Bowhead Specialty (BOW) financial statements
Bowhead Specialty reported revenue of $552M in fiscal 2025, up 43.3% a year over 3 years.
Net income was $54M and the operating margin 12.2%, against 7.8% in 2022.
Free cash flow was $326M.
The diluted share count rose 41% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bowhead Specialty's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $188M | $283M | $426M | $552M |
| Operating income | $15M | $32M | $51M | $67M |
| Interest expense | $0 | $0 | $725,000 | $2M |
| Pre-tax income | $15M | $32M | $51M | $67M |
| Income tax | $3M | $7M | $12M | $14M |
| Net income | $11M | $25M | $38M | $54M |
| EPS (diluted) | $0.47 | $1.04 | $1.29 | $1.59 |
| Diluted shares | 24M | 24M | 30M | 34M |
| Operating margin | 7.8% | 11.3% | 11.9% | 12.2% |
| Net margin | 6.0% | 8.8% | 9.0% | 9.8% |
Balance sheet
Fiscal years, from Bowhead Specialty's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $65M | $118M | $97M | $194M |
| Receivables | — | $39M | $64M | $84M |
| Property, plant and equipment | — | $8M | $7M | $11M |
| Total assets | — | $1.0B | $1.7B | $2.4B |
| Total liabilities | — | $836M | $1.3B | $1.9B |
| Shareholders' equity | — | $192M | $370M | $448M |
| Net debt | -$65M | -$118M | -$97M | -$194M |
Cash flow
Fiscal years, from Bowhead Specialty's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $182M | $236M | $294M | $332M |
| Capital spending | $4M | $4M | $3M | $6M |
| Free cash flow | $178M | $232M | $291M | $326M |
| Stock-based compensation | $368,000 | $683,000 | $4M | $7M |
| Net borrowing | — | $0 | $0 | $150M |
| Free cash flow margin | 94.7% | 82.0% | 68.4% | 59.1% |
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Open BOW in InvestinglyQuestions
What was Bowhead Specialty's revenue in 2025?
$552M in fiscal 2025, from its 10-K filing.
How much free cash flow does Bowhead Specialty generate?
$326M in fiscal 2025 (operating cash flow minus capital spending).
From Bowhead Specialty's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.