Bowhead Specialty Holdings Inc.
BOW Financial Insurance Property & Casualty
Bowhead Specialty Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $551.6 million, up 29.6% from fiscal 2024. In the quarter to June 2026, revenue grew 23.0%, EPS grew 33.3% and free cash flow fell 13.9%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three, operating cash flow growth for three.
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Bowhead Specialty Holdings Inc. (BOW) Piotroski F-score
Bowhead Specialty Holdings Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.67% | 2.85% | Pass | 1 |
| Positive operating cash flow | 331.59m | 294.29m | Pass | 1 |
| Rising return on assets | 2.67% | 2.85% | Fail | 0 |
| Cash flow above net income | 277.80m | 256.04m | Pass | 1 |
| Falling long-term leverage | 0.07 | 0.00 | Fail | 0 |
| Rising current ratio | 0.52 | 0.54 | Fail | 0 |
| No new shares issued | 32,737,900 | 29,261,200 | Fail | 0 |
| Rising gross margin | 31.73% | 33.93% | Fail | 0 |
| Rising asset turnover | 0.27 | 0.32 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ASIC Ategrity Specialty Insurance Company Holdings compare | 7 |
| TRUP Trupanion, Inc. compare | 7 |
| UVE UNIVERSAL INSURANCE HOLDINGS INC compare | 7 |
| HRTG Heritage Insurance Holdings, Inc. compare | 7 |
| UFCS United Fire Group, Inc compare | 6 |
| STC Stewart Information Services Corporation compare | 6 |
| SAFT Safety Insurance Group, Inc. compare | 6 |
| HIPO Hippo Holdings Inc. compare | 5 |
| BOW Bowhead Specialty Holdings Inc. | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover