# The Baldwin Group, Inc. (BWIN)

**Exchange:** NASDAQ  
**Sector:** Financial Services  
**Market cap:** $1.25B  
**Price:** $18.46 (-4.70%)

> The Baldwin Group, Inc. is an independent insurance distribution firm operating as an entrepreneur-led advisory platform in the financial services sector. It delivers tailored insurance solutions, risk management, employee benefits, and wealth management services to personal, commercial, high-net-worth individual, and business clients across the United States and internationally. The company functions through key segments including Insurance Advisory Solutions for private and commercial risk management, Medicare, and employee benefits; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions focused on property and casualty for landlords and real estate investors. Notable features encompass bespoke risk assessment, mitigation strategies, embedded insurance platforms, and technology-enabled distribution channels that simplify complexity and enhance client protection. The Baldwin Group, Inc. supports over three million clients by providing indispensable expertise, vanguard resources, and strategic partnerships with insurance carriers. Founded in 2011 and headquartered in Tampa, Florida, it plays a vital role in the insurance brokerage industry by fostering organic growth and portfolio expansion through specialty capabilities.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.49B | — | $74M | -$34M | — |
| 2024 | $1.38B | — | $61M | -$25M | — |
| 2023 | $1.21B | — | -$43M | -$90M | — |
| 2022 | $981M | — | -$31M | -$42M | — |
| 2021 | $567M | — | -$32M | -$31M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $3.86B | $2.78B | $600M | $124M | — |
| 2024 | $3.53B | $2.53B | $583M | $90M | — |
| 2023 | $3.50B | $2.48B | $560M | $116M | — |
| 2022 | $3.46B | $2.32B | $608M | $118M | — |
| 2021 | $2.88B | $1.69B | $608M | $138M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$29M | — | — |
| 2024 | $51M | — | — |
| 2023 | $46,000 | $21M | -$21M |
| 2022 | -$2M | $22M | -$24M |
| 2021 | $40M | $5M | $35M |
| 2020 | $37M | $5M | $31M |
| 2019 | $12M | $2M | $10M |
| 2018 | $12M | $525,000 | $11M |

Source: [CompaniesByCap](https://companiesbycap.com/company/BWIN)