Free Trial

Bowhead Specialty (BOW) Financials

Bowhead Specialty logo
$27.24 +0.88 (+3.32%)
As of 02:21 PM Eastern
This is a fair market value price provided by Massive. Learn more.
Annual Income Statements for Bowhead Specialty

Annual Income Statements for Bowhead Specialty

This table shows Bowhead Specialty's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
11 25 38 54
Consolidated Net Income / (Loss)
11 25 38 54
Net Income / (Loss) Continuing Operations
11 25 38 54
Total Pre-Tax Income
15 32 51 67
Total Operating Income
30 54 88 121
Total Gross Profit
76 117 178 224
Total Revenue
188 283 426 552
Operating Revenue
188 283 426 552
Total Cost of Revenue
112 166 248 328
Operating Cost of Revenue
112 166 248 328
Total Operating Expenses
46 63 89 102
Other Operating Expenses / (Income)
46 63 89 102
Total Other Income / (Expense), net
-15 -22 -38 -54
Interest Expense
0.00 0.00 0.73 2.87
Other Income / (Expense), net
-15 -22 -37 -51
Income Tax Expense
3.41 7.07 12 14
Basic Earnings per Share
$0.47 $1.04 $1.31 $1.64
Weighted Average Basic Shares Outstanding
24M 24M 29.26M 32.74M
Diluted Earnings per Share
$0.47 $1.04 $1.29 $1.59
Weighted Average Diluted Shares Outstanding
24M 24M 29.68M 33.74M
Weighted Average Basic & Diluted Shares Outstanding
- - 32.66M 32.78M

Quarterly Income Statements for Bowhead Specialty

This table shows Bowhead Specialty's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
6.56 8.71 7.01 5.53 12 14 11 12 15 15 16
Consolidated Net Income / (Loss)
6.56 8.71 7.01 5.53 12 14 11 12 15 15 16
Net Income / (Loss) Continuing Operations
6.56 8.71 7.01 5.53 12 14 11 12 15 15 16
Total Pre-Tax Income
8.46 11 9.06 7.41 16 18 14 16 19 18 21
Total Operating Income
13 17 16 17 27 29 25 29 33 34 38
Total Gross Profit
28 33 36 40 49 52 49 54 59 61 64
Total Revenue
65 76 91 99 117 119 123 133 144 152 156
Operating Revenue
65 76 91 99 117 119 123 133 144 152 156
Total Cost of Revenue
37 43 54 59 68 67 73 79 85 91 91
Operating Cost of Revenue
37 43 54 59 68 67 73 79 85 91 91
Total Operating Expenses
15 16 21 23 22 23 24 26 26 27 26
Other Operating Expenses / (Income)
15 16 21 23 22 23 24 26 26 27 26
Total Other Income / (Expense), net
-4.97 -5.66 -6.77 -9.62 -11 -11 -11 -13 -14 -16 -18
Interest Expense
0.00 0.00 0.00 0.22 0.25 0.25 0.25 0.26 0.26 2.10 3.16
Other Income / (Expense), net
-4.97 -5.66 -6.77 -9.39 -10 -11 -11 -12 -14 -14 -15
Income Tax Expense
1.91 2.56 2.04 1.88 3.73 4.64 3.05 3.57 3.93 2.96 4.56
Basic Earnings per Share
$0.27 $0.36 $0.29 $0.20 $0.37 $0.45 $0.35 $0.38 $0.46 $0.45 $0.49
Weighted Average Basic Shares Outstanding
24M 24M 24M 27.65M 32.66M 29.26M 32.66M 32.72M 32.78M 32.74M 32.81M
Diluted Earnings per Share
$0.27 $0.36 $0.29 $0.20 $0.36 $0.44 $0.34 $0.36 $0.45 $0.44 $0.48
Weighted Average Diluted Shares Outstanding
24M 24M 24M 27.77M 33.26M 29.68M 33.71M 34.05M 33.65M 33.74M 33.28M
Weighted Average Basic & Diluted Shares Outstanding
- - - 32.66M 32.66M 32.66M 32.66M 32.78M 32.78M 32.78M 32.84M

