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Bowhead Specialty (BOW) Financials

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$31.38 -0.21 (-0.68%)
As of 03:25 PM Eastern
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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
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 11 25 38
Consolidated Net Income / (Loss)		 11 25 38
Net Income / (Loss) Continuing Operations		 11 25 38
Total Pre-Tax Income 		15 32 51
Total Operating Income		 30 54 88
Total Gross Profit		 76 117 178
Total Revenue		 188 283 426
Operating Revenue		 188 283 426
Total Cost of Revenue		 112 166 248
Operating Cost of Revenue		 112 166 248
Total Operating Expenses		 46 63 89
Other Operating Expenses / (Income)		 46 63 89
Total Other Income / (Expense), net		 -15 -22 -38
Interest Expense		 0.00 0.00 0.73
Other Income / (Expense), net		 -15 -22 -37
Income Tax Expense		 3.41 7.07 12
Basic Earnings per Share		 $0.47 $1.04 $1.31
Weighted Average Basic Shares Outstanding		 24M 24M 29.26M
Diluted Earnings per Share		 $0.47 $1.04 $1.29
Weighted Average Diluted Shares Outstanding		 24M 24M 29.68M
Weighted Average Basic & Diluted Shares Outstanding		 - - 32.66M

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 Q1 2025 Q2 2025
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 6.56 8.71 7.01 5.53 12 11 12
Consolidated Net Income / (Loss)		 6.56 8.71 7.01 5.53 12 11 12
Net Income / (Loss) Continuing Operations		 6.56 8.71 7.01 5.53 12 11 12
Total Pre-Tax Income 		8.46 11 9.06 7.41 16 14 16
Total Operating Income		 13 17 16 17 27 25 29
Total Gross Profit		 28 33 36 40 49 49 54
Total Revenue		 65 76 91 99 117 123 133
Operating Revenue		 65 76 91 99 117 123 133
Total Cost of Revenue		 37 43 54 59 68 73 79
Operating Cost of Revenue		 37 43 54 59 68 73 79
Total Operating Expenses		 15 16 21 23 22 24 26
Other Operating Expenses / (Income)		 15 16 21 23 22 24 26
Total Other Income / (Expense), net		 -4.97 -5.66 -6.77 -9.62 -11 -11 -13
Interest Expense		 0.00 0.00 0.00 0.22 0.25 0.25 0.26
Other Income / (Expense), net		 -4.97 -5.66 -6.77 -9.39 -10 -11 -12
Income Tax Expense		 1.91 2.56 2.04 1.88 3.73 3.05 3.57
Basic Earnings per Share		 $0.27 $0.36 $0.29 $0.20 $0.37 $0.35 $0.38
Weighted Average Basic Shares Outstanding		 24M 24M 24M 27.65M 32.66M 32.66M 32.72M
Diluted Earnings per Share		 $0.27 $0.36 $0.29 $0.20 $0.36 $0.34 $0.36
Weighted Average Diluted Shares Outstanding		 24M 24M 24M 27.77M 33.26M 33.71M 34.05M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 32.66M 32.66M 32.66M 32.78M

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
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -6.81 39 102
Net Cash From Operating Activities		 182 236 294
Net Cash From Continuing Operating Activities		 182 236 294
Net Income / (Loss) Continuing Operations		 11 25 38
Consolidated Net Income / (Loss)		 11 25 38
Depreciation Expense		 0.73 2.27 3.87
Amortization Expense		 -0.07 -2.85 -3.51
Non-Cash Adjustments To Reconcile Net Income		 175 224 267
Changes in Operating Assets and Liabilities, net		 -5.31 -13 -11
Net Cash From Investing Activities		 -187 -275 -326
Net Cash From Continuing Investing Activities		 -187 -275 -326
Purchase of Property, Plant & Equipment		 -3.97 -3.82 -3.11
Purchase of Investments		 -198 -367 -613
Sale and/or Maturity of Investments		 15 96 290
Net Cash From Financing Activities		 -1.00 78 134
Net Cash From Continuing Financing Activities		 -1.00 78 134
Payment of Dividends		 -25 0.00 0.00
Issuance of Common Equity		 0.00 0.00 131
Other Financing Activities, net		 24 78 2.90
Cash Income Taxes Paid		 5.29 14 16

