SKWD
Skyward Specialty Insurance Group, Inc.
Next earnings Jul 29, 2026 · consensus $1.21 EPS, $480M rev
Last earnings -0.2% on 2026-05-06
$61.42
▲ +2.04%$61.42▲ +7.89%
over 1Y
L $41.26H $61.42
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.0%
1W+10.9%
1M+39.3%
3M+39.8%
YTD+26.3%
1Y+7.9%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 19 analysts
Buy
High-ROE specialty insurer compounding net income 45%/yr at a modest 14.8x P/E — quality at a fair price.
Diluted EPS $4.07 · FY2025
The read
Quality fundamentals and an attractive price line up (~152% below fair value) — the rarer case where both the business and the entry look good.
Skyward is a fast-growing E&S/specialty P&C insurer executing a coherent 'Rule Our Niche' strategy across nine diversified underwriting divisions. The headline 'revenue $12.4M' XBRL figure is a tag-extraction artifact (RevenueFromContractWithCustomerExcludingAssessedTax) and is not the real top line — and the derived 1,373% net margin and 216x P/S that follow from it are meaningless and should be discarded. The MD&A reveals the true scale: gross written premiums of $2.17B (up from $1.74B) and net written premiums of $1.41B in FY2025. Against that, $170M of net income is a roughly 12% net margin on net written premium — healthy for a specialty underwriter and consistent with a 16.8% ROE.
The earnings trajectory is the core of the bull case: net income has compounded from $38.3M (FY2021) to $170M (FY2025), with FY2025 up 43% and diluted EPS up 41.8% to $4.07. Operating cash flow of $408M (+33.7%) comfortably exceeds reported net income and funds growth internally; capex is trivial at $5.45M. The balance sheet carries $1.01B of equity (+27%) and $169M cash, with retained earnings up 175% as the company shifts from a recent-IPO posture to a self-funding compounder. Liabilities/equity of 3.75x is normal for an insurer (it reflects loss reserves and unearned premium, not financial leverage).
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 12:01 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.97M | $5.20M | $9.82M | $10.7M | $12.4M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $38.3M | $39.4M | $86.0M | $119M | $170M |
| Diluted EPS | $1.18 | $1.21 | $2.24 | $2.87 | $4.07 |
| Net margin | 964.4% | 757.8% | 875.7% | 1113.0% | 1373.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF6.2
PEG (trailing)0.35
Earnings yield6.8%
FCF yield16.2%
Quality & risk
ROIC (est.)—
Free cash flow$403M
Total debt—
Net cash$169M
Piotroski F-Score4/6
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+10.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-11
Q1 2026 (per. 3/31): first quarter consolidating Apollo Group results
- 10-Q Quarterly report2026-05-11
Q1 2026 (per. 3/31): first quarter consolidating Apollo Group results
- 8-K Earnings results2026-05-06
Q1 2026 earnings release; first quarter consolidating the Apollo acquisition
- DEF 14A Proxy statement2026-03-25
2026 proxy: board slate, exec comp, auditor ratification
- 8-K/A Amended 8-K2026-03-17
Amends Apollo-close 8-K to add required pro forma financial statements
- 10-K Annual report2026-03-02
FY2025 10-K: net income $170M (+43%), equity $1.0B, GWP $2.17B
- 8-K Officer / director change2026-02-26
Executive/board change disclosed (Item 5.02 leadership transition)
- 8-K Earnings results2026-02-23
FY2025 results release: net income ~$170M, diluted EPS $4.07 (+42%)
- 8-K Material agreement2026-01-06
Closed $555M Apollo acquisition: $300M term loan + 3.7M new shares issued
Recent filings
all on EDGAR ↗4Period ending 2026-06-122026-06-15open ↗144/AFiling2026-06-12open ↗144Filing2026-06-12open ↗4Period ending 2026-05-212026-05-21open ↗SCHEDULE 13G/AFiling2026-05-14open ↗4Period ending 2026-05-112026-05-12open ↗144/AFiling2026-05-11open ↗144Filing2026-05-11open ↗8-KPeriod ending 2026-05-112026-05-11open ↗10-QPeriod ending 2026-03-312026-05-11open ↗4Period ending 2026-05-062026-05-08open ↗4Period ending 2026-05-062026-05-08open ↗
Frequently asked
- Is Skyward Specialty Insurance Group, Inc. (SKWD) a buy?
- SKWD currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. High-ROE specialty insurer compounding net income 45%/yr at a modest 14.8x P/E — quality at a fair price.
- What is SKWD's fair value?
- A Modified-Graham model based on SKWD's SEC fundamentals estimates a fair value of about $154.66. It is an estimate from reported earnings, not a price target.
- Is SKWD overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, SKWD currently appears undervalued relative to its SEC-grounded earnings power.
- What is Skyward Specialty Insurance Group, Inc.'s quality score?
- SKWD scores 78.48152932380793/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001519449, latest 10-Q filed 2026-05-11) · EODHD · Proprietary analysis · as of 6/30/2026, 4:01:59 AM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.