Skyward Specialty Insurance Group, Inc. (SKWD) Balance Sheet
SKWD balance sheet, 2025
December 31, 2025 · U.S. dollars$4.79B assets = $3.78B liabilities + $1.01B equity
Both columns are drawn to the same scale: what SKWD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SKWD financial health
Descriptive bands, not a rating. Fiscal 2025.
SKWD balance sheet trends, 2013–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $934.6M2013 | $4.79B2025 | +31.3%/yr | |
| Total liabilities | $736.3M2013 | $3.78B2025 | +31.4%/yr | |
| Shareholders’ equity | $198.3M2013 | $1.01B2025 | +31.2%/yr | |
| Cash & short-term investments | $77.2M2013 | $1.55B2025 | +64.9%/yr | |
| Total debt | $99.8M2013 | $120.0M2025 | +3.1%/yr | |
| Net cash (debt) | −$22.6M2013 | $1.43B2025 | +$1.5B | |
| Working capital | $42.3M2013 | −$177.0M2025 | −$219.3M | |
| Book value per share | $5.272013 | $24.112025 | +28.8%/yr | |
| Debt / equity | 0.502013 | 0.122025 | −0.38 | |
| Shares outstanding | 37.6M2013 | 41.9M2025 | +1.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SKWD assets
SKWD liabilities and equity
SKWD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SKWD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2013 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $1.55B | $1.18B | $1.35B | $774.2M | $664.7M | $74.9M | $77.2M |
| Cash & equivalents | $168.5M | $121.6M | $65.9M | $45.4M | $42.1M | $15.9M | $77.2M |
| Short-term investments | $1.38B | $1.05B | $1.29B | $728.7M | $622.6M | $59.0M | — |
| Receivables | $1.66B | $1.18B | $775.6M | $720.6M | $648.5M | $163.3M | $50.3M |
| Inventory | $0 | −$777.4M | −$549.8M | −$408.5M | −$403.5M | −$466.4M | $0 |
| Other current assets | $269.5M | $981.3M | $0 | $408.5M | $0 | $466.4M | $0 |
| Total current assets | $3.49B | $2.56B | $585.9M | $1.49B | $854.9M | $238.2M | $77.2M |
| Property, plant & equipment (net) | $15.1M | $15.3M | $9.1M | $16.9M | $9.6M | $22.6M | $11.1M |
| Goodwill & intangible assets | $224.1M | $87.3M | $88.4M | $158.8M | $91.3M | $84.0M | $72.1M |
| Long-term investments | $2.23B | $1.81B | $1.45B | $1.03B | $919.8M | $760.0M | $0 |
| Other non-current assets | $0 | $0 | $820.9M | $0 | $242.6M | $0 | $774.2M |
| Total assets | $4.79B | $3.73B | $2.95B | $2.37B | $2.12B | $487.2M | $934.6M |
| Liabilities | |||||||
| Accounts payable | $394.9M | $253.3M | $201.0M | $165.7M | $160.7M | $41.1M | — |
| Short-term debt | — | $43.0M | $50.0M | $2.2M | $2.4M | — | — |
| Deferred revenue | $774.0M | — | $552.5M | $163.5M | $363.3M | — | — |
| Total current liabilities | $3.66B | $398.9M | $2.21B | $165.7M | $1.56B | $41.1M | $34.9M |
| Long-term debt | $120.0M | $76.5M | $128.7M | $165.5M | $128.5M | $128.4M | $0 |
| Other long-term liabilities | $0 | $2.46B | $1.38B | $228,000 | $858.6M | $0 | $701.4M |
| Total liabilities | $3.78B | $2.94B | $2.29B | $1.95B | $1.69B | $411.4M | $736.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $405,000 | $401,000 | $399,000 | $168,000 | $168,000 | $42,000 | $312,000 |
| Retained earnings (deficit) | $267.1M | $97.1M | −$21.7M | −$105.4M | −$144.8M | −$183.1M | −$175.0M |
| Treasury stock | — | — | — | −$2,000 | — | — | — |
| Accumulated other comprehensive income | $11.5M | −$22.1M | −$23.0M | −$43.5M | $4.6M | $9.7M | −$3.2M |
| Total shareholders' equity | $1.01B | $794.0M | $661.0M | $421.7M | $426.1M | $75.8M | $198.3M |
| Key figures | |||||||
| Total debt | $120.0M | $119.5M | $128.7M | $167.7M | $128.5M | $32.1M | $99.8M |
