BWIN - The Baldwin Insurance Group, Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$28.75
DETAILS
HIGH:
$40.00
LOW:
$20.00
MEDIAN:
$27.50
CONSENSUS:
$28.75
UPSIDE:
46.24%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Revenue | 1,504.9 | 1,376.2 | 1,207.7 | 969.5 | 560.0 | 231.7 | 134.9 | 78.8 | 47.3 |
| Cost of Revenue | 1,312.9 | 1,032.0 | 911.4 | 719.4 | 400.1 | 174.1 | 97.0 | 51.7 | 30.8 |
| Gross Profit | 192.0 | 344.2 | 296.4 | 250.0 | 159.9 | 57.6 | 38.0 | 27.2 | 16.5 |
| Operating Expenses | |||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 0 | 0 | 0 | 0 | 0 | 48.1 | 24.6 | 14.4 | 9.6 |
| Other Expenses | 82.6 | 283.5 | 338.9 | 281.1 | 191.5 | 31.4 | 18.5 | 3.3 | 1.2 |
| Operating Expenses | 82.6 | 283.5 | 338.9 | 281.1 | 191.5 | 79.5 | 43.0 | 17.7 | 10.7 |
| Operating Income | |||||||||
| Operating Income | 109.4 | 60.6 | (42.6) | (31.1) | (31.6) | (21.9) | (5.1) | 9.5 | 5.8 |
| Interest Expense | 121.4 | 0 | 119.5 | 71.1 | 26.9 | 7.9 | 10.6 | 6.6 | 1.9 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||||
| EBITDA | 196.8 | 164.6 | 116.9 | 87.6 | 65.1 | 18.7 | 16.3 | 13.8 | 7.7 |
| EBIT | 69.0 | 55.7 | 18.5 | 1.2 | 13.6 | (1.4) | 5.8 | 10.8 | 6.2 |
| Income Before Tax | (52.4) | (39.4) | (162.7) | (76.0) | (58.1) | (29.9) | (22.4) | 2.7 | 3.9 |
| Income Tax Expense | 1.7 | 1.7 | 1.3 | 0.7 | 0.0 | (0.0) | 0.0 | 0 | 0 |
| Net Income | (33.8) | (24.5) | (90.1) | (41.8) | (30.6) | (15.7) | (8.7) | (0.6) | 1.7 |
| Per Share Data | |||||||||
| EPS (Basic) | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | 0.57 | 0.81 |
| EPS (Diluted) | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | 0.57 | 0.81 |
| Shares Outstanding | 67.9 | 63.5 | 60.1 | 56.8 | 47.6 | 27.2 | 17.9 | 4.7 | 4.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||
| Cash & Cash Equivalents | 123.7 | 148.1 | 116.2 | 118.1 | 138.3 | 108.5 | 67.7 | 8.0 | 3.1 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 839.2 | 702.1 | 627.8 | 532.0 | 342.5 | 155.5 | 58.8 | 29.5 | 4.7 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 236.9 | 176.3 | 170.7 | 112.5 | 89.4 | 33.6 | 3.4 | 0 | 0 |
| Total Current Assets | 1,199.7 | 1,026.5 | 925.9 | 772.4 | 578.4 | 302.0 | 132.9 | 177.5 | 52.9 |
| Non-Current Assets | |||||||||
| Property, Plant & Equipment | 84.5 | 94.3 | 108.2 | 121.9 | 99.1 | 11.0 | 3.3 | 2.1 | 1.1 |
| Goodwill | 1,517.2 | 1,412.4 | 1,412.4 | 1,422.1 | 1,228.7 | 651.5 | 164.5 | 0 | 0 |
| Intangible Assets | 978.4 | 953.5 | 1,017.3 | 1,099.9 | 944.5 | 554.3 | 92.5 | 0 | 0 |
| Long-Term Investments | 0 | 2.1 | 0 | 0 | 0 | 1.6 | 0.2 | 0 | 0 |
