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TWFG (TWFG) Financials

TWFG logo
$21.56 0.00 (0.00%)
Closing price 06/12/2026 04:00 PM Eastern
Extended Trading
$21.54 -0.01 (-0.07%)
As of 06/12/2026 05:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for TWFG

Annual Income Statements for TWFG

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 0.00 2.75 0.00
Consolidated Net Income / (Loss)		 21 26 29 41
Net Income / (Loss) Continuing Operations		 23 25 29 41
Total Pre-Tax Income 		23 25 30 44
Total Operating Income		 24 25 28 37
Total Gross Profit		 142 158 175 211
Total Revenue		 154 172 204 249
Operating Revenue		 154 172 204 249
Total Cost of Revenue		 12 14 29 38
Operating Cost of Revenue		 12 14 29 38
Total Operating Expenses		 118 133 147 174
Selling, General & Admin Expense		 9.71 11 17 22
Depreciation Expense		 3.30 4.86 12 18
Other Operating Expenses / (Income)		 105 117 118 134
Total Other Income / (Expense), net		 -0.37 -0.13 2.16 7.46
Interest Expense		 0.40 1.00 2.22 0.29
Interest & Investment Income		 0.05 0.89 4.38 6.61
Other Income / (Expense), net		 -0.02 -0.02 0.01 1.14
Income Tax Expense		 0.00 0.00 1.50 3.28
Net Income / (Loss) Discontinued Operations		 -2.73 0.83 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 21 26 26 33
Basic Earnings per Share		 $0.00 $0.00 $0.19 $0.53
Weighted Average Basic Shares Outstanding		 0.00 0.00 14.77M 14.91M
Diluted Earnings per Share		 $0.00 $0.00 $0.19 $0.53
Weighted Average Diluted Shares Outstanding		 0.00 0.00 14.98M 15.10M
Weighted Average Basic & Diluted Shares Outstanding		 - - 56.08M 56.20M

Quarterly Income Statements for TWFG

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

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 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		 7.07 7.61 0.00 0.00 1.15 1.59 1.34 1.96 1.72 -5.02 1.76
Consolidated Net Income / (Loss)		 7.07 7.61 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13
Net Income / (Loss) Continuing Operations		 7.07 7.61 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13
Total Pre-Tax Income 		7.07 7.61 6.63 6.92 7.33 9.21 7.51 9.62 11 17 14
Total Operating Income		 7.24 7.90 7.30 7.52 5.97 7.13 5.73 7.36 9.03 15 12
Total Gross Profit		 42 44 40 46 45 44 46 51 54 60 63
Total Revenue		 45 48 46 53 53 52 54 60 64 70 73
Operating Revenue		 45 48 46 53 53 52 54 60 64 70 73
Total Cost of Revenue		 3.37 3.39 6.25 6.82 8.33 7.66 8.20 9.49 9.93 10 9.90
Operating Cost of Revenue		 3.37 3.39 6.25 6.82 8.33 7.66 8.20 9.49 9.93 10 9.90
Total Operating Expenses		 35 36 33 39 39 37 40 43 45 45 51
Selling, General & Admin Expense		 2.74 2.81 3.13 3.74 4.81 4.98 4.72 5.40 5.19 6.70 7.39
Depreciation Expense		 1.13 1.15 3.01 2.97 2.99 3.05 3.36 3.90 5.33 5.77 6.17
Other Operating Expenses / (Income)		 31 32 26 32 31 29 32 34 35 33 37
Total Other Income / (Expense), net		 -0.17 -0.29 -0.67 -0.60 1.36 2.08 1.78 2.26 1.56 1.86 1.86
Interest Expense		 0.17 0.30 0.84 0.87 0.41 0.10 0.08 0.07 0.07 0.07 0.06
Interest & Investment Income		 - - 0.17 0.26 1.78 2.17 1.86 1.75 1.57 1.42 1.21
Other Income / (Expense), net		 - 0.00 -0.00 0.01 -0.00 0.00 -0.00 0.57 0.06 0.51 0.71
Income Tax Expense		 - 0.00 0.00 0.00 0.44 1.06 0.66 0.62 0.98 1.03 1.13
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 6.63 6.92 5.74 6.56 5.52 7.04 7.90 13 11
Basic Earnings per Share		 $11.19 $0.00 $0.00 $0.00 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12
Weighted Average Basic Shares Outstanding		 631.75K 0.00 0.00 0.00 14.72M 14.77M 14.89M 14.90M 15.01M 14.91M 14.79M
Diluted Earnings per Share		 $11.19 $0.00 $0.00 $0.00 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12
Weighted Average Diluted Shares Outstanding		 631.75K 0.00 0.00 0.00 14.89M 14.98M 15.06M 56.28M 15.10M 15.10M 14.90M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 55.98M 55.98M 56.08M 56.08M 56.18M 56.20M 56.20M 54.17M

