Bowhead Specialty Holdings Inc. (BOW)
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 officers, errors and omissions, and cyber-related exposures; and healthcare-specific solutions tailored for hospitals, senior care providers, managed care organizations, various medical facilities, and healthcare management liability. These offerings are disseminated through a network of wholesale and retail distribution partners. Known as Bowhead Holdings Inc. until its renaming in March 2024, the entity functions as a subsidiary of Bowhead Insurance Holdings LP.
Sector: Fire, Marine & Casualty Insurance
Industry: Insurance - Property & Casualty
Bowhead Specialty Holdings Inc.
NYSE:BOWFinancial Services · Insurance - Property & Casualty
+0.29%$34.14
AH Close$34.14+0.00%vs close
AH Close$34.14+0.00%vs close
Mkt Cap$1.12B
Float17.8M
O/S32.94M
Inst Own90.7%
SI5.4%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$551.54M
Net Income$53.79M
Total Assets$2.37B
Free Cash Flow$326.02M
Debt & Equity
Debt 25%
Equity 75%
Total Debt$146.45M
Total Equity$449.27M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BOW's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$2.37B
Liabilities$1.92B
Accounts Receivable$498.12M
Accounts Payable$65.78M
Inventory$0
PP&E (Net)$10.64M
Goodwill$0
Intangible Assets$35.28M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Revenue | $551.54M | $425.59M | $283.42M | $187.6M |
| YoY Growth | 29.6% | 50.2% | 51.1% | - |
| Cost of Revenue | $374.54M | $280.5M | $187.22M | $126.95M |
| Gross Profit | $177M | $145.1M | $96.2M | $60.65M |
| Gross Margin | 32.1% | 34.1% | 33.9% | 32.3% |
| Research and Development | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $0 | $0 | $0 |
| Other | $109.7M | $94.56M | $64.09M | $45.99M |
| Total Operating Expenses | $109.7M | $94.56M | $64.09M | $45.99M |
| Operating Income (EBIT) | $67.3M | $50.53M | $32.12M | $14.66M |
| Operating Margin | 12.2% | 11.9% | 11.3% | 7.8% |
| Interest Expense | $2.01M | $725K | $0 | $0 |
| Interest Income | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $0 | $0 | $0 | $0 |
| Income Before Tax (EBT) | $67.3M | $50.53M | $32.12M | $14.66M |
| Income Tax Expense | $13.51M | $12.29M | $7.07M | $3.4M |
| Net Income | $53.79M | $38.24M | $25.05M | $11.26M |
| Net Income Margin | 9.8% | 9.0% | 8.8% | 6.0% |
| Supplementary Data | ||||
| EPS | 1.64 | 1.31 | 0.79 | 0.36 |
| Diluted EPS | 1.59 | 1.29 | 0.79 | 0.36 |
| Weighted Average OS | 32.78M | 29.26M | 31.53M | 31.53M |
| EBITDA | $71.09M | $55.13M | $34.38M | $15.39M |
| EBITDA Margin | 12.9% | 13.0% | 12.1% | 8.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Assets | ||||
| Current Assets | ||||
| Cash and Cash Equivalents | $193.54M | $97.48M | $118.07M | $64.66M |
| Short-Term Investments | $772.18M | $889.99M | $563.45M | $282.92M |
| Cash and Short-Term Investments | $965.73M | $987.46M | $118.07M | $347.58M |
| Accounts Receivable | $498.12M | $319.33M | $39.92M | $232.32M |
| Inventory | $0 | $0 | $0 | $0 |
| Other Current Assets | $40.23M | -$357.31M | -$39.92M | $15.99M |
| Total Current Assets | $1.7B | $1.1B | $118.07M | $670.44M |
| Long-Term Assets | ||||
| Property, Plant & Equipment Net | $10.64M | $6.84M | $7.6M | $6.05M |
| Goodwill | $0 | $0 | -$288.44M | $0 |
| Intangible Assets | $35.28M | $27.63M | $19.41M | $13.67M |
| Long-Term Investments | $598.82M | $0 | $0 | $0 |
| Deferred Tax Assets | $22.48M | $0 | $0 | $11.28M |
| Other Long-Term Assets | $8.26M | -$7.29M | $610.34M | -$136.23M |
| Total Long-Term Assets | $675.48M | $27.18M | $348.9M | -$105.23M |
