The Baldwin Insurance Group Inc. Class A Common Stock (BWIN)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Insurance distribution can be a decent business, but Baldwin has not yet shown the earnings discipline I look for. Revenue has scaled: fiscal 2025 revenue was $1.5B, up from $1.4B in fiscal 2024 and $1.2B in fiscal 2023. Yet the bottom line stayed red: fiscal 2023 net loss $90.1M, fiscal 2024 loss $24.5M, fiscal 2025 loss $33.8M. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $488.8M with a $39.0M net loss and diluted EPS -$0.42. That followed fiscal Q1 2026, the quarter ended 2026-03-31, when net income was just $2.3M and diluted EPS $0.02. Profitability is erratic. At the 2026-10-13 close of $31.87, FairStock calculations show P/E -30.35, P/B 3.47, ROE -10.66%, ROCE -0.91%, EV/EBITDA 65.99, and FCF yield 1.5% on TTM FCF of $43.7M. Debt/equity is 1.80, Piotroski F-Score 2/9, and Altman Z-Score 0.40, so financial quality looks weak. The Lynch category is none because the company lost money in each of the last four years. Growth without profit can destroy value. There may be a moat in local relationships and scale, but it is not visible in returns on capital. I would need sustainable earnings, lower leverage, and a price that compensates for the risk. At 3.47 times book with negative earnings, the price looks speculative rather than bargain.

In plain English: The Baldwin Insurance Group sells insurance and risk-management services through about 5,000 employees. Revenue is growing, but the company has been losing money in recent years and has weak financial strength. At $31.87 on 2026-10-13, the price looks expensive compared with its profits, net assets, and cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer