TWFG (TWFG)


Market Price (11/14/2026): $25.82 | Market Cap: $333.3 MilSector: Financials | Industry: Insurance Brokers

TWFG (TWFG)


Market Price (11/14/2026): $25.82
Market Cap: $333.3 Mil
Sector: Financials
Industry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 35%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%

Low stock price volatility
Vol 12M is 47%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Digital Insurance Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -50%, 3Y Excs Rtn is -57%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 40x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.8%

Key risks
TWFG key risks include [1] substantial financial losses from a surge in claims following catastrophic events such as hurricanes and floods.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 6.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21%
2 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 35%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%
4 Low stock price volatility
Vol 12M is 47%
5 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Digital Insurance Platforms, Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -50%, 3Y Excs Rtn is -57%
7 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 40x
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.8%
9 Key risks
TWFG key risks include [1] substantial financial losses from a surge in claims following catastrophic events such as hurricanes and floods.

TWFG in ETFs

Weight = TWFG's share of each fund

VTI0.00%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/13/2026

Nov 2: up 6.1% in one day (S&P 500 down 0.5%)
The stock gained without company news. The broader market declined that day.

Up 23.7% from its Sep 24 low to Nov 4, down 12.8% since (S&P 500 down 0.0%)
The run occurred largely without company-specific news. Its biggest daily gains on October 22 and November 2 occurred without specific company headlines, and the broader market did not lead these moves.

Nov 5: down 2.1% the day after its Nov 4 earnings report (S&P 500 down 4.4%)
The stock fell after third quarter earnings showed net income down 32% to $1 million, despite revenue rising 25% to $77 million. This also occurred as major indices across the broader market saw widespread drops.

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Prices as of 11/13/2026

Nov 2: up 6.1% in one day (S&P 500 down 0.5%)
The stock gained without company news. The broader market declined that day.

Up 23.7% from its Sep 24 low to Nov 4, down 12.8% since (S&P 500 down 0.0%)
The run occurred largely without company-specific news. Its biggest daily gains on October 22 and November 2 occurred without specific company headlines, and the broader market did not lead these moves.

Nov 5: down 2.1% the day after its Nov 4 earnings report (S&P 500 down 4.4%)
The stock fell after third quarter earnings showed net income down 32% to $1 million, despite revenue rising 25% to $77 million. This also occurred as major indices across the broader market saw widespread drops.

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Stock Movement Drivers

Fundamental Drivers

The -3.8% change in TWFG stock from 7/31/2026 to 11/13/2026 was primarily driven by a -15.7% change in the company's Net Income Margin (%).
(LTM values as of)731202611132026Change
Stock Price ($)26.8025.79-3.8%
Change Contribution By: 
Total Revenues ($ Mil)25329516.7%
Net Income Margin (%)3.3%2.8%-15.7%
P/E Multiple47.340.2-14.9%
Shares Outstanding (Mil)151315.0%
Cumulative Contribution-3.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/13/2026
ReturnCorrelation
TWFG-3.8% 
Market (SPY)1.2%-7.6%
Sector (XLF)3.1%37.2%

Fundamental Drivers

The 38.8% change in TWFG stock from 4/30/2026 to 11/13/2026 was primarily driven by a 26.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611132026Change
Stock Price ($)18.5825.7938.8%
Change Contribution By: 
Total Revenues ($ Mil)23429526.0%
Net Income Margin (%)3.4%2.8%-17.8%
P/E Multiple34.740.216.1%
Shares Outstanding (Mil)151315.4%
Cumulative Contribution38.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/13/2026
ReturnCorrelation
TWFG38.8% 
Market (SPY)5.5%-21.7%
Sector (XLF)13.0%25.3%