| Net cash (debt) | $1.43B | $1.06B | $1.23B | $606.5M | $536.2M | $42.7M | −$22.6M |
| Working capital | −$177.0M | $2.16B | −$1.63B | $1.33B | −$708.7M | $197.1M | $42.3M |
| Tangible book value | $785.4M | $706.7M | $572.6M | $262.9M | $334.7M | −$8.2M | $126.2M |
| Book value per share | $24.11 | $19.19 | $17.25 | $11.21 | $13.12 | $2.17 | $5.27 |
| Shares outstanding | 41.9M | 41.4M | 38.3M | 37.6M | 32.5M | 34.9M | 37.6M |
| Current ratio | 0.95 | 6.41 | 0.26 | 9.02 | 0.55 | 5.80 | 2.21 |
| Quick ratio | 0.88 | 5.90 | 0.96 | 9.02 | 0.84 | 5.80 | 3.65 |
| Debt / equity | 0.12 | 0.15 | 0.19 | 0.40 | 0.30 | 0.42 | 0.50 |
| Equity / assets | 21.1% | 21.3% | 22.4% | 17.8% | 20.1% | 15.6% | 21.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.41B | $1.86B | $1.55B | $1.48B | $1.32B | $1.24B | $1.18B | $1.08B | $961.5M | $932.8M | $370.6M | $1.12B |
| Cash & equivalents | $219.2M | $255.9M | $168.5M | $160.1M | $136.6M | $112.9M | $121.6M | $105.6M | $73.0M | $85.1M | $100.3M | $53.7M |
| Short-term investments | $2.19B | $1.60B | $1.38B | $1.32B | $1.19B | $1.13B | $1.05B | $972.4M | $888.5M | $847.8M | $270.2M | $1.07B |
| Receivables | $978.4M | $2.17B | $1.66B | $1.51B | $1.44B | $1.32B | $1.18B | $1.01B | $1.05B | $885.5M | $775.6M | $827.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$684.9M | −$450.3M | −$358.5M | $0 | −$568.9M |
| Other current assets | $0 | $375.4M | $269.5M | $314.6M | $0 | $0 | $203.9M | $967.6M | $0 | $0 | $0 | $568.9M |
| Total current assets | $3.39B | $4.40B | $3.49B | $3.30B | $2.28B | $1.93B | $2.56B | $2.37B | $485.6M | $388.7M | $555.4M | $1.95B |
| Property, plant & equipment (net) | $0 | $0 | $15.1M | $0 | $0 | $0 | $15.3M | −$1.90B | $1.17B | $9.1M | $9.1M | −$135.0M |
| Goodwill & intangible assets | $471.2M | $1.14B | $224.1M | $233.3M | $88.8M | $87.1M | $87.3M | $87.6M | −$28.6M | $258.6M | $88.4M | −$10.4M |
| Long-term investments | $2.68B | $2.68B | $2.23B | $2.17B | $2.03B | $1.94B | $1.81B | $1.83B | $1.67B | $1.63B | $1.45B | $1.22B |
| Other non-current assets | $243.3M | $0 | $0 | $0 | $0 | $75.8M | $0 | $1.21B | $141.8M | $903.9M | $74.6M | $0 |
| Total assets | $6.78B | $6.55B | $4.79B | $4.59B | $4.34B | $4.03B | $3.73B | $3.60B | $3.44B | $3.19B | $2.18B | $2.85B |
| Liabilities | ||||||||||||
| Accounts payable | $636.2M | $628.1M | $394.9M | $391.3M | $401.8M | $321.2M | $253.3M | $274.0M | $267.4M | $247.2M | $201.0M | $226.2M |
| Short-term debt | $360.6M | $409.4M | — | $43.0M | $43.0M | $43.0M | $43.0M | — | — | $50.0M | — | — |
| Deferred revenue | — | $1.01B | $774.0M | $885.7M | — | — | — | $692.5M | — | — | — | — |
| Total current liabilities | — | $5.25B | $3.66B | $3.56B | — | $478.0M | $398.9M | $2.68B | $985.3M | $336.1M | $868.3M | $226.2M |
| Long-term debt | $76.6M | $76.6M | $120.0M | $76.6M | $76.6M | $76.5M | $76.5M | $119.0M | $118.9M | $118.9M | $128.7M | $128.7M |
| Other long-term liabilities | $3.66B | $0 | $0 | $0 | $3.36B | $3.10B | $2.46B | $1.73B | $1.65B | $2.38B | $512.9M | $1.32B |
| Total liabilities | $5.51B | $5.32B | $3.78B | $3.63B | $3.44B | $3.18B | $2.94B | $2.80B | $2.71B | $2.49B | $1.51B | $2.32B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $448,000 | $484,000 | $405,000 | $405,000 | $405,000 | $404,000 | $401,000 | $401,000 | $401,000 | $400,000 | $399,000 | $377,000 |
| Retained earnings (deficit) | $365.9M | $316.9M | $267.1M | $223.9M | $178.0M | $139.2M | $97.1M | $82.7M | $46.0M | $15.1M | −$21.7M | −$51.0M |
