Skyward Specialty Insurance Group (SKWD) Financials

$45.96 +1.93 (+4.38%)

Closing price 06/5/2026 04:00 PM Eastern

Extended Trading

$45.66 -0.30 (-0.65%)

As of 06/5/2026 07:41 PM Eastern

Annual Income Statements for Skyward Specialty Insurance Group

This table shows Skyward Specialty Insurance Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	20	21	84	119	170
Consolidated Net Income / (Loss)	38	39	86	119	170
Net Income / (Loss) Continuing Operations	38	39	86	119	170
Total Pre-Tax Income	48	50	110	153	216
Total Operating Income	53	56	125	167	224
Total Gross Profit	196	240	371	480	1,417
Total Revenue	550	642	886	1,150	1,417
Operating Revenue	550	642	886	1,150	1,417
Other Revenue	-	-	-	-	-0.59
Total Cost of Revenue	354	403	515	670	0.00
Total Operating Expenses	143	184	245	314	1,192
Selling, General & Admin Expense	-	-	-	-	4.16
Amortization Expense	1.52	1.55	1.80	2.01	1.64
Other Operating Expenses / (Income)	138	182	243	312	1,186
Total Other Income / (Expense), net	-4.62	-6.41	-15	-14	-7.92
Interest Expense	4.62	6.41	10	9.50	7.92
Income Tax Expense	9.99	10	24	34	46
Net Income / (Loss) Attributable to Noncontrolling Interest	19	19	1.68	0.00	0.00
Basic Earnings per Share	$1.21	$1.24	$2.34	$2.97	$4.21
Weighted Average Basic Shares Outstanding	16.31M	16.57M	36.03M	40.06M	40.41M
Diluted Earnings per Share	$1.18	$1.21	$2.24	$2.87	$4.07
Weighted Average Diluted Shares Outstanding	32.47M	32.65M	38.32M	41.38M	41.81M
Weighted Average Basic & Diluted Shares Outstanding	-	37.66M	40.00M	40.13M	44.47M

This table shows Skyward Specialty Insurance Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	22	29	37	31	37	14	42	39	46	43	50
Consolidated Net Income / (Loss)	22	29	37	31	37	14	42	39	46	43	50
Net Income / (Loss) Continuing Operations	22	29	37	31	37	14	42	39	46	43	50
Total Pre-Tax Income	28	38	47	40	47	19	51	50	61	55	62
Total Operating Income	32	42	51	44	50	22	54	53	67	51	70
Total Gross Profit	101	109	121	121	130	108	141	139	169	968	472
Total Revenue	239	246	265	280	301	304	329	320	383	386	476
Operating Revenue	239	246	265	280	301	304	329	320	383	386	476
Total Cost of Revenue	139	137	144	159	171	196	187	181	214	-582	4.17
Operating Cost of Revenue	139	137	144	159	171	196	187	181	214	-	4.17
Total Operating Expenses	69	67	70	77	80	86	87	86	102	917	402
Selling, General & Admin Expense	-	-	-	-	-	-	-	-	-	-	3.22
Amortization Expense	0.46	0.46	0.39	0.36	0.35	0.91	0.34	0.37	0.46	0.47	8.84
Other Operating Expenses / (Income)	68	67	70	77	80	85	87	86	102	913	390
Total Other Income / (Expense), net	-4.11	-4.08	-3.92	-3.49	-3.35	-3.13	-2.90	-2.88	-6.07	3.92	-7.72
Interest Expense	2.63	2.77	2.73	2.45	2.23	2.09	1.83	1.88	1.92	2.29	7.72
Income Tax Expense	6.08	8.30	10	9.39	10	4.15	9.38	11	15	11	12
Basic Earnings per Share	$0.59	$0.79	$0.94	$0.79	$0.91	$0.33	$1.05	$0.96	$1.13	$1.07	$1.12
Weighted Average Basic Shares Outstanding	36.74M	36.03M	39.11M	39.18M	40.10M	40.06M	40.20M	40.45M	40.49M	40.41M	44.46M
Diluted Earnings per Share	$0.57	$0.74	$0.90	$0.75	$0.89	$0.33	$1.01	$0.93	$1.10	$1.03	$1.09
Weighted Average Diluted Shares Outstanding	38.40M	38.32M	41.09M	41.17M	41.43M	41.38M	41.68M	41.87M	41.87M	41.81M	45.44M
Weighted Average Basic & Diluted Shares Outstanding	37.68M	40.00M	40.00M	40.10M	40.10M	40.13M	40.40M	40.49M	40.49M	44.47M	40.54M

