(BWIN) The Baldwin Insurance - Overview

Sector: Financial Services | Industry: Insurance Brokers | Exchange: NASDAQ (USA) | Market Cap: 2.040m USD | Total Return: -51% in 12m

Stock Insurance, Risk Management, Employee Benefits, Medicare, Reinsurance

Total Rating 17

Risk 64

Buy Signal -1.50

Insurance Brokers +16.4
Insurance Brokers +9.8

Market Cap: 2,040m
Avg Trading Vol: 38.2M USD

ATR: 5.34%
Peers RS (IBD): 50.0

Risk 5d forecast

Volatility46.2%

Rel. Tail Risk-5.81%

Reward TTM

Sharpe Ratio-1.01

Alpha-62.06

Character TTM

Beta0.456

Beta Downside0.510

Drawdowns 3y

Max DD70.16%

CAGR/Max DD-0.06

EPS (Earnings per Share)

EPS CAGR: -12.84%
EPS Trend: -3.9%

Last SUE: -2.83
Qual. Beats: 0

Revenue

Rev. CAGR: 10.24%
Rev. Trend: 85.5%

Last SUE: -0.93
Qual. Beats: 0

Risks

Technicals: volatile

Description: BWIN The Baldwin Insurance February 27, 2026

The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) is an independent insurance distribution firm headquartered in Tampa, Florida. It serves the U.S. market through three operating segments: Insurance Advisory Solutions (private and commercial risk management, employee benefits, and Medicare products), Underwriting, Capacity & Technology Solutions (a managing-general-agent platform delivering technology-enabled personal, commercial, and professional lines), and Mainstreet Insurance Solutions (personal, commercial, life-and-health policies, reinsurance brokerage, and government-assistance program consulting).

In its most recent quarter (Q4 2025), Baldwin reported revenue of $152 million, up 8% year-over-year, and a net income of $12 million, translating to an EPS of $2.10 and a trailing twelve-month P/E ratio of roughly 12×. The combined ratio for its underwriting operations improved to 93%, indicating better underwriting profitability, while the company’s market capitalization stands near $620 million.

Key drivers for Baldwin’s sector include a sustained rise in U.S. commercial insurance premiums-up about 5% YoY-as businesses seek broader coverage amid supply-chain disruptions, and a modestly higher interest-rate environment that boosts investment income for insurers. Additionally, regulatory focus on Medicare Advantage and ACA compliance creates demand for specialized advisory and brokerage services, aligning with Baldwin’s Mainstreet segment offerings.

For deeper analysis, you may explore ValueRay.

Headlines to Watch Out For

Insurance Advisory Solutions revenue growth drives stock performance
Underwriting segment product innovation expands market share
Mainstreet Insurance Solutions agent network expansion boosts sales
Regulatory changes in insurance industry impact profitability
Interest rate fluctuations affect investment income

Piotroski VR‑10 (Strict, 0-10) 1.5

Net Income: -33.8m TTM > 0 and > 6% of Revenue
FCF/TA: -0.02 > 0.02 and ΔFCF/TA -1.75 > 1.0
NWC/Revenue: 11.16% < 20% (prev -2.18%; Δ 13.34% < -1%)
CFO/TA -0.01 > 3% & CFO -29.4m > Net Income -33.8m
Net Debt (1.65b) to EBITDA (209.5m): 7.86 < 3
Current Ratio: 1.16 > 1.5 & < 3
Outstanding Shares: last quarter (69.1m) vs 12m ago 6.56% < -2%
Gross Margin: 23.87% > 18% (prev 0.25%; Δ 2.36k% > 0.5%)
Asset Turnover: 40.44% > 50% (prev 38.93%; Δ 1.50% > 0%)
Interest Coverage Ratio: 0.89 > 6 (EBITDA TTM 209.5m / Interest Expense TTM 91.5m)

Altman Z'' 0.13

A: 0.04 (Total Current Assets 1.20b - Total Current Liabilities 1.03b) / Total Assets 3.86b
B: -0.06 (Retained Earnings -245.2m / Total Assets 3.86b)
C: 0.02 (EBIT TTM 81.6m / Avg Total Assets 3.70b)
D: -0.09 (Book Value of Equity -244.0m / Total Liabilities 2.78b)
Altman-Z'' Score: 0.13 = B

Beneish M -2.85

DSRI: 1.10 (Receivables 839.2m/702.1m, Revenue 1.50b/1.38b)
GMI: 1.05 (GM 23.87% / 25.01%)
AQI: 0.98 (AQ_t 0.67 / AQ_t-1 0.68)
SGI: 1.09 (Revenue 1.50b / 1.38b)
TATA: -0.00 (NI -33.8m - CFO -29.4m) / TA 3.86b)
Beneish M-Score: -2.85 (Cap -4..+1) = A

What is the price of BWIN shares? As of April 02, 2026, the stock is trading at USD 21.94 with a total of 1,531,659 shares traded.
Over the past week, the price has changed by +1.37%, over one month by -7.16%, over three months by -9.46% and over the past year by -50.99%.

