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Bowhead Specialty Holdings Inc.

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Bowhead Specialty Holdings Inc. • NYSE
$27.85 ▼ -0.14% (-0.04)
Market Cap $913.05 M
52w High $42.29
52w Low $23.50
Dividend Yield 0%
P/E 17.74
Volume 93.89K
Outstanding Shares 32.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $143.9M ▲ $27.674M ▲ $15.176M ▲ 10.546% ▲ $0.46 ▲ $19.83M ▲
Q2-2025 $133.184M ▲ $27.33M ▲ $12.342M ▲ 9.267% ▼ $0.38 ▲ $16.533M ▲
Q1-2025 $122.762M ▲ $25.069M ▲ $11.425M ▼ 9.307% ▼ $0.35 ▼ $15.118M ▼
Q4-2024 $119.329M ▲ $25.013M ▲ $13.606M ▲ 11.402% ▲ $0.42 ▲ $19.597M ▲
Q3-2024 $116.724M $23.917M $12.092M 10.359% $0.37 $17.121M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.4B ▲ $2.095B ▲ $1.664B ▲ $430.229M ▲
Q2-2025 $1.279B ▲ $1.942B ▲ $1.534B ▲ $407.205M ▲
Q1-2025 $662.602M ▼ $1.753B ▲ $1.362B ▲ $391.363M ▲
Q4-2024 $987.462M ▼ $1.654B ▲ $1.284B ▲ $370.442M ▲
Q3-2024 $1.053B $1.548B $1.183B $364.826M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $15.176M ▲ $114.736M ▲ $-30.223M ▲ $0 $84.513M ▲ $113.474M ▲
Q2-2025 $12.342M ▲ $108.98M ▲ $-66.168M ▲ $0 $42.812M ▲ $107.418M ▲
Q1-2025 $11.425M ▼ $47.722M ▼ $-146.329M ▼ $0 ▼ $-98.607M ▼ $46.489M ▼
Q4-2024 $13.606M ▲ $61.422M ▼ $-1.143M ▲ $64K ▲ $60.343M ▲ $60.915M ▼
Q3-2024 $12.092M $119.449M $-156.552M $0 $-37.103M $118.443M

Five-Year Company Overview

Income Statement

Income Statement Bowhead’s income statement shows a young insurer growing quickly. Revenue has been climbing at a strong pace over the last few years, and the company has been profitable throughout this period. Earnings per share have improved meaningfully as the business has scaled. That said, profitability has been a bit uneven. One year stands out as exceptionally strong on operating profit, with the most recent year still profitable but not as exceptional, suggesting some margin pressure or higher loss activity. Overall, it looks like a fast‑growing specialty insurer that is still normalizing its expense and loss structure as it scales.

Balance Sheet

Balance Sheet The balance sheet looks conservative and strengthening. Total assets have expanded significantly as the business has grown, and cash levels have steadily increased. Importantly, the company shows no financial debt, which reduces financial risk and gives it flexibility. Equity has been building, which indicates that profits are being retained and capital is being reinforced. For an insurer, this growing capital base is important, as it supports the ability to write more policies and absorb potential volatility in claims.

Cash Flow

Cash Flow Cash generation appears to be a clear strong point. Operating cash flow has been consistently positive and has grown over time, broadly in line with the company’s expansion. Free cash flow is almost the same as operating cash flow, reflecting very light capital spending requirements. This cash profile fits a capital‑light, technology‑enabled specialty insurer: the business does not need heavy physical investment to grow and can potentially reinvest primarily in people, data, and underwriting capacity rather than hard assets.

Competitive Edge

Competitive Edge Bowhead operates in the specialty and excess & surplus insurance space, where tailored coverage and underwriting skill matter more than pure scale. Its edge appears to come from a combination of experienced management, strict underwriting discipline, and a flexible operating model. The company’s dual approach of “craft” (high‑touch, complex risks) and “flow” (tech‑enabled, lower‑touch, smaller risks) allows it to serve both complex and smaller, harder‑to-place accounts. Focusing on excess and surplus lines gives it more freedom on pricing and terms than traditional insurance markets, which can be an advantage but also exposes it to more volatile, less standardized risks. In‑house claims handling is another differentiator: keeping this critical function internal may help Bowhead better control losses and service quality. Overall, the firm appears well‑positioned in a profitable niche, but it operates in a competitive and inherently cyclical space where underwriting discipline is crucial.

Innovation and R&D

Innovation and R&D Innovation is a central part of Bowhead’s story. The company is built around a modern, cloud‑based, “digital‑first” platform, with proprietary underwriting tools and advanced analytics embedded in daily decision‑making. Key initiatives include its Bowhead Risk Analysis Tools, which help underwriters assess risk more quickly and consistently, and the use of AI‑driven platforms like Kalepa’s Copilot to sort and prioritize submissions. The Baleen Specialty division extends this by automating much of the “flow” underwriting for smaller, niche risks, especially in areas like cyber and small business. Product development has also been active, with new offerings such as environmental liability coverage layered on top of existing specialty lines. The main watch points are whether Bowhead can keep scaling these technologies without losing underwriting discipline, and whether automation continues to improve profitability rather than simply adding volume.

Summary

Bowhead Specialty looks like a fast‑growing, tech‑forward specialty insurer that is still relatively early in its journey. The income statement reflects strong top‑line growth with solid, though somewhat variable, profitability. The balance sheet is conservative, with no debt and growing capital, and cash flows are healthy and capital‑light. Competitively, the firm is carving out a niche in excess and surplus lines by combining seasoned underwriters, in‑house claims expertise, and a dual “craft and flow” model. Its heavy investment in technology, data, and AI‑assisted underwriting could be a meaningful long‑term edge if executed well. Key positives are growth momentum, strong cash generation, no debt, and a clear strategic focus. Key risks are the natural volatility of specialty insurance, the need to maintain underwriting discipline as technology scales, and the relatively short track record at current size. Overall, Bowhead presents as a growing, innovative specialty insurer with both attractive opportunities and the typical uncertainties of a young, fast‑expanding platform.

NEWS

November 20, 2025 · 7:29 PM UTC

Bowhead Specialty Holdings Inc. Prices Senior Notes Offering

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November 4, 2025 · 7:00 AM UTC

Bowhead Specialty Holdings Inc. Reports Third Quarter 2025 Results

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October 10, 2025 · 7:00 AM UTC

Bowhead Specialty to Announce Third Quarter 2025 Earnings on November 4, 2025

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