Baldwin Insurance Group, Inc. (BWIN) stock analysis
Close on Nov 11, 2026Market cap $4.47BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
Baldwin Insurance passes 5 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 2/6
- Past performance
- 0/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Low debt
Debt is 2.3% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 15.3% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 517% of total debt.
P/S below the industry
Baldwin Insurance's price-to-sales of 2.41 is below the Insurance Agents, Brokers, and Service median of 3.43.
What to watch
Return on equity under 15%
Return on equity was -16.3% over the last twelve months and averaged -7.7% over five years; we look for 15% on both.
P/B above the industry
Baldwin Insurance's price-to-book of 5.22 is above the Insurance Agents, Brokers, and Service median of 4.81.
Return on assets under 1%
Return on assets was -2.5%; for a bank or insurer, 1% or more is considered good.
Return on equity below the industry
Baldwin Insurance's return on equity of -16.3% is below the Insurance Agents, Brokers, and Service median of 9.3%.
Valuation1/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
P/S below the industry
Baldwin Insurance's price-to-sales of 2.41 is below the Insurance Agents, Brokers, and Service median of 3.43.
P/B above the industry
Baldwin Insurance's price-to-book of 5.22 is above the Insurance Agents, Brokers, and Service median of 4.81.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 15.3% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 24.6% over the last twelve months; the Insurance Agents, Brokers, and Service median is 13.8%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
Banks and insurers do not report gross profit.
Past performance0/6
Return on equity under 15%
Return on equity was -16.3% over the last twelve months and averaged -7.7% over five years; we look for 15% on both.
Return on assets under 1%
Return on assets was -2.5%; for a bank or insurer, 1% or more is considered good.
Return on equity below the industry
Baldwin Insurance's return on equity of -16.3% is below the Insurance Agents, Brokers, and Service median of 9.3%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was -6.5% over the last twelve months, against a 5-year average of -4.2%.
Net margin below the industry
Baldwin Insurance's net margin of -6.5% is below the Insurance Agents, Brokers, and Service median of 4.9%.
Financial health2/6
Low debt
Debt is 2.3% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 1.1% five years ago to 2.3%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 517% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets don't cover short-term debts
Current assets are 0.89 times current liabilities.
Bankruptcy risk (Altman Z)
The Altman model does not apply to insurers.
Dividend0/6
No dividend
Baldwin Insurance has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Baldwin Insurance. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Own 5-year median 27.4
- Insurance Agents, Brokers, and Service median 18.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $56.40M
- Value traded per 1% price move
- $42.85M
Downside
High risk
- Typical loss in a bad month
- 35.4%
- Volatility (annualized)
- 59%
- Sharpe ratio, 1 year
- 0.28
- Beta to the S&P 500 (5Y)
- 1.13
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2017 to 2025
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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