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BWINThe Baldwin Insurance Group, Inc.
$20.24$1.5B
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BWIN logoThe Baldwin Insurance Group, Inc.(BWIN)Earnings, Financials & Key Ratios

BWIN•NASDAQ•Insurance & Managed Care
Price updated Jun 17, 2026
SectorFinancial ServicesIndustryInsurance BrokersSub-IndustryBroker consolidators and retail brokers
AboutThe Baldwin Insurance Group, Inc. operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. It operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals, as well as their families. The Underwriting, Capacity & Technology Solutions segment offers Future platform, that manufactures technology-enabled insurance products suite comprises personal, commercial, and specialty lines; specialty wholesale broker business that delivers professionals, individuals, and niche industry businesses; and reinsurance brokerage services. The Mainstreet Insurance Solutions segment provides personal insurance, commercial insurance, and life and health solutions to individuals and businesses in communities. The company was formerly known as BRP Group, Inc. and changed its name to The Baldwin Insurance Group, Inc. in May 2024. The Baldwin Insurance Group, Inc. was founded in 2011 and is headquartered in Tampa, Florida.Show more
  • Revenue$1.5B+9.3%
  • Combined Ratio92.73%-3.0%
  • Net Income-$34M-37.9%
  • Return on Equity-3.23%-33.6%
  • Medical Cost Ratio87.24%+16.3%
  • Operating Margin7.27%+64.9%
  • Net Margin-2.25%-26.1%
  • ROA-0.91%-31.2%
  • Equity / Assets28.08%-1.6%

BWIN Key Insights

The Baldwin Insurance Group, Inc. (BWIN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 92.7% combined ratio
  • ✓Trading at only 1.1x book value

✗Weaknesses

  • ✗Profits declining 16.6% over 5 years
  • ✗Weak momentum: RS Rating 20 (bottom 20%)
  • ✗High loss ratio of 87.2%
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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BWIN Price & Volume

The Baldwin Insurance Group, Inc. (BWIN) stock price & volume — 10-year historical chart

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BWIN Growth Metrics

The Baldwin Insurance Group, Inc. (BWIN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years45.39%
3 Years15.79%
TTM14.84%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-41.22%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-28.17%

Return on Capital

10 Years-0.33%
5 Years0.4%
3 Years1.65%
Last Year4.12%

BWIN Recent Earnings

The Baldwin Insurance Group, Inc. (BWIN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$0.63-1.6%
$0.64
Rev
$532M+1.6%
$524M
Q1 2026
Feb 26, 2026
Metric
Actual
Est
EPS
$0.31+6.9%
$0.29
Rev
$347M-1.4%
$352M
Q4 2025
Nov 4, 2025
Metric
Actual
Est
EPS
$0.31+3.3%
$0.30
Rev
$365M+3.9%
$352M
Q3 2025
Aug 5, 2025
Metric
Actual
Est
EPS
$0.42+2.4%
$0.41
Rev
$374M+2.6%
$365M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.63vs $0.64-1.6%
$532Mvs $524M+1.6%
Q1 2026Feb 26, 2026
$0.31vs $0.29+6.9%
$347Mvs $352M-1.4%
Q4 2025Nov 4, 2025
$0.31vs $0.30+3.3%
$365Mvs $352M+3.9%
Q3 2025Aug 5, 2025
$0.42vs $0.41+2.4%
$374Mvs $365M+2.6%
Based on last 12 quarters of dataView full earnings history →

