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Feb 26, 2026·SEC
Jan 2, 2026·SEC
The Baldwin Insurance Group, Inc. (BWIN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
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The Baldwin Insurance Group, Inc. (BWIN) stock price & volume — 10-year historical chart
The Baldwin Insurance Group, Inc. (BWIN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
The Baldwin Insurance Group, Inc. (BWIN) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.63vs $0.64-1.6% | $532Mvs $524M+1.6% |
| Q1 2026 | Feb 26, 2026 | $0.31vs $0.29+6.9% | $347Mvs $352M-1.4% |
| Q4 2025 | Nov 4, 2025 | $0.31vs $0.30+3.3% | $365Mvs $352M+3.9% |
| Q3 2025 | Aug 5, 2025 | $0.42vs $0.41+2.4% | $374Mvs $365M+2.6% |
The Baldwin Insurance Group, Inc. (BWIN) competitors in Broker consolidators and retail brokers — business model, growth, and fundamentals comparison
The Baldwin Insurance Group, Inc. (BWIN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
The Baldwin Insurance Group, Inc. (BWIN) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 47.34M | 78.84M | 134.91M | 231.68M | 559.97M | 969.49M | 1.21B | 1.38B | 1.5B | 1.62B |
Revenue Growth % | - | 66.55% | 71.12% | 71.72% | 141.7% | 73.13% | 24.57% | 13.95% | 9.35% | 14.84% |
Medical Costs & Claims | 30.81M | 51.65M | 96.95M | 174.11M | 400.05M | 719.45M | 911.35M | 1.03B | 1.31B | 1.23B |
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 | 10.72M | 17.66M | 43.03M | 79.5M | 191.55M | 281.14M | 338.94M | 283.55M | 82.63M | 456.76M |
OpEx / Revenue % | 22.64% | 22.4% | 31.89% | 34.32% | 34.21% | 29% | 28.06% | 20.6% | 5.49% | 28.27% |
Depreciation & Amortization | 1.44M | 3.09M | 10.55M | 20.17M | 51.51M | 86.36M | 98.4M | 108.92M | 127.83M | 157.44M |
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 | 7.25M | 12.62M | 5.48M | -1.77M | 19.88M | 55.26M | 55.85M | 169.57M | 237.18M | 91.08M |
EBITDA Margin % | 15.32% | 16.01% | 4.06% | -0.76% | 3.55% | 5.7% | 4.62% | 12.32% | 15.76% | 5.64% |
Interest Expense | 1.91M | 6.63M | 10.64M | 7.86M | 26.9M | 71.07M | 119.47M | 0 | 121.43M | 60.13M |
Non-Operating Income | -399.3K | -1.23M | -10.83M | -20.52M | -45.2M | -32.31M | -61.08M | 4.95M | 40.35M | 15.38M |
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 | 0 | 0 | 17K | -5K | 19K | 715K | 1.28M | 1.73M | 1.73M | -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) | 0.81 | 0.57 | -1.25 | -1.10 | -0.64 | -0.74 | -1.50 | -0.39 | -0.50 | - |
Diluted Shares Outstanding | 4.74M | 4.74M | 17.92M | 27.18M | 47.59M | 56.83M | 60.13M | 63.45M | 67.94M | 96.83M |
The Baldwin Insurance Group, Inc. (BWIN) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 524.98K | 527K | 398.77M | 1.53B | 2.88B | 3.46B | 3.5B | 3.53B | 3.86B | 5.94B |
Asset Growth % | - | 0.39% | 75566.83% | 283.66% | 88% | 20.37% | 1.15% | 0.94% | 9.26% | 85.52% |
Total Investment Assets | 0 | 0 | 200K | 1.65M | 0 | 0 | 0 | 2.1M | 0 | 2M |
