TWFG on Nasdaq

TWFG, Inc.

American insurance agents company based in The Woodlands, active since 2018. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

$248.5MRevenue, fiscal 20253
$41.2MNet income, fiscal 20253

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  • TickerTWFG on Nasdaq2
  • IndustryInsurance Agents, Brokers & Service2
  • HeadquartersThe Woodlands, United States2
  • Incorporated inDE4
  • Business address10055 Grogans Mill Rd, Suite 500, The Woodlands, Tx 773804
  • Filer category, Emerging growth company4
  • Legal formLimited Liability Company2
  • LEI549300JPJC6FKK0VXE422
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O JULIE E BENES III, 77380 The Woodlands, United States2
  • Registered withCorporations Section (Texas Secretary of State), 08029663672

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We are a leading, high-growth, independent distribution platform for personal and commercial insurance in the U.S. We are pioneers in the insurance industry, developing an agency model built on innovation and experience with what we believe is a more flexible approach than traditional distribution models. Our offerings are fulsome and flexible in that we offer all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate. Since our founding in 2001 by our Chief Executive Officer, Richard F. (“Gordy”) Bunch III, we have established a track record of creating solutions for independent agents, insurance carriers and our Clients, with growth regardless of economic and P&…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.9%Operating margin3
16.6%Net margin3
22.0%Revenue growth, 20253
49.4%Return on equity3
0.02×Debt to equity3
$53.1MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Agency brought in 56% of the revenue TWFG, Inc. broke down this way in fiscal 2025.

  1. Agency$152.8M356%up 13% from 2024
  2. Twfg Mga$50.8M319%up 51% from 2024
  3. Corporate Branches$43.2M316%up 30% from 2024
  4. Contingent Income$13.1M35%up 50% from 2024
  5. Branch Fees$5.3M32%up 11% from 2024
  6. Policy Fees$4.4M32%up 24% from 2024
  7. License$2.7M31%up 43% from 2024
  8. Product and Service, Other$1.4M31%up 9% from 2024
  9. TPA Fees$605.0K30%up 54% from 2024
Products and services by year
Products and services202320242025
Agency$132.3M$135.2M$152.8M
Twfg Mga$31.2M$33.7M$50.8M
Corporate Branches$6.9M$33.4M$43.2M
Contingent Income$4.1M$8.7M$13.1M
Branch Fees$3.0M$4.7M$5.3M
Policy Fees$2.1M$3.5M$4.4M
License$2.7M$1.9M$2.7M
Product and Service, Other$968.0K$1.3M$1.4M
TPA Fees$534.0K$393.0K$605.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs82¢$204.1M
  • Income tax1¢$3.3M
  • Profit17¢$41.2M

Out of $248.5M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$356.0K
  • Kept or used elsewhere99¢$53.1M

Out of $53.5M of cash from operations.3

Financial statements

Revenue63$248.5M in 2025+62% since 2022
0$100.0M$200.0M$300.0M2022: $153.9M$153.9M20222023: $172.0M$172.0M2023+12%2024: $203.8M$203.8M2024+18%2025: $248.5M$248.5M2025+22%
Operating income63$37.0M in 2025+56% since 2022
0$10.0M$20.0M$30.0M$40.0M2022: $23.7M$23.7M20222023: $25.4M$25.4M2023+7%2024: $27.9M$27.9M2024+10%2025: $37.0M$37.0M2025+32%
Net income63$41.2M in 2025
0$20.0M$40.0M$60.0M2022: $0$020222023: $0$020232024: $2.7M$2.7M20242025: $41.2M$41.2M2025+1400%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Commission expense$133.5M$118.1M$116.8M
Salaries and employee benefits$37.6M$29.1M$14.0M
Depreciation and amortization$18.4M$12.0M$4.9M
Total operating expenses$211.5M$175.8M$146.7M
Operating income$37.0M$27.9M$25.4M
Interest expense-$287.0K-$2.2M-$1.0M
Interest income$6.6M$4.4M$891.0K
Other non-operating income (expense), net$1.1M$9.0K-$17.0K
Income before tax$44.4M$30.1M$25.3M
Income tax expense$3.3M$1.5M$0
Net income from continuing operations$41.2M$28.6M$25.3M
Net income from discontinued operation, net of tax$0$0$834.0K
Net income$41.2M$28.6M$26.1M
Less: net income attributable to noncontrolling interests$33.2M$25.8M$26.1M
Net income attributable to TWFG, Inc.$2.7M$0
Basic (in shares)14.9M shares14.8M shares
Diluted (in shares)15.1M shares15.0M shares
Basic (us dollars per share)$0.53$0.19
Diluted (us dollar per share)$0.53$0.19
Total revenues$248.5M$203.8M$172.0M
Other administrative expenses$22.0M$16.7M$11.0M

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Leadership

Who has led TWFG, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Richard F. Bunch Iii.2024–now

Chair

  1. Richard F. Bunch Iii.2024

President

  1. Richard F. Bunch Iii.2024–now

Chief financial officer

  1. Janice E. Zwinggi2024–now

Chief operating officer

  1. Katherine C. Nolan2024–now
2025
Board members and other officers (9)

Timeline

  1. Jul 17, 2024New chief executive Richard F. Bunch Iii. becomes CEO11
  2. Mar 20, 2018Founded TWFG, Inc. is founded2

Filings

173 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 19 major events, 78 insider forms, 31 large holders, 36 other. The latest 20:

  1. Aug 14, 2026SCHEDULE 13G/A EDGAR
  2. Aug 14, 2026SCHEDULE 13G/A EDGAR
  3. Aug 13, 20268-K EDGAR
  4. Aug 12, 2026SCHEDULE 13G/A EDGAR
  5. Aug 6, 202610-Q EDGAR
  6. Aug 5, 20268-K EDGAR
  7. Jul 28, 2026SCHEDULE 13G EDGAR
  8. Jul 24, 20268-K EDGAR
  9. Jul 21, 20264 EDGAR
  10. Jul 21, 20264 EDGAR
  11. Jul 21, 20264 EDGAR
  12. Jul 21, 20264 EDGAR
  13. Jul 21, 20264 EDGAR
  14. Jul 21, 20264 EDGAR
  15. Jul 8, 2026SCHEDULE 13G/A EDGAR
  16. Jun 9, 20264 EDGAR
  17. Jun 9, 20264 EDGAR
  18. Jun 8, 20264 EDGAR
  19. Jun 4, 20264 EDGAR
  20. Jun 2, 20264 EDGAR

The 173 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

23 open-market trades by officers, directors and large owners since October 2021: 23 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2026DOAK MICHAELDirectorBuy7,865$19.45$153.0KForm 4
Jun 4, 2026DOAK MICHAELDirectorBuy11,000$19.09$210.0KForm 4
Jun 3, 2026DOAK MICHAELDirectorBuy22,994$18.62$428.1KForm 4
Jun 2, 2026DOAK MICHAELDirectorBuy16,500$19.25$317.6KForm 4
Jun 1, 2026DOAK MICHAELDirectorBuy16,500$19.33$318.9KForm 4
May 29, 2026DOAK MICHAELDirectorBuy11,330$18.87$213.8KForm 4
May 28, 2026DOAK MICHAELDirectorBuy11,000$18.87$207.6KForm 4
May 27, 2026DOAK MICHAELDirectorBuy24,880$18.62$463.3KForm 4
May 26, 2026DOAK MICHAELDirectorBuy11,000$19.23$211.5KForm 4
May 22, 2026DOAK MICHAELDirectorBuy11,000$18.89$207.8KForm 4
May 21, 2026DOAK MICHAELDirectorBuy17,538$18.52$324.8KForm 4
May 20, 2026DOAK MICHAELDirectorBuy15,745$18.79$295.8KForm 4
Nov 26, 2024Benes Julie E.General Counsel and SecretaryBuy950$33.53$31.9KForm 4
Jul 19, 2024Bunch Charles AlexanderChief Creative & Marketing OffBuy144$17.00$2.4KForm 4
Jul 19, 2024Bunch Richard F. IIIPresident and CEOBuy202,976$17.00$3.5MForm 4
Jul 19, 2024Bunch Charles AlexanderChief Creative & Marketing OffBuy1,000$17.00$17.0KForm 4
Jul 19, 2024Nolan Katherine CChief Operating OfficerBuy6,250$17.00$106.2KForm 4
Jul 19, 2024Benes Julie E.General Counsel and SecretaryBuy1,000$17.00$17.0KForm 4
Jul 19, 2024Zwinggi Janice E.Chief Financial OfficerBuy3,000$17.00$51.0KForm 4
Jul 19, 2024Wong Janet S.DirectorBuy2,500$17.00$42.5KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 82. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bamco Inc /ny/1,135,091$27.3M0.0%−8
Franklin Resources Inc781,912$18.8M0.0%+771,912
Giverny Capital Inc.652,452$15.7M0.5%+100,345
Central Securities Corp500,000$12.0M0.9%No change
Vanguard Capital Management LLC489,244$11.8M0.0%−81,293
Marshall Wace, Llp408,732$9.8M0.0%+141,904
Two Sigma Investments, LP372,365$9.0M0.0%+167,152
Jane Street Group, LLC353,216$8.5M0.0%+184,211
Riverbridge Partners LLC332,658$8.0M0.2%−216,956
BlackRock, Inc.222,376$5.3M0.0%+35,039
Gilder Gagnon Howe & Co LLC221,180$5.3M0.1%−2,459
Alyeska Investment Group, L.P.215,778$5.2M0.0%No change
Citadel Advisors LLC214,589$5.2M0.0%+105,087
Ascent Group, LLC212,310$5.1M0.2%+37,868
Geode Capital Management, LLC174,213$4.2M0.0%−7,879
Renaissance Technologies LLC149,900$3.6M0.0%+31,573
Point72 Asset Management, L.P.135,139$3.3M0.0%+70,471
Morgan Stanley127,879$3.1M0.0%+16,353
Goldman Sachs Group Inc114,678$2.8M0.0%−8,154
Tudor Investment Corp Et Al102,591$2.5M0.0%+73,426
Dimensional Fund Advisors LP93,734$2.3M0.0%+26,122
Trexquant Investment LP87,370$2.1M0.0%+49,991
Bank Of America Corp /de/84,570$2.0M0.0%+30,459
Victory Capital Management Inc82,675$2.0M0.0%+10,765
Vanguard Fiduciary Trust Co82,554$2.0M0.0%+571

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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