BWINNasdaqInsurance Agents, Brokers & ServiceFiscal year ends December 31
Baldwin Insurance Group, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$31.87−0.04 (-0.13%)
Close on Oct 19, 2026
- Market cap
- $2.96B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Operating margin
4.9%
Net margin
-2.2%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.3% | +15.3% | – | – | |
| Operating income | +21.9% | – | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -7.1% | -5.7% | |
| Return on assets | – | -1.6% | -0.9% | |
| Current ratio | – | 1.39 | 1.16 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | – | – | – | |
| Capex to revenue | – | – | 2.6% | |
| Diluted shares | – | 27M | 68M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Baldwin Insurance generated $123.51M from operations and spent $129.25M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$123.51M
Used
$129.25M
Capital expenditure$129.25M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.2%
×Asset turnover0.41×
×Equity multiplier6.25×
=Return on equity, FY2025-5.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -2.2% | 0.41× | 6.25× | -5.7% |
| FY2024 | -1.8% | 0.39× | 6.15× | -4.3% |
| FY2023 | -7.4% | 0.35× | 5.96× | -15.4% |
| FY2022 | -4.3% | 0.31× | 5.21× | -6.9% |
| FY2021 | -5.4% | 0.26× | 4.51× | -6.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$33.81M
- Cash generatingOperating cash flow above zero-$29.42M
- Return on assets improvedROA up on the prior year-0.7% → -1.0%
- Earnings backed by cashOperating cash flow above net income-$29.42M vs -$33.81M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.97 → 1.16
- No dilutionShare count did not rise63M → 68M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.40 → 0.43