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Side-by-side financial comparison of Skyward Specialty Insurance Group, Inc. (SKWD) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($385.6M vs $382.7M, roughly 1.0× INNOVATE Corp.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs -1.9%, a 13.1% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 26.7%). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
SKWD vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $385.6M | $382.7M |
| Net Profit | $43.2M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 14.2% | 3.7% |
| Net Margin | 11.2% | -1.9% |
| Revenue YoY | 26.7% | 61.7% |
| Net Profit YoY | 200.1% | 55.4% |
| EPS (diluted) | $1.03 | $-0.57 |
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.
| Q4 25 | $385.6M | $382.7M | ||
| Q3 25 | $382.5M | $347.1M | ||
| Q2 25 | $319.9M | $242.0M | ||
| Q1 25 | $328.5M | $274.2M | ||
| Q4 24 | $304.4M | $236.6M | ||
| Q3 24 | $300.9M | $242.2M | ||
| Q2 24 | $279.9M | $313.1M | ||
| Q1 24 | $265.0M | $315.2M |
| Q4 25 | $43.2M | $-7.4M | ||
| Q3 25 | $45.9M | $-8.9M | ||
| Q2 25 | $38.8M | $-19.8M | ||
| Q1 25 | $42.1M | $-24.5M | ||
| Q4 24 | $14.4M | $-16.6M | ||
| Q3 24 | $36.7M | $-15.0M | ||
| Q2 24 | $31.0M | $14.4M | ||
| Q1 24 | $36.8M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 14.2% | 3.7% | ||
| Q3 25 | 15.8% | 1.8% | ||
| Q2 25 | 15.6% | 2.0% | ||
| Q1 25 | 15.7% | 1.2% | ||
| Q4 24 | 6.1% | 1.1% | ||
| Q3 24 | 15.6% | 2.4% | ||
| Q2 24 | 14.4% | 9.2% | ||
| Q1 24 | 17.7% | 0.9% |
| Q4 25 | 11.2% | -1.9% | ||
| Q3 25 | 12.0% | -2.6% | ||
| Q2 25 | 12.1% | -8.2% | ||
| Q1 25 | 12.8% | -8.9% | ||
| Q4 24 | 4.7% | -7.0% | ||
| Q3 24 | 12.2% | -6.2% | ||
| Q2 24 | 11.1% | 4.6% | ||
| Q1 24 | 13.9% | -5.5% |
| Q4 25 | $1.03 | $-0.57 | ||
| Q3 25 | $1.10 | $-0.71 | ||
| Q2 25 | $0.93 | $-1.67 | ||
| Q1 25 | $1.01 | $-1.89 | ||
| Q4 24 | $0.33 | $-0.72 | ||
| Q3 24 | $0.89 | $-1.18 | ||
| Q2 24 | $0.75 | $1.03 | ||
| Q1 24 | $0.90 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $168.5M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $1.0B | $-240.1M |
| Total Assets | $4.8B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $168.5M | $112.1M | ||
| Q3 25 | $160.1M | $35.5M | ||
| Q2 25 | $136.6M | $33.4M | ||
| Q1 25 | $112.9M | $33.3M | ||
| Q4 24 | $121.6M | $48.8M | ||
| Q3 24 | $105.6M | $51.0M | ||
| Q2 24 | $73.0M | $80.2M | ||
| Q1 24 | $85.1M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $1.0B | $-240.1M | ||
| Q3 25 | $961.4M | $-233.3M | ||
| Q2 25 | $899.9M | $-224.8M | ||
| Q1 25 | $850.7M | $-204.2M | ||
| Q4 24 | $794.0M | $-180.4M | ||
| Q3 24 | $797.5M | $-163.1M | ||
| Q2 24 | $723.6M | $-149.0M | ||
| Q1 24 | $692.3M | $-184.4M |
| Q4 25 | $4.8B | $950.1M | ||
| Q3 25 | $4.6B | $913.2M | ||
| Q2 25 | $4.3B | $890.9M | ||
| Q1 25 | $4.0B | $868.0M | ||
| Q4 24 | $3.7B | $891.1M | ||
| Q3 24 | $3.6B | $897.2M | ||
| Q2 24 | $3.4B | $898.9M | ||
| Q1 24 | $3.2B | $943.5M |
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 | $408.1M | $101.1M |
| Free Cash FlowOCF − Capex | $402.6M | — |
| FCF MarginFCF / Revenue | 104.4% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | 9.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | $755.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $408.1M | $101.1M | ||
| Q3 25 | $171.4M | $19.2M | ||
| Q2 25 | $88.2M | $40.4M | ||
| Q1 25 | $96.8M | $-14.1M | ||
| Q4 24 | $305.1M | $41.4M | ||
| Q3 24 | $168.0M | $-28.4M | ||
| Q2 24 | $21.0M | $21.5M | ||
| Q1 24 | $94.3M | $-25.4M |
| Q4 25 | $402.6M | — | ||
| Q3 25 | $168.9M | $19.0M | ||
| Q2 25 | $87.1M | — | ||
| Q1 25 | $96.6M | $-18.8M | ||
| Q4 24 | $300.9M | $34.2M | ||
| Q3 24 | $167.6M | $-31.5M | ||
| Q2 24 | $18.4M | $18.4M | ||
| Q1 24 | $94.0M | $-31.0M |
| Q4 25 | 104.4% | — | ||
| Q3 25 | 44.2% | 5.5% | ||
| Q2 25 | 27.2% | — | ||
| Q1 25 | 29.4% | -6.9% | ||
| Q4 24 | 98.8% | 14.5% | ||
| Q3 24 | 55.7% | -13.0% | ||
| Q2 24 | 6.6% | 5.9% | ||
| Q1 24 | 35.5% | -9.8% |
| Q4 25 | 1.4% | — | ||
| Q3 25 | 0.6% | 0.1% | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 1.4% | 3.0% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.9% | 1.0% | ||
| Q1 24 | 0.1% | 1.8% |
| Q4 25 | 9.44× | — | ||
| Q3 25 | 3.73× | — | ||
| Q2 25 | 2.27× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 21.18× | — | ||
| Q3 24 | 4.58× | — | ||
| Q2 24 | 0.68× | 1.49× | ||
| Q1 24 | 2.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SKWD
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