Annual Cash Flow Statements for Bowhead Specialty

This table details how cash moves in and out of Bowhead Specialty's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-6.81 39 102 12
Net Cash From Operating Activities
182 236 294 332
Net Cash From Continuing Operating Activities
182 236 294 332
Net Income / (Loss) Continuing Operations
11 25 38 54
Consolidated Net Income / (Loss)
11 25 38 54
Depreciation Expense
0.73 2.27 3.87 1.78
Amortization Expense
-0.07 -2.85 -3.51 -1.21
Non-Cash Adjustments To Reconcile Net Income
175 224 267 297
Changes in Operating Assets and Liabilities, net
-5.31 -13 -11 -20
Net Cash From Investing Activities
-187 -275 -326 -464
Net Cash From Continuing Investing Activities
-187 -275 -326 -464
Purchase of Property, Plant & Equipment
-3.97 -3.82 -3.11 -5.57
Purchase of Investments
-198 -367 -613 -828
Sale and/or Maturity of Investments
15 96 290 369
Net Cash From Financing Activities
-1.00 78 134 145
Net Cash From Continuing Financing Activities
-1.00 78 134 145
Repayment of Debt
- 0.00 0.00 -3.65
Issuance of Debt
- 0.00 0.00 150
Issuance of Common Equity
0.00 0.00 131 0.00
Other Financing Activities, net
24 78 2.84 -1.84
Cash Income Taxes Paid
5.29 14 16 23

Quarterly Cash Flow Statements for Bowhead Specialty

This table details how cash moves in and out of Bowhead Specialty's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
52 -15 -34 113 -37 60 -99 43 85 -17 -92
Net Cash From Operating Activities
88 61 42 72 119 61 48 109 115 60 65
Net Cash From Continuing Operating Activities
88 62 42 72 119 62 48 109 115 60 65
Net Income / (Loss) Continuing Operations
8.71 4.78 7.01 5.53 12 14 11 12 15 15 16
Consolidated Net Income / (Loss)
8.71 4.78 7.01 5.53 12 14 11 12 15 15 16
Depreciation Expense
0.78 0.81 0.76 0.96 1.05 1.10 0.40 0.36 0.46 0.56 0.62
Amortization Expense
-0.76 -1.01 -1.03 -1.04 -0.86 -0.58 -0.37 -0.31 -0.24 -0.29 -0.13
Non-Cash Adjustments To Reconcile Net Income
-79 219 -32 142 23 292 49 104 96 48 57
Changes in Operating Assets and Liabilities, net
158 -161 67 -75 84 -244 -13 -7.36 3.78 -3.37 -8.05
Net Cash From Investing Activities
-59 -101 -79 -89 -157 -1.14 -146 -66 -30 -222 -157
Net Cash From Continuing Investing Activities
-59 -101 -79 -89 -157 -1.14 -146 -66 -30 -222 -157
Purchase of Property, Plant & Equipment
-1.09 -0.92 -0.81 -0.79 -1.01 -0.51 -1.23 -1.56 -1.26 -1.51 -1.29
Purchase of Investments
-62 -128 -94 -136 -239 -145 -251 -124 -155 -298 -242
Sale and/or Maturity of Investments
3.86 28 15 48 83 144 105 59 126 78 87
Net Cash From Financing Activities
22 25 2.84 131 - 0.06 0.00 - - 145 -0.79
Net Cash From Continuing Financing Activities
22 25 2.84 131 - 0.06 0.00 - - 145 -0.79
Other Financing Activities, net
22 25 2.84 - - 0.06 0.00 - - -1.84 -0.79

Annual Balance Sheets for Bowhead Specialty

This table presents Bowhead Specialty's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
1,028 1,654 2,371
Total Current Assets
313 559 732
Cash & Equivalents
118 97 194
Restricted Cash
1.70 125 40
Short-Term Investments
13 18 11
Current Deferred & Refundable Income Taxes
1.11 0.59 3.07
Other Current Assets
178 319 484
Plant, Property, & Equipment, net
7.60 6.85 11
Total Noncurrent Assets
717 1,098 1,629
Noncurrent Deferred & Refundable Income Taxes
14 20 22
Other Noncurrent Operating Assets
702 1,078 1,606
Total Liabilities & Shareholders' Equity
1,028 1,654 2,371
Total Liabilities
836 1,284 1,922
Total Current Liabilities
831 1,275 1,768
Accrued Expenses
15 18 19
Current Deferred & Payable Income Tax Liabilities
0.04 1.57 0.31
Other Current Liabilities
816 1,256 1,748
Total Noncurrent Liabilities
4.51 8.65 154
Long-Term Debt
- 0.00 146
Other Noncurrent Operating Liabilities
4.51 8.65 7.99
Commitments & Contingencies
0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 0.27 1.01
Total Equity & Noncontrolling Interests
192 370 448
Total Preferred & Common Equity
192 370 448
Total Common Equity
192 370 448
Common Stock
179 318 326
Retained Earnings
25 63 117
Accumulated Other Comprehensive Income / (Loss)
-11 -11 5.35

