Share count
68Mpeak FY2025
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BWIN, The Baldwin Insurance Group Inc.
Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted.
We have approximately 125 offices in 24 states, all of which are equipped to provide diversified products and services to empower our clients at every stage through our three operating groups.
We serve clients instead of customers and we refer to our strategic acquisitions as partnerships.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.5B
+8.5% YoY · 27% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $1.6B 5-yr avg $1.1B
Net margin −2.8% 5-yr avg −4.2%
Revenue $532M +28.7% vs yr-ago qtr
Operating margin −19.0% yr-ago 13.6%
Net income ($2M) yr-ago $25M
Net margin −0.4% yr-ago 6.0%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Insurance Advisory Solutions (49%), Underwriting, Capacity & Technology Solutions (37%) and Mainstreet Insurance Solutions (20%).
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Commissions on the premiums it places, and organic growth. What decides it: insurance prices in the market, since it earns a slice of them; new business won and kept; and a capital-light fee stream that carries none of the underwriting risk of the insurers it sells for. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median −3%). It earns this on little capital, so return on equity has run near −6%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the commissions keep renewing as rates turn is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 segments, the largest Insurance Advisory Solutions at 49%.
Revenue by reportable segment, FY2025
- Insurance Advisory Solutions49%$727M
- Underwriting, Capacity & Technology Solutions37%$549M
- Mainstreet Insurance Solutions20%$298M
- Corporate Segment and Other Operating-5%($70M)
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $567M | $981M | $1.2B | $1.4B | $1.5B | $1.6B | RevenueRevenue |
| −5.6% | −3.2% | −3.5% | 4.4% | 4.9% | −5.2% | Operating marginOp. mgn |
| −5.4% | −4.3% | −7.4% | −1.8% | −2.3% | −2.8% | Net marginNet mgn |
| ($31M) | ($42M) | ($90M) | ($25M) | ($34M) | ($45M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| $35M | ($24M) | ($21M) | $10M | ($69M) | ($15M) | Owner earningsOwner earn. |
| -5% | -7% | -16% | -4% | -6% | -5% | Return on equityROE |
| −5% | −7% | −16% | −4% | −6% | −5% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $2.9B | $3.5B | $3.5B | $3.5B | $3.9B | $5.9B | Total assetsAssets |
| $138M | $118M | $116M | $90M | $124M | $146M | Cash & investmentsCash+inv |
| $608M | $608M | $560M | $583M | $600M | $964M | Shareholders’ equityEquity |
| Per share | ||||||
| 47.6M | 56.8M | 60.1M | 63.5M | 67.9M | 96.8M | Shares out (diluted)Shares |
| $11.92 | $17.26 | $20.15 | $21.70 | $21.99 | $16.65 | Revenue / shareRev/sh |
| $-0.64 | $-0.74 | $-1.50 | $-0.39 | $-0.50 | $-0.47 | EPS (diluted)EPS |
| $0.73 | $-0.43 | $-0.35 | $0.16 | $-1.01 | $-0.15 | Owner earnings / shareOE/sh |
| $12.78 | $10.70 | $9.32 | $9.19 | $8.83 | $9.96 | Book value / shareBVPS |
The diluted share count moved ×1.43 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +16.5%/yr | +16.5%/yr (4-yr) |
| Capital spending / share | +51.0%/yr | +51.0%/yr (4-yr) |
| Book value / share | −8.8%/yr | −8.8%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$1.5Blow FY2021
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Operating margin 4.9%Thin for a fee businessOperating income $74M ÷ revenue $1.5BIndustry peers: median 15%
What this means
The heart of a insurance broker: how much of each fee dollar survives the cost of running the business. Commissions are a slice of the premiums it places, earned without taking the underwriting risk itself, so it is a capital-light fee stream that rises with new business, retention and the price of insurance. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −2.3%SlimNet income ($34M) ÷ revenue $1.5B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −6%Below the cost of equityNet income ($34M) ÷ equity $600MIndustry peers: median 19%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“If the AI tools that we use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputation harm, or other adverse impacts on our business and financial results.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.6B
- Cash & short-term investments$146M
- Other current assets$1.4B
Current liabilities$1.5B
- Debt due within a year$16M
- Accounts payable$286M
- Other current liabilities$1.2B
Current ratio1.08×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.08×stricter: inventory excluded
Cash ratio0.10×strictest: cash alone against what's due
Working capital$120Mthe cushion left after near-term bills
Debt due this year vs. cash$16M due · $146M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+28.7%the freshest read on whether the business is still growing
Current ratio, recent quarters1.0× → 1.1×
Deeper floors
Tangible book value($3.2B)equity stripped of goodwill & intangibles
Net current asset value($2.8B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$512M$97M of it operating leases
Deferred revenue$41Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 5-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$2.5B65% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth
Cash spent acquiring$1.1Bover 5 years buying other businesses, against $129M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Trevor Baldwin, | $3.4M | $3.9M | $35M |
| 2022 | Trevor Baldwin, | $4.8M | $3.8M | ($24M) |
| 2023 | Trevor Baldwin, | $6.4M | $3.7M | ($21M) |
| 2024 | Trevor Baldwin, | $5.7M | $11.5M | $10M |
| 2025 | Trevor Baldwin, | $5.3M | −$2.4M | ($69M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership2.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio63:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$71M
The slice of the business handed to employees in shares this year, 5% of revenue, equal to 96% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Insurance Brokers
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| ERIEErie Indemnity Company | $4.1B | 15.2% | 12.4% | 25% |
| RYANRyan Specialty Holdings Inc. | $3.0B | 16.5% | 3.9% | 11% |
| BWINThe Baldwin Insurance Group Inc. | $1.5B | -3.2% | -4.3% | -6% |
| ACTEnact Holdings Inc. | $1.2B | 77.3% | 57.3% | 14% |
| CRVLCorVel Corp. | $959M | 11.2% | 8.8% | 26% |
| ARXAccelerant Holdings Class A | $913M | -8.3% | -14.2% | -204% |
| HGTYHagerty Inc. | $678M | 4.0% | 7.2% | 52% |
| LIFEEthos Technologies Inc. | $388M | 18.8% | 18.4% | — |
| Group median | — | 13.2% | 8.0% | 14% |
The price
What a price has to assume.
What the price implies
reverse-DCFThe Baldwin Insurance Group Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Revenue, delivered26%/yr’21→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−1%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "The Baldwin Insurance Group Inc. (BWIN), the owner's record," https://ownerscorecard.com/c/BWIN, data as of 2026-07-09.
Manual order: ← BWFG its page in the Manual BWMN →
Industry order: ← BRO the Insurance Brokers chapter CCG →