Annual Cash Flow Statements for TWFG

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

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 5.07 -4.60 159 -37
Net Cash From Operating Activities		 26 30 40 54
Net Cash From Continuing Operating Activities		 22 29 40 54
Net Income / (Loss) Continuing Operations		 23 25 29 41
Consolidated Net Income / (Loss)		 21 26 29 41
Net Income / (Loss) Discontinued Operations		 -2.73 0.83 0.00 0.00
Depreciation Expense		 3.30 4.86 12 18
Non-Cash Adjustments To Reconcile Net Income		 -2.77 2.86 3.54 4.91
Changes in Operating Assets and Liabilities, net		 -1.79 -3.67 -3.68 -11
Net Cash From Discontinued Operating Activities		 3.66 0.84 0.00 0.00
Net Cash From Investing Activities		 -15 -15 -25 -70
Net Cash From Continuing Investing Activities		 -15 -15 -25 -70
Purchase of Property, Plant & Equipment		 -0.12 -0.26 -3.20 -0.36
Acquisitions		 -12 -15 -22 -62
Sale of Property, Plant & Equipment		 0.04 0.00 0.00 0.05
Divestitures		 2.40 0.93 0.00 1.84
Other Investing Activities, net		 -5.09 0.00 0.00 -10
Net Cash From Discontinued Investing Activities		 0.42 0.06 0.00 0.00
Net Cash From Financing Activities		 -15 -9.70 143 -21
Net Cash From Continuing Financing Activities		 -20 1.61 143 -21
Repayment of Debt		 -2.56 -2.64 -43 -1.91
Repurchase of Common Equity		 0.00 0.00 -0.04 0.00
Payment of Dividends		 -21 -33 -9.31 -16
Issuance of Debt		 0.00 41 0.00 0.00
Issuance of Common Equity		 0.00 0.00 194 0.00
Other Financing Activities, net		 2.85 -3.34 2.66 -2.77
Net Cash From Discontinued Financing Activities		 5.00 -11 0.00 0.00
Other Net Changes in Cash		 9.08 -10 0.00 0.00
Cash Interest Paid		 0.40 0.83 2.30 0.19
Cash Income Taxes Paid		 - 0.00 0.00 3.27

