Logo

BWIN

The Baldwin Insurance Group, Inc.

BWIN

The Baldwin Insurance Group, Inc. • NASDAQ
$28.51 ▲ 2.81% (+0.78)
Market Cap $2.04 B
52w High $50.45
52w Low $21.26
Dividend Yield 0%
P/E -64.8
Volume 309.67K
Outstanding Shares 71.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $365.389M ▼ $52.012M ▼ $-18.727M ▼ -5.125% ▼ $-0.27 ▼ $41.235M ▼
Q2-2025 $374.312M ▼ $77.315M ▼ $-3.164M ▼ -0.845% ▼ $-0.046 ▼ $53.635M ▼
Q1-2025 $408.529M ▲ $88.669M ▲ $13.939M ▲ 3.412% ▲ $0.21 ▲ $91.543M ▲
Q4-2024 $323.436M ▼ $50.458M ▼ $-20.162M ▼ -6.234% ▼ $-0.31 ▼ $272K ▼
Q3-2024 $336.043M $73.448M $-8.377M -2.493% $-0.13 $42.91M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $89.723M ▼ $3.794B ▲ $2.666B ▼ $619.687M ▼
Q2-2025 $105.695M ▲ $3.739B ▲ $2.689B ▲ $630.805M ▲
Q1-2025 $81.781M ▼ $3.549B ▲ $2.5B ▼ $619.638M ▲
Q4-2024 $148.12M ▼ $3.535B ▼ $2.526B ▲ $583.216M ▼
Q3-2024 $344.716M $3.539B $2.502B $595.35M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.237M ▼ $41.017M ▲ $-83.376M ▼ $-15.399M ▼ $-57.758M ▼ $32.153M ▲
Q2-2025 $-5.141M ▼ $-16.721M ▲ $-37.589M ▼ $138.951M ▲ $84.641M ▲ $-28.098M ▲
Q1-2025 $24.898M ▲ $-63.983M ▼ $-8.612M ▲ $58.887M ▲ $-13.708M ▲ $-72.916M ▼
Q4-2024 $-34.839M ▼ $16.443M ▲ $-12.31M ▼ $-36.08M ▼ $-31.947M ▼ $4.291M ▲
Q3-2024 $-14.475M $2.108M $-9.993M $-7.575M $-15.46M $-8.085M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing quickly over the past several years, showing that Baldwin is successfully winning more business and scaling its platform. Profitability, however, is still a work in progress. The company has moved between modest operating profits and small operating losses, and it continues to report bottom‑line losses each year. The pattern suggests a company investing heavily in growth, acquisitions, and capabilities, which boosts revenue and operating earnings but leaves net income in the red once financing costs, amortization, and other non‑operating items are included. The recent year shows some improvement in losses, but the business is not yet consistently profitable on a net basis.

Balance Sheet

Balance Sheet The balance sheet has transformed from a relatively small base into a much larger, more complex structure, likely driven by acquisitions and rapid expansion. Baldwin now carries a meaningful amount of debt relative to its equity, which helps fund growth but also raises financial risk and sensitivity to interest rates. Cash on hand looks reasonable but not abundant for a company of its size, so access to capital markets and disciplined balance sheet management remain important. Overall, the company now has a sizable asset base and solid equity cushion, but at the cost of higher leverage and a more debt‑dependent capital structure.

Cash Flow

Cash Flow Despite accounting losses, Baldwin is generating positive cash from its core operations, which is a key strength. Free cash flow has been generally positive, with only a brief dip during the growth build‑out, and capital spending needs appear modest, reflecting an asset‑light, service‑oriented model. This means the business can fund much of its investment in technology and integration without heavy physical investment. However, given the combination of growth ambitions and debt obligations, maintaining and gradually improving operating cash flow will be critical to support interest payments, integration costs, and any future expansion without over‑stretching the balance sheet.

Competitive Edge

Competitive Edge Baldwin operates in a highly competitive insurance brokerage market but has built a differentiated position around scale, specialization, and strong client and carrier relationships. Its broad portfolio spans commercial risk, employee benefits, and high‑net‑worth personal lines, which spreads risk across multiple end markets. High client retention and strong satisfaction scores indicate that its relationship‑driven approach is resonating. A large network of carrier partners gives it access to a wide variety of products and enhances its negotiating power. At the same time, the company faces ongoing pressures from other large brokers, regional players, and digital platforms, and must continually prove it can integrate acquisitions smoothly and maintain service quality as it scales.

Innovation and R&D

Innovation and R&D Innovation is a central part of Baldwin’s strategy. The company is leaning heavily into proprietary, tech‑enabled insurance platforms, notably its “MGA of the Future” offering, which designs specialized products and uses data and automation to improve underwriting and distribution. Tools such as the Cyber Navigator platform and the RiskMap process showcase a push into API‑driven workflows, AI‑assisted risk modeling, and more personalized risk advice. Baldwin is also building a strong position in embedded insurance, integrating coverage directly into homebuilding, mortgage, and property management ecosystems. This creates convenient, built‑in channels for growth but requires continuous investment in technology, partnerships, and compliance to stay ahead of both traditional brokers and insurtech challengers.

Summary

Baldwin Insurance Group is a fast‑growing insurance broker that is trading near‑term profitability for long‑term scale and technology leadership. The income statement tells a story of strong revenue growth but persistent net losses, while the balance sheet reflects a rapid expansion funded in part by higher leverage. Cash generation is a relative bright spot, with generally positive free cash flow supporting the investment program. Competitively, Baldwin benefits from diversified offerings, high client retention, and deep carrier relationships, reinforced by a clear focus on innovation through tech‑enabled platforms and embedded insurance. The main tensions to watch are the balance between growth and profitability, the management of debt and integration risk, and the company’s ability to maintain its innovation edge in a crowded, evolving insurance landscape.

NEWS

November 5, 2025 · 4:05 PM UTC

Joe Valerio Joins The Baldwin Group as Chief Operating Officer, Insurance Advisory Solutions

Read more

November 4, 2025 · 4:05 PM UTC

The Baldwin Group Announces Third Quarter 2025 Results

Read more

October 30, 2025 · 3:00 PM UTC

The Baldwin Group Q3 2025 Market Pulse: A Disciplined Market Emerges

Read more

October 7, 2025 · 4:30 PM UTC

The Baldwin Group to Report Third Quarter 2025 Results on Tuesday, November 4, 2025

Read more

September 12, 2025 · 8:35 AM UTC

The Baldwin Group Announces Successful Repricing for $931.1 Million Term Loan Facility

Read more