This table details how cash moves in and out of Skyward Specialty Insurance Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-6.35	18	-25	57	42
Net Cash From Operating Activities	175	209	338	305	408
Net Cash From Continuing Operating Activities	175	209	338	305	408
Net Income / (Loss) Continuing Operations	38	39	86	119	170
Consolidated Net Income / (Loss)	38	39	86	119	170
Depreciation Expense	5.60	4.10	3.89	3.36	3.54
Non-Cash Adjustments To Reconcile Net Income	125	153	259	199	247
Changes in Operating Assets and Liabilities, net	6.56	13	-11	-16	-12
Net Cash From Investing Activities	-183	-193	-494	-244	-367
Net Cash From Continuing Investing Activities	-183	-193	-494	-244	-367
Purchase of Property, Plant & Equipment	-2.15	-2.33	-3.11	-4.22	-5.45
Acquisitions	-27	0.00	0.00	-32	-6.81
Purchase of Investments	-364	-327	-487	-632	-923
Sale and/or Maturity of Investments	208	142	-18	393	536
Other Investing Activities, net	-6.03	-6.04	15	31	33
Net Cash From Financing Activities	1.38	2.18	131	-4.23	0.41
Net Cash From Continuing Financing Activities	1.38	2.18	131	-4.23	0.41
Repayment of Debt	-	0.00	-50	-117	-43
Issuance of Debt	-	0.00	50	107	43
Issuance of Common Equity	1.38	2.18	131	0.00	0.00
Other Financing Activities, net	-	0.00	0.00	5.56	0.00
Cash Interest Paid	4.67	5.76	11	8.57	6.15

This table details how cash moves in and out of Skyward Specialty Insurance Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1.41	-2.93	15	-7.00	43	6.17	-4.02	20	25	0.85	117
Net Cash From Operating Activities	110	120	94	21	168	22	97	88	171	52	117
Net Cash From Continuing Operating Activities	110	120	94	21	168	22	97	88	171	52	117
Net Income / (Loss) Continuing Operations	22	29	37	31	37	14	42	39	46	43	50
Consolidated Net Income / (Loss)	22	29	37	31	37	14	42	39	46	43	50
Non-Cash Adjustments To Reconcile Net Income	88	98	57	-10	131	20	55	49	125	17	67
Net Cash From Investing Activities	-110	-186	-70	-28	-130	-16	-101	-69	-146	-51	-362
Net Cash From Continuing Investing Activities	-110	-186	-70	-28	-130	-16	-101	-69	-146	-51	-362
Purchase of Property, Plant & Equipment	1.20	-3.11	-0.26	-2.51	-0.38	-1.08	-0.20	-1.09	-2.46	-1.71	0.00
Acquisitions	0.05	-0.05	-0.26	-0.84	-21	-9.80	-0.20	-2.64	-0.38	-3.59	-303
Purchase of Investments	-141	-110	-113	-174	-167	-178	-135	-283	-259	-246	-270
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	1.65
Sale and/or Maturity of Investments	48	-58	31	129	57	177	20	207	125	184	214
Other Investing Activities, net	-18	-15	13	20	1.67	-3.82	15	12	-9.29	16	-4.63
Net Cash From Financing Activities	1.09	63	-9.47	0.00	5.23	0.00	0.00	-	-	0.41	363
Net Cash From Continuing Financing Activities	1.09	63	-9.47	0.00	5.23	0.00	0.00	-	-	0.41	363
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-8.67
Issuance of Debt	-	-	50	-	57	-	0.00	-	-	43	371
Issuance of Common Equity	1.09	63	-	-	-	-	0.00	-	-	-	0.20
Cash Interest Paid	3.31	2.16	2.66	2.18	2.11	1.63	1.81	1.43	1.44	1.48	6.25

