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The Baldwin Insurance Group (BRP) Financials

The Baldwin Insurance Group logo
$20.18 -0.80 (-3.81%)
As of 05/8/2026
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Annual Income Statements for The Baldwin Insurance Group

Annual Income Statements for The Baldwin Insurance Group

This table shows The Baldwin Insurance Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/30/2016 1/28/2017 2/3/2018 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 81 66 87 -0.62 -8.65 -16 -31 -42 -90 -25 -34
Consolidated Net Income / (Loss)		 82 66 122 2.69 -22 -30 -58 -77 -164 -41 -54
Net Income / (Loss) Continuing Operations		 82 66 87 2.69 -22 -30 -58 -77 -164 -41 -54
Total Pre-Tax Income 		109 97 123 2.69 -22 -30 -58 -76 -163 -39 -52
Total Operating Income		 135 96 128 9.53 -5.07 -22 -32 -31 -43 61 74
Total Gross Profit		 1,048 1,062 1,169 28 41 67 167 261 519 627 727
Total Revenue		 2,577 2,579 2,786 80 138 241 567 981 1,219 1,389 1,505
Operating Revenue		 2,577 2,579 2,786 80 138 241 567 981 1,219 1,389 1,505
Total Cost of Revenue		 1,530 1,517 1,617 52 97 174 400 719 700 762 778
Operating Cost of Revenue		 1,530 1,517 1,617 52 97 174 400 719 700 762 778
Total Operating Expenses		 913 966 1,041 19 46 89 199 292 561 566 653
Selling, General & Admin Expense		 913 943 1,036 14 25 48 102 174 190 192 240
Depreciation Expense		 - - - 0.51 0.54 1.13 2.79 4.62 5.70 6.19 6.51
Amortization Expense		 - - - 2.58 10 19 49 82 93 103 121
Other Operating Expenses / (Income)		 - - - 1.23 11 21 - - 211 270 280
Other Special Charges / (Income)		 - - - - - - 45 32 61 -4.95 5.59
Total Other Income / (Expense), net		 -26 1.26 30 -6.84 -17 -7.95 -26 -45 -120 -100 -126
Interest Expense		 27 14 17 6.63 17 7.86 27 71 119 124 128
Interest & Investment Income		 0.90 - - - - - - - 0.00 0.00 0.37
Other Income / (Expense), net		 - 15 12 -0.22 0.00 -0.10 0.42 26 -0.72 24 0.93
Income Tax Expense		 27 31 35 0.00 0.02 -0.01 0.02 0.72 1.29 1.73 1.73
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.35 0.43 0.03 3.31 -14 -14 -27 -35 -74 -17 -20
Basic Earnings per Share		 $1.86 $1.52 $2.03 $0.00 $0.00 ($0.58) ($0.64) ($0.74) ($1.50) ($0.39) ($0.50)
Weighted Average Basic Shares Outstanding		 42.46M 42.03M 43M 0.00 0.00 27.18M 47.59M 56.83M 60.13M 63.46M 67.94M
Diluted Earnings per Share		 $1.85 $1.52 $2.02 $0.00 $0.00 ($0.58) ($0.64) ($0.74) ($1.50) ($0.39) ($0.50)
Weighted Average Diluted Shares Outstanding		 42.46M 42.03M 43M 0.00 0.00 27.18M 47.59M 56.83M 60.13M 63.46M 67.94M
Weighted Average Basic & Diluted Shares Outstanding		 42.46M 42.03M 43M 0.00 0.00 27.18M 47.59M 116.09M 116.67M 117.59M 142.86M

Quarterly Income Statements for The Baldwin Insurance Group

This table shows The Baldwin Insurance Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 8/2/2025 11/1/2025
Net Income / (Loss) Attributable to Common Shareholders		 22 -18 -8.38 -20 14 -3.16 -19 -26 2.34 6.71 2.39
Consolidated Net Income / (Loss)		 39 -31 -14 -35 25 -5.14 -30 -44 -1.90 7.06 1.43
Net Income / (Loss) Continuing Operations		 39 -31 -14 -35 25 -5.14 -30 -44 -1.90 7.06 1.43
Total Pre-Tax Income 		40 -29 -14 -35 25 -4.46 -30 -43 -146 5.79 6.16
Total Operating Income		 34 16 15 -5.47 56 28 3.22 -13 -101 9.29 12
Total Gross Profit		 179 164 166 117 215 183 172 156 249 286 330
Total Revenue		 380 340 339 330 413 379 365 347 532 659 790
Operating Revenue		 380 340 339 330 413 379 365 347 532 659 790
Total Cost of Revenue		 201 176 173 213 198 195 193 191 284 373 460
Operating Cost of Revenue		 201 176 173 213 198 195 193 191 284 373 460
Total Operating Expenses		 145 148 151 123 159 155 169 170 350 277 318
Selling, General & Admin Expense		 46 47 49 51 58 56 56 70 224 270 311
Restructuring Charge		 - - - - - - - - - 6.76 6.71
Total Other Income / (Expense), net		 5.51 -46 -30 -30 -31 -32 -33 -29 -45 -3.50 -5.81
Interest Expense		 32 46 31 15 32 31 34 30 46 4.50 5.50
Other Income / (Expense), net		 37 0.17 1.45 -15 1.25 -1.08 0.86 -0.11 0.65 0.99 -0.31
Income Tax Expense		 0.67 1.48 0.00 -0.42 0.00 0.69 0.00 1.04 -145 -1.27 4.73
Net Income / (Loss) Attributable to Noncontrolling Interest		 18 -13 -6.10 -15 11 -1.98 -12 -18 -4.24 0.35 -0.95
Basic Earnings per Share		 $0.35 ($0.28) ($0.13) ($0.33) $0.21 ($0.05) ($0.27) ($0.39) $0.02 $0.20 $0.07
Weighted Average Basic Shares Outstanding		 61.86M 63.12M 64.01M 63.46M 66.07M 68.01M 68.60M 67.94M 93.80M 33.84M 33.90M
Diluted Earnings per Share		 $0.33 ($0.28) ($0.13) ($0.31) $0.20 ($0.05) ($0.27) ($0.38) $0.02 $0.20 $0.07
Weighted Average Diluted Shares Outstanding		 65.31M 63.12M 64.01M 63.46M 69.33M 68.01M 68.60M 67.94M 96.83M 33.84M 33.90M
Weighted Average Basic & Diluted Shares Outstanding		 117.55M 117.64M 117.58M 117.59M 118.52M 118.67M 118.65M 142.86M 142.57M 33.84M 33.90M
Cash Dividends to Common per Share		 - - - - - - - - - $0.07 $0.07

