Baldwin Insurance Group Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Baldwin Insurance Group has an operating margin of 4.4%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is up from -3.5% the prior year.
Baldwin Insurance Group's revenue grew 14.0% year-over-year to $1.4B, a solid pace of expansion. This earns a growth score of 69/100.
Baldwin Insurance Group has elevated debt relative to equity (D/E of 4.33), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Baldwin Insurance Group's current ratio of 0.97 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
Baldwin Insurance Group's free cash flow margin of 4.4% results in a low score of 22/100. Capital expenditures of $41.0M absorb a large share of operating cash flow.
Baldwin Insurance Group scores 0.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.0B) relative to total liabilities ($2.5B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Baldwin Insurance Group passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Baldwin Insurance Group generates $-4.17 in operating cash flow ($102.2M OCF vs -$24.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Baldwin Insurance Group earns $0.5 in operating income for every $1 of interest expense ($60.6M vs $123.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Baldwin Insurance Group (BWIN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Baldwin Insurance Group generated $1.4B in revenue in fiscal year 2024. This represents an increase of 14.0% from the prior year.
Baldwin Insurance Group's EBITDA was $169.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 203.6% from the prior year.
Baldwin Insurance Group generated $61.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 162.6% from the prior year.
Baldwin Insurance Group reported -$24.5M in net income in fiscal year 2024. This represents an increase of 72.8% from the prior year.
Baldwin Insurance Group earned $-0.39 per diluted share (EPS) in fiscal year 2024. This represents an increase of 74.0% from the prior year.
Baldwin Insurance Group held $90.0M in cash against $0 in long-term debt as of fiscal year 2024.
Baldwin Insurance Group's operating margin was 4.4% in fiscal year 2024, reflecting core business profitability. This is up 7.9 percentage points from the prior year.
Baldwin Insurance Group's net profit margin was -1.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 5.6 percentage points from the prior year.
Baldwin Insurance Group invested $41.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 92.0% from the prior year.
BWIN Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $365.4M-3.5% | $378.8M-8.4% | $413.4M+25.3% | $329.9M-2.9% | $339.8M-10.7% | $380.4M+33.6% | $284.6M-7.1% | $306.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $3.2M-88.5% | $27.9M-50.1% | $56.0M+1123.3% | -$5.5M-133.3% | $16.5M-52.0% | $34.3M+215.2% | -$29.7M-34664.0% | $86K |
| Interest Expense | -$31.1M+0.6% | -$31.3M-4.5% | -$30.0M-1.8% | -$29.4M+6.0% | -$31.3M+0.7% | -$31.5M+1.0% | -$31.9M-4.2% | -$30.6M |
| Income Tax | $0-100.0% | $685K | $0+100.0% | -$420K-128.3% | $1.5M+122.5% | $667K+75.1% | $381K+136.6% | $161K |
| Net Income | -$18.7M-491.9% | -$3.2M-122.7% | $13.9M+169.1% | -$20.2M-14.8% | -$17.6M-181.4% | $21.6M+162.6% | -$34.5M-95.6% | -$17.6M |
| EPS (Diluted) | $-0.27-440.0% | $-0.05-125.0% | $0.20+164.5% | $-0.31-10.7% | $-0.28-184.8% | $0.33+157.9% | $-0.57-96.6% | $-0.29 |
BWIN Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.8B+1.5% | $3.7B+5.4% | $3.5B+0.4% | $3.5B-4.0% | $3.7B+4.8% | $3.5B+0.2% | $3.5B+2.3% | $3.4B |
| Current Assets | $1.1B-10.8% | $1.2B+17.4% | $1.1B+2.9% | $1.0B-9.7% | $1.1B+19.5% | $951.1M+2.7% | $925.9M+15.4% | $802.1M |
| Cash & Equivalents | $89.7M-15.1% | $105.7M+29.2% | $81.8M-9.2% | $90.0M-56.8% | $208.3M+85.8% | $112.1M-3.5% | $116.2M+47.2% | $79.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $1.5B+6.8% | $1.4B+0.6% | $1.4B0.0% | $1.4B0.0% | $1.4B0.0% | $1.4B0.0% | $1.4B-0.7% | $1.4B |
| Total Liabilities | $2.7B-0.9% | $2.7B+7.5% | $2.5B-1.0% | $2.5B-4.2% | $2.6B+8.1% | $2.4B-1.8% | $2.5B+5.7% | $2.3B |
| Current Liabilities | $959.7M-4.7% | $1.0B+7.9% | $933.4M-11.6% | $1.1B-8.6% | $1.2B+9.8% | $1.1B+1.9% | $1.0B+29.4% | $798.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $619.7M-1.8% | $630.8M+1.8% | $619.6M+6.2% | $583.2M-1.3% | $590.9M-1.2% | $597.9M+6.7% | $560.4M-5.1% | $590.8M |
| Retained Earnings | -$219.4M-9.3% | -$200.6M-1.6% | -$197.5M+6.6% | -$211.4M-15.6% | -$182.9M-10.6% | -$165.3M+11.5% | -$186.9M-22.6% | -$152.4M |