This table presents Skyward Specialty Insurance Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,118	2,363	2,953	3,729	4,792
Total Current Assets	730	906	1,431	1,764	2,353
Cash & Equivalents	42	45	66	122	169
Restricted Cash	65	80	34	36	31
Short-Term Investments	623	781	1,331	1,606	2,153
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,388	1,457	1,522	1,966	2,402
Long-Term Investments	327	249	283	265	147
Noncurrent Note & Lease Receivables	112	191	179	322	544
Goodwill	91	90	88	87	88
Noncurrent Deferred & Refundable Income Taxes	34	36	22	30	28
Other Noncurrent Operating Assets	824	891	950	1,262	1,595
Total Liabilities & Shareholders' Equity	2,118	2,363	2,953	3,729	4,792
Total Liabilities	1,692	1,942	2,292	2,935	3,782
Total Current Liabilities	41	48	1,365	76	2,434
Accounts Payable	41	48	51	76	115
Other Current Liabilities	-	-	1,315	-	2,319
Total Noncurrent Liabilities	1,651	1,893	927	2,859	1,348
Long-Term Debt	129	129	129	120	120
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	543	623	798	957	1,228
Total Equity & Noncontrolling Interests	426	422	661	794	1,010
Total Preferred & Common Equity	426	422	661	794	1,010
Total Common Equity	426	422	661	794	1,010
Common Stock	575	577	711	719	731
Retained Earnings	-145	-105	-22	97	267
Treasury Stock	-0.00	-0.00	-	-	0.00
Accumulated Other Comprehensive Income / (Loss)	4.64	-43	-23	-22	11

This table presents Skyward Specialty Insurance Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,621	2,807	2,851	3,187	3,435	3,599	4,031	4,336	4,594	6,547
Total Current Assets	1,114	1,107	1,217	1,478	1,564	1,755	1,897	2,052	2,285	2,928
Cash & Equivalents	41	68	54	85	73	106	113	137	160	256
Restricted Cash	64	34	50	30	35	46	41	37	38	61
Short-Term Investments	1,009	1,005	1,113	1,363	1,455	1,603	1,743	1,879	2,087	2,612
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,507	1,700	1,634	1,709	1,872	1,844	2,134	2,284	2,309	3,619
Long-Term Investments	239	285	223	310	261	287	250	201	147	133
Goodwill	90	89	89	88	88	88	87	89	88	473
Noncurrent Deferred & Refundable Income Taxes	31	32	35	24	25	19	27	29	28	44
Other Noncurrent Operating Assets	927	1,027	1,016	1,013	1,121	1,124	1,352	1,447	1,462	2,969
Total Liabilities & Shareholders' Equity	2,621	2,807	2,851	3,187	3,435	3,599	4,031	4,336	4,594	6,547
Total Liabilities	2,114	2,284	2,315	2,495	2,712	2,801	3,180	3,436	3,633	5,323
Total Current Liabilities	1,214	1,270	64	1,430	1,530	73	1,950	2,021	2,176	149
Accounts Payable	40	46	64	53	60	73	78	102	115	149
Total Noncurrent Liabilities	901	1,014	2,251	1,064	1,182	2,728	1,230	1,415	1,456	5,174
Long-Term Debt	129	129	129	119	119	119	120	120	120	486
Asset Retirement Reserve & Litigation Obligation	-	-	1,269	-	-	1,569	-	-	-	2,919
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	68
Other Noncurrent Operating Liabilities	772	886	854	945	1,063	1,041	1,111	1,296	1,337	1,700
Total Equity & Noncontrolling Interests	507	523	535	692	724	798	851	900	961	1,225
Total Preferred & Common Equity	507	523	535	692	724	798	851	900	961	1,225
Total Common Equity	507	523	535	692	724	798	851	900	961	1,225
Common Stock	642	643	646	712	714	716	722	725	728	923
Retained Earnings	-92	-73	-51	15	46	83	139	178	224	317
Treasury Stock	0.00	0.00	0.00	-	-	-	-	-	-	-8.67
Accumulated Other Comprehensive Income / (Loss)	-36	-41	-54	-29	-31	-1.70	-10	-2.67	9.54	-6.13

