Bowhead Specialty Holdings Inc. (BOW) Balance Sheet
BOW balance sheet, 2025
December 31, 2025 · U.S. dollars$2.37B assets = $1.92B liabilities + $449.3M equity
Both columns are drawn to the same scale: what BOW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BOW financial health
Descriptive bands, not a rating. Fiscal 2025.
BOW balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $565.2M2022 | $2.37B2025 | +61.3%/yr | |
| Total liabilities | $481.8M2022 | $1.92B2025 | +58.6%/yr | |
| Shareholders’ equity | $83.4M2022 | $449.3M2025 | +75.3%/yr | |
| Cash & short-term investments | $347.6M2022 | $965.7M2025 | +40.6%/yr | |
| Total debt | $02022 | $146.4M2025 | — | |
| Net cash (debt) | $347.6M2022 | $819.3M2025 | +$471.7M | |
| Working capital | $194.4M2022 | −$71.8M2025 | −$266.2M | |
| Book value per share | $2.642022 | $13.352025 | +71.6%/yr | |
| Debt / equity | 0.002022 | 0.332025 | +0.33 | |
| Shares outstanding | 31.5M2022 | 33.7M2025 | +2.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BOW assets
BOW liabilities and equity
BOW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BOW balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $965.7M | $987.5M | $118.1M | $347.6M |
| Cash & equivalents | $193.5M | $97.5M | $118.1M | $64.7M |
| Short-term investments | $772.2M | $890.0M | $563.4M | $282.9M |
| Receivables | $498.1M | $319.3M | $39.9M | $232.3M |
| Inventory | $0 | $0 | −$721.4M | −$377.1M |
| Other current assets | $232.0M | $0 | $681.5M | $467.6M |
| Total current assets | $1.70B | $1.10B | $118.1M | $670.4M |
| Property, plant & equipment (net) | $10.6M | $6.8M | $7.6M | $6.0M |
| Goodwill & intangible assets | $35.3M | $27.6M | −$269.0M | −$69.3M |
| Long-term investments | $1.37B | $890.0M | $563.4M | $282.9M |
| Other non-current assets | $0 | $0 | $607.8M | $0 |
| Total assets | $2.37B | $1.65B | $1.03B | $565.2M |
| Liabilities | ||||
| Accounts payable | $65.8M | $51.9M | $40.4M | $23.7M |
| Short-term debt | $1.4M | $1.5M | $0 | $0 |
| Deferred revenue | $552.6M | — | — | $231.7M |
| Total current liabilities | $1.77B | $1.6M | $365.2M | $476.0M |
| Long-term debt | $146.4M | $0 | $0 | $0 |
| Other long-term liabilities | $8.0M | $883.1M | $835.8M | $5.8M |
| Total liabilities | $1.92B | $1.28B | $835.8M | $481.8M |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $328,000 | $327,000 | $240,000 | $240,000 |
| Retained earnings (deficit) | $116.7M | $62.9M | $24.7M | −$381,000 |
| Accumulated other comprehensive income | $5.4M | −$11.2M | −$11.4M | −$16.7M |
| Total shareholders' equity | $449.3M | $370.4M | $192.1M | $83.4M |
| Key figures | ||||
| Total debt | $146.4M | $4.3M | $0 | $0 |
| Net cash (debt) | $819.3M | $983.2M | $118.1M | $347.6M |
| Working capital | −$71.8M | $1.10B | −$247.1M | $194.4M |
| Tangible book value | $414.0M | $342.8M | $461.1M | $152.7M |
| Book value per share | $13.35 | $12.48 | $6.09 | $2.64 |
| Shares outstanding | 33.7M | 29.7M | 31.5M | 31.5M |
| Current ratio | 0.96 | 701.49 | 0.32 | 1.41 |
| Quick ratio | 0.83 | 831.82 | 0.43 | 1.22 |
| Debt / equity | 0.33 | 0.01 | 0.00 | 0.00 |
| Equity / assets | 18.9% | 22.4% | 18.7% | 14.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $1.75B | $893.0M | $965.7M | $1.40B | $1.28B | $662.6M | $987.5M | $1.05B | $622.4M | $718.6M | $118.1M |
| Cash & equivalents | $164.8M | $97.2M | $193.5M | $250.8M | $166.3M | $88.0M | $97.5M | $161.7M | $180.3M | $73.5M | $118.1M |
| Short-term investments | $1.59B | $795.9M | $772.2M | $1.15B | $1.11B | $574.6M | $890.0M | $891.3M | $442.1M | $645.1M | $563.4M |
| Receivables | $588.6M | $530.6M | $498.1M | $430.3M | $410.1M | $366.4M | $319.3M | $272.0M | $262.8M | $211.0M | $39.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$693.2M | −$766.4M | $0 |
| Other current assets | $0 | $236.5M | $232.0M | $0 | $0 | $187.0M | $0 | $0 | $76.3M | $0 | $0 |
| Total current assets | $1.75B | $1.66B | $1.70B | $1.40B | $1.28B | $1.22B | $1.10B | $1.05B | $268.3M | $133.0M | $118.1M |
| Property, plant & equipment (net) | $12.0M | $11.3M | $10.6M | $9.7M | $8.9M | $7.7M | $6.8M | $7.4M | $7.5M | $7.7M | $7.6M |
| Goodwill & intangible assets | $0 | $40.0M | $35.3M | $33.5M | $32.2M | $28.2M | $27.6M | $26.5M | $24.6M | −$253.1M | −$269.0M |
| Long-term investments | $1.59B | $1.53B | $1.37B | $1.15B | $1.11B | $1.04B | $890.0M | $901.3M | $718.9M | $645.1M | $563.4M |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $375.9M | $581.8M | $607.8M |