Quarterly Cash Flow Statements for TWFG

This table details how cash moves in and out of TWFG'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		 3.98 -5.37 -15 5.10 164 4.42 2.95 -37 -8.46 5.36 -24
Net Cash From Operating Activities		 7.39 6.05 9.75 7.40 12 12 16 9.62 15 13 23
Net Cash From Continuing Operating Activities		 7.39 6.05 9.75 7.40 12 12 16 9.62 15 13 23
Net Income / (Loss) Continuing Operations		 7.61 5.22 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13
Consolidated Net Income / (Loss)		 7.61 5.22 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13
Depreciation Expense		 1.15 1.52 3.01 2.97 2.99 3.05 3.36 3.90 5.33 5.77 6.17
Non-Cash Adjustments To Reconcile Net Income		 -0.74 -1.82 0.82 1.89 -0.19 -4.21 7.46 0.91 0.65 -0.35 5.03
Changes in Operating Assets and Liabilities, net		 -0.62 1.13 -0.70 -4.38 1.96 4.68 -2.03 -4.19 -0.64 -7.82 -1.56
Net Cash From Investing Activities		 -0.77 -8.71 -21 -0.24 -0.37 -3.47 -11 -36 -17 -6.63 -28
Net Cash From Continuing Investing Activities		 -0.77 -8.71 -21 -0.24 -0.37 -3.47 -11 -36 -17 -6.63 -28
Purchase of Property, Plant & Equipment		 -0.16 -0.04 -0.01 -0.04 -0.23 -2.92 -0.02 -0.04 -0.07 -0.23 -0.29
Acquisitions		 -0.60 -9.07 -21 -0.27 -0.15 -0.46 -11 -36 -7.01 -7.67 -29
Divestitures		 - 0.40 - - 0.02 -0.08 0.00 - - 1.27 0.70
Net Cash From Financing Activities		 -2.65 7.70 -3.82 -2.06 153 -3.72 -1.53 -11 -6.37 -1.30 -19
Net Cash From Continuing Financing Activities		 -2.65 7.70 -3.82 -2.06 153 -3.72 -1.53 -11 -6.37 -1.30 -19
Repayment of Debt		 -0.66 -0.67 -0.68 -0.68 -42 -0.47 -0.47 -0.48 -0.48 -0.48 -0.49
Repurchase of Common Equity		 - - -0.04 - -0.00 - 0.00 - - - -17
Payment of Dividends		 -2.60 -20 -2.42 -4.68 - -2.21 -2.02 -11 -2.59 -0.01 -7.33
Other Financing Activities, net		 0.61 -2.39 -0.69 3.30 -6.03 6.08 0.97 0.36 -3.31 -0.80 5.74
Cash Interest Paid		 0.16 0.50 0.97 0.92 0.41 - 0.08 0.02 0.05 0.04 0.04
Cash Income Taxes Paid		 - - - - - - 0.00 - - 0.68 0.15

Annual Balance Sheets for TWFG

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 115 323 372
Total Current Assets		 75 242 226
Cash & Equivalents		 39 196 156
Restricted Cash		 7.17 9.55 12
Accounts Receivable		 5.98 7.84 7.47
Other Current Assets		 23 29 50
Plant, Property, & Equipment, net		 0.60 3.50 3.31
Total Noncurrent Assets		 40 78 144
Intangible Assets		 36 73 139
Other Noncurrent Operating Assets		 3.30 5.10 4.88
Total Liabilities & Shareholders' Equity		 115 323 372
Total Liabilities		 84 48 56
Total Current Liabilities		 35 40 44
Short-Term Debt		 2.44 1.91 1.97
Accrued Expenses		 12 14 15
Other Current Liabilities		 20 24 27
Total Noncurrent Liabilities		 49 8.53 12
Long-Term Debt		 47 4.01 2.04
Other Noncurrent Operating Liabilities		 2.56 4.52 9.57
Commitments & Contingencies		 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - 0.00 18
Total Equity & Noncontrolling Interests		 31 275 299
Total Preferred & Common Equity		 31 74 83
Total Common Equity		 31 74 83
Common Stock		 26 59 60
Retained Earnings		 4.81 15 23
Accumulated Other Comprehensive Income / (Loss)		 0.50 0.08 0.03
Noncontrolling Interest		 0.00 201 215

