COMP <GO>

BOW vs UVE // EV/EBITDA & P/E VALUATION

Bowhead Specialty Holdings Inc. (NYSE) VS. UNIVERSAL INSURANCE HOLDINGS INC (NYSE) • 15-METRIC TALLY: BOW 1 — UVE 6

■ METRIC PARITY

LAST: $34.13 (-0.23%) • MKT CAP: $1.12B

valuation

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LAST: $47.56 (+3.44%) • MKT CAP: $1.32B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BOW VS. UVE) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BOW	UVE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	12.00%	33.20%	-21.20	UVE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	9.80%	11.40%	-1.60	UVE	/net-margins <GO>
Revenue Growth (YoY)	29.60%	5.50%	+24.10	BOW	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	1.67%	-1.67	UVE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	6/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	52.9	62.1	-9.21	UVE	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	17.6x	6.7x	+10.90	UVE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.12B	$1.32B	-$199.3M	UVE	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BOW REV	UVE REV	BOW GROSS %	UVE GROSS %	BOW FCF	UVE FCF
FY 2025	$551.6M	$1.60B	—	—	$326.0M	$377.1M
FY 2024	$425.7M	$1.52B	—	—	$291.2M	$130.0M
FY 2023	$283.4M	$1.39B	—	—	$236.2M	$71.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BOW // BETA —

UVE // BETA —