Skyward Specialty Insurance Group, Inc.

SKWD

Financial ServicesSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Skyward Specialty Insurance Group, Inc., an insurance holding company, provides commercial property and casualty insurance coverages in the United States. It offers general liability, excess liability, and professional liability, as well as cyber and media liability insurance; commercial auto, group accident and health, property, agriculture, credit, and surety and workers' compensation; and property, agriculture, and credit specialty reinsurance. The company was formerly known as Houston International Insurance Group, Ltd. and changed its name to Skyward Specialty Insurance Group, Inc. in November 2020. Skyward Specialty Insurance Group, Inc. was incorporated in 2006 and is based in Houston, Texas.

Valuation

Market Cap$1.8B

Current Price$52.57as of Jun 23, 2026

P/E Ratio10.50

P/B Ratio1.77

EV / EBITDA-

EV / Sales1.22

Profitability

Operating Margin15.8%

Net Profit Margin12.0%

EBITDA Margin-

Returns

ROE16.8%

ROCE19.9%

ROIC %18.3%

ROA3.5%

Solvency

Current Ratio-

Debt / Equity0.12

Debt / Assets0.03

CFO / Net Profit2.40

Price History▼ 10.56% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

No margin data.

Growth Summary

Latest fiscal year: 2025

Revenue$1.4B▲ 23.7%

EBITDA-

Net Profit$170M▲ 43.1%

Cash from Ops (CFO)$408M▲ 33.7%

Free Cash Flow (FCF)$401M▲ 33.1%

Revenue CAGR 3Y30.6%

Revenue CAGR 5Y-

Net Profit CAGR 3Y62.8%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.4B	-	$170M	$401M	16.8%	23.7%	43.1%
2024	$1.1B	-	$119M	$301M	15.0%	28.2%	38.2%
2023	$895M	-	$86M	$335M	13.0%	40.7%	118.3%
2022	$636M	-	$39M	$207M	9.3%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	636.40	895.40	1,147.68	1,419.22
Operating Revenue	-	636.40	895.40	1,147.68	1,419.22
Total Expenses	-	586.62	785.30	994.94	1,202.80
EBIT	-	56.19	120.13	162.24	224.34
Interest Expense	-	6.41	10.02	9.50	7.92
Net Interest Income	-	-6.41	-10.02	-9.50	-7.92
Other Income Expense	-	0	-0.63	-0.17	-0.59
Interest Expense Non Operating	-	6.41	10.02	9.50	7.92
Net Non Operating Interest Income Expense	-	-6.41	-10.02	-9.50	-7.92
Pretax Income	-	49.78	110.10	152.74	216.42
Tax Provision	-	10.39	24.12	33.91	46.40
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	-3
Net Income Continuous Operations	-	39.40	85.98	118.83	170.03
Net Income From Continuing And Discontinued Operation	-	39.40	85.98	118.83	170.03
Net Income From Continuing Operation Net Minority Interest	-	39.40	85.98	118.83	170.03
Net Income	-	39.40	85.98	118.83	170.03
Net Income Common Stockholders	-	20.52	84.31	118.83	170.03
Net Income Including Noncontrolling Interests	-	39.40	85.98	118.83	170.03
Normalized Income	-	39.40	85.98	118.83	181.05
Diluted NI Availto Com Stockholders	-	39.40	85.98	118.83	170.03
Basic Average Shares	-	37.60	36.03	40.06	40.41
Diluted Average Shares	-	37.60	38.32	41.38	41.81
Reconciled Depreciation	-	4.10	3.89	3.36	3.54
Total Unusual Items	-	0	0	0	-14.02
Total Unusual Items Excluding Goodwill	-	0	0	0	-14.02
Special Income Charges	-	0	0	0	-14.02
Other Special Charges	-5.08	-	-	-	-
Impairment Of Capital Assets	2.82	0	-	-	-
Restructuring And Mergern Acquisition	-	-	0	0	14.02
Depreciation And Amortization In Income Statement	-	1.55	1.80	2.01	1.64
Other Operating Expenses	91.44	-	5.36	4.39	4.16
Otherunder Preferred Stock Dividend	18.51	18.88	1.68	-	-
Average Dilution Earnings	-	18.88	1.68	0	0
Amortization	-	1.55	1.80	2.01	1.64
Loss Adjustment Expense	-	402.51	515.24	669.81	795.02
Net Policyholder Benefits And Claims	-	402.51	515.24	669.81	795.02

Peer Comparison

Financial Services sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Skyward Specialty Insurance Group, Inc.this co.	SKWD	$1.8B	10.50↓ discount	1.77	16.8%	-
Horace Mann Educators Corporation	HMN	$1.8B	11.35	1.24	10.9%	-
Slide Insurance Holdings, Inc.	SLDE	$1.8B	4.14	1.65	39.9%	-
Patria Investments Limited	PAX	$1.8B	21.43	3.00	14.0%	12.81
1st Source Corporation

Learn while you research

Hand-picked academy chapters to deepen your understanding of Skyward Specialty Insurance Group, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Value Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.4B

$170M

$401M

16.8%

23.7%

43.1%

2024

$1.1B

$119M

$301M

15.0%

28.2%

38.2%

2023

$895M

$86M

$335M

13.0%

40.7%

118.3%

2022

$636M

$39M

$207M

9.3%

Metric

2021

2022

2023

2024

2025

Total Revenue

636.40

895.40

1,147.68

1,419.22

Operating Revenue

636.40

895.40

1,147.68

1,419.22

Total Expenses

586.62

785.30

994.94

1,202.80

EBIT

56.19

120.13

162.24

224.34

Interest Expense

6.41

10.02

9.50

7.92

Net Interest Income

-6.41

-10.02

-9.50

-7.92

Other Income Expense

-0.63

-0.17

-0.59

Interest Expense Non Operating

6.41

10.02

9.50

7.92

Net Non Operating Interest Income Expense

-6.41

-10.02

-9.50

-7.92

Pretax Income

49.78

110.10

152.74

216.42

Tax Provision

10.39

24.12

33.91

46.40

Tax Rate For Calcs

Tax Effect Of Unusual Items

-3

Net Income Continuous Operations

39.40

85.98

118.83

170.03

Net Income From Continuing And Discontinued Operation

39.40

85.98

118.83

170.03

Net Income From Continuing Operation Net Minority Interest

39.40

85.98

118.83

170.03

Net Income

39.40

85.98

118.83

170.03

Net Income Common Stockholders

20.52

84.31

118.83

170.03

Net Income Including Noncontrolling Interests

39.40

85.98

118.83

170.03

Normalized Income

39.40

85.98

118.83

181.05

Diluted NI Availto Com Stockholders

39.40

85.98

118.83

170.03

Basic Average Shares

37.60

36.03

40.06

40.41

Diluted Average Shares

37.60

38.32

41.38

41.81

Reconciled Depreciation

4.10

3.89

3.36

3.54

Total Unusual Items

-14.02

Total Unusual Items Excluding Goodwill

-14.02

Special Income Charges

-14.02

Other Special Charges

-5.08

Impairment Of Capital Assets

2.82

Restructuring And Mergern Acquisition

14.02

Depreciation And Amortization In Income Statement

1.55

1.80

2.01

1.64

Other Operating Expenses

91.44

5.36

4.39

4.16

Otherunder Preferred Stock Dividend

18.51

18.88

1.68

Average Dilution Earnings

18.88

1.68

Amortization

1.55

1.80

2.01

1.64

Loss Adjustment Expense

402.51

515.24

669.81

795.02

Net Policyholder Benefits And Claims

402.51

515.24

669.81

795.02

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Skyward Specialty Insurance Group, Inc.this co.

SKWD

$1.8B

10.50↓ discount

1.77

16.8%

Horace Mann Educators Corporation

HMN

$1.8B

11.35

1.24

10.9%

Slide Insurance Holdings, Inc.

SLDE

$1.8B

4.14

1.65

39.9%

Patria Investments Limited

PAX

$1.8B

21.43

3.00

14.0%

12.81

1st Source Corporation

Skyward Specialty Insurance Group, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Skyward Specialty Insurance Group, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on