Baldwin Insurance Group (BWIN) Financials

$20.59 -0.68 (-3.20%)

Closing price 04:00 PM Eastern

Extended Trading

$20.63 +0.04 (+0.19%)

As of 07:33 PM Eastern

Annual Income Statements for Baldwin Insurance Group

This table shows 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

This table shows Baldwin Insurance Group's income and expenses over time, based on quarterly financial data. 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	Q2 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	8/2/2025	11/1/2025
Net Income / (Loss) Attributable to Common Shareholders	-34	22	-18	-8.38	-20	14	-3.16	-19	-26	6.71	2.39
Consolidated Net Income / (Loss)	-62	39	-31	-14	-35	25	-5.14	-30	-44	7.06	1.43
Net Income / (Loss) Continuing Operations	-62	39	-31	-14	-35	25	-5.14	-30	-44	7.06	1.43
Total Pre-Tax Income	-62	40	-29	-14	-35	25	-4.46	-30	-43	5.79	6.16
Total Operating Income	-30	34	16	15	-5.47	56	28	3.22	-13	9.29	12
Total Gross Profit	261	179	164	166	117	215	183	172	156	286	330
Total Revenue	285	380	340	339	330	413	379	365	347	659	790
Operating Revenue	285	380	340	339	330	413	379	365	347	659	790
Total Cost of Revenue	23	201	176	173	213	198	195	193	191	373	460
Operating Cost of Revenue	23	201	176	173	213	198	195	193	191	373	460
Total Operating Expenses	291	145	148	151	123	159	155	169	170	277	318
Selling, General & Admin Expense	49	46	47	49	51	58	56	56	70	270	311
Restructuring Charge	-	-	-	-	-	-	-	-	-	6.76	6.71
Total Other Income / (Expense), net	-32	5.51	-46	-30	-30	-31	-32	-33	-29	-3.50	-5.81
Interest Expense	32	32	46	31	15	32	31	34	30	4.50	5.50
Other Income / (Expense), net	-0.53	37	0.17	1.45	-15	1.25	-1.08	0.86	-0.11	0.99	-0.31
Income Tax Expense	0.38	0.67	1.48	0.00	-0.42	0.00	0.69	0.00	1.04	-1.27	4.73
Net Income / (Loss) Attributable to Noncontrolling Interest	-28	18	-13	-6.10	-15	11	-1.98	-12	-18	0.35	-0.95
Basic Earnings per Share	($0.57)	$0.35	($0.28)	($0.13)	($0.33)	$0.21	($0.05)	($0.27)	($0.39)	$0.20	$0.07
Weighted Average Basic Shares Outstanding	60.13M	61.86M	63.12M	64.01M	63.46M	66.07M	68.01M	68.60M	67.94M	33.84M	33.90M
Diluted Earnings per Share	($0.57)	$0.33	($0.28)	($0.13)	($0.31)	$0.20	($0.05)	($0.27)	($0.38)	$0.20	$0.07
Weighted Average Diluted Shares Outstanding	60.13M	65.31M	63.12M	64.01M	63.46M	69.33M	68.01M	68.60M	67.94M	33.84M	33.90M
Weighted Average Basic & Diluted Shares Outstanding	116.67M	117.55M	117.64M	117.58M	117.59M	118.52M	118.67M	118.65M	142.86M	33.84M	33.90M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$0.07	$0.07

