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TWFG · NASDAQ · Insurance - Brokers

TWFG

Connects independent agencies with personal and commercial insurance through branches and an MGA.

$30.01

After-hours close+0.13 (+0.44%)

At close$29.88(+2.12%)

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Profile

TWFG, Inc. Common StockTWFGFinancials

Distributes personal, commercial, life, and health insurance through Agency-in-a-Box, Corporate Branches, and TWFG MGA. Revenue comes from supporting independent agencies and producers rather than underwriting insurance risk.

Distributes personal and commercial insurance, as well as life and health lines, through Agency-in-a-Box, Corporate Branches, and TWFG MGA. The platform serves independent agencies, MGA agencies, and producers without underwriting insurance risk.

Agency operators receive contract options, technology, premium financing, education, marketing, virtual-assistant support, and M&A services. Founder Richard F. Bunch III remains Chairman and Chief Executive Officer, and corporate branches sit alongside the independent-branch network.

Operations span the United States and the Philippines, with admitted and non-admitted products available through the platform. The model depends on insurance-carrier relationships, productive agency and producer retention, and support costs that work for independent operators.

Company facts

CEORichard F. Bunch III

ListedJul 18, 2024

ExchangeNASDAQ

HeadquartersThe Woodlands, TX

CountryUnited States

Employees400

CIK0002007596

ISINUS87318A1016

Key statistics

Market cap$390.0M

EPS (ttm)$0.3684

P/E (ttm)81.46

ROE12.7%

P/B9.10

P/S1.37

Dividend yield—

Beta−0.43vs XLF 1.33

Year to date +6.7% · Average volume (30d) 160.8K

Analysts

Price target, next 12 months$29.00−3.4%Median of 8 analysts · vs the Aug 28 close

ConsensusBuy5 of 8 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $30.01

High$34.00+13.3%

Median$29.00−3.4%

Low$23.00−23.4%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 19, 2026	Morgan Stanley	Upgrade	Mixed	Overweight
Aug 10, 2026	Morgan Stanley	Target			$23	$26
Aug 7, 2026	RBC Capital	Reiterate		Outperform	$30	$34
Jul 15, 2026	Piper Sandler	Reiterate		Overweight	$22	$29
Jul 13, 2026	RBC Capital	Reiterate		Outperform	$33	$30

Earnings

EPS

Estimate$0.25

ReportedDue Nov 11, 2026

Revenue

Estimate$78.9M

ReportedDue Nov 11, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	$0.26	$0.38	+47.9%	$77.3M	$87.5M	+13.1%	+2.66%
May 7, 2026Q1 FY26	$0.20	$0.29	+45.0%	$67.7M	$72.8M	+7.6%	−1.19%
Feb 25, 2026Q4 FY25	$0.18	$0.30	+66.7%	$62.9M	$68.8M	+9.4%	+7.08%
Nov 12, 2025Q3 FY25	$0.19	$0.23	+21.1%	$62.2M	$61.7M	−0.8%	+2.64%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$51.8M	$57.9M	$61.7M	$62.5M	$72.8M	$87.5M
Gross profit	$11.8M	$14.2M	$17.2M	$19.6M	$23.5M	$30.9M
Operating income	$5.7M	$7.4M	$9.0M	$7.5M	$12.4M	$17.6M
Net income	$1.3M	$2.0M	$1.7M	$2.9M	$1.8M	$2.4M
Diluted EPS	$0.09	$0.49	$0.11	$0.05	$0.03	$0.18
Gross margin	22.8%	24.6%	27.8%	31.3%	32.2%	35.3%
Operating margin	11.1%	12.7%	14.6%	12.1%	17.0%	20.1%

Fiscal years (4-quarter sums)FY23 $167.0M · FY24 $193.7M · FY25 $234.0M

Revenue by product · Q2 FY26

Commission Income$80.6M · 94%

Fee Income$4.2M · 5%

License$822.0K · 1%

Product And Service, Other$536.0K · 1%

Balance sheet, Jun 30, 2026Cash & short-term investments $73.7M · Total debt $7.6M · Total assets $358.4M · Shareholders' equity $46.2M

Dividends

No dividends on record.

Ownership

Institutions 84.89%11.03M sharesInsiders 13.15%1.71M sharesOther 1.96%254.5K shares

Shares outstanding 13.00M · Float 11.31M · 87.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
T. Rowe Price Investment Management, Inc.	2.10M	14.00%	13G	May 15, 2026
Capital International Investors	1.07M	8.20%	13F	May 13, 2026
Bamco Inc /NY/	951.4K	6.33%	13G	May 15, 2026
Franklin Resources, Inc.	781.9K	6.00%	13G	Jul 28, 2026
Michael Doak · director	775.7K	5.97%	Form 4	Jun 8, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jun 5, 2026	Michael Doak	director	+7,865	$19.45
Jun 3, 2026	Michael Doak	director	+22,994	$18.62
Jun 4, 2026	Michael Doak	director	+11,000	$19.09
Jun 1, 2026	Michael Doak	director	+16,500	$19.33
Jun 2, 2026	Michael Doak	director	+16,500	$19.25