What is BOWHEAD SPECIALTY HLDGS INC's earnings per share (EPS)?

BOWHEAD SPECIALTY HLDGS INC (BOW) reported diluted earnings per share of $1.59 for fiscal year 2025. This represents a 23.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

BOWHEAD SPECIALTY HLDGS INC Financials

BOW

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows BOWHEAD SPECIALTY HLDGS INC (BOW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BOW FY2025 2026-05-05

Cash generation is financing rapid balance-sheet expansion, while profitability improves only gradually as the business scales.

From FY2023 to FY2025, operating cash flow climbed to $332M while net income was only $54M, continuing a multi-year pattern in which cash inflow runs far ahead of accounting profit. That cash is not building idle liquidity: assets reached $2.4B and investing outflows were $464M, indicating growth is being funded by balance-sheet deployment rather than heavy physical capex.

Margin improvement has been real: net margin reached 9.8% in FY2025 from 8.8% in FY2023. Yet return on assets stayed near 2.3%, suggesting the company is scaling profitably but still needs a larger asset base to support each added dollar of earnings.

The balance sheet is expanding mostly through liabilities, not just retained earnings: by FY2025 liabilities were $1.9B against $448M of equity. New long-term debt of $146M adds leverage, but it is smaller than the broader rise in liabilities, so the operating model itself remains the main funding engine.

Financial Health Signals

Financial Profile 55/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of BOWHEAD SPECIALTY HLDGS INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

BOWHEAD SPECIALTY HLDGS INC's revenue surged 29.6% year-over-year to $551.6M, reflecting rapid business expansion. This strong growth earns a score of 99/100.

Leverage

BOWHEAD SPECIALTY HLDGS INC carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

BOWHEAD SPECIALTY HLDGS INC converts 59.1% of revenue into free cash flow ($326.0M). This strong cash generation earns a score of 100/100.

Returns

BOWHEAD SPECIALTY HLDGS INC's ROE of 12.0% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 10.3% the prior year.

Piotroski F-Score Weak

3/9

BOWHEAD SPECIALTY HLDGS INC passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

6.16x

For every $1 of reported earnings, BOWHEAD SPECIALTY HLDGS INC generates $6.16 in operating cash flow ($331.6M OCF vs $53.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$551.6M

YoY+29.6%

BOWHEAD SPECIALTY HLDGS INC generated $551.6M in revenue in fiscal year 2025. This represents an increase of 29.6% from the prior year.

EBITDA

N/A

Net Income

$53.8M

YoY+40.6%

BOWHEAD SPECIALTY HLDGS INC reported $53.8M in net income in fiscal year 2025. This represents an increase of 40.6% from the prior year.

EPS (Diluted)

$1.59

YoY+23.3%

BOWHEAD SPECIALTY HLDGS INC earned $1.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$326.0M

YoY+12.0%

BOWHEAD SPECIALTY HLDGS INC generated $326.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.0% from the prior year.

Cash & Debt

$193.5M

YoY+98.6%

BOWHEAD SPECIALTY HLDGS INC held $193.5M in cash against $146.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

33M

YoY+0.4%

BOWHEAD SPECIALTY HLDGS INC had 33M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

9.8%

YoY+0.8pp

BOWHEAD SPECIALTY HLDGS INC's net profit margin was 9.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.

Return on Equity

12.0%

YoY+1.7pp

BOWHEAD SPECIALTY HLDGS INC's ROE was 12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.6M

YoY+79.0%

BOWHEAD SPECIALTY HLDGS INC invested $5.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 79.0% from the prior year.

BOW Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$551.6M+29.6%	$425.7M+50.2%	$283.4M+51.1%	$187.6M
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A
Interest Expense	$2.0M+177.5%	$725K	$0	$0
Income Tax	$13.5M+9.9%	$12.3M+73.9%	$7.1M+107.6%	$3.4M
Net Income	$53.8M+40.6%	$38.2M+52.7%	$25.0M+122.5%	$11.3M
EPS (Diluted)	$1.59+23.3%	$1.29+24.0%	$1.04+121.3%	$0.47

