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TWFG (TWFG) Financials

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$24.71 +0.42 (+1.73%)
Closing price 04:00 PM Eastern
Extended Trading
$24.81 +0.10 (+0.40%)
As of 07:30 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 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 7.61 0.00 0.00 1.15 1.59 1.34 1.96 1.72 -5.02 1.76 2.37
Consolidated Net Income / (Loss)		 7.61 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13 17
Net Income / (Loss) Continuing Operations		 7.61 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13 17
Total Pre-Tax Income 		7.61 6.63 6.92 7.33 9.21 7.51 9.62 11 17 14 18
Total Operating Income		 7.90 7.30 7.52 5.97 7.13 5.73 7.36 9.03 15 12 18
Total Gross Profit		 44 40 46 45 44 46 51 54 60 63 76
Total Revenue		 48 46 53 53 52 54 60 64 70 73 88
Operating Revenue		 48 46 53 53 52 54 60 64 70 73 88
Total Cost of Revenue		 3.39 6.25 6.82 8.33 7.66 8.20 9.49 9.93 10 9.90 12
Operating Cost of Revenue		 3.39 6.25 6.82 8.33 7.66 8.20 9.49 9.93 10 9.90 12
Total Operating Expenses		 36 33 39 39 37 40 43 45 45 51 58
Selling, General & Admin Expense		 2.81 3.13 3.74 4.81 4.98 4.72 5.40 5.19 6.70 7.39 8.59
Depreciation Expense		 1.15 3.01 2.97 2.99 3.05 3.36 3.90 5.33 5.77 6.17 7.07
Other Operating Expenses / (Income)		 32 26 32 31 29 32 34 35 33 37 42
Total Other Income / (Expense), net		 -0.29 -0.67 -0.60 1.36 2.08 1.78 2.26 1.56 1.86 1.86 0.70
Interest Expense		 0.30 0.84 0.87 0.41 0.10 0.08 0.07 0.07 0.07 0.06 0.06
Interest & Investment Income		 - 0.17 0.26 1.78 2.17 1.86 1.75 1.57 1.42 1.21 0.76
Other Income / (Expense), net		 0.00 -0.00 0.01 -0.00 0.00 -0.00 0.57 0.06 0.51 0.71 -0.01
Income Tax Expense		 0.00 0.00 0.00 0.44 1.06 0.66 0.62 0.98 1.03 1.13 1.03
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 15
Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12 $0.18
Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 14.72M 14.77M 14.89M 14.90M 15.01M 14.91M 14.79M 13.10M
Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12 $0.18
Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 14.89M 14.98M 15.06M 56.28M 15.10M 15.10M 14.90M 13.10M
Weighted Average Basic & Diluted Shares Outstanding		 - - 55.98M 55.98M 56.08M 56.08M 56.18M 56.20M 56.20M 54.17M 54.05M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -5.37 -15 5.10 164 4.42 2.95 -37 -8.46 5.36 -24 -51
Net Cash From Operating Activities		 6.05 9.75 7.40 12 12 16 9.62 15 13 23 9.82
Net Cash From Continuing Operating Activities		 6.05 9.75 7.40 12 12 16 9.62 15 13 23 9.82
Net Income / (Loss) Continuing Operations		 5.22 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13 17
Consolidated Net Income / (Loss)		 5.22 6.63 6.92 6.89 8.15 6.85 9.00 9.62 16 13 17
Depreciation Expense		 1.52 3.01 2.97 2.99 3.05 3.36 3.90 5.33 5.77 6.17 7.07
Non-Cash Adjustments To Reconcile Net Income		 -1.82 0.82 1.89 -0.19 -4.21 7.46 0.91 0.65 -0.35 5.03 -6.87
Changes in Operating Assets and Liabilities, net		 1.13 -0.70 -4.38 1.96 4.68 -2.03 -4.19 -0.64 -7.82 -1.56 -7.63
Net Cash From Investing Activities		 -8.71 -21 -0.24 -0.37 -3.47 -11 -36 -17 -6.63 -28 -25
Net Cash From Continuing Investing Activities		 -8.71 -21 -0.24 -0.37 -3.47 -11 -36 -17 -6.63 -28 -25
Purchase of Property, Plant & Equipment		 -0.04 -0.01 -0.04 -0.23 -2.92 -0.02 -0.04 -0.07 -0.23 -0.29 -0.51
Acquisitions		 -9.07 -21 -0.27 -0.15 -0.46 -11 -36 -7.01 -7.67 -29 -24
Net Cash From Financing Activities		 7.70 -3.82 -2.06 153 -3.72 -1.53 -11 -6.37 -1.30 -19 -36
Net Cash From Continuing Financing Activities		 7.70 -3.82 -2.06 153 -3.72 -1.53 -11 -6.37 -1.30 -19 -36
Repayment of Debt		 -0.67 -0.68 -0.68 -42 -0.47 -0.47 -0.48 -0.48 -0.48 -0.49 -0.49
Repurchase of Common Equity		 - -0.04 - -0.00 - 0.00 - - - -17 -26
Payment of Dividends		 -20 -2.42 -4.68 - -2.21 -2.02 -11 -2.59 -0.01 -7.33 -11
Other Financing Activities, net		 -2.39 -0.69 3.30 -6.03 6.08 0.97 0.36 -3.31 -0.80 5.74 2.31
Cash Interest Paid		 0.50 0.97 0.92 0.41 - 0.08 0.02 0.05 0.04 0.04 0.03
Cash Income Taxes Paid		 - - - - - 0.00 - - 0.68 0.15 2.91