Long-Term Investments | 0 | 0 | 200K | 1.65M | 0 | 0 | 0 | 2.1M | 0 | 5.9M |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Assets | 52.85M | 177.5M | 132.93M | 301.99M | 578.39M | 772.4M | 925.9M | 1.03B | 1.2B | 1.59B |
Cash & Equivalents | 3.12M | 8M | 67.69M | 108.46M | 138.29M | 118.09M | 116.21M | 148.12M | 123.67M | 146.41M |
Receivables | 4.75M | 29.5M | 58.84M | 155.52M | 342.5M | 531.99M | 627.79M | 702.1M | 839.17M | 3.14B |
Other Current Assets | 0 | 0 | 3.38M | 33.56M | 89.44M | 112.49M | 170.68M | 176.27M | 236.88M | 330.49M |
Goodwill & Intangibles | 0 | 0 | 256.92M | 1.21B | 2.17B | 2.52B | 2.43B | 2.37B | 2.5B | 11.51B |
Goodwill | 0 | 0 | 164.47M | 651.5M | 1.23B | 1.42B | 1.41B | 1.41B | 1.52B | 2.65B |
Intangible Assets | 0 | 0 | 92.45M | 554.32M | 944.47M | 1.1B | 1.02B | 953.49M | 978.43M | 1.48B |
PP&E (Net) | 1.08M | 2.15M | 3.32M | 11.02M | 99.12M | 121.87M | 108.19M | 94.34M | 84.48M | 114.91M |
Other Assets | -46.06M | -142.06M | 5.4M | 9.43M | 25.59M | 45.94M | 38.13M | 45.94M | 82.42M | 96.37M |
Total Liabilities | 96.77M | 270.14M | 161.49M | 759.95M | 1.69B | 2.32B | 2.48B | 2.53B | 2.78B | 4.39B |
Total Debt | 671.39K | 1.2M | 42.84M | 391.48M | 1.04B | 1.47B | 1.63B | 1.64B | 1.77B | 2.57B |
Net Debt | -2.45M | -6.8M | -24.85M | 283.01M | 900.31M | 1.36B | 1.52B | 1.49B | 1.65B | 2.43B |
Long-Term Debt | 23.85M | 72.24M | 40.36M | 381.38M | 849.61M | 1.31B | 1.31B | 1.4B | 1.67B | 2.34B |
Short-Term Debt | 524.98K | 829K | 2.48M | 10.09M | 105.11M | 56.75M | 226.93M | 156.98M | 21.58M | 131.56M |
Total Current Liabilities | 62.77M | 189.26M | 72.83M | 217.42M | 540.69M | 699.21M | 1.03B | 1.06B | 1.03B | 1.47B |
Accounts Payable | 3.81M | 27.15M | 58.01M | 159.84M | 351.88M | 525.22M | 619.87M | 714.39M | 771.2M | 93.44M |
Deferred Revenue | 0 | 0 | 5.35M | 11.61M | 18.18M | 30.98M | 30.28M | 40.78M | 38.21M | 41.45M |
Other Current Liabilities | 56.5M | 159.07M | 4.38M | 22.85M | 38.2M | 59.11M | 114.37M | 108.65M | 116.84M | 1.09B |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.65M |
Other Liabilities | 10.16M | 8.65M | 48.31M | 161.14M | 227.09M | 220.38M | 61.43M | 2.67M | 14.29M | 492.89M |
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 | 44.98M | 139.91M | 73.28M | 367.78M | 608.38M | 608.1M | 560.41M | 583.22M | 600.22M | 963.94M |
Minority Interest | 21.25M | 64.77M | 163.99M | 402.19M | 579.17M | 531.93M | 458.47M | 425.58M | 484.18M | 587.72M |
Retained Earnings | -17.96M | -24.25M | -8.65M | -24.35M | -54.99M | -96.76M | -186.91M | -211.42M | -245.24M | -274.87M |
Common Stock | 0 | 0 | 198K | 455K | 592K | 619K | 646K | 685K | 723K | 971K |
Accumulated OCI | 6.06M | 22.89M | 0 | 0 | 0 | 0 | 0 | 0 | 492K | 2.74M |
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 | 0.01x | 0.01x | 0.18x | 0.51x | 0.87x | 1.29x | 1.60x | 1.63x | 1.63x | 1.66x |
Book Value per Share | 13.97 | 43.19 | 13.24 | 28.33 | 24.96 | 20.06 | 16.94 | 15.90 | 15.96 | 16.02 |
Tangible BV per Share | 13.97 | 43.19 | -1.10 | -16.04 | -20.71 | -24.32 | -23.46 | -21.39 | -20.77 | -26.70 |