Quarterly Balance Sheets for Bowhead Specialty

This table presents Bowhead Specialty's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
1,395 1,548 1,753 1,942 2,095 2,479
Total Current Assets
481 451 500 586 690 677
Cash & Equivalents
180 133 88 115 198 97
Restricted Cash
18 29 35 51 53 44
Short-Term Investments
19 17 18 9.74 8.89 16
Current Deferred & Refundable Income Taxes
1.32 0.33 0.61 1.88 3.35 1.43
Other Current Assets
262 272 358 408 427 518
Plant, Property, & Equipment, net
7.48 7.44 7.68 8.88 9.68 11
Total Noncurrent Assets
919 1,099 1,256 1,347 1,395 1,796
Noncurrent Deferred & Refundable Income Taxes
17 16 19 20 19 28
Other Noncurrent Operating Assets
902 1,083 1,236 1,328 1,376 1,768
Total Liabilities & Shareholders' Equity
1,395 1,548 1,753 1,942 2,095 2,479
Total Liabilities
1,055 1,183 1,362 1,534 1,664 2,020
Total Current Liabilities
1,037 1,176 1,352 1,526 1,654 1,854
Accrued Expenses
11 15 5.78 10 14 11
Current Deferred & Payable Income Tax Liabilities
0.03 0.03 5.60 0.14 0.14 6.21
Other Current Liabilities
1,025 1,161 1,341 1,516 1,639 1,836
Total Noncurrent Liabilities
18 7.29 9.41 8.01 9.83 167
Long-Term Debt
- - - - - 147
Other Noncurrent Operating Liabilities
18 7.29 9.41 8.01 9.83 20
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.05 0.16 0.41 0.61 0.81 1.26
Total Equity & Noncontrolling Interests
340 365 391 407 430 458
Total Preferred & Common Equity
340 365 391 407 430 458
Total Common Equity
340 365 391 407 430 458
Common Stock
315 317 320 321 324 328
Retained Earnings
37 49 74 87 102 133
Accumulated Other Comprehensive Income / (Loss)
-12 -1.29 -3.74 -0.55 4.74 -3.12