BWIN Peer Comparison

The Baldwin Insurance Group, Inc. (BWIN) competitors in Broker consolidators and retail brokers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
RYAN logoRYANRyan Specialty Holdings, Inc.Direct Competitor4.57B35.2875.0621.28%4.17%10.77%2.82
AON logoAONAon plcDirect Competitor69.99B326.6919.199.45%22.54%44.16%1.73
MMC logoMMCMarsh & McLennan Companies, Inc.Direct Competitor85.27B174.0621.287.57%15.6%26.87%1.62
WTW logoWTWWillis Towers Watson Public Limited CompanyDirect Competitor24.52B260.0315.99-2.24%16.84%20.77%0.86
BRO logoBROBrown & Brown, Inc.Direct Competitor20.1B59.0418.6826.59%17.87%9.33%0.63
AJG logoAJGArthur J. Gallagher & Co.Direct Competitor55.56B216.0937.5820.66%10.72%6.5%0.60
ERIE logoERIEErie Indemnity CompanyProduct Competitor10.24B221.6420.877.17%13.2%25.03%
ACGL logoACGLArch Capital Group Ltd.Product Competitor32.91B92.377.9514.27%22.07%19.02%0.11

Compare BWIN vs Peers

The Baldwin Insurance Group, Inc. (BWIN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RYAN

Most directly comparable listed peer for BWIN.

Scale Benchmark

vs MMC

Larger-name benchmark to compare BWIN against a more recognizable public peer.

Peer Set

Compare Top 5

vs RYAN, AON, MMC, WTW

BWIN Income Statement

The Baldwin Insurance Group, Inc. (BWIN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
47.34M78.84M134.91M231.68M559.97M969.49M1.21B1.38B1.5B1.62B
Revenue Growth %
-66.55%71.12%71.72%141.7%73.13%24.57%13.95%9.35%14.84%
Medical Costs & Claims
30.81M51.65M96.95M174.11M400.05M719.45M911.35M1.03B1.31B1.23B
Medical Cost Ratio %
65.07%65.51%71.86%75.15%71.44%74.21%75.46%74.99%87.24%75.83%
Gross Profit
16.53M▲ 0%
27.19M▲ 64.5%
37.96M▲ 39.6%
57.56M▲ 51.6%
159.92M▲ 177.8%
250.05M▲ 56.4%
296.38M▲ 18.5%
344.19M▲ 16.1%
191.98M▼ 44.2%
390.39M▲ 0%
Gross Margin %
34.93%34.49%28.14%24.85%28.56%25.79%24.54%25.01%12.76%24.17%
Gross Profit Growth %
-64.45%39.61%51.65%177.81%56.35%18.53%16.13%-44.22%-
