The Baldwin Insurance Group, In (BWIN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

The Baldwin Insurance Group, In

NasdaqGS•Financial Services•Insurance Brokers

$32.04-0.45(-0.01%)Pre-market

Market Cap

$2.96B

P/S

1.7x

P/B

3.3x

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.

How this company scores

AverageMetricSide Score: 46/100

Strongest: Growth (15/25); weakest: Cash & Earnings Quality (10/25).

Profitability11/25

Growth15/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality10/25

Strengths

Growing revenueLong cash runwayImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 1.7x5y range 1.1x – 2.1x

Currently above its 11-quarter median.

P/B · 3.3x5y range 2.0x – 5.4x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 199.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $2.96B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.74B
Q. Revenue: $492.94M
TTM EBITDA: $68.96M
TTM Op. Income: $-119.63M
Q. Op. Income: $-8.34M
TTM Net Income: $-81.24M
Q. Net Income: $-38.99M
EPS: $-0.42
Shares Out.: $92.76M

$1.74B in TTM revenue grew 18.9% YoY, reaching $492.94M last quarter. TTM EBITDA of $68.96M and TTM operating income of $-119.63M show growth is flowing through to the bottom line. However, net income is negative at $81.24M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 10.2%
Op. Margin: -1.7%
Net Margin: -7.9%

Op. margin of -1.7% is down 9.1% YoY — costs are rising relative to revenue. Net margin at -7.9% Over the past year, operating margin is down 123% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.7x
P/B Ratio: 3.3x

P/S of 1.7x and P/B of 3.3x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.17B
Cash: $184.50M
Long-Term Debt: $2.15B
Book Value: $884.43M
D/E Ratio: 2.4
Debt/EBITDA: 42.6

With $6.17B in assets and $2.15B in long-term debt, D/E is 2.4and book value is $884.43M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 3% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $45.56M
TTM Free Cash Flow: $43.71M
FCF Margin: 2.5%
FCF / Net Income: -0.5

TTM FCF of $43.71M on $45.56M in operating cash flow. The FCF / Net Income ratio of -0.5x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.