Annual Metrics And Ratios for Bowhead Specialty

This table displays calculated financial ratios and metrics derived from Bowhead Specialty's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics
- - - -
Revenue Growth
0.00% 51.06% 50.20% 29.58%
EBITDA Growth
0.00% 105.87% 63.69% 37.05%
EBIT Growth
0.00% 119.05% 59.61% 36.90%
NOPAT Growth
0.00% 82.58% 59.94% 44.84%
Net Income Growth
0.00% 122.52% 52.69% 40.64%
EPS Growth
0.00% 121.28% 24.04% 23.26%
Operating Cash Flow Growth
0.00% 30.05% 24.58% 12.67%
Free Cash Flow Firm Growth
0.00% 0.00% 75.66% -1,702.20%
Invested Capital Growth
0.00% 0.00% 108.23% 149.17%
Revenue Q/Q Growth
0.00% 0.00% 0.00% 6.23%
EBITDA Q/Q Growth
0.00% 0.00% 0.00% 1.68%
EBIT Q/Q Growth
0.00% 0.00% 0.00% 2.06%
NOPAT Q/Q Growth
0.00% 0.00% 0.00% 7.37%
Net Income Q/Q Growth
0.00% 0.00% 0.00% 2.35%
EPS Q/Q Growth
0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 0.00% -0.38%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 104.82%
Profitability Metrics
- - - -
Gross Margin
40.43% 41.33% 41.71% 40.53%
EBITDA Margin
8.17% 11.13% 12.13% 12.83%
Operating Margin
15.91% 18.93% 20.78% 21.99%
EBIT Margin
7.81% 11.33% 12.04% 12.72%
Profit (Net Income) Margin
6.00% 8.84% 8.98% 9.75%
Tax Burden Percent
76.78% 77.99% 75.68% 79.92%
Interest Burden Percent
100.00% 100.00% 98.59% 95.90%
Effective Tax Rate
23.22% 22.01% 24.32% 20.08%
Return on Invested Capital (ROIC)
0.00% 123.73% 64.20% 39.42%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 150.74% 80.41% 65.75%
Return on Net Nonoperating Assets (RNNOA)
0.00% -97.65% -50.60% -26.30%
Return on Equity (ROE)
0.00% 26.08% 13.60% 13.12%
Cash Return on Invested Capital (CROIC)
0.00% -76.27% -6.02% -46.02%
Operating Return on Assets (OROA)
0.00% 3.12% 3.82% 3.49%
Return on Assets (ROA)
0.00% 2.44% 2.85% 2.67%
Return on Common Equity (ROCE)
0.00% 26.08% 13.59% 13.10%
Return on Equity Simple (ROE_SIMPLE)
0.00% 13.04% 10.33% 0.00%
Net Operating Profit after Tax (NOPAT)
23 42 67 97
NOPAT Margin
12.22% 14.77% 15.72% 17.58%
Net Nonoperating Expense Percent (NNEP)
0.00% -27.01% -16.21% -26.33%
Return On Investment Capital (ROIC_SIMPLE)
- 21.79% 18.08% 16.30%
Cost of Revenue to Revenue
59.57% 58.67% 58.29% 59.47%
SG&A Expenses to Revenue
0.00% 0.00% 0.00% 0.00%
R&D to Revenue
0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
24.51% 22.39% 20.94% 18.54%
Earnings before Interest and Taxes (EBIT)
15 32 51 70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
15 32 52 71
Valuation Ratios
- - - -
Price to Book Value (P/BV)
0.00 0.67 3.13 2.09
Price to Tangible Book Value (P/TBV)
0.00 0.67 3.13 2.09
Price to Revenue (P/Rev)
0.68 0.45 2.73 1.70
Price to Earnings (P/E)
11.37 5.11 30.33 17.40
Dividend Yield
0.00% 0.00% 0.00% 0.00%
Earnings Yield
8.79% 19.57% 3.30% 5.75%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 6.54 2.39
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 2.16 1.52
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 17.84 11.85
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 17.96 11.95
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 13.76 8.65
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 3.13 2.53
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00
Leverage & Solvency
- - - -
Debt to Equity
0.00 0.00 0.00 0.33
Long-Term Debt to Equity
0.00 0.00 0.00 0.33
Financial Leverage
0.00 -0.65 -0.63 -0.40
Leverage Ratio
