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SKWD

Skyward Specialty Insurance Group, Inc.

SKWD

Skyward Specialty Insurance Group, Inc. • NASDAQ
$48.96 ▼ -0.08% (-0.04)
Market Cap $1.98 B
52w High $65.05
52w Low $41.28
Dividend Yield 0%
P/E 14.53
Volume 111.09K
Outstanding Shares 40.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $382.181M ▲ $58.611M ▲ $45.901M ▲ 12.01% ▼ $1.13 ▲ $62.921M ▲
Q2-2025 $320.801M ▼ $45.108M ▼ $38.839M ▼ 12.107% ▼ $0.96 ▼ $52.043M ▼
Q1-2025 $330.515M ▲ $47.281M ▲ $42.058M ▲ 12.725% ▲ $1.05 ▲ $53.606M ▲
Q4-2024 $304.474M ▲ $44.898M ▼ $14.406M ▼ 4.731% ▼ $0.36 ▼ $21.553M ▼
Q3-2024 $302.032M $47.293M $36.668M 12.14% $0.91 $49.433M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.479B ▲ $4.594B ▲ $3.633B ▲ $961.423M ▲
Q2-2025 $1.323B ▲ $4.336B ▲ $3.436B ▲ $899.915M ▲
Q1-2025 $1.241B ▲ $4.031B ▲ $3.18B ▲ $850.721M ▲
Q4-2024 $1.175B ▲ $3.729B ▲ $2.935B ▲ $793.999M ▼
Q3-2024 $1.078B $3.599B $2.801B $797.507M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $45.901M ▲ $171.368M ▲ $-146.267M ▼ $0 $25.101M ▲ $168.908M ▲
Q2-2025 $38.839M ▼ $88.18M ▼ $-68.522M ▲ $0 $19.658M ▲ $85.095M ▼
Q1-2025 $42.058M ▲ $96.76M ▲ $-100.779M ▼ $0 ▼ $-4.019M ▼ $96.558M ▲
Q4-2024 $14.406M ▼ $21.899M ▼ $-15.731M ▲ $1K ▼ $6.169M ▼ $20.823M ▼
Q3-2024 $36.668M $167.996M $-130.139M $5.232M $43.089M $167.617M

Five-Year Company Overview

Income Statement

Income Statement Skyward has shifted from loss-making to consistently profitable over the past few years, with revenue and earnings climbing each year. Profitability has improved not just because it is writing more business, but also because underwriting and expense control appear to be more disciplined. Earnings per share have grown strongly, suggesting the business is scaling well. As with any insurer, results can still be volatile if large losses or adverse claims trends emerge, but the recent pattern shows a clear move toward stronger, more stable performance.

Balance Sheet

Balance Sheet The balance sheet has steadily strengthened. Total assets have grown in line with the expanding business, while shareholders’ equity has increased meaningfully, indicating retained profits and a thicker capital cushion. Debt is relatively modest and has not grown, which keeps financial leverage in check. Cash on hand is a small portion of total assets, which is typical for an insurer that invests premiums in a broader portfolio, but overall the capital position looks progressively more robust than a few years ago.

Cash Flow

Cash Flow Cash generation is a clear positive. Operating cash flow has been consistently positive and has grown over time, broadly matching the improvement in earnings. Because the business is not capital‑intensive, it spends very little on physical assets, so free cash flow is close to operating cash flow. That means most cash generated can support growth, bolster capital, or be used for strategic initiatives. As always in insurance, cash flows can swing with claims patterns and reserve movements, but the multi‑year trend is favorable.

Competitive Edge

Competitive Edge Skyward operates in specialty property and casualty niches rather than broad, commoditized markets. Its strategy is to “rule its niche” by focusing on complex and underserved segments where expertise, data, and relationships matter more than price alone. The company is diversified across multiple specialty divisions, which spreads risk and allows it to lean into the most attractive areas. Its proprietary technology platforms for underwriting and analytics, combined with deep domain knowledge in targeted sectors, create meaningful barriers to entry. At the same time, it competes with larger insurers that can decide to enter these niches, and it faces the usual industry pressures from pricing cycles, regulation, and large loss events. The planned expansion through the Apollo acquisition could strengthen its global and Lloyd’s market presence but also adds integration and execution risk.

Innovation and R&D

Innovation and R&D Innovation is a central part of Skyward’s identity. It has built several proprietary platforms—like SkyBI, SkyVUE, and SkyVantage—that use data, visualization, and artificial intelligence to sharpen risk selection, pricing, and claims management. This technology focus is especially important in the complex risks it targets, where good information can materially improve underwriting results. On the product side, Skyward has launched distinctive solutions such as specialized surety for renewable energy projects, an industry‑first well decommissioning product, and tailored coverage for emerging areas like Web3 and legal cannabis. The pending Apollo deal should add more specialty products and access to the Lloyd’s market and sharing‑economy risks. The opportunity is to keep turning these innovations into sustainable underwriting profits; the risk is that rapid expansion, new niches, and advanced tech all require careful governance and constant refinement.

Summary

Overall, Skyward looks like a fast‑growing specialty insurer that has moved from early‑stage losses to solid profitability, supported by disciplined underwriting and a focused niche strategy. Its balance sheet and cash generation have both trended stronger, giving it the financial flexibility to invest in technology and strategic acquisitions. The company’s competitive edge appears to rest on deep expertise in complex lines, proprietary analytics platforms, and a willingness to design novel products for underserved markets. Key things to monitor going forward include underwriting results through different parts of the insurance cycle, claims volatility in its specialty books, successful integration of Apollo, and continued effective use of its technology to maintain its edge as competitors also ramp up their own data and AI capabilities.

NEWS

November 19, 2025 · 4:00 PM UTC

Skyward Specialty Promotes John Burkhart to President, U.S. Property & Casualty

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November 11, 2025 · 8:30 AM UTC

Skyward Specialty Welcomes Christopher Peirce to Board of Directors

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October 29, 2025 · 4:00 PM UTC

Skyward Specialty Insurance Group Reports Third Quarter 2025 Results

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October 13, 2025 · 9:00 AM UTC

Skyward Specialty to Host Third Quarter 2025 Earnings Call Thursday, October 30, 2025

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October 1, 2025 · 8:30 AM UTC

Skyward Specialty Launches New Industry-First Well Decommissioning Solution

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