Quarterly Balance Sheets for TWFG

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

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 157 313 331 343 349 371
Total Current Assets		 75 234 241 209 211 201
Cash & Equivalents		 26 191 196 160 151 125
Restricted Cash		 11 9.71 12 11 12 19
Accounts Receivable		 9.61 8.78 8.05 9.35 8.17 8.05
Other Current Assets		 29 24 25 28 41 50
Plant, Property, & Equipment, net		 0.51 0.68 3.36 3.26 3.21 3.46
Total Noncurrent Assets		 81 78 86 131 135 166
Intangible Assets		 78 75 81 126 129 162
Other Noncurrent Operating Assets		 3.56 3.26 4.84 5.16 5.25 4.72
Total Liabilities & Shareholders' Equity		 157 313 331 343 349 371
Total Liabilities		 90 45 50 54 53 65
Total Current Liabilities		 41 38 43 45 45 59
Short-Term Debt		 2.03 1.90 1.93 1.94 1.96 1.99
Accrued Expenses		 15 14 16 16 16 19
Other Current Liabilities		 24 22 25 27 27 38
Total Noncurrent Liabilities		 49 6.86 7.61 8.48 8.29 5.87
Long-Term Debt		 46 4.49 3.52 3.03 2.53 1.53
Other Noncurrent Operating Liabilities		 2.69 2.37 4.09 5.46 5.76 4.34
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - 9.76 11 21
Total Equity & Noncontrolling Interests		 68 268 280 279 284 285
Total Preferred & Common Equity		 68 71 75 79 79 69
Total Common Equity		 68 71 75 79 79 69
Common Stock		 56 57 59 60 59 44
Retained Earnings		 11 14 17 19 20 25
Accumulated Other Comprehensive Income / (Loss)		 0.47 0.08 0.07 0.05 0.04 0.03
Noncontrolling Interest		 - 197 205 201 205 216

Annual Metrics And Ratios for TWFG

This table displays calculated financial ratios and metrics derived from TWFG's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - 56,200,142.00
DEI Adjusted Shares Outstanding		 - - - 56,200,142.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - 0.00
Growth Metrics		 - - - -
Profitability Metrics		 - - - -
Net Operating Profit after Tax (NOPAT)		 24 25 27 34
Return On Investment Capital (ROIC_SIMPLE)		 - 31.58% 9.44% 11.31%
Earnings before Interest and Taxes (EBIT)		 24 25 28 38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 27 30 40 56
Valuation Ratios		 - - - -
Leverage & Solvency		 - - - -
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -8.55 -15 -43
Efficiency Ratios		 - - - -
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 34 76 153
Increase / (Decrease) in Invested Capital		 0.00 34 42 77
Book Value per Share		 $0.00 $2.82 $1.32 $1.48
Tangible Book Value per Share		 $0.00 ($0.49) $0.02 ($0.98)
Total Capital		 0.00 80 281 321
Total Debt		 0.00 49 5.92 4.01
Total Long-Term Debt		 0.00 47 4.01 2.04
Net Debt		 0.00 2.89 -199 -164
Capital Expenditures (CapEx)		 0.08 0.26 3.20 0.31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -3.84 -1.18 16
Debt-free Net Working Capital (DFNWC)		 0.00 43 204 183
Net Working Capital (NWC)		 0.00 40 202 181
Net Nonoperating Expense (NNE)		 3.10 -0.71 -2.05 -6.91
Net Nonoperating Obligations (NNO)		 0.00 2.89 -199 -164
Total Depreciation and Amortization (D&A)		 3.30 4.86 12 18
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.19 $0.53
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 14.77M 14.91M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.19 $0.53
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 14.98M 15.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 56.08M 56.20M
Normalized Net Operating Profit after Tax (NOPAT)		 17 18 27 34
Debt Service Ratios		 - - - -
Payout Ratios		 - - - -

