The Baldwin Insurance Group, Inc. (BWIN) Financial Ratios
9 years of historical data (2017–2025) · Financial Services · Insurance - Brokers
EV/EBITDA
↓
14.37
↓-23% vs avg
5yr avg: 18.57
30Y Low13.8·High23.3
P/FCF
N/A
—
5yr avg: 40.25
30Y Low40.3·High40.3
P/B Ratio
↓
1.47
↓-25% vs avg
5yr avg: 1.97
30Y Low1.5·High2.4
ROE
↓
-3.2%
↓+22% vs avg
5yr avg: -4.1%
30Y Low-8%·High3%
Debt/EBITDA
↓
7.46
↓-70% vs avg
5yr avg: 25.05
30Y Low0.1·High29.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BWIN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Baldwin Insurance Group, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.6B | $2.5B | — | — | — | — | — | — | — |
| Enterprise Value | $3.4B | $3.3B | $4.0B | — | — | — | — | — | — | — |
| P/E Ratio → | -47.04 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.17 | 1.08 | 1.79 | — | — | — | — | — | — | — |
| P/B Ratio | 1.47 | 1.51 | 2.44 | — | — | — | — | — | — | — |
| P/FCF | — | — | 40.25 | — | — | — | — | — | — | — |
| P/OCF | — | — | 24.08 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
BWIN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Baldwin Insurance Group, Inc.'s enterprise value stands at 14.4x EBITDA, 23% below its 5-year average of 18.6x. The Financial Services sector median is 11.4x, placing the stock at a 26% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.18 | 2.87 | — | — | — | — | — | — | — |
| EV / EBITDA | 14.37 | 13.83 | 23.31 | — | — | — | — | — | — | — |
| EV / EBIT | 31.16 | 47.52 | 70.96 | — | — | — | — | — | — | — |
| EV / FCF | — | — | 64.68 | — | — | — | — | — | — | — |
BWIN Profitability
Margins and return-on-capital ratios measuring operating efficiency
The Baldwin Insurance Group, Inc. earns an operating margin of 7.3%, below the Financial Services sector average of 20.3%. Operating margins have expanded from -3.5% to 7.3% over the past 3 years, signaling improving operational efficiency. A negative ROE of -3.2% indicates the company is currently destroying shareholder equity. ROIC of 3.1% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.8% | 12.8% | 25.0% | 24.5% | 25.8% | 28.6% | 24.8% | 28.1% | 34.5% | 34.9% |
| Operating Margin | 7.3% | 7.3% | 4.4% | -3.5% | -3.2% | -5.6% | -9.5% | -3.8% | 12.1% | 12.3% |
| Net Profit Margin | -2.2% | -2.2% | -1.8% | -7.5% | -4.3% | -5.5% | -6.8% | -6.4% | -0.8% | 3.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | -2.4% | -8.4% | -3.6% | -3.1% | -3.1% | -3.9% | -0.5% | 2.6% |
| ROA | -0.9% | -0.9% | -0.7% | -2.6% | -1.3% | -1.4% | -1.6% | -4.3% | -118.6% | 324.4% |
| ROIC | 3.1% | 3.1% | 1.8% | -1.3% | -1.0% | -1.5% | -2.6% | -1.9% | 5.5% | — |
| ROCE | 4.1% | 4.1% | 2.5% | -1.6% | -1.2% | -1.7% | -2.7% | -7.4% | — | — |
BWIN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The Baldwin Insurance Group, Inc. carries a Debt/EBITDA ratio of 7.5x, which is highly leveraged (75% above the sector average of 4.3x). Net debt stands at $1.6B ($1.8B total debt minus $124M cash). Interest coverage of just 0.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.63 | 1.63 | 1.63 | 1.60 | 1.29 | 0.87 | 0.51 | 0.18 | 0.01 | 0.01 |
| Debt / EBITDA | 7.46 | 7.46 | 9.68 | 29.22 | 26.66 | 52.24 | — | 7.82 | 0.10 | 0.09 |
| Net Debt / Equity | — | 1.52 | 1.48 | 1.49 | 1.19 | 0.76 | 0.37 | -0.10 | -0.03 | -0.04 |
