The Baldwin Insurance Group, Inc. (BWIN)
Fair ValueFundamental
30
Price
$31.79
Market Cap
$3.08B
Part 1 · What the company is worth
Overview
The Baldwin Insurance Group, Inc. operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. The company operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. Its Insurance Advisory Solutions segment provides private risk management, commercial risk management, employee benefits, and Medicare insurance solutions for businesses and high-net-worth individuals, as well as their families. The Underwriting, Capacity & Technology Solutions segment offers MGA platform, that manufactures technology-enabled insurance product suite comprises personal, commercial, and professional lines. Its Mainstreet Insurance Solutions segment provides personal insurance, commercial insurance, and life and health solutions to individuals and businesses in communities, as well as offers reinsurance brokerage; and consultation for government assistance programs and solutions, including traditional Medicare and Medicare advantage and affordable care act to seniors and eligible individuals through a network of primarily independent contractor agents. The company was formerly known as BRP Group, Inc. and changed its name to The Baldwin Insurance Group, Inc. in May 2024. The Baldwin Insurance Group, Inc. was founded in 2011 and is headquartered in Tampa, Florida.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
Named by Baldwin in its 10-K and the closest match to its model: a Florida-based, acquisition-driven retail broker selling property-casualty and employee-benefits programs to the same US middle-market businesses and individuals.
Named by Baldwin in its 10-K; it buys up independent agencies across the United States and places commercial risk and employee-benefits business for the same mid-sized corporate clients.
Named by Baldwin in its 10-K as its personal-lines competitor: both distribute home and auto policies to American households, often through mortgage and real-estate referral channels.
Named by Baldwin in its 10-K; through Marsh McLennan Agency it has moved down-market into the same US middle-market commercial and benefits accounts Baldwin targets.
Named by Baldwin in its 10-K as a private competitor: a North American retail brokerage that bids for the same middle-market commercial and private-client accounts and competes for the same independent agencies to acquire.
Named by Baldwin in its 10-K as a private competitor: a US retail broker serving middle-market companies with property-casualty placement and employee-benefits consulting, Baldwin's core revenue line.
Balance Sheet & Liquidity
Revenue
$1.72B
Trailing 12 months (through 6/30/2026)
Net Income
$-81M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-69M
Total Equity
$600M
Total Liabilities
$2.78B
Current Ratio
1.07
Interest Coverage
0.83
Debt/EBITDA
12.72
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$33.33
Current Price
$31.79
Margin of Safety
+4.6%
Fair Value Range
$31.67 - $35.00
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-5.6%
P/B Ratio
1.22
P/FCF
24.72
Gross Margin
-
ROIC
-2.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-2.1%
WACC
7.6%
ROIC − WACC
-9.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (7)
- EPS shows upward trend
- Price CAGR 10.28%
- P/FCF 24.72
- P/B Ratio 1.22
- Positive Free Cash Flow
- Current Ratio
- Analyst Consensus 71% Buy
Failed (14)
- ROIC -2.1%
- Debt/Equity ratio
- Operating Margin -6.9%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE -10.6%
- Earnings Surprise avg 0.9%
- Share Dilution 7.6%
- Net Margin Trend -4.7% vs -1.2%
- Piotroski F-Score 2/9
Unavailable (6)
- Gross Margin NaN%
- Dividend Payout NaN%
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. L. Lowry Baldwin | Co-Founder & Chairman | 66 |
| Mr. Daniel Galbraith | President & CEO of Retail Brokerage Operations | 44 |
| Ms. Elizabeth H. Krystyn | Co-Founder | - |
| Ms. Laura Rice Sherman | Co-Founder | - |
| Ms. Bonnie Bishop | Executive Director of Investor Relations | - |
| Mr. Richard C. Tallo | Chief Marketing Officer | - |
| Ms. Erin King | Chief Colleague Officer | - |
| Mr. Austin Rock | President of Capacity Solutions | - |
| Mr. David Smith | President & Executive Operating Officer of Mainstreet Insurance Solutions | 60 |
| Mr. Michael C. Robinson | Regional President of RogersGray | - |
Audit Risk
3
Board Risk
8
Compensation Risk
4
Shareholder Rights Risk
8
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-26
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-30
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-21
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for BWIN, sourced from Markets Gazette.
- 2/27/2026NEUTRALBaldwin (BWIN) Q4 2025 Earnings Call Transcript
Baldwin (BWIN) held its Q4 2025 earnings call. While specific details from the transcript are not yet available, this event is a critical juncture for investors. Quarterly earnings calls are essential for understanding a company's financial performance, future outlook, and management strategies. Analysts and shareholders eagerly await this information to assess operational health, revenue growth, profitability, and any updates on future guidance. The current lack of content prevents an immediate assessment, but market attention remains high on Baldwin, awaiting the release of data to form informed judgments on its stock.
via Markets Gazette