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Friday 6 November 2026
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Skyward Specialty Insurance Group, Inc.
SKWD Financial Insurance Property & Casualty
Skyward Specialty Insurance Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 23.2% from fiscal 2024.
- Revenue
- +19.0%
- EPS
- −0.88%
- Free cash flow
- −23.6%
- Total debt
- +317.0%
Quarter to September 2026, against a year earlier
60.54
3.32
−5.20%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 550 | 642 | 886 | 1,150 | 1,417 | 1,806 | +26.7% | 1,974 | 2,106 | 2,289 | +17.3% | |
| Gross margin, % | — | — | — | — | — | 35.58 | 37.34 | 41.84 | 41.77 | 43.88 | 44.33 | +8.3 pt | ||||||
| EBT | — | — | — | — | — | 48 | 50 | 110 | 153 | 216 | 244 | +45.5% | ||||||
| EBT margin, % | — | — | — | — | — | 8.78 | 7.75 | 12.43 | 13.28 | 15.28 | 13.50 | +6.5 pt | ||||||
| Net income | — | — | — | — | — | 38 | 39 | 86 | 119 | 170 | 192 | +45.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 33.73 | 38.77 | 24.59 | 28.71 | 35.06 | 40.68 | +1.0% | |||||
| Earnings | — | — | — | — | — | 1.21 | 1.24 | 2.34 | 2.97 | 4.21 | 4.41 | +36.6% | ||||||
| Cash flow | — | — | — | — | — | 10.75 | 12.61 | 9.39 | 7.62 | 10.10 | 9.93 | (1.5%) | ||||||
| Capex | — | — | — | — | — | (0.13) | (0.14) | (0.09) | (0.11) | (0.18) | 0.00 | +8.7% | ||||||
| Free cash flow | — | — | — | — | — | 10.62 | 12.47 | 9.30 | 7.51 | 9.91 | 9.93 | (1.7%) | ||||||
| Book value | — | — | — | — | — | 26.13 | 25.45 | 18.35 | 19.82 | 24.98 | 28.74 | (1.1%) | ||||||
| Shares, m | — | — | — | — | — | 16 | 17 | 36 | 40 | 40 | 43 | +25.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 10.62 | 10.62 | 14.47 | 16.85 | 12.14 | 13.73 | 12.9 | |||||
| P/S | — | — | — | — | — | 0.49 | 0.49 | 1.37 | 1.76 | 1.46 | 1.49 | 1.1 | ||||||
| P/B | — | — | — | — | — | 0.75 | 0.75 | 1.84 | 2.55 | 2.05 | 2.11 | 1.6 | ||||||
| EV/Sales | — | — | — | — | — | 0.38 | 0.38 | 1.31 | 1.71 | 1.39 | — | 1.0 | ||||||
| EV/FCF | — | — | — | — | — | 1.19 | 1.19 | 3.51 | 6.54 | 4.93 | — | 3.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | 175 | 209 | 338 | 305 | 408 | 441 | +23.5% | |||||
| Capex | — | — | — | — | — | (2) | (2) | (3) | (4) | (7) | (5) | +36.4% | ||||||
| Free cash flow | — | — | — | — | — | 173 | 207 | 335 | 301 | 401 | 441 | +23.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | (798) | (951) | (1,242) | (1,436) | (1,725) | (2,510) | +21.3% | |||||
| Net debt | — | — | — | — | — | (57) | (75) | (50) | (58) | (99) | 11 | +14.6% | ||||||
| Shareholders’ equity | — | — | — | — | — | 426 | 422 | 661 | 794 | 1,010 | 1,276 | +24.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 0.92 | 3.17 | 3.56 | 3.99 | 3.27 | +4.0 pt | |||||
| ROIC | — | — | — | — | — | 8.19 | 8.98 | 11.27 | 12.96 | 14.85 | 11.84 | +6.7 pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 4.84 | 15.57 | 16.33 | 18.85 | 17.14 | +18.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 441 | 448 | 515 | 580 | 611 | — | +8.5% | |||||
| Revenue/emp, $m | — | — | — | — | — | 1.25 | 1.43 | 1.72 | 1.98 | 2.32 | — | +16.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Skyward Specialty Insurance Group, Inc. vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MCY Mercury General Corporation | $4.7B | 7.3× | 7.0× | −12.84% (below 0%: shrinking) | n/m | −25.62% (below 0%: shrinking) | 7.63% | (0.92%) | Compare |
| PLMR Palomar Holdings, Inc. | $4.1B | 20.2× | 17.7× | +54.65% (above 0%: growing) | +14.94% (above 0%: growing) | +38.21% (above 0%: growing) | 23.77% | 23.77% | Compare |
| LMND Lemonade, Inc. | $3.2B | — (loss-making) | — (loss-making) | +72.80% (above 0%: growing) | n/m | −26.92% (below 0%: shrinking) | 44.24% | (12.85%) | Compare |
| SLDE Slide Insurance Holdings, Inc. | $3.1B | 5.4× | 6.9× | +35.89% (above 0%: growing) | +33.02% (above 0%: growing) | −301.53% (below 0%: shrinking) | 59.14% | 45.24% | Compare |
| SKWD Skyward Specialty Insurance Group, Inc. | $2.8B | 14.4× | 13.6× | +53.03% (above 0%: growing) | +14.58% (above 0%: growing) | −23.60% (below 0%: shrinking) | 43.47% | 14.78% | |
| HCI HCI Group, Inc. | $2.4B | 7.5× | 9.1× | +13.20% (above 0%: growing) | +32.08% (above 0%: growing) | +187.69% (above 0%: growing) | 60.37% | 48.08% | Compare |
| PRCH Porch Group, Inc. | $2.3B | 344× | 294× | +13.02% (above 0%: growing) | n/m | +50.01% (above 0%: growing) | 74.98% | 12.57% | Compare |
| HMN Horace Mann Educators Corporation | $2.2B | 12.1× | 11.2× | +0.16% (above 0%: growing) | +0.73% (above 0%: growing) | +70.37% (above 0%: growing) | 50.05% | 18.72% | Compare |
| KMPR Kemper Corporation | $2.1B | — (loss-making) | — (loss-making) | −10.84% (below 0%: shrinking) | n/m | −76.71% (below 0%: shrinking) | 0.17% | (41.92%) | Compare |
| Median of peers | $2.7B | 9.8× | 10.1× | +13.11% | +23.51% | +6.30% | 47.15% | 15.65% |
Pay and ownership Proxy statement filed 25 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 5.53m | 6.10m | 267.59 |
| 2024 | 4.64m | 17.05m | 264.61 |
| 2023 | 8.62m | 23.15m | 177.38 |
Ownership
Directors and executive officers, together
8.52%
BlackRock, Inc.
6.35%
James Hays
6.33%
Reinhart Partners, LLC
5.43%
Vanguard Group, Inc.
5.10%
Capital International Investors
5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Skyward Specialty Insurance Group, Inc. (SKWD) Latest News
14 Oct
30 Sep
22 Sep
5 Aug
SKWD metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score