NASDAQ : BWIN
The Baldwin Insurance Group, Inc. — Financial statements
Financials · Insurance Brokers · United States
Last price 31.83 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.44B
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Financial statements
The Baldwin Insurance Group, Inc. (BWIN) reported revenue of 1.74B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.72B | 1.49B | 1.38B | 1.21B | 980.72M | 567.29M |
| Other Revenue | 13.29M | 11.20M | 11.92M | 6.73M | ||
| Revenue | 1.74B | 1.50B | 1.39B | 1.22B | 980.72M | 567.29M |
| Cost of Revenue | 1.19B | 1.05B | 1.03B | 892.84M | 719.45M | 400.05M |
| Gross Profit | 543.28M | 454.43M | 362.75M | 325.71M | 261.27M | 167.24M |
| Selling, General & Admin | 22.04M | 22.04M | 26.68M | 26.87M | 22.99M | 15.94M |
| Amortization of Goodwill & Intangibles | 180.50M | 121.32M | 102.73M | 92.70M | 81.74M | 48.72M |
| Other Operating Expenses | 404.63M | 218.24M | 165.69M | 163.40M | 150.71M | 86.22M |
| Operating Expenses | 615.26M | 368.11M | 301.29M | 288.67M | 260.07M | 153.67M |
| Operating Income | -71.97M | 86.32M | 61.45M | 37.05M | 1.21M | 13.57M |
| Interest Expense | -144.70M | -121.43M | -123.64M | -119.47M | -71.07M | -26.90M |
| Earnings From Equity Investments | 1.54M | 368.00K | ||||
| Other Non Operating Income (Expenses) | -1.03M | 635.00K | -194.00K | -718.00K | 26.14M | 424.00K |
| EBT Excluding Unusual Items | -216.15M | -34.10M | -62.38M | -83.14M | -43.73M | -12.90M |
| Gain (Loss) on Sale of Assets | 290.00K | 38.95M | ||||
| Other Unusual Items | -41.33M | -18.61M | -15.92M | -79.60M | -32.31M | -45.20M |
| Pretax Income | -275.18M | -52.42M | -39.35M | -162.73M | -76.03M | -58.10M |
| Income Tax Expense | -143.39M | 1.73M | 1.73M | 1.28M | 715.00K | 19.00K |
| Earnings From Continuing Operations | -131.79M | -54.15M | -41.08M | -164.02M | -76.75M | -58.12M |
| Minority Interest in Earnings | 50.55M | 20.34M | 16.56M | 73.88M | 34.98M | 27.47M |
| Net Income | -81.24M | -33.81M | -24.52M | -90.14M | -41.77M | -30.65M |
| Net Income to Common | -81.24M | -33.81M | -24.52M | -90.14M | -41.77M | -30.65M |
| Shares Outstanding (Basic) | 81.06M | 67.94M | 63.46M | 60.13M | 56.83M | 47.59M |
| Shares Outstanding (Diluted) | 81.06M | 67.94M | 63.46M | 60.13M | 56.83M | 47.59M |
| EPS (Basic) | -1.00 | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 |
| EPS (Diluted) | -1.00 | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 |
| Free Cash Flow | 31.66M | -69.41M | 10.14M | -23.45M | -27.80M | 31.60M |
| Free Cash Flow Per Share | 0.39 | -1.02 | 0.16 | -0.39 | -0.49 | 0.66 |
| Gross Margin | 31.26% | 30.20% | 26.11% | 26.73% | 26.64% | 29.48% |
| Operating Margin | -4.14% | 5.74% | 4.42% | 3.04% | 0.12% | 2.39% |
| Profit Margin | -4.67% | -2.25% | -1.76% | -7.40% | -4.26% | -5.40% |
| Free Cash Flow Margin | 1.82% | -4.61% | 0.73% | -1.92% | -2.83% | 5.57% |
