Twfg, Inc. is a US-listed company in the insurance brokers industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $295m, up 34.7% on a year earlier, faster than the 26.5% growth a quarter earlier.
Our model value for Twfg is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Twfg, Inc.'s trailing-twelve-month revenue grew 34.7% year on year, with a free-cash-flow margin of 20.3%.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 31.5% while net income fell 30.2%: a 62pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Twfg, Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Twfg, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$22 ~$19–$24 | Left out: far from the other models (more than 3x away from their median) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.9 ~$1.2–$15 | Left out: out of range vs price (0.03x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Twfg, Inc. with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
Next results: November 4, 2026, after the close. Analysts expect revenue of $79m and EPS of $0.26 (range $0.22 to $0.28) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.17 | +33% | $316m | +28% |
| Next | $1.18 | +2% | $366m | +16% |
Next year's EPS estimate has moved +5.7% in 90 days, across 8 analysts.
The consensus EPS forecast for the current fiscal year is +14.5% on 90 days ago. In the last 30 days, 1 analyst raised Twfg, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.02 | $1.12 |
| 60 days ago | $1.15 | $1.16 |
| 30 days ago | $1.15 | $1.16 |
| 7 days ago | $1.16 | $1.18 |
| Now | $1.17 | $1.18 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.25 | $0.38 | +51.4% |
| Mar 2026 | $0.20 | $0.29 | +43.9% |
| Dec 2025 | $0.19 | $0.30 | +58.3% |
| Sept 2025 | $0.19 | $0.23 | +24.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +17.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $219m | $295m | +34.7% |
| Net margin | 5.8% | 3.0% | −48.2% |
| P/E multiple | 42.0x | 80.8x | +92.4% |
| Share count | 22m | 25m | −12.6% |
Biggest factor: net margin.
| Calendar year | 2025 | 2026 to date |
|---|---|---|
| Return | ||
| TWFG | −7% | −1% |
| Industry peers (median) | −21% | −2% |
| S&P 500 | +18% | +11% |
| Months that ended higher | ||
| TWFG | 58% | 64% |
| S&P 500 | 75% | 46% |
| Largest fall from a high during the year | ||
| TWFG | −34% | −41% |
| S&P 500 | −19% | −9% |
Worst fall since July 18, 2024: 53% from June 23, 2025 to February 24, 2026. Getting back needed a 112% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +4.3% | −0.4% | −2.6% | +6.9% |
| May 7, 2026 | +1.1% | +0.5% | −6.5% | +5.1% |
| February 25, 2026 | +12.7% | +0.3% | +16.7% | +7.5% |
| November 12, 2025 | +4.7% | −1.6% | +7.4% | +11.4% |
| August 12, 2025 | +4.4% | +1.4% | +7.0% | −8.1% |
| May 13, 2025 | −1.6% | +0.8% | +7.7% | +9.1% |
| March 19, 2025 | −1.7% | +0.8% | −2.4% | +9.3% |
| March 4, 2025 | −1.1% | −0.1% | −6.6% | −2.7% |
| November 12, 2024 | −6.0% | −0.3% | −4.0% | −9.9% |
| August 27, 2024 | +1.8% | −0.4% | +15.6% | +8.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q1 | $178.3M |
| FY24 Q2 | $186M |
| FY24 Q3 | $191.1M |
| FY24 Q4 | $203.8M |
| FY25 Q1 | $211.4M |
| FY25 Q2 | $218.7M |
| FY25 Q3 | $230M |
| FY25 Q4 | $248.5M |
| FY26 Q1 | $267.5M |
| FY26 Q2 | $294.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY25 Q1 | 18.6% |
| FY25 Q2 | 17.6% |
