8 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 27.4% per year over the past 5 years.
Financial health
Total debt has grown faster than revenue (1304.0% vs 27.4% per year).
The company is unprofitable; at its current free-cash-flow burn it has roughly 1.8 years of cash runway.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$1.5B
-$54M
0.0%
4.9%
-9.0%
-1.4%
-$69M
—
$124M
2024
$1.4B
-$41M
0.0%
4.4%
-7.0%
-1.2%
$10M
—
$90M
2023
$1.2B
-$164M
0.0%
-3.5%
-29.3%
-4.7%
-$21M
—
$116M
2022
$981M
-$77M
0.0%
-3.2%
-12.6%
-2.2%
-$24M
—
$118M
2021
$567M
-$58M
0.0%
-5.6%
-9.6%
-2.0%
—
—
$138M
2020
—
-$16M
—
—
-4.3%
-1.0%
—
$399M
$108M
2019
—
-$9M
—
—
-11.8%
-2.2%
—
$0
$68M
2018
—
-$624000
—
—
1.0%
-0.4%
—
$2M
$8M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '26
$489M
-$39M
0.0%
-1.7%
-4.4%
-0.6%
$30M
—
$184M
Mar '26
$529M
$2M
0.0%
-19.1%
0.2%
0.0%
-$19M
—
$146M
Dec '25
$345M
-$26M
0.0%
-3.8%
-4.3%
-0.7%
-$84000
—
$124M
Sep '25
$362M
-$19M
0.0%
0.9%
-3.0%
-0.5%
$32M
—
$90M
Jun '25
$376M
-$3M
0.0%
7.4%
-0.5%
-0.1%
-$28M
—
$106M
Mar '25
$411M
$14M
0.0%
13.6%
2.2%
0.4%
-$73M
—
$82M
Dec '24
$327M
-$20M
0.0%
-1.7%
-3.5%
-0.6%
-$14M
—
$90M
Sep '24
$335M
-$8M
0.0%
4.6%
-1.4%
-0.2%
$22M
—
$182M
Jun '24
$337M
-$18M
0.0%
4.9%
-3.0%
-0.5%
$8M
—
$208M
Mar '24
$378M
$22M
0.0%
9.1%
3.6%
0.6%
-$5M
—
$112M
Dec '23
$283M
-$34M
0.0%
-10.5%
-6.2%
-1.0%
$15M
—
$116M
Sep '23
$304M
-$18M
0.0%
0.0%
-3.0%
-0.5%
—
—
$79M
Jun '23
$296M
-$24M
0.0%
-5.6%
-4.0%
-0.7%
—
—
$106M
Mar '23
$330M
-$14M
0.0%
1.1%
-2.3%
-0.4%
—
—
$81M
Dec '22
—
-$48M
—
—
-8.0%
-1.4%
—
—
$118M
Sep '22
—
-$25M
—
—
-3.8%
-0.7%
—
—
$159M
Jun '22
—
$9M
—
—
1.3%
0.3%
—
—
$183M
Mar '22
—
$23M
—
—
3.6%
0.8%
—
—
$157M
Dec '21
—
-$23M
—
—
-3.7%
-0.8%
—
—
$138M
Sep '21
—
-$13M
—
—
-2.3%
-0.6%
—
—
$374M
Valuation over time
How the market has priced BWIN against its own fundamentals since 2024-05 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-sales ratio has fallen from 2.6× (May '24) to 1.9× (Sep '26).
Price / sales (P/S)
P/S
Frequently asked questions
Is BWIN growing its revenue and profit?
Over the past 5 years, Baldwin Insurance Group, Inc.'s revenue has grown 27.4% per year. These are computed facts, not advice.
How much debt does BWIN have?
As of FY2025, Baldwin Insurance Group, Inc. reported — of total debt against $124M of cash.
What is BWIN's profit margin?
In FY2025, gross margin was —, operating margin 4.9%, and net margin -3.6%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.