0.00 5.35 4.77 4.91
Compound Leverage Factor
0.00 5.35 4.70 4.71
Debt to Total Capital
0.00% 0.00% 0.00% 24.58%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 24.58%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.07% 0.17%
Common Equity to Total Capital
0.00% 100.00% 99.93% 75.25%
Debt to EBITDA
0.00 0.00 0.00 2.07
Net Debt to EBITDA
0.00 0.00 0.00 -1.39
Long-Term Debt to EBITDA
0.00 0.00 0.00 2.07
Debt to NOPAT
0.00 0.00 0.00 1.51
Net Debt to NOPAT
0.00 0.00 0.00 -1.01
Long-Term Debt to NOPAT
0.00 0.00 0.00 1.51
Altman Z-Score
0.00 -0.10 0.44 0.17
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.05% 0.16%
Liquidity Ratios
- - - -
Current Ratio
0.00 0.38 0.44 0.41
Quick Ratio
0.00 0.16 0.09 0.12
Cash Flow Metrics
- - - -
Free Cash Flow to Firm (FCFF)
0.00 -26 -6.28 -113
Operating Cash Flow to CapEx
4,573.11% 6,185.52% 9,456.52% 5,953.09%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 -8.66 -39.38
Operating Cash Flow to Interest Expense
0.00 0.00 405.91 115.37
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 401.62 113.44
Efficiency Ratios
- - - -
Asset Turnover
0.00 0.28 0.32 0.27
Accounts Receivable Turnover
0.00 0.00 0.00 0.00
Inventory Turnover
0.00 0.00 0.00 0.00
Fixed Asset Turnover
0.00 37.28 58.93 63.11
Accounts Payable Turnover
0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 0.00
Capital & Investment Metrics
- - - -
Invested Capital
0.00 68 141 351
Invested Capital Turnover
0.00 8.38 4.08 2.24
Increase / (Decrease) in Invested Capital
0.00 68 73 210
Enterprise Value (EV)
0.00 -5.25 921 838
Market Capitalization
128 128 1,160 936
Book Value per Share
$0.00 $8.00 $11.33 $13.67
Tangible Book Value per Share
$0.00 $8.00 $11.33 $13.67
Total Capital
0.00 192 370 596
Total Debt
0.00 0.00 0.00 146
Total Long-Term Debt
0.00 0.00 0.00 146
Net Debt
0.00 -133 -240 -98
Capital Expenditures (CapEx)
3.97 3.82 3.11 5.57
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -652 -956 -1,281
Debt-free Net Working Capital (DFNWC)
0.00 -519 -716 -1,036
Net Working Capital (NWC)
0.00 -519 -716 -1,036
Net Nonoperating Expense (NNE)
12 17 29 43
Net Nonoperating Obligations (NNO)
0.00 -124 -230 -98
Total Depreciation and Amortization (D&A)
0.66 -0.58 0.36 0.57
Debt-free, Cash-free Net Working Capital to Revenue
0.00% -230.05% -224.55% -232.15%
Debt-free Net Working Capital to Revenue
0.00% -183.03% -168.27% -187.78%
Net Working Capital to Revenue
0.00% -183.03% -168.27% -187.78%
Earnings Adjustments
- - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $1.31 $1.64
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 29.26M 32.74M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $1.29 $1.59
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 29.68M 33.74M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 32.66M 32.78M
Normalized Net Operating Profit after Tax (NOPAT)
23 42 67 97
Normalized NOPAT Margin
12.22% 14.77% 15.72% 17.58%
Pre Tax Income Margin
7.81% 11.33% 11.87% 12.20%
Debt Service Ratios
- - - -
EBIT to Interest Expense
0.00 0.00 70.70 24.42
NOPAT to Interest Expense
0.00 0.00 92.32 33.73
EBIT Less CapEx to Interest Expense
0.00 0.00 66.41 22.48
NOPAT Less CapEx to Interest Expense
0.00 0.00 88.03 31.79
Payout Ratios
- - - -
Dividend Payout Ratio
222.10% 0.00% 0.00% 0.00%
Augmented Payout Ratio
222.10% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Bowhead Specialty