Annual Cash Flow Statements for The Baldwin Insurance Group

This table details how cash moves in and out of The Baldwin Insurance Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/30/2016 1/28/2017 2/3/2018 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 51 -63 8.72 4.87 63 71 86 2.73 -3.51 86 34
Net Cash From Operating Activities		 149 184 191 12 12 37 40 -2.46 0.05 51 -29
Net Cash From Continuing Operating Activities		 136 174 218 12 12 37 40 -2.46 0.05 51 -29
Net Income / (Loss) Continuing Operations		 82 66 87 2.69 -22 -30 -58 -77 -164 -41 -54
Consolidated Net Income / (Loss)		 82 66 87 2.69 -22 -30 -58 -77 -164 -41 -54
Depreciation Expense		 48 52 46 3.09 11 20 52 86 98 109 128
Amortization Expense		 4.86 5.43 20 0.12 1.31 1.00 3.51 5.12 5.13 5.84 5.69
Non-Cash Adjustments To Reconcile Net Income		 17 24 20 6.61 16 20 -47 -209 -4.57 4.20 -77
Changes in Operating Assets and Liabilities, net		 -2.05 36 19 -0.71 6.44 26 91 191 65 -26 -31
Net Cash From Investing Activities		 -74 -319 -51 -43 -101 -678 -678 -414 -22 13 -140
Net Cash From Continuing Investing Activities		 -74 -319 51 -43 -101 -678 -678 -414 -22 13 -140
Purchase of Property, Plant & Equipment		 -81 -60 -51 -7.43 -2.40 -7.32 -8.53 -22 -21 -41 -40
Acquisitions		 0.00 -260 0.00 -35 -98 -669 -668 -391 -2.12 -0.27 -86
Purchase of Investments		 - - - 0.00 -0.20 -1.25 -1.91 -1.10 -1.69 -3.86 -17
Divestitures		 - - - - - - - 0.00 3.26 57 1.90
Other Investing Activities, net		 - - - - - - - 0.00 0.00 1.50 0.00
Net Cash From Financing Activities		 -23 73 -132 36 152 712 724 420 18 21 204
Net Cash From Continuing Financing Activities		 -23 73 1,032 36 152 712 724 420 18 21 204
Repayment of Debt		 -402 -513 -564 -0.88 -155 -331 -392 -52 -290 -1,468 -1,935
Payment of Dividends		 -12 -12 -12 -9.95 -11 0.00 0.00 -9.39 -0.48 -11 0.00
Issuance of Debt		 398 623 454 49 119 672 862 512 281 1,546 2,205
Other Financing Activities, net		 2.65 2.25 - -2.68 -35 -81 -15 -31 28 -46 -66
Cash Interest Paid		 - - - 3.37 9.49 5.96 22 63 105 111 115
Cash Income Taxes Paid		 - - - - - 0.00 0.00 1.42 1.43 2.75 1.70

Quarterly Cash Flow Statements for The Baldwin Insurance Group

This table details how cash moves in and out of The Baldwin Insurance Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q3 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 11/1/2025
Net Change in Cash & Equivalents		 33 7.35 126 -15 -32 -14 85 -58 21 109 -158
Net Cash From Operating Activities		 -23 3.01 18 32 -2.30 -64 -17 41 10 -6.07 -1.19
Net Cash From Continuing Operating Activities		 -23 3.01 18 32 -2.30 -64 -17 41 10 -6.07 -1.19
Net Income / (Loss) Continuing Operations		 -62 39 -31 -14 -35 25 -5.14 -30 -44 -1.90 1.43
Consolidated Net Income / (Loss)		 -62 39 -31 -14 -35 25 -5.14 -30 -44 -1.90 1.43
Depreciation Expense		 25 26 27 28 28 27 28 32 41 57 13
Amortization Expense		 1.55 1.55 1.45 1.42 1.42 1.42 1.42 1.42 1.42 1.67 4.28
Non-Cash Adjustments To Reconcile Net Income		 30 -69 30 9.58 34 -129 -3.62 28 27 -41 6.50
Changes in Operating Assets and Liabilities, net		 -16 5.57 -8.99 7.43 -30 11 -37 9.73 -15 -22 -26
Net Cash From Investing Activities		 -4.97 45 -9.01 -9.99 -12 -8.61 -38 -83 -11 -491 -122
Net Cash From Continuing Investing Activities		 -4.97 45 -9.01 -9.99 -12 -8.61 -38 -83 -11 -491 -122
Purchase of Property, Plant & Equipment		 -7.22 -8.15 -11 -10 -12 -8.93 -11 -8.86 -10 -13 -13
Net Cash From Financing Activities		 60 -40 117 -38 -17 59 139 -15 21 607 -35
Net Cash From Continuing Financing Activities		 60 -40 117 -38 -17 59 139 -15 21 607 -35
Repayment of Debt		 -9.46 -80 -1,370 -2.85 -15 -848 -2.36 -1,073 -13 -174 -138
Repurchase of Common Equity		 - - - - - 0.00 - - - -47 -0.00
Payment of Dividends		 0.31 - - - - - - - - - -2.38
Issuance of Debt		 23 70 1,465 - 11 945 112 1,099 49 845 105
Issuance of Common Equity		 - - - - - - - - - - 0.16
Effect of Exchange Rate Changes		 - - - - - - - - - - -0.02

Annual Balance Sheets for The Baldwin Insurance Group

This table presents The Baldwin Insurance Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/30/2016 1/28/2017 2/3/2018 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,303 1,475 1,489 140 399 1,530 2,876 3,462 3,502 3,535 3,862
Total Current Assets		 875 844 847 39 133 302 578 772 926 1,026 1,200
Cash & Equivalents		 118 55 64 8.00 68 108 138 118 116 313 347
Prepaid Expenses		 45 40 61 1.10 3.02 4.45 8.15 9.94 13 12 14
Other Current Assets		 - - - 29 59 156 341 532 628 702 839
Plant, Property, & Equipment, net		 179 219 213 2.15 3.32 11 17 25 23 22 23
Total Noncurrent Assets		 249 412 430 99 263 1,217 2,280 2,664 2,553 2,486 2,640
Goodwill		 14 127 127 66 164 652 1,229 1,422 1,412 1,412 1,517
Intangible Assets		 117 217 212 30 92 554 944 1,100 1,017 953 978
Other Noncurrent Operating Assets		 52 34 26 3.58 5.60 11 107 142 124 120 144
Total Liabilities & Shareholders' Equity		 1,303 1,475 1,489 140 399 1,530 2,876 3,462 3,502 3,535 3,862
Total Liabilities		 701 861 770 117 161 760 1,689 2,322 2,483 2,526 2,778
Total Current Liabilities		 390 528 430 33 73 217 541 699 1,033 1,056 1,033
Short-Term Debt		 0.00 110 0.00 0.83 2.48 6.09 97 48 217 149 9.00
Accounts Payable		 238 266 273 5.25 12 51 92 126 145 161 253
Accrued Expenses		 94 103 104 3.96 7.47 24 36 54 64 73 51
Other Current Liabilities		 - - - 23 51 136 316 471 556 674 720
Total Noncurrent Liabilities		 311 333 340 84 89 543 1,148 1,623 1,450 1,470 1,745
Long-Term Debt		 197 197 197 72 40 381 850 1,315 1,309 1,398 1,673
Capital Lease Obligations		 - - - - - - 71 88 79 69 58
Noncurrent Deferred & Payable Income Tax Liabilities		 32 53 51 - - - - - - - 0.00
Other Noncurrent Operating Liabilities		 35 32 27 12 48 161 227 220 61 2.67 14
Redeemable Noncontrolling Interest		 - - - 86 0.02 0.10 0.27 0.49 0.39 0.45 0.52
Total Equity & Noncontrolling Interests		 602 614 719 -63 237 770 1,187 1,140 1,018 1,008 1,084
Total Preferred & Common Equity		 601 613 717 -64 73 368 608 608 560 583 600
Total Common Equity		 601 613 717 -64 73 368 608 608 560 583 600
Common Stock		 139 122 137 -64 83 393 664 705 747 795 845
Retained Earnings		 468 522 596 0.00 -8.65 -24 -55 -97 -187 -211 -245
Accumulated Other Comprehensive Income / (Loss)		 -5.86 -30 -15 - - - - - - 0.00 0.49
Noncontrolling Interest		 0.99 1.37 1.47 0.94 164 402 579 531 458 425 484

