# Skyward Specialty Insurance Group, Inc. (SKWD)

> Source: Nexqual · https://nexqual.com/SKWD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Skyward Specialty Insurance Group, Inc. (SKWD), nexqual.com/SKWD" · informational, not investment advice.

**Price:** USD 62.16 (+1.24% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 61.4 · day 61.3–62.47 · 52w 40.6–65.69 · market cap $2.76B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.73B, net income $188M (10.8% margin) (SEC filings).
- Valuation: P/E 14.7x (avg 15.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $465K; 2 not under a Rule 10b5-1 plan ($465K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $94K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 70.73 (range 56–80).
- Total return with dividends: 1Y +33.4% vs S&P 500 +14.9%; 5Y +225.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.22, revenue estimate $509M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $550M | $642M | $886M | $1.15B | $1.42B | $1.73B |
| Net income | $38.3M | $39.4M | $86.0M | $119M | $170M | $188M |
| EPS (diluted) | $1.18 | $1.21 | $2.24 | $2.87 | $4.07 | — |
| Free cash flow | $173M | $207M | $335M | $301M | $403M | — |
| Net margin | 7.0% | 6.1% | 9.7% | 10.3% | 12.0% | 10.8% |
| Revenue growth | — | +16.8% | +37.9% | +29.8% | +23.2% | — |
| Cash + short-term investments | $42.1M | $45.4M | $65.9M | $122M | $169M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.7x · P/S 1.6x · P/B 2.2x · Earnings yield 6.81%
P/E at fiscal year-ends: Dec 2025 12.6x, Dec 2024 17.6x, Dec 2023 15.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-12 | Schmitt Thomas N | CPO, Skyward Group | 8,397 | $431K | 44.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Ashe Gena L | Director | 740 | $34K | 13.9% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $94K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-21 | Kuczinski Anthony J | Director | 2,000 | $94K | 47.1 | Too little history (no open-market trades in 2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 70.73 (low 56, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | TD Cowen | Target raised | Hold | $49 → $65 |
| 2026-08-10 | Keefe, Bruyette & Woods | Target raised | Outperform | $72 → $75 |
| 2026-08-06 | Truist Securities | Target raised | Buy | $70 → $75 |
| 2026-08-05 | Barclays | Target raised | Overweight | $65 → $68 |
| 2026-07-15 | Piper Sandler | Target raised | Overweight | $68 → $72 |
| 2026-07-08 | Keefe, Bruyette & Woods | Target raised | Outperform | $65 → $72 |
| 2026-07-07 | Barclays | Target raised | Overweight | $60 → $65 |
| 2026-07-07 | Piper Sandler | Target raised | Overweight | $55 → $68 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-01-09) |
|---|---|---|
| Total return | +33.4% | +225.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +33.5% | +36.6% |
| Volatility (annualized) | 34.3% | 33.5% |
| Max drawdown | -20.8% (Dec 2025→Mar 2026) | -35.1% (May 2025→Mar 2026) |

## Peers (Insurance - Property & Casualty)
HCI (HCI Group, Inc.) USD 206.68 +1.11% · SLDE (Slide Insurance Holdings, Inc.) USD 27.75 +2.36% · LMND (Lemonade, Inc.) USD 45.41 +0.29% · PRCH (Porch Group, Inc.) USD 17.94 -3.50% · PLMR (Palomar Holdings, Inc.) USD 144.53 +3.85% · HMN (Horace Mann Educators Corporati) USD 47.37 +2.20%

## More
Full page: https://nexqual.com/SKWD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SKWD's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1519449/000151944926000015/skwd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Apollo Group Holdings | "•Retention of Key Personnel and Customers: The success of the acquisition depends in part on our ability to retain key Apollo employees, partners, and customers." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| SUA commission revenue | $2.8M | 60.6% | -10.1% |
| Other | $1.5M | 31.9% | +268.0% |
| SUA fee income | $342,000 | 7.5% | -43.8% |
| Total revenue | $4.6M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.22 | $1.20 | +1.8% | $509.3M | 13 |
| Next quarter (ends 2026-12-31) | $1.26 | $1.26 | +0.2% | $505.3M | 12 |
| Current fiscal year (ends 2026-12-31) | $5.04 | $4.89 | +3.0% | $1.97B | 13 |
| Next fiscal year (ends 2027-12-31) | $5.53 | $5.48 | +0.9% | $2.11B | 12 |