BOWBowhead Specialty Holdings Inc.
Fire, Marine & Casualty Insurance
- Revenue
- $552M
- 30% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.1B
- Employees
- 296
- $2M revenue each
- Net debt / EBITDA
- —
- $5M net debt
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo616% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 57th pctBottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 68th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $188M | $283M | $426M | $552M | 30% |
| Net income | $11M | $25M | $38M | $54M | 41% |
| Operating cash flow | $182M | $236M | $294M | $332M | 13% |
| Capex | $4M | $4M | $3M | $6M | 79% |
| Stock-based comp | $368K | $683K | $4M | $7M | 76% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 14, 2026 | DEFM14A | American Family Mutual Insurance Company, S.I. | $34.00 | 11% |
| Oct 14, 2026 | SC 13E3/A | American Family Mutual Insurance Company, S.I. | — | — |
| Oct 5, 2026 | SC 13E3/A | American Family Mutual Insurance Company, S.I. | — | — |
| Sep 23, 2026 | SC 13E3/A | American Family Mutual Insurance Company, S.I. | — | — |
| Aug 31, 2026 | SC 13E3 | American Family Mutual Insurance Company, S.I. | — | — |
| Aug 28, 2026 | PREM14A | American Family Mutual Insurance Company, S.I. | $34.00 | 11% |
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.