This table details how cash moves in and out of 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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q3 2026
Period end date	9/30/2023	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	11/1/2025
Net Change in Cash & Equivalents	-19	33	7.35	126	-15	-32	-14	85	-58	21	-158
Net Cash From Operating Activities	-13	-23	3.01	18	32	-2.30	-64	-17	41	10	-1.19
Net Cash From Continuing Operating Activities	-13	-23	3.01	18	32	-2.30	-64	-17	41	10	-1.19
Net Income / (Loss) Continuing Operations	-32	-62	39	-31	-14	-35	25	-5.14	-30	-44	1.43
Consolidated Net Income / (Loss)	-32	-62	39	-31	-14	-35	25	-5.14	-30	-44	1.43
Depreciation Expense	25	25	26	27	28	28	27	28	32	41	13
Amortization Expense	1.24	1.55	1.55	1.45	1.42	1.42	1.42	1.42	1.42	1.42	4.28
Non-Cash Adjustments To Reconcile Net Income	-2.05	30	-69	30	9.58	34	-129	-3.62	28	27	6.50
Changes in Operating Assets and Liabilities, net	-4.45	-16	5.57	-8.99	7.43	-30	11	-37	9.73	-15	-26
Net Cash From Investing Activities	-6.35	-4.97	45	-9.01	-9.99	-12	-8.61	-38	-83	-11	-122
Net Cash From Continuing Investing Activities	-6.35	-4.97	45	-9.01	-9.99	-12	-8.61	-38	-83	-11	-122
Purchase of Property, Plant & Equipment	-3.92	-7.22	-8.15	-11	-10	-12	-8.93	-11	-8.86	-10	-13
Net Cash From Financing Activities	0.48	60	-40	117	-38	-17	59	139	-15	21	-35
Net Cash From Continuing Financing Activities	0.48	60	-40	117	-38	-17	59	139	-15	21	-35
Repayment of Debt	-181	-9.46	-80	-1,370	-2.85	-15	-848	-2.36	-1,073	-13	-138
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	-0.00
Payment of Dividends	-0.43	0.31	-	-	-	-	-	-	-	-	-2.38
Issuance of Debt	198	23	70	1,465	-	11	945	112	1,099	49	105
Issuance of Common Equity	-	-	-	-	-	-	-	-	-	-	0.16
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	-	-	-0.02

This table presents 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
Other Noncurrent Operating Liabilities	35	32	27	12	48	161	227	220	61	2.67	14
Commitments & Contingencies	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
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

This table presents 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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q2 2026	Q3 2026
Period end date	4/29/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	8/2/2025	11/1/2025
Total Assets	1,818	3,465	3,423	3,510	3,680	3,539	3,549	3,739	3,794	2,152	2,079
Total Current Assets	821	818	802	951	1,137	1,014	1,056	1,240	1,106	1,099	981
Cash & Equivalents	36	106	79	112	208	182	299	384	326	191	34
Accounts Receivable	148	-	-	-	-	-	-	-	-	136	181
Inventories, net	559	-	-	-	-	-	-	-	-	693	678
Prepaid Expenses	49	12	12	15	14	13	17	15	18	55	63
Current Deferred & Refundable Income Taxes	12	-	-	-	-	-	-	-	-	7.23	8.05
Other Current Assets	17	594	595	702	763	656	739	841	763	17	17
Plant, Property, & Equipment, net	158	24	24	23	22	21	22	21	21	186	191
Total Noncurrent Assets	839	2,622	2,597	2,536	2,521	2,503	2,471	2,478	2,666	867	907
Intangible Assets	-	1,063	1,045	1,000	985	969	938	926	1,017	-	203
Noncurrent Deferred & Refundable Income Taxes	0.03	-	-	-	-	-	-	-	-	5.23	5.15
Employee Benefit Assets	85	-	-	-	-	-	-	-	-	80	81
Other Noncurrent Operating Assets	542	138	130	123	123	122	121	132	133	595	617
Total Liabilities & Shareholders' Equity	1,818	3,465	3,423	3,510	3,680	3,539	3,549	3,739	3,794	2,152	2,079
Total Liabilities	1,366	2,368	2,350	2,438	2,637	2,502	2,500	2,689	2,666	1,530	1,454
Total Current Liabilities	879	827	798	1,053	1,156	1,032	933	1,007	960	1,015	924
Short-Term Debt	292	118	99	235	210	207	45	6.76	17	388	355
Accounts Payable	262	110	131	132	132	164	157	158	222	296	215
Accrued Expenses	178	65	66	86	74	71	87	72	69	203	214
Current Deferred & Payable Income Tax Liabilities	12	-	-	-	-	-	-	-	-	12	15
Other Current Liabilities	136	535	502	600	741	589	643	770	652	116	126
Total Noncurrent Liabilities	487	1,541	1,551	1,385	1,481	1,471	1,567	1,681	1,706	515	529
Noncurrent Deferred Revenue	6.94	-	-	-	-	-	-	-	-	0.00	0.00
Noncurrent Deferred & Payable Income Tax Liabilities	19	-	-	-	-	-	-	-	-	32	33
Other Noncurrent Operating Liabilities	461	178	176	6.46	6.50	2.63	2.82	10	11	483	497
Total Equity & Noncontrolling Interests	452	1,097	1,074	1,071	1,043	1,036	1,048	1,050	1,128	622	625
Total Preferred & Common Equity	446	599	591	598	591	595	620	631	620	613	617
Total Common Equity	446	599	591	598	591	595	620	631	620	613	617
Common Stock	174	733	743	763	774	787	817	831	838	194	197
Retained Earnings	299	-135	-152	-165	-183	-191	-197	-201	-219	446	446
Accumulated Other Comprehensive Income / (Loss)	-26	-	-	-	-	-	-	-	1.05	-27	-27
Noncontrolling Interest	5.56	498	483	473	452	441	428	419	508	8.65	8.58