| EBITDA | 116.62M | 214.15M | 170.38M | 135.45M | 87.57M | 65.08M |
| EBITDA Margin | 6.71% | 14.23% | 12.27% | 11.12% | 8.93% | 11.47% |
| D&A For EBITDA | 188.59M | 127.83M | 108.92M | 98.40M | 86.36M | 51.51M |
| EBIT | -71.97M | 86.32M | 61.45M | 37.05M | 1.21M | 13.57M |
| EBIT Margin | -4.14% | 5.74% | 4.42% | 3.04% | 0.12% | 2.39% |
| Revenue as Reported | 1.74B | 1.50B | 1.39B | 1.22B | 980.72M | 567.29M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 184.50M | 123.67M | 90.05M | 116.21M | 118.09M | 138.29M |
| Cash & Short-Term Investments | 184.50M | 123.67M | 90.05M | 116.21M | 118.09M | 138.29M |
| Accounts Receivable | 433.62M | 342.14M | 283.55M | 627.79M | 531.99M | 340.84M |
| Other Receivables | 782.19M | 497.04M | 418.54M | 700.00K | 1.67M | |
| Receivables | 1.22B | 839.17M | 702.10M | 629.29M | 531.99M | 342.50M |
| Prepaid Expenses | 19.59M | 13.65M | 11.62M | 11.23M | 9.94M | 8.15M |
| Restricted Cash | 104.82M | 112.38M | 89.44M | |||
| Other Current Assets | 426.19M | 223.23M | 222.72M | 64.35M | ||
| Total Current Assets | 1.85B | 1.20B | 1.03B | 925.90M | 772.40M | 578.39M |
| Property, Plant & Equipment | 114.93M | 84.48M | 94.34M | 108.19M | 121.87M | 99.12M |
| Long-Term Investments | 9.70M | 3.10M | 2.10M | 2.60M | 15.20M | 6.30M |
| Goodwill | 2.65B | 1.52B | 1.41B | 1.41B | 1.42B | 1.23B |
| Other Intangible Assets | 1.45B | 978.43M | 953.49M | 1.02B | 1.10B | 944.47M |
| Long-Term Deferred Charges | 40.88M | 48.15M | 43.34M | 32.60M | 28.07M | 16.24M |
| Other Long-Term Assets | 60.67M | 31.17M | 2.60M | 2.93M | 2.67M | 3.05M |
| Total Assets | 6.17B | 3.86B | 3.53B | 3.50B | 3.46B | 2.88B |
| Accrued Expenses | 226.32M | 196.05M | 158.71M | 698.88M | 583.23M | 384.07M |
| Short-Term Debt | 5.63M | 1.52M | 1.52M | 61.50M | ||
| Current Portion of Long-Term Debt | 16.09M | 12.58M | 8.40M | 10.24M | 8.51M | 8.52M |
| Current Portion of Leases | 21.99M | 18.09M | 17.08M | 16.70M | 14.04M | 12.52M |
| Current Income Taxes Payable | 5.07M | |||||
| Current Unearned Revenue | 65.78M | 38.21M | 40.78M | 30.28M | 30.98M | 18.18M |
| Other Current Liabilities | 1.39B | 767.84M | 825.83M | 275.80M | 60.92M | 50.83M |
| Total Current Liabilities | 1.72B | 1.03B | 1.06B | 1.03B | 699.21M | 540.69M |
| Long-Term Debt | 2.45B | 1.67B | 1.40B | 1.31B | 1.31B | 849.61M |
| Long-Term Leases | 75.13M | 57.65M | 68.78M | 79.00M | 87.69M | 71.36M |
| Other Long-Term Liabilities | 499.87M | 14.29M | 2.67M | 61.43M | 220.38M | 227.09M |
| Total Liabilities | 4.75B | 2.78B | 2.53B | 2.48B | 2.32B | 1.69B |
| Common Stock | 968.00K | 723.00K | 685.00K | 646.00K | 619.00K | 592.00K |
| Additional Paid-In Capital | 1.25B | 844.24M | 793.95M | 746.67M | 704.29M | 663.00M |
| Retained Earnings | -368.47M | -245.24M | -211.42M | -186.91M | -96.76M | -54.99M |