Quarterly Metrics And Ratios for TWFG

This table displays calculated financial ratios and metrics derived from TWFG's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 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		 - - - - - 55,983,335.00 - - - 56,200,142.00 56,200,142.00
DEI Adjusted Shares Outstanding		 - - - - - 55,983,335.00 - - - 56,200,142.00 56,200,142.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 0.03 - - - -0.09 0.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 17.39% 14.53% - 16.64% 13.77% 21.30% - 35.33%
EBITDA Growth		 0.00% 0.00% 0.00% 28.30% 18.55% - -11.89% 12.71% 61.14% - 111.59%
EBIT Growth		 0.00% 0.00% 0.00% 7.40% -2.05% - -21.53% 5.34% 52.46% - 127.96%
NOPAT Growth		 0.00% 0.00% 0.00% 7.40% -7.83% - -28.39% -8.41% 46.13% - 117.35%
Net Income Growth		 0.00% 0.00% 0.00% -2.11% -9.40% - 3.38% 30.10% 39.56% - 90.85%
EPS Growth		 0.00% 0.00% 0.00% -6.26% 0.00% - 0.00% 0.00% 37.50% - 33.33%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 58.57% - 60.40% 29.93% 27.53% - 45.22%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 48.16% 17.83% - -7.94%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 55.62% 87.04% - 115.35%
Revenue Q/Q Growth		 0.00% 5.14% 0.00% 0.00% 2.58% - 0.00% 12.05% 6.33% - 3.68%
EBITDA Q/Q Growth		 0.00% 8.05% 0.00% 0.00% -0.17% - 0.00% 30.26% 21.81% - -9.01%
EBIT Q/Q Growth		 0.00% 9.16% 0.00% 0.00% -0.45% - 0.00% 38.54% 14.56% - -15.01%
NOPAT Q/Q Growth		 0.00% 9.14% 0.00% 0.00% -6.34% - 0.00% 31.73% 19.06% - -18.50%
Net Income Q/Q Growth		 0.00% 7.66% 0.00% 0.00% -0.36% - 0.00% 31.33% 6.89% - -16.66%
EPS Q/Q Growth		 0.00% -100.00% 0.00% 0.00% -99.24% - 0.00% 44.44% -15.38% - -40.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 61.20% 0.00% 0.00% - 34.87% -38.54% 55.52% - 70.97%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 6.87% - 0.00% 48.54% -50.80% - -23.49%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -6.81% - 0.00% 59.20% 12.00% - 8.87%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 92.57% 92.89% 86.45% 87.20% 84.75% - 84.77% 84.26% 84.52% - 86.41%
EBITDA Margin		 18.45% 18.96% 22.35% 20.17% 19.63% - 16.89% 19.63% 22.49% - 26.40%
Operating Margin		 15.96% 16.56% 15.83% 14.60% 14.17% - 10.65% 12.21% 14.09% - 16.96%
EBIT Margin		 15.96% 16.56% 15.82% 14.60% 14.17% - 10.64% 13.16% 14.18% - 17.93%
Profit (Net Income) Margin		 15.57% 15.95% 14.37% 12.99% 12.62% - 12.73% 14.92% 15.00% - 17.96%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.20% 94.04% - 91.26% 93.56% 90.78% - 92.03%
Interest Burden Percent		 97.61% 96.27% 90.80% 88.79% 94.69% - 131.07% 121.20% 116.54% - 108.82%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 5.96% - 8.74% 6.44% 9.22% - 7.97%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% - 53.20% 24.74% 27.84% - 34.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% - 51.60% 22.01% 27.04% - 33.29%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% - -37.37% -9.54% -16.90% - -19.46%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% - 15.83% 15.20% 10.94% - 14.82%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -39.98%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% - 6.81% 11.51% 9.85% - 13.67%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% - 8.15% 13.06% 10.42% - 13.69%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% - 4.25% 6.23% 2.92% - 3.65%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% - 38.31% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 7.24 7.90 7.30 7.78 7.28 6.31 5.23 6.89 8.20 14 11
