Baldwin Insurance Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Baldwin Insurance Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue				567	981	1,219	1,389	1,505
Operating expenses					127	140	139	183
Operating income	9.53	-5.07	-21.9	-31.6	-31.1	-42.6	60.6	73.9
Other non-operating income	-6.84	-17.4	-7.95	-26.5	-44.9	-120	-100	-127
Pre-tax income	2.69	-22.4	-29.9	-58.1	-76	-163	-39.4	-52.4
Income tax	0	0.02	-0.01	0.02	0.72	1.29	1.73	1.73
Net income to minority interests	3.31	-13.8	-14.2	-27.5	-35	-73.9	-16.6	-20.3
Net income	-0.62	-8.65	-15.7	-30.6	-41.8	-90.1	-24.5	-33.8
EBITDA	12.6	5.48	-1.77	19.9	55.3	55.9	170	202
EPS, basic			-0.58	-0.64	-0.74	-1.50	-0.39	-0.50
EPS, diluted			-0.58	-0.64	-0.74	-1.50	-0.39	-0.50
Shares, basic (weighted)			27.2	47.6	56.8	60.1	63.5	67.9
Shares, diluted (weighted)			27.2	47.6	56.8	60.1	63.5	67.9

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8	67.7	108	138	118	116	90	124
Other current assets	1.1	3.02	4.45	8.15	0.1	12.7	11.6	13.7
Total current assets	38.6	133	302	578	772	926	1,026	1,200
Property, plant and equipment	2.15	3.32	11	17.5	25.4	22.7	22	22.5
Lease right-of-use assets			0	81.6	96.5	85.5	72.4	62
Goodwill	65.8	164	652	1,229	1,422	1,412	1,412	1,517
Intangible assets	29.7	92.5	554	944	1,100	1,017	953	978
Other non-current assets	3.58	5.6	11.1	25.6	45.9	38.1	48	82.4
Total assets	140	399	1,530	2,876	3,462	3,502	3,535	3,862
Accounts payable	5.25	12.3	51.5	92.2	126	145	161	253
Accrued liabilities	0.58	2.53	13	9.73	13.1	23.3	12.4	57.4
Deferred revenue	1.45	5.35	11.6	18.2	31	30.3	40.8	36.3
Short-term debt	0.53	0	4	8.52	8.51	10.2	8.4	12.6
Total current liabilities	33.2	72.8	217	541	699	1,033	1,056	1,033
Long-term debt	1.5	0
Lease liabilities			0	71.4	87.7	79	68.8	57.7
Other non-current liabilities	2.61	2.02	2.42	3.59	0.16	0.12	0.06	0
Total liabilities	117	161	760	1,689	2,322	2,483	2,526	2,778
Total debt	2.02	0	399	8.52	8.51	10.2	8.4	12.6
Paid-in capital	0	82.4	392	663	704	747	794	844
Retained earnings	0	-8.65	-24.3	-55	-96.8	-187	-211	-245
Other comprehensive income							0	0.49
Shareholders' equity	-63.7	73.3	368	608	608	560	583	600
Minority interests	0.94	164	402	579	531	458	425	484
Total equity	-62.8	237	770	1,187	1,140	1,018	1,008	1,084
Total liabilities and equity	140	399	1,530	2,876	3,462	3,502	3,535	3,862

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.69	-22.5	-29.9	-58.1	-76.7	-164	-41.1	-54.2
Depreciation and amortization	3.09	10.5	20.2	51.5	86.4	98.4	109	128
Stock-based compensation	1.24	3.23	7.74	19.2	47.4	60	65.5	71.1
Change in payables	1.31	9	27.3	55.2	173	6.09	-0.49	-11.2
Cash from operations	11.8	12	36.8	40.1	-2.46	0.05	51.5	-29.4
Capital expenditures	-0.53	-1.72	-5.47	-5.32	-22	-21.4	-41	-39.5
Acquisitions	-35.1	-98.4	-669	-668	-388	0	0	-85.5
Purchases of investments	0	-0.2	-1.25	-1.91	-1.1	-1.69	-3.86	-16.7
Cash from investing	-42.5	-101	-678	-678	-414	-21.9	13.3	-140
Debt repaid	-0.53	-0.2
Cash from financing	35.6	152	712	724	420	18.4	21.1	204
Net change in cash	4.87	63.1	71	85.7	2.73	-3.51	85.8	34.1
Free cash flow	11.3	10.3	31.3	34.8	-24.4	-21.3	10.4	-68.9
Interest paid	3.37	9.49	5.96	22.1	62.7	105	111	115
Income taxes paid			0	0	1.42	1.43	2.75	1.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-6.9%	Operating income / revenue.
EBITDA margin	4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-15.8%	Pre-tax income / revenue.
Net margin	-4.7%	Net income / revenue.
FCF margin	2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Return on equity (ROE)	-9.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.3%	Net income / average total assets.
Return on invested capital (ROIC)	-13.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	4.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	10.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	21.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	19.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	54.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-157.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-762.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	2.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Quick ratio	0.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.3%	Total debt / total assets.
Liabilities / assets	77.0%	Total liabilities / total assets.
Net debt	-$168.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$125.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	66.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Fixed asset turnover	52.1x	Revenue / average property, plant and equipment.
Capex / operating cash flow	51.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.88	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.73	Revenue / diluted weighted shares.
FCF per share	$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.98	Cash from operations / diluted weighted shares.
Book value per share	$9.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$34.69	Tangible book value / shares outstanding.
Cash per share	$1.99	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.44B	Share price x shares outstanding.
Enterprise value	$4.27B	Market cap + total debt - cash - short-term investments.
P/S	2.56x	Market cap / revenue.
P/B	5.02x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	102x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	48.9x	Market cap / cash from operations, when positive.
EV/Sales	2.46x	Enterprise value / revenue.
EV/EBITDA	62.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	97.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	-1.8%	Net income / market cap (the inverse of P/E).

What was Baldwin Insurance Group, Inc.'s revenue in fiscal 2025?

Baldwin Insurance Group, Inc. reported revenue of $1.50B for fiscal 2025, 8.3% higher than the year before.

Was Baldwin Insurance Group, Inc. profitable in fiscal 2025?

No. It reported a net loss of $33.8M.

How much free cash flow did Baldwin Insurance Group, Inc. generate in fiscal 2025?

Cash from operations of $29.4M minus capital expenditures of $39.5M left free cash flow of -$68.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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