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Friday 6 November 2026
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TWFG, Inc.
TWFG Financial Insurance Brokers
TWFG, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $248.5 million, up 22.0% from fiscal 2024.
- Revenue
- +24.6%
- EPS
- −18.2%
- Free cash flow
- +0.49%
- Total debt
- −39.1%
Quarter to September 2026, against a year earlier
29.23
0.35
−1.18%
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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 | — | — | — | — | — | — | 154 | 172 | 204 | 249 | 311 | +17.3% | 316 | 366 | 408 | +18.0% | |
| Gross margin, % | — | — | — | — | — | — | 31.82 | 32.08 | 42.05 | 46.27 | 50.30 | +14.5 pt | ||||||
| EBT | — | — | — | — | — | — | 23 | 25 | 30 | 44 | 59 | +23.9% | ||||||
| EBT margin, % | — | — | — | — | — | — | 15.17 | 14.68 | 14.77 | 17.88 | 18.94 | +2.7 pt | ||||||
| Net income | — | — | — | — | — | — | 21 | 26 | 29 | 41 | 55 | +25.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 243.47 | 272.22 | 13.79 | 16.66 | 24.13 | (59.1%) | |||||
| Earnings | — | — | — | — | — | — | — | — | 0.19 | 0.51 | 0.57 | +168.4% | ||||||
| Cash flow | — | — | — | — | — | — | 40.75 | 47.71 | 2.74 | 3.59 | 4.38 | (55.5%) | ||||||
| Capex | — | — | — | — | — | — | (15.57) | (24.76) | (1.70) | (4.17) | (5.02) | (35.5%) | ||||||
| Free cash flow | — | — | — | — | — | — | 25.19 | 22.95 | 1.04 | (0.58) | (0.63) | n/m | ||||||
| Book value | — | — | — | — | — | — | 91.43 | 49.13 | 18.64 | 20.03 | 20.79 | (39.7%) | ||||||
| Shares, m | — | — | — | — | — | — | 1 | 1 | 15 | 15 | 14 | +186.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 1.22 | 1.22 | 2.75 | 56.41 | 51.28 | 15.4 | |||||
| P/S | — | — | — | — | — | — | 1.71 | 1.71 | 2.23 | 1.73 | 1.21 | 1.8 | ||||||
| P/B | — | — | — | — | — | — | 4.86 | 4.86 | 1.65 | 1.44 | 1.41 | 3.2 | ||||||
| EV/Sales | — | — | — | — | — | — | 1.77 | 1.77 | 1.25 | 1.07 | — | 1.5 | ||||||
| EV/FCF | — | — | — | — | — | — | 100.46 | 100.46 | 16.57 | (30.42) | — | 46.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 26 | 30 | 40 | 54 | 56 | +27.6% | |||||
| Capex | — | — | — | — | — | — | (10) | (16) | (25) | (62) | (65) | +84.9% | ||||||
| Free cash flow | — | — | — | — | — | — | 16 | 15 | 15 | (9) | (8) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 48 | 69 | 238 | 211 | 152 | +63.7% | |||||
| Net debt | — | — | — | — | — | — | (19) | 3 | (199) | (164) | (96) | +104.1% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 58 | 31 | 275 | 299 | 268 | +72.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | 22.73 | 1.25 | 2.29 | 2.33 | +2.3 pt | |||||
| ROIC | — | — | — | — | — | — | 38.48 | 46.76 | 23.00 | 17.14 | 19.57 | (21.3) pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 58.75 | 1.79 | 2.77 | 2.99 | +2.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 264 | 293 | 400 | — | +23.1% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.65 | 0.70 | 0.62 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
TWFG, Inc. vs peers in Insurance Brokers (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 |
|---|---|---|---|---|---|---|---|---|---|
| BWIN Baldwin Insurance Group, Inc. | $4.5B | — (loss-making) | — (loss-making) | +30.13% (above 0%: growing) | n/m | +208.10% (above 0%: growing) | 31.81% | (1.69%) | Compare |
| CRVL CorVel Corp. | $4.3B | 35.9× | — | +11.47% (above 0%: growing) | +24.89% (above 0%: growing) | +8.94% (above 0%: growing) | 27.07% | 17.16% | Compare |
| ARX Accelerant Holdings | $4.3B | — (loss-making) | 46.1× | +62.89% (above 0%: growing) | +620.00% (above 0%: growing) | −139.56% (below 0%: shrinking) | 100.00% | 30.96% | Compare |
| NP Neptune Insurance Holdings Inc. | $3.9B | 86.7× | 77.9× | +34.27% (above 0%: growing) | +116.67% (above 0%: growing) | +66.53% (above 0%: growing) | 100.00% | 46.95% | Compare |
| LIFE Ethos Technologies Inc. | $2.1B | — (loss-making) | — (loss-making) | +164.74% (above 0%: growing) | −93.50% (below 0%: shrinking) | +209.99% (above 0%: growing) | 100.00% | 1.64% | Compare |
| GSHD Goosehead Insurance | $2.0B | 39.4× | 32.3× | +20.59% (above 0%: growing) | +110.00% (above 0%: growing) | −63.75% (below 0%: shrinking) | 100.00% | 23.45% | Compare |
| TWFG TWFG, Inc. | $1.6B | 51.3× | 36.1× | +24.63% (above 0%: growing) | −18.18% (below 0%: shrinking) | +0.49% (above 0%: growing) | 47.58% | 11.30% | |
| CRD.B Crawford & Company | $557.3M | 20.6× | 13.4× | −0.87% (below 0%: shrinking) | +24.84% (above 0%: growing) | −102.26% (below 0%: shrinking) | 29.90% | 8.18% | Compare |
| CRD.A Crawford & Company | $543.8M | 21.3× | — | −0.87% (below 0%: shrinking) | +24.84% (above 0%: growing) | −102.26% (below 0%: shrinking) | 29.90% | 8.18% | Compare |
| Median of peers | $3.0B | 35.9× | 39.2× | +25.36% | +24.89% | −27.40% | 65.91% | 12.67% |