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Side-by-side financial comparison of RLI CORP (RLI) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($475.9M vs $465.7M, roughly 1.0× RLI CORP). RLI CORP runs the higher net margin — 19.6% vs 10.5%, a 9.1% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (44.8% vs 6.1%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (30.4% CAGR vs 2.3%).
RLI Corp. is an American insurance company specializing in property insurance and casualty insurance. It is headquartered in Peoria, Illinois.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
RLI vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $465.7M | $475.9M |
| Net Profit | $91.2M | $49.7M |
| Gross Margin | — | — |
| Operating Margin | 24.4% | 14.9% |
| Net Margin | 19.6% | 10.5% |
| Revenue YoY | 6.1% | 44.8% |
| Net Profit YoY | 123.1% | — |
| EPS (diluted) | $1.00 | $1.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $475.9M | ||
| Q4 25 | $465.7M | $385.6M | ||
| Q3 25 | $509.3M | $382.5M | ||
| Q2 25 | $499.8M | $319.9M | ||
| Q1 25 | $407.7M | $328.5M | ||
| Q4 24 | $439.1M | $304.4M | ||
| Q3 24 | $470.0M | $300.9M | ||
| Q2 24 | $416.4M | $279.9M |
| Q1 26 | — | $49.7M | ||
| Q4 25 | $91.2M | $43.2M | ||
| Q3 25 | $124.6M | $45.9M | ||
| Q2 25 | $124.3M | $38.8M | ||
| Q1 25 | $63.2M | $42.1M | ||
| Q4 24 | $40.9M | $14.4M | ||
| Q3 24 | $95.0M | $36.7M | ||
| Q2 24 | $82.0M | $31.0M |
| Q1 26 | — | 14.9% | ||
| Q4 25 | 24.4% | 14.2% | ||
| Q3 25 | 30.9% | 15.8% | ||
| Q2 25 | 31.3% | 15.6% | ||
| Q1 25 | 19.3% | 15.7% | ||
| Q4 24 | 10.8% | 6.1% | ||
| Q3 24 | 24.9% | 15.6% | ||
| Q2 24 | 24.8% | 14.4% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | 19.6% | 11.2% | ||
| Q3 25 | 24.5% | 12.0% | ||
| Q2 25 | 24.9% | 12.1% | ||
| Q1 25 | 15.5% | 12.8% | ||
| Q4 24 | 9.3% | 4.7% | ||
| Q3 24 | 20.2% | 12.2% | ||
| Q2 24 | 19.7% | 11.1% |
| Q1 26 | — | $1.09 | ||
| Q4 25 | $1.00 | $1.03 | ||
| Q3 25 | $1.35 | $1.10 | ||
| Q2 25 | $1.34 | $0.93 | ||
| Q1 25 | $0.68 | $1.01 | ||
| Q4 24 | $-2.87 | $0.33 | ||
| Q3 24 | $2.06 | $0.89 | ||
| Q2 24 | $1.78 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.8B | $1.2B |
| Total Assets | $6.2B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.1M | ||
| Q4 25 | — | $168.5M | ||
| Q3 25 | — | $160.1M | ||
| Q2 25 | — | $136.6M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | — | $121.6M | ||
| Q3 24 | — | $105.6M | ||
| Q2 24 | — | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $100.0M | — | ||
| Q2 25 | $100.0M | — | ||
| Q1 25 | $100.0M | — | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $100.0M | — | ||
| Q2 24 | $100.0M | — |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.9B | $961.4M | ||
| Q2 25 | $1.7B | $899.9M | ||
| Q1 25 | $1.6B | $850.7M | ||
| Q4 24 | $1.5B | $794.0M | ||
| Q3 24 | $1.7B | $797.5M | ||
| Q2 24 | $1.6B | $723.6M |
| Q1 26 | — | $6.5B | ||
| Q4 25 | $6.2B | $4.8B | ||
| Q3 25 | $6.2B | $4.6B | ||
| Q2 25 | $6.0B | $4.3B | ||
| Q1 25 | $5.7B | $4.0B | ||
| Q4 24 | $5.6B | $3.7B | ||
| Q3 24 | $5.8B | $3.6B | ||
| Q2 24 | $5.5B | $3.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.05× | — | ||
| Q2 25 | 0.06× | — | ||
| Q1 25 | 0.06× | — | ||
| Q4 24 | 0.07× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.06× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $156.8M | — |
| Free Cash FlowOCF − Capex | $155.0M | — |
| FCF MarginFCF / Revenue | 33.3% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $608.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $156.8M | $408.1M | ||
| Q3 25 | $179.2M | $171.4M | ||
| Q2 25 | $174.7M | $88.2M | ||
| Q1 25 | $103.5M | $96.8M | ||
| Q4 24 | $128.1M | $305.1M | ||
| Q3 24 | $219.4M | $168.0M | ||
| Q2 24 | $141.8M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $155.0M | $402.6M | ||
| Q3 25 | $177.8M | $168.9M | ||
| Q2 25 | $173.4M | $87.1M | ||
| Q1 25 | $102.5M | $96.6M | ||
| Q4 24 | $127.6M | $300.9M | ||
| Q3 24 | $219.0M | $167.6M | ||
| Q2 24 | $139.1M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 33.3% | 104.4% | ||
| Q3 25 | 34.9% | 44.2% | ||
| Q2 25 | 34.7% | 27.2% | ||
| Q1 25 | 25.1% | 29.4% | ||
| Q4 24 | 29.0% | 98.8% | ||
| Q3 24 | 46.6% | 55.7% | ||
| Q2 24 | 33.4% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 1.4% | ||
| Q3 25 | 0.3% | 0.6% | ||
| Q2 25 | 0.3% | 0.3% | ||
| Q1 25 | 0.3% | 0.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 0.1% | ||
| Q2 24 | 0.7% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.72× | 9.44× | ||
| Q3 25 | 1.44× | 3.73× | ||
| Q2 25 | 1.41× | 2.27× | ||
| Q1 25 | 1.64× | 2.30× | ||
| Q4 24 | 3.13× | 21.18× | ||
| Q3 24 | 2.31× | 4.58× | ||
| Q2 24 | 1.73× | 0.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RLI
| Casualty Segment | $246.8M | 53% |
| Property Insurance Segment | $122.5M | 26% |
| Other | $59.3M | 13% |
| Surety Insurance Segment | $37.1M | 8% |
SKWD
Segment breakdown not available.
