BWIN Financial Services

The Baldwin Insurance Group, Inc.

$31.99+0.22%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Financial Services
Industry: Insurance Brokers
Country: United States
Market cap: 4.5B USD
Full-time employees: 5,000

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.00 vs a peer median of 0.70), though less than the overall market, less short-term liquidity (current ratio 1.07 vs a peer median of 2.02) and more debt relative to equity (1.80× vs a peer median of 0.57×)higher risk: bigger price swings (beta 1.00 vs peers 0.70), less liquidity (current ratio 1.07 vs peers 2.02) and more debt vs equity (1.80× vs peers 0.57×)
About average: growth

Ranks #222 of 232 financial services companies (bottom 5%)

See how it ranks against its peers

Worth knowing

Not profitable yet. Reported a loss in the 12 months to June 2026.
Baldwin Insurance reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

21/ 100

Oct 5 20 → Nov 4 21 (+1)

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.54Sector median: 0.0571 · MAD: 0.0371

EBITDA yield1.9%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -1.16Sector median: 0.0689 · MAD: 0.0428

Free cash flow yield1.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.77Sector median: 0.0613 · MAD: 0.0605

Other data (not scored)

Book yield29.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.8352 · MAD: 0.4517

Growth

Is it growing?

49/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.0%

Why

Mixed versus peers:

▲ Revenue growth
▲ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.26Sector median: 0.0999 · MAD: 0.2773

3-year revenue growth15.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 0.63Sector median: 0.0999 · MAD: 0.0858

Revenue growth18.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.78Sector median: 0.0742 · MAD: 0.1477

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Free cash flow turned positive over the last 12 months

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-6.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.08Sector median: 0.2353 · MAD: 0.1462

Return on assets-1.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.81Sector median: 0.0256 · MAD: 0.0233

Return on invested capital-13.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.25Sector median: 0.0630 · MAD: 0.0518

Other data (not scored)

Gross margin31.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.7878 · MAD: 0.2122

Return on equity-11.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0939 · MAD: 0.0702

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 18 → 17

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.00

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.96Sector median: 0.7010 · MAD: 0.3115

Current ratio1.07×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.76Sector median: 2.0250 · MAD: 1.2470

Debt / equity1.80×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -2.26Sector median: 0.5734 · MAD: 0.5454

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Baldwin Insurance

Is Baldwin Insurance getting weaker?: Its latest SEC filing (Jul 30, 2026) got stronger: free cash flow turned positive over the last 12 months. Its overall score is unchanged at 21/100 since Oct 28, 2026.
How is Baldwin Insurance valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 432 financial services peers. Earnings yield -3.4% vs a peer median of 5.7% (weaker than 100% of peers).Earnings yield -3.4% vs peers 5.7% (weaker than 100% of peers).
Is Baldwin Insurance growing?: At about the same pace as its peers. Growth scores 49/100 against 432 financial services peers. Revenue growth 18.9% vs a peer median of 7.4% (stronger than 70% of peers).Revenue growth 18.9% vs peers 7.4% (stronger than 70% of peers).
How profitable is Baldwin Insurance?: Less profitable than most of its peers. Profitability scores 7/100 against 432 financial services peers. Return on invested capital -13.5% vs a peer median of 6.3% (weaker than 100% of peers).Return on invested capital -13.5% vs peers 6.3% (weaker than 100% of peers).
How risky is Baldwin Insurance?: Higher risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Current ratio 1.07× vs a peer median of 2.02× (weaker than 75% of peers).Current ratio 1.07× vs peers 2.02× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Free cash flow turned positive over the last 12 months

Worth watching: Baldwin Insurance is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.6B USD	1.7B USD	+7.0%
Net income (12 months)	−65.8M USD	−101.6M USD	+54.5%
Operating margin	-5.1%	-6.9%	−1.8 pts
Free cash flow (12 months)	−14.8M USD	43.7M USD	turned positive
Cash	146.4M USD	184.5M USD	+26.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Financial Services · 98 companies

Valuations in Financial Services are above their usual range since 2016.