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 Q2 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 157 313 331 343 349 371 358
Total Current Assets		 75 234 241 209 211 201 171
Cash & Equivalents		 26 191 196 160 151 125 74
Restricted Cash		 11 9.71 12 11 12 19 19
Accounts Receivable		 9.61 8.78 8.05 9.35 8.17 8.05 14
Other Current Assets		 29 24 25 28 41 50 64
Plant, Property, & Equipment, net		 0.51 0.68 3.36 3.26 3.21 3.46 3.81
Total Noncurrent Assets		 81 78 86 131 135 166 184
Intangible Assets		 78 75 81 126 129 162 179
Other Noncurrent Operating Assets		 3.56 3.26 4.84 5.16 5.25 4.72 5.28
Total Liabilities & Shareholders' Equity		 157 313 331 343 349 371 358
Total Liabilities		 90 45 50 54 53 65 71
Total Current Liabilities		 41 38 43 45 45 59 67
Short-Term Debt		 2.03 1.90 1.93 1.94 1.96 1.99 2.00
Accrued Expenses		 15 14 16 16 16 19 21
Other Current Liabilities		 24 22 25 27 27 38 44
Total Noncurrent Liabilities		 49 6.86 7.61 8.48 8.29 5.87 4.76
Long-Term Debt		 46 4.49 3.52 3.03 2.53 1.53 1.03
Other Noncurrent Operating Liabilities		 2.69 2.37 4.09 5.46 5.76 4.34 3.73
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - 9.76 11 21 23
Total Equity & Noncontrolling Interests		 68 268 280 279 284 285 264
Total Preferred & Common Equity		 68 71 75 79 79 69 46
Total Common Equity		 68 71 75 79 79 69 46
Common Stock		 56 57 59 60 59 44 19
Retained Earnings		 11 14 17 19 20 25 27
Accumulated Other Comprehensive Income / (Loss)		 0.47 0.08 0.07 0.05 0.04 0.03 0.02
Noncontrolling Interest		 - 197 205 201 205 216 218