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$155.7M+2.6%	$151.7M+5.4%	$143.9M+8.0%	$133.3M+8.6%	$122.7M+2.8%	$119.3M+2.2%	$116.8M+18.1%	$98.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$3.2M+154.6%	$1.2M+374.0%	$262K+0.4%	$261K+5.7%	$247K-0.8%	$249K-1.2%	$252K+12.5%	$224K
Income Tax	$4.6M+53.9%	$3.0M-24.6%	$3.9M+10.0%	$3.6M+17.4%	$3.0M-34.4%	$4.6M+24.5%	$3.7M+98.6%	$1.9M
Net Income	$16.0M+7.9%	$14.8M-2.2%	$15.2M+23.0%	$12.3M+8.0%	$11.4M-16.0%	$13.6M+12.5%	$12.1M+118.5%	$5.5M
EPS (Diluted)	$0.48	N/A	$0.45+25.0%	$0.36+5.9%	$0.34	N/A	$0.36+80.0%	$0.20

BOW Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$2.4B+43.4%	$1.7B+60.9%	$1.0B	N/A
Current Assets	N/A	N/A	N/A	N/A
Cash & Equivalents	$193.5M+98.6%	$97.5M-17.4%	$118.1M+82.6%	$64.7M
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$1.9B+49.7%	$1.3B+53.6%	$835.8M	N/A
Current Liabilities	N/A	N/A	N/A	N/A
Long-Term Debt	$146.4M	$0	N/A	N/A
Total Equity	$448.3M+21.1%	$370.2M+92.7%	$192.1M	N/A
Retained Earnings	$116.7M+85.5%	$62.9M+155.0%	$24.7M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.5B+4.6%	$2.4B+13.2%	$2.1B+7.8%	$1.9B+10.8%	$1.8B+6.0%	$1.7B+6.9%	$1.5B+10.9%	$1.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$97.2M-49.8%	$193.5M-2.2%	$197.9M+72.3%	$114.8M+30.4%	$88.0M-9.7%	$97.5M-26.7%	$132.9M-26.3%	$180.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.0B+5.1%	$1.9B+15.5%	$1.7B+8.4%	$1.5B+12.7%	$1.4B+6.1%	$1.3B+8.5%	$1.2B+12.1%	$1.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$146.5M0.0%	$146.4M	N/A	N/A	N/A	$0	N/A	N/A
Total Equity	$457.9M+2.1%	$448.3M+4.2%	$430.2M+5.7%	$407.2M+4.2%	$391.0M+5.6%	$370.2M+1.5%	$364.7M+7.3%	$339.9M
Retained Earnings	$132.7M+13.7%	$116.7M+14.6%	$101.9M+17.5%	$86.7M+16.6%	$74.3M+18.2%	$62.9M+27.6%	$49.3M+32.5%	$37.2M

BOW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	$331.6M+12.7%	$294.3M+24.6%	$236.2M+30.0%	$181.6M
Capital Expenditures	$5.6M+79.0%	$3.1M-18.5%	$3.8M-3.9%	$4.0M
Free Cash Flow	$326.0M+12.0%	$291.2M+25.3%	$232.4M+30.8%	$177.7M
Investing Cash Flow	-$464.4M-42.5%	-$325.9M-18.6%	-$274.8M-46.6%	-$187.5M
Financing Cash Flow	$144.5M+7.9%	$133.9M+72.4%	$77.7M+7865.6%	-$1.0M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$65.5M+8.8%	$60.1M-47.6%	$114.7M+5.3%	$109.0M+128.4%	$47.7M-22.3%	$61.4M-48.6%	$119.4M+67.0%	$71.5M
Capital Expenditures	$1.3M-14.9%	$1.5M+19.9%	$1.3M-19.2%	$1.6M+26.7%	$1.2M+143.2%	$507K-49.6%	$1.0M+27.2%	$791K
Free Cash Flow	$64.2M+9.4%	$58.6M-48.3%	$113.5M+5.6%	$107.4M+131.1%	$46.5M-23.7%	$60.9M-48.6%	$118.4M+67.5%	$70.7M
Investing Cash Flow	-$156.9M+29.2%	-$221.7M-633.5%	-$30.2M+54.3%	-$66.2M+54.8%	-$146.3M-12702.2%	-$1.1M+99.3%	-$156.6M-75.8%	-$89.1M
Financing Cash Flow	-$789K-100.5%	$144.5M	$0	$0	$0-100.0%	$64K	$0-100.0%	$131.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BOW Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	9.8%+0.8pp	9.0%+0.1pp	8.8%+2.8pp	6.0%
Return on Equity	12.0%+1.7pp	10.3%-2.7pp	13.0%	N/A
Return on Assets	2.3%-0.0pp	2.3%-0.1pp	2.4%	N/A
Current Ratio	N/A	N/A	N/A	N/A
Debt-to-Equity	0.33+0.3	0.00-4.4	4.35	N/A
FCF Margin	59.1%-9.3pp	68.4%-13.6pp	82.0%-12.7pp	94.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.3%+0.5pp	9.8%-0.7pp	10.5%+1.3pp	9.3%-0.1pp	9.3%-2.1pp	11.4%+1.0pp	10.4%+4.8pp	5.6%
Return on Equity	3.5%+0.2pp	3.3%-0.2pp	3.5%+0.5pp	3.0%+0.1pp	2.9%-0.8pp	3.7%+0.4pp	3.3%+1.7pp	1.6%
Return on Assets	0.7%+0.0pp	0.6%-0.1pp	0.7%+0.1pp	0.6%0.0pp	0.7%-0.2pp	0.8%+0.0pp	0.8%+0.4pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.320.0	0.33-3.5	3.87+0.1	3.77+0.3	3.48+3.5	0.00-3.2	3.24+0.1	3.10
FCF Margin	41.2%+2.6pp	38.7%-40.2pp	78.8%-1.8pp	80.6%+42.7pp	37.9%-13.2pp	51.0%-50.4pp	101.4%+29.9pp	71.5%