Quarterly Balance Sheets for The Baldwin Insurance Group

This table presents The Baldwin Insurance Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 8/2/2025 11/1/2025
Total Assets		 3,465 3,423 3,510 3,680 3,539 3,549 3,739 3,794 5,943 2,152 2,079
Total Current Assets		 818 802 951 1,137 1,014 1,056 1,240 1,106 1,594 1,099 981
Cash & Equivalents		 106 79 112 208 182 299 384 326 456 191 34
Accounts Receivable		 - - - - - - - - - 136 181
Inventories, net		 - - - - - - - - - 693 678
Prepaid Expenses		 12 12 15 14 13 17 15 18 21 55 63
Current Deferred & Refundable Income Taxes		 - - - - - - - - - 7.23 8.05
Other Current Assets		 594 595 702 763 656 739 841 763 1,118 17 17
Plant, Property, & Equipment, net		 24 24 23 22 21 22 21 21 31 186 191
Total Noncurrent Assets		 2,622 2,597 2,536 2,521 2,503 2,471 2,478 2,666 4,317 867 907
Intangible Assets		 1,063 1,045 1,000 985 969 938 926 1,017 1,485 - 203
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - - 5.23 5.15
Employee Benefit Assets		 - - - - - - - - - 80 81
Other Noncurrent Operating Assets		 138 130 123 123 122 121 132 133 180 595 617
Total Liabilities & Shareholders' Equity		 3,465 3,423 3,510 3,680 3,539 3,549 3,739 3,794 5,943 2,152 2,079
Total Liabilities		 2,368 2,350 2,438 2,637 2,502 2,500 2,689 2,666 4,391 1,530 1,454
Total Current Liabilities		 827 798 1,053 1,156 1,032 933 1,007 960 1,474 1,015 924
Short-Term Debt		 118 99 235 210 207 45 6.76 17 115 388 355
Accounts Payable		 110 131 132 132 164 157 158 222 286 296 215
Accrued Expenses		 65 66 86 74 71 87 72 69 93 203 214
Current Deferred & Payable Income Tax Liabilities		 - - - - - - - - - 12 15
Other Current Liabilities		 535 502 600 741 589 643 770 652 980 116 126
Total Noncurrent Liabilities		 1,541 1,551 1,385 1,481 1,471 1,567 1,681 1,706 2,917 515 529
Noncurrent Deferred Revenue		 - - - - - - - - - 0.00 0.00
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - 149 32 33
Other Noncurrent Operating Liabilities		 178 176 6.46 6.50 2.63 2.82 10 11 348 483 497
Total Equity & Noncontrolling Interests		 1,097 1,074 1,071 1,043 1,036 1,048 1,050 1,128 1,551 622 625
Total Preferred & Common Equity		 599 591 598 591 595 620 631 620 964 613 617
Total Common Equity		 599 591 598 591 595 620 631 620 964 613 617
Common Stock		 733 743 763 774 787 817 831 838 1,236 194 197
Retained Earnings		 -135 -152 -165 -183 -191 -197 -201 -219 -275 446 446
Accumulated Other Comprehensive Income / (Loss)		 - - - - - - - 1.05 2.74 -27 -27
Noncontrolling Interest		 498 483 473 452 441 428 419 508 587 8.65 8.58

