Baldwin Insurance Group, Inc. (BWIN)
Operating across the United States, The Baldwin Insurance Group, Inc. is an independent firm dedicated to providing insurance and comprehensive risk management services. The company's activities are organized into three primary segments: 1. Insurance Advisory Solutions: This division offers tailored commercial risk management, employee benefits programs, and private risk management solutions, catering to businesses, affluent individuals, and their families. 2. Underwriting, Capacity & Technology Solutions: Through its "Future" platform, this segment develops technology-enabled insurance products spanning personal, commercial, and specialty lines. It also functions as a specialty wholesale broker for professionals, individuals, and specific niche industries, alongside delivering reinsurance brokerage services. 3. Mainstreet Insurance Solutions: This segment focuses on providing fundamental personal, commercial, and life and health insurance coverage to individuals and businesses within local communities. Originally founded in 2011 as BRP Group, Inc., the company adopted its current name, The Baldwin Insurance Group, Inc., in May 2024. Its corporate headquarters are located in Tampa, Florida.
Sector: Insurance Agents, Brokers & Service
Industry: Insurance - Brokers
The Baldwin Insurance Group, Inc.
NASDAQ:BWINFinancial Services · Insurance - Brokers
+0.03%$31.98
CLOSED · Nov 6Prev close$31.97+0.03%Close$31.980.00%AH close$31.98
AH$31.98+0.00%vs close
Mkt Cap$4.5B
Float78.33M
O/S140.68M
VOL926K sh
$ Vol$29.61M
RVOL0.59×
Inst Own57.2%
SI9.0%
Dilution
Financials Summary
Revenue$1.5B
Net Income-$33.81M
Total Assets$3.86B
Free Cash Flow-$68.94M
Debt & Equity
Debt 75%
Equity 25%
Total Debt$1.77B
Total Equity$600.22M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BWIN's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.86B
Liabilities$2.78B
Accounts Receivable$839.17M
Accounts Payable$771.2M
Inventory$0
PP&E (Net)$84.48M
Goodwill$1.52B
Intangible Assets$978.43M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Revenue | $1.5B | $1.38B | $1.21B | $969.49M | $559.97M | $231.68M | $134.91M | $78.84M | $47.34M |
| YoY Growth | 9.3% | 14.0% | 24.6% | 73.1% | 141.7% | 71.7% | 71.1% | 66.6% | - |
| Cost of Revenue | $1.31B | $1.03B | $911.35M | $719.45M | $400.05M | $174.11M | $96.95M | $51.65M | $30.81M |
| Gross Profit | $191.98M | $344.19M | $296.38M | $250.05M | $159.92M | $57.56M | $37.96M | $27.19M | $16.53M |
| Gross Margin | 12.8% | 25.0% | 24.5% | 25.8% | 28.6% | 24.8% | 28.1% | 34.5% | 34.9% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $0 | $0 | $0 | $0 | $48.06M | $24.58M | $14.38M | $9.56M |
| Other | $82.63M | $283.55M | $338.94M | $281.14M | $191.55M | $31.44M | $18.45M | $3.28M | $1.16M |
| Total Operating Expenses | $82.63M | $283.55M | $338.94M | $281.14M | $191.55M | $79.5M | $43.03M | $17.66M | $10.72M |
| Operating Income (EBIT) | $109.35M | $60.65M | -$42.55M | -$31.1M | -$31.63M | -$21.94M | -$5.07M | $9.53M | $5.81M |
| Operating Margin | 7.3% | 4.4% | -3.5% | -3.2% | -5.6% | -9.5% | -3.8% | 12.1% | 12.3% |
| Interest Expense | $121.43M | $0 | $119.47M | $71.07M | $26.9M | $7.86M | $10.64M | $6.63M | $1.91M |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$161.78M | -$100M | -$120.18M | -$44.94M | -$26.48M | -$7.95M | -$17.37M | -$6.84M | -$1.96M |
| Income Before Tax (EBT) | -$52.42M | -$39.35M | -$162.73M | -$76.03M | -$58.1M | -$29.89M | -$22.44M | $2.69M | $3.85M |
| Income Tax Expense | $1.73M | $1.73M | $1.28M | $715K | $19K | -$5K | $17K | $0 | $0 |
| Net Income | -$33.81M | -$24.52M | -$90.14M | -$41.77M | -$30.65M | -$15.7M | -$8.65M | -$624K | $1.7M |
| Net Income Margin | -2.2% | -1.8% | -7.5% | -4.3% | -5.5% | -6.8% | -6.4% | -0.8% | 3.6% |
| Supplementary Data | |||||||||
