Baldwin Insurance Group, Inc. (BWIN) vs Erie Indemnity Company (ERIE)

Baldwin Insurance Group, Inc. and Erie Indemnity Company are both Insurance Brokers companies. Erie Indemnity Company is the larger, with a market value of $10.2B against $4.5B — 2.3× the size. Baldwin Insurance Group, Inc. has negative trailing earnings, so its P/E is not meaningful; Erie Indemnity Company trades at 18.0×. Baldwin Insurance Group, Inc. grew revenue faster over the last twelve months: 19.0% against 3.67%. Erie Indemnity Company has the higher net margin (14.0% vs −4.67%) and the higher return on invested capital (21.1% vs −2.29%). Across the 21 metrics below, Erie Indemnity Company leads on 16 and Baldwin Insurance Group, Inc. on 5.

Valuation

Metric BWIN ERIE Insurance Brokers median
P/E n/m 18.00 25.35
P/S 1.70 2.50 2.10
P/B 2.08 4.18 2.81
Price to free cash flow 67.62 18.62 18.44
EV/EBITDA 62.31 13.76 12.36
EV/Sales 2.88 2.46 3.00
Earnings yield (3.26%) 5.56% 2.64%
Free cash flow yield 1.48% 5.37% 2.30%

Profitability

Metric BWIN ERIE Insurance Brokers median
Gross margin 30.33% 17.90% 42.95%
Operating margin (6.88%) 17.90% 15.37%
Net margin (4.67%) 14.01% 8.77%
Free cash flow margin 2.52% 13.43% 3.89%
Return on equity (6.58%) 24.81% 0.00%
Return on assets (1.64%) 17.26% 2.23%
Return on invested capital (2.29%) 21.10% 5.27%

Growth

Metric BWIN ERIE Insurance Brokers median
Revenue growth (TTM) 18.95% 3.67% 7.09%
EPS growth (last fiscal year) (28.21%) (6.88%) —
Revenue growth, 5-year CAGR 44.25% 9.90% 9.30%
Net income growth, 5-year CAGR 0.00% 13.78% 0.00%

Health

Metric BWIN ERIE Insurance Brokers median
Debt to equity 1.73 0.00 0.19
Current ratio 1.07 1.56 1.55
Net debt to EBITDA 6.39 (0.44) 0.89

Dividend

Metric BWIN ERIE Insurance Brokers median
Dividend yield — 1.36% 1.36%
Payout ratio 0.00 0.69 0.00

Size

Metric BWIN ERIE Insurance Brokers median
Market cap 4.47b 10.20b 1.44b

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