BWIN The Baldwin Insurance Group, Inc. - Class A Common Stock
$31.11
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$16–$35
80% of range
Analyst Rating
BUY
17 analysts
Price Target
$32
+4% upside
P/E (TTM)
-48.1
ROE
-5.7%
Net Profit Margin
-2.2%
BWIN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$31.11
Market Cap
—
P/E (TTM)
-48.1
EPS (TTM)
$-0.50
Revenue (TTM)
$1.50B
Div Yield
—
ROE
-5.7%
Debt/Equity
0.0
52W Range
$16 – $35
BWIN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.50B
2021-12-31
→
2025-12-31
EPS
$-0.50
2020-12-31
→
2025-12-31
Free Cash Flow
$-69M
2019-12-31
→
2025-12-31
Margins
-2.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BWIN
Peer Median
P/E (TTM)
-48.1
40.4
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BWIN
Peer Median
Operating Margin
4.9%
—
Net Profit Margin
-2.2%
6.4%
ROA
-0.91%
3.2%
ROE
-5.7%
10.1%
ROIC
12.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BWIN
Peer Median
Debt / Equity
0.0
—
Current Ratio
1.2
1.1
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BWIN
Peer Median
Revenue YoY
8.3%
—
Revenue CAGR 3Y
15.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BWIN
Peer Median
BWIN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
17 analysts
- Strong Buy 5 29.4%
- Buy 7 41.2%
- Hold 5 29.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-13
Median
$31.00
Mean
$32.22
Now
$31.11
Low
$26.00
High
$38.00
Median target
$31.00
-0.4%
Mean target
$32.22
+3.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.48 | $0.48 | -0.00% |
| March 31, 2026 | $0.63 | $0.65 | -0.02% |
| Dec. 31, 2025 | $0.31 | $0.29 | 0.02% |
| Sept. 30, 2025 | $0.31 | $0.31 | 0.00% |
| June 30, 2025 | $0.42 | $0.43 | -0.01% |
| March 31, 2025 | $0.65 | $0.66 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BWIN | — | -48.1 | 8.3% | -2.2% | -5.7% | — |
| MRSH | $89.98B | 22.0 | 10.3% | 15.4% | 28.1% | — |
| AJG | $66.51B | 45.1 | 20.7% | 10.7% | 6.9% | — |
| BRO | $26.78B | 25.2 | 22.8% | 17.9% | 8.7% | — |
| RYAN | — | — | 21.3% | 2.1% | 9.9% | — |
| HGTY | — | — | 17.3% | 10.2% | 80.3% | — |
| GSHD | — | 70.8 | 16.2% | 7.6% | -107.8% | — |
| LIFE | — | — | 52.0% | 18.4% | -108.4% | — |
| TWFG | — | 54.3 | 22.0% | — | — | — |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $1.50B | $1.39B | $1.22B | $981M | $567M | |
| Operating Expenses | $183M | $139M | $140M | $127M | $599M | |
| Operating Income | $74M | $61M | $-43M | $-31M | $-32M | |
| Other Non-op | $635.0K | $-194.0K | $-718.0K | $26M | $424.0K | |
| Pretax Income | $-52M | $-39M | $-163M | $-76M | $-58M | |
| Income Tax | $2M | $2M | $1M | $715.0K | $19.0K | |
| Net Income | $-34M | $-25M | $-90M | $-42M | $-31M | |
| EPS (Basic) | $-0.50 | $-0.39 | $-1.50 | $-0.74 | $-0.64 | |
| EPS (Diluted) | $-0.50 | $-0.39 | $-1.50 | $-0.74 | $-0.64 | |
| Shares (Basic) | 67,938,680 | 63,455,148 | 60,134,776 | 56,825,348 | 47,587,866 | |
| Shares (Diluted) | 67,938,680 | 63,455,148 | 60,134,776 | 56,825,348 | 47,587,866 | |
| EBITDA | $202M | $170M | $56M | $55M | $20M |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $124M | $90M | $116M | $118M | $138M | |
| Prepaid Expense | $14M | $12M | $13M | $10M | $8M | |
| Other Current Assets | · | · | · | $100.0K | · | |
| Current Assets | $1.20B | $1.03B | $926M | $772M | $578M | |
| PP&E (Net) | $23M | $22M | $23M | $25M | $17M | |
| PP&E (Gross) | $45M | $42M | $37M | $34M | $22M | |
| Accum. Depreciation | $22M | $20M | $14M | $9M | $4M | |
| Goodwill | $1.52B | $1.41B | $1.41B | $1.42B | $1.23B | |
| Intangibles | $978M | $953M | $1.02B | $1.10B | $944M | |
| Other Non-current Assets | $82M | $48M | $38M | $46M | $26M | |
| Total Assets | $3.86B | $3.53B | $3.50B | $3.46B | $2.88B | |
| Accounts Payable | $253M | $161M | $145M | $126M | $92M | |
| Accrued Liabilities | $57M | $12M | $23M | $13M | $10M | |
| Short-term Debt | $0 | $6M | $2M | $2M | · | |
| Current Liabilities | $1.03B | $1.06B | $1.03B | $699M | $541M | |
| Capital Leases | $58M | $69M | $79M | $88M | $71M | |
| Deferred Tax | $0 | · | · | · | · | |
| Other Non-current Liabilities | $0 | $61.0K | $123.0K | $164.0K | $4M | |
| Total Liabilities | $2.78B | $2.53B | $2.48B | $2.32B | $1.69B | |
| Total Debt | $13M | $14M | $12M | $9M | $9M | |
| Paid-in Capital | $844M | $794M | $747M | $704M | $663M | |
| Retained Earnings | $-245M | $-211M | $-187M | $-97M | $-55M | |
| AOCI | $492.0K | $0 | · | · | · | |
| Stockholders' Equity | $600M | $583M | $560M | $608M | $608M | |
| Liabilities + Equity | $3.86B | $3.53B | $3.50B | $3.46B | $2.88B |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $128M | $109M | $98M | $86M | $52M | |
| Stock-based Comp | $71M | $66M | $60M | $47M | $19M | |
| Amort. of Intangibles | $121M | $103M | $93M | $82M | $49M | |
| Other Non-cash | $-195M | $-48M | $-24M | $-94M | $74.0K | |
| Operating Cash Flow | $-29M | $51M | $46.0K | $-2M | $40M | |
| CapEx | $40M | $41M | $21M | $22M | $5M | |
| Investing Cash Flow | $-140M | $13M | $-22M | $-414M | $-678M | |
| Financing Cash Flow | $204M | $21M | $18M | $420M | $724M | |
| Taxes Paid | $2M | · | · | · | · | |
| Free Cash Flow | $-69M | $61M | $23M | $-24M | $35M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Margin | 4.9% | 4.4% | -3.5% | 43.8% | 117.6% | |
| Net Margin | -2.2% | -1.8% | -7.4% | 58.8% | 113.9% | |
| Pretax Margin | -3.5% | -2.8% | -13.4% | 107.0% | 216.0% | |
| EBITDA Margin | 13.4% | 12.2% | 4.6% | -77.8% | -73.9% | |
| ROA | -0.91% | -0.70% | -2.6% | -1.3% | -1.4% | |
| ROE | -5.7% | -4.3% | -15.4% | -6.9% | -6.3% | |
| ROIC | 12.5% | 10.6% | -7.5% | -5.1% | -5.1% |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.0 | 0.9 | 1.1 | 1.1 | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | -0.0 | -0.0 |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 8.3% | 14.0% | 24.2% | 72.9% | · | |
| Revenue CAGR 3Y | 15.3% | 34.8% | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $1.50B | $1.39B | $1.22B | $981M | $567M | |
| Net Income TTM | $-34M | $-25M | $-90M | $-42M | $-31M | |
| P/E | -48.1 | -99.4 | -16.0 | -34.0 | -56.4 | |
| Earnings Yield | -2.1% | -1.0% | -6.2% | -2.9% | -1.8% |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $493M | $532M | $347M | $365M | $379M | $413M | $330M | $339M | $340M | $380M | $285M | $306M | $297M | $330M | |
| Operating Expenses | $73M | $205M | $56M | $42M | $41M | $44M | $36M | $36M | $33M | $34M | $-806M | $306M | $314M | $327M | |
| Operating Income | $-8M | $-101M | $-13M | $3M | $28M | $56M | $-5M | $15M | $16M | $34M | $-30M | $86.0K | $-17M | $4M | |
| Other Non-op | $-2M | $647.0K | $-110.0K | $860.0K | $35.0K | $-150.0K | $-299.0K | $28.0K | $-461.0K | $538.0K | $-525.0K | $-1M | $3M | $-2M | |