Fundamental Drivers

The 5.9% change in TWFG stock from 10/31/2025 to 11/13/2026 was primarily driven by a 42.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511132026Change
Stock Price ($)24.3625.795.9%
Change Contribution By: 
Total Revenues ($ Mil)20729542.2%
Net Income Margin (%)2.9%2.8%-4.0%
P/E Multiple60.140.2-33.0%
Shares Outstanding (Mil)151315.8%
Cumulative Contribution5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/13/2026
ReturnCorrelation
TWFG5.9% 
Market (SPY)11.8%-13.1%
Sector (XLF)13.4%26.2%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/13/2026
ReturnCorrelation
TWFG  
Market (SPY)87.0%9.7%
Sector (XLF)89.3%29.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TWFG Return---40%-7%-10%17%
Peers Return32%-22%32%40%-19%-1%52%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
TWFG Win Rate---67%58%55% 
Peers Win Rate62%38%60%65%47%51% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
TWFG Max Drawdown-----34%-41% 
Peers Max Drawdown-22%-40%-21%-22%-38%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GSHD, BWIN, BRO, AJG, AON.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/13/2026 (YTD)

About TWFG (TWFG)

TWFG (The Woodlands Financial Group) is a leading independent distribution platform for personal and commercial insurance across the United States. The company serves as a vital intermediary, connecting over 300 insurance carriers with individuals and businesses seeking coverage through its extensive network of more than 2,400 independent TWFG Agencies. At its core, TWFG facilitates the placement of insurance contracts, acting as an agent for both the end-clients and the insurance carriers.

TWFG's business model, developed "by agents for agents," empowers independent insurance professionals by offering a robust platform of resources. These include proprietary technology, comprehensive training, administrative and marketing support, M&A services, and critical access to a diverse portfolio of insurance carriers and specialized programs across all lines of business (personal, commercial, life, and health). This approach provides TWFG Agencies with greater flexibility and market reach than traditional captive agencies, and significant scale advantages often unavailable to smaller independent agencies. The company generates the vast majority of its revenue from commissions paid by insurance carriers, sharing a portion of these with its partner agencies and retaining 100% for its wholly-owned Corporate Branches.

With over $1.0 billion in Total Written Premium annually, TWFG ranks among the largest personal lines agencies and a top player across all P&C lines in the U.S. The company is licensed in all 50 states and maintains a physical presence in 41 states and the District of Columbia, with strong concentrations in Texas, California, and Louisiana. TWFG's commitment to a client-first philosophy and continuous innovation positions it as a key force in the evolving landscape of insurance distribution.

AI Analysis | Feedback

Here are 1-3 brief analogies for TWFG:

  • RE/MAX for independent insurance agencies: Like RE/MAX provides a brand, network, and resources for independent real estate agents, TWFG offers a comprehensive platform, technology, and access to over 300 insurance carriers for independent insurance agencies.
  • Shopify for independent insurance agencies: Similar to how Shopify empowers independent merchants with tools and a platform to run their businesses, TWFG equips independent insurance agencies with proprietary technology, training, and carrier access to manage and grow their insurance operations.

AI Analysis | Feedback

  • Insurance Distribution Platform: TWFG provides an independent distribution platform that facilitates the sale of personal, commercial, life, and health insurance products from over 300 carriers to clients across the United States, earning commissions.
  • Agency Empowerment Services: TWFG offers its network of independent agencies comprehensive support, including proprietary technology, training, marketing, premium financing, and M&A services, to enhance their operational efficiency and growth.

AI Analysis | Feedback

TWFG's major customers are the insurance carriers with whom it maintains agency agreements. These carriers provide the vast majority of TWFG's total revenues, comprising approximately 92% and 91% in 2023 and 2022, respectively, through commission income for the placement of insurance contracts. TWFG has relationships with over 300 insurance carriers, but the names of these individual customer companies are not specified in the provided text.

AI Analysis | Feedback

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Richard F. ("Gordy") Bunch III, Chairman, Chief Executive Officer

Mr. Bunch founded TWFG in 2001 and has served as its Chairman, President, and Chief Executive Officer since its inception. He has over 28 years of experience in the insurance industry. Prior to founding TWFG, Mr. Bunch worked as a Manager, Financial Services at Prudential, an Associate General Agent at American National, and an Agent at Texas Farm Bureau. He is a decorated U.S. Coast Guard veteran, having served as Petty Officer 3rd Class. Mr. Bunch was named the 2015 Ernst & Young Products & Services Entrepreneur of the Year for the Gulf Coast Region. He also served on The Woodlands Township Board of Directors from 2012 to 2022, including as the elected Chairman from 2016 to 2022.