NOPAT Margin		 15.96% 16.56% 15.83% 14.60% 13.33% - 9.72% 11.42% 12.79% - 15.60%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 14.94% -0.40% - 1.60% 2.73% 0.80% - 1.00%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 2.25% 1.83% 2.42% 2.84% 4.61% 3.94%
Cost of Revenue to Revenue		 7.43% 7.11% 13.55% 12.80% 15.25% - 15.23% 15.74% 15.48% - 13.59%
SG&A Expenses to Revenue		 6.03% 5.89% 6.78% 7.03% 8.81% - 8.78% 8.95% 8.10% - 10.15%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 76.62% 76.33% 70.62% 72.61% 70.58% - 74.13% 72.05% 70.43% - 69.45%
Earnings before Interest and Taxes (EBIT)		 7.24 7.90 7.30 7.78 7.74 7.13 5.73 7.94 9.09 15 13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 8.37 9.05 10 11 11 10 9.09 12 14 21 19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 2.77 21.36 - 23.04 24.95 19.42 - 14.94
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 - 8.20 8.97 6.70 - 3.86
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 - 424.52 324.94 233.28 - 2,466.64
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% - 0.24% 0.31% 0.43% - 0.04%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 2.51 20.66 - 22.47 16.32 11.62 - 6.80
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 - 8.21 9.18 6.96 - 4.23
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 - 44.81 50.09 35.13 - 16.97
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 - 65.83 74.99 53.52 - 24.87
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 - 70.77 83.49 60.06 - 27.98
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 - 37.42 41.31 30.88 - 18.67
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.71 0.02 - 0.02 0.02 0.02 - 0.01
Long-Term Debt to Equity		 0.00 0.00 0.00 0.68 0.02 - 0.01 0.01 0.01 - 0.01
Financial Leverage		 0.00 0.00 0.00 0.17 -0.73 - -0.72 -0.43 -0.63 - -0.58
Leverage Ratio		 0.00 0.00 0.00 2.33 1.17 - 1.18 1.40 1.17 - 1.20
Compound Leverage Factor		 0.00 0.00 0.00 2.07 1.11 - 1.55 1.70 1.37 - 1.30
Debt to Total Capital		 0.00% 0.00% 0.00% 41.55% 2.33% - 1.91% 1.69% 1.50% - 1.14%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 1.76% 0.69% - 0.67% 0.66% 0.65% - 0.64%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 39.80% 1.64% - 1.23% 1.03% 0.84% - 0.49%
Preferred Equity to Total Capital		 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% 71.78% - 71.75% 71.54% 72.07% - 76.54%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 58.45% 25.89% - 26.34% 26.76% 26.43% - 22.32%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 - 0.14 0.12 0.10 - 0.05
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 - -5.24 -4.14 -3.47 - -2.10
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 - 0.09 0.08 0.06 - 0.02
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 - 0.22 0.21 0.17 - 0.09
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 - -8.27 -6.91 -5.93 - -3.47
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 - 0.14 0.13 0.10 - 0.04
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 - 22.09 23.22 18.71 - 10.97
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% - 73.14% 58.99% 73.32% - 75.38%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 1.84 6.15 - 5.63 4.59 4.68 - 3.42
Quick Ratio		 0.00 0.00 0.00 0.86 5.25 - 4.77 3.73 3.53 - 2.26
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -71 -66 0.00 -72 -37 -56 -63 -78
Operating Cash Flow to CapEx		 0.00% 4,564.20% 121,925.00% 0.00% 5,053.88% - 104,300.00% 21,852.27% 57,511.54% - 7,780.48%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -81.68 -161.39 - -867.43 -544.89 -798.23 - -1,253.45
Operating Cash Flow to Interest Expense		 0.00 25.06 11.58 0.00 28.53 - 188.49 141.40 213.61 - 366.44