| Pretax Income | $-56M | $-146M | $-43M | $-30M | $-4M | $25M | $-35M | $-14M | $-29M | $40M | $-62M | $-32M | $-43M | $-26M | |
| Income Tax | $84.0K | $-145M | $1M | $0 | $685.0K | $0 | $-420.0K | $0 | $1M | $667.0K | $381.0K | $161.0K | $665.0K | $78.0K | |
| Net Income | $-39M | $2M | $-26M | $-19M | $-3M | $14M | $-20M | $-8M | $-18M | $22M | $-34M | $-18M | $-24M | $-14M | |
| EPS (Basic) | $-0.42 | $0.02 | $-0.39 | $-0.27 | $-0.05 | $0.21 | $-0.33 | $-0.13 | $-0.28 | $0.35 | $-0.57 | $-0.29 | $-0.40 | $-0.24 | |
| EPS (Diluted) | $-0.42 | $0.02 | $-0.38 | $-0.27 | $-0.05 | $0.20 | $-0.31 | $-0.13 | $-0.28 | $0.33 | $-0.57 | $-0.29 | $-0.40 | $-0.24 | |
| Shares (Basic) | 92,761,000 | 93,798,000 | -134,743,410 | 68,604,951 | 68,010,000 | 66,067,000 | -125,537,115 | 64,011,515 | 63,124,601 | 61,856,147 | -119,219,330 | 60,549,080 | 60,093,228 | 58,711,798 | |
| Shares (Diluted) | 92,761,000 | 96,828,000 | -138,003,961 | 68,604,951 | 68,010,000 | 69,328,000 | -128,995,216 | 64,011,515 | 63,124,601 | 65,314,248 | -119,219,330 | 60,549,080 | 60,093,228 | 58,711,798 | |
| EBITDA | $50M | $-44M | · | $35M | $56M | $83M | · | $15M | $16M | $60M | · | $86.0K | $-17M | $28M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $184M | $146M | $124M | $90M | $106M | $82M | $90M | $182M | $208M | $112M | · | $79M | $106M | $81M | |
| Prepaid Expense | $20M | $21M | $14M | $18M | $15M | $17M | $12M | $13M | $14M | $15M | · | $12M | $12M | $13M | |
| Current Assets | $1.85B | $1.59B | $1.20B | $1.11B | $1.24B | $1.06B | $1.03B | $1.01B | $1.14B | $951M | · | $802M | $818M | $780M | |
| PP&E (Net) | $33M | $31M | $23M | $21M | $21M | $22M | $22M | $21M | $22M | $23M | · | $24M | $24M | $25M | |
| PP&E (Gross) | · | · | $45M | · | · | · | $42M | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $22M | · | · | · | $20M | · | · | · | · | · | · | · | |
| Goodwill | $2.65B | $2.65B | $1.52B | $1.52B | $1.42B | $1.41B | $1.41B | $1.41B | $1.41B | $1.41B | · | $1.42B | $1.42B | $1.42B | |
| Intangibles | $1.45B | $1.48B | $978M | $1.02B | $926M | $938M | $953M | $969M | $985M | $1.00B | · | $1.04B | $1.06B | $1.08B | |
| Other Non-current Assets | $111M | $96M | $82M | $69M | $65M | $49M | $48M | $47M | $44M | $40M | · | $42M | $45M | $44M | |
| Total Assets | $6.17B | $5.94B | $3.86B | $3.79B | $3.74B | $3.55B | $3.53B | $3.54B | $3.68B | $3.51B | · | $3.42B | $3.47B | $3.45B | |
| Accounts Payable | $294M | $286M | $253M | $222M | $158M | $157M | $161M | $164M | $132M | $132M | · | $131M | $110M | $109M | |
| Accrued Liabilities | $51M | $59M | $57M | $29M | $25M | $21M | $12M | $10M | $14M | $13M | · | $13M | $11M | $11M | |
| Short-term Debt | · | · | $0 | $0 | $0 | $0 | $6M | $6M | $6M | $6M | · | $2M | $2M | · | |
| Current Liabilities | $1.72B | $1.47B | $1.03B | $960M | $1.01B | $933M | $1.06B | $1.03B | $1.16B | $1.05B | · | $798M | $827M | $773M | |
| Capital Leases | $75M | $75M | $58M | $61M | $64M | $68M | $69M | $69M | $74M | $78M | · | $82M | $85M | $87M | |
| Deferred Tax | $5M | $5M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $129M | $128M | $0 | $61.0K | $61.0K | $61.0K | $61.0K | $123.0K | $123.0K | $123.0K | · | $241.0K | $241.0K | $250.0K | |
| Total Liabilities | $4.75B | $4.39B | $2.78B | $2.67B | $2.69B | $2.50B | $2.53B | $2.50B | $2.64B | $2.44B | · | $2.35B | $2.37B | $2.32B | |
| Total Debt | $16M | $16M | · | $10M | $9M | $9M | · | $14M | $14M | $16M | · | $12M | $10M | $9M | |
