NYSE : BOW
Bowhead Specialty Holdings Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 34.13 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.12B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 543.49M | 491.68M | 385.11M | 263.90M | 182.86M |
| Total Interest & Dividend Income | 68.44M | 57.83M | 40.12M | 19.37M | 4.72M |
| Gain (Loss) on Sale of Investments | 26.00K | 43.00K | -16.00K | ||
| Other Revenue | 3.21M | 2.04M | 444.00K | 125.00K | 14.00K |
| Total Revenue | 615.16M | 551.59M | 425.66M | 283.40M | 187.60M |
| Policy Benefits | 364.12M | 328.02M | 248.10M | 166.28M | 111.76M |
| Policy Acquisition & Underwriting Costs | 55.39M | 46.51M | 32.40M | 20.93M | 15.19M |
| Selling, General & Administrative | 104.67M | 102.26M | 89.11M | 63.46M | 45.99M |
| Total Operating Expenses | 524.18M | 476.80M | 369.61M | 250.67M | 172.94M |
| Operating Income | 90.98M | 74.79M | 56.05M | 32.73M | 14.66M |
| Interest Expense | -7.93M | -2.01M | -725.00K | ||
| Currency Exchange Gain (Loss) | -23.00K | -50.00K | -68.00K | 20.00K | |
| Other Non Operating Income (Expenses) | -3.14M | -3.14M | -1.92M | ||
| EBT Excluding Unusual Items | 79.88M | 69.59M | 53.34M | 32.74M | 14.66M |
| Other Unusual Items | -1.74M | -2.29M | -2.81M | -630.00K | |
| Pretax Income | 78.14M | 67.30M | 50.53M | 32.12M | 14.66M |
| Income Tax Expense | 15.98M | 13.51M | 12.29M | 7.07M | 3.40M |
| Net Income | 62.17M | 53.79M | 38.24M | 25.05M | 11.26M |
| Net Income to Common | 62.17M | 53.79M | 38.24M | 25.05M | 11.26M |
| Shares Outstanding (Basic) | 32.82M | 32.74M | 29.26M | 24.00M | 24.00M |
| Shares Outstanding (Diluted) | 33.52M | 33.74M | 29.68M | 24.00M | 24.00M |
| EPS (Basic) | 1.89 | 1.64 | 1.31 | 1.04 | 0.47 |
| EPS (Diluted) | 1.85 | 1.59 | 1.29 | 1.04 | 0.47 |
| Free Cash Flow | 328.81M | 326.02M | 291.18M | 232.41M | 177.67M |
| Free Cash Flow Per Share | 9.81 | 9.66 | 9.81 | 9.68 | 7.40 |
| Operating Margin | 14.79% | 13.56% | 13.17% | 11.55% | 7.81% |
| Profit Margin | 10.11% | 9.75% | 8.98% | 8.84% | 6.00% |
| Free Cash Flow Margin | 53.45% | 59.10% | 68.41% | 82.01% | 94.71% |
| EBITDA | 93.18M | 76.42M | 56.22M | 32.89M | 14.79M |
| EBITDA Margin | 15.15% | 13.85% | 13.21% | 11.61% | 7.88% |
| D&A For EBITDA | 2.20M | 1.63M | 168.00K | 168.00K | 127.00K |
| EBIT | 90.98M | 74.79M | 56.05M | 32.73M | 14.66M |
| EBIT Margin | 14.79% | 13.56% | 13.17% | 11.55% | 7.81% |
| Effective Tax Rate | 20.45% | 20.08% | 24.32% | 22.01% | 23.23% |
| Revenue as Reported | 615.16M | 551.59M | 425.66M | 283.40M | 187.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Investments in Debt Securities | 1.59B | 1.37B | 879.99M | 554.62M | 236.89M |
| Other Investments | 10.00M | 8.82M | 46.03M | ||
| Total Investments | 1.59B | 1.37B | 889.99M | 563.45M | 282.92M |
| Cash & Equivalents | 141.75M | 193.54M | 97.48M | 118.07M | 64.66M |
| Reinsurance Recoverable | 466.20M | 399.68M | 255.07M | 139.39M | 63.53M |
| Other Receivables | 140.36M | 98.45M | 71.78M | 44.58M | 30.72M |
| Deferred Policy Acquisition Cost | 45.49M | 35.28M | 27.62M | 19.41M | 13.67M |
| Property, Plant & Equipment | 11.95M | 13.44M | 10.85M | 8.10M | 7.15M |
| Restricted Cash | 23.07M | 40.23M | 124.58M | 1.70M | 15.99M |
| Other Current Assets | 227.05M | 191.82M | 152.57M | 116.73M | 74.54M |
| Long-Term Deferred Tax Assets | 29.57M | 22.48M | 20.34M | 14.23M | 11.28M |
| Other Long-Term Assets | 10.62M | 5.46M | 3.97M | 2.20M | 740.00K |
| Total Assets | 2.68B | 2.37B | 1.65B | 1.03B | 565.21M |
| Accrued Expenses | 11.60M | 19.05M | 18.01M | 14.90M | 12.03M |
| Unearned Premiums | 628.27M | 552.59M | 446.85M | 344.70M | 231.74M |
| Reinsurance Payable | 85.58M | 65.78M | 51.86M | 40.44M | 23.69M |
| Current Portion of Leases | 1.42M | ||||
| Current Income Taxes Payable | 314.00K | 314.00K | 1.57M | 42.00K | 1.52M |
| Long-Term Debt | 146.57M | 146.45M | |||
| Long-Term Leases | 2.30M | 1.57M | 700.00K | 1.20M | |
| Other Long-Term Liabilities | 14.07M | 1.13B | 765.51M | 435.00M | 211.66M |
| Total Liabilities | 2.21B | 1.92B | 1.28B | 835.78M | 481.83M |
| Common Stock | 329.00K | 328.00K | 327.00K | 240.00K | 240.00K |
| Additional Paid-In Capital | 330.02M | 325.89M | 318.10M | 178.54M | 100.20M |
| Retained Earnings | 148.84M | 116.69M | 62.91M | 24.67M | -381.00K |
| Comprehensive Income & Other | -5.25M | 6.36M | -10.89M | -11.37M | -16.69M |
| Shareholders' Equity | 473.94M | 449.27M | 370.44M | 192.08M | 83.37M |
| Total Liabilities & Equity | 2.68B | 2.37B | 1.65B | 1.03B | 565.21M |
| Filing Date Shares Outstanding | 32.94M | 32.78M | 32.66M | 30.67M | 24.00M |
| Total Common Shares Outstanding | 32.94M | 32.78M | 32.66M | 24.00M | 24.00M |
| Total Debt | 148.87M | 149.43M | 700.00K | 1.20M | |
| Net Cash (Debt) | -7.12M | 44.11M | 97.48M | 117.37M | 63.46M |
| Net Cash Per Share | -0.21 | 1.31 | 3.28 | 4.89 | 2.64 |
| Book Value Per Share | 14.39 | 13.70 | 11.34 | 8.00 | 3.47 |
| Tangible Book Value | 473.94M | 449.27M | 370.44M | 192.08M | 83.37M |
| Tangible Book Value Per Share | 14.39 | 13.70 | 11.34 | 8.00 | 3.47 |
| Machinery | 38.00K | 38.00K | 126.00K | 126.00K | |
| Leasehold Improvements | 30.00K | 30.00K | 503.00K | 503.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | 62.17M | 53.79M | 38.24M | 25.05M | 11.26M |
| Depreciation & Amortization | 551.00K | -21.00K | 168.00K | 168.00K | 127.00K |
| Other Amortization | 1.98M | 1.85M | 3.70M | 2.10M | 600.00K |
| Gain (Loss) on Sale of Investments | -994.00K | -1.30M | -3.49M | -2.85M | -70.00K |
| Stock-Based Compensation | 11.08M | 7.24M | 4.10M | 683.00K | 368.00K |
| Change in Accounts Receivable | -33.52M | -20.74M | -24.86M | -9.33M | -1.95M |
| Reinsurance Recoverable | -146.78M | -144.60M | -115.68M | -75.86M | -49.59M |
| Change in Unearned Revenue | 125.89M | 105.74M | 102.15M | 112.96M | 89.87M |
| Change in Income Taxes | -2.25M | -3.74M | 2.05M | -2.58M | 1.09M |