This table displays calculated financial ratios and metrics derived from Bowhead Specialty's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
- - - - - - - - - - 32,783,451.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 32,783,451.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 0.49
Growth Metrics
- - - - - - - - - - -
Revenue Growth
0.00% 0.00% 0.00% 51.10% 53.45% 0.00% 35.34% 34.75% 23.27% 27.11% 26.87%
EBITDA Growth
0.00% 0.00% 0.00% -9.76% 44.10% 0.00% 67.94% 114.57% 20.48% 6.13% 64.20%
EBIT Growth
0.00% 0.00% 0.00% -9.76% 42.68% 0.00% 62.51% 111.91% 20.51% 7.64% 61.26%
NOPAT Growth
0.00% 0.00% 0.00% 22.18% 55.14% 0.00% 63.31% 73.93% 31.07% 30.69% 49.34%
Net Income Growth
0.00% 0.00% 0.00% -15.59% 38.86% 0.00% 62.94% 123.06% 25.50% 9.09% 40.13%
EPS Growth
0.00% 0.00% 0.00% -25.93% 0.00% 0.00% 17.24% 80.00% 25.00% 0.00% 41.18%
Operating Cash Flow Growth
0.00% 0.00% 0.00% 0.00% 35.32% 0.08% 13.87% 52.41% -3.95% -2.07% 37.16%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 38.08% 129.15% 0.00% 32.27%
Invested Capital Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 72.52% -12.56% 149.17% 74.00%
Revenue Q/Q Growth
0.00% 16.26% 0.00% 0.00% 18.06% 2.20% 0.00% 8.59% 8.01% 5.38% 2.65%
EBITDA Q/Q Growth
0.00% 33.36% 0.00% 0.00% 112.97% 16.98% 0.00% 9.94% 20.77% 3.05% 20.00%
EBIT Q/Q Growth
0.00% 33.14% 0.00% 0.00% 110.53% 15.10% 0.00% 9.92% 19.73% 2.80% 19.19%
NOPAT Q/Q Growth
0.00% 25.73% 0.00% 0.00% 59.64% 6.70% 0.00% 10.46% 20.30% 6.39% 5.63%
Net Income Q/Q Growth
0.00% 32.85% 0.00% 0.00% 118.54% 12.52% 0.00% 8.03% 22.96% -2.19% 7.86%
EPS Q/Q Growth
0.00% 33.33% 0.00% 0.00% 80.00% 22.22% 0.00% 5.88% 25.00% -2.22% 9.09%
Operating Cash Flow Q/Q Growth
0.00% 0.00% -31.71% 0.00% 0.00% -48.58% -22.30% 128.36% 5.28% -47.58% 8.82%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% -44.43% 100.00% 0.00% 68.64% 168.00% -454.97% 10.53%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 0.00% 45.87% -28.13% 0.00% -10.93% -26.07% 104.82% 29.01%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
42.85% 43.76% 40.09% 40.32% 41.91% 43.91% 40.17% 40.79% 41.22% 39.95% 41.24%
EBITDA Margin
12.93% 14.83% 9.69% 7.72% 13.92% 15.94% 12.02% 12.17% 13.61% 13.31% 15.56%
Operating Margin
20.52% 22.24% 17.46% 17.21% 22.74% 24.34% 20.66% 21.40% 23.27% 22.38% 24.67%
EBIT Margin
12.93% 14.80% 9.99% 7.72% 13.76% 15.50% 11.99% 12.14% 13.46% 13.13% 15.24%
Profit (Net Income) Margin
10.01% 11.44% 7.73% 5.59% 10.36% 11.40% 9.31% 9.26% 10.54% 9.79% 10.28%
Tax Burden Percent
77.48% 77.31% 77.43% 74.67% 76.43% 74.56% 78.96% 77.54% 79.43% 83.35% 77.83%
Interest Burden Percent
100.00% 100.00% 100.00% 97.07% 98.43% 98.65% 98.32% 98.39% 98.65% 89.43% 86.68%
Effective Tax Rate
22.52% 22.69% 22.57% 25.33% 23.57% 25.44% 21.04% 22.46% 20.57% 16.65% 22.17%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 54.83% 57.38% 44.59% 52.24% 41.85% 31.48%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 58.34% 70.48% 49.71% 57.57% 50.05% 51.68%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% -36.16% -23.62% -25.37% -31.00% -20.02% -8.35%
Return on Equity (ROE)
0.00% 0.00% 0.00% 0.00% 0.00% 18.68% 33.76% 19.23% 21.24% 21.83% 23.13%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% -4.46% 0.00% 0.00% 0.00% -46.02% -24.05%
Operating Return on Assets (OROA)
0.00% 0.00% 0.00% 0.00% 0.00% 4.92% 3.13% 3.58% 3.84% 3.60% 4.21%
Return on Assets (ROA)
0.00% 0.00% 0.00% 0.00% 0.00% 3.62% 2.43% 2.73% 3.01% 2.68% 2.84%
Return on Common Equity (ROCE)
0.00% 0.00% 0.00% 0.00% 0.00% 18.67% 33.73% 19.21% 21.22% 21.79% 23.08%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.91% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
10 13 12 13 20 22 20 22 27 28 30
NOPAT Margin
15.90% 17.19% 13.52% 12.85% 17.38% 18.15% 16.31% 16.59% 18.48% 18.66% 19.20%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% -6.99% -9.72% -3.51% -13.10% -5.12% -5.33% -8.21% -20.20%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - 5.85% 5.12% 5.43% 6.18% 4.76% 4.95%
Cost of Revenue to Revenue
57.15% 56.24% 59.91% 59.68% 58.09% 56.09% 59.84% 59.21% 58.78% 60.05% 58.76%
SG&A Expenses to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
22.33% 21.52% 22.63% 23.11% 19.17% 19.57% 19.51% 19.40% 17.95% 17.56% 16.57%
Earnings before Interest and Taxes (EBIT)
8.46 11 9.06 7.63 16 18 15 16 19 20 24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
8.46 11 8.78 7.63 16 19 15 16 20 20 24
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.00 0.56 2.51 3.13 3.40 3.01 2.06 2.09 1.61
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.56 2.51 3.13 3.40 3.01 2.06 2.09 1.61
Price to Revenue (P/Rev)
0.00 0.00 0.00 0.00 0.00 2.73 2.90 2.49 1.71 1.70 1.26
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 30.33 31.13 24.78 16.87 17.40 12.60
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 3.30% 3.21% 4.04% 5.93% 5.75% 7.94%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 3.76 6.54 4.56 4.53 3.66 2.39 1.60
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.00 0.00 0.00 2.16 2.59 2.13 1.21 1.52 1.24
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 17.84 20.61 15.86 9.02 11.85 9.04
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 17.96 20.85 16.05 9.13 11.95 9.16
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 13.76 15.89 12.50 6.95 8.65 6.79
