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Saturday 17 October 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. In the quarter to June 2026, revenue grew 30.1%, EPS fell 740.0%, free cash flow grew 208.1% and total debt rose 52.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

31.91 0.02 −0.06%
Market cap
$4.5B
P/E
0.0×
Fwd P/E
−46.5×
Dividend yield
—
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.00
Total sells 13.25
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — 2 — — 1 — 2 — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 4,480.00
Revenue 1,737.84
Net Income (131.79)
Free Cash Flow 43.71
Net Debt 1,842.04
Current Ratio 1.07
Debt/Equity 1.73
P/E ratio 0.00
Fwd P/E (46.50) (negative: loss-making)
P/S ratio 1.70
P/B ratio 2.08
Past 5Y EPS Growth —
This Y EPS Growth 20.51% (at or above 15%: strong)
Next Y EPS Growth 23.19% (at or above 15%: strong)
Next Y revenue growth 33.50% (at or above 10%: strong)
Next 5Y EPS Growth 20.75% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 42.56%
10-year low 10-year high
P/B against its own 10 years 78.92%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — 12.92 8.35 22.79 17.08 17.33 21.70 21.26

Analyst estimates 2026–2028

Powerpack
High — — — 17.80 33.56 45.36 36.21 32.12 55.82 47.15
People
People Employees — — 545 700 1,524 2,803 3,888 3,927 4,116 5,020
Revenue/emp, $m — 0.00 0.15 0.20 0.16 0.20 0.25 0.31 0.34 0.30
Income, $m
Income, $m Revenue — 48 80 138 241 567 981 1,219 1,389 1,505
Gross margin, % — 0.00 35.34 29.66 27.73 29.48 26.64 25.21 25.70 29.75
EBT — 4 3 (22) (30) (58) (76) (163) (39) (52)
EBT margin, % — 8.02 3.37 (16.28) (12.41) (10.24) (7.75) (13.35) (2.83) (3.48)
Net income — 2 3 (22) (30) (58) (77) (164) (41) (54)
Depreciation — — 3 12 21 55 91 104 115 134
Per share, $
Per share, $ Revenue — 2.55 4.24 7.69 8.87 11.92 17.26 20.26 21.89 22.15
Earnings — 0.09 (0.03) (0.48) (0.58) (0.64) (0.74) (1.50) (0.39) (0.50)
Cash flow — 0.43 0.63 0.67 1.35 0.84 (0.04) 0.00 0.81 (0.43)
Capex — 0.00 (0.03) (0.10) (0.20) (0.11) (0.39) (0.36) (0.65) (0.58)
Free cash flow — 0.43 0.60 0.57 1.15 0.73 (0.43) (0.35) 0.16 (1.01)
Book value — (2.12) (3.33) 13.24 28.33 24.95 20.05 16.94 15.89 15.95
Shares, m — 19 19 18 27 48 57 60 63 68
Valuation, ×
Valuation, × P/E — 272.83 272.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — 0.00 0.00 2.09 3.38 3.03 1.45 1.17 1.77 1.08
P/B — 0.00 0.00 1.21 1.06 1.45 1.25 1.40 2.44 1.51
EV/Sales — 0.00 0.00 1.87 4.39 4.27 2.60 2.10 2.59 2.00
EV/FCF — 2.66 2.66 25.00 33.74 69.62 (104.38) (119.91) 345.21 (43.59)
Cash, $m
Cash, $m Operating cash flow — 8 12 12 37 40 (2) 0 51 (29)
Capex — 0 (1) (2) (5) (5) (22) (21) (41) (40)
Free cash flow — 8 11 10 31 35 (24) (21) 10 (69)
Balance, $m
Balance, $m Working capital — — 5 60 85 38 73 (108) (30) 167
Total debt — 25 73 40 385 933 1,362 1,309 1,398 1,673
Net debt — 22 65 (31) 243 705 1,131 1,088 1,085 1,326
Shareholders’ equity — (40) (63) 237 770 1,187 1,140 1,018 1,008 1,084
Returns, %
Returns, % ROA — 1.84 (0.68) (3.21) (1.63) (1.39) (1.32) (2.59) (0.70) (0.91)
ROIC — 0.00 296.15 (1.53) (1.35) (1.04) (0.86) (1.26) 1.81 1.92
ROE — (3.28) 1.21 (9.91) (3.12) (3.13) (3.59) (8.35) (2.42) (3.23)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
WTW Willis Towers Watson Public Limited Company $28.8B 19.3× 15.3× +9.07% (above 0%: growing) −27.25% (below 0%: shrinking) +42.76% (above 0%: growing) 100.00% 14.76% Compare
BRO Brown & Brown, Inc. $22.8B 19.3× 17.6× +30.43% (above 0%: growing) +8.86% (above 0%: growing) +6.75% (above 0%: growing) 50.00% 28.82% Compare
ERIE Erie Indemnity Company $11.1B 19.7× 18.0× +2.80% (above 0%: growing) +3.20% (above 0%: growing) +10.22% (above 0%: growing) 18.73% 18.73% 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%)
ARX Accelerant Holdings $4.3B — (loss-making) 143× +62.89% (above 0%: growing) +620.00% (above 0%: growing) −139.56% (below 0%: shrinking) 100.00% 30.96% Compare
CRVL CorVel Corp. $4.1B 35.4× — +10.74% (above 0%: growing) +18.87% (above 0%: growing) +8.94% (above 0%: growing) 26.08% 16.67% Compare
NP Neptune Insurance Holdings Inc. $4.0B 117× 68.6× +32.82% (above 0%: growing) −11.65% (below 0%: shrinking) +234.05% (above 0%: growing) 100.00% 47.52% Compare
GSHD Goosehead Insurance $1.6B 32.4× 28.6× +20.59% (above 0%: growing) +110.00% (above 0%: growing) −63.75% (below 0%: shrinking) 100.00% 23.45% Compare
TWFG TWFG, Inc. $1.4B 43.0× 36.6× +45.11% (above 0%: growing) +38.46% (above 0%: growing) +42.74% (above 0%: growing) 51.44% 20.10% Compare
Median of peers $4.2B 32.4× 28.6× +25.51% +13.87% +9.58% 75.72% 21.78%

All 22 Insurance Brokers stocks →

Baldwin Insurance Group, Inc. (BWIN) key facts

  • Concern: Baldwin Insurance Group, Inc. reported a net loss of $54.2 million, or a loss of $0.50 per share, for fiscal 2025.
  • Strength: Baldwin Insurance Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 8.34% from fiscal 2024.
  • Baldwin Insurance Group, Inc. (BWIN) is an Insurance Brokers company in the Financial sector, listed on Nasdaq.
  • As of October 16, 2026, BWIN traded at $31.91, a market capitalization of $4.5 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 1.7× sales.
  • Return on equity was −3.23% and debt-to-equity 1.73.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Baldwin Insurance Group, Inc. (BWIN) Latest News

20 Sep

Impact 5 ·

16 Sep

Impact 5 ·

15 Sep

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14 Sep

Impact 5 ·
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stockrow.com/BWIN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com