NYSE · Financial Statements

Bowhead Specialty Holdings Inc. (BOW) Financial Statements

$34.04 NYSE: BOW Market Cap $1.12B

Bowhead Specialty Holdings Inc. most recently reported annual revenue of $552.0M, net profit of $54.0M. Revenue grew at an average annual rate of 43.2% over the last 3 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Bowhead Specialty Holdings Inc.: Revenue rose from $188.0M in 2022 to $552.0M in 2025, a change of +193.6% over 3 years; net profit was positive in all 4 reported years; operating margin moved from 7.8% to 12.2%, a shift of +4.4 percentage points; the most recent year shows net profit of $54.0M.

Income Statement — 4 Years (USD millions)

Metric2022202320242025
Revenue$188.0M$283.0M$426.0M$552.0M
Operating Expenses$173.0M$251.0M$375.0M$484.0M
Operating Profit$15.0M$32.0M$51.0M$67.0M
Operating Margin7.8%11.3%11.9%12.2%
Other Income$0$0$0$0
Interest$0$0$1.0M$2.0M
Depreciation$1.0M$2.0M$4.0M$2.0M
Profit Before Tax$15.0M$32.0M$51.0M$67.0M
Tax$23.2M$22.0M$24.3M$20.1M
Net Profit$11.0M$25.0M$38.0M$54.0M
EPS$0.36$0.79$1.29$1.59
Dividend Payout0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

2 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$76.0M$83.0M$91.0M$99.0M$117.0M$119.0M$123.0M$133.0M$144.0M$152.0M$155.0M$164.0M
Operating Expenses$65.0M$77.0M$82.0M$91.0M$101.0M$101.0M$108.0M$117.0M$125.0M$134.0M$134.0M$143.0M
Operating Profit$11.0M$6.0M$9.0M$7.0M$16.0M$18.0M$14.0M$16.0M$19.0M$18.0M$21.0M$21.0M
Operating Margin14.8%7.0%10.0%7.5%13.6%15.3%11.8%11.9%13.3%11.7%13.3%12.6%
Interest$0$0$0$0$0$0$0$0$0$1.0M$0$3.0M
Profit Before Tax$11.0M$6.0M$9.0M$7.0M$16.0M$18.0M$14.0M$16.0M$19.0M$18.0M$21.0M$21.0M
Tax$22.7M$17.7M$22.6M$25.3M$23.6M$25.4M$21.0M$22.5M$20.6M$16.6M$22.2M$21.9M
Net Profit$9.0M$5.0M$7.0M$6.0M$12.0M$14.0M$11.0M$12.0M$15.0M$15.0M$16.0M$16.0M
EPS$0.28$0.15$0.22$0.20$0.36$0.41$0.34$0.36$0.45$0.44$0.48$0.48

Over the 4 years reported for Bowhead Specialty Holdings Inc., cash stood at $194.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.96 times.

Balance Sheet — 4 Years (USD millions)

Metric2022202320242025
Total Assets$565.0M$1.0B$1.7B$2.4B
Current Assets$670.0M$118.0M$1.1B$1.7B
Cash$65.0M$118.0M$97.0M$194.0M
Inventory$0$0$0$0
Receivables$232.0M$40.0M$319.0M$498.0M
Fixed Assets$6.0M$8.0M$7.0M$11.0M
Capital Work in Progress$0$0$0$0
Investments$283.0M$563.0M$890.0M$1.4B
Other Assets$0$-288.0M$0$0
Total Liabilities$482.0M$836.0M$1.3B$1.9B
Current Liabilities$476.0M$0$2.0M$1.8B
Borrowings$0$0$4.0M$146.0M
Other Liabilities$482.0M$836.0M$1.3B$1.8B
Equity$0$0$0$0
Reserves$83.0M$192.0M$370.0M$449.0M

For Bowhead Specialty Holdings Inc., operating cash flow was positive in 4 of 4 reported years; free cash flow in the latest year was $326.0M; free cash flow was positive in 4 of 4 years; financing activities used $5.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 4 Years (USD millions)

Metric2022202320242025
Operating Cash Flow$182.0M$236.0M$294.0M$332.0M
Investing Cash Flow$-191.0M$-279.0M$-329.0M$-470.0M
Financing Cash Flow$1.0M$-78.0M$0$-5.0M
Net Cash Flow$-7.0M$39.0M$102.0M$12.0M
Free Cash Flow$178.0M$232.0M$291.0M$326.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.73
EV / EBITDA10.54
FCF Yield29.48%
Quick Ratio5573.37
Interest Coverage16.38
Return 1Y-11.97%
Return 3Y—
Return 5Y—

Bowhead Specialty Holdings Inc. (BOW) financials — frequently asked questions

What is Bowhead Specialty Holdings Inc.'s annual revenue?

Bowhead Specialty Holdings Inc. (BOW) reported annual revenue of $552.0M in its most recent fiscal year.

What is Bowhead Specialty Holdings Inc.'s net profit?

Bowhead Specialty Holdings Inc. (BOW) reported net profit of $54.0M in its most recent fiscal year.

What is BOW EV/EBITDA?

Bowhead Specialty Holdings Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 10.54.

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