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 3.13 3.96 3.11 1.89 2.53 2.08
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.33 0.32
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.33 0.32
Financial Leverage
0.00 0.00 0.00 -0.60 -0.46 -0.62 -0.34 -0.51 -0.54 -0.40 -0.16
Leverage Ratio
0.00 0.00 0.00 4.10 4.24 4.77 4.48 4.46 4.58 4.91 4.98
Compound Leverage Factor
0.00 0.00 0.00 3.98 4.18 4.70 4.40 4.39 4.51 4.39 4.31
Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 24.58% 24.19%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 24.58% 24.19%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.01% 0.04% 0.07% 0.10% 0.15% 0.19% 0.17% 0.21%
Common Equity to Total Capital
0.00% 0.00% 0.00% 99.99% 99.96% 99.93% 99.90% 99.85% 99.81% 75.25% 75.60%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.07 1.83
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.39 -0.14
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.07 1.83
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.51 1.37
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.01 -0.11
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.51 1.37
Altman Z-Score
0.00 0.00 0.00 0.00 0.00 0.37 0.35 0.24 0.11 0.10 -0.01
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.05% 0.10% 0.09% 0.12% 0.16% 0.20%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.00 0.00 0.00 0.46 0.38 0.44 0.37 0.38 0.42 0.41 0.37
Quick Ratio
0.00 0.00 0.00 0.19 0.13 0.09 0.08 0.08 0.13 0.12 0.06
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 0.00 -122 -176 0.00 -240 -75 51 -182 -163
Operating Cash Flow to CapEx
0.00% 8,105.69% 5,186.88% 0.00% 11,873.66% 12,114.79% 3,870.40% 6,976.95% 9,091.60% 3,975.48% 5,081.99%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 -543.09 -697.22 0.00 -972.55 -288.62 195.51 -86.42 -51.45
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 474.00 246.67 193.21 417.55 437.92 28.59 20.70
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 470.01 244.64 188.21 411.56 433.11 27.87 20.29
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.32 0.26 0.29 0.29 0.27 0.28
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00 58.93 59.62 60.14 60.66 63.11 61.59
Accounts Payable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
0.00 0.00 0.00 134 196 141 260 232 171 351 453
Invested Capital Turnover
0.00 0.00 0.00 0.00 0.00 3.02 3.52 2.69 2.83 2.24 1.64
Increase / (Decrease) in Invested Capital
0.00 0.00 0.00 134 196 0.00 260 97 -25 210 193
Enterprise Value (EV)
0.00 0.00 0.00 -27 736 921 1,187 1,050 628 838 725
Market Capitalization
128 128 128 191 915 1,160 1,328 1,226 886 936 735
Book Value per Share
$0.00 $0.00 $0.00 $12.29 $11.17 $11.33 $11.97 $12.47 $13.12 $13.67 $13.97
Tangible Book Value per Share
$0.00 $0.00 $0.00 $12.29 $11.17 $11.33 $11.97 $12.47 $13.12 $13.67 $13.97
Total Capital
0.00 0.00 0.00 340 365 370 391 408 431 596 606
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146 147
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146 147
Net Debt
0.00 0.00 0.00 -218 -179 -240 -141 -176 -260 -98 -11
Capital Expenditures (CapEx)
0.00 1.09 0.81 0.00 1.01 0.51 1.23 1.56 1.26 1.51 1.29
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 0.00 -774 -904 -956 -994 -1,116 -1,223 -1,281 -1,334
Debt-free Net Working Capital (DFNWC)
0.00 0.00 0.00 -556 -725 -716 -852 -940 -964 -1,036 -1,176
Net Working Capital (NWC)
0.00 0.00 0.00 -556 -725 -716 -852 -940 -964 -1,036 -1,176
Net Nonoperating Expense (NNE)
3.85 4.37 5.25 7.18 8.20 8.05 8.59 9.77 11 13 14
Net Nonoperating Obligations (NNO)
0.00 0.00 0.00 -206 -169 -230 -131 -176 -260 -98 -6.34
Total Depreciation and Amortization (D&A)
0.00 0.02 -0.27 0.00 0.19 0.52 0.04 0.04 0.22 0.27 0.49
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% -224.55% -217.08% -226.83% -235.60% -232.15% -228.25%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% -168.27% -186.25% -191.07% -185.60% -187.78% -201.25%
Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% -168.27% -186.25% -191.07% -185.60% -187.78% -201.25%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.00 $0.20 $0.37 $0.45 $0.35 $0.38 $0.46 $0.45 $0.49
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 0.00 27.65M 32.66M 29.26M 32.66M 32.72M 32.78M 32.74M 32.81M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.20 $0.36 $0.44 $0.34 $0.36 $0.45 $0.44 $0.48
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 0.00 27.77M 33.26M 29.68M 33.71M 34.05M 33.65M 33.74M 33.28M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 0.00 32.66M 32.66M 32.66M 32.66M 32.78M 32.78M 32.78M 32.84M
Normalized Net Operating Profit after Tax (NOPAT)
10 13 12 13 20 22 20 22 27 28 30
Normalized NOPAT Margin
15.90% 17.19% 13.52% 12.85% 17.38% 18.15% 16.31% 16.59% 18.48% 18.66% 19.20%
Pre Tax Income Margin
12.93% 14.80% 9.99% 7.49% 13.55% 15.29% 11.79% 11.94% 13.27% 11.74% 13.21%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 34.08 63.78 74.29 59.58 61.98 73.92 9.46 7.51
NOPAT to Interest Expense
0.00 0.00 0.00 56.75 80.53 86.96 81.04 84.72 101.52 13.45 9.45
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 59.79 72.25 54.59 56.00 69.11 8.74 7.10
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 76.54 84.93 76.05 78.73 96.71 12.73 9.05
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Bowhead Specialty (BOW) — quick trend snapshot from the last four years of quarterly data.