The Baldwin Insurance Group, Inc. (BWIN) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 8.02M | 11.79M | 12.01M | 36.82M | 40.13M | -2.46M | 44.64M | 102.15M | -29.42M | 28.49M |
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 | 1.44M | 3.09M | 10.55M | 20.17M | 51.51M | 86.36M | 98.4M | 108.92M | 127.83M | 157.44M |
Stock-Based Compensation | 0 | 0 | 3.28M | 7.74M | 19.19M | 47.39M | 60.01M | 65.5M | 71.11M | 71.13M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 6.18M | 13.96M | 20.2M | 19.86M | 44.31M | -38.58M | -29.96M | -59.51M | -75.37M | 1.58M |
Working Capital Changes | 854.14K | -47.91K | 443K | 18.93M | -16.76M | -20.88M | 6.34M | 28.32M | -98.84M | -109.75M |
Cash from Investing | -13.52M | -42.31M | -101.02M | -677.81M | -678.47M | -414.36M | -21.92M | 13.3M | -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 | -389.02M | 0 | 56.71M | -85.51M | -562.89M |
Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | -1.69M | 0 | 0 | -15.36M |
Sale/Maturity of Investments | 106K | 220.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | 0 | 0 | -679K | -1.85M | -3.21M | -3.36M | 1.14M | -2.36M | -15.24M | -1.36M |
Cash from Financing | 3.98M | 35.38M | 152.08M | 711.94M | 724.06M | 419.55M | -26.23M | -29.64M | 203.82M | 751.44M |
Dividends Paid | -4M | -5.5M | -10.55M | 0 | 0 | 0 | -385K | -264K | 0 | 0 |
Share Repurchases | 0 | 0 | -43.83M | -78.27M | 0 | 0 | 0 | 0 | 0 | -46.97M |
Stock Issued | 205.15K | 200K | 246.21M | 451.57M | 269.38M | 0 | 0 | 0 | 0 | 0 |
Debt Issuance (Net) | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 4M |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 4.65M | 3.12M | 8M | 71.07M | 142.02M | 227.74M | 230.47M | 226.96M | 312.77M | 346.9M |
Cash at End | 3.12M | 8M | 71.07M | 142.02M | 227.74M | 230.47M | 226.96M | 312.77M | 346.9M | 456.12M |
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 | 1.6 | 2.38 | 0.57 | 1.15 | 0.73 | -0.43 | 0.39 | 0.96 | -1.01 | -0.15 |
The Baldwin Insurance Group, Inc. (BWIN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
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 | 43.19 | 13.24 | 28.33 | 24.96 | 20.06 | 16.94 | 15.9 | 15.96 | 16.02 |
Debt / Equity | 0.01x | 0.18x | 0.51x | 0.87x | 1.29x | 1.60x | 1.63x | 1.63x | 1.66x |
Revenue Growth | 66.55% | 71.12% | 71.72% | 141.7% | 73.13% | 24.57% | 13.95% | 9.35% | 14.84% |
The Baldwin Insurance Group, Inc. (BWIN) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 4, 2026·SEC
Feb 26, 2026·SEC
Jan 2, 2026·SEC
The Baldwin Insurance Group, Inc. (BWIN) stock FAQ — growth, dividends, profitability & financials explained
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.
The Baldwin Insurance Group, Inc. (BWIN) has a return on equity (ROE) of -3.2%. Negative ROE indicates the company is unprofitable.
The Baldwin Insurance Group, Inc. (BWIN) has a combined ratio of 92.7%. A ratio below 100% indicates underwriting profitability.