What is The Baldwin Group's earnings per share (EPS)?

The Baldwin Group (BWIN) reported diluted earnings per share of $-0.50 for fiscal year 2025. This represents a -28.2% 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.

The Baldwin Group Financials

BWIN

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows The Baldwin Group (BWIN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).

Rhea AI BWIN FY2025 2026-05-04

Positive operating profit is being absorbed by financing costs, leaving the company larger but not self-funding.

From FY2024 to FY2025, operating income remained positive while operating cash flow flipped from $51.5M to -$29.4M. That gap matters because interest expense was still about $121.4M, above operating income of $73.9M, so scale is improving the core business without yet turning it into a cash-funded one.

The current ratio improved from 0.9x in FY2023 to 1.2x in FY2025, so near-term bill-paying flexibility looks better than it did during the tightest year. But debt-to-equity also rose to 4.6x, which means the bigger constraint is still the capital structure, not day-to-day liquidity.

The balance sheet is goodwill-heavy: goodwill reached $1.52B against equity of only $600.2M, so much of the reported asset base reflects acquisition-created value rather than a thick tangible equity cushion. Meanwhile, SG&A has become a smaller share of revenue than in FY2023, helping explain why EBITDA expanded even though net income stayed negative.

Financial Health Signals

Financial health score pending refresh

We are recalculating The Baldwin Group's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

The Baldwin Group passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.54x

For every $1 of reported earnings, The Baldwin Group generates $0.54 in operating cash flow (-$29.4M OCF vs -$54.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

0.6x

The Baldwin Group earns $0.6 in operating income for every $1 of interest expense ($73.9M vs $121.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.5B

YoY+8.3%

The Baldwin Group generated $1.5B in revenue in fiscal year 2025. This represents an increase of 8.3% from the prior year.

EBITDA

$201.8M

YoY+19.0%

The Baldwin Group's EBITDA was $201.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.0% from the prior year.

Net Income

-$54.2M

YoY-31.8%

The Baldwin Group reported -$54.2M in net income in fiscal year 2025. This represents a decrease of 31.8% from the prior year.

EPS (Diluted)

$-0.50

YoY-28.2%

The Baldwin Group earned $-0.50 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 28.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$68.9M

YoY-762.7%

The Baldwin Group generated -$68.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 762.7% from the prior year.

Cash & Debt

$123.7M

YoY+37.3%

5Y CAGR+2.7%

The Baldwin Group held $123.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

4.9%

YoY+0.5pp

The Baldwin Group's operating margin was 4.9% in fiscal year 2025, reflecting core business profitability. This is up 0.5 percentage points from the prior year.

Net Margin

-3.6%

YoY-0.6pp

The Baldwin Group's net profit margin was -3.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.6 percentage points from the prior year.

Return on Equity

-9.0%

YoY-2.0pp

5Y CAGR-4.8pp

The Baldwin Group's ROE was -9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$39.5M

YoY-3.7%

5Y CAGR+48.5%

The Baldwin Group invested $39.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.7% from the prior year.

BWIN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.5B+8.3%	$1.4B+14.0%	$1.2B+24.3%	$980.7M+72.9%	$567.3M	N/A
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$777.5M+2.0%	$762.2M+8.9%	$699.9M-2.7%	$719.4M+79.8%	$400.1M+129.8%	$174.1M
Operating Income	$73.9M+21.9%	$60.6M+242.5%	-$42.6M-36.8%	-$31.1M+1.7%	-$31.6M-44.2%	-$21.9M
Interest Expense	-$121.4M+1.8%	-$123.6M-3.5%	-$119.5M-68.1%	-$71.1M-164.2%	-$26.9M-242.4%	-$7.9M
Income Tax	$1.7M-0.1%	$1.7M+34.7%	$1.3M+79.7%	$715K+3663.2%	$19K+480.0%	-$5K
Net Income	-$54.2M-31.8%	-$41.1M+75.0%	-$164.0M-113.7%	-$76.7M-32.1%	-$58.1M-270.3%	-$15.7M
EPS (Diluted)	$-0.50-28.2%	$-0.39+74.0%	$-1.50-102.7%	$-0.74-15.6%	$-0.64-10.3%	$-0.58