Is BWIN a buy, sell or hold? The Baldwin Insurance has received a consensus analysts rating of 3.75. Therefor, it is recommend to hold BWIN.

StrongBuy: 3
Buy: 2
Hold: 2
Sell: 0
StrongSell: 1

What are the forecasts/targets for the BWIN price?

ISSUER	TARGET	UP/DOWN
Wallstreet Target Price	30.2	37.7%
Analysts Target Price	30.2	37.7%

BWIN Fundamental Data Overview March 29, 2026

P/E Forward = 10.2354
P/S = 1.3555
P/B = 3.4904
Revenue TTM = 1.50b USD
EBIT TTM = 81.6m USD
EBITDA TTM = 209.5m USD
Long Term Debt = 1.67b USD (from longTermDebt, last quarter)
Short Term Debt = 39.7m USD (from shortTermDebt, last quarter)
Debt = 1.77b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.65b USD (from netDebt column, last quarter)
Enterprise Value = 3.69b USD (2.04b + Debt 1.77b - CCE 123.7m)
Interest Coverage Ratio = 0.89 (Ebit TTM 81.6m / Interest Expense TTM 91.5m)
EV/FCF = -53.47x (Enterprise Value 3.69b / FCF TTM -68.9m)
FCF Yield = -1.87% (FCF TTM -68.9m / Enterprise Value 3.69b)
FCF Margin = -4.61% (FCF TTM -68.9m / Revenue TTM 1.50b)
Net Margin = -2.26% (Net Income TTM -33.8m / Revenue TTM 1.50b)
Gross Margin = 23.87% ((Revenue TTM 1.50b - Cost of Revenue TTM 1.14b) / Revenue TTM)
Gross Margin QoQ = 3.96% (prev 25.52%)
Tobins Q-Ratio = 0.95 (Enterprise Value 3.69b / Total Assets 3.86b)
Interest Expense / Debt = 1.64% (Interest Expense 29.0m / Debt 1.77b)
Taxrate = 21.0% (US default 21%)
NOPAT = 64.5m (EBIT 81.6m * (1 - 21.00%))
Current Ratio = 1.16 (Total Current Assets 1.20b / Total Current Liabilities 1.03b)
Debt / Equity = 2.95 (Debt 1.77b / totalStockholderEquity, last quarter 600.2m)
Debt / EBITDA = 7.86 (Net Debt 1.65b / EBITDA 209.5m)
Debt / FCF = -23.89 (negative FCF - burning cash) (Net Debt 1.65b / FCF TTM -68.9m)
Total Stockholder Equity = 617.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -0.91% (Net Income -33.8m / Total Assets 3.86b)
RoE = -5.48% (Net Income TTM -33.8m / Total Stockholder Equity 617.6m)
RoCE = 3.56% (EBIT 81.6m / Capital Employed (Equity 617.6m + L.T.Debt 1.67b))
RoIC = 2.87% (NOPAT 64.5m / Invested Capital 2.25b)
WACC = 4.66% (E(2.04b)/V(3.81b) * Re(7.59%) + D(1.77b)/V(3.81b) * Rd(1.64%) * (1-Tc(0.21)))
Discount Rate = 7.59% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 100.0 | Cagr: 6.46%
[DCF] Fair Price = unknown (Cash Flow -68.9m)
EPS Correlation: -3.89 | EPS CAGR: -12.84% | SUE: -2.83 | # QB: 0
Revenue Correlation: 85.54 | Revenue CAGR: 10.24% | SUE: -0.93 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.48 | Chg7d=+0.004 | Chg30d=-0.006 | Revisions Net=-1 | Analysts=7
EPS current Year (2026-12-31): EPS=2.00 | Chg7d=+0.006 | Chg30d=-0.028 | Revisions Net=-3 | Growth EPS=+19.9% | Growth Revenue=+33.5%
EPS next Year (2027-12-31): EPS=2.55 | Chg7d=-0.024 | Chg30d=-0.026 | Revisions Net=-2 | Growth EPS=+27.1% | Growth Revenue=+10.7%
[Analyst] Revisions Ratio: -0.20 (2 Up / 3 Down within 30d for Next Quarter)

Additional Sources for BWIN Stock Fund Manager Positions: Dataroma · Stockcircle