| EPS | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | -0.13 | 0.81 |
| Diluted EPS | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | -0.13 | 0.81 |
| Weighted Average OS | 67.94M | 63.45M | 60.13M | 56.83M | 47.59M | 27.18M | 17.92M | 4.74M | 4.74M |
| EBITDA | $196.83M | $164.62M | $116.93M | $87.57M | $65.08M | $18.75M | $16.31M | $13.85M | $7.65M |
| EBITDA Margin | 13.1% | 12.0% | 9.7% | 9.0% | 11.6% | 8.1% | 12.1% | 17.6% | 16.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Assets | |||||||||
| Current Assets | |||||||||
| Cash and Cash Equivalents | $123.67M | $148.12M | $116.21M | $118.09M | $138.29M | $108.46M | $67.69M | $8M | $3.12M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $123.67M | $148.12M | $116.21M | $118.09M | $138.29M | $108.46M | $67.69M | $8M | $3.12M |
| Accounts Receivable | $839.17M | $702.1M | $627.79M | $531.99M | $342.5M | $155.52M | $58.84M | $29.5M | $4.75M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $236.88M | $176.27M | $170.68M | $112.49M | $89.44M | $33.56M | $3.38M | $0 | $0 |
| Total Current Assets | $1.2B | $1.03B | $925.9M | $772.4M | $578.39M | $301.99M | $132.93M | $178K | $53K |
| Long-Term Assets | |||||||||
| Property, Plant & Equipment Net | $84.48M | $94.34M | $108.19M | $121.87M | $99.12M | $11.02M | $3.32M | $2.15M | $1.08M |
| Goodwill | $1.52B | $1.41B | $1.41B | $1.42B | $1.23B | $651.5M | $164.47M | $0 | $0 |
| Intangible Assets | $978.43M | $953.49M | $1.02B | $1.1B | $944.47M | $554.32M | $92.45M | $0 | $0 |
| Long-Term Investments | $0 | $2.1M | $0 | $0 | $0 | $1.65M | $200K | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $139.91M | $44.98M |
| Other Long-Term Assets | $82.42M | $45.94M | $38.13M | $45.94M | $25.59M | $9.43M | $5.4M | -$142K | -$46.06M |
| Total Long-Term Assets | $2.66B | $2.51B | $2.58B | $2.69B | $2.3B | $1.23B | $265.84M | $142K | $46.06M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$319.04M | -$98.39M |
| Total Assets | $3.86B | $3.53B | $3.5B | $3.46B | $2.88B | $1.53B | $398.77M | $527K | $525K |
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts Payable | $771.2M | $714.39M | $619.87M | $525.22M | $351.88M | $159.84M | $58.01M | $27.15M | $3.81M |
| Short-Term Debt | $21.58M | $156.98M | $226.93M | $56.75M | $105.11M | $10.09M | $2.48M | $829K | $525K |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $5.07M | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $38.21M | $40.78M | $30.28M | $30.98M | $18.18M | $11.61M | $5.35M | $0 | $0 |
| Other Current Liabilities | $116.84M | $108.65M | $114.37M | $59.11M | $38.2M | $22.85M | $4.38M | $159K | $56K |
| Total Current Liabilities | $1.03B | $1.06B | $1.03B | $699.21M | $540.69M | $217.42M | $72.83M | $189K | $63K |
| Long-Term Liabilities | |||||||||
| Long-Term Debt | $1.67B | $1.4B | $1.31B | $1.31B | $849.61M | $381.38M | $40.36M | $72.24M | $23.85M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $117.02M | $38.92M |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $14.29M | $2.67M | $61.43M | $220.38M | $227.09M | $161.14M | $48.31M | $8.65M | $10.16M |
| Total Long-Term Liabilities | $1.75B | $1.47B | $1.45B | $1.62B | $1.15B | $542.53M | $88.67M | $81K | $34.01M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.78B | $2.53B | $2.48B | $2.32B | $1.69B | $759.95M | $161.49M | $270.14M | $96.77M |
| Stockholders' Equity | |||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $723K | $685K | $646K | $619K | $592K | $455K | $198K | $0 | $0 |
| Retained Earnings | -$245.24M | -$211.42M | -$186.91M | -$96.76M | -$54.99M | -$24.35M | -$8.65M | -$24.25M | -$17.96M |
| Comprehensive Income & Other | $492K | $0 | $0 | $0 | $0 | $0 | $0 | $22.89M | $6.06M |
| Other Stockholders' Equity | $844.73M | $793.95M | $746.67M | $704.25M | $662.78M | $391.67M | $81.74M | $164.17M | $62.94M |
| Total Equity | $600.22M | $583.22M | $560.41M | $608.1M | $608.38M | $367.78M | $73.28M | $139.91M | $44.98M |
| Minority Interest | $484.18M | $425.58M | $458.47M | $531.93M | $579.17M | $402.19M | $163.99M | $64.77M | $21.25M |
| Total Liabilities and Equity | $3.38B | $3.11B | $3.04B | $2.93B | $2.3B | $1.13B | $234.78M | $410.06M | $141.76M |
| Supplementary Data | |||||||||
| Total Debt | $1.77B | $1.64B | $1.63B | $1.47B | $1.04B | $391.48M | $42.84M | $1.2M | $671K |
| Net Debt | $1.65B | $1.49B | $1.52B | $1.36B | $900.31M | $283.01M | -$24.85M | -$6.8M | -$2.45M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Operating Activities | |||||||||
| Net Income | -$54.15M | -$41.08M | -$90.14M | -$76.75M | -$58.12M | -$29.89M | -$22.45M | -$624K | $1.7M |
| Depreciation & Amortization | $127.83M | $108.92M | $98.4M | $86.36M | $51.51M | $20.17M | $10.55M | $3.09M | $1.44M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $71.11M | $65.5M | $60.01M | $47.39M | $19.19M | $7.74M | $3.28M | $0 | $0 |
| Changes in Working Capital: | |||||||||
| Accounts Receivable | -$45.06M | -$73.76M | -$132.27M | -$183.01M | -$64.5M | -$6.83M | -$6M | $546K | -$937K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$11.22M | $81.56M | $140.68M | $173.36M | $55.19M | $27.35M | $9M | $1.05M | $1.65M |
| Other Working Capital | -$42.56M | $20.52M | -$2.07M | -$11.23M | -$7.45M | -$1.59M | -$2.56M | -$1.64M | $141K |
| Total Working Capital Change | -$98.84M | $28.32M | $6.34M | -$20.88M | -$16.76M | $18.93M | $443K | -$48K | $854K |
| Other Non-Cash Items | -$75.37M | -$59.51M | -$29.96M | -$38.58M | $44.31M | $19.86M | $20.2M | $9.37M | $6.18M |
| Net Cash from Operating | -$29.42M | $102.15M | $44.64M | -$2.46M | $40.13M | $36.82M | $12.01M | $11.79M | $8.02M |
| Investing Activities | |||||||||
| Capital Expenditures | -$39.53M | -$41.05M | -$21.38M | -$21.98M | -$5.32M | -$5.47M | -$1.72M | -$525K | -$431K |
| Acquisitions | -$85.51M | $56.71M | $0 | -$389.02M | -$669.94M | -$670.49M | -$98.62M | -$42M | -$13.2M |
| Purchases of Investments | $0 | $0 | -$1.69M | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $220K | $106K |
| Other Investing Activities | -$15.24M | -$2.36M | $1.14M | -$3.36M | -$3.21M | -$1.85M | -$679K | $0 | $0 |
| Net Cash from Investing | -$140.28M | $13.3M | -$21.92M | -$414.36M | -$678.47M | -$677.81M | -$101.02M | -$42.31M | -$13.52M |
| Financing Activities | |||||||||
| Debt Repaid | -$2.04B | -$96.06M | $3.38M | -$461.49M | -$470.8M | -$285.33M | $38.78M | -$23.94M | -$10.85M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $269.38M | $451.57M | $246.21M | $200K | $205K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | -$78.27M | -$43.83M | $0 | $0 |
| Dividends Paid | $0 | -$264K | -$385K | $0 | $0 | $0 | -$10.55M | -$9.95M | -$6.88M |
| Other Financing Activities | -$1.84B | -$125.44M | -$22.47M | -$41.94M | -$16.12M | -$7.33M | -$4.35M | -$3.04M | -$44K |
| Net Cash from Financing | $203.82M | -$29.64M | -$26.23M | $419.55M | $724.06M | $711.94M | $152.08M | $35.38M | $3.98M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $34.13M | $85.81M | -$3.51M | $2.73M | $85.72M | $70.95M | $63.08M | $4.87M | -$1.53M |
| Supplementary Data | |||||||||
| Operating Cash Flow | -$29.42M | $102.15M | $44.64M | -$2.46M | $40.13M | $36.82M | $12.01M | $11.79M | $8.02M |
| Capital Expenditure | -$39.53M | -$41.05M | -$21.38M | -$21.98M | -$5.32M | -$5.47M | -$1.72M | -$525K | -$431K |
| Free Cash Flow | -$68.94M | $61.1M | $23.27M | -$24.44M | $34.81M | $31.35M | $10.3M | $11.27M | $7.58M |
| Cash at Beginning | $312.77M | $226.96M | $230.47M | $227.74M | $142.02M | $71.07M | $8M | $3.12M | $4.65M |
| Cash at End | $346.9M | $312.77M | $226.96M | $230.47M | $227.74M | $142.02M | $71.07M | $8M | $3.12M |