has a net profit margin of 12.0%. This is a healthy margin.
Skyward Specialty Insurance Group, Inc. (SKWD) generated $403 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Skyward Specialty Insurance Group, Inc. (SKWD) has a debt-to-equity ratio of 0.10. This indicates a conservatively financed balance sheet.
Skyward Specialty Insurance Group, Inc. (SKWD) reported earnings per share (EPS) of $4.07 in its most recent fiscal year.
Skyward Specialty Insurance Group, Inc. (SKWD) has a return on equity (ROE) of 18.9%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 5 years of financial data for Skyward Specialty Insurance Group, Inc. (SKWD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Skyward Specialty Insurance Group, Inc. (SKWD) has a book value per share of $24.17, based on its most recent annual SEC filing.