| Paid-in Capital | $1.25B | $1.24B | $844M | $837M | $831M | $816M | $794M | $786M | $773M | $763M | · | $743M | $733M | $717M | |
| Retained Earnings | $-368M | $-275M | $-245M | $-219M | $-201M | $-197M | $-211M | $-191M | $-183M | $-165M | · | $-152M | $-135M | $-111M | |
| AOCI | $5M | $3M | $492.0K | $1M | · | · | $0 | · | · | · | · | · | · | · | |
| Stockholders' Equity | $884M | $964M | $600M | $620M | $631M | $620M | $583M | $595M | $591M | $598M | · | $591M | $599M | $606M | |
| Liabilities + Equity | $6.17B | $5.94B | $3.86B | $3.79B | $3.74B | $3.55B | $3.53B | $3.54B | $3.68B | $3.51B | · | $3.42B | $3.47B | $3.45B |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $59M | $57M | $41M | $32M | $28M | $27M | $28M | $28M | $27M | $26M | $25M | $25M | $25M | $25M | |
| Stock-based Comp | $21M | $13M | $19M | $22M | $17M | $13M | $19M | $18M | $15M | $14M | $13M | $15M | $19M | $13M | |
| Amort. of Intangibles | $56M | $55M | $39M | $30M | $26M | $26M | $26M | $27M | $25M | $24M | $23M | $23M | $23M | $23M | |
| Other Non-cash | · | $-78M | · | · | · | $-118M | · | · | · | $-58M | · | · | · | $-38M | |
| Operating Cash Flow | $46M | $-6M | $10M | $41M | $-17M | $-64M | $-2M | $-30M | $18M | $3M | $-23M | $-13M | $49M | $-14M | |
| CapEx | $15M | $13M | $10M | $9M | $11M | $9M | $12M | $10M | $11M | $8M | $7M | $6M | $5M | $3M | |
| Investing Cash Flow | $-30M | $-491M | $-11M | $-83M | $-38M | $-9M | $-12M | $-10M | $-9M | $45M | $-5M | $-6M | $-5M | $-5M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $-2M | |
| Stock Repurchased | $80M | $47M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-47M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $139M | $607M | $21M | $-15M | $139M | $59M | $-17M | $24M | $116M | $-40M | $60M | $481.0K | $-18M | $-25M | |
| Free Cash Flow | · | $-19M | · | · | · | $-73M | · | · | · | $-5M | · | · | · | $-18M |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1.7% | -19.0% | · | 0.88% | 7.4% | 13.6% | · | 4.5% | 4.8% | 9.0% | · | -0.28% | 56.7% | -13.0% | |
| Net Margin | -7.9% | 0.44% | · | -5.1% | -0.84% | 3.4% | · | -2.5% | -5.2% | 5.7% | · | 57.6% | 82.0% | 50.7% | |
| Pretax Margin | -11.3% | -27.5% | · | -8.3% | -1.2% | 6.0% | · | -4.3% | -8.6% | 10.4% | · | 104.1% | 147.6% | 92.4% | |
| EBITDA Margin | 10.2% | -8.3% | · | 9.7% | 14.7% | 20.2% | · | 4.5% | 4.8% | 15.7% | · | -0.28% | 56.7% | -100.9% | |
| ROA | -0.79% | 0.05% | · | -0.51% | -0.09% | 0.39% | · | -0.24% | -0.49% | 0.62% | · | -0.52% | -0.70% | -0.44% | |
| ROE | -5.1% | 0.30% | · | -3.1% | -0.52% | 2.3% | · | -1.4% | -2.9% | 3.6% | · | -2.8% | -3.8% | -2.3% | |
| ROIC | -0.93% | -0.13% | · | 0.51% | 5.0% | 8.9% | · | 2.5% | 2.9% | 5.5% | · | 0.01% | -2.8% | 0.59% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | · | 1.2 | 1.2 | 1.1 | · | 1.0 | 1.0 | 0.9 | · | 1.0 | 1.0 | 1.0 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | -0.0 | -0.0 | -0.0 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.77B | $1.69B | · | $1.50B | $1.47B | $1.47B | · | $1.37B | $1.32B | $1.31B | · | · | · | · | |
| Net Income TTM | $-59M | $-6M | · | $-16M | $-15M | $10M | · | $-22M | $-38M | $-34M | · | $-80M | $-54M | $-7M | |
| P/E | -36.9 | -219.4 | · | -112.8 | -164.7 | 372.4 | · | -134.6 | -55.4 | -48.2 | · | -17.1 | -26.6 | -181.9 | |
| Earnings Yield | -2.7% | -0.46% | · | -0.89% | -0.61% | 0.27% | · | -0.74% | -1.8% | -2.1% | · | -5.9% | -3.8% | -0.55% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.50B | $1.39B | $1.22B | $981M | $567M |
| Operating Margin % | 4.9% | 4.4% | -3.5% | 43.8% | 117.6% |
| Net Income | $-34M | $-25M | $-90M | $-42M | $-31M |
| Diluted EPS | $-0.50 | $-0.39 | $-1.50 | $-0.74 | $-0.64 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 1.2 | 1.0 | 0.9 | 1.1 | 1.1 |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-69M | $61M | $23M | $-24M | $35M |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 251 filers · $1.7B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 50 (+5 vs prior Q) | 25 (-3 vs prior Q) | 68 (-14 vs prior Q) | 68 (+20 vs prior Q) | +6.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FMR LLC | $251,331,788 | 9,455,673 | 14.92% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $178,962,210 | 6,732,965 | 10.63% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $86,728,201 | 3,262,912 | 5.15% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $84,162,407 | 3,166,381 | 5.00% | Shares |
| BAMCO INC /NY/ | $72,095,220 | 2,712,386 | 4.28% | Shares |
| STATE STREET CORP | $70,829,267 | 2,665,874 | 4.21% | Shares |
| Woodline Partners LP | $60,180,708 | 2,264,135 | 3.57% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $55,755,750 | 2,097,658 | 3.31% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $53,581,521 | 2,015,437 | 3.18% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $51,521,873 | 1,938,370 | 3.06% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $50,840,000 | 1,912,711 | 3.02% | Shares |
| Capital International Investors | $44,938,726 | 1,690,697 | 2.67% | Shares |
| Annis Gardner Whiting Capital Advisors, LLC | $42,065,163 | 1,582,587 | 2.50% | Shares |
| Capital Research Global Investors | $34,772,036 | 1,308,203 | 2.06% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $34,265,049 | 1,289,129 | 2.03% | Shares |
| Boston Partners | $28,284,734 | 1,064,392 | 1.68% | Shares |
| Point72 Asset Management, L.P. | $27,595,090 | 1,038,190 | 1.64% | Shares |
| Champlain Investment Partners, LLC | $22,939,550 | 863,038 | 1.36% | Shares |
| Bridgewater Advisors Inc. | $21,482,223 | 728,743 | 1.28% | Shares |
| Fenimore Asset Management Inc | $21,142,636 | 795,434 | 1.26% | Shares |
| Venator Management LLC | $20,555,510 | 773,345 | 1.22% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $19,228,318 | 723,413 | 1.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $18,800,619 | 707,322 | 1.12% | Shares |
| MetLife Investment Management, LLC | $18,414,544 | 692,797 | 1.09% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $16,270,548 | 612,135 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $15,455,792 | 581,482 | 0.92% | Shares |
| Aristotle Capital Boston, LLC | $15,108,787 | 568,427 | 0.90% | Shares |
| 1776 Wealth LLC | $14,284,358 | 537,410 | 0.85% | Shares |
| Corient Private Wealth LP | $13,775,830 | 518,278 | 0.82% | Shares |
| GOLDMAN SACHS GROUP INC | $13,250,210 | 498,503 | 0.79% | Shares |
| BECK MACK & OLIVER LLC | $11,642,572 | 438,020 | 0.69% | Shares |
| CIBC Bancorp USA Inc. | $10,775,931 | 405,415 | 0.64% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $9,684,503 | 364,353 | 0.58% | Shares |
| Tributary Capital Management, LLC | $9,508,570 | 357,734 | 0.56% | Shares |
