TWFG, Inc. TWFG
We are a leading, high-growth, independent distribution platform for personal and commercial insurance in the U.S. We are pioneers in the insurance industry, developing an agency model built on innovation and experience with what we believe is a more flexible approach than traditional distribution models. Our offerings are fulsome and flexible in that we offer all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate. Since our founding in 2001 by our Chief Executive Officer, Richard F. ("Gordy") Bunch III, we have established a track record of creating solutions for independent agents, insurance carriers and our Clients, with growth regardless of economic and P&C pricing cycles. Our business model, developed by agents for agents, serves over 3,000 TWFG Agencies and offers a differentiated level of autonomy and entrepreneurial opportunity. We provide TWFG Agencies with resources, technology, training and insurance carrier access to succeed in an increasingly complex market. TWFG Agencies leverage our platform, long-standing relationships with insurance carriers and brand recognition in personal and commercial insurance products to win business and tailor coverage to meet our Clients' specific needs. We operate on a singular, integrated agency management system that equips TWFG Agencies with advanced tools for efficient Client management, policy management and communication in a cost-effective manner.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $248.5M | $203.8M | $172.0M | $153.9M | — |
| Total operating expenses | $211.5M | $175.8M | $146.7M | $130.2M | — |
| Operating income | $37.0M | $27.9M | $25.4M | $23.7M | — |
| Interest expense | $287.0K | $2.2M | $1.0M | $398.0K | — |
| Pre-tax income | $44.4M | $30.1M | $25.3M | $23.3M | — |
| Income tax | $3.3M | $1.5M | $0 | $0 | — |
| Net income | $41.2M | $2.7M | $0 | $0 | — |
| EPS, basic | 0.53 | 0.19 | — | — | — |
| EPS, diluted | 0.53 | 0.19 | — | — | — |
| Shares, diluted (wtd. avg.) | $15.1M | $15.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $155.9M | $195.8M | $39.3M | $30.3M | $43.4M |
| Receivables | $7.5M | $7.8M | $6.0M | — | — |
| Total current assets | $225.5M | $241.8M | $75.1M | — | — |
| Property, plant and equipment | $3.3M | $3.5M | $597.0K | — | — |
| Other intangibles | $138.6M | $73.0M | $36.4M | — | — |
| Total assets | $372.3M | $323.4M | $115.4M | — | — |
| Accounts payable | $1.6M | $3.2M | $1.6M | — | — |
| Short-term debt | $2.0M | $1.9M | $2.8M | — | — |
| Total current liabilities | $44.1M | $39.6M | $34.9M | — | — |
| Long-term debt | $2.0M | $4.0M | $48.0M | — | — |
| Total liabilities | $55.7M | $48.1M | $84.4M | — | — |
| Retained earnings | $23.3M | $15.3M | $4.8M | — | — |
| Total equity | $83.4M | $73.9M | $31.1M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $53.5M | $40.5M | $30.2M | $25.8M | — |
| Depreciation and amortisation | $18.4M | $12.0M | $4.9M | $3.3M | — |
| Stock-based compensation | $4.6M | $2.2M | $0 | $0 | — |
| Capital expenditure | $356.0K | $3.2M | $260.0K | $115.0K | — |
| Investing cash flow | -$70.4M | -$25.1M | -$14.7M | -$14.5M | — |
| Financing cash flow | -$20.5M | $143.4M | -$9.7M | -$15.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-016162.
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