| Net Debt / EBITDA | 6.94 | 6.94 | 8.80 | 27.14 | 24.53 | 45.28 | — | -4.53 | -0.54 | -0.34 |
| Debt / FCF | — | — | 24.43 | 65.14 | — | 25.86 | 9.03 | -2.41 | -0.60 | -0.32 |
| Interest Coverage | 0.57 | 0.57 | — | 0.16 | 0.02 | 0.50 | -0.18 | 0.54 | 1.62 | 3.26 |
BWIN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.16x means The Baldwin Insurance Group, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.90x to 1.16x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.16 | 1.16 | 0.97 | 0.90 | 1.10 | 1.07 | 1.39 | 1.83 | 0.94 | 0.84 |
| Quick Ratio | 1.16 | 1.16 | 0.97 | 0.90 | 1.10 | 1.07 | 1.39 | 1.83 | 0.94 | 0.84 |
| Cash Ratio | 0.12 | 0.12 | 0.14 | 0.11 | 0.17 | 0.26 | 0.50 | 0.93 | 0.04 | 0.05 |
| Asset Turnover | — | 0.39 | 0.39 | 0.34 | 0.28 | 0.19 | 0.15 | 0.34 | 149.61 | 90.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
BWIN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Baldwin Insurance Group, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.0% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 404.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 2.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $68M | $63M | $60M | $57M | $48M | $27M | $18M | $5M | $5M |
Peer Comparison
Compare BWIN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BWINYou | $2B | -47.0 | 14.4 | — | 12.8% | 7.3% | -3.2% | 3.1% | 7.5 |
 RYAN | $4B | 70.8 | 8.4 | 7.5 | 90.6% | 20.5% | 5.4% | 10.8% | 3.9 |
 AON | $67B | 18.4 | 15.5 | 20.9 | 47.7% | 25.3% | 46.3% | 13.5% | 3.1 |
 MMC | $85B | 21.3 | 16.0 | 21.4 | 42.8% | 23.8% | 31.3% | 15.2% | 3.3 |
 WTW | $24B | 15.6 | 10.4 | 15.4 | 42.1% | 23.0% | 20.0% | 14.0% | 2.6 |
 BRO | $20B | 18.4 | 12.9 | 14.3 | 87.7% | 28.5% | 11.1% | 8.7% | 3.8 |
 AJG | $54B | 36.4 | 18.1 | 30.1 | 54.8% | 18.3% | 6.9% | 7.0% | 3.8 |
 ERIE | $10B | 19.9 | 11.8 | 17.1 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 ACGL | $33B | 7.9 | 6.7 | 5.4 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 HIG | $36B | 9.7 | 7.7 | 6.2 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
 TRV | $67B | 11.3 | 8.9 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 9 years · Updated daily
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BWIN — Frequently Asked Questions
Quick answers to the most common questions about buying BWIN stock.
What is The Baldwin Insurance Group, Inc.'s P/E ratio?
The Baldwin Insurance Group, Inc.'s current P/E ratio is -47.0x. This places it at the 50th percentile of its historical range.
What is The Baldwin Insurance Group, Inc.'s EV/EBITDA?
The Baldwin Insurance Group, Inc.'s current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
What is The Baldwin Insurance Group, Inc.'s ROE?
The Baldwin Insurance Group, Inc.'s return on equity (ROE) is -3.2%. The historical average is -2.8%.
Is BWIN stock overvalued?
Based on historical data, The Baldwin Insurance Group, Inc. is trading at a P/E of -47.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are The Baldwin Insurance Group, Inc.'s profit margins?
The Baldwin Insurance Group, Inc. has 12.8% gross margin and 7.3% operating margin.
How much debt does The Baldwin Insurance Group, Inc. have?
The Baldwin Insurance Group, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.