| Other Non-Current Assets | 82.4 | 45.9 | 38.1 | 45.9 | 25.6 | 9.4 | 5.4 | (142.1) | (46.1) |
| Total Non-Current Assets | 2,662.5 | 2,508.2 | 2,576.0 | 2,689.8 | 2,297.9 | 1,227.9 | 265.8 | 142.1 | 46.1 |
| Total Assets | 3,862.2 | 3,534.7 | 3,501.9 | 3,462.2 | 2,876.3 | 1,529.9 | 398.8 | 0.5 | 0.5 |
| Current Liabilities | |||||||||
| Account Payables | 771.2 | 714.4 | 619.9 | 525.2 | 351.9 | 159.8 | 58.0 | 27.2 | 3.8 |
| Short-Term Debt | 21.6 | 157.0 | 226.9 | 56.8 | 105.1 | 10.1 | 2.5 | 0.8 | 0.5 |
| Deferred Revenue | 38.2 | 40.8 | 30.3 | 31.0 | 18.2 | 11.6 | 5.3 | 0 | 0 |
| Other Current Liabilities | 116.8 | 108.7 | 114.4 | 59.1 | 38.2 | 22.9 | 4.4 | 159.1 | 56.5 |
| Total Current Liabilities | 1,032.8 | 1,056.4 | 1,033.4 | 699.2 | 540.7 | 217.4 | 72.8 | 189.3 | 62.8 |
| Non-Current Liabilities | |||||||||
| Long-Term Debt | 1,673.1 | 1,398.1 | 1,309.2 | 1,314.9 | 849.6 | 381.4 | 40.4 | 72.2 | 23.8 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 14.3 | 2.7 | 61.4 | 220.4 | 227.1 | 161.1 | 48.3 | 8.6 | 10.2 |
| Total Non-Current Liabilities | 1,745.1 | 1,469.5 | 1,449.6 | 1,622.9 | 1,148.1 | 542.5 | 88.7 | 80.9 | 34.0 |
| Total Liabilities | 2,777.8 | 2,525.9 | 2,483.1 | 2,322.1 | 1,688.8 | 759.9 | 161.5 | 270.1 | 96.8 |
| Stockholders' Equity | |||||||||
| Common Stock | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 0.5 | 0.2 | 0 | 0 |
| Retained Earnings | (245.2) | (211.4) | (186.9) | (96.8) | (55.0) | (24.3) | (8.7) | (24.3) | (18.0) |
| Accumulated Other Comprehensive Income | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 22.9 | 6.1 |
| Total Stockholders' Equity | 600.2 | 583.2 | 560.4 | 608.1 | 608.4 | 367.8 | 73.3 | 139.9 | 45.0 |
| Total Liabilities & Equity | 3,862.2 | 3,534.7 | 3,501.9 | 3,462.2 | 2,876.3 | 1,529.9 | 398.8 | 72.8 | 24.4 |
| Debt Metrics | |||||||||
| Total Debt | 1,770.4 | 1,640.9 | 1,631.8 | 1,473.3 | 1,038.6 | 391.5 | 42.8 | 1.2 | 0.7 |
| Net Debt | 1,646.8 | 1,492.8 | 1,515.6 | 1,355.3 | 900.3 | 283.0 | (24.8) | (6.8) | (2.5) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||
| Net Income | (54.2) | (41.1) | (90.1) | (76.7) | (58.1) | (29.9) | (22.5) | (0.6) | 1.7 |
| Depreciation & Amortization | 127.8 | 108.9 | 98.4 | 86.4 | 51.5 | 20.2 | 10.5 | 3.1 | 1.4 |
| Stock-Based Compensation | 71.1 | 65.5 | 60.0 | 47.4 | 19.2 | 7.7 | 3.3 | 0 | 0 |
| Change in Working Capital | (98.8) | 28.3 | 6.3 | (20.9) | (16.8) | 18.9 | 0.4 | (0.0) | 0.9 |
| Other Non-Cash Items | (75.4) | (59.5) | (30.0) | (38.6) | 44.3 | 19.9 | 20.2 | 14.0 | 6.2 |
| Operating Cash Flow | (29.4) | 102.2 | 44.6 | (2.5) | 40.1 | 36.8 | 12.0 | 11.8 | 8.0 |