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$532.2M+53.3%	$347.3M-5.0%	$365.4M-3.5%	$378.8M-8.4%	$413.4M+25.3%	$329.9M-2.7%	$338.9M-0.3%	$339.8M
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	$283.6M+48.5%	$191.0M-1.0%	$193.0M-1.2%	$195.5M-1.3%	$198.0M-7.0%	$212.9M+23.3%	$172.6M-1.7%	$175.7M
Operating Income	-$101.3M-665.0%	-$13.2M-511.6%	$3.2M-88.5%	$27.9M-50.1%	$56.0M+1123.3%	-$5.5M-135.5%	$15.4M-6.4%	$16.5M
Interest Expense	-$38.9M-34.1%	-$29.0M+6.8%	-$31.1M+0.6%	-$31.3M-4.5%	-$30.0M-1.8%	-$29.4M+6.0%	-$31.3M0.0%	-$31.3M
Income Tax	-$144.5M-13943.0%	$1.0M	$0-100.0%	$685K	$0+100.0%	-$420K	$0-100.0%	$1.5M
Net Income	$2.3M+105.1%	-$46.2M-146.7%	-$18.7M-491.9%	-$3.2M-122.7%	$13.9M+138.0%	-$36.7M-338.4%	-$8.4M+52.3%	-$17.6M
EPS (Diluted)	$0.02	N/A	$-0.27-440.0%	$-0.05-125.0%	$0.20	N/A	$-0.13+53.6%	$-0.28

BWIN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.9B+9.3%	$3.5B+0.9%	$3.5B+1.1%	$3.5B+20.4%	$2.9B+88.0%	$1.5B
Current Assets	$1.2B+16.9%	$1.0B+10.9%	$925.9M+19.9%	$772.4M+33.5%	$578.4M+91.5%	$302.0M
Cash & Equivalents	$123.7M+37.3%	$90.0M-22.5%	$116.2M-1.6%	$118.1M-14.6%	$138.3M+27.5%	$108.5M
Inventory	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
Goodwill	$1.5B+7.4%	$1.4B0.0%	$1.4B-0.7%	$1.4B+15.7%	$1.2B+88.6%	$651.5M
Total Liabilities	$2.8B+10.0%	$2.5B+1.7%	$2.5B+6.9%	$2.3B+2.4%	$2.3B+95.2%	$1.2B
Current Liabilities	$1.0B-2.2%	$1.1B+2.2%	$1.0B+47.8%	$699.2M+29.3%	$540.7M+148.7%	$217.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$399.0M
Total Equity	$600.2M+2.9%	$583.2M+4.1%	$560.4M-7.8%	$608.1M0.0%	$608.4M+65.4%	$367.8M
Retained Earnings	-$245.2M-16.0%	-$211.4M-13.1%	-$186.9M-93.2%	-$96.8M-76.0%	-$55.0M-125.9%	-$24.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.9B+53.9%	$3.9B+1.8%	$3.8B+1.5%	$3.7B+5.4%	$3.5B+0.4%	$3.5B-0.1%	$3.5B-3.8%	$3.7B
Current Assets	$1.6B+32.9%	$1.2B+8.5%	$1.1B-10.8%	$1.2B+17.4%	$1.1B+2.9%	$1.0B+1.2%	$1.0B-10.8%	$1.1B
Cash & Equivalents	$146.4M+18.4%	$123.7M+37.8%	$89.7M-15.1%	$105.7M+29.2%	$81.8M-9.2%	$90.0M-50.5%	$181.8M-12.8%	$208.3M
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	$2.7B+74.8%	$1.5B0.0%	$1.5B+6.8%	$1.4B+0.6%	$1.4B0.0%	$1.4B0.0%	$1.4B0.0%	$1.4B
Total Liabilities	$4.4B+58.1%	$2.8B+4.2%	$2.7B-0.9%	$2.7B+7.5%	$2.5B-1.0%	$2.5B+0.9%	$2.5B-5.1%	$2.6B
Current Liabilities	$1.5B+42.8%	$1.0B+7.6%	$959.7M-4.7%	$1.0B+7.9%	$933.4M-11.6%	$1.1B+2.4%	$1.0B-10.8%	$1.2B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$963.9M+60.6%	$600.2M-3.1%	$619.7M-1.8%	$630.8M+1.8%	$619.6M+6.2%	$583.2M-2.0%	$595.4M+0.8%	$590.9M
Retained Earnings	-$274.9M-12.1%	-$245.2M-11.8%	-$219.4M-9.3%	-$200.6M-1.6%	-$197.5M+6.6%	-$211.4M-10.5%	-$191.3M-4.6%	-$182.9M

