Pricing Log in Create free account
Friday 6 November 2026 Export BWIN’s income statement to Excel — free account

Baldwin Insurance Group, Inc.

BWIN Financial Insurance Brokers

Baldwin Insurance Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 8.34% from fiscal 2024.

Revenue
+30.1%
EPS
−740.0%
Free cash flow
+208.1%
Total debt
+52.7%

Quarter to June 2026, against a year earlier

31.98 0.16 −0.50%
Market cap
$4.5B
P/E
0.0×
Fwd P/E
−42.6×
Dividend yield
—
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.00
Sold, $m 13.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell 2 — — 1 — 2 — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 4,480.00
Revenue ttm 1,737.84
Net income ttm (131.79)
Free cash flow ttm 43.71
Net debt Q 1,842.04
Valuation
P/E 0.00
Forward P/E (42.60) (negative: loss-making)
Price / sales 1.71
Forward P/S Powerpack
Price / FCF 67.87
Price / book 2.09
Financial health
Current ratio Q 1.07
Debt / equity Q 1.73
Interest coverage Q (0.18)
Growth
Revenue growth Q +30.13% (above 0%: growing)
Operating income growth Q −129.86% (below 0%: shrinking)
EPS, this year +20.35% (at or above 15%: strong)
EPS, next year A +23.38% (at or above 15%: strong)
Revenue, next year A +31.57% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +20.77% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 43.26%
10-year low 10-year high
P/B against its own 10 years 79.21%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 221 313 347 611
Receivables 628 702 839 1,216
Inventory — — — —
Other 64 — — —
926 1,026 1,200 1,846
2023 2024 2025 Q'26
Payables 620 714 771 1,305
ST’ Debt — — — —
Other 267 176 9 121
1,033 1,056 1,033 1,721

Compound Annual Growth %

10y 5y 3y
Sales — 44.25% 15.34%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 7.08% (1.66%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.46 Actual 0.48