This table displays calculated financial ratios and metrics derived from 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%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 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	8/2/2025	11/1/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.69%	15.11%	14.35%	10.67%	15.89%	8.69%	11.47%	7.80%	5.27%	0.00%	0.00%
EBITDA Growth	90.14%	253.26%	280.24%	89.85%	319.60%	-12.45%	24.25%	-19.67%	223.15%	0.00%	0.00%
EBIT Growth	53.77%	3,282.92%	219.93%	1,432.33%	32.24%	-19.69%	61.59%	-75.82%	34.88%	0.00%	0.00%
NOPAT Growth	55.25%	1,229.63%	199.56%	17,813.95%	81.58%	66.30%	69.77%	-79.13%	-141.82%	0.00%	0.00%
Net Income Growth	31.68%	251.23%	29.31%	54.77%	44.25%	-36.32%	83.34%	-108.89%	-25.36%	0.00%	0.00%
EPS Growth	32.14%	237.50%	30.00%	55.17%	45.61%	-39.39%	82.14%	-107.69%	-22.58%	0.00%	0.00%
Operating Cash Flow Growth	-260.33%	121.43%	-62.92%	356.62%	89.89%	-2,227.80%	-191.18%	26.56%	546.28%	0.00%	0.00%
Free Cash Flow Firm Growth	88.18%	104.69%	-84.45%	-102.75%	247.84%	588.62%	367.53%	-5,875.80%	-333.35%	0.00%	0.00%
Invested Capital Growth	1.27%	0.50%	0.11%	0.56%	-3.30%	-3.78%	-0.95%	6.20%	7.17%	0.00%	0.00%
Revenue Q/Q Growth	-7.06%	33.63%	-10.65%	-0.27%	-2.67%	25.32%	-8.37%	-3.54%	-4.96%	0.00%	19.97%
EBITDA Q/Q Growth	-116.46%	2,529.28%	-54.25%	3.80%	-80.96%	265.45%	-35.07%	-32.89%	-23.43%	0.00%	180.85%
EBIT Q/Q Growth	-2,291.30%	335.74%	-76.69%	1.38%	-221.62%	1,084.32%	-53.09%	-84.83%	-427.45%	0.00%	13.35%
NOPAT Q/Q Growth	-34,663.95%	261.88%	-65.80%	-6.39%	-135.53%	1,561.90%	-65.09%	-88.49%	-511.60%	0.00%	-75.43%
Net Income Q/Q Growth	-95.26%	162.56%	-178.94%	53.11%	-140.68%	171.47%	-120.65%	-488.15%	-44.44%	0.00%	-79.69%
EPS Q/Q Growth	-96.55%	157.89%	-184.85%	53.57%	-138.46%	164.52%	-125.00%	-440.00%	-40.74%	0.00%	-65.00%
Operating Cash Flow Q/Q Growth	-80.16%	-86.23%	509.88%	76.72%	-107.10%	-489.12%	73.87%	345.30%	-74.96%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-157.66%	142.52%	-58.42%	-126.94%	3,203.66%	3.33%	-71.77%	-444.38%	-21.19%	0.00%	0.00%
Invested Capital Q/Q Growth	1.55%	2.56%	-3.45%	0.01%	-2.35%	5.18%	-0.61%	7.22%	-1.45%	0.00%	15.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	91.82%	47.14%	48.31%	49.06%	35.48%	52.10%	48.40%	47.17%	45.00%	43.40%	41.76%
EBITDA Margin	-1.42%	25.87%	13.25%	13.79%	2.70%	20.84%	14.77%	10.27%	8.28%	1.56%	3.66%
Operating Margin	-10.44%	9.01%	4.84%	4.55%	-1.66%	13.55%	7.38%	0.88%	-3.81%	1.41%	1.51%
EBIT Margin	-10.63%	18.75%	4.89%	4.97%	-6.21%	13.85%	7.09%	1.12%	-3.84%	1.56%	1.48%
Profit (Net Income) Margin	-21.96%	10.28%	-9.08%	-4.27%	-10.56%	6.02%	-1.36%	-8.28%	-12.58%	1.07%	0.18%
Tax Burden Percent	100.61%	98.32%	105.05%	100.00%	98.81%	100.00%	115.37%	100.00%	102.45%	121.99%	23.27%
Interest Burden Percent	205.34%	55.76%	-176.74%	-85.88%	172.02%	43.48%	-16.59%	-741.83%	319.40%	56.28%	52.87%
Effective Tax Rate	0.00%	1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.99%	76.73%
Return on Invested Capital (ROIC)	-3.75%	4.59%	1.88%	1.81%	-0.69%	8.01%	3.20%	0.38%	-1.68%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.97%	5.00%	-1.39%	-0.12%	-3.01%	5.70%	1.32%	-2.02%	-4.23%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-8.36%	6.12%	-1.69%	-0.15%	-3.96%	7.23%	1.64%	-2.53%	-5.45%	0.00%	0.00%