Operating Cash Flow Less CapEx to Interest Expense		 0.00 24.52 11.57 0.00 27.96 - 188.31 140.75 213.24 - 361.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 - 0.64 0.87 0.69 - 0.76
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 - 26.26 23.07 27.14 - 33.22
Inventory Turnover		 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 - 62.85 115.83 118.22 - 78.42
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 - 13.90 15.82 13.45 - 10.99
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 - 13.90 15.82 13.45 - 10.99
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 79 74 76 77 123 138 153 166
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 - 5.48 2.17 2.18 - 2.20
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 79 74 0.00 77 44 64 77 89
Enterprise Value (EV)		 0.00 0.00 0.00 198 1,521 - 1,735 2,007 1,600 - 1,131
Market Capitalization		 187 187 187 187 1,518 - 1,733 1,963 1,541 - 1,034
Book Value per Share		 $0.00 $0.00 $0.00 $102.38 $1.27 $1.32 $1.34 $1.40 $1.41 $1.48 $1.23
Tangible Book Value per Share		 $0.00 $0.00 $0.00 ($15.59) ($0.07) $0.02 ($0.10) ($0.84) ($0.89) ($0.98) ($1.64)
Total Capital		 0.00 0.00 0.00 116 275 281 286 294 300 321 310
Total Debt		 0.00 0.00 0.00 48 6.39 5.92 5.45 4.97 4.49 4.01 3.52
Total Long-Term Debt		 0.00 0.00 0.00 46 4.49 4.01 3.52 3.03 2.53 2.04 1.53
Net Debt		 0.00 0.00 0.00 11 -195 -199 -203 -166 -158 -164 -140
Capital Expenditures (CapEx)		 0.00 0.16 0.01 0.00 0.23 2.92 0.02 0.04 0.03 0.23 0.29
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -0.18 -2.98 -1.18 -7.81 -5.93 5.60 16 0.86
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 36 198 204 200 165 168 183 145
Net Working Capital (NWC)		 0.00 0.00 0.00 34 196 202 199 163 166 181 143
Net Nonoperating Expense (NNE)		 0.17 0.29 0.67 0.86 0.39 -1.84 -1.62 -2.11 -1.42 -1.75 -1.71
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 11 -195 -199 -203 -166 -158 -164 -140
Total Depreciation and Amortization (D&A)		 1.13 1.15 3.01 2.97 2.99 3.05 3.36 3.90 5.33 5.77 6.17
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - -3.69% -2.71% 2.44% - 0.32%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - 94.81% 75.47% 73.11% - 54.01%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% - 93.90% 74.58% 72.26% - 53.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $10.49 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 659.44K 14.72M 14.77M 14.89M 14.90M 15.01M 14.91M 14.79M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $10.49 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 659.44K 14.89M 14.98M 15.06M 56.28M 15.10M 15.10M 14.90M
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		 0.00 0.00 0.00 55.98M 55.98M 56.08M 56.08M 56.18M 56.20M 56.20M 54.17M
Normalized Net Operating Profit after Tax (NOPAT)		 5.07 5.53 5.11 5.44 7.28 6.31 5.23 6.89 8.20 14 11
Normalized NOPAT Margin		 11.17% 11.59% 11.08% 10.22% 13.33% - 9.72% 11.42% 12.79% - 15.60%
Pre Tax Income Margin		 15.57% 15.95% 14.37% 12.96% 13.42% - 13.95% 15.95% 16.53% - 19.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 41.85 26.79 8.67 8.92 18.83 - 69.02 116.72 129.90 - 210.65
NOPAT to Interest Expense		 41.85 26.79 8.67 8.92 17.72 - 63.01 101.30 117.16 - 183.33
EBIT Less CapEx to Interest Expense		 0.00 26.24 8.66 0.00 18.27 - 68.84 116.07 129.53 - 205.94
NOPAT Less CapEx to Interest Expense		 0.00 26.24 8.66 0.00 17.16 - 62.82 100.65 116.79 - 178.62
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% - 30.92% 50.07% 53.70% - 44.66%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% - 30.93% 50.07% 53.70% - 79.59%

