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Insurance distribution company selling retail property-casualty and employee benefits coverage, plus wholesale brokerage services.
Insurance distribution company selling retail property-casualty and employee benefits coverage, plus wholesale brokerage services.
Is paid commissions by insurance companies on policies it places for clients, plus profit-based bonuses when the business it places performs well, so revenue builds as policies renew and as it adds clients. Much of its growth has come from buying smaller agencies. It changed its name from BRP Group in 2024.
Moat: narrow (scale, distribution, brand). Acquisition-driven scale and carrier relationships versus small independent insurance agencies.
Headquarters: Tampa, Florida, United States · Founded: 2011 · Employees: 5,020
Size Baldwin Insurance (BWIN) is a United States Financials company (Insurance Brokers/Services) with a market value of $4.48B, the 1266th largest of 3,117 United States companies the cockpit tracks. Shares closed at $31.98 on 6 Nov 2026.
Performance Over six months the shares gained 58.5%, against +39.0% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 18.9% over the last twelve months (peer median +13.0%); the operating margin is -2.6% (peer median 21.6%).
Valuation It trades at 3.48× book value against a peer median of 5.26× (4th cheapest of 7).
Price implies The share price implies a return on equity of about 26.6%; Baldwin Insurance delivers -10.7%, so the price asks more than the business earns today.
Short interest Short interest is 7.2% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.74B | $1.50B | $1.39B | $1.22B | $981M |
| Revenue growth | — | +8% | +14% | +24% | — |
| Gross profit | $338M | $320M | $248M | $209M | $175M |
| EBITDA | $143M | $237M | $181M | $115M | $114M |
| Net income | -$81.2M | -$33.8M | -$24.5M | -$90.1M | -$41.8M |
| Free cash flow | $43.7M | -$68.9M | $10.4M | $23.3M | -$24.4M |
| Capital expenditure | $47.1M | $39.5M | $41.0M | $21.4M | $22.0M |
| Total debt | $2.57B | $1.76B | $1.50B | $1.42B | $1.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Baldwin Insurance BWIN | $4.48B | +58% | +19% | -11% | 3.48× | 26.6% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BWIN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +9.9% | 2nd lowest of 9 |
| 6-month return | +58.5% | +39.0% | highest of 9 |
| Return on equity | -10.7% | 13.0% | lowest of 7 |
| Price / book | 3.48× | 5.26× | 4th cheapest of 7 |
| ROE the price implies | 26.6% | 23.1% | 4th least demanding of 7 |
| ROE delivered | -10.7% | 13.0% | lowest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Baldwin Insurance BWIN | United States | $4.48B | +58% | +19% | -11% | 3.48× | 26.6% | -10.7% |
| Steadfast SDF.AX | Australia | $4.46B | +46% | +17% | 11% | 2.73× | 14.3% | 11.3% |
| CorVel CRVL | United States | $4.20B | +42% | +8% | 31% | 10.74× | 80.5% | 30.6% |
| Neptune Insurance NP | United States | $3.86B | -7% | +34% | n/a | n/a | n/a | n/a |
| AUB AUB.AX | Australia | $2.75B | +26% | +6% | 5% | 2.11× | 17.1% | 5.4% |
| Goosehead Insurance GSHD | United States | $1.97B | +36% | +18% | n/a | n/a | n/a | n/a |
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| TWFG TWFG | United States | $1.52B | +47% | +33% | 14% | 7.79× | 29.2% | 13.6% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |