Bowhead Specialty Holdings Inc.
BOW NYSE Fire, Marine & Casualty Insurance Financials FY2022–FY2025
Revenue
Total sales reported in the income statement.
$552M
29.6%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$53.8M
40.6%
Free cash flow
Cash from operations minus capital spending.
$326M
12.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.85 EPS (TTM)
What Bowhead Specialty Holdings Inc. does
No business description yet.
- Legal name
- Bowhead Specialty Holdings Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001628280-26-011089
0002002473
Revenue and margins
Bowhead Specialty Holdings Inc. had $552M of revenue in fiscal 2025, up 29.6% on the year before.
FY22
Revenue $188M
FY23
Revenue $283M
FY24
Revenue $426M
FY25
Revenue $552M
Q3 '23
Revenue $76.1M
Q4 '23
Revenue $82.8M
Q1 '24
Revenue $90.7M
Q2 '24
Revenue $98.9M
Q3 '24
Revenue $117M
Q4 '24
Revenue $119M
Q1 '25
Revenue $123M
Q2 '25
Revenue $133M
Q3 '25
Revenue $144M
Q4 '25
Revenue $152M
Q1 '26
Revenue $156M
Q2 '26
Revenue $164M
FY22
Gross —
Operating —
Net 6.0%
FCF 94.7%
FY23
Gross —
Operating —
Net 8.8%
FCF 82.0%
FY24
Gross —
Operating —
Net 9.0%
FCF 68.4%
FY25
Gross —
Operating —
Net 9.8%
FCF 59.1%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 11.4%
FCF 114.6%
Q4 '23
Gross —
Operating —
Net 5.8%
FCF 73.0%
Q1 '24
Gross —
Operating —
Net 7.7%
FCF 45.3%
Q2 '24
Gross —
Operating —
Net 5.6%
FCF 71.5%
Q3 '24
Gross —
Operating —
Net 10.4%
FCF 101.4%
Q4 '24
Gross —
Operating —
Net 11.4%
FCF 51.0%
Q1 '25
Gross —
Operating —
Net 9.3%
FCF 37.9%
Q2 '25
Gross —
Operating —
Net 9.3%
FCF 80.6%
Q3 '25
Gross —
Operating —
Net 10.5%
FCF 78.8%
Q4 '25
Gross —
Operating —
Net 9.8%
FCF 38.7%
Q1 '26
Gross —
Operating —
Net 10.3%
FCF 41.2%
Q2 '26
Gross —
Operating —
Net 9.8%
FCF 56.5%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2022 to 2025, diluted EPS grew 50.1% a year. Loss periods are shown in red.
FY22
Net income $11.3M
FY23
Net income $25.0M
FY24
Net income $38.2M
FY25
Net income $53.8M
Q3 '23
Net income $8.7M
Q4 '23
Net income $4.8M
Q1 '24
Net income $7.0M
Q2 '24
Net income $5.5M
Q3 '24
Net income $12.1M
Q4 '24
Net income $13.6M
Q1 '25
Net income $11.4M
Q2 '25
Net income $12.3M
Q3 '25
Net income $15.2M
Q4 '25
Net income $14.8M
Q1 '26
Net income $16.0M
Q2 '26
Net income $16.1M
FY22
Diluted EPS $0.47
FY23
Diluted EPS $1.04
FY24
Diluted EPS $1.29
FY25
Diluted EPS $1.59
Q3 '23
Diluted EPS $0.36
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS $0.29
Q2 '24
Diluted EPS $0.20
Q3 '24
Diluted EPS $0.36
Q4 '24
Diluted EPS $0.44
Q1 '25
Diluted EPS $0.34
Q2 '25
Diluted EPS $0.36
Q3 '25
Diluted EPS $0.45
Q4 '25
Diluted EPS $0.44
Q1 '26
Diluted EPS $0.48
Q2 '26
Diluted EPS $0.48
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity —
Return on assets —
FY23
Return on capital —
Return on equity 13.0%
Return on assets 2.4%
FY24
Return on capital —
Return on equity 13.6%
Return on assets 2.9%
FY25
Return on capital —
Return on equity 13.1%
Return on assets 2.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $326M in fiscal 2025, 59.1% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow $178M
FY23
Free cash flow $232M
FY24
Free cash flow $291M
FY25
Free cash flow $326M
Q3 '23
Free cash flow $87.2M
Q4 '23
Free cash flow $60.5M
Q1 '24
Free cash flow $41.1M
Q2 '24
Free cash flow $70.7M
Q3 '24
Free cash flow $118M
Q4 '24
Free cash flow $60.9M
Q1 '25
Free cash flow $46.5M
Q2 '25
Free cash flow $107M
Q3 '25
Free cash flow $113M
Q4 '25
Free cash flow $58.6M
Q1 '26
Free cash flow $64.2M
Q2 '26
Free cash flow $92.5M
FY22
Cash from operations $182M
Capital spending $4.0M
FY23
Cash from operations $236M
Capital spending $3.8M
FY24
Cash from operations $294M
Capital spending $3.1M
FY25
Cash from operations $332M
Capital spending $5.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations $88.3M
Capital spending $1.1M
Q4 '23
Cash from operations $61.4M
Capital spending $0.9M
Q1 '24
Cash from operations $41.9M
Capital spending $0.8M
Q2 '24
Cash from operations $71.5M
Capital spending $0.8M
Q3 '24
Cash from operations $119M
Capital spending $1.0M
Q4 '24
Cash from operations $61.4M
Capital spending $0.5M
Q1 '25
Cash from operations $47.7M
Capital spending $1.2M
Q2 '25
Cash from operations $109M
Capital spending $1.6M
Q3 '25
Cash from operations $115M
Capital spending $1.3M
Q4 '25
Cash from operations $60.1M
Capital spending $1.5M
Q1 '26
Cash from operations $65.5M
Capital spending $1.3M
Q2 '26
Cash from operations $93.9M
Capital spending $1.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Bowhead Specialty Holdings Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 13.7%.
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Bowhead Specialty Holdings Inc. can carry it.
FY22
Cash $64.7M
Debt —
FY23
Cash $118M
Debt —
FY24
Cash $97.5M
Debt $0.0M
FY25
Cash $194M
Debt $146M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $64.7M | $118M | $97.5M | $194M |
| Debt incl. finance leases | — | — | $0.0M | $146M |
| Debt / equity | — | — | 0.0x | 0.3x |
| Total assets | — | $1.0B | $1.7B | $2.4B |
| Total liabilities | — | $836M | $1.3B | $1.9B |
| Shareholders' equity | — | $192M | $370M | $448M |
| Net debt (− = net cash) | — | — | −$97.5M | −$47.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ |
| Current ratio rose | — | — | — | — |
| Share count didn't rise | — | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 4 | — / 6 | 3 / 7 |
| Accruals ratio | — | −20.5% | −19.1% | −13.8% |
| Altman Z'' | — | — | — | — |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $188M | $283M | $426M | $552M |
| Interest expense | $0.0M | $0.0M | $0.7M | $2.0M |
| Pretax 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 |
| Diluted EPS | $0.47 | $1.04 | $1.29 | $1.59 |
| Diluted shares | 0.02B | 0.02B | 0.03B | 0.03B |
| Cash flow | ||||
| Cash from operations | $182M | $236M | $294M | $332M |
| Capital expenditure | $4.0M | $3.8M | $3.1M | $5.6M |
| Free cash flow | $178M | $232M | $291M | $326M |
| Depreciation and amortization | $0.7M | $2.3M | $3.9M | $1.8M |
| Stock-based compensation | $0.4M | $0.7M | $4.1M | $7.2M |
| Balance sheet | ||||
| Cash and short-term investments | $64.7M | $118M | $97.5M | $194M |
| Total debt | — | — | $0.0M | $146M |
| Property and equipment, net | — | $7.6M | $6.8M | $10.6M |
| Total assets | — | $1.0B | $1.7B | $2.4B |
| Total liabilities | — | $836M | $1.3B | $1.9B |
| Shareholders' equity | — | $192M | $370M | $448M |
| Margins | ||||
| Net margin | 6.0% | 8.8% | 9.0% | 9.8% |
| FCF margin | 94.7% | 82.0% | 68.4% | 59.1% |
| Returns | ||||
| Return on equity | — | 13.0% | 13.6% | 13.1% |
| Return on assets | — | 2.4% | 2.9% | 2.7% |
| Return on tangible equity | — | 13.0% | 10.3% | 12.0% |
| Growth | ||||
| Revenue growth | — | 51.1% | 50.2% | 29.6% |
| Net income growth | — | 122.5% | 52.7% | 40.6% |
| EPS growth | — | 121.3% | 24.0% | 23.3% |
| FCF growth | — | 30.8% | 25.3% | 12.0% |
| Share count change | — | 0.0% | 23.7% | 13.7% |
| Financial health | ||||
| Debt / equity | — | — | 0.0x | 0.3x |
| Capital allocation | ||||
| Capex / revenue | 2.1% | 1.3% | 0.7% | 1.0% |
| Stock comp / revenue | 0.2% | 0.2% | 1.0% | 1.3% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 3.0 |
| Accruals ratio | — | −20.5% | −19.1% | −13.8% |
Source: SEC EDGAR XBRL filings (CIK 0002002473). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.