Baldwin Insurance Group (BWIN) AI Stock Analysis

• Market Cap: $2.73B
• Dividend Yield: N/A
• Average Volume (3M): 829.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.69
• Revenue Growth: 10.69%
• EPS Growth: 32.74%
• Country: US
• Employees: 4,000
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Brokers
• EPS (TTM): 0.31
• Shares Outstanding: 71,314,980
• 10 Day Avg. Volume: 895,905
• 30 Day Avg. Volume: 829,711
• PEG Ratio: 1.36
• Price to Book (P/B): 4.22
• Price to Sales (P/S): 1.79
• P/FCF Ratio: 40.25
• Enterprise Value/Market Cap: 1.70
• Enterprise Value/Revenue: 3.16
• Enterprise Value/Gross Profit: 13.04
• Enterprise Value/Ebitda: 24.88
• 1Y Price Target: $38.20
• Price Target Upside: 39.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $26.00 ▼(-5.21% Downside)

Baldwin Insurance Group's overall score reflects modest financial performance with significant profitability and cash flow challenges. Technical indicators suggest a bearish trend, and valuation metrics indicate potential overvaluation. The earnings call provided some optimism with strategic initiatives, but ongoing challenges remain significant.

Positive Factors

Strong Sales Velocity

Consistent sales velocity indicates strong market demand and the ability to capture new business, supporting long-term revenue growth.

3B30 Catalyst Program

The 3B30 Catalyst Program focuses on automation and AI, which can enhance operational efficiency and reduce costs, improving profitability.

Strong Performance in Underwriting Capacity & Technology Solutions

Strong growth in this segment highlights the company's ability to innovate and expand in high-demand areas, supporting future revenue streams.

Negative Factors

Negative Cash Flow

Negative cash flow indicates liquidity issues and challenges in funding operations, which can hinder long-term financial stability.

GAAP Net Loss

Ongoing net losses highlight profitability challenges, which can impact shareholder value and limit reinvestment opportunities.

Flat Organic Revenue Growth in Insurance Advisory Solutions

Flat growth in a key segment suggests potential market saturation or competitive pressures, limiting future expansion opportunities.

Baldwin Insurance Group Business Overview & Revenue Model

Company Description

The Baldwin Insurance Group, Inc. operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. It operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals, as well as their families. The Underwriting, Capacity & Technology Solutions segment offers Future platform, that manufactures technology-enabled insurance products suite comprises personal, commercial, and specialty lines; specialty wholesale broker business that delivers professionals, individuals, and niche industry businesses; and reinsurance brokerage services. The Mainstreet Insurance Solutions segment provides personal insurance, commercial insurance, and life and health solutions to individuals and businesses in communities. 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 the Company Makes Money

Baldwin Insurance Group generates revenue through various channels within the insurance industry. The primary revenue stream comes from commissions earned on insurance policies sold to clients, which typically range from 5% to 20% of the policy premium, depending on the type of insurance. Additionally, BWIN may charge fees for consulting services, risk assessments, and policy management. The company also benefits from strategic partnerships with leading insurance carriers, which can enhance its product offerings and competitive positioning in the market. Furthermore, BWIN may engage in cross-selling opportunities, increasing the lifetime value of its clients by providing multiple insurance products, thereby boosting overall revenue.

Baldwin Insurance Group Financial Statement Overview

Summary

Baldwin Insurance Group shows modest revenue growth but struggles with profitability and cash flow management. The balance sheet is strong with low leverage, but negative return on equity and cash flow issues highlight the need for strategic improvements.

Income Statement

Baldwin Insurance Group has shown a modest revenue growth rate of 2.04% in the TTM period, indicating a positive trajectory in sales. However, the company struggles with profitability, as evidenced by a negative net profit margin of -1.91% and a declining gross profit margin from previous years. The EBIT and EBITDA margins are relatively low, suggesting operational inefficiencies. Overall, while revenue is growing, profitability remains a significant challenge.