Operating Expenses
10.72M17.66M43.03M79.5M191.55M281.14M338.94M283.55M82.63M456.76M
OpEx / Revenue %
22.64%22.4%31.89%34.32%34.21%29%28.06%20.6%5.49%28.27%
Depreciation & Amortization
1.44M3.09M10.55M20.17M51.51M86.36M98.4M108.92M127.83M157.44M
Combined Ratio %
87.72%87.91%103.76%109.47%105.65%103.21%103.52%95.59%92.73%104.11%
Operating Income
5.81M▲ 0%
9.53M▲ 63.9%
-5.07M▼ 153.2%
-21.94M▼ 332.9%
-31.63M▼ 44.2%
-31.1M▲ 1.7%
-42.55M▼ 36.8%
60.65M▲ 242.5%
109.35M▲ 80.3%
-66.37M▲ 0%
Operating Margin %
12.28%12.09%-3.76%-9.47%-5.65%-3.21%-3.52%4.41%7.27%-4.11%
Operating Income Growth %
-63.89%-153.19%-332.87%-44.16%1.67%-36.83%242.53%80.31%-
EBITDA
7.25M12.62M5.48M-1.77M19.88M55.26M55.85M169.57M237.18M91.08M
EBITDA Margin %
15.32%16.01%4.06%-0.76%3.55%5.7%4.62%12.32%15.76%5.64%
Interest Expense
1.91M6.63M10.64M7.86M26.9M71.07M119.47M0121.43M60.13M
Non-Operating Income
-399.3K-1.23M-10.83M-20.52M-45.2M-32.31M-61.08M4.95M40.35M15.38M
Pretax Income
3.85M▲ 0%
2.69M▼ 30.2%
-22.44M▼ 934.4%
-29.89M▼ 33.2%
-58.1M▼ 94.4%
-76.03M▼ 30.9%
-162.73M▼ 114.0%
-39.35M▲ 75.8%
-52.42M▼ 33.2%
-223.74M▲ 0%
Pretax Margin %
8.13%3.41%-16.63%-12.9%-10.38%-7.84%-13.47%-2.86%-3.48%-13.85%
Income Tax
0017K-5K19K715K1.28M1.73M1.73M-142.79M
Effective Tax Rate %
0%0%-0.08%0.02%-0.03%-0.94%-0.79%-4.4%-3.3%63.82%
Net Income
1.7M▲ 0%
-624K▼ 136.6%
-8.65M▼ 1286.2%
-15.7M▼ 81.5%
-30.65M▼ 95.2%
-41.77M▼ 36.3%
-90.14M▼ 115.8%
-24.52M▲ 72.8%
-33.81M▼ 37.9%
-45.41M▲ 0%
Net Margin %
3.6%-0.79%-6.41%-6.77%-5.47%-4.31%-7.46%-1.78%-2.25%-2.81%
Net Income Growth %
--136.63%-1286.22%-81.46%-95.25%-36.3%-115.79%72.8%-37.91%-41.22%
EPS (Diluted)
0.81▲ 0%
0.57▼ 29.6%
-1.25▼ 319.3%
-1.10▲ 12.0%
-0.64▲ 41.8%
-0.74▼ 15.6%
-1.50▼ 102.7%
-0.39▲ 74.0%
-0.50▼ 28.2%
-0.47▲ 0%
EPS Growth %
--29.63%-319.3%12%41.82%-15.63%-102.7%74%-28.21%-28.17%
EPS (Basic)
0.810.57-1.25-1.10-0.64-0.74-1.50-0.39-0.50-
Diluted Shares Outstanding
4.74M4.74M17.92M27.18M47.59M56.83M60.13M63.45M67.94M96.83M

BWIN Balance Sheet

The Baldwin Insurance Group, Inc. (BWIN) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
524.98K527K398.77M1.53B2.88B3.46B3.5B3.53B3.86B5.94B
Asset Growth %
-0.39%75566.83%283.66%88%20.37%1.15%0.94%9.26%85.52%
Total Investment Assets
00200K1.65M0002.1M02M
Long-Term Investments
00200K1.65M0002.1M05.9M
Short-Term Investments
0000000000
Total Current Assets
52.85M177.5M132.93M301.99M578.39M772.4M925.9M1.03B1.2B1.59B
Cash & Equivalents
3.12M8M67.69M108.46M138.29M118.09M116.21M148.12M123.67M146.41M
Receivables
4.75M29.5M58.84M155.52M342.5M531.99M627.79M702.1M839.17M3.14B
Other Current Assets
003.38M33.56M89.44M112.49M170.68M176.27M236.88M330.49M
Goodwill & Intangibles
00256.92M1.21B2.17B2.52B2.43B2.37B2.5B11.51B
Goodwill
00164.47M651.5M1.23B1.42B1.41B1.41B1.52B2.65B
Intangible Assets
0092.45M554.32M944.47M1.1B1.02B953.49M978.43M1.48B
PP&E (Net)
1.08M2.15M3.32M11.02M99.12M121.87M108.19M94.34M84.48M114.91M
Other Assets
-46.06M-142.06M5.4M9.43M25.59M45.94M38.13M45.94M82.42M96.37M
Total Liabilities
96.77M270.14M161.49M759.95M1.69B2.32B2.48B2.53B2.78B4.39B
Total Debt
671.39K1.2M42.84M391.48M1.04B1.47B1.63B1.64B1.77B2.57B
Net Debt
-2.45M-6.8M-24.85M283.01M900.31M1.36B1.52B1.49B1.65B2.43B
Long-Term Debt
23.85M72.24M40.36M381.38M849.61M1.31B1.31B1.4B1.67B2.34B
Short-Term Debt
524.98K829K2.48M10.09M105.11M56.75M226.93M156.98M21.58M131.56M
Total Current Liabilities
62.77M189.26M72.83M217.42M540.69M699.21M1.03B1.06B1.03B1.47B
Accounts Payable
3.81M27.15M58.01M159.84M351.88M525.22M619.87M714.39M771.2M93.44M
Deferred Revenue
005.35M11.61M18.18M30.98M30.28M40.78M38.21M41.45M
Other Current Liabilities
56.5M159.07M4.38M22.85M38.2M59.11M114.37M108.65M116.84M1.09B
Deferred Taxes
0000000004.65M
Other Liabilities
10.16M8.65M48.31M161.14M227.09M220.38M61.43M2.67M14.29M492.89M
Total Equity
66.23M▲ 0%
204.69M▲ 209.1%
237.27M▲ 15.9%
769.97M▲ 224.5%
1.19B▲ 54.2%
1.14B▼ 4.0%
1.02B▼ 10.6%
1.01B▼ 1.0%
1.08B▲ 7.5%
1.55B▲ 0%
Equity Growth %
-209.06%15.92%224.51%54.23%-4%-10.63%-0.99%7.49%64.99%
Shareholders Equity
44.98M139.91M73.28M367.78M608.38M608.1M560.41M583.22M600.22M963.94M
Minority Interest
21.25M64.77M163.99M402.19M579.17M531.93M458.47M425.58M484.18M587.72M
Retained Earnings
-17.96M-24.25M-8.65M-24.35M-54.99M-96.76M-186.91M-211.42M-245.24M-274.87M
Common Stock
00198K455K592K619K646K685K723K971K
Accumulated OCI
6.06M22.89M000000492K2.74M
Return on Equity (ROE)
2.57%-0.46%-3.91%-3.12%-3.13%-3.59%-8.35%-2.42%-3.23%-3.77%
Return on Assets (ROA)
324.45%-118.63%-4.33%-1.63%-1.39%-1.32%-2.59%-0.7%-0.91%-1.05%
Equity / Assets
12615.25%38839.33%59.5%50.33%41.29%32.93%29.09%28.54%28.08%26.11%
Debt / Equity
0.01x0.01x0.18x0.51x0.87x1.29x1.60x1.63x1.63x1.66x
Book Value per Share
13.9743.1913.2428.3324.9620.0616.9415.9015.9616.02
Tangible BV per Share
13.9743.19-1.10-16.04-20.71-24.32-23.46-21.39-20.77-26.70