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
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
Net Change in Cash & Equivalents		 52 -15 -34 113 -37 60 -99 43
Net Cash From Operating Activities		 88 61 42 72 119 61 48 109
Net Cash From Continuing Operating Activities		 88 62 42 72 119 62 48 109
Net Income / (Loss) Continuing Operations		 8.71 4.78 7.01 5.53 12 14 11 12
Consolidated Net Income / (Loss)		 8.71 4.78 7.01 5.53 12 14 11 12
Depreciation Expense		 0.78 0.81 0.76 0.96 1.05 1.10 0.40 0.36
Amortization Expense		 -0.76 -1.01 -1.03 -1.04 -0.86 -0.58 -0.37 -0.31
Non-Cash Adjustments To Reconcile Net Income		 -79 219 -32 142 23 292 49 104
Changes in Operating Assets and Liabilities, net		 158 -161 67 -75 84 -244 -13 -7.36
Net Cash From Investing Activities		 -59 -101 -79 -89 -157 -1.14 -146 -66
Net Cash From Continuing Investing Activities		 -59 -101 -79 -89 -157 -1.14 -146 -66
Purchase of Property, Plant & Equipment		 -1.09 -0.92 -0.81 -0.79 -1.01 -0.51 -1.23 -1.56
Purchase of Investments		 -62 -128 -94 -136 -239 -145 -251 -124
Sale and/or Maturity of Investments		 3.86 28 15 48 83 144 105 59

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
Period end date 12/31/2023 12/31/2024
Total Assets		 1,028 1,654
Total Current Assets		 313 559
Cash & Equivalents		 118 97
Restricted Cash		 1.70 125
Short-Term Investments		 13 18
Current Deferred & Refundable Income Taxes		 1.11 0.59
Other Current Assets		 178 319
Plant, Property, & Equipment, net		 7.60 6.85
Total Noncurrent Assets		 717 1,098
Noncurrent Deferred & Refundable Income Taxes		 14 20
Other Noncurrent Operating Assets		 702 1,078
Total Liabilities & Shareholders' Equity		 1,028 1,654
Total Liabilities		 836 1,284
Total Current Liabilities		 831 1,275
Accrued Expenses		 15 18
Current Deferred & Payable Income Tax Liabilities		 0.04 1.57
Other Current Liabilities		 816 1,256
Total Noncurrent Liabilities		 4.51 8.65
Other Noncurrent Operating Liabilities		 4.51 8.65
Commitments & Contingencies		 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 0.27
Total Equity & Noncontrolling Interests		 192 370
Total Preferred & Common Equity		 192 370
Total Common Equity		 192 370
Common Stock		 179 318
Retained Earnings		 25 63
Accumulated Other Comprehensive Income / (Loss)		 -11 -11

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
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets		 1,395 1,548 1,753 1,942
Total Current Assets		 481 451 500 586
Cash & Equivalents		 180 133 88 115
Restricted Cash		 18 29 35 51
Short-Term Investments		 19 17 18 9.74
Current Deferred & Refundable Income Taxes		 1.32 0.33 0.61 1.88
Other Current Assets		 262 272 358 408
Plant, Property, & Equipment, net		 7.48 7.44 7.68 8.88
Total Noncurrent Assets		 919 1,099 1,256 1,347
Noncurrent Deferred & Refundable Income Taxes		 17 16 19 20
Other Noncurrent Operating Assets		 902 1,083 1,236 1,328
Total Liabilities & Shareholders' Equity		 1,395 1,548 1,753 1,942
Total Liabilities		 1,055 1,183 1,362 1,534
Total Current Liabilities		 1,037 1,176 1,352 1,526
Accrued Expenses		 11 15 5.78 10
Current Deferred & Payable Income Tax Liabilities		 0.03 0.03 5.60 0.14
Other Current Liabilities		 1,025 1,161 1,341 1,516
Total Noncurrent Liabilities		 18 7.29 9.41 8.01
Other Noncurrent Operating Liabilities		 18 7.29 9.41 8.01
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.05 0.16 0.41 0.61
Total Equity & Noncontrolling Interests		 340 365 391 407
Total Preferred & Common Equity		 340 365 391 407
Total Common Equity		 340 365 391 407
Common Stock		 315 317 320 321
Retained Earnings		 37 49 74 87
Accumulated Other Comprehensive Income / (Loss)		 -12 -1.29 -3.74 -0.55

