BOW

MKT CAP:$787M

Bowhead Specialty Holdings Inc.

Market Cap

$787M

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$23.97-$3.46 (-12.61%)

Apr 21, 2026

Company Details

Bowhead Specialty Holdings Inc. provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and...

CEO

Stephen Jay Sills

IPO Date

Aug 28, 2008

Website

bowheadspecialty.com

Key Metrics TTM

Revenue

$552M

+29.6% YoY

Net Income

$54M

EPS (Diluted)

$1.59

Free Cash Flow

$324M

Revenue / Share

$16.39

Gross Margin

40.2%

Operating Margin

12.2%

Net Margin

9.8%

FCF Margin

58.8%

P/S

1.4x

P/E

14.6x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$552M+29.6%EPS $1.59

Q4 2025

Feb 24, 2026

$152M+27.1%EPS $0.44

Q3 2025

Nov 4, 2025

$144M+23.3%EPS $0.45

Q2 2025

Aug 5, 2025

$133M+34.7%EPS $0.36

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$59M	$21M	$7M
Q2 23	$65M	$23M	$8M
Q3 23	$76M	$28M	$11M
Q4 23	$83M	$24M	$6M
Q1 24	$91M	$30M	$9M
Q2 24	$99M	$32M	$7M
Q3 24	$117M	$40M	$16M
Q4 24	$119M	$43M	$18M
Q1 25	$123M	$40M	$14M
Q2 25	$133M	$43M	$16M
Q3 25	$144M	$47M	$19M
Q4 25	$152M	$92M	$18M

Valuation

Quarter	P/S	P/E
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	2.6x	29.4x
Q1 24	2.3x	27.2x
Q2 24	2.4x	31.5x
Q3 24	2.4x	31.1x
Q4 24	2.7x	29.5x
Q1 25	2.9x	31.2x
Q2 25	2.5x	24.9x
Q3 25	1.7x	16.7x
Q4 25	1.7x	17.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$35M	$34M
Q2 23	$51M	$50M
Q3 23	$88M	$87M
Q4 23	$61M	$60M
Q1 24	$42M	$41M
Q2 24	$72M	$71M
Q3 24	$119M	$118M
Q4 24	$61M	$61M
Q1 25	$48M	$46M
Q2 25	$109M	$107M
Q3 25	$115M	$113M
Q4 25	$58M	$57M

Capital Expenditures

Quarter	CapEx
Q1 23	$1M
Q2 23	$782.0K
Q3 23	$1M
Q4 23	$924.0K
Q1 24	$808.0K
Q2 24	$791.0K
Q3 24	$1M
Q4 24	$507.0K
Q1 25	$1M
Q2 25	$2M
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	+53.4%	+55.4%
Q2 24	+51.1%	+60.6%
Q3 24	+53.5%	+55.7%
Q4 24	+44.0%	+31.2%
Q1 25	+35.4%	+32.7%
Q2 25	+34.7%	+28.2%
Q3 25	+23.3%	+23.7%
Q4 25	+27.1%	+32.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$109.0K	0.2%
Q2 23	$156.0K	0.2%
Q3 23	$227.0K	0.3%
Q4 23	$191.0K	0.2%
Q1 24	$225.0K	0.2%
Q2 24	$2M	1.9%
Q3 24	$1M	0.9%
Q4 24	$1M	0.9%
Q1 25	$1M	1.1%
Q2 25	$137.0K	0.1%
Q3 25	$2M	1.4%
Q4 25	-$3M	-1.8%

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$118M	$0	$118M
Q1 24	$73M	$645M	$719M
Q2 24	$180M	$442M	$622M
Q3 24	$162M	$891M	$1.1B
Q4 24	$97M	$890M	$987M
Q1 25	$88M	$575M	$663M
Q2 25	$166M	$1.1B	$1.3B
Q3 25	$251M	$1.1B	$1.4B
Q4 25	$234M	$1.4B	$1.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	32M	—	—
Q2 23	32M	0.0%	—
Q3 23	32M	0.0%	—
Q4 23	32M	0.0%	—
Q1 24	32M	0.0%	0.0%
Q2 24	28M	-11.9%	-11.9%
Q3 24	33M	+19.8%	+5.5%
Q4 24	34M	+0.9%	+6.5%
Q1 25	34M	+0.4%	+6.9%
Q2 25	34M	+1.0%	+22.6%
Q3 25	34M	-1.2%	+1.2%
Q4 25	34M	0.0%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$479.2K	249
Q1 25	$493.0K	249
Q2 25	$534.9K	249
Q3 25	$577.9K	249
Q4 25	$512.4K	296

Revenue / Employee