This table displays calculated financial ratios and metrics derived from Skyward Specialty Insurance Group's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	40,487,365.00
DEI Adjusted Shares Outstanding	-	-	-	-	40,487,365.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	4.20
Growth Metrics	-	-	-	-	-
Profitability Metrics	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	42	44	98	130	176
Return On Investment Capital (ROIC_SIMPLE)	-	8.08%	12.41%	14.19%	15.60%
Earnings before Interest and Taxes (EBIT)	53	56	120	162	224
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	59	60	124	166	228
Valuation Ratios	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	148	417	320	432
Efficiency Ratios	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	-502	-605	-924	-1,115	-1,370
Increase / (Decrease) in Invested Capital	0.00	-103	-319	-191	-255
Book Value per Share	$26.12	$25.45	$17.54	$19.80	$24.94
Tangible Book Value per Share	$20.52	$20.02	$15.20	$17.62	$22.76
Total Capital	555	550	790	914	1,130
Total Debt	129	129	129	120	120
Total Long-Term Debt	129	129	129	120	120
Net Debt	-928	-1,027	-1,585	-1,909	-2,380
Capital Expenditures (CapEx)	2.15	2.33	3.11	4.22	5.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-41	-48	-51	-76	-115
Debt-free Net Working Capital (DFNWC)	689	858	1,380	1,688	2,238
Net Working Capital (NWC)	689	858	1,380	1,688	2,238
Net Nonoperating Expense (NNE)	3.67	5.07	12	11	6.22
Net Nonoperating Obligations (NNO)	-928	-1,027	-1,585	-1,909	-2,380
Total Depreciation and Amortization (D&A)	5.60	4.10	3.89	3.36	3.54
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.24	$2.34	$2.97	$4.21
Adjusted Weighted Average Basic Shares Outstanding	0.00	16.57M	36.03M	40.06M	40.41M
Adjusted Diluted Earnings per Share	$0.00	$1.21	$2.24	$2.87	$4.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	32.65M	38.32M	41.38M	41.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	37.66M	40.00M	40.13M	44.47M
Normalized Net Operating Profit after Tax (NOPAT)	44	44	98	130	176
Debt Service Ratios	-	-	-	-	-
Payout Ratios	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Skyward Specialty Insurance Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	40,487,365.00	44,467,084.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	40,487,365.00	44,467,084.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.07	1.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.32%	31.45%	39.51%	32.98%	25.78%	23.59%	23.99%	14.27%	27.13%	-	44.85%
EBITDA Growth	3,210.78%	43.29%	125.02%	54.33%	60.03%	-47.18%	7.02%	20.57%	27.29%	-	46.70%
EBIT Growth	2,304.86%	43.62%	127.23%	55.75%	61.31%	-48.83%	7.17%	20.72%	27.27%	-	31.02%
NOPAT Growth	2,680.18%	46.85%	119.77%	49.50%	57.62%	-48.09%	11.48%	22.09%	28.55%	-	25.86%
Net Income Growth	1,005.00%	43.32%	136.46%	59.21%	68.89%	-50.77%	14.34%	25.41%	25.18%	-	18.24%
EPS Growth	480.00%	5.71%	114.29%	47.06%	56.14%	-55.41%	12.22%	24.00%	23.60%	-	7.92%
Operating Cash Flow Growth	80.73%	42.40%	-12.07%	1,550.00%	52.64%	-81.70%	2.65%	320.81%	2.01%	-	20.44%
Free Cash Flow Firm Growth	0.00%	0.00%	-59.25%	-64.08%	-51.48%	-41.01%	-18.67%	6.88%	-28.80%	-	-5.98%
Invested Capital Growth	0.00%	-52.71%	-36.22%	-32.47%	-45.02%	-20.61%	-20.40%	-25.68%	-20.10%	-	-14.73%
Revenue Q/Q Growth	13.63%	2.96%	7.58%	5.65%	7.48%	1.17%	7.93%	-2.63%	19.58%	-	23.41%
EBITDA Q/Q Growth	10.45%	32.10%	22.76%	-13.83%	14.52%	-56.40%	148.72%	-2.92%	20.90%	-	53.60%
EBIT Q/Q Growth	10.72%	32.59%	23.20%	-13.88%	14.67%	-57.94%	158.02%	-3.00%	20.89%	-	37.59%
NOPAT Q/Q Growth	10.73%	30.16%	22.84%	-15.55%	16.75%	-57.14%	163.83%	-7.52%	22.92%	-	39.34%
Net Income Q/Q Growth	11.61%	34.79%	25.69%	-15.81%	18.40%	-60.71%	191.95%	-7.65%	18.18%	-	15.04%
EPS Q/Q Growth	11.76%	29.82%	21.62%	-16.67%	18.67%	-62.92%	206.06%	-7.92%	18.28%	-	5.83%
Operating Cash Flow Q/Q Growth	8,566.30%	8.71%	-21.21%	-77.77%	701.70%	-86.96%	341.85%	-8.87%	94.34%	-	125.11%
Free Cash Flow Firm Q/Q Growth	4.82%	-56.10%	-14.73%	-8.46%	41.60%	-46.63%	17.57%	20.29%	-5.67%	-	-31.13%
Invested Capital Q/Q Growth	-4.64%	-19.15%	-5.73%	-0.49%	-14.55%	0.90%	-5.55%	-4.89%	-9.47%	-	4.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.09%	44.21%	45.69%	43.18%	43.33%	35.51%	42.99%	43.34%	44.11%	-	99.12%
EBITDA Margin	12.91%	16.57%	18.90%	15.42%	16.43%	7.08%	16.32%	16.27%	16.45%	-	16.53%
Operating Margin	13.34%	16.91%	19.21%	15.66%	16.68%	7.12%	16.54%	16.47%	17.41%	-	14.67%