67% of months since 2016 were valued lower than now.
32% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +7% and earnings +21% (medians): prices and earnings moved broadly together.
Median price-to-sales is +30% vs the whole market, against a usual +47%.

2016Shaded: most expensive fifth of its range2026

Shown for Financial Services: too few Insurance Brokers companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-5.6%	-3.2%	-3.5%	4.4%	4.9%	▲ 0.5 pts
Net margin	-5.4%	-4.3%	-7.4%	-1.8%	-2.2%	▼ 0.5 pts
Return on assets (ROA)	-1.1%	-1.2%	-2.6%	-0.7%	-0.9%	▼ 0.2 pts
Return on equity (ROE)	-5.0%	-6.9%	-16.1%	-4.2%	-5.6%	▼ 1.4 pts
Debt to equity	0.01×	0.02×	0.02×	0.02×	0.02×	▼ 13%

BWIN price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

White Mountains Insurance Group, Ltd.WTM94/ 100

The Allstate CorporationALL93/ 100

PT Saratoga Investama Sedaya TbkSRTG.JK93/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.00 vs a peer median of 0.70), though less than the overall market, less short-term liquidity (current ratio 1.07 vs a peer median of 2.02) and more debt relative to equity (1.80× vs a peer median of 0.57×)higher risk: bigger price swings (beta 1.00 vs peers 0.70), less liquidity (current ratio 1.07 vs peers 2.02) and more debt vs equity (1.80× vs peers 0.57×)

About average: growth

Ranks #222 of 232 financial services companies (bottom 5%)

See how it ranks against its peers

Questions investors ask about Baldwin Insurance

Is Baldwin Insurance getting weaker?

Its latest SEC filing (Jul 30, 2026) got stronger: free cash flow turned positive over the last 12 months. Its overall score is unchanged at 21/100 since Oct 28, 2026.

How is Baldwin Insurance valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 432 financial services peers. Earnings yield -3.4% vs a peer median of 5.7% (weaker than 100% of peers).Earnings yield -3.4% vs peers 5.7% (weaker than 100% of peers).

Is Baldwin Insurance growing?

At about the same pace as its peers. Growth scores 49/100 against 432 financial services peers. Revenue growth 18.9% vs a peer median of 7.4% (stronger than 70% of peers).Revenue growth 18.9% vs peers 7.4% (stronger than 70% of peers).

How profitable is Baldwin Insurance?

Less profitable than most of its peers. Profitability scores 7/100 against 432 financial services peers. Return on invested capital -13.5% vs a peer median of 6.3% (weaker than 100% of peers).Return on invested capital -13.5% vs peers 6.3% (weaker than 100% of peers).

How risky is Baldwin Insurance?

Higher risk relative to 432 financial services peers, judged on debt, liquidity and share-price swings. Current ratio 1.07× vs a peer median of 2.02× (weaker than 75% of peers).Current ratio 1.07× vs peers 2.02× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.6B USD

1.7B USD

+7.0%

Net income (12 months)

−65.8M USD

−101.6M USD

+54.5%

Operating margin

-5.1%

-6.9%

−1.8 pts

Free cash flow (12 months)

−14.8M USD

43.7M USD

turned positive

Cash

146.4M USD

184.5M USD

+26.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-5.6%

-3.2%

-3.5%

4.4%

4.9%

▲ 0.5 pts

Net margin

-5.4%

-4.3%

-7.4%

-1.8%

-2.2%

▼ 0.5 pts

Return on assets (ROA)

-1.1%

-1.2%

-2.6%

-0.7%

-0.9%

▼ 0.2 pts

Return on equity (ROE)

-5.0%

-6.9%

-16.1%

-4.2%

-5.6%

▼ 1.4 pts

Debt to equity

0.01×

0.02×

▼ 13%