| FY25 Q3 | 20.3% |
| FY25 Q4 | 22.0% |
| FY26 Q1 | 26.5% |
| FY26 Q2 | 34.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q1 | 15.3% |
| FY24 Q2 | 14.8% |
| FY24 Q3 | 13.4% |
| FY24 Q4 | 13.7% |
| FY25 Q1 | 12.5% |
| FY25 Q2 | 12.0% |
| FY25 Q3 | 12.7% |
| FY25 Q4 | 14.9% |
| FY26 Q1 | 16.3% |
| FY26 Q2 | 18.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | 16.3% |
| FY24 Q3 | 18.1% |
| FY24 Q4 | 18.3% |
| FY25 Q1 | 20.4% |
| FY25 Q2 | 20.7% |
| FY25 Q3 | 21.2% |
| FY25 Q4 | 21.4% |
| FY26 Q1 | 22.4% |
| FY26 Q2 | 20.3% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 154 | 172 | 204 | 249 | 295 |
| EBITDA | 27 | 30 | 40 | 55 | 78 |
| Operating income | 24 | 25 | 28 | 37 | 54 |
| Net income | 0 | 0 | 3 | 8 | 9 |
| Diluted EPS | — | — | $0.19 | $0.53 | — |
| Growth (year on year) | |||||
| Revenue | — | +11.8% | +18.4% | +22.0% | +34.7% |
| EBITDA | — | +12.0% | +32.0% | +38.5% | +97.9% |
| Operating income | — | +7.1% | +10.0% | +32.4% | +105.5% |
| Net income | — | — | — | — | −30.2% |
| Margins | |||||
| EBITDA margin | 17.6% | 17.6% | 19.6% | 22.3% | 26.5% |
| Operating margin | 15.4% | 14.8% | 13.7% | 14.9% | 18.3% |
| Net margin | 0.0% | 0.0% | 1.3% | 3.2% | 3.0% |
| Free-cash-flow margin | 16.7% | 17.4% | 18.3% | 21.4% | 20.3% |
| Cash flow | |||||
| Cash from operations | 26 | 30 | 40 | 54 | 61 |
| Capital spending | 0 | 0 | 3 | 0 | 1 |
| Free cash flow | 26 | 30 | 37 | 53 | 60 |
| Stock-based pay | 0 | 0 | 2 | 5 | 4 |
| Free cash flow after stock pay | 26 | 30 | 35 | 49 | 56 |
| Balance sheet | |||||
| Cash | 22 | 39 | 196 | 156 | 74 |
| Total debt | 0 | 53 | 10 | 4 | 3 |
| Net debt (negative = net cash) | −22 | 14 | −186 | −152 | −71 |
| Diluted shares | — | — | 15m | 15m | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 53 | 52 | 54 | 60 | 64 | 70 | 73 | 88 |
| EBITDA | 9 | 10 | 9 | 11 | 14 | 21 | 19 | 25 |
| Operating income | 6 | 7 | 6 | 7 | 9 | 15 | 12 | 18 |
| Net income | 1 | 8 | 1 | 2 | 2 | 3 | 2 | 2 |
| Diluted EPS | $0.08 | $0.11 | $0.09 | $0.13 | $0.11 | $0.19 | $0.12 | $0.18 |
| Growth (year on year) | ||||||||
| Revenue | +10.8% | +32.3% | +16.6% | +13.8% | +21.3% | +35.8% | +35.3% | +45.1% |
| EBITDA | −1.0% | +61.6% | −11.9% | +7.4% | +60.4% | +102.5% | +103.8% | +118.9% |
| Operating income | −24.5% | +49.2% | −21.5% | −2.1% | +51.4% | +108.3% | +115.5% | +138.9% |
| Net income | −84.8% | — | — | — | +49.2% | −63.9% | +31.3% | +21.2% |
| Diluted EPS | — | — | — | — | +37.5% | +72.7% | +33.3% | +38.5% |
| Margins | ||||||||
| EBITDA margin | 16.9% | 19.7% | 16.9% | 18.7% | 22.4% | 29.4% | 25.4% | 28.2% |
| Operating margin | 11.3% | 13.8% | 10.6% | 12.2% | 14.1% | 21.1% | 17.0% | 20.1% |
| Net margin | 2.2% | 15.8% | 2.5% | 3.2% | 2.7% | 4.2% | 2.4% | 2.7% |
| Free-cash-flow margin | 21.7% | 16.8% | 29.0% | 15.9% | 23.2% | 18.6% | 30.8% | 10.6% |
| Cash flow | ||||||||
| Cash from operations | 12 | 12 | 16 | 10 | 15 | 13 | 23 | 10 |
| Capital spending | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 1 |
| Free cash flow | 11 | 9 | 16 | 10 | 15 | 13 | 22 | 9 |
| Stock-based pay | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | 10 | 7 | 14 | 8 | 14 | 12 | 22 | 8 |
| Last 12 months unless stated | TWFG | HUIZ | GSHD | EHTH | CRD.A | HGTY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $295m | $220m | $402m | $502m | $1.3bn | $1.4bn | $1.5bn |
