Baldwin Insurance Group, Inc. (BWIN) vs CorVel Corp. (CRVL)

Baldwin Insurance Group, Inc. and CorVel Corp. are both Insurance Brokers companies. Baldwin Insurance Group, Inc. is the larger, with a market value of $4.5B against $3.7B — 1.2× the size. Baldwin Insurance Group, Inc. has negative trailing earnings, so its P/E is not meaningful; CorVel Corp. trades at 33.0×. Baldwin Insurance Group, Inc. grew revenue faster over the last twelve months: 19.0% against 7.09%. CorVel Corp. has the higher net margin (11.7% vs −4.67%) and the higher return on invested capital (61.8% vs −2.29%). Across the 21 metrics below, CorVel Corp. leads on 15 and Baldwin Insurance Group, Inc. on 6.

Valuation

Metric BWIN CRVL Insurance Brokers median
P/E n/m 33.04 25.35
P/S 1.70 3.84 2.10
P/B 2.08 9.24 2.81
Price to free cash flow 67.62 33.18 18.44
EV/EBITDA 62.31 19.12 12.36
EV/Sales 2.88 3.58 3.00
Earnings yield (3.26%) 3.03% 2.64%
Free cash flow yield 1.48% 3.01% 2.30%

Profitability

Metric BWIN CRVL Insurance Brokers median
Gross margin 30.33% 24.79% 42.95%
Operating margin (6.88%) 15.37% 15.37%
Net margin (4.67%) 11.72% 8.77%
Free cash flow margin 2.52% 11.57% 3.89%
Return on equity (6.58%) 30.70% 0.00%
Return on assets (1.64%) 17.92% 2.23%
Return on invested capital (2.29%) 61.76% 5.27%

Growth

Metric BWIN CRVL Insurance Brokers median
Revenue growth (TTM) 18.95% 7.09% 7.09%
EPS growth (last fiscal year) (28.21%) 16.94% —
Revenue growth, 5-year CAGR 44.25% 11.64% 9.30%
Net income growth, 5-year CAGR 0.00% 18.94% 0.00%

Health

Metric BWIN CRVL Insurance Brokers median
Debt to equity 1.73 0.00 0.19
Current ratio 1.07 1.94 1.55
Net debt to EBITDA 6.39 (1.33) 0.89

Dividend

Metric BWIN CRVL Insurance Brokers median
Dividend yield — — 1.36%
Payout ratio 0.00 0.00 0.00

Size

Metric BWIN CRVL Insurance Brokers median
Market cap 4.47b 3.72b 1.44b

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