A Business at a Glance
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The Company The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC (“Baldwin Holdings”) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. In this Annual Report on Form 10-K, unless the context otherwise requires, the words “Baldwin,” the “Company,” “we,” “us” and “our” refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates. Baldwin is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.5B | 1.4B | 1.2B | 981M | -27M |
| Net Income | -34M | -34M | -25M | -90M | -42M | -31M |
| EPS | $-0.50 | $-0.50 | $-0.39 | $-1.50 | $-0.74 | $-0.64 |
| Free Cash Flow | -69M | -69M | 10M | 23M | -24M | 35M |
| ROIC | 2.8% | -1.6% | -1.2% | -5.9% | -2.9% | -2.2% |
| Gross Margin | 48.3% | 48.3% | 45.1% | 25.2% | 26.6% | - |
| Debt/Equity | 2.63 | 2.63 | 2.42 | 1.75 | 1.35 | 1.34 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 74M | 74M | 61M | -43M | -31M | -32M |
| Operating Margin | 4.9% | 4.9% | 4.4% | -3.5% | -3.2% | 117.6% |
| ROE | -5.6% | -5.7% | -4.2% | -16.1% | -6.9% | -5.0% |
| Shares Outstanding | 143M | 143M | 143M | 60M | 117M | 116M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | -6.6M | -11M | -7.9M | -27M | 981M | 1.2B | 1.4B | 1.5B | 1.5B |
| Gross Margin | N/A | N/A | N/A | N/A | 26.6% | 25.2% | 45.1% | 48.3% | 48.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | 719M | 911M | 762M | 778M | 778M |
| EBIT | 9.5M | -5.1M | -22M | -32M | -31M | -43M | 61M | 74M | 74M |
| Op. Margin | -143.8% | 47.6% | 279.2% | 117.6% | -3.2% | -3.5% | 4.4% | 4.9% | 4.9% |
| Net Income | -624K | -8.7M | -16M | -31M | -42M | -90M | -25M | -34M | -34M |
| Net Margin | 9.4% | 81.3% | 199.8% | 113.9% | -4.3% | -7.4% | -1.8% | -2.2% | -2.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 39M | 290K | 290K |
| Returns on Capital | |||||||||
| ROIC | 6.8% | -11.8% | -2.1% | -2.2% | -2.9% | -5.9% | -1.2% | -1.6% | 2.8% |
| ROE | N/A | -11.8% | -4.3% | -5.0% | -6.9% | -16.1% | -4.2% | -5.7% | -5.6% |
| ROA | -0.4% | -2.2% | -1.0% | -1.1% | -1.2% | -2.6% | -0.7% | -0.9% | -0.9% |
| Cash Flow | |||||||||
| Op. Cash Flow | 12M | 12M | 37M | 40M | -2.5M | 45M | 51M | -29M | -29M |
| Free Cash Flow | 11M | 10M | 31M | 35M | -24M | 23M | 10M | -69M | -69M |
| Owner Earnings | 7.5M | -1.8M | 8.9M | -31M | -136M | -114M | -123M | -228M | -228M |
| CapEx | 525K | 1.7M | 5.5M | 5.3M | 22M | 21M | 41M | 40M | 40M |
| Maint. CapEx | 3.1M | 11M | 20M | 52M | 86M | 98M | 109M | 128M | 128M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.1M | 11M | 20M | 52M | 86M | 98M | 109M | 128M | 128M |
| CapEx/OCF | N/A | 14.3% | 14.9% | 13.3% | N/A | 47.9% | 79.8% | N/A | 0.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.2M | 3.2M | 7.7M | 19M | 47M | 60M | 66M | 71M | 71M |
| Debt Repayment | 526K | 481K | 4.5M | 1.1M | 1.8M | 5.0M | 18M | 164K | 164K |
| Balance Sheet | |||||||||
| Net Debt | -6.0M | -68M | 273M | 676M | 584M | 748M | 1.2B | 1.3B | 1.5B |
| Cash & Equiv. | 8.0M | 68M | 108M | 138M | 118M | 116M | 90M | 124M | 124M |
| Long-Term Debt | 1.5M | 0 | 381M | 815M | 810M | 968M | 1.4B | 1.6B | 1.6B |
| Debt/Equity | -0.03 | 0.00 | 1.04 | 1.34 | 1.35 | 1.75 | 2.42 | 2.63 | 2.63 |
| Interest Coverage | N/A | -0.8 | N/A | -1.4 | -0.4 | -0.4 | 0.5 | 0.6 | 0.6 |
| Equity | -64M | 73M | 368M | 608M | 608M | 560M | 583M | 600M | 600M |