Janice E. Zwinggi, Chief Financial Officer

Ms. Zwinggi has served as TWFG's Chief Financial Officer since September 2019. Before joining TWFG, she was the Senior Vice President and Chief Financial Officer for Hudson Insurance Group from 2018 to 2019. From 2007 to 2018, Ms. Zwinggi was the Vice President and Controller of Argo Group International Holdings. She also held the positions of CFO and Treasurer at Texas General Agency, Inc. Managing General Agency from 1987 to 2007. Ms. Zwinggi began her career as a Senior Auditor at Price Waterhouse (PricewaterhouseCoopers LLP).

Katherine C. Nolan, President

Ms. Nolan was promoted to President on November 13, 2025. Prior to this promotion, she served as Chief Operating Officer for more than 16 years. Ms. Nolan has over 30 years of experience in the property and casualty insurance industry. Her previous roles include President of Affirmative Retail Inc., Executive Vice President of Planning and Integration for Affirmative Insurance Holdings, and Senior Vice President of Operations at Bristol West Insurance Company.

Mohan Vijayagopal, Chief Technology Officer

Mr. Vijayagopal joined TWFG as Chief Technology Officer on November 13, 2025. He brings over 20 years of technology leadership experience, with expertise in enterprise transformation, cloud architecture, core platform modernization, and AI strategy and technology delivery.

Julie E. Benes, Chief Legal Officer

Ms. Benes was appointed Chief Legal Officer on November 13, 2025, having previously served as General Counsel for over 6 years. In her role, she is responsible for all legal and compliance matters, with a strategic focus on business growth and mergers and acquisitions.

AI Analysis | Feedback

1. Dependence on insurance carrier relationships and commission rates: TWFG's business model is heavily reliant on commission income received from insurance carriers, which constituted approximately 92% and 91% of its total revenues in 2023 and 2022, respectively. These commission rates are determined by insurance carriers and may change at their discretion upon renewal, directly impacting TWFG's revenue and profitability.

2. Reliance on attracting and retaining independent agencies: The company's distribution platform serves over 2,400 TWFG Agencies, with the vast majority of agents being non-employees. MGA Agencies, which comprise a significant portion of this network, are independent and not exclusive to TWFG. The ability to attract, retain, and support these independent agencies is crucial for TWFG to maintain its distribution capabilities and growth.

3. Geographic concentration of business: A significant portion of TWFG's business is concentrated in Texas, California, and Louisiana. Adverse economic conditions, regulatory changes, or catastrophic events in these states could disproportionately affect the company's operations and financial performance.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable market for TWFG's main products or services, specifically the total Property & Casualty (P&C) addressable market for Total Written Premium in the United States, is approximately $868.1 billion as of 2022.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for TWFG over the next 2-3 years:

  1. Expansion of the TWFG Agency Network and Geographic Footprint: TWFG aims to grow its revenue by continuing to attract new independent agencies (Branches and MGA Agencies) to its platform. The company is licensed in all 50 states and has a physical presence in 41, indicating significant room to expand its reach and increase penetration in states where it currently has less presence. Their model offers autonomy, entrepreneurial opportunity, and comprehensive support, which serves as a draw for new agents.
  2. Strategic Mergers & Acquisitions (M&A): TWFG explicitly states that it sustains growth by funding M&A and participates in M&A activities with its Branches as part of its commitment to support their continued growth. This inorganic growth strategy allows the company to rapidly expand its market share and premium volume.
  3. Investment in Technology and Enhanced Agent Productivity Tools: The company highlights its continuous investment in improving technology, including a singular, integrated agency management system, proprietary virtual assistants, and an industry-leading mobile application for clients. By providing advanced tools, resources, and administrative support, TWFG enables its agencies to operate more efficiently, manage clients effectively, and expand their "Books of Business," directly contributing to higher premium generation.
  4. Broadening Product and Service Offerings to Meet Evolving Client Needs: TWFG offers all lines of insurance, multiple distribution contract options, and proprietary programs, catering to diverse client needs. The platform provides its agencies with access to over 300 insurance carriers and specialized training, allowing them to offer a wide variety of insurance products and solutions. This comprehensive portfolio enables TWFG Agencies to penetrate new market segments and secure more business, leading to increased commission revenues for TWFG.

AI Analysis | Feedback

Outbound Investments

  • TWFG participates in M&A activities with its Branches as part of its commitment to support their continued growth.
  • These M&A activities are primarily funded using cash flow from operations.

Capital Expenditures

  • Capital expenditures are made to improve technology.
  • Investments are also made to create programs and expand services to support TWFG Agencies.
  • These expenditures are sustained primarily using cash flow from operations.

Peer Outperformance in Insurance Brokers

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Share of Insurance Brokers constituents that TWFG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
38%
of 16 industry peers · -5.4% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Insurance Brokers is TWFG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 32.7%69.5%119.8% SPNT 194% · RGA 171% · RNR 135%
Diversified Banks 12 32.1%136.6%91.3% CM 144% · JPM 135% · RY 128%
Multi-Sector Holdings 4 15.6%60.5%87.8% BRK-B 107% · VOYA 68% · JEF 29%
Investment Banking & Brokerage 13 -2.9%88.0%86.3% IBKR 358% · SNEX 172% · GS 156%
Life & Health Insurance 20 10.5%49.8%81.5% JXN 432% · UNM 249% · FG 209%
Property & Casualty Insurance 42 14.7%72.5%69.0% TRV 182% · ACGL 174% · PGR 174%
Multi-line Insurance 9 7.9%69.9%60.6% AIZ 119% · L 100% · GNW 92%
Regional Banks 266 29.9%78.2%47.5% CBC 276% · FCNCA 183% · NIC 142%
Insurance Brokers ← 15 -2.1%10.5%20.0% LIFE 281% · ARX 89% · WTW 55%
Financial Exchanges & Data 15 16.8%32.0%14.7% CBOE 206% · VIRT 150% · CME 74%
Asset Management & Custody Banks 85 -6.3%16.6%8.0% VCTR 273% · WT 239% · AAMI 212%
Diversified Financial Services 4 -9.7%10.9%6.5% FRHC 123% · EQH 83%
Consumer Finance 30 0.0%67.5%3.4% ENVA 296% · FCFS 150% · AXP 87%
Commercial & Residential Mortgage Finance 15 -38.3%6.5%-1.0% FNMA 351% · FMCC 293% · ACT 159%
Specialized Finance 3 14.6%23.3%-22.5% HASI -22% · CACC -25%
Transaction & Payment Processing Services 17 19.8%5.8%-26.6% V 109% · CPAY 91% · MA 87%
Mortgage REITs 34 -24.9%-14.1%-41.2% RITM 31% · DX 10% · AGNC 4%
Diversified Capital Markets 20 -47.2%-25.2%-68.5% LPLA 81% · TW 41% · RIOT -60%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1TWFG Earnings Notes12/16/2025
2Is TWFG Stock Built to Withstand a Pullback?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TWFGGSHDBWINBROAJGAONMedian
NameTWFG Goosehea.Baldwin .Brown & .Arthur J.Aon  
Mkt Price25.8246.1132.0571.85278.98338.3658.98
Mkt Cap0.31.13.023.40.171.82.0
Rev LTM2954021,8536,81416,36517,6814,333
Op Inc LTM40--1371,7162,8535,0571,716
FCF LTM-861511,4872,8883,266774
FCF 3Y Avg-362-131,2712,3503,063666
CFO LTM56861041,5843,0633,574844
CFO 3Y Avg4879311,3572,5063,318718