| Freestone Grove Partners LP | $8,709,708 | 327,679 | 0.52% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $8,641,982 | 325,131 | 0.51% | Shares |
| EQUITABLE TRUST CO | $7,522,087 | 282,998 | 0.45% | Shares |
| PEREGRINE CAPITAL MANAGEMENT LLC | $6,525,443 | 245,502 | 0.39% | Shares |
| Bank of New York Mellon Corp | $6,248,799 | 235,094 | 0.37% | Shares |
| MAI Capital Management | $5,885,743 | 221,435 | 0.35% | Shares |
| FIFTH THIRD BANCORP | $4,931,999 | 185,553 | 0.29% | Shares |
| NICHOLAS COMPANY, INC. | $4,895,504 | 184,180 | 0.29% | Shares |
| PALISADE CAPITAL MANAGEMENT, LP | $4,598,792 | 173,017 | 0.27% | Shares |
| Lighthouse Investment Partners, LLC | $4,569,687 | 171,922 | 0.27% | Shares |
| UBS Group AG | $4,467,885 | 168,092 | 0.27% | Shares |
| Man Group plc | $4,413,024 | 166,028 | 0.26% | Shares |
| Swiss National Bank | $4,133,190 | 155,500 | 0.25% | Shares |
| Balyasny Asset Management L.P. | $4,071,312 | 153,172 | 0.24% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $3,840,447 | 144,486 | 0.23% | Shares |
| SMITH CHAS P & ASSOCIATES PA CPAS | $3,295,021 | 150,183 | 0.20% | Shares |
| RHUMBLINE ADVISERS | $3,190,440 | 120,032 | 0.19% | Shares |
| Madison Investment Advisors, LLC | $3,160,529 | 81,541 | 0.19% | Shares |
| Madison Asset Management, LLC | $2,750,233 | 103,470 | 0.16% | Shares |
| HB Wealth Management, LLC | $2,743,747 | 103,226 | 0.16% | Shares |
| CWM, LLC | $2,521,959 | 114,948 | 0.15% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $2,492,272 | 94,048 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $2,438,582 | 91,745 | 0.14% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $2,372,212 | 89,248 | 0.14% | Shares |
| MORGAN STANLEY | $2,353,593 | 88,547 | 0.14% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,330,028 | 106,200 | 0.14% | Shares |
| Pathway Financial Advisors LLC | $2,170,354 | 76,394 | 0.13% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,157,313 | 81,163 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,147,092 | 97,862 | 0.13% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $2,144,076 | 80,665 | 0.13% | Shares |
| ZB,N.A. | $2,053,621 | 52,983 | 0.12% | Shares |
| Laird Norton Wetherby Trust Company, LLC | $1,993,447 | 74,998 | 0.12% | Shares |
| BlackRock, Inc. | $1,930,479 | 72,629 | 0.11% | Shares |
| FIRST TRUST ADVISORS LP | $1,672,652 | 62,929 | 0.10% | Shares |
| NOMURA HOLDINGS INC | $1,619,254 | 60,920 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,488,533 | 56,002 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $1,458,950 | 54,889 | 0.09% | Shares |
| HighTower Advisors, LLC | $1,358,291 | 51,102 | 0.08% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,330,223 | 50,046 | 0.08% | Shares |
| Caption Management, LLC | $1,329,000 | 50,000 | 0.08% | Call option |
| SAPIENT CAPITAL LLC | $1,329,000 | 50,000 | 0.08% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $1,318,846 | 49,618 | 0.08% | Shares |
| CITIGROUP INC | $1,296,174 | 48,765 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,200,645 | 45,171 | 0.07% | Shares |
| Quantinno Capital Management LP | $1,126,779 | 42,392 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,044,408 | 39,293 | 0.06% | Shares |
| Invesco Ltd. | $1,038,560 | 39,073 | 0.06% | Shares |