| Comprehensive Income & Other | 5.03M | 492.00K | -42.00K | -219.00K | ||
| Total Common Equity | 884.43M | 600.22M | 583.22M | 560.41M | 608.10M | 608.38M |
| Minority Interest | 537.36M | 484.18M | 425.58M | 458.47M | 531.93M | 579.17M |
| Shareholders' Equity | 1.42B | 1.08B | 1.01B | 1.02B | 1.14B | 1.19B |
| Total Liabilities & Equity | 6.17B | 3.86B | 3.53B | 3.50B | 3.46B | 2.88B |
| Total Debt | 2.57B | 1.76B | 1.50B | 1.42B | 1.43B | 1.00B |
| Net Cash (Debt) | -2.38B | -1.64B | -1.41B | -1.30B | -1.31B | -865.22M |
| Net Cash Per Share | -29.38 | -24.11 | -22.19 | -21.63 | -23.03 | -18.18 |
| Filing Date Shares Outstanding | 96.84M | 96.72M | 68.15M | 64.74M | 62.05M | 58.67M |
| Total Common Shares Outstanding | 96.37M | 71.78M | 67.98M | 64.13M | 61.45M | 58.60M |
| Working Capital | 125.53M | 166.96M | -29.94M | -107.53M | 73.19M | 37.70M |
| Book Value Per Share | 9.18 | 8.36 | 8.58 | 8.74 | 9.90 | 10.38 |
| Tangible Book Value | -3.22B | -1.90B | -1.78B | -1.87B | -1.91B | -1.56B |
| Tangible Book Value Per Share | -33.39 | -26.41 | -26.22 | -29.15 | -31.15 | -26.70 |
| Machinery | 28.92M | 29.74M | 25.04M | 23.46M | 13.12M | |
| Construction In Progress | 3.35M | 316.00K | 2.73M | 2.19M | ||
| Leasehold Improvements | 12.00M | 11.45M | 8.40M | 8.07M | 7.97M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -81.24M | -33.81M | -24.52M | -90.14M | -41.77M | -30.65M |
| Depreciation & Amortization | 188.59M | 127.83M | 108.92M | 98.40M | 86.36M | 51.51M |
| Other Amortization | 11.48M | 5.69M | 5.84M | 5.13M | 5.12M | 3.51M |
| Loss (Gain) From Sale of Assets | -290.00K | -38.95M | ||||
| Asset Writedown & Restructuring Costs | 135.00K | 311.00K | ||||
| Loss (Gain) From Sale of Investments | -26.22M | 123.00K | ||||
| Stock-Based Compensation | 74.88M | 71.11M | 65.50M | 60.01M | 47.39M | 19.19M |
| Other Operating Activities | -63.03M | -101.11M | -42.96M | -35.09M | -52.59M | 12.90M |
| Change in Accounts Receivable | -37.30M | -45.06M | -42.41M | -50.30M | -183.01M | -64.50M |
| Change in Accounts Payable | 4.78M | -11.22M | -488.00K | 6.09M | 173.36M | 55.19M |
| Change in Other Net Operating Assets | -7.37M | -42.56M | 20.52M | 5.95M | -11.23M | -7.45M |
| Operating Cash Flow | 90.77M | -29.42M | 51.45M | 46.00K | -2.46M | 40.13M |
| Capital Expenditures | -59.12M | -39.99M | -41.32M | -23.49M | -25.34M | -8.53M |
| Cash Acquisitions | -546.32M | -85.51M | -387.92M | -668.03M | ||
| Divestitures | 1.90M | 56.98M | 3.26M | |||
| Investment in Securities | -9.51M | -16.68M | -3.86M | -1.69M | -1.10M | -1.91M |
| Other Investing Activities | 1.50M | |||||
| Investing Cash Flow | -614.94M | -140.28M | 13.30M | -21.92M | -414.36M | -678.47M |
| Long-Term Debt Issued | 2.20B | 1.55B | 281.00M | 512.00M | 861.64M | |
| Long-Term Debt Repaid | -163.19M | -453.76M | -284.38M | -50.51M | -390.84M | |
| Net Debt Issued (Repaid) | 1.78B | 2.04B | 1.09B | -3.38M | 461.49M | 470.80M |