| Total Assets | 140M | 399M | 1.5B | 2.9B | 3.5B | 3.5B | 3.5B | 3.9B | 3.9B |
| Total Liabilities | 117M | 161M | 760M | 1.7B | 2.3B | 2.5B | 2.5B | 2.8B | 2.8B |
| Intangibles | 96M | 257M | 1.2B | 2.2B | 1.1B | 1.0B | 953M | 978M | 978M |
| Retained Earnings | 0 | -8.7M | -24M | -55M | -97M | -187M | -211M | -245M | -245M |
| Working Capital | 5.4M | 60M | 85M | 38M | N/A | N/A | N/A | N/A | N/A |
| Current Assets | 39M | 133M | 302M | 578M | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 33M | 73M | 217M | 541M | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||
| EPS | -0.03 | -0.09 | -0.58 | -0.64 | -0.74 | -1.50 | -0.39 | -0.50 | -0.50 |
| Owner EPS | 0.38 | -0.02 | 0.08 | -0.26 | -1.17 | -1.89 | -0.86 | -1.60 | -1.60 |
| Book Value | -3.21 | 0.77 | 3.20 | 5.24 | 5.21 | 9.33 | 4.08 | 4.20 | 4.20 |
| Cash Flow/Share | 0.59 | 0.13 | 0.32 | 0.35 | -0.02 | 0.74 | 0.36 | -0.21 | 0.66 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 19.9M | 95.7M | 114.9M | 116.1M | 116.7M | 60.1M | 142.9M | 142.9M | 142.9M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -44.2 |
| P/FCF | N/A | 144.6 | 107.7 | 118.5 | N/A | 63.7 | 533.3 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 111.8 | 67.3 | 62.4 |
| Price/Book | N/A | 20.3 | 9.2 | 6.8 | 4.8 | 2.6 | 9.5 | 6.1 | 5.3 |
| Price/Sales | N/A | N/A | N/A | N/A | 3.3 | 1.2 | 3.8 | 3.4 | 2.1 |
| FCF Yield | N/A | 0.7% | 0.9% | 0.8% | -0.8% | 1.6% | 0.2% | -1.9% | -2.2% |
| Market Cap | N/A | 1.5B | 3.4B | 4.1B | 2.9B | 1.5B | 5.5B | 3.7B | 3.2B |
| Avg. Price | N/A | 15.94 | 19.38 | 30.62 | 27.45 | 24.43 | 36.92 | 35.39 | 22.12 |
| Year-End Price | N/A | 15.56 | 29.37 | 35.54 | 25.14 | 24.67 | 38.84 | 25.60 | 22.12 |
Baldwin Insurance Group, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 36.3%. At current prices, the estimated annualized return to fair value is -4.6%.
Baldwin Insurance Group, Inc. (BWIN) has a 5-year average return on invested capital (ROIC) of -2.8%. This is below average and may indicate limited pricing power.
Baldwin Insurance Group, Inc. (BWIN) has a market capitalization of $3.2B. It is classified as a mid-cap stock.
Baldwin Insurance Group, Inc. (BWIN) does not currently pay a regular dividend.
Baldwin Insurance Group, Inc. (BWIN) operates in the Insurance Agents, Brokers & Service industry, within the Financials sector.
Baldwin Insurance Group, Inc. (BWIN) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Baldwin Insurance Group, Inc. (BWIN) has a net profit margin of -2.2%. The company is currently unprofitable.
Baldwin Insurance Group, Inc. (BWIN) generated $-69 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Baldwin Insurance Group, Inc. (BWIN) has a debt-to-equity ratio of 2.63. This indicates higher leverage, which may increase financial risk.
Baldwin Insurance Group, Inc. (BWIN) reported earnings per share (EPS) of $-0.50 in its most recent fiscal year.
Baldwin Insurance Group, Inc. (BWIN) has a return on equity (ROE) of -5.7%. A negative ROE may indicate losses or negative equity.
Baldwin Insurance Group, Inc. (BWIN) has a 5-year average gross margin of 36.3%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for Baldwin Insurance Group, Inc. (BWIN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Baldwin Insurance Group, Inc. (BWIN) has a book value per share of $4.20, based on its most recent annual SEC filing.