Growth & Margins

TWFGGSHDBWINBROAJGAONMedian
NameTWFG Goosehea.Baldwin .Brown & .Arthur J.Aon  
Rev Chg LTM35.2%17.7%24.6%27.5%25.6%3.8%25.1%
Rev Chg 3Y Avg-18.5%16.4%18.8%19.2%10.5%18.5%
Rev Chg Q24.6%20.6%31.4%9.7%18.2%2.6%19.4%
QoQ Delta Rev Chg LTM5.4%5.1%6.6%2.3%3.9%0.6%4.5%
Op Inc Chg LTM115.7%--302.3%16.7%6.4%11.6%11.6%
Op Inc Chg 3Y Avg---24.6%14.6%16.1%8.1%11.3%
Op Mgn LTM13.5%--7.4%25.2%17.4%28.6%17.4%
Op Mgn 3Y Avg11.1%-0.5%27.1%19.0%27.3%19.0%
QoQ Delta Op Mgn LTM-0.9%--1.3%-0.1%0.4%0.1%-0.1%
CFO/Rev LTM19.1%21.4%5.6%23.2%18.7%20.2%19.7%
CFO/Rev 3Y Avg20.6%23.3%1.7%24.5%18.6%20.1%20.3%
FCF/Rev LTM-2.8%15.1%2.7%21.8%17.6%18.5%16.4%
FCF/Rev 3Y Avg-1.1%18.4%-1.1%22.9%17.5%18.5%17.9%

Valuation

TWFGGSHDBWINBROAJGAONMedian
NameTWFG Goosehea.Baldwin .Brown & .Arthur J.Aon  
Mkt Cap0.31.13.023.40.171.82.0
P/S1.12.71.63.40.04.12.2
P/Op Inc8.3--21.813.60.014.28.3
P/EBIT5.611.7-17.211.80.012.38.7
P/E40.331.0-24.719.20.018.318.7
P/CFO5.912.728.714.70.020.113.7
Total Yield9.0%3.2%-4.1%6.2%3,312.6%6.4%6.3%
Dividend Yield6.5%0.0%0.0%1.0%973.4%0.9%0.9%
FCF Yield 3Y Avg-1.0%3.9%-0.9%5.1%2,386.7%4.4%4.2%
D/E0.00.30.90.3188.40.40.4
Net D/E-0.20.30.80.3171.40.20.3

Returns

TWFGGSHDBWINBROAJGAONMedian
NameTWFG Goosehea.Baldwin .Brown & .Arthur J.Aon  
1M Rtn7.1%3.4%0.4%11.2%17.7%23.2%9.1%
3M Rtn-3.5%-30.4%1.7%2.1%11.4%-4.7%-0.9%
6M Rtn42.2%22.5%60.1%28.3%40.4%7.2%34.3%
12M Rtn-5.2%-34.3%15.3%-9.3%10.0%-2.7%-4.0%
3Y Rtn17.3%-34.1%50.5%0.4%17.6%4.2%10.8%
1M Excs Rtn4.8%2.7%2.0%7.6%13.1%19.9%6.2%
3M Excs Rtn0.6%-26.8%5.8%6.2%14.4%-0.7%3.2%
6M Excs Rtn39.3%19.6%57.2%25.4%37.6%4.3%31.5%
12M Excs Rtn-14.0%-45.2%3.9%-20.7%-0.7%-13.6%-13.8%
3Y Excs Rtn-56.6%-105.9%-8.4%-71.2%-55.9%-67.8%-62.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Independent distribution platform for personal and commercial insurance249204172154
Total249204172154


Net Income by Segment
$ Mil2025202420232022
Independent distribution platform for personal and commercial insurance41292621
Total41292621