| Revenue growth, last 12 months | 34.7% | 26.8% | 17.7% | −8.4% | −3.6% | 5.2% | 8.7% |
| Revenue growth, 3-year average | — | — | 18.4% | 8.7% | −1.0% | 17.1% | 13.8% |
| Revenue growth, latest quarter | 45.1% | — | 20.6% | −44.8% | −0.9% | −6.5% | 6.0% |
| Gross margin | — | 30.6% | — | 44.3% | 28.2% | — | 44.3% |
| Operating margin | 18.3% | 0.4% | 23.3% | 10.8% | — | 8.0% | 10.8% |
| Operating margin, 3-year average | 15.0% | −14.3% | 18.7% | 4.9% | — | 3.5% | 10.0% |
| Net margin | 3.0% | 0.3% | 8.8% | 5.4% | 2.0% | 4.9% | 4.4% |
| Cash from operations / revenue | 20.6% | 1.1% | 21.4% | −6.1% | 6.1% | 21.4% | 15.6% |
| Free-cash-flow margin | 20.3% | 0.6% | 19.8% | −6.3% | 5.5% | 19.4% | 14.0% |
| Free-cash-flow margin, 3-year average | 19.1% | −14.1% | 22.4% | −5.1% | 5.0% | 14.5% | 14.0% |
| Stock pay / revenue | 1.3% | 1.2% | 5.5% | 2.4% | 0.2% | 1.3% | 1.3% |
| Change in share count | — | 1.2% | 13.8% | 4.1% | 3.1% | — | 5.7% |
| Line of business | Revenue | YoY |
|---|---|---|
| Commission Income | $221M | ▲ 20.6% |
| Agency | $153M | ▲ 13.1% |
| TWFGMGA | $50.8M | ▲ 50.5% |
| Corporate Branches | $43.2M | ▲ 29.6% |
| Contingent Income | $13.1M | ▲ 50.3% |
| Fee Income | $13M | ▲ 23.0% |
| Branch Fees | $5.3M | ▲ 11.4% |
| Policy Fees | $4.4M | ▲ 24.1% |
| Licenses | $2.7M | ▲ 43.5% |
| Other services | $1.7M | ▲ 11.9% |
| Other | $1.4M | ▲ 9.3% |
| TPA Fees | $605,000 | ▲ 53.9% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Twfg, Inc.'s 10-K filed March 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| BAMCO Inc | $27.3M | 1.1M | 12.5% | 0.0% |
| Franklin Resources Inc | $18.8M | 782K | 8.6% | ▲ 7719.1% |
| T. Rowe Price Investment Management, Inc. | $18.1M | 754K | 8.3% | ▼ 64.1% |
| Giverny Capital Inc. | $15.7M | 652K | 7.2% | ▲ 18.2% |
| Central Securities Corp | $12M | 500K | 5.5% | 0.0% |
| Vanguard Capital Management LLC | $11.8M | 489K | 5.4% | ▼ 14.2% |
| Marshall Wace, LLP | $9.8M | 409K | 4.5% | ▲ 53.2% |
| Two Sigma Investments, LP | $9M | 372K | 4.1% | ▲ 81.5% |
| Jane Street Group, LLC | $8.5M | 353K | 3.9% | ▲ 109.0% |
| Riverbridge Partners LLC | $8M | 333K | 3.7% | ▼ 39.5% |
| Blackrock, Inc. | $5.3M | 222K | 2.4% | ▲ 18.7% |
| Gilder Gagnon Howe & Co LLC | $5.3M | 221K | 2.4% | ▼ 1.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Twfg, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Doak Michael Director | June 5, 2026 | Buy | 7,865 | $19.45 | $152,974 |
| Doak Michael Director | June 4, 2026 | Buy | 11,000 | $19.09 | $209,990 |
| Doak Michael Director | June 3, 2026 | Buy | 22,994 | $18.62 | $428,148 |
| Doak Michael Director | June 2, 2026 | Buy | 16,500 | $19.25 | $317,625 |
| Doak Michael Director | June 1, 2026 | Buy | 16,500 | $19.33 | $318,945 |
| Doak Michael Director | May 29, 2026 | Buy | 11,330 | $18.87 | $213,797 |
| Doak Michael Director | May 28, 2026 | Buy | 11,000 | $18.87 | $207,570 |
| Doak Michael Director | May 27, 2026 | Buy | 24,880 | $18.62 | $463,266 |
| Doak Michael Director | May 26, 2026 | Buy | 11,000 | $19.23 | $211,530 |
| Doak Michael Director | May 22, 2026 | Buy | 11,000 | $18.89 | $207,790 |
| Doak Michael Director | May 21, 2026 | Buy | 17,538 | $18.52 | $324,804 |
| Doak Michael Director | May 20, 2026 | Buy | 15,745 | $18.79 | $295,849 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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