BWIN Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $41.0M+345.3% | -$16.7M+73.9% | -$64.0M-232.2% | $48.4M+163.9% | $18.3M+509.9% | $3.0M-86.2% | $21.8M+273.0% | -$12.6M |
| Capital Expenditures | $8.9M-22.1% | $11.4M+27.4% | $8.9M-26.5% | $12.2M+15.1% | $10.6M+29.6% | $8.1M+12.8% | $7.2M+30.5% | $5.5M |
| Free Cash Flow | $32.2M+214.4% | -$28.1M+61.5% | -$72.9M-301.2% | $36.2M+365.8% | $7.8M+251.4% | -$5.1M-135.1% | $14.6M+180.5% | -$18.2M |
| Investing Cash Flow | -$83.4M-121.8% | -$37.6M-336.5% | -$8.6M+30.0% | -$12.3M-36.6% | -$9.0M-120.2% | $44.6M+996.9% | -$5.0M+21.7% | -$6.4M |
| Financing Cash Flow | -$15.4M-111.1% | $139.0M+136.0% | $58.9M+186.6% | -$68.0M-158.4% | $116.5M+389.4% | -$40.3M-356.5% | $15.7M+3163.6% | $481K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BWIN Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 0.9%-6.5pp | 7.4%-6.2pp | 13.6%+15.2pp | -1.7%-6.5pp | 4.8%-4.2pp | 9.0%+19.4pp | -10.4%-10.5pp | 0.0% |
| Net Margin | -5.1%-4.3pp | -0.8%-4.2pp | 3.4%+9.5pp | -6.1%-0.9pp | -5.2%-10.8pp | 5.7%+17.8pp | -12.1%-6.3pp | -5.8% |
| Return on Equity | N/A | N/A | 2.3% | N/A | N/A | 3.6% | N/A | N/A |
| Return on Assets | -0.5%-0.4pp | -0.1%-0.5pp | 0.4%+1.0pp | -0.6%-0.1pp | -0.5%-1.1pp | 0.6%+1.6pp | -1.0%-0.5pp | -0.5% |
| Current Ratio | 1.15-0.1 | 1.23+0.1 | 1.13+0.2 | 0.97-0.0 | 0.98+0.1 | 0.900.0 | 0.90-0.1 | 1.00 |
| Debt-to-Equity | 4.30+0.0 | 4.26+0.2 | 4.04-0.3 | 4.33-0.1 | 4.46+0.4 | 4.08-0.4 | 4.43+0.5 | 3.98 |
| FCF Margin | 8.8%+16.2pp | -7.4%+10.2pp | -17.6%-28.6pp | 11.0%+8.7pp | 2.3%+3.6pp | -1.4%-6.5pp | 5.1%+11.1pp | -5.9% |
Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Baldwin Insurance Group's annual revenue?
Baldwin Insurance Group (BWIN) reported $1.4B in total revenue for fiscal year 2024. This represents a 14.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Baldwin Insurance Group's revenue growing?
Baldwin Insurance Group (BWIN) revenue grew by 14% year-over-year, from $1.2B to $1.4B in fiscal year 2024.
Is Baldwin Insurance Group profitable?
No, Baldwin Insurance Group (BWIN) reported a net income of -$24.5M in fiscal year 2024, with a net profit margin of -1.8%.
What is Baldwin Insurance Group's earnings per share (EPS)?
Baldwin Insurance Group (BWIN) reported diluted earnings per share of $-0.39 for fiscal year 2024. This represents a 74.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Baldwin Insurance Group's EBITDA?
Baldwin Insurance Group (BWIN) had EBITDA of $169.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Baldwin Insurance Group's operating margin?
Baldwin Insurance Group (BWIN) had an operating margin of 4.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Baldwin Insurance Group's net profit margin?
Baldwin Insurance Group (BWIN) had a net profit margin of -1.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Baldwin Insurance Group's free cash flow?
Baldwin Insurance Group (BWIN) generated $61.1M in free cash flow during fiscal year 2024. This represents a 162.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Baldwin Insurance Group's operating cash flow?
Baldwin Insurance Group (BWIN) generated $102.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Baldwin Insurance Group's total assets?
Baldwin Insurance Group (BWIN) had $3.5B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Baldwin Insurance Group's capital expenditures?
Baldwin Insurance Group (BWIN) invested $41.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Baldwin Insurance Group's current ratio?
Baldwin Insurance Group (BWIN) had a current ratio of 0.97 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Baldwin Insurance Group's debt-to-equity ratio?
Baldwin Insurance Group (BWIN) had a debt-to-equity ratio of 4.33 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Baldwin Insurance Group's return on assets (ROA)?
Baldwin Insurance Group (BWIN) had a return on assets of -0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Baldwin Insurance Group's Altman Z-Score?
Baldwin Insurance Group (BWIN) has an Altman Z-Score of 0.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Baldwin Insurance Group's Piotroski F-Score?
Baldwin Insurance Group (BWIN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Baldwin Insurance Group's earnings high quality?
Baldwin Insurance Group (BWIN) has an earnings quality ratio of -4.17x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Baldwin Insurance Group cover its interest payments?
Baldwin Insurance Group (BWIN) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Baldwin Insurance Group?
Baldwin Insurance Group (BWIN) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.