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Held by 174 of 6,047 reporting institutions (90th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PLGO | $2.0B | 11.6× | — | 0.8× | 3.3% | — | 9.0% | 9.4% | 7.0% | — | — |
| HMN | $1.8B | 11.7× | — | 1.1× | 6.7% | — | 9.5% | 10.9% | 7.8% | — | 250 |
| SAFT | $1.5B | 15.5× | — | 1.2× | 12.8% | — | 7.9% | 11.1% | 10.5% | — | 209 |
| KMPB | $1.5B | 10.8× | — | 0.3× | 3.3% | — | 3.0% | 5.3% | 4.0% | — | — |
| UFCS | $1.4B | 12.2× | — | 1.0× | 10.6% | — | 8.5% | 12.6% | 10.9% | — | 219 |
| ASIC | $1.2B | 16.3× | — | 2.9× | 23.4% | — | 17.4% | 12.0% | 12.0% | — | 85 |
| UVE | $1.2B | 6.9× | — | 0.8× | 5.5% | — | 11.4% | 33.2% | 28.1% | — | 210 |
| BOW | $1.1B | 21.3× | — | 2.0× | 29.6% | — | 9.8% | 12.0% | 9.0% | — | 174 |
| HRTG | $1.0B | 5.4× | 1.9× | 1.2× | 3.7% | — | 23.1% | 38.7% | 33.5% | -1.8× | 182 |
| EIG | $876M | 106.1× | — | 1.0× | -2.5% | — | 1.3% | 1.1% | 1.1% | — | 218 |
| HIPO | $850M | 14.5× | — | 1.8× | 25.9% | — | 12.3% | 13.2% | 13.2% | — | 135 |
| ROOT | $750M | 20.1× | 4.5× | 0.5× | 29.0% | — | 2.7% | 14.2% | 8.3% | -7.6× | 158 |
| AII | $499M | 4.5× | — | 1.8× | 35.3% | — | 36.0% | 29.6% | 29.5% | — | 178 |
| GLRE | $481M | 6.8× | — | 0.7× | 4.8% | — | 10.3% | 10.6% | 10.5% | — | 142 |
| ACIC | $439M | 4.3× | 2.7× | 1.3× | 13.1% | — | 31.8% | 33.6% | 22.8% | -0.3× | 134 |
Peers = companies sharing BOW's sector (Fire, Marine & Casualty Insurance) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $326.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Insufficient data. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $551.6M 100.0% | $425.7M 100.0% | $283.4M 100.0% | $187.6M 100.0% |
| Total Operating Expenses | $102.3M 18.5% | $89.1M 20.9% | $63.5M 22.4% | $46.0M 24.5% |
| Interest Expense | $2.0M 0.4% | $725K 0.2% | $0 0.0% | $0 0.0% |
| Pretax Income | $67.3M 12.2% | $50.5M 11.9% | $32.1M 11.3% | $14.7M 7.8% |
| Income Tax Expense | $13.5M 2.4% | $12.3M 2.9% | $7.1M 2.5% | $3.4M 1.8% |
| Net Income | $53.8M 9.8% | $38.2M 9.0% | $25.0M 8.8% | $11.3M 6.0% |
| Per Share | ||||
| EPS (Basic) | $1.64 | $1.31 | $1.04 | $0.47 |
| EPS (Diluted) | $1.59 | $1.29 | $1.04 | $0.47 |
| Weighted Avg Shares (Basic) | 32.7M | 29.3M | 24.0M | 24.0M |
| Weighted Avg Shares (Diluted) | 33.7M | 29.7M | 24.0M | 24.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~1.4% on $146.4M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-05
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 9% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 13.1% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Income Tax | 1.8 | 2.5 | 2.9 | 2.4 |
| Net Income | 6.0 | 8.8 | 9.0 | 9.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BOW: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2022 | not reported | not reported | 6.0% |
| FY2023 | not reported | not reported | 8.8% |
| FY2024 | not reported | not reported | 9.0% |
| FY2025 | not reported | not reported | 9.8% |
Leverage and buybacks account for 3 points of the 12% return on equity in FY2025. The business earns 9% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 9.68x of reported profit into free cash flow over 4 years, with accruals negative.
Shares outstanding are up 37% since FY2022 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Leverage is not measurable this way for a insurer.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $33.80, free cash flow must compound -16.74%/yr for 10 years. It has done 22.43%/yr over 3 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2023 | 30.8% | −16.7% |
| FY2024 | 25.3% | −16.7% |
| FY2025 | 12.0% | −16.7% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $54M | $54M |
| Share-based comp | $7M | $61M |
| Other non-cash & working capital | $271M | $332M |
| Operating cash flow | $332M | $332M |
| Capex | −$6M | $326M |
| Free cash flow | $326M | $326M |
| FCF after SBC | $319M | $319M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2023 | 51.1% | not reported | not reported |
| FY2024 | 50.2% | not reported | not reported |
| FY2025 | 29.6% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2022 | not reported |
| FY2023 | -20.6 percent |
| FY2024 | -15.5 percent |
| FY2025 | -11.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.