Skyward Specialty Insurance Group, Inc. (SKWD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-309.4%

-$128.01

vs $61.13 price

Levered DCF

$751.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.34

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2013	FY2012
P/E	12.14×	17.07×	14.48×	18.19×	16.19×	-9.6×	65.86×	-578.79×
P/B	2.05×	2.55×	1.85×	1.7×	1.46×	8.8×	3.62×	0×
P/S	1.46×	1.76×	1.36×	1.13×	1.16×	1.49×	3.29×	7.3×
EV / EBITDA	8.86×	12.21×	10.35×	13.29×	12.07×	-8.23×	44.26×	0×
Gross margin	44.0%	28.6%	30.3%	26.4%	25.1%	10.9%	100.0%	100.0%
Operating margin	15.3%	13.3%	12.3%	7.8%	9.0%	-21.1%	9.6%	0.5%
Net margin	12.0%	10.4%	9.6%	6.2%	7.2%	-16.7%	5.0%	-1.3%
Current ratio	0.95×	6.41×	0×	0×	0×	5.8×	2.21×	0×
Debt / equity	0.12×	0.15×	0.19×	0.31×	0.3×	0.42×	0.5×	0×
Interest coverage	27.33×	16.08×	10.98×	7.77×	10.45×	-17.09×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2013	FY2012
Return on equity	16.8%	15.0%	13.0%	9.3%	9.0%	-98.5%	5.5%	0.0%
Return on invested capital	15.1%	3.5%	10.9%	1.7%	6.9%	-33.8%	1.5%	0.0%
Return on assets	3.5%	3.2%	2.9%	1.7%	1.8%	-15.3%	1.2%	0.0%
Free cash flow yield	19.5%	14.9%	27.4%	28.8%	27.9%	6.4%	0.0%	0.0%
Earnings yield	8.2%	5.9%	7.0%	5.5%	6.2%	-11.2%	1.5%	-0.2%
Enterprise value	$2B	$2B	$1.3B	$801.3M	$706.6M	$683.4M	$740.8M	$0
Net debt / EBITDA	-0.21×	-0.01×	0.51×	1.38×	1.48×	-0.2×	1.35×	0×
Cash conversion cycle (days)	248	262	199	287	296	96	0	0