| Orion Porfolio Solutions, LLC | $1,025,005 | 38,563 | 0.06% | Shares |
| Bleakley Financial Group, LLC | $969,373 | 36,470 | 0.06% | Shares |
| Washington Trust Bank | $962,648 | 36,217 | 0.06% | Shares |
| CIBC WORLD MARKET INC. | $956,880 | 36,000 | 0.06% | Shares |
| Nuveen, LLC | $943,830 | 35,509 | 0.06% | Shares |
| Quadrant Private Wealth Management, LLC | $921,965 | 34,686 | 0.05% | Shares |
| NATIXIS | $903,720 | 34,000 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $870,203 | 32,739 | 0.05% | Shares |
| Jain Global LLC | $860,421 | 32,371 | 0.05% | Shares |
| JANE STREET GROUP, LLC | $808,032 | 30,400 | 0.05% | Call option |
| Vanguard Global Advisers, LLC | $797,772 | 30,014 | 0.05% | Shares |
| Aptus Capital Advisors, LLC | $787,619 | 29,632 | 0.05% | Shares |
| Sunburst Financial Group, LLC | $778,289 | 29,281 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $768,959 | 28,930 | 0.05% | Shares |
| Weiss Asset Management LP | $735,734 | 27,680 | 0.04% | Shares |
| Red Door Wealth Management, LLC | $717,660 | 27,000 | 0.04% | Shares |
| ENTREWEALTH, LLC | $711,225 | 24,868 | 0.04% | Shares |
| DIVERSIFIED TRUST CO | $710,589 | 26,734 | 0.04% | Shares |
| VANGUARD GROUP INC | $659,816 | 27,458 | 0.04% | Shares |
Company insiders 29 insiders · 9 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| James Morgan Roche | President, The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations | June 4, 2025 S | 79,686 | 0 | 0 | $0 |
| Trevor Baldwin | Chief Executive Officer | Feb. 19, 2025 F | 116,476 | 0 | 0 | $0 |
| Daniel Galbraith | President, The Baldwin Group and CEO, Retail Brokerage Operations; Member of 10% owner group | Feb. 19, 2025 F | 27,329 | 0 | 0 | $0 |
| Bradford Hale | Chief Financial Officer | Aug. 7, 2025 P | 144,659 | 0 | 0 | $0 |
| Seth Bala Cohen | General Counsel | June 3, 2025 S | 13,240 | 0 | 0 | $0 |
| Corbyn N. Galloway | Chief Accounting Officer | Feb. 19, 2025 F | 41,671 | 0 | 0 | $0 |
| John A. Valentine | Chief Partnership Officer | Nov. 9, 2023 P | 93,222 | 0 | 0 | $0 |
| Kristopher Aaron Wiebeck | Chief Strategy Officer | Aug. 17, 2023 S | 20,035 | 0 | 0 | $0 |
| Christopher John Stephens | General Counsel | May 3, 2021 A | 12,360 | 0 | 0 | $0 |
| Paul Eugene Sparks | Director | July 1, 2026 F | 2,282 | 0 | 0 | $0 |
| Sathish Muthukrishnan | Director | July 1, 2026 A | 10,254 | 0 | 0 | $0 |
| Sunita Parasuraman | Director | July 1, 2026 A | 14,445 | 0 | 0 | $0 |
| Myron K Williams | Director | July 1, 2026 A | 14,445 | 0 | 0 | $0 |
| Jay A Cohen | Director | July 1, 2026 A | 18,623 | 0 | 0 | $0 |
| Barbara Ruth Matas | Director | July 1, 2026 A | 19,600 | 0 | 0 | $0 |
| Ellyn Shook | Director | July 1, 2026 A | 14,445 | 0 | 0 | $0 |
| KADOW JOSEPH JOHN | Director | July 1, 2026 A | 19,600 | 0 | 0 | $0 |
| Chris Thomas Sullivan | Director | July 1, 2026 A | 85,682 | 0 | 0 | $0 |
| Lowry Baldwin | Director | May 21, 2024 C | 0 | 0 | 0 | $0 |
| Phillip E Casey | Director | April 1, 2023 A | 11,030 | 0 | 0 | $0 |
| Robert D. Eddy | Director | April 1, 2021 A | 7,571 | 0 | 0 | $0 |
| Baldwin Insurance Group Holdings, LLC | 10% owner | May 21, 2024 J | 13,149,090 | 0 | 0 | $0 |
| Loper Enterprises, LLC | 10% owner | June 26, 2020 S | 0 | 0 | 0 | $0 |
| Laura Sherman | — | April 1, 2024 F | 1,512 | 0 | 0 | $0 |
| Joseph D. Finney | — | Aug. 5, 2022 G | 337,852 | 0 | 0 | $0 |
