Bowhead Specialty Holdings Inc.(BOW)Stock Analysis
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Rank #423 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
BOW Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Bowhead Specialty Holdings Inc. (BOW), a Financials sector company. 13F Pro's AI-powered ranking engine scores BOW at 68.2/100 on a 32-signal composite quality model, placing it at rank #423 of 2,879 stocks — the top 25% of the AI-ranked universe. BOW scores in the top quartile across free cash flow (94.4), revenue growth (90.4), earnings quality (80.5). Areas of concern include revenue scale (38.5), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), Bowhead Specialty Holdings Inc. reports quarterly revenue of $155.7M, net income of $16.0M, an operating margin of 13.2%. Top institutional holders of BOW by reported 13-F value include Gallatin Point Capital, American Family Investments,, AMERICAN CENTURY COMPANIES, based on the most recent SEC filings. BOW trades on the NYSE exchange and files with the SEC under CIK 2002473. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BOW daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Bowhead Specialty Holdings Inc. directly from SEC EDGAR. Bowhead Specialty Holdings Inc.'s 13F Pro composite quality score has ranged between 61 and 71 since 2025, currently 68.2 — an improving long-term trajectory across 12 quarterly and live scoring snapshots.
What's Driving BOW's Business? Latest 10-Q Breakdown
AI-extracted from Bowhead Specialty Holdings Inc.'s 10-Q filed 2026-05-05 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Bowhead reported Q1 2026 net income of $16.0M (+40% YoY) on gross written premiums of $216.7M (+24% YoY), with combined ratio improving to 95.3% from 97.3%.
Biggest Revenue Drivers
Total revenue: $155.7M+26.9% YoY
Growth driven by earning of increased gross written premiums across all four underwriting divisions.
Increase primarily due to higher average balance of investments during the three months ended March 31, 2026.
Fees associated with issuance of policies and insurance-related services.
Largest Expense Items
Current accident year loss ratio of 66.5% remained unchanged; offset by portfolio mix changes.
Scaling benefits as net earned premiums grew at higher rate than operating expenses.
Increase driven by portfolio mix changes and ceding fees, partially offset by increased ceding commissions.
Related to $150M Senior Notes issued November 25, 2025; prior year had minimal debt.
Margins: Combined ratio improved to 95.3% from 97.3% YoY, driven by a 2.0-point decrease in the expense ratio (28.4% vs 30.4%) as the business scaled. Loss ratio remained flat at 66.9%, reflecting stable underwriting performance offset by portfolio mix changes.
Watch Items from the Filing
- Top three reinsurers represent 29.9%, 23.2%, and 17.4% of total reinsurance recoverable; concentration risk with Renaissance, Endurance, and Markel Global.
- AmFam owns 14.3% of common stock and receives ceding fees; related-party quota share agreement represents 100% of assumed premium, creating significant strategic dependency.
- Restricted assets of $946.7M (39% of total assets) held in trust to support AmFam Quota Share Agreement obligations; limitation on asset deployment.
- Company accrued $1.6M for UK employment taxes, penalties and interest for employee since 2021; ongoing contingent liability.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$155.7M
Net Income
Q1 2026
$16.0M
Free Cash Flow
Q1 2026
$64.2M
Operating Margin
Q1 2026
13.2%
D/E Ratio
Q1 2026
0.32
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+94.6% YoYNet Income
+114.7% YoYEPS (Diluted)
Total Assets
+130.7% YoYTotal Debt
Op. Cash Flow
+40.4% YoY| Metric | FY 2025 | FY 2023 | FY 2022 |
|---|---|---|---|
| Revenue | $551.6M +94.6% | $283.4M +51.1% | $187.6M |
| Net Income | $53.8M +114.7% | $25.0M +122.5% | $11.3M |
| EPS (Diluted) | $1.59 | $0.00 | $0.00 |
| Total Assets | $2.37B +130.7% | $1.03B | — |
| Total Debt | $146.4M | — | — |
| Operating Cash Flow | $331.6M +40.4% | $236.2M +30.0% | $181.6M |
AI Insight: BOW Financial Trends
Revenue growth accelerated to 30% year-over-year in Q1 2026, but operating cash flow remains volatile across quarters.
• Revenue grew from $117M in Q3 2024 to $156M in Q1 2026, showing consistent quarterly expansion.
• Net income increased from $11M in Q1 2025 to $16M in Q1 2026, up 45% year-over-year.
• Equity strengthened from $340M in Q2 2024 to $458M in Q1 2026, reflecting retained earnings growth.
⚠ Operating cash flow dropped from $115M in Q3 2025 to $65M in Q1 2026, continuing erratic quarterly patterns.
⚠ Total debt of $147M appeared in Q1 2026, introducing new leverage to previously debt-free balance sheet.
AI Insight: BOW Ratio Trends
ROIC declined sharply from 19.7% in Q4 2024 to 13.6% in Q1 2026, signaling deteriorating capital efficiency despite stable margins.
• Operating margin remained relatively stable, ranging between 11.7% and 15.3% across quarters.
• ROIC peaked at 19.7% in Q4 2024 but has since declined to 13.6% in Q1 2026.
• ROA compressed from 3.3% in Q4 2024 to 2.6% in Q1 2026.
⚠ ROIC volatility with sharp Q4 2025 drop to 12.0% before partial recovery to 13.6%.
⚠ Debt-to-equity ratio stable around 0.32-0.33 in recent quarters with available data.
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Available Research
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Top Institutional Holders of BOW
Gallatin Point Capital LLC
$201.2M8,968,445 shAmerican Family Investments, Inc.
$105.4M4,700,761 shAMERICAN CENTURY COMPANIES INC
$44.2M1,969,668 shVICTORY CAPITAL MANAGEMENT INC
$34.6M1,541,650 shPolar Capital Holdings Plc
$33.6M1,500,000 shBlackRock, Inc.
$31.7M1,412,607 shVANGUARD CAPITAL MANAGEMENT LLC
$18.6M828,422 shTWO SIGMA INVESTMENTS, LP
$11.6M518,724 shGEODE CAPITAL MANAGEMENT, LLC
$9.5M421,247 shQube Research & Technologies Ltd
$9.3M415,658 sh
| Fund | Value | Shares |
|---|---|---|
| Gallatin Point Capital LLC | $201.2M | 8,968,445 |
| American Family Investments, Inc. | $105.4M | 4,700,761 |
| AMERICAN CENTURY COMPANIES INC | $44.2M | 1,969,668 |
| VICTORY CAPITAL MANAGEMENT INC | $34.6M | 1,541,650 |
| Polar Capital Holdings Plc | $33.6M | 1,500,000 |
| BlackRock, Inc. | $31.7M | 1,412,607 |
| VANGUARD CAPITAL MANAGEMENT LLC | $18.6M | 828,422 |
| TWO SIGMA INVESTMENTS, LP | $11.6M | 518,724 |
| GEODE CAPITAL MANAGEMENT, LLC | $9.5M | 421,247 |
| Qube Research & Technologies Ltd | $9.3M | 415,658 |
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13F Pro's AI-powered analysis of Bowhead Specialty Holdings Inc. (BOW) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BOW are available on the BOW stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own BOW?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BOW. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Bowhead Specialty Holdings Inc.'s investment landscape.