BWIN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$29.4M-157.2%	$51.5M+111754.3%	$46K+101.9%	-$2.5M-106.1%	$40.1M+9.0%	$36.8M
Capital Expenditures	$39.5M-3.7%	$41.0M+92.0%	$21.4M-2.7%	$22.0M+313.1%	$5.3M-2.7%	$5.5M
Free Cash Flow	-$68.9M-762.7%	$10.4M+148.8%	-$21.3M+12.7%	-$24.4M-170.2%	$34.8M+11.0%	$31.3M
Investing Cash Flow	-$140.3M-1154.8%	$13.3M+160.7%	-$21.9M+94.7%	-$414.4M+38.9%	-$678.5M-0.1%	-$677.8M
Financing Cash Flow	$203.8M+868.1%	$21.1M+14.6%	$18.4M-95.6%	$419.6M-42.1%	$724.1M+1.7%	$711.9M
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$6.1M-159.1%	$10.3M-75.0%	$41.0M+345.3%	-$16.7M+73.9%	-$64.0M-2680.7%	-$2.3M-107.1%	$32.4M+76.7%	$18.3M
Capital Expenditures	$12.7M+22.3%	$10.4M+16.8%	$8.9M-22.1%	$11.4M+27.4%	$8.9M-26.5%	$12.2M+19.2%	$10.2M-3.5%	$10.6M
Free Cash Flow	-$18.7M-22206.0%	-$84K-100.3%	$32.2M+214.4%	-$28.1M+61.5%	-$72.9M-404.5%	-$14.5M-165.1%	$22.2M+185.5%	$7.8M
Investing Cash Flow	-$491.2M-4491.1%	-$10.7M+87.2%	-$83.4M-121.8%	-$37.6M-336.5%	-$8.6M+30.0%	-$12.3M-23.2%	-$10.0M-10.9%	-$9.0M
Financing Cash Flow	$606.5M+2736.4%	$21.4M+238.9%	-$15.4M-111.1%	$139.0M+136.0%	$58.9M+439.7%	-$17.3M+54.2%	-$37.9M-132.5%	$116.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$47.0M	N/A	N/A	N/A	$0	N/A	N/A	N/A

