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NASDAQ NMS - GLOBAL MARKET · Insurance · CIK 0001781755
$31.92
+0.09% · delayed ~15 min
Last price from Oct 21, 2026
$2.17B market value
From Baldwin Insurance Group, Inc.'s FY2025 10-K, filed Feb 26, 2026 · read the filing
It took in $1.49B last year, which makes it a mid-sized company. It spends more than it earns — losing about 2 cents on every dollar of sales.
The financial picture is mixed, with growth and debt needing attention and profitability weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Baldwin Insurance Group, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Free cash flow
$10.4M → -$68.9M
Operating income
$60.6M → $73.9M
Profit
-$24.5M → -$33.8M
Earnings per share
-$0.39 → -$0.50
Measured against FY2024, from the 10-K filed Feb 26, 2026
Deteriorated: turned negative
$10.4M to -$68.9MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
How the latest move compares (quote delayed ~15 min), and what was published around it
BWIN rose 0.09% on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −1.04%. That is 1.0 points below its sector and 1.1 points above the market.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 15 analysts covering this company, as of . Their views, not this site's.
Of 15 analysts publishing on this company, 2 say strong buy, 7 say buy, 5 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $33.8M last year, losing about 2 cents on every dollar of sales.
Slowly. Sales grew 8.5% last year.
For every $1 it owes, it owns $1.39 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $33.8M and generated -$29.4M of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 26, 2026Filing for FY2025 | FY202410-K · Feb 26, 2026Filing for FY2024 | FY202310-K · Feb 26, 2026Filing for FY2023 | FY202210-K · Feb 25, 2025Filing for FY2022 | FY202110-K · Feb 28, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $1.49B | $1.38B | $1.21B | $980.7M | $567.3M | +8.5% |
| Operating income | $73.9M | $60.6M | -$42.6M | -$31.1M | -$31.6M | +21.9% |
| Operating marginOperating income ÷ revenueWhat is this? | 4.9% | 4.4% | -3.5% | -3.2% | -5.6% | +0.5 pts |
| Income before tax | -$52.4M | -$39.4M | -$162.7M | -$76.0M | -$58.1M | −33.2% |
| Net income | -$33.8M | -$24.5M | -$90.1M | -$41.8M | -$30.6M | −37.9% |
| Net marginNet income ÷ revenueWhat is this? | -2.3% | -1.8% | -7.4% | -4.3% | -5.4% | −0.5 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-0.4977 | $-0.3864 | $-1.50 | $-0.7351 | $-0.644 | −28.8% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| BWINBaldwin Insurance Group, Inc. · this page | 4.7/10 | 2/7 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Reported a transaction — 8,350 shares
Holds 8,350 shares after this filing.
Was granted or awarded shares — 824 shares
Holds 15,269 shares after this filing.
Was granted or awarded shares — 824 shares
Holds 11,078 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Attached financial statements or exhibits
Read the filingHad a director or senior officer leave or join
Read the filingWrite down why you are following Baldwin Insurance Group, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 87 subsidiaries named in its 10-K, incorporated across 13 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from BWIN's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 26, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 7 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 2/7 | 10-K, filed Feb 26, 2026 |
| FY2024 | 4.7 | 5/7 | 10-K, filed Feb 25, 2025 |
| FY2023 | 6.0 | 3/7 | 10-K, filed Feb 28, 2024 |
| FY2022 | 4.0 | 2/6 | 10-K, filed Feb 28, 2023 |
| FY2021 | 4.0 | 2/6 | 10-K, filed Mar 1, 2022 |
| FY2020 | 4.0 | 2/6 | 10-K, filed Mar 11, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
2 of 7 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 2 could not be evaluated and are excluded from the total rather than counted as failures.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +21.9%
$60.6M to $73.9MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: $9.3M wider
-$24.5M to -$33.8MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: $0.11 wider
-$0.39 to -$0.50Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +37.3%
$90.0M to $123.7MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +7.1%
63.5M to 67.9MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +8.5%
$1.38B to $1.49BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Jul 30, 2026 — read it.
Deteriorated: turned negative
$27.9M to -$8.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: $35.8M wider
-$3.2M to -$39.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −9.1 pts
7.4% to -1.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: $0.37 wider
-$0.05 to -$0.42Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +74.6%
$105.7M to $184.5MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +36.4%
68.0M to 92.8MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +29.9%
$376.2M to $488.8MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: −7.1 pts
-0.8% to -8.0%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Jul 30, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: $92.9M narrower
-$101.3M to -$8.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$2.3M to -$39.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +17.4 pts
-19.1% to -1.7%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −8.4 pts
0.4% to -8.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$0.02 to -$0.42Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +26.0%
$146.4M to $184.5MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -7.6%
$528.9M to $488.8MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: -1.1%
93.8M to 92.8MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
3 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 11.0% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
| 8.5% |
| -2.3% |
| — |
| 4.63x |
| MRSHMARSH & MCLENNAN COMPANIES, INC. | 7.3/10 | 7/8 | 10.3% | 15.4% | 23.23x | 2.83x |
|---|
| AJGArthur J. Gallagher & Co. | 8.7/10 | 6/8 | 20.7% | 10.7% | 46.61x | 2.03x |
|---|
| BROBROWN & BROWN, INC. | 8.7/10 | 4/8 | 22.8% | 17.9% | 23.75x | 1.39x |
|---|
| Median of peers | 8.7/10 | — | 20.7% | 15.4% | 23.75x | 2.03x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Was granted or awarded shares — 824 shares
Holds 19,447 shares after this filing.
Was granted or awarded shares — 824 shares
Holds 3,106 shares after this filing.
Had shares withheld to cover taxes — 244 shares at $31.77 ($7.8K)
Holds 2,862 shares after this filing.
Was granted or awarded shares — 824 shares
Holds 15,269 shares after this filing.
Was granted or awarded shares — 824 shares
Holds 20,424 shares after this filing.
Was granted or awarded shares — 824 shares
Holds 15,269 shares after this filing.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Made a Regulation FD disclosure
Quarterly report for Q2 FY2026
Revenue +29.9% · Operating margin −9.1 pts · Operating income turned negative — against Q2 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +28.8% · Operating margin −32.8 pts · Operating income turned negative — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue +8.5% · Free cash flow turned negative · Operating income +21.9% — against FY2024
Read the filingPublished results
Read the filingAttached financial statements or exhibits
Read the filingSigned a material agreement · Completed an acquisition or disposal · Took on a direct financial obligation · Sold shares outside a public offering · Had a director or senior officer leave or join
Read the filingSigned a material agreement · Sold shares outside a public offering · Made a Regulation FD disclosure
Read the filingQuarterly report for Q3 FY2025
Revenue +8.1% · Operating margin −3.7 pts · Operating income -79.1% — against Q3 FY2024
Read the filingPublished results
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingQuarterly report for Q2 FY2025
Revenue +11.6% · Operating margin +2.5 pts · Operating income +69.8% — against Q2 FY2024
Read the filingPublished results
Read the filingHeld a shareholder vote
Read the filingThe first 40 of 87. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-26. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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Primary sources and further research