BWINBaldwin Insurance Group, Inc.
Insurance Agents, Brokers & Service
- Revenue
- $1.5B
- 8.5% YoY
- Operating margin
- 4.9%
- 12% YoY
- EBITDA
- $202M
- 19% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.1×
- $215M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear5% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired43% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $567M | $981M | $1.2B | $1.4B | $1.5B | 8.5% |
| Operating income | −$32M | −$31M | −$43M | $61M | $74M | 22% |
| Net income | −$58M | −$77M | −$164M | −$41M | −$54M | 32% |
| Operating cash flow | $40M | −$2M | $46K | $51M | −$29M | 157% |
| Capex | $5M | $22M | $21M | $41M | $40M | 3.7% |
| Stock-based comp | $19M | $47M | $60M | $66M | $71M | 8.6% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | −$2M | 80 | 165 |
| FY2024 | $6M | $12M | 129 | 180 |
| FY2023 | $6M | $4M | 80 | 148 |
| FY2022 | $5M | $4M | 84 | 135 |
| FY2021 | $3M | $4M | 120 | 138 |