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Frequently Asked Questions

What is BOWHEAD SPECIALTY HLDGS INC's annual revenue?

BOWHEAD SPECIALTY HLDGS INC (BOW) reported $551.6M in total revenue for fiscal year 2025. This represents a 29.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is BOWHEAD SPECIALTY HLDGS INC's revenue growing?

BOWHEAD SPECIALTY HLDGS INC (BOW) revenue grew by 29.6% year-over-year, from $425.7M to $551.6M in fiscal year 2025.

Is BOWHEAD SPECIALTY HLDGS INC profitable?

Yes, BOWHEAD SPECIALTY HLDGS INC (BOW) reported a net income of $53.8M in fiscal year 2025, with a net profit margin of 9.8%.

How much debt does BOWHEAD SPECIALTY HLDGS INC have?

As of fiscal year 2025, BOWHEAD SPECIALTY HLDGS INC (BOW) had $193.5M in cash and equivalents against $146.4M in long-term debt.

What is BOWHEAD SPECIALTY HLDGS INC's net profit margin?

BOWHEAD SPECIALTY HLDGS INC (BOW) had a net profit margin of 9.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is BOWHEAD SPECIALTY HLDGS INC's return on equity (ROE)?

BOWHEAD SPECIALTY HLDGS INC (BOW) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is BOWHEAD SPECIALTY HLDGS INC's free cash flow?

BOWHEAD SPECIALTY HLDGS INC (BOW) generated $326.0M in free cash flow during fiscal year 2025. This represents a 12.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is BOWHEAD SPECIALTY HLDGS INC's operating cash flow?

BOWHEAD SPECIALTY HLDGS INC (BOW) generated $331.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are BOWHEAD SPECIALTY HLDGS INC's total assets?

BOWHEAD SPECIALTY HLDGS INC (BOW) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are BOWHEAD SPECIALTY HLDGS INC's capital expenditures?

BOWHEAD SPECIALTY HLDGS INC (BOW) invested $5.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does BOWHEAD SPECIALTY HLDGS INC have outstanding?

BOWHEAD SPECIALTY HLDGS INC (BOW) had 33M shares outstanding as of fiscal year 2025.

What is BOWHEAD SPECIALTY HLDGS INC's debt-to-equity ratio?

BOWHEAD SPECIALTY HLDGS INC (BOW) had a debt-to-equity ratio of 0.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is BOWHEAD SPECIALTY HLDGS INC's return on assets (ROA)?

BOWHEAD SPECIALTY HLDGS INC (BOW) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is BOWHEAD SPECIALTY HLDGS INC's Piotroski F-Score?

BOWHEAD SPECIALTY HLDGS INC (BOW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are BOWHEAD SPECIALTY HLDGS INC's earnings high quality?

BOWHEAD SPECIALTY HLDGS INC (BOW) has an earnings quality ratio of 6.16x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is BOWHEAD SPECIALTY HLDGS INC?

BOWHEAD SPECIALTY HLDGS INC (BOW) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.