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.30 0.31 Beat by 0.01
Q4 FY25 0.29 0.31 Beat by 0.02
Q1 FY26 0.64 0.63 Miss by 0.01
Q2 FY26 0.46 0.48 Beat by 0.02
Q3 FY26 0.43 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.02 (0.42) — — —
’25 0.20 (0.05) (0.27) (0.37) (0.50)
’24 0.33 (0.28) (0.13) (0.31) (0.39)
’23 (0.24) (0.40) (0.29) (0.56) (1.50)
’22 0.39 0.14 (0.43) (0.84) (0.74)
’21 0.32 (0.22) (0.28) (0.41) (0.64)
’20 0.07 (0.18) (0.10) (0.29) (0.58)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 532 493 — — —
’25 413 379 365 347 1,505
’24 380 340 339 330 1,389
’23 330 297 306 285 1,219
’22 243 232 259 246 981
’21 153 120 136 159 567
’20 54 51 66 70 241
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (6) 46 — — —
’25 (64) (17) 41 10 (29)
’24 3 18 32 (2) 51
’23 (14) 49 (13) (23) 0
’22 (3) (1) (12) 14 (2)
’21 3 46 (22) 13 40
’20 5 39 (13) 6 37
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (19) 30 — — —
’25 (73) (28) 32 0 (69)
’24 (5) 8 22 (14) 10
’23 (18) 44 (18) (30) (21)
’22 (5) (8) (19) 8 (24)
’21 2 45 (24) 11 35
’20 4 37 (14) 5 31
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 48 80 138 241 567 981 1,219 1,389 1,505 1,738 +53.8% 1,980 2,205 2,418 +17.1%
Gross margin, % — 0.00 35.34 29.66 27.73 29.48 26.64 25.21 25.70 29.75 30.33 +29.8 pt
EBT — 4 3 (22) (30) (58) (76) (163) (39) (52) (275) n/m
EBT margin, % — 8.02 3.37 (16.28) (12.41) (10.24) (7.75) (13.35) (2.83) (3.48) (15.83) (11.5) pt
Net income — 2 3 (22) (30) (58) (77) (164) (41) (54) (132) n/m
Per share, $
Per share, $ Revenue — 2.55 4.24 7.69 8.87 11.92 17.26 20.26 21.89 22.15 18.73 +31.1%
Earnings — 0.09 (0.03) (0.48) (0.58) (0.64) (0.74) (1.50) (0.39) (0.50) (1.04) n/m
Cash flow — 0.43 0.63 0.67 1.35 0.84 (0.04) 0.00 0.81 (0.43) 0.98 n/m
Capex — 0.00 (0.03) (0.10) (0.20) (0.11) (0.39) (0.36) (0.65) (0.58) (0.51) n/m
Free cash flow — 0.43 0.60 0.57 1.15 0.73 (0.43) (0.35) 0.16 (1.01) 0.47 n/m
Book value — (2.12) (3.33) 13.24 28.33 24.95 20.05 16.94 15.89 15.95 15.32 n/m
Shares, m — 19 19 18 27 48 57 60 63 68 81 +17.4%
Valuation, ×
Valuation, × P/E — 272.83 272.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 60.6
P/S — 0.00 0.00 2.09 3.38 3.03 1.45 1.17 1.77 1.08 1.71 1.6
P/B — 0.00 0.00 1.21 1.06 1.45 1.25 1.40 2.44 1.51 2.09 1.1
EV/Sales — 0.00 0.00 1.87 4.39 4.27 2.60 2.10 2.59 2.00 — 2.2
EV/FCF — 2.66 2.66 25.00 33.74 69.62 (104.38) (119.91) 345.21 (43.59) — 23.4
Cash, $m
Cash, $m Operating cash flow — 8 12 12 37 40 (2) 0 51 (29) 91 n/m
Capex — 0 (1) (2) (5) (5) (22) (21) (41) (40) (47) +75.9%
Free cash flow — 8 11 10 31 35 (24) (21) 10 (69) 44 n/m
Balance, $m
Balance, $m Working capital — — 5 60 85 38 73 (108) (30) 167 126 +63.4%
Net debt — 22 65 (31) 243 705 1,131 1,088 1,085 1,326 1,842 +66.9%
Shareholders’ equity — (40) (63) 237 770 1,187 1,140 1,018 1,008 1,084 1,421 n/m
Returns, %
Returns, % ROA — 1.84 (0.68) (3.21) (1.63) (1.39) (1.32) (2.59) (0.70) (0.91) (1.64) (2.7) pt
ROIC — 0.00 296.15 (1.53) (1.35) (1.04) (0.86) (1.26) 1.81 1.92 (2.29) +1.9 pt
ROE — (3.28) 1.21 (9.91) (3.12) (3.13) (3.59) (8.35) (2.42) (3.23) (6.58) +0.1 pt
People
People Employees — — 545 700 1,524 2,803 3,888 3,927 4,116 5,020 — +37.3%
Revenue/emp, $m — 0.00 0.15 0.20 0.16 0.20 0.25 0.31 0.34 0.30 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Baldwin Insurance Group, Inc. vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38% Compare
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%)
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
ARX Accelerant Holdings $4.3B — (loss-making) 46.1× +62.89% (above 0%: growing) +620.00% (above 0%: growing) −139.56% (below 0%: shrinking) 100.00% 30.96% Compare
NP Neptune Insurance Holdings Inc. $3.9B 86.7× 77.9× +34.27% (above 0%: growing) +116.67% (above 0%: growing) +66.53% (above 0%: growing) 100.00% 46.95% Compare
LIFE Ethos Technologies Inc. $2.1B — (loss-making) — (loss-making) +164.74% (above 0%: growing) −93.50% (below 0%: shrinking) +209.99% (above 0%: growing) 100.00% 1.64% Compare
GSHD Goosehead Insurance $2.0B 39.4× 32.3× +20.59% (above 0%: growing) +110.00% (above 0%: growing) −63.75% (below 0%: shrinking) 100.00% 23.45% Compare
TWFG TWFG, Inc. $1.6B 51.3× 36.1× +24.63% (above 0%: growing) −18.18% (below 0%: shrinking) +0.49% (above 0%: growing) 47.58% 11.30% Compare
Median of peers $4.1B 45.3× 41.1× +22.61% +24.95% +2.33% 100.00% 18.61%

All 23 Insurance Brokers stocks →

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.25m (2.41m) 80.18
2024 5.71m 11.53m 129.33
2023 6.40m 3.75m 80.15
2022 4.75m 3.80m 83.89
2021 3.45m 3.91m 120.49

Ownership

Directors and executive officers, together 15.80% of the votes
Lowry Baldwin 14.10% of the votes
FMR LLC 7.50% of the votes
William Blair Investment Management, LLC 5.40% of the votes
The Villages Invesco, LLC 4.40% of the votes
IHC Holdings, Inc. 2.00% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Baldwin Insurance Group, Inc. (BWIN) Latest News

29 Oct

Impact 3 · · Business Wire

27 Oct

Impact 4 · · Business Wire
Impact 3 · · Insider Monkey

22 Oct

Impact 3 · · Business Wire

13 Oct

Impact 4 · · Business Wire

2 Oct

Impact 3 · · StockStory

30 Sep

Impact 4 · · Business Wire
Impact 3 · · PR Newswire

27 Sep

Impact 4 · · Insider Monkey

24 Sep

Impact 4 · · StockStory
Impact 3 · · GlobeNewswire

20 Sep

Impact 5 ·

16 Sep

Impact 5 · · Barchart

15 Sep

Impact 5 · · lifeinsuranceinternational.com

14 Sep

Impact 5 ·
Impact 5 · · qz.com
Impact 5 ·
Impact 5 ·

1 Aug

Impact 3 ·
Impact 3 ·

31 Jul

Impact 4 · transcript
Impact 3 · · Moby transcript

30 Jul

Impact 4 · · The Motley Fool transcript
Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

29 Jul

Impact 3 ·
Impact 3 ·

23 Jul

Impact 3 ·

BWIN metrics, ten years each

stockrow.com/BWIN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com