Return on Equity (ROE)	-12.11%	10.71%	0.19%	1.66%	-4.65%	15.24%	4.85%	-2.15%	-7.12%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-2.51%	-0.84%	0.52%	0.52%	5.16%	6.25%	3.74%	-3.67%	-4.76%	0.00%	0.00%
Operating Return on Assets (OROA)	-3.72%	6.84%	1.80%	1.92%	-2.45%	5.58%	2.79%	0.45%	-1.56%	0.00%	0.00%
Return on Assets (ROA)	-7.68%	3.75%	-3.33%	-1.65%	-4.17%	2.43%	-0.53%	-3.36%	-5.12%	0.00%	0.00%
Return on Common Equity (ROCE)	-6.56%	5.87%	0.11%	0.93%	-2.62%	8.75%	2.83%	-1.21%	-4.03%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-16.57%	0.00%	0.00%	0.00%	-8.92%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-21	34	12	11	-3.83	56	20	2.25	-9.27	11	2.78
NOPAT Margin	-7.31%	8.86%	3.39%	3.18%	-1.16%	13.55%	5.16%	0.62%	-2.67%	1.72%	0.35%
Net Nonoperating Expense Percent (NNEP)	3.22%	-0.40%	3.27%	1.94%	2.32%	2.31%	1.89%	2.39%	2.55%	2.18%	0.42%
Return On Investment Capital (ROIC_SIMPLE)	-0.79%	1.25%	0.42%	0.40%	-0.15%	2.11%	0.72%	0.08%	-0.33%	1.12%	0.28%
Cost of Revenue to Revenue	8.18%	52.86%	51.69%	50.94%	64.52%	47.90%	51.60%	52.83%	55.00%	56.60%	58.24%
SG&A Expenses to Revenue	17.22%	12.04%	13.70%	14.41%	15.51%	14.03%	14.81%	15.33%	20.20%	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	102.27%	38.14%	43.47%	44.52%	37.14%	38.55%	41.02%	46.29%	48.81%	41.99%	40.25%
Earnings before Interest and Taxes (EBIT)	-30	71	17	17	-20	57	27	4.08	-13	10	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.05	98	45	47	8.90	86	56	38	29	10	29
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.76	3.11	3.97	5.58	4.49	4.92	4.79	3.25	2.87	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)	1.27	1.47	1.79	2.47	1.89	2.14	2.07	1.35	1.14	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)	1.42	1.52	1.74	2.15	1.88	2.03	2.02	1.55	1.45	0.79	0.74
Enterprise Value to Revenue (EV/Rev)	2.78	2.93	3.14	3.79	3.13	3.36	3.24	2.63	2.39	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	56.21	28.40	25.14	27.38	21.84	25.61	23.96	20.72	17.26	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	143.24	73.06	68.36	51.57	68.11	58.86	57.68	48.05	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	279.39	200.00	102.40	82.95	72.09	68.30	69.51	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	73,635.23	60.23	134.88	67.40	84.49	136.09	46,909.53	448.44	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	337.68	415.09	35.83	31.84	53.77	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.58	1.51	1.61	1.62	1.60	1.54	1.60	1.52	1.60	0.62	0.57
Long-Term Debt to Equity	1.36	1.29	1.41	1.42	1.45	1.49	1.59	1.50	1.60	0.00	0.00
Financial Leverage	1.20	1.22	1.21	1.24	1.32	1.27	1.25	1.25	1.29	0.32	0.51
Leverage Ratio	3.23	3.16	3.34	3.30	3.47	3.33	3.54	3.39	3.53	3.46	3.32
Compound Leverage Factor	6.62	1.76	-5.90	-2.83	5.97	1.45	-0.59	-25.13	11.29	1.95	1.76
Debt to Total Capital	61.17%	60.09%	61.73%	61.77%	61.56%	60.56%	61.50%	60.27%	61.60%	38.39%	36.21%
Short-Term Debt to Total Capital	8.26%	8.76%	7.68%	7.63%	5.66%	1.71%	0.25%	0.60%	0.32%	38.39%	36.21%
Long-Term Debt to Total Capital	52.91%	51.34%	54.05%	54.14%	55.90%	58.85%	61.25%	59.67%	61.28%	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	17.47%	17.64%	16.60%	16.27%	16.22%	16.13%	15.38%	17.91%	17.14%	0.86%	0.88%
Common Equity to Total Capital	21.36%	22.26%	21.67%	21.95%	22.22%	23.31%	23.12%	21.82%	21.25%	60.76%	62.91%
