MeritValue

Bowhead Specialty Holdings Inc.

BOWdata completeness 100%4 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$187.6M1$283.4M2$425.7M2$551.6M2
Net income$11.3M3$25M4$38.2M4$53.8M4
Operating cash flow$181.6M5$236.2M6$294.3M6$331.6M6
Capital expenditure$3.97M7$3.82M8$3.11M8$5.57M8
Free cash flow (derived)$177.7M5$232.4M6$291.2M6$326M6
Total debt——$09$146.4M9
Cash & equivalents$64.7M10$118.1M11$97.5M11$193.5M11
Diluted shares24.0M24.0M29.7M33.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000030%
of the whole company
Your share of last year’s profit
$15.94
Your share of its debt
$43.41
Your share of free cash flow
$96.64
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$531.79
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$291.2M
DCF · Growth Exit 5Y
$290.21
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$291.2M
Earnings Power Value
$9.88
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$31.6M
  • growthAssumed0.0%
Graham Number
$21.8
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $290.21

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0002002473-25-000008 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-011089 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0002002473-25-000008 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001628280-26-011089 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0002002473-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-011089 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0002002473-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-26-011089 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-011089 (LongTermDebt)
  10. 10-K · period ending 2022-12-31 · accession 0002002473-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-26-011089 (CashAndCashEquivalentsAtCarryingValue)