| Accumulated other comprehensive income | −$7.1M | −$6.1M | $11.5M | $9.5M | −$2.7M | −$10.0M | −$22.1M | −$1.7M | −$31.1M | −$34.5M | −$23.0M | −$53.7M |
| Total shareholders' equity | $1.27B | $1.22B | $1.01B | $961.4M | $899.9M | $850.7M | $794.0M | $797.5M | $723.6M | $692.3M | $666.6M | $535.4M |
| Key figures | ||||||||||||
| Total debt | $437.2M | $486.0M | $120.0M | $119.6M | $119.6M | $119.5M | $119.5M | $119.0M | $118.9M | $118.9M | $128.7M | $128.7M |
| Net cash (debt) | $1.97B | $1.37B | $1.43B | $1.36B | $1.20B | $1.12B | $1.06B | $959.0M | $842.6M | $813.9M | $241.9M | $994.0M |
| Working capital | — | −$845.0M | −$177.0M | −$255.7M | — | $1.45B | $2.16B | −$307.8M | −$499.7M | $52.6M | −$313.0M | $1.72B |
| Tangible book value | $796.4M | $84.5M | $785.4M | $728.1M | $811.1M | $763.6M | $706.7M | $709.9M | $752.3M | $433.7M | $578.2M | $545.8M |
| Book value per share | $30.27 | $29.25 | $24.11 | $22.96 | $21.49 | $20.56 | $19.08 | $19.25 | $17.58 | $16.85 | $16.84 | $13.94 |
| Shares outstanding | 41.9M | 41.9M | 41.9M | 41.9M | 41.9M | 41.4M | 41.6M | 41.4M | 41.2M | 41.1M | 39.6M | 38.4M |
| Current ratio | — | 0.84 | 0.95 | 0.93 | — | 4.03 | 6.41 | 0.89 | 0.49 | 1.16 | 0.64 | 8.62 |
| Quick ratio | — | 0.77 | 0.88 | 0.84 | — | 5.36 | 5.90 | 0.78 | 2.04 | 5.41 | 1.32 | 8.62 |
| Debt / equity | 0.34 | 0.40 | 0.12 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 | 0.16 | 0.17 | 0.19 | 0.24 |
| Equity / assets | 18.7% | 18.7% | 21.1% | 20.9% | 20.8% | 21.1% | 21.3% | 22.2% | 21.1% | 21.7% | 30.6% | 18.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
SKWD financial position
At the end of fiscal 2025 (December 31, 2025), Skyward Specialty Insurance had total assets of $4.8 billion (up 28.5% from a year earlier), total liabilities of $3.8 billion and shareholders' equity of $1.0 billion. It held $1.6 billion in cash and short-term investments against $120.0 million of debt, a net cash position of $1.4 billion. Its current ratio was 0.95. In the latest quarter (ended June 30, 2026) total assets were $6.8 billion and equity $1.3 billion.
Related: SKWD income statement, SKWD cash flow statement, SKWD key metrics. See the SKWD stock overview for the latest quote and news.
SKWD balance sheet FAQ
What are Skyward Specialty Insurance's total assets?
Skyward Specialty Insurance reported total assets of $4.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.7 billion a year earlier.
How much debt does Skyward Specialty Insurance have?
Skyward Specialty Insurance had $120.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.12.
How much cash does Skyward Specialty Insurance have?
Skyward Specialty Insurance held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $120.0 million of debt that is net cash of $1.4 billion.
What is Skyward Specialty Insurance's book value?
Skyward Specialty Insurance's shareholders' equity (book value) was $1.0 billion at the end of fiscal 2025, or $24.11 per share.
What is Skyward Specialty Insurance's current ratio?
Skyward Specialty Insurance had current assets of $3.5 billion and current liabilities of $3.7 billion, a current ratio of 0.95 (current liabilities exceed current assets).
How much goodwill does Skyward Specialty Insurance have?
Skyward Specialty Insurance carried $224.1 million of goodwill and intangible assets, 4.7% of total assets, at the end of fiscal 2025.