Price Behavior

Price Behavior
Market Price$25.79 
Market Cap ($ Bil)0.3 
First Trading Date07/18/2024 
Distance from 52W High-17.2% 
   50 Days200 Days
DMA Price$26.34$23.20
DMA Trenddownindeterminate
Distance from DMA-2.1%11.1%
 3M1YR
Volatility46.7%46.5%
Downside Capture-10.34-31.32
Upside Capture-6.58-25.21
Correlation (S&P 500)-13.2%-12.7%
TWFG Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.79-0.62-0.49-1.00-0.52-0.32
Up Beta-5.74-4.15-1.52-1.76-0.46-0.18
Down Beta-1.68-2.82-2.72-1.62-1.36-0.13
Up Capture85%31%35%-7%-9%2%
Bmk +ve Days12182862130427
Stock +ve Days13203368132294
Down Capture-103%82%38%-164%-51%7%
Bmk -ve Days10253664121325
Stock -ve Days9233157118275

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TWFG
TWFG-2.9%46.5%0.07-
Sector ETF (XLF)10.7%15.3%0.4525.6%
Equity (SPY)11.6%13.7%0.54-13.4%
Gold (GLD)-7.9%28.9%-0.29-12.7%
Commodities (DBC)33.8%21.3%1.26-13.0%
Real Estate (VNQ)10.7%14.2%0.4716.8%
Bitcoin (BTCUSD)-30.9%43.5%-0.73-0.4%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TWFG
TWFG2.7%43.8%0.25-
Sector ETF (XLF)9.8%18.4%0.3929.6%
Equity (SPY)11.5%17.3%0.499.9%
Gold (GLD)15.9%19.2%0.66-5.4%
Commodities (DBC)7.8%19.6%0.28-5.2%
Real Estate (VNQ)1.3%18.9%-0.0424.0%
Bitcoin (BTCUSD)2.8%51.5%0.248.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TWFG
TWFG1.3%43.8%0.25-
Sector ETF (XLF)13.7%22.1%0.5629.6%
Equity (SPY)15.5%18.0%0.739.9%
Gold (GLD)11.1%16.6%0.54-5.4%
Commodities (DBC)7.6%18.1%0.33-5.2%
Real Estate (VNQ)6.3%20.7%0.2624.0%
Bitcoin (BTCUSD)58.8%66.2%0.998.8%

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Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 1015202610.9%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest5.2 days
Basic Shares Quantity12.9 Mil
Short % of Basic Shares7.9%

Earnings Returns History

Updated 11/13/2026
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2026-2.1%-8.7% 
8/5/20262.7%-4.2%5.2%
5/7/2026-1.2%-8.6%2.8%
2/25/20267.1%10.9%2.2%
11/12/20252.6%5.3%7.3%
8/12/20255.9%8.5%-6.8%
5/13/2025-0.6%8.8%10.2%
3/19/2025-5.8%-6.5%4.7%
...
SUMMARY STATS   
# Positive457
# Negative652
Median Positive4.3%8.8%4.7%
Median Negative-1.8%-6.5%-7.5%
Max Positive7.1%11.9%10.2%
Max Negative-5.8%-8.7%-8.2%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2026-2.1%-8.7% 
8/5/20262.7%-4.2%5.2%
5/7/2026-1.2%-8.6%2.8%
2/25/20267.1%10.9%2.2%
11/12/20252.6%5.3%7.3%
8/12/20255.9%8.5%-6.8%
5/13/2025-0.6%8.8%10.2%
3/19/2025-5.8%-6.5%4.7%
11/12/2024-4.2%-2.2%-8.2%
8/27/2024-1.5%11.9%4.5%
SUMMARY STATS   
# Positive457
# Negative652
Median Positive4.3%8.8%4.7%
Median Negative-1.8%-6.5%-7.5%
Max Positive7.1%11.9%10.2%
Max Negative-5.8%-8.7%-8.2%

SEC Filings

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Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202608/06/202610-Q
03/31/202605/08/202610-Q
12/31/202503/10/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/27/202510-K
09/30/202411/13/202410-Q
06/30/202408/30/202410-Q
03/31/202407/19/2024424B4
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Report DateFiling DateFiling
09/30/202611/05/202610-Q
06/30/202608/06/202610-Q
03/31/202605/08/202610-Q
12/31/202503/10/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/13/202510-Q
12/31/202403/27/202510-K
09/30/202411/13/202410-Q
06/30/202408/30/202410-Q
03/31/202407/19/2024424B4

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Organic Revenue GrowthReported15.0%16.0%17.0% 1.0%RaisedGuidance: 15.0% for 2026
2026 Total RevenuesReported300.00 Mil310.00 Mil320.00 Mil0.0% AffirmedGuidance: 310.00 Mil for 2026
2026 Adjusted EBITDA MarginReported24.0%25.5%27.0% 0.5%RaisedGuidance: 25.0% for 2026


Prior: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Organic Revenue GrowthReported13.0%15.0%17.0% -2.5%LoweredGuidance: 17.5% for 2026
2026 Total RevenuesReported300.00 Mil310.00 Mil320.00 Mil6.0% RaisedGuidance: 292.50 Mil for 2026
2026 Adjusted EBITDA MarginReported23.0%25.0%27.0% 1.5%RaisedGuidance: 23.5% for 2026

Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenuesReported285.00 Mil292.50 Mil300.00 Mil0.0% AffirmedGuidance: 292.50 Mil for 2026
2026 Total Revenues GrowthReported15.0%17.5%20.0% 0.0%AffirmedGuidance: 17.5% for 2026
2026 Organic Revenue Growth RateReported10.0%12.5%15.0% 0.0%AffirmedGuidance: 12.5% for 2026
2026 Adjusted EBITDA MarginReported22.0%23.5%25.0% 0.0%AffirmedGuidance: 23.5% for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenuesReported285.00 Mil292.50 Mil300.00 Mil20.6% Higher NewGuidance: 242.50 Mil for 2025
2026 Revenue GrowthReported15.0%17.5%20.0%   
2026 Organic Revenue Growth RateReported10.0%12.5%15.0% 0.5%Higher NewGuidance: 12.0% for 2025
2026 Adjusted EBITDA MarginReported22.0%23.5%25.0% -1.0%Lower NewGuidance: 24.5% for 2025

Insider Activity

Updated 11/10/2026
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Doak, Michael See Footnote 2Buy608202619.457,865152,97414,890,667Form
2Doak, Michael See Footnote 2Buy604202619.0911,000209,99014,464,913Form
3Doak, Michael See Footnote 2Buy604202618.6222,994428,14813,903,964Form
4Doak, Michael See Footnote 2Buy602202619.2516,500317,62513,931,764Form
5Doak, Michael See Footnote 2Buy602202619.3316,500318,94513,670,717Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Doak, Michael See Footnote 2Buy608202619.457,865152,97414,890,667Form
2Doak, Michael See Footnote 2Buy604202619.0911,000209,99014,464,913Form
3Doak, Michael See Footnote 2Buy604202618.6222,994428,14813,903,964Form
4Doak, Michael See Footnote 2Buy602202619.2516,500317,62513,931,764Form
5Doak, Michael See Footnote 2Buy602202619.3316,500318,94513,670,717Form
6Doak, Michael See Footnote 2Buy529202618.8711,330213,79713,034,037Form
7Doak, Michael See Footnote 2Buy529202618.8711,000207,57012,820,240Form
8Doak, Michael See Footnote 2Buy527202618.6224,880463,26612,445,571Form
9Doak, Michael See Footnote 2Buy527202619.2311,000211,53012,374,851Form
10Doak, Michael See Footnote 2Buy527202618.8911,000207,79011,948,265Form
11Doak, Michael See Footnote 2Buy522202618.5217,538324,80411,510,513Form
12Doak, Michael See Footnote 2Buy522202618.7915,745295,84911,348,784Form

Investor Activity (13F)

Updated Nov 14, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Central Securities Corp$9.2 Mil0.8%30ADD +5.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Central Securities Corp$9.2 Mil0.8%30ADD +5.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Central Securities Corp$9.2 Mil0.8%30ADD +5.3%13F
Core Cache Last Updated: 11/13/2026