Debt to EBITDA	26.63	12.34	10.27	9.00	8.12	8.62	8.49	9.08	8.35	0.00	0.00
Net Debt to EBITDA	22.96	10.55	8.07	7.15	6.54	7.02	6.55	7.35	6.68	0.00	0.00
Long-Term Debt to EBITDA	23.04	10.54	8.99	7.89	7.37	8.37	8.45	8.99	8.31	0.00	0.00
Debt to NOPAT	-53.88	-193.56	114.11	65.75	38.05	27.90	25.53	29.93	33.62	0.00	0.00
Net Debt to NOPAT	-46.46	-165.46	89.70	52.22	30.68	22.72	19.69	24.23	26.91	0.00	0.00
Long-Term Debt to NOPAT	-46.61	-165.35	99.91	57.63	34.55	27.11	25.43	29.63	33.44	0.00	0.00
Altman Z-Score	0.58	0.79	0.83	1.11	0.90	1.15	1.09	0.81	0.71	0.00	0.00
Noncontrolling Interest Sharing Ratio	45.88%	45.23%	44.44%	43.80%	43.60%	42.57%	41.65%	43.87%	43.46%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.90	0.98	0.98	0.97	1.13	1.23	1.15	1.16	1.08	1.06
Quick Ratio	0.11	0.11	0.18	0.18	0.30	0.32	0.38	0.34	0.34	0.32	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-51	22	8.97	-2.42	75	149	42	-144	-175	0.00	0.00
Operating Cash Flow to CapEx	-315.18%	36.91%	173.70%	317.94%	-18.94%	-716.25%	-146.97%	462.74%	99.19%	0.00%	-9.36%
Free Cash Flow to Firm to Interest Expense	-1.59	0.68	0.20	-0.08	5.08	4.59	1.34	-4.20	-5.93	0.00	0.00
Operating Cash Flow to Interest Expense	-0.71	0.10	0.40	1.03	-0.16	-1.98	-0.53	1.19	0.35	0.00	-0.22
Operating Cash Flow Less CapEx to Interest Expense	-0.94	-0.16	0.17	0.71	-0.98	-2.25	-0.90	0.93	0.00	0.00	-2.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.36	0.37	0.39	0.39	0.40	0.39	0.41	0.41	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	50.65	52.35	56.09	58.89	62.17	62.75	66.89	70.07	67.67	0.00	0.00
Accounts Payable Turnover	5.17	7.27	6.86	5.30	4.99	7.11	7.22	5.54	3.76	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)	70.58	50.19	53.18	68.83	73.16	51.34	50.57	65.88	96.98	0.00	0.00
Cash Conversion Cycle (CCC)	-70.58	-50.19	-53.18	-68.83	-73.16	-51.34	-50.57	-65.88	-96.98	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,390	2,451	2,367	2,367	2,311	2,359	2,345	2,514	2,477	818	946
Invested Capital Turnover	0.51	0.52	0.55	0.57	0.59	0.59	0.62	0.61	0.63	0.00	0.00
Increase / (Decrease) in Invested Capital	30	12	2.55	13	-79	-93	-22	147	166	0.00	0.00
Enterprise Value (EV)	3,387	3,715	4,122	5,096	4,347	4,785	4,738	3,906	3,597	650	703
Market Capitalization	1,545	1,861	2,346	3,324	2,619	3,046	3,024	2,012	1,720	445	374
Book Value per Share	$4.80	$9.67	$5.03	$5.06	$4.96	$5.27	$5.32	$5.22	$5.06	$18.15	$18.22
Tangible Book Value per Share	($16.01)	($29.34)	($15.37)	($15.18)	($15.16)	($14.71)	($14.47)	($16.12)	($15.97)	$12.62	$12.22
Total Capital	2,624	2,686	2,727	2,712	2,624	2,658	2,728	2,840	2,824	1,009	980
Total Debt	1,605	1,614	1,684	1,675	1,615	1,610	1,678	1,712	1,740	388	355
Total Long-Term Debt	1,388	1,379	1,474	1,468	1,467	1,564	1,671	1,694	1,731	0.00	0.00
Net Debt	1,384	1,380	1,323	1,330	1,303	1,310	1,294	1,386	1,393	196	321
Capital Expenditures (CapEx)	7.22	8.15	11	10	12	8.93	11	8.86	10	0.00	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-112	-101	-170	-155	-194	-131	-145	-162	-171	280	378
Debt-free Net Working Capital (DFNWC)	109	133	190	190	119	168	239	164	176	472	412
Net Working Capital (NWC)	-108	-102	-19	-17	-30	122	232	146	167	84	57
Net Nonoperating Expense (NNE)	42	-5.42	42	25	31	31	25	32	34	4.27	1.35
