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Baldwin Insurance Group, Inc.

BWIN Clue Score57
United States Fiscal year ends December CIK 0001781755
$31.87 +0.06% Close, 9 Oct 2026
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Price $31.87 −11.45% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 24 Oct 2019. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Operating income9.5Net income−0.6Fiscal year 2019Operating income−5.1Net income−8.7Fiscal year 2020Operating income−21.9Net income−15.7EPS, diluted−0.58Fiscal year 2021Revenue567.3Operating income−31.6Net income−30.6EPS, diluted−0.64Fiscal year 2022Revenue980.7 +72.9%Operating income−31.1Net income−41.8EPS, diluted−0.74Fiscal year 2023Revenue1,211.8 +23.6%Operating income−42.6Net income−90.1EPS, diluted−1.50Fiscal year 2024Revenue1,377.1 +13.6%Operating income60.6Net income−24.5EPS, diluted−0.39Fiscal year 2025Revenue1,493.7 +8.5%Operating income73.9Net income−33.8EPS, diluted−0.50
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a n/a n/a 567.3 980.7 1,211.8 1,377.1 1,493.7
Growth +72.9% +23.6% +13.6% +8.5%
Operating income 9.5 −5.1 −21.9 −31.6 −31.1 −42.6 60.6 73.9
Net income −0.6 −8.7 −15.7 −30.6 −41.8 −90.1 −24.5 −33.8
Growth
EPS, diluted n/a n/a −0.58 −0.64 −0.74 −1.50 −0.39 −0.50

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2018Fiscal year 2019Fiscal year 2020Fiscal year 2021Operating margin−5.6%Net margin−5.4%Free cash flow margin6.1%Fiscal year 2022Operating margin−3.2%Net margin−4.3%Free cash flow margin−2.5%Fiscal year 2023Operating margin−3.5%Net margin−7.4%Free cash flow margin−1.8%Fiscal year 2024Operating margin4.4%Net margin−1.8%Free cash flow margin0.8%Fiscal year 2025Operating margin4.9%Net margin−2.3%Free cash flow margin−4.6%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin n/a n/a n/a −5.6% −3.2% −3.5% 4.4% 4.9%
Net margin n/a n/a n/a −5.4% −4.3% −7.4% −1.8% −2.3%
Free cash flow margin n/a n/a n/a 6.1% −2.5% −1.8% 0.8% −4.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow11.8Capital expenditure−0.5Free cash flow11.3Fiscal year 2019Operating cash flow12.0Capital expenditure−1.7Free cash flow10.3 −8.6%Fiscal year 2020Operating cash flow36.8Capital expenditure−5.5Free cash flow31.3 +204.5%Fiscal year 2021Operating cash flow40.1Capital expenditure−5.3Free cash flow34.8 +11.0%Fiscal year 2022Operating cash flow−2.5Capital expenditure−22.0Free cash flow−24.4 −170.2%Fiscal year 2023Operating cash flow0.0Capital expenditure−21.4Free cash flow−21.3Fiscal year 2024Operating cash flow51.5Capital expenditure−41.0Free cash flow10.4Fiscal year 2025Operating cash flow−29.4Capital expenditure−39.5Free cash flow−68.9 −762.7%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 11.8 12.0 36.8 40.1 −2.5 0.0 51.5 −29.4
Capital expenditure −0.5 −1.7 −5.5 −5.3 −22.0 −21.4 −41.0 −39.5
Free cash flow 11.3 10.3 31.3 34.8 −24.4 −21.3 10.4 −68.9
Growth −8.6% +204.5% +11.0% −170.2% −762.7%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash8.0Total debt2.0Net cash (debt)6.0Shareholders’ equity−63.7Fiscal year 2019Cash67.7Total debt0.0Net cash (debt)67.7Shareholders’ equity73.3Debt to equity0.00Fiscal year 2020Cash108.5Total debt403.0Net cash (debt)−294.5Shareholders’ equity367.8Debt to equity1.10Fiscal year 2021Cash138.3Total debt8.5Net cash (debt)129.8Shareholders’ equity608.4Debt to equity0.01Fiscal year 2022Cash118.1Total debt8.5Net cash (debt)109.6Shareholders’ equity608.1Debt to equity0.01Fiscal year 2023Cash116.2Total debt10.2Net cash (debt)106.0Shareholders’ equity560.4Debt to equity0.02Fiscal year 2024Cash90.0Total debt8.4Net cash (debt)81.6Shareholders’ equity583.2Debt to equity0.01Fiscal year 2025Cash123.7Total debt12.6Net cash (debt)111.1Shareholders’ equity600.2Debt to equity0.02
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 8.0 67.7 108.5 138.3 118.1 116.2 90.0 123.7
Total debt 2.0 0.0 403.0 8.5 8.5 10.2 8.4 12.6
Net cash (debt) 6.0 67.7 −294.5 129.8 109.6 106.0 81.6 111.1
Shareholders’ equity −63.7 73.3 367.8 608.4 608.1 560.4 583.2 600.2
Debt to equity n/a 0.00 1.10 0.01 0.01 0.02 0.01 0.02

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a n/a n/a −5.6% −3.2% −3.5% 4.4% 4.9%
n/a n/a n/a −10.2% −7.8% −13.4% −2.9% −3.5%
n/a n/a n/a −5.4% −4.3% −7.4% −1.8% −2.3%
n/a n/a n/a 6.1% −2.5% −1.8% 0.8% −4.6%
Spending
n/a n/a n/a 0.9% 2.2% 1.8% 3.0% 2.6%
0.0% n/a n/a n/a n/a n/a n/a n/a
Returns
n/a −11.8% −4.3% −5.0% −6.9% −16.1% −4.2% −5.6%
−0.4% −2.2% −1.0% −1.1% −1.2% −2.6% −0.7% −0.9%
Balance and payout
n/a 0.00 1.10 0.01 0.01 0.02 0.01 0.02
83.7% 40.5% 49.7% 58.7% 67.1% 70.9% 71.5% 71.9%