SKWDSkyward Specialty Insurance Group, Inc.
Fire, Marine & Casualty Insurance
- Revenue
- $12M
- 16% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.6B
- Employees
- 611
- $20K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 1.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo240% of net incomeCash flow under 80% of net income
- Dilutive SBCYes97% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentYes72% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$20K · 6th pctBottom quartile of its SIC industry
- Quiet on AINo1.7 per 10K words · 50th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$559K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4M | $5M | $10M | $11M | $12M | 16% |
| Net income | $38M | $39M | $86M | $119M | $170M | 43% |
| Operating cash flow | $175M | $209M | $338M | $305M | $408M | 34% |
| Capex | $2M | $2M | $3M | $4M | $5M | 29% |
| Stock-based comp | $522K | $2M | $9M | $9M | $12M | 27% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $2M · 11
- Open-market sells, 12 mo
- $969K · 9
- Net
- $559K
Pay vs performance
No pay-versus-performance disclosure yet.