Latest Ratios: P/E Ratio 20.1x · EV/EBITDA 11.8x · ROE 13.1%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $1.1B | $960M | $1.1B | — | — |
| Enterprise Value | $817M | $727M | $961M | — | — |
| P/E Ratio → | 20.13 | 17.95 | 27.53 | — | — |
| P/S Ratio | 1.91 | 1.74 | 2.48 | — | — |
| P/B Ratio | 2.40 | 2.14 | 2.85 | — | — |
| P/FCF | 3.22 | 2.95 | 3.62 | — | — |
| P/OCF | 3.17 | 2.90 | 3.58 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 2.26 | — | — |
| EV / EBITDA | 11.83 | 10.52 | 17.66 | — | — |
| EV / EBIT | 12.14 | 10.48 | 18.75 | — | — |
| EV / FCF | — | 2.23 | 3.30 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 32.1% | 32.1% | 34.1% | 33.9% | 32.3% |
| Operating Margin | 12.2% | 12.2% | 11.9% | 11.3% | 7.8% |
| Net Profit Margin | 9.8% | 9.8% | 9.0% | 8.8% | 6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 13.1% | 13.1% | 13.6% | 18.2% | 13.5% |
| ROA | 2.7% | 2.7% | 2.9% | 3.1% | 2.0% |
| ROIC | 20.5% | 20.5% | 21.6% | 52.0% | 58.8% |
| ROCE | 3.3% | 3.3% | 3.8% | 4.0% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.01 | — | — |
| Debt / EBITDA | — | — | 0.08 | — | — |
| Net Debt / Equity | — | -0.52 | -0.25 | -0.61 | -0.78 |
| Net Debt / EBITDA | -3.38 | -3.38 | -1.71 | -3.43 | -4.20 |
| Debt / FCF | — | -0.72 | -0.32 | -0.51 | -0.36 |
| Interest Coverage | 34.45 | 34.45 | 70.70 | — | — |
Net cash position: cash ($234M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 5110.75 | 5110.75 | 701.49 | — | — |
| Quick Ratio | 5110.75 | 5110.75 | 701.49 | — | — |
| Cash Ratio | 5110.75 | 5110.75 | 628.56 | — | — |
| Asset Turnover | — | 0.23 | 0.26 | 0.28 | 0.33 |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 222.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 5.6% | 3.6% | — | — |
| FCF Yield | 31.0% | 33.9% | 27.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $34M | $30M | $32M | $32M |
Long-tail casualty reserve volatility
As reported in recent financial statements, Bowhead’s P/B ratio of 2.23 suggests that investors are pricing the firm at a significant premium to book value, reflecting expectations for future underwriting profitability that have yet to be fully validated by a long-term track record of settled claims.
The current valuation multiple appears to bake in a growth premium, positioning the company between the high-multiple specialty leaders and the distressed valuations of legacy peers. Investors should monitor whether this premium is sustained as the company’s casualty cohorts mature and the initial underwriting estimates face the reality of actual loss development.
Based on the company's reported figures, the combined ratio improved to 86.7% in 2026Q1, signaling that Bowhead is successfully balancing rapid premium expansion with underwriting discipline, a trend that contrasts favorably with the 93.0% combined ratio observed in 2023Q4 as the firm scales its specialty operations.
The trajectory of the combined ratio suggests that management is effectively managing the expense ratio while maintaining loss picks that support profitability. However, because the firm is still in a growth phase, the sustainability of these underwriting margins remains contingent on the accuracy of initial loss reserves for its newer, larger casualty books.
According to quarterly data, Bowhead’s ROE has stabilized in the 3.0% to 3.7% range, indicating that current profitability is primarily driven by underwriting margins rather than investment yield, as the firm continues to build its float and reinvest capital into its growing specialty insurance portfolio.
The modest ROE levels suggest that the company is still in the early stages of its earnings power cycle, where capital is being deployed to support growth rather than maximizing immediate returns. Future ROE expansion will likely depend on the firm's ability to maintain underwriting profitability while increasing the investment yield on its expanding asset base.
As noted in industry research, the P/E ratio is frequently misapplied to Bowhead, as it obscures the volatility inherent in long-tail casualty reserves and fails to account for the fact that reported earnings are highly sensitive to management's initial loss estimates rather than realized cash outcomes.
Investors should prioritize the combined ratio and reserve development trends over P/E multiples, as the latter can be artificially inflated or depressed by accounting adjustments. A more accurate assessment of the firm's value requires adjusting for prior-year development to determine if the current earnings reflect genuine underwriting success or merely conservative reserve releases.
Includes 30+ ratios · 4 years · Updated daily
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Quick answers to the most common questions about buying BOW stock.
Bowhead Specialty Holdings Inc.'s current P/E ratio is 20.1x. The historical average is 22.7x. This places it at the 50th percentile of its historical range.
Bowhead Specialty Holdings Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
Bowhead Specialty Holdings Inc.'s return on equity (ROE) is 13.1%. The historical average is 14.6%.
Based on historical data, Bowhead Specialty Holdings Inc. is trading at a P/E of 20.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bowhead Specialty Holdings Inc. has 32.1% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.