EBIT Margin	12.72%	16.38%	18.76%	15.29%	16.31%	6.78%	16.21%	16.15%	16.33%	-	14.67%
Profit (Net Income) Margin	9.08%	11.88%	13.88%	11.06%	12.19%	4.73%	12.80%	12.14%	12.00%	-	10.45%
Tax Burden Percent	78.11%	77.90%	78.30%	76.74%	78.26%	77.64%	81.77%	78.00%	75.81%	-	80.11%
Interest Burden Percent	91.35%	93.12%	94.51%	94.28%	95.46%	89.87%	96.56%	96.37%	96.93%	-	88.94%
Effective Tax Rate	21.89%	22.10%	21.70%	23.26%	21.74%	22.36%	18.23%	22.00%	24.19%	-	19.89%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Equity (ROE)	14.41%	15.88%	17.88%	19.05%	20.06%	16.33%	16.09%	16.26%	16.06%	-	17.12%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Return on Assets (OROA)	3.69%	5.46%	6.21%	5.05%	5.52%	2.33%	5.45%	5.21%	5.32%	-	4.34%
Return on Assets (ROA)	2.63%	3.96%	4.59%	3.65%	4.13%	1.63%	4.31%	3.92%	3.91%	-	3.09%
Return on Common Equity (ROCE)	14.41%	15.88%	17.88%	19.05%	20.06%	16.33%	16.09%	16.26%	16.06%	-	17.12%
Return on Equity Simple (ROE_SIMPLE)	14.41%	0.00%	15.49%	16.41%	16.76%	0.00%	14.59%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	25	32	40	34	39	17	44	41	51	40	56
NOPAT Margin	10.42%	13.17%	15.04%	12.02%	13.06%	5.53%	13.52%	12.84%	13.20%	-	11.75%
Net Nonoperating Expense Percent (NNEP)	-0.49%	-0.24%	-0.21%	-0.18%	-0.16%	-0.14%	-0.13%	-0.12%	-0.22%	-	-0.27%
Return On Investment Capital (ROIC_SIMPLE)	-	4.11%	-	-	-	1.84%	4.58%	4.03%	4.67%	3.55%	3.27%
Cost of Revenue to Revenue	57.91%	55.79%	54.31%	56.82%	56.67%	64.49%	57.01%	56.66%	55.89%	-	0.88%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	28.75%	27.31%	26.48%	27.52%	26.64%	28.38%	26.45%	26.87%	26.70%	-	84.46%
Earnings before Interest and Taxes (EBIT)	30	40	50	43	49	21	53	52	62	51	70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31	41	50	43	49	22	54	52	63	51	79
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	1.93	2.04	2.00	2.05	2.55	2.50	2.59	1.99	-	1.59
Price to Tangible Book Value (P/TBV)	2.31	2.23	2.33	2.28	2.30	2.87	2.78	2.88	2.19	-	2.58
Price to Revenue (P/Rev)	1.25	1.44	1.47	1.40	1.50	1.76	1.75	1.86	1.43	-	1.24
Price to Earnings (P/E)	15.33	15.14	13.20	12.23	12.25	17.06	17.11	17.69	13.52	-	10.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	6.52%	6.60%	7.58%	8.18%	8.16%	5.86%	5.84%	5.65%	7.40%	-	9.15%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.10	0.08	0.16	0.00	-	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.71	0.57	1.14	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.73	0.58	1.15	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.91	0.72	1.42	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.39	0.31	0.54	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.37	0.29	0.51	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.24	0.19	0.17	0.16	0.15	0.15	0.14	0.13	0.12	-	0.40
Long-Term Debt to Equity	0.24	0.19	0.17	0.16	0.15	0.15	0.14	0.13	0.12	-	0.40
Financial Leverage	-2.45	-2.41	-2.41	-2.38	-2.43	-2.40	-2.40	-2.37	-2.41	-	-2.22
Leverage Ratio	5.32	4.91	4.84	5.01	4.84	4.59	4.68	4.79	4.66	-	5.10
Compound Leverage Factor	4.86	4.57	4.58	4.72	4.62	4.13	4.52	4.61	4.51	-	4.53
Debt to Total Capital	19.38%	16.30%	14.66%	14.12%	12.98%	13.09%	12.32%	11.73%	11.06%	-	28.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Long-Term Debt to Total Capital	19.38%	16.30%	14.66%	14.12%	12.98%	13.09%	12.32%	11.73%	11.06%	-	28.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	80.62%	83.70%	85.34%	85.88%	87.02%	86.92%	87.68%	88.27%	88.94%	-	71.59%
Debt to EBITDA	1.17	1.04	0.79	0.72	0.65	0.72	0.71	0.68	0.63	-	1.94
Net Debt to EBITDA	-11.96	-12.78	-11.15	-10.34	-10.48	-11.53	-12.09	-12.08	-12.16	-	-10.30
Long-Term Debt to EBITDA	1.17	1.04	0.79	0.72	0.65	0.72	0.71	0.68	0.63	-	1.94
Debt to NOPAT	1.47	1.31	0.99	0.91	0.82	0.92	0.89	0.84	0.78	-	2.59
Net Debt to NOPAT	-14.96	-16.18	-13.94	-13.03	-13.24	-14.72	-15.10	-15.06	-15.12	-	-13.72
Long-Term Debt to NOPAT	1.47	1.31	0.99	0.91	0.82	0.92	0.89	0.84	0.78	-	2.59
Altman Z-Score	1.05	1.23	0.72	0.69	1.29	1.32	0.78	0.80	0.75	-	1.07
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	18.89	28.13	1.03	1.02	24.03	23.15	0.97	1.02	1.05	-	19.69
Quick Ratio	18.12	27.45	1.01	1.00	23.41	22.67	0.95	1.00	1.03	-	19.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	801	351	300	274	388	207	244	293	277	295	229
Operating Cash Flow to CapEx	0.00%	3,849.68%	36,255.77%	835.19%	44,326.12%	2,035.22%	47,900.99%	8,127.19%	6,966.18%	-	0.00%
