Latest Ratios: P/E Ratio -63.7x · EV/EBITDA 16.2x · ROE -3.2%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $1.6B | $2.5B | — | — | — | — | — | — | — |
| Enterprise Value | $3.8B | $3.3B | $4.0B | — | — | — | — | — | — | — |
| P/E Ratio → | -63.70 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.46 | 1.08 | 1.79 | — | — | — | — | — | — | — |
| P/B Ratio | 2.00 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 16.22 | 13.83 | 23.31 | — | — | — | — | — | — | — |
| EV / EBIT | 35.17 | 47.52 | 70.96 | — | — | — | — | — | — | — |
| EV / FCF | — | — | 64.68 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% |
| 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 |
Includes 30+ ratios · 9 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BWIN stock.
The Baldwin Insurance Group, Inc.'s current P/E ratio is -63.7x. This places it at the 50th percentile of its historical range.
The Baldwin Insurance Group, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
The Baldwin Insurance Group, Inc.'s return on equity (ROE) is -3.2%. The historical average is -2.8%.
Based on historical data, The Baldwin Insurance Group, Inc. is trading at a P/E of -63.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Baldwin Insurance Group, Inc. has 12.8% gross margin and 7.3% operating margin.
The Baldwin Insurance Group, Inc.'s Debt/EBITDA ratio is 7.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
GAAP profitability gap
Metrics are mathematically derived from official filings.
Underwriting Deterioration in 2026
BWIN's combined ratio worsened to 116.8% in Q1 2026, per financial statements, indicating underwriting losses, though Q2's loss ratio of 101.7% suggests some improvement but still above breakeven.
The combined ratio trajectory shows a clear inflection: after a profitable 2025 (with combined ratios below 100% in Q2-Q4), 2026 has flipped to underwriting losses. The loss ratio jumped from 64.6% in Q1 2025 to 87.3% in Q1 2026, and while Q2 2026's 101.7% loss ratio is an improvement, it remains above the 100% breakeven threshold. This deterioration may reflect adverse loss development or a shift in business mix, and investors should monitor whether this is a temporary spike or a structural change in underwriting discipline.
ROE Strained by Underwriting Losses
ROE turned negative at -2.6% in Q2 2026, per reported figures, as underwriting losses overwhelmed any investment income, which is minimal given negligible invested assets.
BWIN's ROE has been volatile, with positive quarters in Q1 2025 (1.4%) and Q1 2024 (2.1%) but negative in most others. The negative ROE in 2026 is driven by underwriting losses, as the combined ratio exceeds 100%. With invested assets of only $1.0M, investment income is immaterial, so profitability hinges entirely on underwriting performance. The company's negative net margin (-2.25%) and negative ROE suggest that the current growth strategy is not yet translating into shareholder returns, and the market's forward P/E of 14.71 implies an expectation of a sharp earnings recovery that may be optimistic given the underwriting trend.
Leverage Rising, Equity Lags
Debt-to-equity rose to 1.89 in Q2 2026, per balance sheet data, as liabilities climbed to $4.8B while equity only reached $884.4M, indicating increased financial leverage.
BWIN's D/E ratio has crept up from 1.53 in Q1 2024 to 1.89 in Q2 2026, reflecting aggressive acquisition financing. While the absolute level is not extreme for a broker, the trend is concerning because equity is growing slower than debt, and negative retained earnings are eroding the capital base. The interest coverage ratio turned negative in 2026 (e.g., -0.24 in Q2), indicating that operating income is insufficient to cover interest expenses, which may constrain future borrowing capacity. Investors should monitor whether the company can generate sufficient cash flow to service debt as it integrates acquisitions.
Valuation Discount vs. Profitable Peers
BWIN trades at a P/B of 1.85, per market data, versus 2.77 for AJG and 1.78 for BRO, reflecting a discount justified by its negative ROE and underwriting losses.
BWIN's P/B is in line with BRO but below AJG and RYAN, reflecting its lack of GAAP profitability. The peer group (AJG, BRO, MMC) consistently generates ROEs in the high single digits to 40%, while BWIN's ROE is negative. The market appears to be pricing BWIN as a growth story, with a forward P/E of 14.71 implying a rapid earnings recovery, but this is not supported by current underwriting trends. The discount to peers may be warranted until BWIN demonstrates sustained profitability, and investors should compare its combined ratio trajectory to RYAN, which also has an MGA focus but is profitable.
Misapplied P/E on Cyclical Earnings
The P/E ratio is commonly misapplied to BWIN, per analyst practice, because its negative GAAP earnings make the metric meaningless, obscuring the underlying cash-generative brokerage model.
BWIN's P/E TTM is -59.08, and its forward P/E of 14.71 is based on analyst estimates that may not materialize given the underwriting losses. For insurance brokers, P/B is a more appropriate valuation metric because it reflects the net asset value backing the business. Additionally, the combined ratio is the key underwriting metric, but it can be distorted by reserve releases and acquisition-related amortization. Investors should focus on adjusted EBITDA and free cash flow, which in Q2 2026 grew 37% and 437% respectively, per management commentary, to assess the underlying earnings power.