| Other Assets | $0 | $525.01M | $560.89M | $0 |
| Total Assets | $2.37B | $1.65B | $1.03B | $565.21M |
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | $65.78M | $51.86M | $40.44M | $23.69M |
| Short-Term Debt | $0 | $1.5M | $0 | $0 |
| Current Income Tax Payable | $314K | $1.57M | $42K | $1.52M |
| Current Unearned Revenue | $552.59M | $0 | $0 | $231.74M |
| Other Current Liabilities | $1.13B | -$71.36M | -$55.38M | $207.05M |
| Total Current Liabilities | $1.77B | $1.57M | $0 | $476.03M |
| Long-Term Liabilities | ||||
| Long-Term Debt | $146.45M | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $6.91M | $0 | $0 |
| Other Long-Term Liabilities | $7.99M | $873.36M | $835.78M | $5.81M |
| Total Long-Term Liabilities | $154.43M | $883.07M | $835.78M | $5.81M |
| Other Liabilities | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.92B | $1.28B | $835.78M | $481.83M |
| Stockholders' Equity | ||||
| Preferred Stock | $0 | $0 | $0 | $0 |
| Common Stock | $328K | $327K | $240K | $240K |
| Retained Earnings | $116.69M | $62.91M | $24.67M | -$381K |
| Comprehensive Income & Other | $5.35M | -$11.15M | -$11.37M | -$16.69M |
| Other Stockholders' Equity | $332.25M | $307.21M | $167.17M | $83.52M |
| Total Equity | $449.27M | $370.44M | $192.08M | $83.37M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $2.37B | $1.65B | $1.03B | $565.21M |
| Supplementary Data | ||||
| Total Debt | $146.45M | $4.3M | $0 | $0 |
| Net Debt | -$47.1M | -$93.18M | -$118.07M | -$64.66M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Operating Activities | ||||
| Net Income | $53.79M | $38.24M | $25.05M | $11.26M |
| Depreciation & Amortization | $1.78M | $3.87M | $2.27M | $727K |
| Deferred Income Tax | -$6.53M | -$6.17M | -$4.36M | -$2.97M |
| Stock-Based Compensation | $7.24M | $4.1M | $683K | $368K |
| Changes in Working Capital: | ||||
| Accounts Receivable | -$167.83M | -$140.02M | -$9.33M | -$51.53M |
| Inventory | $0 | $0 | $0 | $0 |
| Accounts Payable | $13.92M | $11.42M | $16.75M | $5.15M |
| Other Working Capital | $425.29M | $383.38M | $207.44M | $218.08M |
| Total Working Capital Change | $271.37M | $254.77M | $214.86M | $171.69M |
| Other Non-Cash Items | $3.94M | -$532K | -$2.27M | $570K |
| Net Cash from Operating | $331.59M | $294.29M | $236.22M | $181.64M |
| Investing Activities | ||||
| Capital Expenditures | -$5.57M | -$3.11M | -$3.82M | -$3.97M |
| Acquisitions | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$828.16M | -$612.93M | -$367.25M | -$198.29M |
| Sales of Investments | $369.34M | $290.16M | $96.3M | $14.81M |
| Other Investing Activities | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$464.39M | -$325.88M | -$274.76M | -$187.46M |
| Financing Activities | ||||
| Debt Repaid | -$150M | - | -$77.66M | $1M |
| Common Stock Issuance | $0 | $133.82M | $77.66M | $24M |
| Common Stock Repurchases | $0 | $0 | $0 | -$25M |
| Dividends Paid | $0 | $0 | $0 | -$25M |
| Other Financing Activities | -$5.48M | $64K | -$77.66M | $26M |
| Net Cash from Financing | $144.52M | $133.89M | $77.66M | -$1M |
| Forex Effect | $0 | $0 | $1K | $0 |
| Net Change in Cash | $11.71M | $102.29M | $39.12M | -$6.81M |
| Supplementary Data | ||||
| Operating Cash Flow | $331.59M | $294.29M | $236.22M | $181.64M |
| Capital Expenditure | -$5.57M | -$3.11M | -$3.82M | -$3.97M |
| Free Cash Flow | $326.02M | $291.18M | $232.41M | $177.67M |
| Cash at Beginning | $222.06M | $119.77M | $80.65M | $87.47M |
| Cash at End | $233.77M | $222.06M | $119.77M | $80.65M |