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 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - 55,983,335.00 - - - 56,200,142.00 56,200,142.00 54,168,573.00
DEI Adjusted Shares Outstanding		 - - - - 55,983,335.00 - - - 56,200,142.00 56,200,142.00 54,168,573.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - 0.03 - - - -0.09 0.03 0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 17.39% 14.53% - 16.64% 13.77% 21.30% - 35.33% 45.11%
EBITDA Growth		 0.00% 0.00% 28.30% 18.55% - -11.89% 12.71% 61.14% - 111.59% 108.19%
EBIT Growth		 0.00% 0.00% 7.40% -2.05% - -21.53% 5.34% 52.46% - 127.96% 121.49%
NOPAT Growth		 0.00% 0.00% 7.40% -7.83% - -28.39% -8.41% 46.13% - 117.35% 140.91%
Net Income Growth		 0.00% 0.00% -2.11% -9.40% - 3.38% 30.10% 39.56% - 90.85% 91.68%
EPS Growth		 0.00% 0.00% -6.26% 0.00% - 0.00% 0.00% 37.50% - 33.33% 38.46%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 58.57% - 60.40% 29.93% 27.53% - 45.22% 2.11%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 48.16% 17.83% - -7.94% -55.92%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 55.62% 87.04% - 115.35% 60.49%
Revenue Q/Q Growth		 5.14% 0.00% 0.00% 2.58% - 0.00% 12.05% 6.33% - 3.68% 20.14%
EBITDA Q/Q Growth		 8.05% 0.00% 0.00% -0.17% - 0.00% 30.26% 21.81% - -9.01% 28.17%
EBIT Q/Q Growth		 9.16% 0.00% 0.00% -0.45% - 0.00% 38.54% 14.56% - -15.01% 34.61%
NOPAT Q/Q Growth		 9.14% 0.00% 0.00% -6.34% - 0.00% 31.73% 19.06% - -18.50% 46.00%
Net Income Q/Q Growth		 7.66% 0.00% 0.00% -0.36% - 0.00% 31.33% 6.89% - -16.66% 31.90%
EPS Q/Q Growth		 -100.00% 0.00% 0.00% -99.24% - 0.00% 44.44% -15.38% - -40.00% 50.00%
Operating Cash Flow Q/Q Growth		 0.00% 61.20% 0.00% 0.00% - 34.87% -38.54% 55.52% - 70.97% -56.79%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 6.87% - 0.00% 48.54% -50.80% - -23.49% 25.66%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -6.81% - 0.00% 59.20% 12.00% - 8.87% 18.64%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 92.89% 86.45% 87.20% 84.75% - 84.77% 84.26% 84.52% - 86.41% 86.54%
EBITDA Margin		 18.96% 22.35% 20.17% 19.63% - 16.89% 19.63% 22.49% - 26.40% 28.16%
Operating Margin		 16.56% 15.83% 14.60% 14.17% - 10.65% 12.21% 14.09% - 16.96% 20.10%
EBIT Margin		 16.56% 15.82% 14.60% 14.17% - 10.64% 13.16% 14.18% - 17.93% 20.09%
Profit (Net Income) Margin		 15.95% 14.37% 12.99% 12.62% - 12.73% 14.92% 15.00% - 17.96% 19.71%
Tax Burden Percent		 100.00% 100.00% 100.20% 94.04% - 91.26% 93.56% 90.78% - 92.03% 94.36%
Interest Burden Percent		 96.27% 90.80% 88.79% 94.69% - 131.07% 121.20% 116.54% - 108.82% 103.99%
Effective Tax Rate		 0.00% 0.00% 0.00% 5.96% - 8.74% 6.44% 9.22% - 7.97% 5.64%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% - 53.20% 24.74% 27.84% - 34.28% 34.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% - 51.60% 22.01% 27.04% - 33.29% 34.39%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% - -37.37% -9.54% -16.90% - -19.46% -15.27%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% - 15.83% 15.20% 10.94% - 14.82% 19.63%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -39.98% -15.17%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% - 6.81% 11.51% 9.85% - 13.67% 16.89%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% - 8.15% 13.06% 10.42% - 13.69% 16.57%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% - 4.25% 6.23% 2.92% - 3.65% 4.26%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% - 38.31% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 7.90 7.30 7.78 7.28 6.31 5.23 6.89 8.20 14 11 17
NOPAT Margin		 16.56% 15.83% 14.60% 13.33% - 9.72% 11.42% 12.79% - 15.60% 18.96%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 14.94% -0.40% - 1.60% 2.73% 0.80% - 1.00% 0.51%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 2.25% 1.83% 2.42% 2.84% 4.61% 3.94% 6.22%