| Issuance of Common Stock | 177.00K | 269.62M | ||||
| Repurchase of Common Stock | -126.83M | |||||
| Other Financing Activities | -905.05M | -1.84B | -1.07B | 21.74M | -42.12M | -16.36M |
| Financing Cash Flow | 751.16M | 203.82M | 21.05M | 18.37M | 419.55M | 724.06M |
| Net Cash Flow | 226.99M | 34.13M | 85.81M | -3.51M | 2.73M | 85.72M |
| Free Cash Flow | 31.66M | -69.41M | 10.14M | -23.45M | -27.80M | 31.60M |
| Free Cash Flow Margin | 1.82% | -4.61% | 0.73% | -1.92% | -2.83% | 5.57% |
| Free Cash Flow Per Share | 0.39 | -1.02 | 0.16 | -0.39 | -0.49 | 0.66 |
| Levered Free Cash Flow | 254.50M | -20.13M | -6.31M | 262.99M | 72.64M | 55.50M |
| Unlevered Free Cash Flow | 333.45M | 50.08M | 65.12M | 332.52M | 111.94M | 68.80M |
| Cash Interest Paid | 137.06M | 115.28M | 111.40M | 105.39M | 62.70M | 22.11M |
| Cash Income Tax Paid | 1.12M | 1.70M | 2.75M | 1.43M | 1.42M | |
| Change in Working Capital | -39.90M | -98.84M | -22.38M | -38.26M | -20.88M | -16.76M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.45B | 1.72B | 2.62B | 1.54B | 1.54B | 2.06B |
| Enterprise Value | 6.84B | 3.86B | 4.38B | 3.35B | 3.41B | 2.88B |
| Last Close Price | 31.93 | 24.03 | 38.76 | 24.02 | 25.14 | 36.11 |
| Forward PE | 13.58 | 12.49 | 21.12 | 16.20 | 21.37 | 33.00 |
| PS Ratio | 2.56 | 1.14 | 1.89 | 1.27 | 1.57 | 3.62 |
| PB Ratio | 3.48 | 1.59 | 2.60 | 1.52 | 1.35 | 1.73 |
| P/FCF Ratio | 140.71 | 258.38 | 65.07 | |||
| P/OCF Ratio | 49.07 | 50.90 | 33,585.21 | 51.23 | ||
| PEG Ratio | 0.63 | 0.67 | 0.63 | 0.56 | 0.77 | 0.66 |
| EV/Sales Ratio | 3.93 | 2.57 | 3.15 | 2.75 | 3.47 | 5.08 |
| EV/EBITDA Ratio | 58.61 | 18.03 | 25.70 | 24.75 | 38.91 | 44.27 |
| EV/EBIT Ratio | 44.73 | 71.25 | 90.48 | 2,817.83 | 212.28 | |
| EV/FCF Ratio | 215.94 | 431.97 | 91.17 | |||
| Debt / Equity Ratio | 1.80 | 1.62 | 1.49 | 1.39 | 1.25 | 0.84 |
| Debt / EBITDA Ratio | 18.51 | 7.46 | 7.60 | 8.73 | 12.90 | 12.39 |
| Debt / FCF Ratio | 81.06 | 147.78 | 31.76 | |||
| Net Debt / Equity Ratio | 1.68 | 1.51 | 1.40 | 1.28 | 1.15 | 0.73 |
| Net Debt / EBITDA Ratio | 20.42 | 7.65 | 8.26 | 9.60 | 14.94 | 13.29 |
| Net Debt / FCF Ratio | 75.23 | -23.60 | 138.90 | -55.46 | -47.08 | 27.38 |
| Asset Turnover | 0.35 | 0.41 | 0.40 | 0.35 | 0.31 | 0.26 |
| Quick Ratio | 0.81 | 0.93 | 0.75 | 0.72 | 0.93 | 0.89 |
| Current Ratio | 1.07 | 1.16 | 0.97 | 0.90 | 1.10 | 1.07 |
| Return on Equity (ROE) | -10.66% | -5.17% | -4.05% | -15.19% | -6.59% | -5.94% |
| Return on Assets (ROA) | -0.91% | 1.46% | 1.09% | 0.66% | 0.02% | 0.39% |
| Return on Capital Employed (ROCE) | -1.60% | 3.10% | 2.50% | 1.50% | 0.00% | 0.60% |
| Earnings Yield | -3.14% | -1.97% | -0.94% | -5.83% | -2.71% | -1.49% |
| FCF Yield | 0.71% | -4.03% | 0.39% | -1.52% | -1.80% | 1.54% |
| Buyback Yield / Dilution | -23.31% | -7.07% | -5.52% | -5.82% | -19.41% | -75.11% |