The Baldwin Insurance Group, Inc. BWIN

FinancialsInsuranceUnited States of America

Last close 31.93 USD on Nov 1, 2026, +32.9% year to date

Quant rating

Quant rating C Rank 438 of 799 in Financials

Growth C 511 of 799
Valuation D 720 of 799
Quality D 565 of 799
Revisions B 226 of 799
Momentum B 147 of 799

Wall Street consensus Hold (3.11)Average target 32.47 USD +1.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.3B
Enterprise value: 7.2B
52-week range: 15.89 – 32.70
3-year range: 15.89 – 55.29
Dividend yield: –
Beta (5 years): 0.98
Shares outstanding: 136M
Next earnings: Feb 25, 2027

About the company

The Baldwin Insurance Group, Inc. is an independent insurance distribution company. The Company's segments include Insurance Advisory Solutions (IAS), Underwriting, Capacity & Technology Solutions (UCTS) and Mainstreet Insurance Solutions (MIS). The IAS segment provides commercial risk management, employee benefits and private risk management solutions for businesses and high-net-worth individuals, as well as their families. The UCTS segment consists of three distinct divisions: its MGA platform, MSI; its Capacity Solutions group, which consists of its reinsurance brokerage business, Juniper Re; its reinsurance MGA business, MultiStrat; and its captive management business; and the Captives. Through MSI, it manufactures proprietary, technology-enabled insurance products. The MIS segment offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities, with a focus on accessing clients via sheltered distribution channels.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,505	1,389	1,219	981	567	–
Revenue growth	8.3%	14.0%	24.3%	72.9%	135.5%	44.3%
EPS (basic, normalized)	1.67	1.50	1.12	1.03	0.80	–
EPS growth	11.3%	33.9%	8.7%	28.7%	–	–
Gross margin	29.7%	25.7%	25.2%	26.6%	29.5%	27.4%
Net margin	−2.2%	−1.8%	−7.4%	−4.3%	−5.4%	−4.2%
ROE	33.6%	30.9%	22.4%	16.9%	16.5%	24.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	189
Current ratio	1.07x
Long-term debt (mil)	2,453
Net debt (mil)	2,821
Total equity (mil)	885
Net debt / equity	3.19x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,505	+8.3%	4.8x	8.36	+12.2%	3.8x	1.67	+11.3%	19.1x
2026	2,008	+33.4%	3.6x	8.63	+3.2%	3.7x	2.00	+20.0%	15.9x
2027	2,210	+10.1%	3.2x	8.64	+0.1%	3.7x	2.48	+23.8%	12.9x
2028	2,425	+9.7%	2.9x	9.04	+4.6%	3.5x	2.95	+18.9%	10.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,008	0.0%	+0.1%	−0.2%	2.00	0.0%	+0.2%	−0.5%
2027	2,210	0.0%	+0.1%	−0.9%	2.48	0.0%	−1.3%	−1.6%
2028	2,425	0.0%	−0.5%	−1.5%	2.95	0.0%	−1.7%	−5.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	380	340	339	330	413	379	365	347	532	493
Sales mean (mil)	376	335	347	327	418	375	364	352	524	492
Surprise	+1.2%	+1.5%	−2.4%	+1.0%	−1.1%	+1.0%	+0.5%	−1.4%	+1.5%	+0.1%
EPS reported	0.56	0.34	0.33	0.27	0.65	0.42	0.31	0.31	0.63	0.48
EPS mean	0.52	0.33	0.34	0.25	0.64	0.42	0.30	0.29	0.64	0.47
Surprise	+7.1%	+3.3%	−3.4%	+6.1%	+0.9%	+0.7%	+3.3%	+7.3%	−1.0%	+2.0%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BWIN The Baldwin Insurance Group, Inc.	4.3B	33.6%	−2.2%	5.03x	15.9x	12.9x	3.7x	3.7x
CB Chubb Limited	139.1B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
PGR The Progressive Corporation	134.0B	38.2%	12.9%	3.91x	12.6x	14.3x	3.9x	3.4x
MRSH Marsh & McLennan Companies, Inc.	95.4B	33.4%	15.4%	6.50x	19.1x	17.5x	6.4x	5.5x
TRV The Travelers Companies, Inc.	81.2B	20.8%	12.8%	2.80x	10.8x	12.7x	2.5x	2.3x
AJG Arthur J. Gallagher & Co.	70.8B	12.8%	10.7%	2.94x	21.1x	18.6x	2.7x	2.5x
Mean		25.5%	11.2%	3.85x	15.3x	14.7x	3.5x	3.2x
Median		27.1%	12.8%	3.43x	14.2x	13.6x	3.2x	3.0x