Cost of Revenue to Revenue		 7.11% 13.55% 12.80% 15.25% - 15.23% 15.74% 15.48% - 13.59% 13.46%
SG&A Expenses to Revenue		 5.89% 6.78% 7.03% 8.81% - 8.78% 8.95% 8.10% - 10.15% 9.81%
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		 76.33% 70.62% 72.61% 70.58% - 74.13% 72.05% 70.43% - 69.45% 66.44%
Earnings before Interest and Taxes (EBIT)		 7.90 7.30 7.78 7.74 7.13 5.73 7.94 9.09 15 13 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 9.05 10 11 11 10 9.09 12 14 21 19 25
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 2.77 21.36 - 23.04 24.95 19.42 - 14.94 28.23
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 - 8.20 8.97 6.70 - 3.86 4.42
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 - 424.52 324.94 233.28 - 2,466.64 1,563.93
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% - 0.24% 0.31% 0.43% - 0.04% 0.06%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 2.51 20.66 - 22.47 16.32 11.62 - 6.80 7.37
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 - 8.21 9.18 6.96 - 4.23 4.93
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 - 44.81 50.09 35.13 - 16.97 18.31
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 - 65.83 74.99 53.52 - 24.87 26.39
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 - 70.77 83.49 60.06 - 27.98 29.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 - 37.42 41.31 30.88 - 18.67 23.92
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 0.71 0.02 - 0.02 0.02 0.02 - 0.01 0.01
Long-Term Debt to Equity		 0.00 0.00 0.68 0.02 - 0.01 0.01 0.01 - 0.01 0.00
Financial Leverage		 0.00 0.00 0.17 -0.73 - -0.72 -0.43 -0.63 - -0.58 -0.44
Leverage Ratio		 0.00 0.00 2.33 1.17 - 1.18 1.40 1.17 - 1.20 1.22
Compound Leverage Factor		 0.00 0.00 2.07 1.11 - 1.55 1.70 1.37 - 1.30 1.27
Debt to Total Capital		 0.00% 0.00% 41.55% 2.33% - 1.91% 1.69% 1.50% - 1.14% 1.04%
Short-Term Debt to Total Capital		 0.00% 0.00% 1.76% 0.69% - 0.67% 0.66% 0.65% - 0.64% 0.69%
Long-Term Debt to Total Capital		 0.00% 0.00% 39.80% 1.64% - 1.23% 1.03% 0.84% - 0.49% 0.35%
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% 71.78% - 71.75% 71.54% 72.07% - 76.54% 83.05%
Common Equity to Total Capital		 0.00% 0.00% 58.45% 25.89% - 26.34% 26.76% 26.43% - 22.32% 15.91%
Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.14 0.12 0.10 - 0.05 0.04
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 - -5.24 -4.14 -3.47 - -2.10 -1.13
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.09 0.08 0.06 - 0.02 0.01
Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.22 0.21 0.17 - 0.09 0.06
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 - -8.27 -6.91 -5.93 - -3.47 -1.79
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.14 0.13 0.10 - 0.04 0.02
Altman Z-Score		 0.00 0.00 0.00 0.00 - 22.09 23.22 18.71 - 10.97 12.40
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% - 73.14% 58.99% 73.32% - 75.38% 78.33%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 1.84 6.15 - 5.63 4.59 4.68 - 3.42 2.56
Quick Ratio		 0.00 0.00 0.86 5.25 - 4.77 3.73 3.53 - 2.26 1.32
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -71 -66 0.00 -72 -37 -56 -63 -78 -58
Operating Cash Flow to CapEx		 4,564.20% 121,925.00% 0.00% 5,053.88% - 104,300.00% 21,852.27% 57,511.54% - 7,780.48% 1,944.16%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -81.68 -161.39 - -867.43 -544.89 -798.23 - -1,253.45 -1,013.52
Operating Cash Flow to Interest Expense		 25.06 11.58 0.00 28.53 - 188.49 141.40 213.61 - 366.44 172.25
