Stocks TWFG Financial statements
Financial statementsTWFG, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data TWFG, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2022 | FY2024 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Revenue | 154 | 172 | 204 | 249 |
| Operating expenses | 130 | 147 | 176 | 212 |
| Operating income | 23.7 | 25.4 | 27.9 | 37 |
| Interest expense | 0.4 | 1 | 2.22 | 0.29 |
| Other non-operating income | -0.02 | -0.02 | 0.01 | 1.14 |
| Pre-tax income | 23.3 | 25.3 | 30.1 | 44.4 |
| Income tax | 0 | 0 | 1.5 | 3.28 |
| Income from continuing operations | 23.3 | 25.3 | 28.6 | 41.2 |
| Net income to minority interests | 20.6 | 26.1 | 25.8 | 33.2 |
| Net income | 0 | 0 | 2.75 | 7.96 |
| EBITDA | 27 | 30.3 | 39.9 | 55.3 |
| EPS, basic | 0.19 | 0.53 | ||
| EPS, diluted | 0.19 | 0.53 | ||
| Shares, basic (weighted) | 14.8 | 14.9 | ||
| Shares, diluted (weighted) | 15 | 15.1 |
Balance sheet
| FY2022 | FY2024 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Cash and equivalents | 22.3 | 39.3 | 196 | 156 |
| Receivables | 5.98 | 7.84 | 7.47 | |
| Other current assets | 1.55 | 1.62 | 12.8 | |
| Total current assets | 75.1 | 242 | 226 | |
| Property, plant and equipment | 0.6 | 3.5 | 3.31 | |
| Lease right-of-use assets | 2.46 | 4.49 | 4.19 | |
| Intangible assets | 36.4 | 73 | 139 | |
| Other non-current assets | 0.84 | 0.61 | 0.69 | |
| Total assets | 115 | 323 | 372 | |
| Accounts payable | 1.57 | 3.23 | 1.57 | |
| Accrued liabilities | 0.52 | 1.57 | 2.53 | |
| Short-term debt | 2.78 | 1.91 | 1.97 | |
| Total current liabilities | 34.9 | 39.6 | 44.1 | |
| Long-term debt | 48 | 4.01 | 2.04 | |
| Lease liabilities | 1.52 | 3.37 | 2.9 | |
| Other non-current liabilities | 0 | 0.02 | 0 | |
| Total liabilities | 84.4 | 48.1 | 55.7 | |
| Total debt | 50.7 | 7.64 | 4.01 | |
| Paid-in capital | 25.1 | 58.4 | 60 | |
| Retained earnings | 4.81 | 15.3 | 23.3 | |
| Other comprehensive income | 0.5 | 0.08 | 0.03 | |
| Shareholders' equity | 31.1 | 73.9 | 83.4 | |
| Minority interests | 0 | 201 | 215 | |
| Total equity | 31.1 | 275 | 299 | |
| Total liabilities and equity | 115 | 323 | 372 |
Cash flow statement
| FY2022 | FY2024 | FY2024 | FY2025 | |
|---|---|---|---|---|
| Net income | 20.6 | 26.1 | 28.6 | 41.2 |
| Depreciation and amortization | 3.3 | 4.86 | 12 | 18.4 |
| Stock-based compensation | 0 | 0 | 2.22 | 4.58 |
| Deferred income tax | 0 | 0 | ||
| Change in receivables | -1.55 | -0.38 | -1.76 | 0.37 |
| Change in payables | -0.07 | 0.13 | 0 | |
| Cash from operations | 25.8 | 30.2 | 40.5 | 53.5 |
| Capital expenditures | -0.12 | -0.26 | -3.2 | -0.36 |
| Cash from investing | -14.5 | -14.7 | -25.1 | -70.4 |
| Debt issued | 0 | 41 | 0 | 0 |
| Debt repaid | -2.56 | -2.64 | -43.4 | -1.91 |
| Cash from financing | -15.3 | -9.7 | 143 | -20.5 |
| Net change in cash | -4.01 | 5.8 | 159 | -37.4 |
| Free cash flow | 25.6 | 29.9 | 37.3 | 53.1 |
| Interest paid | 0.4 | 0.83 | 2.3 | 0.19 |
| Income taxes paid | 0 | 0 | 3.27 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 18.3% | Operating income / revenue. |
| EBITDA margin | 26.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 20.3% | Pre-tax income / revenue. |
| Net margin | 3.0% | Net income / revenue. |
| FCF margin | 20.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 20.6% | Cash from operations / revenue. |
| Effective tax rate | 7.0% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 19.1% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 2.5% | Net income / average total assets. |
| Stock-based pay / revenue | 1.3% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.4% | Capital expenditures / revenue. |
| D&A / revenue | 8.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 22.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 17.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income growth, 1y | 32.4% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 16.0% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 38.5% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 27.0% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 190.1% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | 178.9% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 32.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 27.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 42.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 27.5% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 12.9% | Book value vs the same period a year earlier. Only from a positive base. |
| Total assets growth, 1y | 15.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Share count change, 1y | 0.8% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.56x | Current assets / current liabilities. |
| Quick ratio | 1.32x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.11x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.07x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 0.8% | Total debt / total assets. |
| Liabilities / assets | 19.9% | Total liabilities / total assets. |
| Net debt | -$70.7M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | -0.90x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 211x | Operating income / interest expense. |
| Working capital | $104.0M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 49.9% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$132.6M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.82x | Revenue / average total assets. |
| Fixed asset turnover | 77.4x | Revenue / average property, plant and equipment. |
| Receivables turnover | 20.7x | Revenue / average receivables. |
| Days sales outstanding | 18 days | 365 x average receivables / revenue. |
| FCF conversion | 678.5% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 1.8% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.67 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $22.50 | Revenue / diluted weighted shares. |
| FCF per share | $4.56 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $4.64 | Cash from operations / diluted weighted shares. |
| Book value per share | $3.52 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$10.12 | Tangible book value / shares outstanding. |
| Cash per share | $5.63 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.31B | Share price x shares outstanding. |
| Enterprise value | $1.23B | Market cap + total debt - cash - short-term investments. |
| P/E | 148x | Market cap / net income. Only when net income is positive. |
| P/S | 4.43x | Market cap / revenue. |
| P/B | 28.3x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 21.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 21.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 4.19x | Enterprise value / revenue. |
| EV/EBIT | 22.9x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 15.8x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 20.7x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.6% | Free cash flow / market cap. |
| Earnings yield | 0.7% | Net income / market cap (the inverse of P/E). |
What was TWFG, Inc.'s revenue in fiscal 2025?
TWFG, Inc. reported revenue of $248.5M for fiscal 2025, 22% higher than the year before.
Was TWFG, Inc. profitable in fiscal 2025?
Yes. Net income was $8.0M, a net margin of 3.2%.
How much free cash flow did TWFG, Inc. generate in fiscal 2025?
Cash from operations of $53.5M minus capital expenditures of $356.0K left free cash flow of $53.1M.