| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 80 | 13.0x | 17.8x | Top tier | |
Growth | 90 | 37.3% | 7.1% | Top tier | |
Quality | 89 | — | — | Top tier | |
Safety | 24 | — | — | Bottom tier | |
Capital Return | 14 | — | 2.12% | Bottom tier | |
Momentum | 78 | 26.5% | 2.9% | Top tier | |
Sentiment | 72 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Skyward Specialty Insurance Group operates in specialty commercial insurance through two integrated platforms: Skyward Specialty, which underwrites risks directly, and Apollo, which combines underwriting, Lloyd’s syndicate management, and fee generation from third-party capital. The company follows a “Rule Our Niche” strategy to direct capital toward areas such as Accident & Health, Global Agriculture, Credit & Surety, and Specialty Programs, while reducing activity in markets where pricing is declining or where loss-cost inflation is difficult to estimate. In fiscal Q2 2026, Skyward Specialty accounted for approximately 90% of total gross written premiums of $741 million, at $668 million, compared with approximately $73 million from Apollo.
In fiscal Q2 2026, gross written premiums increased 13% year over year to $741 million, and managed premiums increased 18% to $1.1 billion. The company reported net income of $49 million and operating income of $59 million, while diluted operating earnings per share increased 46% to $1.30. Annualized operating return on equity was 19%, and operating return on equity for the first six months of fiscal 2026 reached 20.4%, with operating income of $116 million.
Underwriting profitability remained strong in fiscal Q2 2026, with the group combined ratio at 89.5%, including 1.9 points of catastrophe losses, and declining to 87.6% excluding them. Skyward Specialty achieved a combined ratio of 86.9% and an expense ratio of 24.3%, while Apollo’s combined ratio was approximately 97.6% for the quarter, affected by 5.4 points of catastrophe losses; however, according to management, Apollo’s six-month ratio of 91.3% provides a more representative picture. At the financial-statement level, trailing twelve-month revenue reported in fiscal 2026 was approximately $2.6 billion, with net income of $177.7 million and earnings per share of approximately $3.91.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $66.33, within a relatively wide range of $59 to $72, with a consensus rating of “Buy”; the average is only approximately $0.64 above the 52-week range high of $65.69. No published price-to-earnings ratio is available in the data, but management said on August 5, 2026, that the valuation was equivalent to approximately 12 times fiscal 2026 earnings guidance; this valuation should be weighed against weak property pricing, the expected increase in the loss ratio due to the changing business mix, and volatility in Apollo’s Middle East losses.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Gross written premiums increased 13% year over year to $741 million, and managed premiums increased 18% to $1.1 billion. Net income was $49 million and operating income was $59 million, with diluted operating earnings per share increasing 46% to $1.30. The group also reported a combined ratio of 89.5% and an annualized operating return on equity of 19%.
Apollo reported gross written premiums of $73 million in fiscal Q2 2026, up 6%, while specialized Syndicate 1969 premiums increased 8%. More importantly, fee-generating premiums jumped 29% to $318 million, including 80% growth in Platform Partner syndicates. Apollo generated underwriting fee income of $13 million, with fiscal 2026 guidance of between $30 million and $35 million in fee-related pretax net income.
The company uses SkyView and machine learning and agentic underwriting tools to automate submission intake and the analysis of contracts and forms. Management reported that these tools accelerated the delivery of submissions to underwriters by 40% and improved quote issuance speed by 35%, while half of underwriting now benefits from machine learning and predictive analytics. In Surety, SkyScore uses financial data to assess each client across ten dimensions, as the activity exceeded an annual premium run rate of $200 million, according to management’s comments on August 5, 2026.
Management linked Accident & Health growth to product-market fit, a focus on medical cost management for small accounts, and the launch of a group insurance captive model. The exit of two reinsurance companies from the market also increased available opportunities, while a significant portion of distribution shifted from relationships with third-party claims administrators to retail brokers. In Global Agriculture, most of the fiscal Q2 2026 growth came from premium adjustments in the U.S. Dairy Livestock program, a market that management estimated at approximately $2 billion.
The company faces pricing pressure in global property and E&S property, and global property activity declined 15% in fiscal Q2 2026. In injury-related liability lines, management said loss-cost inflation exceeds 10% in some areas, so the company is reducing exposure and maintaining low coverage limits. Apollo also recorded approximately 5.4 points of catastrophe losses primarily related to the conflict in the Middle East, raising its quarterly combined ratio to 97.6%.
Shareholders’ equity was approximately $1.3 billion on June 30, 2026, and book value per share increased 15% since the end of fiscal 2025 to $28.55. Financial leverage declined to 26% after the repayment of $50 million of a $150 million term loan maturing at the end of 2027. The company repurchased 223 thousand shares for approximately $10 million during fiscal Q2 2026, then increased the authorization to $100 million in July 2026.