Technical analysis

1M+0.3%
3M+11.5%
1Y+36.7%
3Y+51.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, The Baldwin Insurance Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	–	–	–	–	–	–
Other revenue	1,505	1,389	1,219	981	567	241
Total revenue	1,505	1,389	1,219	981	567	241
Losses, benefits and adjustments	–	–	–	–	–	–
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	–	–
Depreciation/amortization	128	109	98.4	86.4	51.5	20.2
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	1,309	1,235	1,163	925	547	243
Operating income	67.7	45.5	−42.6	−31.1	−31.6	−21.9
Net interest income (expense)	−121	−124	−121	−71.1	−26.9	−7.9
Gain (loss) on sale of assets	0.3	39.0	–	–	–	–
Other non-operating income (expense)	0.6	0	1.0	26.1	0.4	−0.1
Net income before taxes	−52.4	−39.4	−163	−76.0	−58.1	−29.9
Provision for taxes	1.7	1.7	1.3	0.7	0	0
Minority interest	20.3	16.6	73.9	35.0	27.5	14.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−33.8	−24.5	−90.1	−41.8	−30.6	−15.7
Extraordinary items	–	–	–	–	–	–
Net income	−33.8	−24.5	−90.1	−41.8	−30.6	−15.7
Basic weighted average shares (mil)	67.9	63.5	60.1	56.8	47.6	94.8
Diluted weighted average shares (mil)	67.9	63.5	60.1	56.8	47.6	94.8
Basic EPS, normalized	1.67	1.50	1.12	1.03	0.80	–

Balance sheet in millions of USD, fiscal years

Balance sheet, The Baldwin Insurance Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	839	702	628	532	343	156
Prepaid expenses	13.7	11.6	12.7	9.8	8.2	4.4
Property, plant & equipment	84.5	94.3	108	122	99.1	11.0
Goodwill	1,517	1,412	1,412	1,422	1,229	652
Intangibles	978	953	1,017	1,100	944	554
Insurance receivables	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	82.4	48.0	38.1	45.9	25.6	11.1
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	–	–	–	–	–	–
Total assets	3,862	3,535	3,502	3,462	2,876	1,530
Liabilities
Accounts payable	771	714	620	525	352	160
Payable/accrued	–	–	–	–	–	–
Accrued expenses	193	135	102	86.3	60.5	35.9
Policy liabilities	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	12.6	8.4	10.2	8.5	8.5	4.0
Long-term debt	1,673	1,398	1,309	1,315	850	381
Minority interest	484	426	458	532	579	402
Other liabilities	128	270	442	387	418	179
Total liabilities	3,262	2,952	2,942	2,854	2,268	1,162
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.7	0.7	0.6	0.6	0.6	0.5
Additional paid-in capital	844	794	747	704	663	392
Retained earnings (accumulated deficit)	−245	−211	−187	−96.8	−55.0	−24.3
Treasury stock	–	–	–	–	–	–
Other equity	0.5	0	0	0	−0.2	−0.5
Total equity	600	583	560	608	608	368
Total liabilities & shareholders' equity	3,862	3,535	3,502	3,462	2,876	1,530

Cash flow statement in millions of USD, fiscal years

Cash flow statement, The Baldwin Insurance Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−54.2	−41.1	−164	−76.7	−58.1	−29.9
Depreciation, depletion & amortization	128	109	98.4	86.4	51.5	20.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	−4.3	6.0	104	8.8	63.5	27.6
Changes in working capital	−98.8	−22.4	−38.3	−20.9	−16.8	18.9
Cash from operations	−29.4	51.5	0	−2.5	40.1	36.8
Investing activities
Capital expenditures	−40.0	−41.3	−23.5	−25.3	−8.5	−7.3
Other investing cash flows	−100	54.6	1.6	−389	−670	−670
Cash from investing	−140	13.3	−21.9	−414	−678	−678
Financing activities
Financing cash flow items	−1,838	−1,071	21.7	−41.9	−15.1	−85.6
Cash dividends paid	–	–	–	–	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,042	1,092	−3.4	461	739	798
Cash from financing	204	21.1	18.4	420	724	712
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	34.1	85.8	−3.5	2.7	85.7	71.0
Free cash flow	−69.4	10.1	−23.4	−27.8	31.6	29.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.