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
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 0.00% 51.06% 50.20%
EBITDA Growth		 0.00% 105.87% 63.69%
EBIT Growth		 0.00% 119.05% 59.61%
NOPAT Growth		 0.00% 82.58% 59.94%
Net Income Growth		 0.00% 122.52% 52.69%
EPS Growth		 0.00% 121.28% 24.04%
Operating Cash Flow Growth		 0.00% 30.05% 24.58%
Free Cash Flow Firm Growth		 0.00% 0.00% 75.66%
Invested Capital Growth		 0.00% 0.00% 108.23%
Revenue Q/Q Growth		 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00%
Profitability Metrics		 - - -
Gross Margin		 40.43% 41.33% 41.71%
EBITDA Margin		 8.17% 11.13% 12.13%
Operating Margin		 15.91% 18.93% 20.78%
EBIT Margin		 7.81% 11.33% 12.04%
Profit (Net Income) Margin		 6.00% 8.84% 8.98%
Tax Burden Percent		 76.78% 77.99% 75.68%
Interest Burden Percent		 100.00% 100.00% 98.59%
Effective Tax Rate		 23.22% 22.01% 24.32%
Return on Invested Capital (ROIC)		 0.00% 123.73% 64.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 150.74% 80.41%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -97.65% -50.60%
Return on Equity (ROE)		 0.00% 26.08% 13.60%
Cash Return on Invested Capital (CROIC)		 0.00% -76.27% -6.02%
Operating Return on Assets (OROA)		 0.00% 3.12% 3.82%
Return on Assets (ROA)		 0.00% 2.44% 2.85%
Return on Common Equity (ROCE)		 0.00% 26.08% 13.59%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 13.04% 10.33%
Net Operating Profit after Tax (NOPAT)		 23 42 67
NOPAT Margin		 12.22% 14.77% 15.72%
Net Nonoperating Expense Percent (NNEP)		 0.00% -27.01% -16.21%
Return On Investment Capital (ROIC_SIMPLE)		 - 21.79% 18.08%
Cost of Revenue to Revenue		 59.57% 58.67% 58.29%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 24.51% 22.39% 20.94%
Earnings before Interest and Taxes (EBIT)		 15 32 51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 15 32 52
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 0.67 3.13
Price to Tangible Book Value (P/TBV)		 0.00 0.67 3.13
Price to Revenue (P/Rev)		 0.68 0.45 2.73
Price to Earnings (P/E)		 11.37 5.11 30.33
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 8.79% 19.57% 3.30%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 6.54
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 2.16
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 17.84
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 17.96
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 13.76
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 3.13
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00
Financial Leverage		 0.00 -0.65 -0.63
Leverage Ratio		 0.00 5.35 4.77
Compound Leverage Factor		 0.00 5.35 4.70
Debt to Total Capital		 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.07%
Common Equity to Total Capital		 0.00% 100.00% 99.93%
Debt to EBITDA		 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00
Altman Z-Score		 0.00 -0.10 0.44
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.05%
Liquidity Ratios		 - - -
Current Ratio		 0.00 0.38 0.44
Quick Ratio		 0.00 0.16 0.09
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -26 -6.28
Operating Cash Flow to CapEx		 4,573.11% 6,185.52% 9,456.52%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -8.66
Operating Cash Flow to Interest Expense		 0.00 0.00 405.91
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 401.62
Efficiency Ratios		 - - -
Asset Turnover		 0.00 0.28 0.32
Accounts Receivable Turnover		 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 37.28 58.93
Accounts Payable Turnover		 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 0.00 68 141
Invested Capital Turnover		 0.00 8.38 4.08
Increase / (Decrease) in Invested Capital		 0.00 68 73
Enterprise Value (EV)		 0.00 -5.25 921
Market Capitalization		 128 128 1,160
Book Value per Share		 $0.00 $8.00 $11.33
Tangible Book Value per Share		 $0.00 $8.00 $11.33
Total Capital		 0.00 192 370
Total Debt		 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00
Net Debt		 0.00 -133 -240
Capital Expenditures (CapEx)		 3.97 3.82 3.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -652 -956
Debt-free Net Working Capital (DFNWC)		 0.00 -519 -716
Net Working Capital (NWC)		 0.00 -519 -716
Net Nonoperating Expense (NNE)		 12 17 29
Net Nonoperating Obligations (NNO)		 0.00 -124 -230
Total Depreciation and Amortization (D&A)		 0.66 -0.58 0.36