Operating Cash Flow Less CapEx to Interest Expense		 24.52 11.57 0.00 27.96 - 188.31 140.75 213.24 - 361.73 163.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 - 0.64 0.87 0.69 - 0.76 0.84
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 - 26.26 23.07 27.14 - 33.22 24.98
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 - 62.85 115.83 118.22 - 78.42 83.39
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 - 13.90 15.82 13.45 - 10.99 14.61
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 - 13.90 15.82 13.45 - 10.99 14.61
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 0.00 79 74 76 77 123 138 153 166 197
Invested Capital Turnover		 0.00 0.00 0.00 0.00 - 5.48 2.17 2.18 - 2.20 1.84
Increase / (Decrease) in Invested Capital		 0.00 0.00 79 74 0.00 77 44 64 77 89 74
Enterprise Value (EV)		 0.00 0.00 198 1,521 - 1,735 2,007 1,600 - 1,131 1,454
Market Capitalization		 187 187 187 1,518 - 1,733 1,963 1,541 - 1,034 1,303
Book Value per Share		 $0.00 $0.00 $102.38 $1.27 $1.32 $1.34 $1.40 $1.41 $1.48 $1.23 $0.85
Tangible Book Value per Share		 $0.00 $0.00 ($15.59) ($0.07) $0.02 ($0.10) ($0.84) ($0.89) ($0.98) ($1.64) ($2.45)
Total Capital		 0.00 0.00 116 275 281 286 294 300 321 310 290
Total Debt		 0.00 0.00 48 6.39 5.92 5.45 4.97 4.49 4.01 3.52 3.03
Total Long-Term Debt		 0.00 0.00 46 4.49 4.01 3.52 3.03 2.53 2.04 1.53 1.03
Net Debt		 0.00 0.00 11 -195 -199 -203 -166 -158 -164 -140 -90
Capital Expenditures (CapEx)		 0.16 0.01 0.00 0.23 2.92 0.02 0.04 0.03 0.23 0.29 0.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 -0.18 -2.98 -1.18 -7.81 -5.93 5.60 16 0.86 13
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 36 198 204 200 165 168 183 145 106
Net Working Capital (NWC)		 0.00 0.00 34 196 202 199 163 166 181 143 104
Net Nonoperating Expense (NNE)		 0.29 0.67 0.86 0.39 -1.84 -1.62 -2.11 -1.42 -1.75 -1.71 -0.66
Net Nonoperating Obligations (NNO)		 0.00 0.00 11 -195 -199 -203 -166 -158 -164 -140 -90
Total Depreciation and Amortization (D&A)		 1.15 3.01 2.97 2.99 3.05 3.36 3.90 5.33 5.77 6.17 7.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - -3.69% -2.71% 2.44% - 0.32% 4.48%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 94.81% 75.47% 73.11% - 54.01% 35.95%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 93.90% 74.58% 72.26% - 53.27% 35.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $10.49 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12 $0.18
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 659.44K 14.72M 14.77M 14.89M 14.90M 15.01M 14.91M 14.79M 13.10M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $10.49 $0.08 $0.11 $0.09 $0.13 $0.11 $0.20 $0.12 $0.18
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 659.44K 14.89M 14.98M 15.06M 56.28M 15.10M 15.10M 14.90M 13.10M
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 55.98M 55.98M 56.08M 56.08M 56.18M 56.20M 56.20M 54.17M 54.05M
Normalized Net Operating Profit after Tax (NOPAT)		 5.53 5.11 5.44 7.28 6.31 5.23 6.89 8.20 14 11 17
Normalized NOPAT Margin		 11.59% 11.08% 10.22% 13.33% - 9.72% 11.42% 12.79% - 15.60% 18.96%
Pre Tax Income Margin		 15.95% 14.37% 12.96% 13.42% - 13.95% 15.95% 16.53% - 19.51% 20.89%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 26.79 8.67 8.92 18.83 - 69.02 116.72 129.90 - 210.65 308.42
NOPAT to Interest Expense		 26.79 8.67 8.92 17.72 - 63.01 101.30 117.16 - 183.33 291.14
EBIT Less CapEx to Interest Expense		 26.24 8.66 0.00 18.27 - 68.84 116.07 129.53 - 205.94 299.56
NOPAT Less CapEx to Interest Expense		 26.24 8.66 0.00 17.16 - 62.82 100.65 116.79 - 178.62 282.28
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% - 30.92% 50.07% 53.70% - 44.66% 38.03%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% - 30.93% 50.07% 53.70% - 79.59% 115.05%