BWIN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	4.9%+0.5pp	4.4%+7.9pp	-3.5%-0.3pp	-3.2%+2.4pp	-5.6%	N/A
Net Margin	-3.6%-0.6pp	-3.0%+10.5pp	-13.5%-5.6pp	-7.8%+2.4pp	-10.3%	N/A
Return on Equity	-9.0%-2.0pp	-7.0%+22.2pp	-29.3%-16.7pp	-12.6%-3.1pp	-9.6%-5.3pp	-4.3%
Return on Assets	-1.4%-0.2pp	-1.2%+3.5pp	-4.7%-2.5pp	-2.2%-0.2pp	-2.0%-1.0pp	-1.0%
Current Ratio	1.16+0.2	0.97+0.1	0.90-0.2	1.10+0.0	1.07-0.3	1.39
Debt-to-Equity	4.63+0.3	4.33-0.1	4.43+0.6	3.82+0.1	3.73+2.6	1.08
FCF Margin	-4.6%-5.3pp	0.8%+2.5pp	-1.8%+0.7pp	-2.5%-8.6pp	6.1%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-19.0%-15.2pp	-3.8%-4.7pp	0.9%-6.5pp	7.4%-6.2pp	13.6%+15.2pp	-1.7%-6.2pp	4.5%-0.3pp	4.8%
Net Margin	0.4%+13.7pp	-13.3%-8.2pp	-5.1%-4.3pp	-0.8%-4.2pp	3.4%+14.5pp	-11.1%-8.7pp	-2.5%+2.7pp	-5.2%
Return on Equity	0.2%+7.9pp	-7.7%-4.7pp	-3.0%-2.5pp	-0.5%-2.8pp	2.3%+8.5pp	-6.3%-4.9pp	-1.4%+1.6pp	-3.0%
Return on Assets	0.0%+1.2pp	-1.2%-0.7pp	-0.5%-0.4pp	-0.1%-0.5pp	0.4%+1.4pp	-1.0%-0.8pp	-0.2%+0.2pp	-0.5%
Current Ratio	1.08-0.1	1.160.0	1.15-0.1	1.23+0.1	1.13+0.2	0.97-0.0	0.980.0	0.98
Debt-to-Equity	4.56-0.1	4.63+0.3	4.30+0.0	4.26+0.2	4.04-0.3	4.33+0.1	4.20-0.3	4.46
FCF Margin	-3.5%-3.5pp	-0.0%-8.8pp	8.8%+16.2pp	-7.4%+10.2pp	-17.6%-13.3pp	-4.4%-10.9pp	6.6%+4.3pp	2.3%

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Frequently Asked Questions

What is The Baldwin Group's annual revenue?

The Baldwin Group (BWIN) reported $1.5B in total revenue for fiscal year 2025. This represents a 8.3% 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 The Baldwin Group's revenue growing?

The Baldwin Group (BWIN) revenue grew by 8.3% year-over-year, from $1.4B to $1.5B in fiscal year 2025.

Is The Baldwin Group profitable?

No, The Baldwin Group (BWIN) reported a net income of -$54.2M in fiscal year 2025, with a net profit margin of -3.6%.

What is The Baldwin Group's EBITDA?

The Baldwin Group (BWIN) had EBITDA of $201.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is The Baldwin Group's operating margin?

The Baldwin Group (BWIN) had an operating margin of 4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is The Baldwin Group's net profit margin?

The Baldwin Group (BWIN) had a net profit margin of -3.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is The Baldwin Group's return on equity (ROE)?

The Baldwin Group (BWIN) has a return on equity of -9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is The Baldwin Group's free cash flow?

The Baldwin Group (BWIN) generated -$68.9M in free cash flow during fiscal year 2025. This represents a -762.7% 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 The Baldwin Group's operating cash flow?

The Baldwin Group (BWIN) generated -$29.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are The Baldwin Group's total assets?

The Baldwin Group (BWIN) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are The Baldwin Group's capital expenditures?

The Baldwin Group (BWIN) invested $39.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is The Baldwin Group's current ratio?

The Baldwin Group (BWIN) had a current ratio of 1.16 as of fiscal year 2025, which is considered adequate.

What is The Baldwin Group's debt-to-equity ratio?

The Baldwin Group (BWIN) had a debt-to-equity ratio of 4.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is The Baldwin Group's return on assets (ROA)?

The Baldwin Group (BWIN) had a return on assets of -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is The Baldwin Group's cash runway?

Based on fiscal year 2025 data, The Baldwin Group (BWIN) had $123.7M in cash against an annual operating cash burn of $29.4M. This gives an estimated cash runway of approximately 50 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is The Baldwin Group's Piotroski F-Score?

The Baldwin Group (BWIN) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are The Baldwin Group's earnings high quality?

The Baldwin Group (BWIN) has an earnings quality ratio of 0.54x, considered low quality (accrual-driven). 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 The Baldwin Group cover its interest payments?

The Baldwin Group (BWIN) has an interest coverage ratio of 0.6x, 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.