Annual Metrics And Ratios for The Baldwin Insurance Group

This table displays calculated financial ratios and metrics derived from The Baldwin Insurance Group's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/30/2016 1/28/2017 2/3/2018 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.22% 0.08% 7.99% 0.00% 72.56% 74.78% 135.47% 72.88% 24.25% 13.99% 8.34%
EBITDA Growth		 1.67% -10.05% 21.93% 0.00% -45.73% -112.71% 2,856.02% 263.33% -30.35% 230.32% 4.68%
EBIT Growth		 3.44% -17.85% 26.17% 0.00% -154.38% -335.00% -41.61% 84.10% -772.18% 294.81% -11.19%
NOPAT Growth		 7.16% -35.82% 39.16% 0.00% -137.23% -332.87% -44.16% 1.67% -36.83% 242.53% 21.91%
Net Income Growth		 -1.35% -19.23% 84.43% 0.00% -935.03% -33.09% -94.48% -32.05% -113.71% 74.95% -31.82%
EPS Growth		 -2.12% -17.84% 32.89% 0.00% 0.00% 0.00% -10.34% -15.63% -102.70% 74.00% -28.21%
Operating Cash Flow Growth		 25.54% 23.11% 4.22% 0.00% 1.87% 206.45% 9.00% -106.14% 101.87% 111,754.35% -157.17%
Free Cash Flow Firm Growth		 262.01% -230.92% 187.07% 0.00% 0.00% -558.87% -19.76% 58.87% 85.24% 303.11% -194.03%
Invested Capital Growth		 1.48% 27.21% -1.59% 0.00% 137.89% 385.74% 94.73% 19.37% 1.27% -3.30% 7.17%
Revenue Q/Q Growth		 -0.26% 1.21% 2.31% 0.00% 0.00% 15.92% 18.74% 9.72% 3.27% 3.37% 1.17%
EBITDA Q/Q Growth		 2.14% -10.40% 39.80% 0.00% 0.00% 90.34% -36.43% -20.34% 159.28% 6.96% 10.53%
EBIT Q/Q Growth		 3.15% -16.72% 71.54% 0.00% 0.00% 17.53% -314.42% -120.19% 44.85% 13.08% 10.56%
NOPAT Q/Q Growth		 -3.32% -29.90% 59.13% 0.00% 0.00% 17.88% -320.06% -1,126.75% 46.31% 66.63% -9.50%
Net Income Q/Q Growth		 -5.34% -21.20% 100.68% 0.00% 0.00% 20.73% -76.91% -158.76% 15.01% 40.24% -19.50%
EPS Q/Q Growth		 -6.57% -21.24% 44.29% 0.00% 0.00% -176.19% -16.36% -105.56% 15.25% 40.00% -16.28%
Operating Cash Flow Q/Q Growth		 11.01% -9.15% 13.32% 0.00% -26.68% 30.48% 21.28% 30.94% -99.88% -31.94% -437.75%
Free Cash Flow Firm Q/Q Growth		 -15.24% -189.23% 178.31% 0.00% 0.00% 0.00% -12.45% 63.44% -283.86% 888.32% -27.40%
Invested Capital Q/Q Growth		 -4.38% 29.18% -1.01% 0.00% 0.00% 117.55% 47.94% -3.34% 1.55% -2.35% -1.45%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.65% 41.17% 41.95% 35.34% 29.66% 27.73% 29.48% 26.64% 42.56% 45.13% 48.33%
EBITDA Margin		 7.28% 6.55% 7.39% 15.68% 4.93% -0.36% 4.20% 8.82% 4.95% 14.33% 13.85%
Operating Margin		 5.24% 3.72% 4.58% 11.93% -3.68% -9.11% -5.57% -3.17% -3.49% 4.37% 4.91%
EBIT Margin		 5.24% 4.30% 5.03% 11.66% -3.67% -9.15% -5.50% -0.51% -3.55% 6.07% 4.97%
Profit (Net Income) Margin		 3.17% 2.56% 4.38% 3.37% -16.29% -12.40% -10.25% -7.83% -13.46% -2.96% -3.60%
Tax Burden Percent		 75.23% 67.95% 99.33% 100.00% 100.08% 99.98% 100.03% 100.94% 100.79% 104.40% 103.30%
Interest Burden Percent		 80.50% 87.63% 87.63% 28.87% 442.98% 135.66% 186.21% 1,532.61% 376.10% -46.68% -70.03%
Effective Tax Rate		 24.77% 32.05% 28.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 15.04% 8.43% 10.56% 10.84% -2.39% -2.51% -1.48% -1.00% -1.25% 1.81% 2.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 -4.04% 8.95% 26.72% 0.33% -105.02% -15.88% -8.43% -6.47% -11.61% -4.44% -5.70%
Return on Net Nonoperating Assets (RNNOA)		 -0.73% 2.43% 7.72% 0.95% -14.88% -3.43% -4.46% -5.59% -13.94% -5.86% -7.34%
Return on Equity (ROE)		 14.30% 10.86% 18.28% 11.79% -17.27% -5.93% -5.94% -6.59% -15.19% -4.05% -5.17%
Cash Return on Invested Capital (CROIC)		 13.57% -15.52% 12.17% 0.00% -84.01% -134.22% -65.76% -18.66% -2.51% 5.16% -4.76%
Operating Return on Assets (OROA)		 10.73% 7.99% 9.45% 6.66% -1.88% -2.28% -1.42% -0.16% -1.24% 2.40% 2.02%
Return on Assets (ROA)		 6.50% 4.76% 8.22% 1.92% -8.34% -3.10% -2.64% -2.42% -4.71% -1.17% -1.46%
Return on Common Equity (ROCE)		 14.28% 10.84% 18.24% -32.94% -0.64% -2.60% -2.96% -3.45% -8.22% -2.29% -2.93%
Return on Equity Simple (ROE_SIMPLE)		 13.60% 10.78% 16.99% -4.22% -30.64% -8.13% -9.55% -12.62% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 102 65 91 9.53 -3.55 -15 -22 -22 -30 42 52
NOPAT Margin		 3.94% 2.53% 3.26% 11.93% -2.57% -6.37% -3.90% -2.22% -2.44% 3.06% 3.44%
Net Nonoperating Expense Percent (NNEP)		 19.08% -0.52% -16.16% 10.51% 102.63% 13.38% 6.95% 5.47% 10.36% 6.25% 7.86%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -0.84% -1.14% 1.62% 1.83%
Cost of Revenue to Revenue		 59.35% 58.83% 58.05% 64.66% 70.34% 72.27% 70.52% 73.36% 57.44% 54.87% 51.67%
SG&A Expenses to Revenue		 35.41% 36.54% 37.19% 18.00% 17.83% 19.95% 18.01% 17.71% 15.61% 13.85% 15.97%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 35.41% 37.45% 37.37% 23.41% 33.34% 36.84% 35.06% 29.81% 46.05% 40.76% 43.42%
Earnings before Interest and Taxes (EBIT)		 135 111 140 9.31 -5.07 -22 -31 -4.96 -43 84 75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 188 169 206 13 6.80 -0.86 24 87 60 199 208
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.74 1.88 1.57 0.00 0.00 2.21 2.82 2.54 2.76 4.49 2.87
Price to Tangible Book Value (P/TBV)		 2.22 4.27 2.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.41 0.45 0.40 0.00 0.00 3.38 3.03 1.57 1.27 1.89 1.14
Price to Earnings (P/E)		 12.84 17.51 12.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 1.17% 1.05% 1.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 7.79% 5.71% 7.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.65 1.62 1.48 0.00 0.00 1.44 1.56 1.40 1.42 1.88 1.45
Enterprise Value to Revenue (EV/Rev)		 0.44 0.54 0.45 0.00 0.00 6.07 5.44 3.36 2.78 3.13 2.39
Enterprise Value to EBITDA (EV/EBITDA)		 6.00 8.31 6.12 0.00 0.00 0.00 129.66 38.10 56.21 21.84 17.26
Enterprise Value to EBIT (EV/EBIT)		 8.33 12.64 8.99 0.00 0.00 0.00 0.00 0.00 0.00 51.57 48.05
Enterprise Value to NOPAT (EV/NOPAT)		 11.08 21.51 13.87 0.00 0.00 0.00 0.00 0.00 0.00 102.40 69.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.55 7.64 6.58 0.00 0.00 39.71 76.94 0.00 73,635.23 84.49 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 12.27 0.00 12.04 0.00 0.00 0.00 0.00 0.00 0.00 35.83 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.33 0.50 0.27 3.20 0.18 0.50 0.86 1.27 1.58 1.60 1.60
Long-Term Debt to Equity		 0.33 0.32 0.27 3.17 0.17 0.50 0.78 1.23 1.36 1.45 1.60
Financial Leverage		 0.18 0.27 0.29 2.85 0.14 0.22 0.53 0.86 1.20 1.32 1.29
Leverage Ratio		 2.20 2.28 2.22 6.13 2.07 1.91 2.25 2.72 3.23 3.47 3.53
