Detailed financial statements for Bowhead Specialty Holdings Inc. (BOW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Operating across the United States, Bowhead Specialty Holdings Inc. delivers a range of specialized property and casualty insurance products. The company, established in New York in 2020, provides diverse coverage, encompassing: casualty insurance specifically designed for sectors such as construction, distribution, heavy manufacturing, real estate, and hospitality; professional liability protection for financial institutions, both private and public company directors and off...
Analysis Summary
Trailing-twelve-month margins: gross margin 36.5%, operating margin 12.7%, net margin 10.1%.
At the current price of $33.69, BOW trades at a P/E of 17.83 and an ROE of 13.73%. Market capitalisation stands at $1.1B.
Balance sheet quality for BOW: current ratio of 1.0, net cash position of $819.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $326.0M represents 606% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $187.6M | $283.4M | $425.6M | $551.5M |
| Cost of Revenue | $127.0M | $187.2M | $280.5M | $374.5M |
| Gross Profit | $60.6M | $96.2M | $145.1M | $177.0M |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 |
| Operating Expenses | $46.0M | $64.1M | $94.6M | $109.7M |
| Operating Income | $14.7M | $32.1M | $50.5M | $67.3M |
| EBITDA | $15.4M | $34.4M | $55.1M | $71.1M |
| Interest Expense | 0 | 0 | $725000 | $2.0M |
| Pre-tax Income | $14.7M | $32.1M | $50.5M | $67.3M |
| Income Tax | $3.4M | $7.1M | $12.3M | $13.5M |
| Net Income | $11.3M | $25.0M | $38.2M | $53.8M |
| EPS | $0.36 | $0.79 | $1.31 | $1.64 |
| EPS (Diluted) | $0.36 | $0.79 | $1.29 | $1.59 |
| Shares Outstanding (Diluted) | $31.5M | $31.5M | $29.7M | $33.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $143.9M | $151.7M | $154.8M | $163.9M |
| Gross Profit | $46.8M | $47.4M | $63.3M | $66.9M |
| Operating Income | $19.1M | $17.8M | $20.6M | $20.7M |
| EBITDA | $19.8M | $19.6M | $24.4M | $25.8M |
| Net Income | $15.2M | $14.8M | $16.0M | $16.1M |
| EPS | $0.46 | $0.45 | $0.49 | $0.49 |
| EPS (Diluted) | $0.45 | $0.44 | $0.48 | $0.48 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $64.7M | $118.1M | $97.5M | $193.5M |
| Short-term Investments | $282.9M | $563.4M | $890.0M | $772.2M |
| Receivables | $232.3M | $39.9M | $319.3M | $498.1M |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $670.4M | $118.1M | $1.10B | $1.70B |
| Property, Plant & Equipment | $6.0M | $7.6M | $6.8M | $10.6M |
| Goodwill | 0 | -$288.4M | 0 | 0 |
| Intangible Assets | $13.7M | $19.4M | $27.6M | $35.3M |
| Total Assets | $565.2M | $1.03B | $1.65B | $2.37B |
| Accounts Payable | $23.7M | $40.4M | $51.9M | $65.8M |
| Short-term Debt | 0 | 0 | $1.5M | 0 |
| Total Current Liabilities | $476.0M | 0 | $1.6M | $1.77B |
| Long-term Debt | 0 | 0 | 0 | $146.4M |
| Total Liabilities | $481.8M | $835.8M | $1.28B | $1.92B |
| Retained Earnings | -$381000 | $24.7M | $62.9M | $116.7M |
| Total Equity | $83.4M | $192.1M | $370.4M | $449.3M |
| Total Debt | 0 | 0 | $4.3M | $146.4M |
| Net Debt | -$347.6M | -$118.1M | -$983.2M | -$819.3M |
| Working Capital | $194.4M | $118.1M | $1.10B | -$71.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $250.8M | $193.5M | $97.2M | $164.8M |
| Total Assets | $2.09B | $2.37B | $2.48B | $2.68B |
| Total Liabilities | $1.66B | $1.92B | $2.02B | $2.21B |
| Total Equity | $430.2M | $449.3M | $459.2M | $472.4M |
| Total Debt | 0 | $146.4M | $146.5M | 0 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | $11.3M | $25.0M | $38.2M | $53.8M |
| Depreciation & Amortization | $727000 | $2.3M | $3.9M | $1.8M |
| Stock-based Compensation | $368000 | $683000 | $4.1M | $7.2M |
| Change in Working Capital | $171.7M | $214.9M | $254.8M | $271.4M |
| Operating Cash Flow | $181.6M | $236.2M | $294.3M | $331.6M |
| Capital Expenditure | -$4.0M | -$3.8M | -$3.1M | -$5.6M |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$25.0M | 0 | 0 | 0 |
| Dividends Paid | -$25.0M | 0 | 0 | 0 |
| Free Cash Flow | $177.7M | $232.4M | $291.2M | $326.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $114.7M | $58.3M | $65.5M | $93.9M |
| Capital Expenditure | -$1.3M | -$1.5M | -$1.3M | -$1.4M |
| Free Cash Flow | $113.5M | $56.8M | $64.2M | $92.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.0M | -$2.7M | $2.4M | $2.9M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth (YoY) | +51.1% | +50.2% | +29.6% | |
| Net Income Growth (YoY) | +122.5% | +52.7% | +40.6% | |
| EPS Growth (YoY) | +119.4% | +65.8% | +25.2% | |
| Shares Change (YoY) | +0.0% | -5.9% | +13.4% | |
| FCF Growth (YoY) | +30.8% | +25.3% | +12.0% | |
| Gross Margin | 32.3% | 33.9% | 34.1% | 32.1% |
| Operating Margin | 7.8% | 11.3% | 11.9% | 12.2% |
| EBITDA Margin | 8.2% | 12.1% | 13.0% | 12.9% |
| Net Margin | 6.0% | 8.8% | 9.0% | 9.8% |
| FCF Margin | 94.7% | 82.0% | 68.4% | 59.1% |
| Effective Tax Rate | 23.2% | 22.0% | 24.3% | 20.1% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | $5.64 | $7.37 | $9.81 | $9.69 |
| Dividends Per Share | $0.79 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $31.5M | $31.5M | $29.3M | $32.8M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when FMP does not expose it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 13.73% |
| Return on Invested Capital | 3.47% |
| Return on Assets | 2.32% |
| Gross Margin | 36.54% |
| Operating Margin | 12.72% |
| Net Margin | 10.12% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5573.37 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.65 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| P/E | 66.11 | 30.13 | 27.11 | 17.40 |
| P/B | 9.00 | 3.91 | 2.81 | 2.08 |
| P/S | 4.00 | 2.65 | 2.44 | 1.70 |
| Gross Margin | 32.3% | 33.9% | 34.1% | 32.1% |
| Operating Margin | 7.8% | 11.3% | 11.9% | 12.2% |
| Net Margin | 6.0% | 8.8% | 9.0% | 9.8% |
Related companies: AMSF · ASIC · CFFN · DGICA · EIG · ESQ · HAFC
Explore sector: Financial Services · Insurance - Property & Casualty
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