Free Cash Flow to Firm to Interest Expense	304.21	126.71	109.91	112.03	174.29	99.16	132.92	156.31	144.14	-	29.69
Operating Cash Flow to Interest Expense	41.82	43.13	34.57	8.56	75.37	10.47	52.76	47.00	89.30	-	15.10
Operating Cash Flow Less CapEx to Interest Expense	42.27	42.01	34.47	7.53	75.20	9.96	52.65	46.43	88.02	-	15.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.33	0.33	0.33	0.34	0.34	0.34	0.32	0.33	-	0.30
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Accounts Payable Turnover	7.56	10.37	11.61	10.92	8.89	10.54	10.84	9.07	8.30	-	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	48.29	35.20	31.44	33.41	41.05	34.63	33.67	40.23	43.96	-	0.00
Cash Conversion Cycle (CCC)	-48.29	-35.20	-31.44	-33.41	-41.05	-34.63	-33.67	-40.23	-43.96	-	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-776	-924	-977	-982	-1,125	-1,115	-1,177	-1,234	-1,351	-1,370	-1,350
Invested Capital Turnover	-2.13	-1.16	-1.13	-1.20	-1.15	-1.13	-1.13	-1.13	-1.08	-	-1.24
Increase / (Decrease) in Invested Capital	-776	-319	-260	-241	-349	-191	-199	-252	-226	-255	-173
Enterprise Value (EV)	-280	-309	-260	-259	-289	118	96	201	-404	-	-632
Market Capitalization	1,031	1,277	1,410	1,447	1,633	2,027	2,124	2,335	1,908	-	1,942
Book Value per Share	$14.21	$17.54	$18.37	$18.09	$19.89	$19.80	$21.20	$22.27	$23.96	$24.94	$27.55
Tangible Book Value per Share	$11.85	$15.20	$16.03	$15.90	$17.70	$17.62	$19.03	$20.08	$21.76	$22.76	$16.90
Total Capital	664	790	811	843	916	914	970	1,019	1,081	1,130	1,711
Total Debt	129	129	119	119	119	120	120	120	120	120	486
Total Long-Term Debt	129	129	119	119	119	120	120	120	120	120	486
Net Debt	-1,311	-1,585	-1,670	-1,706	-1,922	-1,909	-2,027	-2,134	-2,312	-2,380	-2,575
Capital Expenditures (CapEx)	-1.20	3.11	0.26	2.51	0.38	1.08	0.20	1.09	2.46	1.71	-1.65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-64	-51	-1,430	-1,530	-73	-76	-1,950	-2,021	-2,176	-115	-149
Debt-free Net Working Capital (DFNWC)	1,152	1,380	48	34	1,682	1,688	-53	31	109	2,238	2,779
Net Working Capital (NWC)	1,152	1,380	48	34	1,682	1,688	-53	31	109	2,238	2,779
Net Nonoperating Expense (NNE)	3.21	3.18	3.07	2.68	2.62	2.43	2.37	2.24	4.60	-3.10	6.18
Net Nonoperating Obligations (NNO)	-1,311	-1,585	-1,670	-1,706	-1,922	-1,909	-2,027	-2,134	-2,312	-2,380	-2,575
Total Depreciation and Amortization (D&A)	0.46	0.46	0.39	0.36	0.35	0.91	0.34	0.37	0.46	0.47	8.84
Debt-free, Cash-free Net Working Capital to Revenue	-7.79%	-5.74%	-148.84%	-148.47%	-6.68%	-6.63%	-160.63%	-161.20%	-162.98%	-	-9.51%
Debt-free Net Working Capital to Revenue	139.32%	155.80%	4.99%	3.26%	153.97%	146.72%	-4.37%	2.49%	8.17%	-	177.73%
Net Working Capital to Revenue	139.32%	155.80%	4.99%	3.26%	153.97%	146.72%	-4.37%	2.49%	8.17%	-	177.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.59	$0.79	$0.94	$0.79	$0.91	$0.33	$1.05	$0.96	$1.13	$1.07	$1.12
Adjusted Weighted Average Basic Shares Outstanding	36.74M	36.03M	39.11M	39.18M	40.10M	40.06M	40.20M	40.45M	40.49M	40.41M	44.46M
Adjusted Diluted Earnings per Share	$0.57	$0.74	$0.90	$0.75	$0.89	$0.33	$1.01	$0.93	$1.10	$1.03	$1.09
Adjusted Weighted Average Diluted Shares Outstanding	38.40M	38.32M	41.09M	41.17M	41.43M	41.38M	41.68M	41.87M	41.87M	41.81M	45.44M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.68M	40.00M	40.00M	40.10M	40.10M	40.13M	40.40M	40.49M	40.49M	44.47M	40.54M
Normalized Net Operating Profit after Tax (NOPAT)	25	32	40	34	39	17	44	41	51	40	56
Normalized NOPAT Margin	10.42%	13.17%	15.04%	12.02%	13.06%	5.53%	13.52%	12.84%	13.20%	-	11.75%
Pre Tax Income Margin	11.62%	15.25%	17.73%	14.42%	15.57%	6.10%	15.66%	15.57%	15.83%	-	13.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.56	14.54	18.23	17.48	22.02	9.87	29.05	27.54	32.55	-	9.04
NOPAT to Interest Expense	9.47	11.69	14.61	13.74	17.63	8.05	24.22	21.90	26.32	-	7.24
EBIT Less CapEx to Interest Expense	12.02	13.42	18.13	16.45	21.85	9.36	28.94	26.96	31.27	-	9.26
NOPAT Less CapEx to Interest Expense	9.93	10.57	14.52	12.72	17.46	7.54	24.11	21.32	25.03	-	7.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Skyward Specialty Insurance Group (NASDAQ: SKWD) has shown a clear improvement in profitability and balance sheet strength over the last year, while also continuing to grow revenue at a healthy pace. The company’s first quarter of 2026 was another strong quarter, with earnings, operating cash flow, and liquidity all trending higher versus prior periods.