| Millennial Specialty Holdco LLC | — | Sept. 10, 2021 J | 0 | 0 | 0 | $0 |
| Kristopher A. Wiebeck 2019 Grantor Retained Annuity Trust Dated September 30, 2019 | — | Dec. 18, 2020 S | 431,427 | 0 | 0 | $0 |
| Elizabeth Krystyn | — | Dec. 18, 2020 S | 1,731,998 | 0 | 0 | $0 |
| Elizabeth H. Krystyn 2019 Grantor Retained Annuity Trust I Dated September 30, 2019 | — | Sept. 30, 2020 G | 73,501 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 44 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| FDFF · Fidelity Covington Trust | 1.60% | 34,452 NS | May 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 0.43% | 29,632 NS | April 30, 2026 | N-PORT |
| IWO · iShares Trust | 0.17% | 889,191 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.15% | 105,159 SH | Aug. 8, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.13% | 74,483 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.11% | 52,221 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 36,329 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.09% | 2,503,995 SH | Aug. 8, 2026 | Daily |
| FFSM · FIDELITY COVINGTON TRUST | 0.09% | 49,084 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.08% | 564,415 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.08% | 2,818 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.07% | 67,729 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.07% | 41,452 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.05% | 897,745 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.05% | 4,504 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.05% | 284,754 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.04% | 15,669 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.04% | 4,246 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.04% | 10,158 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 377,255 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 3,523 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 2,541 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 23,717 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.02% | 4,868 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 917,201 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 1,561,216 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.02% | 126,424 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 4,677 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.02% | 3,564 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.02% | 19,023 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 89 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 2,713 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 27,949 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 3,696 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 73,033 NS | April 30, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 25,829 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 110,414 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 43,249 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 8,752 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.00% | 1,311 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 11,765 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,368 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,173,804 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,953 SH | Aug. 8, 2026 | Daily |