The Baldwin Insurance Group, Inc. (BWIN) AI Stock Analysis

The Baldwin Insurance Group, Inc. operates as an independent insurance distribution firm headquartered in Tampa, Florida. Established in 2011 and formerly named BRP Group, Inc. until May 2024, the company delivers risk management solutions across the United States. Its operations span three segments: Insurance Advisory Solutions, which delivers commercial risk management, employee benefits, and private risk management for high-net-worth clients; Underwriting, Capacity & Technology Solutions, which provides personal, commercial, and specialty lines via its Future platform, wholesale brokerage, and reinsurance services; and Mainstreet Insurance Solutions, which provides personalized personal, commercial, life, and health coverage to individuals and businesses in local communities.

Revenue grew from $560.0M in FY2021 to $1.50B in FY2025, recording a 5-year revenue CAGR of 45.4% from FY2020 to FY2025. Annual revenue growth moderated from 141.7% in FY2021 to 9.3% in FY2025. Net income remained negative across this period, registering -$30.6M in FY2021, -$90.1M in FY2023, and -$33.8M in FY2025. Operating margin shifted from -5.6% in FY2021 to 7.3% in FY2025, before settling at 2.0% over the trailing twelve months. In the latest quarter ended June 30, 2026, quarterly revenue growth was 30.1% year-over-year, while quarterly earnings dropped 90.0%.

As of June 30, 2026, The Baldwin Insurance Group held $184.5M in cash and short-term investments against $2.69B in total debt, leading to net debt of $2.50B. Total assets stood at $6.17B and shareholders' equity was $884.4M, resulting in a debt-to-equity ratio of 3.04 and a current ratio of 1.07. In FY2025, operating cash flow was -$29.4M, capital expenditures were $39.5M, and free cash flow was -$68.9M. The company's share count increased 25.8% over five years.

At a last close of $31.91 on October 16, 2026, BWIN carried a market capitalization of $4.49B and an enterprise value of $6.96B. The stock trades at a forward P/E of 12.3x compared to 10.8x for the median of its US-listed Financial Services peers. Its EV/EBITDA multiple of 84.1x stands well above the peer median of 11.7x, while its price-to-sales ratio of 2.6x sits below the peer median of 3.2x. Over the past year, BWIN gained 34.5%, outpacing the S&P 500 (SPY) return of 16.8%, though its 5-year return of -16.9% lagged the benchmark's 83.0% gain.

Wall Street coverage consists of 7 Hold ratings and 1 Sell rating, with zero Buy or Strong Buy recommendations. The mean price target is $32.42, representing a 1.6% premium to the last close of $31.91. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $2.01B and EPS of $2.01, representing 20.5% EPS growth. Over the last four quarters, the company recorded 0 EPS beats. The next earnings release is scheduled for November 3, 2026.

This page is an AI-written research summary of The Baldwin Insurance Group, Inc. (BWIN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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