BWIN Cash Flow Statement

The Baldwin Insurance Group, Inc. (BWIN) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
8.02M11.79M12.01M36.82M40.13M-2.46M44.64M102.15M-29.42M28.49M
Operating CF Growth %
-47.13%1.87%206.45%9%-106.14%1913.32%128.81%-128.8%1707.56%
Operating CF / Revenue %
16.93%14.96%8.9%15.89%7.17%-0.25%3.7%7.42%-1.95%1.76%
Net Income
1.7M-623.8K-22.45M-29.89M-58.12M-76.75M-90.14M-41.08M-54.15M-45.41M
Depreciation & Amortization
1.44M3.09M10.55M20.17M51.51M86.36M98.4M108.92M127.83M157.44M
Stock-Based Compensation
003.28M7.74M19.19M47.39M60.01M65.5M71.11M71.13M
Deferred Taxes
0000000000
Other Non-Cash Items
6.18M13.96M20.2M19.86M44.31M-38.58M-29.96M-59.51M-75.37M1.58M
Working Capital Changes
854.14K-47.91K443K18.93M-16.76M-20.88M6.34M28.32M-98.84M-109.75M
Cash from Investing
-13.52M-42.31M-101.02M-677.81M-678.47M-414.36M-21.92M13.3M-140.28M-622.87M
Capital Expenditures
-431.2K-525.34K-1.72M-5.47M-5.32M-21.98M-21.38M-41.05M-39.53M-43.26M
Acquisitions
-13.2M-42M-98.62M-670.49M-669.94M-389.02M056.71M-85.51M-562.89M
Purchase of Investments
000000-1.69M00-15.36M
Sale/Maturity of Investments
106K220.38K00000000
Other Investing
00-679K-1.85M-3.21M-3.36M1.14M-2.36M-15.24M-1.36M
Cash from Financing
3.98M35.38M152.08M711.94M724.06M419.55M-26.23M-29.64M203.82M751.44M
Dividends Paid
-4M-5.5M-10.55M000-385K-264K00
Share Repurchases
00-43.83M-78.27M00000-46.97M
Stock Issued
205.15K200K246.21M451.57M269.38M00000
Debt Issuance (Net)
1000K1000K-1000K1000K1000K1000K-1000K1000K1000K4M
Other Financing
-44K-3.04M-4.35M-7.33M-16.12M-41.94M-22.47M-125.44M-1.84B-1.82B
Net Change in Cash
-1.53M▲ 0%
4.87M▲ 418.8%
63.08M▲ 1194.7%
70.95M▲ 12.5%
85.72M▲ 20.8%
2.73M▼ 96.8%
-3.51M▼ 228.3%
85.81M▲ 2546.0%
34.13M▼ 60.2%
157.06M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
4.65M3.12M8M71.07M142.02M227.74M230.47M226.96M312.77M346.9M
Cash at End
3.12M8M71.07M142.02M227.74M230.47M226.96M312.77M346.9M456.12M
Free Cash Flow
7.58M▲ 0%
11.27M▲ 48.6%
10.3M▼ 8.6%
31.35M▲ 204.5%
34.81M▲ 11.0%
-24.44M▼ 170.2%
23.27M▲ 195.2%
61.1M▲ 162.6%
-68.94M▼ 212.8%
-14.77M▲ 0%
FCF Growth %
-48.57%-8.62%204.47%11.04%-170.22%195.2%162.6%-212.84%78.58%
FCF Margin %
16.02%14.29%7.63%13.53%6.22%-2.52%1.93%4.44%-4.58%-0.91%
FCF per Share
1.62.380.571.150.73-0.430.390.96-1.01-0.15

BWIN Key Ratios

The Baldwin Insurance Group, Inc. (BWIN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric20182019202020212022202320242025TTM
Combined Ratio
87.91%103.76%109.47%105.65%103.21%103.52%95.59%92.73%104.11%
Medical Cost Ratio
65.51%71.86%75.15%71.44%74.21%75.46%74.99%87.24%75.83%
Return on Equity (ROE)
-0.46%-3.91%-3.12%-3.13%-3.59%-8.35%-2.42%-3.23%-3.77%
Return on Assets (ROA)
-118.63%-4.33%-1.63%-1.39%-1.32%-2.59%-0.7%-0.91%-1.05%
Equity / Assets
38839.33%59.5%50.33%41.29%32.93%29.09%28.54%28.08%26.11%
Book Value / Share
43.1913.2428.3324.9620.0616.9415.915.9616.02
Debt / Equity
0.01x0.18x0.51x0.87x1.29x1.60x1.63x1.63x1.66x
Revenue Growth
66.55%71.12%71.72%141.7%73.13%24.57%13.95%9.35%14.84%
Related:BWIN Dividend History·BWIN Revenue History·BWIN Price History·BWIN P/E History·BWIN Financial Ratios·BWIN Institutional Holders

BWIN SEC Filings & Documents

The Baldwin Insurance Group, Inc. (BWIN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Feb 26, 2026·SEC

Material company update

Jan 2, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

May 4, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 5, 2025·SEC

BWIN Frequently Asked Questions

The Baldwin Insurance Group, Inc. (BWIN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

The Baldwin Insurance Group, Inc. (BWIN) grew revenue by 9.3% over the past year. This is steady growth.

The Baldwin Insurance Group, Inc. (BWIN) reported a net loss of $45.4M for fiscal year 2025.

Dividend & Returns

The Baldwin Insurance Group, Inc. (BWIN) has a return on equity (ROE) of -3.2%. Negative ROE indicates the company is unprofitable.

Industry Metrics

The Baldwin Insurance Group, Inc. (BWIN) has a combined ratio of 92.7%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in BWIN back in 2017?

Total return calculator · dividends reinvested · 9+ years of data

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How much would $100/month in BWIN be worth today?

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