Financials Breakdown Chart

Key Financial Trends

TWFG’s latest results show continued growth, but also a more cash-intensive acquisition strategy and a declining cash cushion. In Q2 2026, revenue increased to $87.5 million from $72.8 million in Q1 2026 and $60.3 million in Q2 2025. Revenue has generally trended higher from approximately $45.4 million in Q2 2023 and $53.0 million in Q2 2024.

Profitability improved sequentially. Operating income rose to $17.6 million in Q2 2026 from $12.4 million in Q1 and $7.4 million in Q2 2025. Net income attributable to common shareholders increased to $2.4 million, or $0.18 per diluted share, compared with $1.8 million, or $0.12 per share, in Q1 2026. However, a substantial portion of consolidated earnings continues to be allocated to noncontrolling interests.

Cash generation remained positive, with Q2 operating cash flow of $9.8 million. That was below the $22.7 million generated in Q1 and $13.3 million in Q4 2025. Heavy acquisition spending, share repurchases and dividends more than offset operating cash flow, resulting in a $50.9 million quarterly decline in cash and equivalents.

  • Strong revenue growth: Q2 2026 revenue increased approximately 20% from Q2 2025 and 91% from Q2 2023, indicating significant business expansion.
  • Improving operating earnings: Q2 2026 operating income of $17.6 million was the highest among the recent quarters provided, and the operating margin improved to roughly 20.1% from 17.0% in Q1 2026.
  • Positive operating cash flow: TWFG generated $9.8 million from operations in Q2 2026 and has remained operating-cash-flow positive across the reported quarters.
  • Low traditional debt burden: Short- and long-term debt totaled approximately $3.0 million at June 30, 2026, compared with $50.0 million at June 30, 2024.
  • Shareholder returns: The company repurchased $26.3 million of common equity and paid $11.2 million in dividends during Q2 2026, which can support per-share value when executed at attractive prices.
  • Acquisition-led growth: TWFG spent $24.5 million on acquisitions in Q2 2026 and approximately $60.2 million during the first half of 2026. This may expand the platform, but future returns will depend on successful integration and acquired businesses meeting expectations.
  • Balance-sheet liquidity remains adequate: Cash and restricted cash totaled approximately $92.8 million at quarter-end, while total current liabilities were $66.6 million. However, unrestricted cash declined sharply from $124.8 million at March 31, 2026.
  • Cash balances are falling: Cash and equivalents declined from $196.4 million in Q1 2025 to $73.7 million in Q2 2026, while the company reported negative quarterly cash changes in Q2 and Q1 2026.
  • Gross margin has compressed: The gross margin was approximately 86.5% in Q2 2026, down from 92.6% in Q2 2023. Operating cost of revenue has grown alongside revenue, reducing the benefit of top-line expansion.
  • Large noncontrolling interests and intangible assets: Noncontrolling interests totaled $217.7 million, compared with $46.2 million of common equity, while intangible assets reached $178.7 million. These figures reduce the portion of consolidated earnings and assets attributable directly to TWFG common shareholders and increase exposure to impairment or integration risks.

Overall, TWFG is growing rapidly and producing higher operating profits, but investors should monitor cash preservation, acquisition returns and the allocation of earnings to noncontrolling interests. The combination of substantial acquisition spending, buybacks and dividends caused cash to fall despite positive operating cash flow. The company’s low debt level provides financial flexibility, but continued cash outflows could become a concern if operating cash generation does not keep pace with expansion and shareholder distributions.

09/23/26 08:56 PM ETAI Generated. May Contain Errors.

TWFG Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TWFG's financial year ends in December. Their financial 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 TWFG's forecast for analyst expectations on what's next for the company.

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 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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