Compound Leverage Factor		 1.77 2.00 1.95 1.77 9.17 2.60 4.19 41.74 12.13 -1.62 -2.47
Debt to Total Capital		 24.60% 33.32% 21.55% 76.21% 15.29% 33.48% 46.15% 56.00% 61.17% 61.56% 61.60%
Short-Term Debt to Total Capital		 0.00% 11.94% 0.00% 0.86% 0.89% 0.53% 4.38% 1.86% 8.26% 5.66% 0.32%
Long-Term Debt to Total Capital		 24.60% 21.38% 21.55% 75.35% 14.41% 32.95% 41.77% 54.14% 52.91% 55.90% 61.28%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.12% 0.15% 0.16% 90.23% 58.54% 34.75% 26.27% 20.53% 17.47% 16.22% 17.14%
Common Equity to Total Capital		 75.28% 66.54% 78.29% -66.44% 26.16% 31.78% 27.59% 23.47% 21.36% 22.22% 21.25%
Debt to EBITDA		 1.05 1.82 0.96 5.84 6.30 -448.47 42.73 16.77 26.63 8.12 8.35
Net Debt to EBITDA		 0.42 1.49 0.65 5.20 -4.15 -284.09 33.17 14.11 22.96 6.54 6.68
Long-Term Debt to EBITDA		 1.05 1.17 0.96 5.77 5.94 -441.41 38.68 16.21 23.04 7.37 8.31
Debt to NOPAT		 1.93 4.71 2.18 7.67 -12.08 -25.23 -45.96 -66.65 -53.88 38.05 33.62
Net Debt to NOPAT		 0.77 3.86 1.47 6.83 7.96 -15.98 -35.68 -56.06 -46.46 30.68 26.91
Long-Term Debt to NOPAT		 1.93 3.02 2.18 7.58 -11.38 -24.84 -41.60 -64.43 -46.61 34.55 33.44
Altman Z-Score		 4.16 3.55 3.95 0.00 0.00 0.80 0.76 0.66 0.57 1.00 0.79
Noncontrolling Interest Sharing Ratio		 0.15% 0.19% 0.21% 379.33% 96.31% 56.21% 50.13% 47.74% 45.88% 43.60% 43.46%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.24 1.60 1.97 1.16 1.83 1.39 1.07 1.10 0.90 0.97 1.16
Quick Ratio		 0.70 0.40 0.50 0.24 0.93 0.50 0.26 0.17 0.11 0.30 0.34
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 92 -120 105 0.00 -125 -822 -984 -405 -60 121 -114
Operating Cash Flow to CapEx		 202.16% 308.29% 373.94% 158.64% 501.21% 502.76% 470.28% -11.20% 0.22% 125.35% -74.43%
Free Cash Flow to Firm to Interest Expense		 3.36 -8.74 6.03 0.00 -7.18 -104.59 -36.58 -5.70 -0.50 0.98 -0.89
Operating Cash Flow to Interest Expense		 5.47 13.37 11.05 1.78 0.69 4.69 1.49 -0.03 0.00 0.42 -0.23
Operating Cash Flow Less CapEx to Interest Expense		 2.76 9.04 8.09 0.66 0.55 3.75 1.17 -0.34 -0.18 0.08 -0.54
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.05 1.86 1.88 0.57 0.51 0.25 0.26 0.31 0.35 0.39 0.41
Accounts Receivable Turnover		 17.76 16.82 18.22 682.74 1,723.01 7,771.58 672.54 0.00 0.00 0.00 0.00
Inventory Turnover		 2.81 2.68 2.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 15.68 12.96 12.90 37.19 50.40 33.60 39.82 45.74 50.65 62.17 67.67
Accounts Payable Turnover		 6.74 6.02 6.00 9.84 11.03 5.46 5.57 6.60 5.17 4.99 3.76
Days Sales Outstanding (DSO)		 20.56 21.71 20.03 0.53 0.21 0.05 0.54 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 130.03 136.21 130.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 54.13 60.64 60.87 37.08 33.09 66.90 65.56 55.29 70.58 73.16 96.98
Cash Conversion Cycle (CCC)		 96.45 97.28 89.54 -36.54 -32.88 -66.85 -65.02 -55.29 -70.58 -73.16 -96.98
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 681 866 852 88 209 1,015 1,977 2,360 2,390 2,311 2,477
Invested Capital Turnover		 3.81 3.33 3.24 0.91 0.93 0.39 0.38 0.45 0.51 0.59 0.63
Increase / (Decrease) in Invested Capital		 9.93 185 -14 0.00 121 806 962 383 30 -79 166
Enterprise Value (EV)		 1,126 1,403 1,259 0.00 0.00 1,462 3,087 3,297 3,387 4,347 3,597
Market Capitalization		 1,046 1,150 1,124 0.00 0.00 814 1,718 1,544 1,545 2,619 1,720
Book Value per Share		 $13.76 $14.28 $16.69 $0.00 $3.89 $10.82 $5.42 $5.24 $4.80 $4.96 $5.06
Tangible Book Value per Share		 $10.77 $6.27 $8.80 $0.00 ($9.74) ($24.66) ($13.95) ($16.49) ($16.01) ($15.16) ($15.97)
Total Capital		 799 921 916 96 280 1,157 2,205 2,591 2,624 2,624 2,824
Total Debt		 197 307 197 73 43 387 1,018 1,451 1,605 1,615 1,740
Total Long-Term Debt		 197 197 197 72 40 381 921 1,403 1,388 1,467 1,731
Net Debt		 78 252 133 65 -28 245 790 1,220 1,384 1,303 1,393
Capital Expenditures (CapEx)		 74 60 51 7.43 2.40 7.32 8.53 22 21 41 40
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 367 371 353 -1.80 -8.49 -51 -93 -109 -112 -194 -171
Debt-free Net Working Capital (DFNWC)		 485 426 417 6.20 63 91 134 121 109 119 176
Net Working Capital (NWC)		 485 316 417 5.37 60 85 38 73 -108 -30 167
Net Nonoperating Expense (NNE)		 20 -0.86 -31 6.84 19 15 36 55 134 84 106
Net Nonoperating Obligations (NNO)		 78 252 133 65 -28 245 790 1,220 1,371 1,303 1,393
Total Depreciation and Amortization (D&A)		 53 58 66 3.21 12 21 55 91 104 115 134
Debt-free, Cash-free Net Working Capital to Revenue		 14.22% 14.38% 12.66% -2.25% -6.16% -21.32% -16.47% -11.12% -9.18% -13.98% -11.36%
Debt-free Net Working Capital to Revenue		 18.81% 16.52% 14.96% 7.76% 45.40% 37.63% 23.67% 12.38% 8.96% 8.54% 11.69%
Net Working Capital to Revenue		 18.81% 12.26% 14.96% 6.72% 43.60% 35.10% 6.65% 7.46% -8.82% -2.16% 11.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.86 $1.52 $2.03 $0.00 $0.00 ($0.58) ($0.64) ($0.74) ($1.50) ($0.39) ($0.50)
Adjusted Weighted Average Basic Shares Outstanding		 43.66M 42.96M 43.03M 0.00 19.86M 95.65M 114.94M 56.83M 60.13M 63.46M 67.94M
Adjusted Diluted Earnings per Share		 $1.85 $1.52 $2.02 $0.00 $0.00 ($0.58) ($0.64) ($0.74) ($1.50) ($0.39) ($0.50)
Adjusted Weighted Average Diluted Shares Outstanding		 43.66M 42.96M 43.03M 0.00 19.86M 95.65M 114.94M 56.83M 60.13M 63.46M 67.94M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.58) ($0.64) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 43.66M 42.96M 43.03M 0.00 0.00 27.18M 47.59M 116.09M 116.67M 117.59M 142.86M
Normalized Net Operating Profit after Tax (NOPAT)		 102 81 94 6.67 -3.55 -15 9.50 0.85 13 39 56
Normalized NOPAT Margin		 3.94% 3.15% 3.38% 8.35% -2.57% -6.37% 1.67% 0.09% 1.06% 2.81% 3.70%
Pre Tax Income Margin		 4.22% 3.77% 4.41% 3.37% -16.28% -12.41% -10.24% -7.75% -13.35% -2.83% -3.48%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.95 8.08 8.08 1.41 -0.29 -2.80 -1.16 -0.07 -0.36 0.68 0.59
NOPAT to Interest Expense		 3.72 4.75 5.24 1.44 -0.20 -1.95 -0.82 -0.31 -0.25 0.34 0.41
EBIT Less CapEx to Interest Expense		 2.25 3.75 5.13 0.28 -0.43 -3.74 -1.48 -0.38 -0.54 0.35 0.28
NOPAT Less CapEx to Interest Expense		 1.02 0.41 2.29 0.32 -0.34 -2.89 -1.14 -0.62 -0.43 0.01 0.10
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 14.97% 18.32% 9.87% 370.03% -46.98% 0.00% 0.00% -12.24% -0.29% -26.96% 0.00%
Augmented Payout Ratio		 27.46% 59.67% 17.92% 370.03% -102.65% 0.00% 0.00% -12.24% -0.29% -26.96% 0.00%