| Investing Activities | |||||||||
| Capital Expenditure | (39.5) | (41.0) | (21.4) | (22.0) | (5.3) | (5.5) | (1.7) | (0.5) | (0.4) |
| Acquisitions | (85.5) | 56.7 | 0 | (389.0) | (669.9) | (670.5) | (98.6) | (42.0) | (13.2) |
| Purchases of Investments | 0 | 0 | (1.7) | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.1 |
| Other Investing Activities | (15.2) | (2.4) | 1.1 | (3.4) | (3.2) | (1.9) | (0.7) | 0 | 0 |
| Investing Cash Flow | (140.3) | 13.3 | (21.9) | (414.4) | (678.5) | (677.8) | (101.0) | (42.3) | (13.5) |
| Financing Activities | |||||||||
| Net Debt Issuance | 2,041.6 | 96.1 | (3.4) | 461.5 | 470.8 | 346.0 | (35.4) | 48.4 | 10.8 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | (78.3) | (43.8) | 0 | 0 |
| Dividends Paid | 0 | (0.3) | (0.4) | 0 | 0 | 0 | (10.5) | (5.5) | (4) |
| Other Financing Activities | (1,837.7) | (125.4) | (22.5) | (41.9) | (16.1) | (7.3) | (4.4) | (3.0) | (0.0) |
| Financing Cash Flow | 203.8 | (29.6) | (26.2) | 419.6 | 724.1 | 711.9 | 152.1 | 35.4 | 4.0 |
| Cash Position | |||||||||
| Net Change in Cash | 34.1 | 85.8 | (3.5) | 2.7 | 85.7 | 71.0 | 63.1 | 4.9 | (1.5) |
| Cash at Beginning | 312.8 | 227.0 | 230.5 | 227.7 | 142.0 | 71.1 | 8.0 | 3.1 | 4.7 |
| Cash at End | 346.9 | 312.8 | 227.0 | 230.5 | 227.7 | 142.0 | 71.1 | 8.0 | 3.1 |
| Free Cash Flow | (68.9) | 61.1 | 23.3 | (24.4) | 34.8 | 31.3 | 10.3 | 11.3 | 7.6 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 1,504.9 | 1,376.2 | 1,207.7 | 969.5 | 560.0 | 231.7 | 134.9 | 78.8 | 47.3 |
| Gross Profit | 192.0 | 344.2 | 296.4 | 250.0 | 159.9 | 57.6 | 38.0 | 27.2 | 16.5 |
| Operating Income | 109.4 | 60.6 | (42.6) | (31.1) | (31.6) | (21.9) | (5.1) | 9.5 | 5.8 |
| Net Income | (33.8) | (24.5) | (90.1) | (41.8) | (30.6) | (15.7) | (8.7) | (0.6) | 1.7 |
| EPS (Diluted) | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | 0.57 | 0.81 |
| Balance Sheet | |||||||||
| Cash & Equivalents | 123.7 | 148.1 | 116.2 | 118.1 | 138.3 | 108.5 | 67.7 | 8.0 | 3.1 |
| Total Assets | 3,862.2 | 3,534.7 | 3,501.9 | 3,462.2 | 2,876.3 | 1,529.9 | 398.8 | 0.5 | 0.5 |
| Total Debt | 1,770.4 | 1,640.9 | 1,631.8 | 1,473.3 | 1,038.6 | 391.5 | 42.8 | 1.2 | 0.7 |
| Stockholders' Equity | 600.2 | 583.2 | 560.4 | 608.1 | 608.4 | 367.8 | 73.3 | 139.9 | 45.0 |
| Cash Flow | |||||||||
| Operating Cash Flow | (29.4) | 102.2 | 44.6 | (2.5) | 40.1 | 36.8 | 12.0 | 11.8 | 8.0 |
| Capital Expenditure | (39.5) | (41.0) | (21.4) | (22.0) | (5.3) | (5.5) | (1.7) | (0.5) | (0.4) |
| Free Cash Flow | (68.9) | 61.1 | 23.3 | (24.4) | 34.8 | 31.3 | 10.3 | 11.3 | 7.6 |