Net Nonoperating Obligations (NNO)	1,371	1,380	1,323	1,330	1,303	1,310	1,294	1,386	1,393	196	321
Total Depreciation and Amortization (D&A)	26	27	28	30	29	29	29	33	42	0.00	17
Debt-free, Cash-free Net Working Capital to Revenue	-9.18%	-7.96%	-12.94%	-11.54%	-13.98%	-9.23%	-9.91%	-10.92%	-11.36%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	8.96%	10.51%	14.53%	14.11%	8.54%	11.80%	16.36%	10.99%	11.69%	0.00%	0.00%
Net Working Capital to Revenue	-8.82%	-8.03%	-1.45%	-1.29%	-2.16%	8.61%	15.89%	9.85%	11.09%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.57)	$0.35	($0.28)	($0.13)	($0.33)	$0.21	($0.05)	($0.27)	($0.39)	$0.20	$0.07
Adjusted Weighted Average Basic Shares Outstanding	60.13M	61.86M	63.12M	64.01M	63.46M	66.07M	68.01M	68.60M	67.94M	33.84M	33.90M
Adjusted Diluted Earnings per Share	($0.57)	$0.33	($0.28)	($0.13)	($0.31)	$0.20	($0.05)	($0.27)	($0.38)	$0.20	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	60.13M	65.31M	63.12M	64.01M	63.46M	69.33M	68.01M	68.60M	67.94M	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	116.67M	117.55M	117.64M	117.58M	117.59M	118.52M	118.67M	118.65M	142.86M	33.84M	33.90M
Normalized Net Operating Profit after Tax (NOPAT)	-17	46	15	10	-19	45	18	3.64	-11	11	13
Normalized NOPAT Margin	-5.83%	12.13%	4.53%	2.99%	-5.88%	10.85%	4.80%	1.00%	-3.17%	1.71%	1.65%
Pre Tax Income Margin	-21.82%	10.45%	-8.65%	-4.27%	-10.69%	6.02%	-1.18%	-8.28%	-12.28%	0.88%	0.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.95	2.26	0.36	0.54	-1.39	1.77	0.86	0.12	-0.45	2.29	2.12
NOPAT to Interest Expense	-0.65	1.07	0.25	0.34	-0.26	1.73	0.62	0.07	-0.31	2.52	0.51
EBIT Less CapEx to Interest Expense	-1.18	2.00	0.13	0.21	-2.21	1.49	0.49	-0.14	-0.80	0.00	-0.20
NOPAT Less CapEx to Interest Expense	-0.88	0.81	0.02	0.02	-1.08	1.45	0.26	-0.19	-0.66	0.00	-1.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.29%	0.00%	-13.43%	-16.22%	-26.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.29%	0.00%	-13.43%	-16.22%	-26.96%	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.

05/06/26 07:44 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Baldwin Insurance Group's Financials

When does Baldwin Insurance Group's financial year end?

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

How has Baldwin Insurance Group's net income changed over the last 10 years?

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. See where experts think Baldwin Insurance Group is headed by visiting Baldwin Insurance Group's forecast page.

What is Baldwin Insurance Group's operating income?

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

How has Baldwin Insurance Group's revenue changed over the last 10 years?

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

How much debt does Baldwin Insurance Group have?

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.

How much cash does Baldwin Insurance Group have?

In the past 10 years, 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.

How has Baldwin Insurance Group's book value per share changed over the last 10 years?

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

Related Companies

Financial statements for NASDAQ:BWIN last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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