Quarterly Metrics And Ratios for The Baldwin Insurance Group

This table displays calculated financial ratios and metrics derived from The Baldwin Insurance Group's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 8/2/2025 11/1/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.11% 14.35% 10.67% 15.89% 8.69% 11.47% 7.80% 5.27% 28.74% 0.00% 0.00%
EBITDA Growth		 253.26% 280.24% 89.85% 319.60% -12.45% 24.25% -19.67% 223.15% -148.61% 0.00% 0.00%
EBIT Growth		 3,282.92% 219.93% 1,432.33% 32.24% -19.69% 61.59% -75.82% 34.88% -275.70% 0.00% 0.00%
NOPAT Growth		 1,229.63% 199.56% 17,813.95% 81.58% 66.30% 69.77% -79.13% -141.82% -226.54% 0.00% 0.00%
Net Income Growth		 251.23% 29.31% 54.77% 44.25% -36.32% 83.34% -108.89% -25.36% -107.62% 0.00% 0.00%
EPS Growth		 237.50% 30.00% 55.17% 45.61% -39.39% 82.14% -107.69% -22.58% -90.00% 0.00% 0.00%
Operating Cash Flow Growth		 121.43% -62.92% 356.62% 89.89% -2,227.80% -191.18% 26.56% 546.28% 90.51% 0.00% 0.00%
Free Cash Flow Firm Growth		 104.69% -84.45% -102.75% 247.84% 588.62% 367.53% -5,875.80% -333.35% -1,003.05% 0.00% 0.00%
Invested Capital Growth		 0.50% 0.11% 0.56% -3.30% -3.78% -0.95% 6.20% 7.17% 53.89% 0.00% 0.00%
Revenue Q/Q Growth		 33.63% -10.65% -0.27% -2.67% 25.32% -8.37% -3.54% -4.96% 53.26% 0.00% 19.97%
EBITDA Q/Q Growth		 2,529.28% -54.25% 3.80% -80.96% 868.47% -35.07% -32.89% -23.43% -245.67% 0.00% 180.85%
EBIT Q/Q Growth		 335.74% -76.69% 1.38% -221.62% 379.40% -53.09% -84.83% -427.45% -653.87% 0.00% 13.35%
NOPAT Q/Q Growth		 261.88% -65.80% -6.39% -135.53% 1,561.90% -65.09% -88.49% -511.60% -665.02% 0.00% -75.43%
Net Income Q/Q Growth		 162.56% -178.94% 53.11% -140.68% 171.47% -120.65% -488.15% -44.44% 95.66% 0.00% -79.69%
EPS Q/Q Growth		 157.89% -184.85% 53.57% -138.46% 164.52% -125.00% -440.00% -40.74% 105.26% 0.00% -65.00%
Operating Cash Flow Q/Q Growth		 -86.23% 509.88% 76.72% -107.10% -2,680.66% 73.87% 345.30% -74.96% -159.14% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 142.52% -58.42% -126.94% 3,203.66% 98.04% -71.77% -444.38% -21.19% -666.41% 0.00% 0.00%
Invested Capital Q/Q Growth		 2.56% -3.45% 0.01% -2.35% 2.05% -0.61% 7.22% -1.45% 46.53% 0.00% 15.70%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 47.14% 48.31% 49.06% 35.48% 52.10% 48.40% 47.17% 45.00% 46.71% 43.40% 41.76%
EBITDA Margin		 25.87% 13.25% 13.79% 2.70% 20.84% 14.77% 10.27% 8.28% -7.87% 1.56% 3.66%
Operating Margin		 9.01% 4.84% 4.55% -1.66% 13.55% 7.38% 0.88% -3.81% -19.03% 1.41% 1.51%
EBIT Margin		 18.75% 4.89% 4.97% -6.21% 13.85% 7.09% 1.12% -3.84% -18.91% 1.56% 1.48%
Profit (Net Income) Margin		 10.28% -9.08% -4.27% -10.56% 6.02% -1.36% -8.28% -12.58% -0.36% 1.07% 0.18%
Tax Burden Percent		 98.32% 105.05% 100.00% 98.81% 100.00% 115.37% 100.00% 102.45% 1.29% 121.99% 23.27%
Interest Burden Percent		 55.76% -176.74% -85.88% 172.02% 43.48% -16.59% -741.83% 319.40% 145.52% 56.28% 52.87%
Effective Tax Rate		 1.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -21.99% 76.73%
Return on Invested Capital (ROIC)		 4.59% 1.88% 1.81% -0.69% 8.01% 3.20% 0.38% -1.68% -7.22% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.00% -1.39% -0.12% -3.01% 5.70% 1.32% -2.02% -4.23% -3.15% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 6.12% -1.69% -0.15% -3.96% 7.23% 1.64% -2.53% -5.45% -4.11% 0.00% 0.00%
Return on Equity (ROE)		 10.71% 0.19% 1.66% -4.65% 15.24% 4.85% -2.15% -7.12% -11.33% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 -0.84% 0.52% 0.52% 5.16% 6.25% 3.74% -3.67% -4.76% -44.40% 0.00% 0.00%
Operating Return on Assets (OROA)		 6.84% 1.80% 1.92% -2.45% 5.58% 2.79% 0.45% -1.56% -6.47% 0.00% 0.00%
Return on Assets (ROA)		 3.75% -3.33% -1.65% -4.17% 2.43% -0.53% -3.36% -5.12% -0.12% 0.00% 0.00%
Return on Common Equity (ROCE)		 5.87% 0.11% 0.93% -2.62% 8.75% 2.83% -1.21% -4.03% -6.90% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 -16.57% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 34 12 11 -3.83 56 20 2.25 -9.27 -71 11 2.78
NOPAT Margin		 8.86% 3.39% 3.18% -1.16% 13.55% 5.16% 0.62% -2.67% -13.32% 1.72% 0.35%
Net Nonoperating Expense Percent (NNEP)		 -0.40% 3.27% 1.94% 2.32% 2.31% 1.89% 2.39% 2.55% -4.07% 2.18% 0.42%
Return On Investment Capital (ROIC_SIMPLE)		 1.25% 0.42% 0.40% -0.15% 2.11% 0.72% 0.08% -0.33% -1.74% 1.12% 0.28%
Cost of Revenue to Revenue		 52.86% 51.69% 50.94% 64.52% 47.90% 51.60% 52.83% 55.00% 53.29% 56.60% 58.24%
SG&A Expenses to Revenue		 12.04% 13.70% 14.41% 15.51% 14.03% 14.81% 15.33% 20.20% 42.12% 40.96% 39.40%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 38.14% 43.47% 44.52% 37.14% 38.55% 41.02% 46.29% 48.81% 65.74% 41.99% 40.25%
Earnings before Interest and Taxes (EBIT)		 71 17 17 -20 57 27 4.08 -13 -101 10 12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 98 45 47 8.90 86 56 38 29 -42 10 29
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.11 3.97 5.58 4.49 4.92 4.79 3.25 2.87 2.20 0.73 0.61
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.04 0.90
Price to Revenue (P/Rev)		 1.47 1.79 2.47 1.89 2.14 2.07 1.35 1.14 1.31 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.13% 2.54%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.52 1.74 2.15 1.88 2.03 2.02 1.55 1.45 1.32 0.79 0.74
Enterprise Value to Revenue (EV/Rev)		 2.93 3.14 3.79 3.13 3.36 3.24 2.63 2.39 2.95 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 28.40 25.14 27.38 21.84 25.61 23.96 20.72 17.26 59.59 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 143.24 73.06 68.36 51.57 68.11 58.86 57.68 48.05 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 279.39 200.00 102.40 82.95 72.09 68.30 69.51 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 60.23 134.88 67.40 84.49 0.00 46,909.53 448.44 0.00 168.05 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 337.68 415.09 35.83 31.84 53.77 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.51 1.61 1.62 1.60 1.54 1.60 1.52 1.60 1.63 0.62 0.57
Long-Term Debt to Equity		 1.29 1.41 1.42 1.45 1.49 1.59 1.50 1.60 1.56 0.00 0.00
Financial Leverage		 1.22 1.21 1.24 1.32 1.27 1.25 1.25 1.29 1.30 0.32 0.51
Leverage Ratio		 3.16 3.34 3.30 3.47 3.33 3.54 3.39 3.53 3.65 3.46 3.32
Compound Leverage Factor		 1.76 -5.90 -2.83 5.97 1.45 -0.59 -25.13 11.29 5.31 1.95 1.76