Revenue continues to climb: Q1 2026 total revenue rose to $475.9 million from $328.5 million in Q1 2025 and $264.97 million in Q1 2024, showing strong top-line growth over the past year and a half.
Profitability improved meaningfully: Q1 2026 net income was $49.7 million, up from $42.1 million in Q1 2025 and well above $14.4 million in Q4 2024.
Operating cash flow remains strong: The company generated $116.5 million of operating cash flow in Q1 2026, compared with $96.8 million in Q1 2025 and $21.9 million in Q4 2024.
Liquidity expanded significantly: Cash and equivalents plus restricted cash totaled about $316.4 million in Q1 2026, up from about $198.7 million in Q3 2025 and $153.5 million in Q1 2025.
Equity strengthened: Total common equity increased to $1.22 billion in Q1 2026 from $850.7 million in Q1 2025 and $692.3 million in Q1 2024.
Book value is moving up: Retained earnings rose to $316.9 million in Q1 2026 from $139.2 million a year earlier, reflecting accumulated profits.
EPS trended higher year over year: Q1 2026 basic EPS was $1.12 and diluted EPS was $1.09, both above Q1 2025 levels of $1.05 and $1.01.
Investment portfolio remains a major asset: Skyward holds a large amount of short-term and long-term investments, which supports earnings and liquidity but also exposes the company to market-rate and valuation changes.
Balance sheet is asset-heavy: Most assets are in investments and other operating assets, which is typical for an insurer, but it means reported results depend heavily on portfolio performance and reserve assumptions.
Liabilities are still substantial: Total liabilities were $5.32 billion in Q1 2026, well above equity, reflecting the leverage inherent in an insurance balance sheet.