Balance Sheet

The company's balance sheet shows a favorable debt-to-equity ratio of 0.20 in the TTM period, indicating low leverage compared to previous years. However, the return on equity is negative at -4.58%, reflecting ongoing losses. The equity ratio is strong, suggesting a solid capital structure, but the negative ROE highlights the need for improved profitability to enhance shareholder value.

Cash Flow

Cash flow analysis reveals a concerning trend with negative operating cash flow and free cash flow in the TTM period. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is also negative, indicating cash flow challenges. While the free cash flow to net income ratio is high, it is due to negative net income, which is not sustainable. The company needs to address cash flow management to improve liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.47B	1.38B	1.21B	969.49M	559.97M	231.68M
Gross Profit	356.13M	344.19M	296.38M	250.05M	159.92M	57.56M
EBITDA	186.69M	164.62M	116.93M	87.57M	65.08M	18.75M
Net Income	-28.11M	-24.52M	-90.14M	-41.77M	-30.65M	-15.70M
Balance Sheet
Total Assets	3.79B	3.53B	3.50B	3.46B	2.88B	1.53B
Cash, Cash Equivalents and Short-Term Investments	89.72M	148.12M	116.21M	118.09M	138.29M	108.46M
Total Debt	1.72B	1.64B	1.63B	1.47B	1.04B	391.48M
Total Liabilities	2.67B	2.53B	2.48B	2.32B	1.69B	759.95M
Stockholders Equity	619.69M	583.22M	560.41M	608.10M	608.38M	367.78M
Cash Flow
Free Cash Flow	-64.57M	61.10M	23.27M	-24.44M	34.81M	31.35M
Operating Cash Flow	-23.24M	102.15M	44.64M	-2.46M	40.13M	36.82M
Investing Cash Flow	-141.89M	13.30M	-21.92M	-414.36M	-678.47M	-677.79M
Financing Cash Flow	146.36M	-29.64M	-26.23M	419.55M	724.06M	711.92M

Baldwin Insurance Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 27.43
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BWIN, the sentiment is Neutral. The current price of 27.43 is above the 20-day moving average (MA) of 24.16, above the 50-day MA of 27.36, and below the 200-day MA of 36.54, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 60.51 is Neutral, neither overbought nor oversold. The STOCH value of 91.07 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BWIN.

Baldwin Insurance Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRD.A	71 Outperform	$525.01M	16.90	18.72%	2.62%	4.39%	61.61%
CRVL	70 Outperform	$3.88B	38.22	32.63%	―	10.43%	29.22%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CRD.B	67 Neutral	$525.01M	15.48	18.72%	2.84%	4.39%	61.61%
TWFG	67 Neutral	$1.37B	60.20	8.26%	―	17.86%	-77.16%
SLQT	49 Neutral	$279.80M	―	15.11%	―	13.16%	―
BWIN	49 Neutral	$2.73B	-80.03	-4.63%	―	10.69%	32.74%

Baldwin Insurance Group Corporate Events

Baldwin Insurance Group Amends Credit Agreement

On September 18, 2025, Baldwin Insurance Group Holdings, LLC amended its Credit Agreement with JPMorgan Chase Bank and other lenders to reprice its $931.1 million senior secured first lien term loan facility and add $75 million in incremental term B loans, increasing the total to $1,006 million. This amendment aims to optimize Baldwin’s financial structure by reducing the applicable margin for its revolving credit loans and using the new funds to pay down existing borrowings, potentially enhancing its financial flexibility and market positioning.

The most recent analyst rating on (BWIN) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Baldwin Insurance Group stock, see the BWIN Stock Forecast page.

Baldwin Insurance Group’s Mixed Earnings Call Highlights

The recent earnings call for Baldwin Insurance Group, Inc. presented a mixed sentiment. While the company showcased robust financial performance and impressive growth in certain segments like Insurance Advisory Solutions and UCTS, it also faced challenges in Mainstreet Insurance Solutions and the Medicare business. Additionally, a reduction in full-year guidance and a reported GAAP net loss were noted. Despite these hurdles, Baldwin remains optimistic about its strategic initiatives and future growth prospects.