Debt to Total Capital		 60.09% 61.73% 61.77% 61.56% 60.56% 61.50% 60.27% 61.60% 62.03% 38.39% 36.21%
Short-Term Debt to Total Capital		 8.76% 7.68% 7.63% 5.66% 1.71% 0.25% 0.60% 0.32% 2.83% 38.39% 36.21%
Long-Term Debt to Total Capital		 51.34% 54.05% 54.14% 55.90% 58.85% 61.25% 59.67% 61.28% 59.20% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 17.64% 16.60% 16.27% 16.22% 16.13% 15.38% 17.91% 17.14% 14.38% 0.86% 0.88%
Common Equity to Total Capital		 22.26% 21.67% 21.95% 22.22% 23.31% 23.12% 21.82% 21.25% 23.59% 60.76% 62.91%
Debt to EBITDA		 12.34 10.27 9.00 8.12 8.62 8.49 9.08 8.35 31.54 0.00 0.00
Net Debt to EBITDA		 10.55 8.07 7.15 6.54 7.02 6.55 7.35 6.68 25.87 0.00 0.00
Long-Term Debt to EBITDA		 10.54 8.99 7.89 7.37 8.37 8.45 8.99 8.31 30.11 0.00 0.00
Debt to NOPAT		 -193.56 114.11 65.75 38.05 27.90 25.53 29.93 33.62 -43.44 0.00 0.00
Net Debt to NOPAT		 -165.46 89.70 52.22 30.68 22.72 19.69 24.23 26.91 -35.62 0.00 0.00
Long-Term Debt to NOPAT		 -165.35 99.91 57.63 34.55 27.11 25.43 29.63 33.44 -41.46 0.00 0.00
Altman Z-Score		 0.79 0.83 1.11 0.90 1.15 1.09 0.81 0.71 0.47 0.00 0.00
Noncontrolling Interest Sharing Ratio		 45.23% 44.44% 43.80% 43.60% 42.57% 41.65% 43.87% 43.46% 39.09% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.90 0.98 0.98 0.97 1.13 1.23 1.15 1.16 1.08 1.08 1.06
Quick Ratio		 0.11 0.18 0.18 0.30 0.32 0.38 0.34 0.34 0.31 0.32 0.23
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 22 8.97 -2.42 75 149 42 -144 -175 -1,342 0.00 0.00
Operating Cash Flow to CapEx		 36.91% 173.70% 317.94% -18.94% -716.25% -146.97% 462.74% 99.19% -47.95% 0.00% -9.36%
Free Cash Flow to Firm to Interest Expense		 0.68 0.20 -0.08 5.08 4.59 1.34 -4.20 -5.93 -28.98 0.00 0.00
Operating Cash Flow to Interest Expense		 0.10 0.40 1.03 -0.16 -1.98 -0.53 1.19 0.35 -0.13 0.00 -0.22
Operating Cash Flow Less CapEx to Interest Expense		 -0.16 0.17 0.71 -0.98 -2.25 -0.90 0.93 0.00 -0.40 0.00 -2.53
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.36 0.37 0.39 0.39 0.40 0.39 0.41 0.41 0.34 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 52.35 56.09 58.89 62.17 62.75 66.89 70.07 67.67 60.33 0.00 0.00
Accounts Payable Turnover		 7.27 6.86 5.30 4.99 5.25 7.22 5.54 3.76 3.90 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 50.19 53.18 68.83 73.16 69.59 50.57 65.88 96.98 93.69 0.00 0.00
Cash Conversion Cycle (CCC)		 -50.19 -53.18 -68.83 -73.16 -69.59 -50.57 -65.88 -96.98 -93.69 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,451 2,367 2,367 2,311 2,359 2,345 2,514 2,477 3,630 818 946
Invested Capital Turnover		 0.52 0.55 0.57 0.59 0.59 0.62 0.61 0.63 0.54 0.00 0.00
Increase / (Decrease) in Invested Capital		 12 2.55 13 -79 -93 -22 147 166 1,271 0.00 0.00
Enterprise Value (EV)		 3,715 4,122 5,096 4,347 4,785 4,738 3,906 3,597 4,788 650 703
Market Capitalization		 1,861 2,346 3,324 2,619 3,046 3,024 2,012 1,720 2,122 445 374
Book Value per Share		 $9.67 $5.03 $5.06 $4.96 $5.27 $5.32 $5.22 $5.06 $6.75 $18.15 $18.22
Tangible Book Value per Share		 ($29.34) ($15.37) ($15.18) ($15.16) ($14.71) ($14.47) ($16.12) ($15.97) ($22.21) $12.62 $12.22
Total Capital		 2,686 2,727 2,712 2,624 2,658 2,728 2,840 2,824 4,086 1,009 980
Total Debt		 1,614 1,684 1,675 1,615 1,610 1,678 1,712 1,740 2,534 388 355
Total Long-Term Debt		 1,379 1,474 1,468 1,467 1,564 1,671 1,694 1,731 2,419 0.00 0.00
Net Debt		 1,380 1,323 1,330 1,303 1,310 1,294 1,386 1,393 2,078 196 321
Capital Expenditures (CapEx)		 8.15 11 10 12 8.93 11 8.86 10 13 0.00 13
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -101 -170 -155 -194 -131 -145 -162 -171 -221 280 378
Debt-free Net Working Capital (DFNWC)		 133 190 190 119 168 239 164 176 236 472 412
Net Working Capital (NWC)		 -102 -19 -17 -30 122 232 146 167 120 84 57
Net Nonoperating Expense (NNE)		 -5.42 42 25 31 31 25 32 34 -69 4.27 1.35
Net Nonoperating Obligations (NNO)		 1,380 1,323 1,330 1,303 1,310 1,294 1,386 1,393 2,078 196 321
Total Depreciation and Amortization (D&A)		 27 28 30 29 29 29 33 42 59 0.00 17
Debt-free, Cash-free Net Working Capital to Revenue		 -7.96% -12.94% -11.54% -13.98% -9.23% -9.91% -10.92% -11.36% -13.59% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 10.51% 14.53% 14.11% 8.54% 11.80% 16.36% 10.99% 11.69% 14.50% 0.00% 0.00%
Net Working Capital to Revenue		 -8.03% -1.45% -1.29% -2.16% 8.61% 15.89% 9.85% 11.09% 7.39% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.35 ($0.28) ($0.13) ($0.33) $0.21 ($0.05) ($0.27) ($0.39) $0.02 $0.20 $0.07
Adjusted Weighted Average Basic Shares Outstanding		 61.86M 63.12M 64.01M 63.46M 66.07M 68.01M 68.60M 67.94M 93.80M 33.84M 33.90M
Adjusted Diluted Earnings per Share		 $0.33 ($0.28) ($0.13) ($0.31) $0.20 ($0.05) ($0.27) ($0.38) $0.02 $0.20 $0.07
Adjusted Weighted Average Diluted Shares Outstanding		 65.31M 63.12M 64.01M 63.46M 69.33M 68.01M 68.60M 67.94M 96.83M 33.84M 33.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 117.55M 117.64M 117.58M 117.59M 118.52M 118.67M 118.65M 142.86M 142.57M 33.84M 33.90M
Normalized Net Operating Profit after Tax (NOPAT)		 46 15 10 -19 45 18 3.64 -11 -70 11 13
Normalized NOPAT Margin		 12.13% 4.53% 2.99% -5.88% 10.85% 4.80% 1.00% -3.17% -13.06% 1.71% 1.65%
Pre Tax Income Margin		 10.45% -8.65% -4.27% -10.69% 6.02% -1.18% -8.28% -12.28% -27.51% 0.88% 0.78%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.26 0.36 0.54 -1.39 1.77 0.86 0.12 -0.45 -2.17 2.29 2.12
NOPAT to Interest Expense		 1.07 0.25 0.34 -0.26 1.73 0.62 0.07 -0.31 -1.53 2.52 0.51
EBIT Less CapEx to Interest Expense		 2.00 0.13 0.21 -2.21 1.49 0.49 -0.14 -0.80 -2.45 0.00 -0.20
NOPAT Less CapEx to Interest Expense		 0.81 0.02 0.02 -1.08 1.45 0.26 -0.19 -0.66 -1.80 0.00 -1.81
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% -13.43% -16.22% -26.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -13.43% -16.22% -26.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of Baldwin Insurance Group, Inc. (BWIN) drawn from quarterly cash flow, income statement, and balance sheet data for the last four years. The focus is on trends in profitability, cash generation, and balance sheet strength that may matter to retail investors.

