TWFG
TWFG, Inc.28.27
-0.23-0.81%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Organic guide, MGA details unpacked
Q&A unpacked 2026 organic guidance, flagging double-digit core agency/corporate growth with MGA upside from new products and prior inorganic roll-ins, conservatively viewing Florida voluntary writings amid softening. MGA retention jumped to low-90s as market reopenings enabled rewrites, while auto rates softened nationwide but property held firm in wildfire-exposed California and Colorado. Robust M&A pipeline persists for selective tuck-ins, though larger deals paused after public market dip; small deals unmoved. Margins hedged on contingencies expecting loss ratio creep from rate declines—corporate stores at 30-40%, mature MGAs 35-50%. AI defenses deepened: efficiencies aid subscale agency affiliations. Pipeline stays robust.
Key Stats
Market Cap
424.86MP/E (TTM)
64.25Basic EPS (TTM)
0.44Dividend Yield
0%Recent Filings
10-K
FY2025 results
TWFG drove FY2025 revenue to $248.5M, up 22% y/y, with Total Written Premium hitting $1.7B (17% y/y growth) fueled by 11.6% organic momentum from agent productivity and renewals at 90%. Q4 accelerated via $51M in Corporate Branch buys and Florida MGA stake, lifting Insurance Services 15% while MGA surged 53%; margins expanded to 26.9% Adjusted EBITDA as revenue outran expenses. Cash swelled to $156M despite $62M M&A spend, Term Loan at $4M. No annual guidance disclosed. Volatility in carrier commissions threatens quarterly flows.
8-K
Q3 revenues soar 21%
10-Q
Q3 FY2025 results
TWFG drove Q3 revenues to $64.1M, up 21% y/y from $52.9M, with commissions surging 21% on organic growth and acquisitions while operating income climbed 51% to $9.0M. YTD figures show $178.3M revenue (17% y/y) and $22.1M operating income (6% y/y), fueled by Agency-in-a-Box and MGA gains. Cash sits at $151.0M with $50M revolver available; June closed TWFG MGA FL for $9.7M cash, recognizing $21.0M customer intangibles (6-year life). Operating cash flow hit $40.2M YTD. Acquisitions accelerate topline.
10-Q
Q2 FY2025 results
TWFG's Q2 revenue climbed 13.8% y/y to $60.3M, fueled by 12.1% higher commissions from premium growth and acquisitions, while contingent income surged 61.6% y/y. Operating income dipped slightly to $7.4M amid rising amortization from asset buys, but net income rose to $9.0M, with diluted EPS steady at $0.13 on 56.3M shares—reconciled via noncontrolling interest add-back. Cash from operations hit $25.3M YTD, funding $47.2M in intangibles; free cash flow not disclosed in the 10-Q. In June 2025, TWFG closed a 50.1% stake in TWFG MGA FL, LLC for $9.7M cash, recognizing $19.4M customer relationships amortized over 6 years and $9.7M redeemable noncontrolling interest. Debt stands low at $6.4M with $50M revolver available, no covenant issues. Acquisitions drive scale. Yet softening auto premiums pressure retention.
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