| Total assets | $2.68B | $2.48B | $2.37B | $2.09B | $1.94B | $1.75B | $1.65B | $1.55B | $1.40B | $1.11B | $1.03B |
| Liabilities | |||||||||||
| Accounts payable | $85.6M | $59.1M | $65.8M | $67.9M | $62.6M | $42.8M | $51.9M | $54.2M | $45.8M | $33.6M | $40.4M |
| Short-term debt | — | — | — | $0 | $0 | $0 | $1.5M | $0 | — | — | — |
| Deferred revenue | — | $556.4M | $552.6M | — | — | $452.8M | — | — | — | — | — |
| Total current liabilities | $314,000 | $1.85B | $1.77B | $136,000 | $137,000 | $1.35B | $1.6M | $14.7M | $455.0M | $387.2M | $365.2M |
| Long-term debt | $146.6M | $146.5M | $146.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2.06B | $20.0M | $8.0M | $1.66B | $1.53B | $9.4M | $883.1M | $1.17B | $729.2M | $630.6M | $835.8M |
| Total liabilities | $2.21B | $2.02B | $1.92B | $1.66B | $1.53B | $1.36B | $1.28B | $1.18B | $1.06B | $913.3M | $835.8M |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $329,000 | $328,000 | $328,000 | $328,000 | $328,000 | $327,000 | $327,000 | $327,000 | $327,000 | $240,000 | $240,000 |
| Retained earnings (deficit) | $148.8M | $132.7M | $116.7M | $101.9M | $86.7M | $74.3M | $62.9M | $49.3M | $37.2M | $31.7M | $24.7M |
| Accumulated other comprehensive income | −$6.8M | −$3.1M | $5.4M | $4.7M | −$548,000 | −$3.7M | −$11.2M | −$1.3M | −$12.3M | −$12.3M | −$11.4M |
| Total shareholders' equity | $472.4M | $459.2M | $449.3M | $430.2M | $407.2M | $391.4M | $370.4M | $364.8M | $339.9M | $201.2M | $192.1M |
| Key figures | |||||||||||
| Total debt | $146.6M | $146.5M | $146.4M | $0 | $0 | $0 | $4.3M | $0 | — | — | — |
| Net cash (debt) | $1.60B | $746.5M | $819.3M | $1.40B | $1.28B | $662.6M | $983.2M | $1.05B | — | — | — |
| Working capital | $1.75B | −$193.5M | −$71.8M | $1.40B | $1.28B | −$136.3M | $1.10B | $1.04B | −$186.6M | −$254.2M | −$247.1M |
| Tangible book value | $472.4M | $419.1M | $414.0M | $396.8M | $375.0M | $363.2M | $342.8M | $338.4M | $315.3M | $454.3M | $461.1M |
| Book value per share | $14.08 | $13.80 | $13.35 | $12.79 | $11.96 | $11.61 | $11.03 | $10.97 | $12.24 | $6.38 | $6.09 |
| Shares outstanding | 33.6M | 33.3M | 33.7M | 33.7M | 34.0M | 33.7M | 33.6M | 33.3M | 27.8M | 31.5M | 31.5M |
| Current ratio | 5,573.37 | 0.90 | 0.96 | 10,296.87 | 9,338.36 | 0.90 | 701.49 | 71.65 | 0.59 | 0.34 | 0.32 |
| Quick ratio | 7,447.81 | 0.77 | 0.83 | 13,461.03 | 12,332.15 | 0.76 | 831.82 | 90.16 | 1.95 | 2.40 | 0.43 |
| Debt / equity | 0.31 | 0.32 | 0.33 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | — | — | — |
| Equity / assets | 17.6% | 18.5% | 18.9% | 20.5% | 21.0% | 22.3% | 22.4% | 23.6% | 24.4% | 18.1% | 18.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
BOW financial position
At the end of fiscal 2025 (December 31, 2025), Bowhead Specialty had total assets of $2.4 billion (up 43.4% from a year earlier), total liabilities of $1.9 billion and shareholders' equity of $449.3 million. It held $965.7 million in cash and short-term investments against $146.4 million of debt, a net cash position of $819.3 million. Its current ratio was 0.96. In the latest quarter (ended June 30, 2026) total assets were $2.7 billion and equity $472.4 million.
Related: BOW income statement, BOW cash flow statement, BOW key metrics. See the BOW stock overview for the latest quote and news.
BOW balance sheet FAQ
What are Bowhead Specialty's total assets?
Bowhead Specialty reported total assets of $2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.7 billion a year earlier.
How much debt does Bowhead Specialty have?
Bowhead Specialty had $146.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.33.
How much cash does Bowhead Specialty have?
Bowhead Specialty held $965.7 million in cash and short-term investments at the end of fiscal 2025; with $146.4 million of debt that is net cash of $819.3 million.
What is Bowhead Specialty's book value?
Bowhead Specialty's shareholders' equity (book value) was $449.3 million at the end of fiscal 2025, or $13.35 per share.
What is Bowhead Specialty's current ratio?
Bowhead Specialty had current assets of $1.7 billion and current liabilities of $1.8 billion, a current ratio of 0.96 (current liabilities exceed current assets).
How much goodwill does Bowhead Specialty have?
Bowhead Specialty carried $35.3 million of goodwill and intangible assets, 1.5% of total assets, at the end of fiscal 2025.