Financials Breakdown Chart

Key Financial Trends

TWFG’s latest quarter shows continued revenue growth and solid operating cash generation, but the company is still leaning heavily on acquisitions, dividends, and buybacks to shape its cash flow profile. Compared with the prior quarter and prior-year periods, the business appears to be growing steadily, while the balance sheet remains liquid and leverage stays modest.

  • Revenue improved year over year. Q1 2026 operating revenue rose to $72.8 million from $53.8 million in Q1 2025, showing strong top-line growth.
  • Operating income also moved higher sequentially and year over year. Q1 2026 operating income was $12.4 million, up from $9.0 million in Q3 2025 and $5.7 million in Q1 2025.
  • Cash from operations was strong. TWFG generated $22.7 million in operating cash flow in Q1 2026, well above the $15.6 million produced in Q1 2025.
  • The balance sheet remains cash-rich. As of Q1 2026, TWFG held $124.8 million in cash and equivalents plus $18.8 million in restricted cash.
  • Debt levels are low relative to assets and equity. Total debt was about $3.5 million combined short-term and long-term in Q1 2026, which is small versus $371.2 million in assets.
  • Gross profit expanded meaningfully. Q1 2026 gross profit reached $62.9 million, up from $45.6 million in Q1 2025.
  • Interest income helped offset financing costs. Q1 2026 included $1.2 million of interest and investment income versus just $62,000 of interest expense.
  • Common equity and retained earnings improved versus early 2025. Total common equity rose to $69.2 million from $75.2 million at Q1 2025, while retained earnings increased to $25.0 million from $16.6 million, reflecting ongoing earnings accumulation even after shareholder returns.
  • Acquisitions remain a major use of cash. Q1 2026 investing cash flow was a $28.3 million outflow, driven mainly by $28.7 million in acquisitions.
  • Redeemable noncontrolling interest is still large. This line item was $21.4 million in Q1 2026, so a meaningful portion of value is not attributable to common shareholders.
  • Basic EPS was flat at $0.12 in Q1 2026. Earnings improved in dollar terms, but per-share growth was limited by the share structure and noncontrolling interest accounting.
  • Free cash flow was pressured by acquisition spending. Even with strong operating cash flow, heavy acquisition outlays pushed total cash change to negative $24.3 million in Q1 2026.
  • TWFG has been returning a lot of cash to shareholders. Q1 2026 included $16.6 million of share repurchases and $7.3 million of dividends, which added to the cash burn.
  • Cash declined sharply from the prior quarter. Cash and equivalents fell to $124.8 million from $151.0 million in Q3 2025 and $159.8 million in Q2 2025.
  • Non-current assets have expanded quickly, mostly through intangibles. Intangible assets reached $161.6 million in Q1 2026, up from $129.4 million in Q3 2025, suggesting acquisition-driven balance sheet growth.
  • Net income attributable to common shareholders is much smaller than consolidated earnings. In Q1 2026, consolidated net income was $13.1 million, but common shareholders received only $1.8 million after noncontrolling interests.

Bottom line: TWFG appears to be a growing, cash-generative business with a healthy balance sheet and low direct debt, but the stock’s financial picture is being shaped heavily by acquisitions and a large noncontrolling-interest structure. Investors will likely want to watch whether the company can keep growing revenue and operating income without relying on such large cash outflows for deals, buybacks, and dividends.

06/15/26 02:29 AM ETAI Generated. May Contain Errors.

TWFG Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TWFG's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

TWFG's net income appears to be on an upward trend, with a most recent value of $41.17 million in 2025, rising from $20.61 million in 2022. The previous period was $28.59 million in 2024. See where experts think TWFG is headed by visiting TWFG's forecast page.

TWFG's total operating income in 2025 was $36.99 million, based on the following breakdown:
  • Total Gross Profit: $210.88 million
  • Total Operating Expenses: $173.89 million

Over the last 3 years, TWFG's total revenue changed from $153.88 million in 2022 to $248.51 million in 2025, a change of 61.5%.

TWFG's total liabilities were at $55.69 million at the end of 2025, a 15.7% increase from 2024, and a 34.0% decrease since 2023.

In the past 2 years, TWFG's cash and equivalents has ranged from $39.30 million in 2023 to $195.77 million in 2024, and is currently $155.93 million as of their latest financial filing in 2025.

Over the last 3 years, TWFG's book value per share changed from 0.00 in 2022 to 1.48 in 2025, a change of 148.4%.


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