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -230.05% -224.55%
Debt-free Net Working Capital to Revenue		 0.00% -183.03% -168.27%
Net Working Capital to Revenue		 0.00% -183.03% -168.27%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.31
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 29.26M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.29
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 29.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 32.66M
Normalized Net Operating Profit after Tax (NOPAT)		 23 42 67
Normalized NOPAT Margin		 12.22% 14.77% 15.72%
Pre Tax Income Margin		 7.81% 11.33% 11.87%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.00 0.00 70.70
NOPAT to Interest Expense		 0.00 0.00 92.32
EBIT Less CapEx to Interest Expense		 0.00 0.00 66.41
NOPAT Less CapEx to Interest Expense		 0.00 0.00 88.03
Payout Ratios		 - - -
Dividend Payout Ratio		 222.10% 0.00% 0.00%
Augmented Payout Ratio		 222.10% 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 Q1 2025 Q2 2025
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 51.10% 53.45% 35.34% 34.75%
EBITDA Growth		 0.00% 0.00% 0.00% -9.76% 44.10% 67.94% 114.57%
EBIT Growth		 0.00% 0.00% 0.00% -9.76% 42.68% 62.51% 111.91%
NOPAT Growth		 0.00% 0.00% 0.00% 22.18% 55.14% 63.31% 73.93%
Net Income Growth		 0.00% 0.00% 0.00% -15.59% 38.86% 62.94% 123.06%
EPS Growth		 0.00% 0.00% 0.00% -25.93% 0.00% 17.24% 80.00%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 35.32% 13.87% 52.41%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 38.08%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 72.52%
Revenue Q/Q Growth		 0.00% 16.26% 0.00% 0.00% 18.06% 0.00% 8.59%
EBITDA Q/Q Growth		 0.00% 33.36% 0.00% 0.00% 112.97% 0.00% 9.94%
EBIT Q/Q Growth		 0.00% 33.14% 0.00% 0.00% 110.53% 0.00% 9.92%
NOPAT Q/Q Growth		 0.00% 25.73% 0.00% 0.00% 59.64% 0.00% 10.46%
Net Income Q/Q Growth		 0.00% 32.85% 0.00% 0.00% 118.54% 0.00% 8.03%
EPS Q/Q Growth		 0.00% 33.33% 0.00% 0.00% 80.00% 0.00% 5.88%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -31.71% 0.00% 0.00% -22.30% 128.36%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -44.43% 0.00% 68.64%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 45.87% 0.00% -10.93%
Profitability Metrics		 - - - - - - -
Gross Margin		 42.85% 43.76% 40.09% 40.32% 41.91% 40.17% 40.79%
EBITDA Margin		 12.93% 14.83% 9.69% 7.72% 13.92% 12.02% 12.17%
Operating Margin		 20.52% 22.24% 17.46% 17.21% 22.74% 20.66% 21.40%
EBIT Margin		 12.93% 14.80% 9.99% 7.72% 13.76% 11.99% 12.14%
Profit (Net Income) Margin		 10.01% 11.44% 7.73% 5.59% 10.36% 9.31% 9.26%
Tax Burden Percent		 77.48% 77.31% 77.43% 74.67% 76.43% 78.96% 77.54%
Interest Burden Percent		 100.00% 100.00% 100.00% 97.07% 98.43% 98.32% 98.39%
Effective Tax Rate		 22.52% 22.69% 22.57% 25.33% 23.57% 21.04% 22.46%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 57.38% 44.59%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 70.48% 49.71%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% -23.62% -25.37%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% 33.76% 19.23%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 3.13% 3.58%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 2.43% 2.73%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% 33.73% 19.21%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 10.91% 0.00%
Net Operating Profit after Tax (NOPAT)		 10 13 12 13 20 20 22
NOPAT Margin		 15.90% 17.19% 13.52% 12.85% 17.38% 16.31% 16.59%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -6.99% -9.72% -13.10% -5.12%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 5.12% 5.43%
Cost of Revenue to Revenue		 57.15% 56.24% 59.91% 59.68% 58.09% 59.84% 59.21%
SG&A Expenses to Revenue		 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%
Operating Expenses to Revenue		 22.33% 21.52% 22.63% 23.11% 19.17% 19.51% 19.40%
Earnings before Interest and Taxes (EBIT)		 8.46 11 9.06 7.63 16 15 16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 8.46 11 8.78 7.63 16 15 16
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.56 2.51 3.40 3.01
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.56 2.51 3.40 3.01
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 2.90 2.49
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 31.13 24.78
Dividend Yield		 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% 3.21% 4.04%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 3.76 4.56 4.53
