Baldwin Insurance Group, Inc. BWIN
The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC ("Baldwin Holdings") and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. In this Annual Report on Form 10-K, unless the context otherwise requires, the words "Baldwin," the "Company," "we," "us" and "our" refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates.
Baldwin is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients. We do this by delivering bespoke client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our clients, colleagues, insurance company partners and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. When we consistently execute for these key stakeholders, we believe that the outcome is an increase in value for our stockholders. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits. Our growth plan includes continuing to recruit, train and develop industry leading talent, continuing to add geographic representation, insurance product expertise and end-client industry expertise via our partnership strategy, and continuing to build out MSI, which delivers proprietary, technology-enabled insurance solutions to our internal risk advisors as well as to a growing channel of external distribution partners. We are a destination employer supported by an award-winning culture, powered by exceptional people and fueled by industry-leading growth and innovation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.49B | $1.38B | $1.21B | $980.7M | $567.3M | — | — | — | — |
| Total operating expenses | $183.2M | $138.9M | $140.4M | $127.0M | $598.9M | $262.9M | $142.9M | $70.4M | — |
| Operating income | $73.9M | $60.6M | -$42.6M | -$31.1M | -$31.6M | -$21.9M | -$5.1M | $9.5M | — |
| Interest expense | $121.4M | $123.6M | $119.5M | $71.1M | $26.9M | $7.9M | $10.6M | $6.6M | — |
| Pre-tax income | -$52.4M | -$39.4M | -$162.7M | -$76.0M | -$58.1M | -$29.9M | -$22.4M | $2.7M | — |
| Income tax | $1.7M | $1.7M | $1.3M | $715.0K | $19.0K | $5.0K | $17.0K | $0 | — |
| Net income | -$54.2M | -$41.1M | -$164.0M | -$76.7M | -$58.1M | -$15.7M | -$8.7M | -$624.0K | — |
| EPS, basic | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -0.58 | — | — | — |
| EPS, diluted | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -0.58 | — | — | — |
| Shares, diluted (wtd. avg.) | 67.9M | 63.5M | 60.1M | 56.8M | 47.6M | 27.2M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $123.7M | $90.0M | $227.0M | $230.5M | $227.7M | $142.0M | $71.1M | $8.0M | $3.1M |
| Total current assets | $1.20B | $1.03B | $925.9M | $772.4M | $578.4M | $302.0M | $132.9M | $38.6M | — |
| Property, plant and equipment | $22.5M | $22.0M | $22.7M | $25.4M | $17.5M | $11.0M | $3.3M | $2.1M | — |
| Goodwill | $1.52B | $1.41B | $1.41B | $1.42B | $1.23B | $651.5M | $164.5M | $65.8M | $27.5M |
| Other intangibles | $978.4M | $953.5M | $1.02B | $1.10B | $944.5M | $554.3M | $92.5M | $29.7M | — |
| Total assets | $3.86B | $3.53B | $3.50B | $3.46B | $2.88B | $1.53B | $398.8M | $139.8M | — |
| Accounts payable | $252.6M | $160.6M | $144.9M | $125.7M | $92.2M | $51.5M | $12.3M | $5.2M | — |
| Short-term debt | $12.6M | $8.4M | $10.2M | $8.5M | $8.5M | $4.0M | $0 | $527.0K | — |
| Total current liabilities | $1.03B | $1.06B | $1.03B | $699.2M | $540.7M | $217.4M | $72.8M | $33.2M | — |
| Long-term debt | — | — | — | — | — | $399.0M | $0 | $1.5M | — |
| Total liabilities | $2.78B | $2.53B | $2.48B | $2.32B | $1.69B | $759.9M | $161.5M | $117.0M | — |
| Retained earnings | -$245.2M | -$211.4M | -$186.9M | -$96.8M | -$55.0M | -$24.3M | -$8.7M | $0 | — |
| Total equity | $600.2M | $583.2M | $1.02B | $1.14B | $1.19B | $769.9M | $237.3M | -$62.8M | -$39.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$29.4M | $51.5M | $46.0K | -$2.5M | $40.1M | $36.8M | $12.0M | $11.8M | — |
| Depreciation and amortisation | $127.8M | $108.9M | $98.4M | $86.4M | $51.5M | $20.2M | $10.5M | $3.1M | — |
| Stock-based compensation | $71.1M | $65.5M | $60.0M | $47.4M | $19.2M | $7.7M | $3.2M | $1.2M | — |
| Capital expenditure | $39.5M | $41.0M | $21.4M | $22.0M | $5.3M | $5.5M | $1.7M | $525.0K | — |
| Investing cash flow | -$140.3M | $13.3M | -$21.9M | -$414.4M | -$678.5M | -$677.8M | -$101.0M | -$42.5M | — |
| Financing cash flow | $203.8M | $21.1M | $18.4M | $419.6M | $724.1M | $711.9M | $152.1M | $35.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001781755-26-000027.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $567.3M | $980.7M | $1.21B | $1.38B | $1.49B |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$624.0K | -$8.7M | -$15.7M | -$58.1M | -$76.7M | -$164.0M | -$41.1M | -$54.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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