Looking at the longer trend, Skyward has grown from $189.9 million of revenue in Q1 2023 to $475.9 million in Q1 2026, while net income also increased over time despite some quarterly volatility. Cash generation has generally been strong, and the company has been able to support growth with rising equity and ample investment assets.

One item investors may want to watch is the company’s large asset retirement reserve & litigation obligation and other noncurrent liabilities, which were sizable in the most recent quarter. Those obligations do not appear to be pressuring near-term liquidity, but they do add complexity and risk to the financial profile.

Bottom line: Skyward Specialty appears to be growing, generating solid cash flow, and building equity value. The main caution is that, like many insurers, its results depend on underwriting performance, reserve development, and investment income, so quarter-to-quarter volatility can still occur.

06/06/26 07:33 PM ETAI Generated. May Contain Errors.

Skyward Specialty Insurance Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Skyward Specialty Insurance Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Skyward Specialty Insurance Group's net income appears to be on an upward trend, with a most recent value of $170.03 million in 2025, rising from $38.32 million in 2021. The previous period was $118.83 million in 2024. See where experts think Skyward Specialty Insurance Group is headed by visiting Skyward Specialty Insurance Group's forecast page.

Skyward Specialty Insurance Group's total operating income in 2025 was $224.34 million, based on the following breakdown:

Total Gross Profit: $1.42 billion
Total Operating Expenses: $1.19 billion

Over the last 4 years, Skyward Specialty Insurance Group's total revenue changed from $550.18 million in 2021 to $1.42 billion in 2025, a change of 157.5%.

Skyward Specialty Insurance Group's total liabilities were at $3.78 billion at the end of 2025, a 28.8% increase from 2024, and a 123.5% increase since 2021.

In the past 4 years, Skyward Specialty Insurance Group's cash and equivalents has ranged from $42.11 million in 2021 to $168.54 million in 2025, and is currently $168.54 million as of their latest financial filing in 2025.

Over the last 4 years, Skyward Specialty Insurance Group's book value per share changed from 26.12 in 2021 to 24.94 in 2025, a change of -4.6%.

Related Companies

Financial statements for NASDAQ:SKWD last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Skyward Specialty Insurance Group (SKWD) Financials

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Skyward Specialty Insurance Group Financials - Frequently Asked Questions

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Skyward Specialty Insurance Group (SKWD) Financials

Annual Income Statements for Skyward Specialty Insurance Group

Quarterly Income Statements for Skyward Specialty Insurance Group

Annual Cash Flow Statements for Skyward Specialty Insurance Group

Quarterly Cash Flow Statements for Skyward Specialty Insurance Group

Annual Balance Sheets for Skyward Specialty Insurance Group

Quarterly Balance Sheets for Skyward Specialty Insurance Group

Annual Metrics And Ratios for Skyward Specialty Insurance Group

Quarterly Metrics And Ratios for Skyward Specialty Insurance Group

Financials Breakdown Chart

Key Financial Trends

Skyward Specialty Insurance Group Financials - Frequently Asked Questions

When does Skyward Specialty Insurance Group's fiscal year end?

How has Skyward Specialty Insurance Group's net income changed over the last 4 years?

What is Skyward Specialty Insurance Group's operating income?

How has Skyward Specialty Insurance Group's revenue changed over the last 4 years?

How much debt does Skyward Specialty Insurance Group have?

How much cash does Skyward Specialty Insurance Group have?

How has Skyward Specialty Insurance Group's book value per share changed over the last 4 years?

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