  • Profitability uptick in Q3 2026: Net income attributable to common shareholders was about $2.39 million with (diluted) earnings per share of $0.07, marking a move back toward profitability after several quarters of losses.
  • Strong top-line momentum in 2026: Revenue scale remained robust, with Q3 2026 operating revenue around $790.1 million, indicating solid top-line generation.
  • Positive cash flow in late 2025 and mid-2026: Operating cash flow was positive in Q4 2025 (+$10.27 million) and Q3 2025 (+$41.02 million), signaling improving cash generation from core operations.
  • Solid balance sheet base: Total assets near $2.08 billion in Q3 2026 and total equity around $625 million show a sizable asset base with a durable equity cushion.
  • Moderate equity growth: Total equity rose from roughly $613.3 million in mid-2025 to about $625.3 million by Q3 2026, suggesting ongoing retained earnings build or prudent capitalization.
  • Capital-raising flexibility: The quarter shows debt issuance of $105 million and a small equity infusion ($156 thousand) in 2026 Q3, indicating access to capital markets when needed.
  • Ongoing growth-oriented investing: Net cash from continuing investing activities was a meaningful outflow in 2026 quarters (e.g., approximately -$121.6 million in Q3 2026), reflecting capex and potential acquisitions that support growth.
  • Recurring non-cash benefits: Depreciation and amortization consistently contribute to operating cash flow across periods (e.g., about $12.95 million of depreciation and $4.28 million of amortization in Q3 2026), helping to cushion earnings.
  • Significant earnings volatility persists: Q4 2025 posted a large net loss (~$43.7 million), underscoring ongoing earnings volatility even as some quarters show gains.
  • Elevated debt burden and cash pressure: Long-Term Debt around $1.63 billion in Q3 2026, with substantial financing and cash balance movements (notably a large negative net change in cash for Q3 2026 of about -$157.5 million) point to meaningful leverage and ongoing cash flow pressure concerns.
05/11/26 02:37 PM ETAI Generated. May Contain Errors.

The Baldwin Insurance Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, The Baldwin Insurance Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

The Baldwin Insurance Group's net income appears to be on an upward trend, with a most recent value of -$54.15 million in 2025, falling from $81.82 million in 2015. The previous period was -$41.08 million in 2024.

The Baldwin Insurance Group's total operating income in 2025 was $73.94 million, based on the following breakdown:
  • Total Gross Profit: $727.35 million
  • Total Operating Expenses: $653.42 million

Over the last 10 years, The Baldwin Insurance Group's total revenue changed from $2.58 billion in 2015 to $1.50 billion in 2025, a change of -41.6%.

The Baldwin Insurance Group's total liabilities were at $2.78 billion at the end of 2025, a 10.0% increase from 2024, and a 296.3% increase since 2015.

In the past 10 years, The Baldwin Insurance Group's cash and equivalents has ranged from $8.00 million in 2018 to $346.90 million in 2025, and is currently $346.90 million as of their latest financial filing in 2025.

Over the last 10 years, The Baldwin Insurance Group's book value per share changed from 13.76 in 2015 to 5.06 in 2025, a change of -63.2%.


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Financial statements for NASDAQ:BRP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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