The Baldwin Group Financials
The Baldwin Group (BWIN) reported $1.5B in revenue for fiscal year 2025, up 8.3% from the prior fiscal year. This page shows its 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).
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
Financial Health Signals
The Baldwin Group does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
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.
The Baldwin Group reported a net loss of $54.2M while operations used $29.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
The Baldwin Group earns $0.61 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
Earnings & Revenue
The Baldwin Group generated $1.5B in revenue in fiscal year 2025. This represents an increase of 8.3% from the prior year.
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.
The Baldwin Group reported -$54.2M in net income in fiscal year 2025. This represents a decrease of 31.8% from the prior year.
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
The Baldwin Group recorded an outflow of $68.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 762.7% from the prior year.
The Baldwin Group held $123.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BWIN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.5B+8.3% | $1.4B+14.0% | $1.2B+24.3% | $980.7M+72.9% | $567.3M | N/A | N/A | N/A |
| SG&A Expenses | $932.0M | $777.5M+2.0% | $762.2M+8.9% | $699.9M-2.7% | $719.4M+79.8% | $400.1M+129.8% | $174.1M+79.6% | $97.0M+87.7% | $51.7M |
| Operating Income | -$119.6M | $73.9M+21.9% | $60.6M+242.5% | -$42.6M-36.8% | -$31.1M+1.7% | -$31.6M-44.2% | -$21.9M-332.9% | -$5.1M-153.2% | $9.5M |
| Interest Expense | -$144.7M | -$121.4M+1.8% | -$123.6M-3.5% | -$119.5M-68.1% | -$71.1M-164.2% | -$26.9M-242.4% | -$7.9M+26.2% | -$10.6M-60.6% | -$6.6M |
| Income Tax | -$143.4M | $1.7M-0.1% | $1.7M+34.7% | $1.3M+79.7% | $715K+3663.2% | $19K+480.0% | -$5K-129.4% | $17K | $0 |
| Net Income | -$101.6M | -$54.2M-31.8% | -$41.1M+75.0% | -$164.0M-113.7% | -$76.7M-32.1% | -$58.1M-270.3% | -$15.7M-81.5% | -$8.7M-1286.2% | -$624K |
| EPS (Diluted) | — | -$0.50-28.2% | -$0.39+74.0% | -$1.50-102.7% | -$0.74-15.6% | -$0.64 | -$0.58 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BWIN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.9B+9.3% | $3.5B+0.9% | $3.5B+1.1% | $3.5B+20.4% | $2.9B+88.0% | $1.5B+283.7% | $398.8M+185.2% | $139.8M |
| Current Assets | $1.2B+16.9% | $1.0B+10.9% | $925.9M+19.9% | $772.4M+33.5% | $578.4M+91.5% | $302.0M+127.2% | $132.9M+244.4% | $38.6M |
| Cash & Equivalents | $123.7M+37.3% | $90.0M-22.5% | $116.2M-1.6% | $118.1M-14.6% | $138.3M+27.5% | $108.5M+60.2% | $67.7M+746.6% | $8.0M |
| Goodwill | $1.5B+7.4% | $1.4B0.0% | $1.4B-0.7% | $1.4B+15.7% | $1.2B+88.6% | $651.5M+296.1% | $164.5M+150.1% | $65.8M |
| Total Liabilities | $2.8B+10.0% | $2.5B+1.7% | $2.5B+6.9% | $2.3B+2.4% | $2.3B+95.2% | $1.2B+257.0% | $325.5M+59.9% | $203.5M |
| Current Liabilities | $1.0B-2.2% | $1.1B+2.2% | $1.0B+47.8% | $699.2M+29.3% | $540.7M+148.7% | $217.4M+198.6% | $72.8M+119.2% | $33.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $399.0M | $0-100.0% | $1.5M |
| Total Equity | $600.2M+2.9% | $583.2M+4.1% | $560.4M-7.8% | $608.1M0.0% | $608.4M+65.4% | $367.8M+401.9% | $73.3M+215.1% | -$63.7M |
| Retained Earnings | -$245.2M-16.0% | -$211.4M-13.1% | -$186.9M-93.2% | -$96.8M-76.0% | -$55.0M-125.9% | -$24.3M-181.5% | -$8.7M | $0 |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
BWIN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $90.8M | -$29.4M-157.2% | $51.5M+111754.3% | $46K+101.9% | -$2.5M-106.1% | $40.1M+9.0% | $36.8M+206.5% | $12.0M+1.9% | $11.8M |
| Capital Expenditures | $47.1M | $39.5M-3.7% | $41.0M+92.0% | $21.4M-2.7% | $22.0M+313.1% | $5.3M-2.7% | $5.5M+218.3% | $1.7M+227.2% | $525K |
| Free Cash Flow | $43.7M | -$68.9M-762.7% | $10.4M+148.8% | -$21.3M+12.7% | -$24.4M-170.2% | $34.8M+11.0% | $31.3M+204.5% | $10.3M-8.6% | $11.3M |
| Investing Cash Flow | -$614.9M | -$140.3M-1154.8% | $13.3M+160.7% | -$21.9M+94.7% | -$414.4M+38.9% | -$678.5M-0.1% | -$677.8M-571.0% | -$101.0M-137.5% | -$42.5M |
| Financing Cash Flow | $751.2M | $203.8M+868.1% | $21.1M+14.6% | $18.4M-95.6% | $419.6M-42.1% | $724.1M+1.7% | $711.9M+368.1% | $152.1M+327.1% | $35.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BWIN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 4.9%+0.5pp | 4.4%+7.9pp | -3.5%-0.3pp | -3.2%+2.4pp | -5.6% | N/A | N/A | N/A |
| Net Margin | -3.6%-0.6pp | -3.0%+10.5pp | -13.5%-5.6pp | -7.8%+2.4pp | -10.3% | N/A | N/A | 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%+7.5pp | -11.8% | N/A |
| 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%+1.1pp | -2.2%-1.7pp | -0.4% |
| Current Ratio | 1.16+0.2x | 0.97+0.1x | 0.90-0.2x | 1.100.0x | 1.07-0.3x | 1.39-0.4x | 1.83+0.7x | 1.16 |
| Debt-to-Equity | 4.63+0.3x | 4.33-0.1x | 4.43+0.6x | 3.82+0.1x | 3.73+2.6x | 1.08+1.1x | 0.00 | N/A |
| FCF Margin | -4.6%-5.3pp | 0.8%+2.5pp | -1.8%+0.7pp | -2.5%-8.6pp | 6.1% | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
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Where The Baldwin Group Ranks
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) recorded an outflow of $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) recorded an outflow of $29.4M in operating cash flow during fiscal year 2025, representing cash used by 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) reported a net loss of $54.2M while operations used $29.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 0.61x, 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.