Ategrity Specialty Insurance Company Holdings (ASIC) vs Bowhead Specialty Holdings Inc. (BOW)

Ategrity Specialty Insurance Company Holdings and Bowhead Specialty Holdings Inc. are both Insurance Property & Casualty companies. Ategrity Specialty Insurance Company Holdings is the larger, with a market value of $1.3B against $1.1B — 1.2× the size. Ategrity Specialty Insurance Company Holdings trades at the lower P/E: 12.3× against 18.5×. Ategrity Specialty Insurance Company Holdings grew revenue faster over the last twelve months: 36.6% against 25.0%. Ategrity Specialty Insurance Company Holdings has the higher net margin (20.5% vs 10.1%) and the higher return on invested capital (14.1% vs 11.4%). Across the 18 metrics below, Ategrity Specialty Insurance Company Holdings leads on 11 and Bowhead Specialty Holdings Inc. on 7.

Valuation

Metric ASIC BOW Insurance Property & Casualty median
P/E 12.33 18.48 10.75
P/S 2.53 1.83 1.21
P/B 1.95 2.38 1.99
Price to free cash flow 7.55 3.42 7.76
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.11% 5.41% 9.08%
Free cash flow yield 13.24% 29.24% 12.11%

Profitability

Metric ASIC BOW Insurance Property & Casualty median
Gross margin 28.38% 30.51% 41.16%
Operating margin 27.87% 13.50% 15.09%
Net margin 20.50% 10.11% 11.51%
Free cash flow margin 33.51% 53.45% 17.46%
Return on equity 17.22% 14.14% 17.34%
Return on assets 7.00% 2.69% 3.74%
Return on invested capital 14.08% 11.43% 12.06%

Growth

Metric ASIC BOW Insurance Property & Casualty median
Revenue growth (TTM) 36.63% 25.02% 8.02%
EPS growth (last fiscal year) 7.33% 23.26% 39.61%
Revenue growth, 5-year CAGR — — 9.23%
Net income growth, 5-year CAGR — — 10.09%

Health

Metric ASIC BOW Insurance Property & Casualty median
Debt to equity 0.00 0.31 0.25
Current ratio 0.53 0.48 0.42
Net debt to EBITDA (0.30) (1.19) 0.08

Dividend

Metric ASIC BOW Insurance Property & Casualty median
Dividend yield — — 1.50%
Payout ratio — — 0.14

Size

Metric ASIC BOW Insurance Property & Casualty median
Market cap 1.29b 1.12b 2.67b

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