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 2.59 2.13
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 20.61 15.86
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 20.85 16.05
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 15.89 12.50
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 3.96 3.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 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
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 0.00 0.00 -0.60 -0.46 -0.34 -0.51
Leverage Ratio		 0.00 0.00 0.00 4.10 4.24 4.48 4.46
Compound Leverage Factor		 0.00 0.00 0.00 3.98 4.18 4.40 4.39
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 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%
Preferred Equity to Total Capital		 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% 0.10% 0.15%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 99.99% 99.96% 99.90% 99.85%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 0.35 0.24
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% 0.09%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 0.00 0.00 0.46 0.38 0.37 0.38
Quick Ratio		 0.00 0.00 0.00 0.19 0.13 0.08 0.08
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -122 -176 -240 -75
Operating Cash Flow to CapEx		 0.00% 8,105.69% 5,186.88% 0.00% 11,873.66% 3,870.40% 6,976.95%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -543.09 -697.22 -972.55 -288.62
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 474.00 193.21 417.55
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 470.01 188.21 411.56
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.26 0.29
Accounts Receivable Turnover		 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
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 59.62 60.14
Accounts Payable Turnover		 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
Days Inventory Outstanding (DIO)		 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
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 0.00 0.00 134 196 260 232
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 3.52 2.69
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 134 196 260 97
Enterprise Value (EV)		 0.00 0.00 0.00 -27 736 1,187 1,050
Market Capitalization		 128 128 128 191 915 1,328 1,226
Book Value per Share		 $0.00 $0.00 $0.00 $12.29 $11.17 $11.97 $12.47
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $12.29 $11.17 $11.97 $12.47
Total Capital		 0.00 0.00 0.00 340 365 391 408
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 0.00 0.00 -218 -179 -141 -176
Capital Expenditures (CapEx)		 0.00 1.09 0.81 0.00 1.01 1.23 1.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -774 -904 -994 -1,116
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 -556 -725 -852 -940
Net Working Capital (NWC)		 0.00 0.00 0.00 -556 -725 -852 -940
Net Nonoperating Expense (NNE)		 3.85 4.37 5.25 7.18 8.20 8.59 9.77
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -206 -169 -131 -176
Total Depreciation and Amortization (D&A)		 0.00 0.02 -0.27 0.00 0.19 0.04 0.04
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -217.08% -226.83%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -186.25% -191.07%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -186.25% -191.07%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.20 $0.37 $0.35 $0.38
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 27.65M 32.66M 32.66M 32.72M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.20 $0.36 $0.34 $0.36
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 27.77M 33.26M 33.71M 34.05M
Adjusted Basic & Diluted Earnings per Share		 $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 32.78M
Normalized Net Operating Profit after Tax (NOPAT)		 10 13 12 13 20 20 22
Normalized NOPAT Margin		 15.90% 17.19% 13.52% 12.85% 17.38% 16.31% 16.59%
Pre Tax Income Margin		 12.93% 14.80% 9.99% 7.49% 13.55% 11.79% 11.94%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 34.08 63.78 59.58 61.98
NOPAT to Interest Expense		 0.00 0.00 0.00 56.75 80.53 81.04 84.72
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 59.79 54.59 56.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 76.54 76.05 78.73
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 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%

Key Financial Trends

Bowhead Specialty (NYSE:BOW) has demonstrated notable financial trends over the last four years through its quarterly financial statements across income, cash flows, and balance sheets. Here’s a summary of the key financial highlights and trends for retail investors:

  • Consistent Revenue Growth: Operating revenue increased steadily from approximately $65.5 million in Q2 2023 to $133.3 million in Q2 2025, more than doubling over two years, showing strong top-line growth.
  • Rising Net Income: Net income attributable to common shareholders grew significantly from $6.56 million in Q2 2023 to $12.34 million in Q2 2025, indicating improved profitability.
  • Increasing Gross Profit: Gross profit rose from roughly $28 million in Q2 2023 to $54.36 million in Q2 2025, reflecting better management of cost of revenue relative to sales growth.
  • Strong Operating Income Growth: Operating income advanced from $13.4 million in Q2 2024 to $28.5 million in Q2 2025, more than doubling within one year, highlighting operational efficiencies.
  • Robust Operating Cash Flows: Net cash from continuing operating activities increased impressively to $109 million in Q2 2025 from $71.65 million in Q2 2024, evidencing strong cash-generating capability.
  • Increasing Equity Base: Total common equity grew to approximately $407 million by Q2 2025 from $340 million in Q2 2024, demonstrating strengthening shareholder equity and retained earnings.
  • Stable Share Count and EPS Growth: Weighted average diluted shares outstanding remained relatively steady around 32-34 million, while diluted EPS rose from $0.20 in Q2 2024 to $0.36 in Q2 2025, indicating earnings growth per share without dilution impact.
  • Investments in Plant, Property & Equipment (PPE): The company invested moderately in PPE, with net PPE values increasing slightly, showing controlled capital expenditure supporting operations.
  • Heavy Investing Activities Causing Cash Outflows: Substantial cash outflows due to purchases of investments were recorded, e.g., $124 million in Q2 2025 and prior quarters showing similar investment spend exceeding sale proceeds, resulting in negative net cash from investing activities.
  • Significant Fluctuations in Operating Assets & Liabilities: Large negative changes in operating capital (net working capital) impacted cash flows, e.g., -$7.36 million in Q2 2025 and much larger swings in previous quarters, creating variability in cash flows and indicating working capital management challenges.

Summary: Bowhead Specialty Holdings Inc. has shown strong growth in revenue, net income, and operating cash flow over the period analyzed, indicating improving profitability and operational health. Earnings per share have also improved consistently due to stable share counts. However, the company’s heavy investment in securities and variability in working capital changes have led to large cash outflows from investing activities and fluctuations in operating cash flows. Investors should consider these investing patterns and working capital dynamics as part of their overall assessment.

08/12/25 02:26 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Bowhead Specialty's Financials

When does Bowhead Specialty's fiscal year end?

According to the most recent income statement we have on file, Bowhead Specialty's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Bowhead Specialty's net income changed over the last 2 years?

Bowhead Specialty's net income appears to be on an upward trend, with a most recent value of $38.24 million in 2024, rising from $11.26 million in 2022. The previous period was $25.05 million in 2023. See where experts think Bowhead Specialty is headed by visiting Bowhead Specialty's forecast page.

What is Bowhead Specialty's operating income?
Bowhead Specialty's total operating income in 2024 was $88.45 million, based on the following breakdown:
  • Total Gross Profit: $177.56 million
  • Total Operating Expenses: $89.11 million
How has Bowhead Specialty's revenue changed over the last 2 years?

Over the last 2 years, Bowhead Specialty's total revenue changed from $187.60 million in 2022 to $425.66 million in 2024, a change of 126.9%.

How much debt does Bowhead Specialty have?

Bowhead Specialty's total liabilities were at $1.28 billion at the end of 2024, a 53.6% increase from 2023, and a 53.6% increase since 2023.

How much cash does Bowhead Specialty have?

In the past 1 years, Bowhead Specialty's cash and equivalents has ranged from $97.48 million in 2024 to $118.07 million in 2023, and is currently $97.48 million as of their latest financial filing in 2024.

How has Bowhead Specialty's book value per share changed over the last 2 years?

Over the last 2 years, Bowhead Specialty's book value per share changed from 0.00 in 2022 to 11.33 in 2024, a change of 1,133.5%.


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This page (NYSE:BOW) was last updated on 8/12/2025 by MarketBeat.com Staff
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