| Change in Insurance Reserves / Liabilities | 367.93M | 373.08M | 325.67M | 224.13M | 159.10M |
| Change in Other Net Operating Assets | -58.34M | -44.62M | -37.76M | -45.48M | -26.22M |
| Other Operating Activities | -3.12M | -1.33M | -3.21M | -3.79M | -2.33M |
| Operating Cash Flow | 334.22M | 331.59M | 294.29M | 236.22M | 181.64M |
| Capital Expenditures | -5.42M | -5.57M | -3.11M | -3.82M | -3.97M |
| Investment in Securities | -472.62M | -458.82M | -322.77M | -270.95M | -183.49M |
| Investing Cash Flow | -478.04M | -464.39M | -325.88M | -274.76M | -187.46M |
| Long-Term Debt Issued | 150.00M | ||||
| Net Debt Issued (Repaid) | 150.00M | 150.00M | |||
| Issuance of Common Stock | 133.82M | 77.66M | 24.00M | ||
| Repurchases of Common Stock | -3.98M | -1.84M | |||
| Common Dividends Paid | -25.00M | ||||
| Other Financing Activities | -3.65M | -3.65M | 64.00K | ||
| Financing Cash Flow | 142.37M | 144.52M | 133.89M | 77.66M | -1.00M |
| Miscellaneous Cash Flow Adjustments | 1.00K | ||||
| Net Cash Flow | -1.44M | 11.71M | 102.29M | 39.12M | -6.81M |
| Free Cash Flow | 328.81M | 326.02M | 291.18M | 232.41M | 177.67M |
| Free Cash Flow Margin | 53.45% | 59.10% | 68.41% | 82.01% | 94.71% |
| Free Cash Flow Per Share | 9.81 | 9.66 | 9.81 | 9.68 | 7.40 |
| Levered Free Cash Flow | 1.31B | 52.25M | -145.13M | 70.29M | |
| Unlevered Free Cash Flow | 1.32B | 53.51M | -144.68M | 70.29M | |
| Cash Income Tax Paid | 23.43M | 23.43M | 16.41M | 14.01M | 5.29M |
| Change in Working Capital | 262.57M | 271.37M | 254.77M | 214.86M | 171.69M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 1.12B | 935.63M | 1.16B | ||
| Enterprise Value | 1.13B | 741.07M | 1.03B | ||
| PE Ratio | 18.39 | 17.39 | 30.33 | ||
| PS Ratio | 1.82 | 1.70 | 2.73 | ||
| PB Ratio | 2.37 | 2.08 | 3.13 | ||
| P/FCF Ratio | 3.41 | 2.87 | 3.98 | ||
| P/OCF Ratio | 3.35 | 2.82 | 3.94 | ||
| EV/Sales Ratio | 1.83 | 1.34 | 2.42 | ||
| EV/EBITDA Ratio | 12.11 | 9.70 | 18.34 | ||
| EV/EBIT Ratio | 12.40 | 9.91 | 18.40 | ||
| EV/FCF Ratio | 3.43 | 2.27 | 3.54 | ||
| Debt / Equity Ratio | 0.31 | 0.33 | 0.00 | 0.01 | |
| Debt / EBITDA Ratio | 1.57 | 1.92 | 0.02 | 0.08 | |
| Debt / FCF Ratio | 0.45 | 0.46 | 0.00 | 0.01 | |
| Net Debt / Equity Ratio | 0.01 | -0.10 | -0.26 | -0.61 | -0.76 |
| Net Debt / EBITDA Ratio | 0.08 | -0.58 | -1.73 | -3.57 | -4.29 |
| Net Debt / FCF Ratio | 0.02 | -0.14 | -0.34 | -0.51 | -0.36 |
| Quick Ratio | 0.13 | 0.44 | 0.33 | 0.42 | 0.52 |
| Current Ratio | 0.49 | 1.45 | 1.37 | 1.07 | 1.10 |
| Asset Turnover | 0.27 | 0.27 | 0.32 | 0.36 | |
| Return on Equity (ROE) | 14.10% | 13.12% | 13.60% | 18.19% | |
| Return on Assets (ROA) | 2.46% | 2.32% | 2.61% | 2.57% | |
| Return on Invested Capital (ROIC) | 11.76% | 12.34% | 15.06% | 18.40% | 13.31% |
| Earnings Yield | 5.44% | 5.75% | 3.30% | ||
| FCF Yield | 29.33% | 34.84% | 25.10% | ||
| Payout Ratio | 222.10% | ||||
| Buyback Yield / Dilution | 0.46% | -13.68% | -23.66% |