Baldwin Insurance Group IncBaldwin Insurance Group Inc
Baldwin Insurance Group Inc

Baldwin Insurance Group Inc

BWIN
Financials·Insurance

Baldwin Insurance Group, Inc. engages in the provision of insurance services. It operates through the following segments: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions, and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides private risk management, commercial risk management, and employee benefits solutions for mid-to-large size businesses and high net worth individuals and families. The Underwriting, Capacity & Technology Solutions segment represents a wholesale co-brokerage platform that delivers specialty insurers, professionals, individuals, and niche industry businesses expanded access to exclusive specialty markets, capabilities, and programs requiring complex underwriting and placement. The Mainstreet segment offers personal insurance, commercial insurance, and life and health solutions to individuals and businesses in their communities. The Medicare segment provides consultation for government assistance programs and solutions, including traditional Medicare and Medicare Advantage, to seniors and Medicare-eligible individuals through a network of agents. The company was founded by Elizabeth H. Krystyn, Laura R. Sherman, and Lowry L. Baldwin in 2011 and is headquartered in Tampa, FL.

Florida; U.S.A
Market cap
No dataNo data
Revenue
$1.5B+8.3% YoY
Net income
$-33.8M−37.9% YoY
Free cash flow
$-68.9M−212.8% YoY

Market

Listed stock
BWINPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$1.5B+8.3% YoY
Operating income
$73.9M+21.9% YoY
Net income
$-33.8M−37.9% YoY
Free cash flow
$-68.9M−212.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $567.3M, 2022 $980.7M, 2023 $1.2B, 2024 $1.4B, 2025 $1.5B. Operating income: 2021 $-31.6M, 2022 $-31.1M, 2023 $-42.6M, 2024 $60.6M, 2025 $73.9M. Net income: 2021 $-30.6M, 2022 $-41.8M, 2023 $-90.1M, 2024 $-24.5M, 2025 $-33.8M. Free cash flow: 2021 $34.8M, 2022 $-24.4M, 2023 $23.3M, 2024 $61.1M, 2025 $-68.9M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
8.3%−565 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-31.6M, 2022-12-31 $-31.1M, 2023-12-31 $-42.6M, 2024-12-31 $60.6M, 2025-12-31 $73.9M. Net income: 2021-12-31 $-30.6M, 2022-12-31 $-41.8M, 2023-12-31 $-90.1M, 2024-12-31 $-24.5M, 2025-12-31 $-33.8M. Free cash flow: 2021-12-31 $34.8M, 2022-12-31 $-24.4M, 2023-12-31 $23.3M, 2024-12-31 $61.1M, 2025-12-31 $-68.9M

Growth heatmap

2022202320242025CAGR
Revenue
+72.9%
+24.3%
+14.0%
+8.3%
+27.6%
Gross profit
+73.5%
+27.4%
+16.4%
+5.7%
+28.4%
Operating income
+1.7%
-36.8%
+242.5%
+21.9%
No data
Free cash flow
-170.2%
+195.2%
+162.6%
-212.8%
No data

Earnings quality

Operating cash flow
$-29.4M−128.8% YoY
Net income
$-33.8M−37.9% YoY
Free cash flow
$-68.9M−212.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 87%, 2024-12-31 -417%, 2023-12-31 -50%, 2022-12-31 6%, 2021-12-31 -131%. Free cash flow: 2025-12-31 204%, 2024-12-31 -249%, 2023-12-31 -26%, 2022-12-31 59%, 2021-12-31 -114%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data