  • Revenue growth with stable gross margins: Operating revenue rose from about 90.7 million in Q1 2025 to 151.7 million in Q4 2025, with gross margins around 40% across these quarters (gross profit roughly 60.6 million in Q4 2025).
  • Net income and EPS improving over time: Net income attributable to common shareholders climbed from approximately 7.0 million in Q1 2024 to 14.8 million in Q4 2025, with basic EPS up to about 0.45 and diluted EPS around 0.44 in late 2025.
  • Operating cash flow remains robust: Net cash from continuing operating activities was strong across recent quarters (e.g., 114.7 million in Q3 2025 and 108.98 million in Q2 2025; still positive in Q4 2025 at about 60.15 million).
  • Liquidity supported by financing activity in late 2025: Net cash from financing activities was about 144.5 million in both Q3 and Q4 2025, helping offset investing outflows and bolster overall liquidity.
  • Balance sheet growth and capitalization: Total assets rose to about 2.095 billion by Q3 2025, with total equity around 430.2 million, indicating a growing asset base and equity base over time.
  • Leverage and liabilitiesbasis: Total liabilities remained substantial (roughly 1.66–1.71 billion in recent quarters) versus equity around 0.43 billion, suggesting a leveraged balance sheet that investors should monitor.
  • Significant investing outflows in 2025 Q4: Net cash from continuing investing activities was a large negative 221.7 million in Q4 2025, driven by substantial purchases of investments.
  • Cash balance declined in the latest quarter: Net change in cash and equivalents in Q4 2025 was negative about 17.0 million, despite strong operating and financing activity, indicating a near-term liquidity movement.
  • Ongoing heavy investment activity across 2025: Substantial cash used for investing across 2025 (e.g., Q2 and Q3 also show sizable outflows), which could weigh on near-term liquidity if financing does not offset.
  • Near-term liquidity risk from current liabilities: A large portion of current liabilities comprises Other Current Liabilities (often around 1.0–1.6 billion in recent quarters), signaling sizable short-term obligations relative to cash on hand.
05/08/26 02:22 PM ETAI Generated. May Contain Errors.

Bowhead Specialty Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bowhead Specialty's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Bowhead Specialty's net income appears to be on an upward trend, with a most recent value of $53.79 million in 2025, rising from $11.26 million in 2022. The previous period was $38.24 million in 2024. See Bowhead Specialty's forecast for analyst expectations on what's next for the company.

Bowhead Specialty's total operating income in 2025 was $121.30 million, based on the following breakdown:
  • Total Gross Profit: $223.57 million
  • Total Operating Expenses: $102.26 million

Over the last 3 years, Bowhead Specialty's total revenue changed from $187.60 million in 2022 to $551.59 million in 2025, a change of 194.0%.

Bowhead Specialty's total liabilities were at $1.92 billion at the end of 2025, a 49.7% increase from 2024, and a 130.0% increase since 2023.

In the past 2 years, Bowhead Specialty's cash and equivalents has ranged from $97.48 million in 2024 to $193.55 million in 2025, and is currently $193.55 million as of their latest financial filing in 2025.

Over the last 3 years, Bowhead Specialty's book value per share changed from 0.00 in 2022 to 13.67 in 2025, a change of 1,367.4%.



Financial statements for NYSE:BOW last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners