Recent News
On November 5, 2025 several outlets reported that Wells Fargo maintained an Underweight recommendation on Baldwin Insurance Group (Nasdaq: BWIN), and brokers continue to publish a wide range of one‑year price targets. Commentary through mid‑November described a mixed broker consensus of Hold ratings with a material spread in target prices.
Technical Analysis
ADX / DI+ / DI-: ADX registers 12.75, indicating no established trend; DI+ of 19.74 shows a decreasing trend while DI‑ of 23.11 shows an increasing trend, together implying near‑term directional pressure to the downside rather than trend continuation and creating a defensive bias against sustained rallies.
MACD: MACD sits at 0.24 with a 0.19 signal line and therefore has crossed above the signal line, which represents a short‑term bullish crossover; the MACD trend also records a peak & reversal, signaling that recent momentum has rolled over and that the current bullish crossover faces resistance from waning momentum.
MRO (Momentum/Regression Oscillator): MRO equals -15.36 and shows an increasing trend; the negative value indicates price sits below the model target (implying potential upside pressure), and the increasing trend signals that this gap to target has been narrowing.
RSI: RSI reads 49.29 with a peak & reversal trend, reflecting neutral momentum with recent exhaustion on advances rather than a fresh buying phase; that neutrality supports consolidation into the short term.
Price Vs. Moving Averages & Bands: Price closed at $25.84, roughly 0.2% below the 20‑day average ($25.89), above the 50‑day average ($25.56) and about 20.8% below the 200‑day average ($32.61). The 12‑day EMA shows a peak & reversal pattern while price remains inside the Bollinger bands’ middle range, pointing to short‑term support around the 50‑day average and technical resistance toward the 200‑day average. The SuperTrend lower band at $23.54 gives a nearby structural support reference.
Volume & Volatility: Latest session volume of 998,217 sits below the 10‑day average of 1,120,544, suggesting muted conviction behind the most recent move; 42‑day and 52‑week volatilities both at 3% indicate low realized volatility relative to many small caps.
Fundamental Analysis
Profitability & Margins: EBIT equals $5,196,000 and EBITDA $37,239,000, with an EBIT margin of 1.433%. That margin sits well below the industry peer mean (21.697%) and the industry peer median (23.086%). Quarter‑over‑quarter EBIT margin contracted by 79.358% and year‑over‑year by 66.682%, reflecting compressed operating leverage over recent periods.
Revenue & Earnings: Reported total revenue equals $362,611,000. Revenue growth quarter‑over‑quarter registered -62.679% while year‑over‑year shows 299.744% according to the provided metrics; the company reported EPS of $0.31, matching the consensus estimate of $0.31 and producing an EPS surprise of approximately -0.57%.
Cashflow & Liquidity: Operating cashflow equals $41,017,000 and free cash flow equals $32,153,000, producing a free cash flow yield of 1.556%, slightly above the industry peer mean of 1.44%. Cash and short‑term investments total $89,723,000 and the current ratio reads 1.153, providing limited near‑term liquidity headroom.
Leverage & Coverage: Total debt measures $1,739,200,000 with net debt of $1,570,963,000 against a market cap of $2,065,997,804; debt to EBITDA stands at 46.70 and debt to equity at 2.81x. Interest coverage sits at 0.165, indicating interest expense materially exceeds operating earnings coverage and marking leverage as a primary constraint on valuation upside.
Returns & Efficiency: Return on assets equals -0.497% and return on equity equals -3.022%, both negative and reflecting the headline net loss of -$18,727,000. Asset turnover sits at 0.096, below the industry peer mean of 0.225, indicating capital turns at a below‑peer pace.
Valuation Context: Enterprise value totals $3,715,474,804 with an EV/revenue ratio around 10.25x and an enterprise multiple reading of 99.77; price‑to‑earnings sits near 93.32 while price‑to‑book equals 3.33, above the industry peer mean (0.99) and below the industry peer median (6.39). The current valuation as determined by WMDST: under‑valued. The valuation picture therefore combines a modest free‑cash‑flow yield premium to peers with high leverage and compressed margins that justify a cautious, risk‑adjusted view.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 383.7 M |
| Operating Cash Flow | $ 41.0 M | |
| Capital Expenditures | $ -8.86 M | |
| Change In Working Capital | $ 15.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -57.76 M | |
| End Period Cash Flow | $ 325.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 362.6 M | |
| Forward Revenue | $ -175.10 M | |
| COSTS | ||
| Cost Of Revenue | $ 272.1 M | |
| Depreciation | $ 1.6 M | |
| Depreciation and Amortization | $ 32.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 357.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 90.5 M | |
| EBITDA | $ 37.2 M | |
| EBIT | $ 5.2 M | |
| Operating Income | $ 5.2 M | |
| Interest Income | $ -31.13 M | |
| Interest Expense | — | |
| Net Interest Income | $ -31.13 M | |
| Income Before Tax | $ -30.24 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -18.73 M | |
| Net Income From Continuing Operations | $ -30.24 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.31 | |
| EPS Actual | $ 0.31 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | -0.57 % | |
| Forward EPS | $ 0.51 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.8 B | |
| Intangible Assets | $ 2.5 B | |
| Net Tangible Assets | $ -1.91 B | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 89.7 M | |
| Cash | $ 89.7 M | |
| Net Receivables | $ 346.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 68.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 68.7 M | |
| Short-Term Debt | $ 27.1 M | |
| Total Current Liabilities | $ 959.7 M | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 1.7 B | |
| Total Liabilities | $ 2.7 B | |
| EQUITY | ||
| Total Equity | $ 619.7 M | |
| Retained Earnings | $ -219.38 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.68 | |
| Shares Outstanding | 71.417 M | |
| Revenue Per-Share | $ 5.08 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ 3.7 B | |
| Enterprise Multiple | 99.774 | |
| Enterprise Multiple QoQ | 27.16 % | |
| Enterprise Multiple YoY | 32.117 % | |
| Enterprise Multiple IPRWA | high: 189.281 BWIN: 99.774 mean: 76.617 median: 65.298 low: -119.029 |
|
| EV/R | 10.246 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.122 | |
| Asset To Liability | 1.423 | |
| Debt To Capital | 0.737 | |
| Debt To Assets | 0.458 | |
| Debt To Assets QoQ | 0.562 % | |
| Debt To Assets YoY | 653.517 % | |
| Debt To Assets IPRWA | high: 1.606 mean: 0.634 median: 0.604 BWIN: 0.458 low: 0.003 |
|
| Debt To Equity | 2.807 | |
| Debt To Equity QoQ | 3.865 % | |
| Debt To Equity YoY | 676.027 % | |
| Debt To Equity IPRWA | high: 13.542 BWIN: 2.807 mean: 0.338 median: 0.265 low: -12.738 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.334 | |
| Price To Book QoQ | -19.409 % | |
| Price To Book YoY | -38.108 % | |
| Price To Book IPRWA | high: 33.181 median: 6.391 BWIN: 3.334 mean: 0.993 low: -22.92 |
|
| Price To Earnings (P/E) | 93.318 | |
| Price To Earnings QoQ | -2.174 % | |
| Price To Earnings YoY | -35.148 % | |
| Price To Earnings IPRWA | high: 357.224 BWIN: 93.318 mean: 91.167 median: 76.866 low: -85.409 |
|
| PE/G Ratio | -3.563 | |
| Price To Sales (P/S) | 5.698 | |
| Price To Sales QoQ | -18.274 % | |
| Price To Sales YoY | -40.298 % | |
| Price To Sales IPRWA | high: 20.381 median: 16.443 mean: 13.881 BWIN: 5.698 low: 0.325 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 68.915 | |
| Forward PE/G | -2.631 | |
| Forward P/S | -12.196 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 25.593 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.096 | |
| Asset Turnover Ratio QoQ | -6.269 % | |
| Asset Turnover Ratio YoY | 3.416 % | |
| Asset Turnover Ratio IPRWA | high: 0.723 mean: 0.225 median: 0.204 BWIN: 0.096 low: 0.056 |
|
| Receivables Turnover | 1.042 | |
| Receivables Turnover Ratio QoQ | -5.23 % | |
| Receivables Turnover Ratio YoY | 119.958 % | |
| Receivables Turnover Ratio IPRWA | high: 44.676 mean: 11.614 median: 7.594 low: 1.185 BWIN: 1.042 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 87.586 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 63.737 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 77.037 BWIN: 63.737 mean: 1.188 median: -3.208 low: -127.896 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.475 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -5.375 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ -1.91 B | |
| Net Working Capital | $ 146.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.093 | |
| Current Ratio | 1.153 | |
| Current Ratio QoQ | -6.328 % | |
| Current Ratio YoY | 17.225 % | |
| Current Ratio IPRWA | high: 3.125 BWIN: 1.153 mean: 0.971 median: 0.848 low: 0.031 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 46.704 | |
| Cost Of Debt | 1.447 % | |
| Interest Coverage Ratio | 0.165 | |
| Interest Coverage Ratio QoQ | -80.002 % | |
| Interest Coverage Ratio YoY | -64.051 % | |
| Interest Coverage Ratio IPRWA | high: 55.684 mean: 13.715 median: 5.363 BWIN: 0.165 low: -5.084 |
|
| Operating Cash Flow Ratio | 0.014 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.85 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.465 % | |
| Revenue Growth | -3.126 % | |
| Revenue Growth QoQ | -62.679 % | |
| Revenue Growth YoY | 299.744 % | |
| Revenue Growth IPRWA | high: 26.865 % mean: 1.714 % median: 1.195 % BWIN: -3.126 % low: -26.062 % |
|
| Earnings Growth | -26.19 % | |
| Earnings Growth QoQ | -25.986 % | |
| Earnings Growth YoY | 790.513 % | |
| Earnings Growth IPRWA | high: 114.563 % mean: 11.871 % median: 4.0 % BWIN: -26.19 % low: -160.0 % |
|
| MARGINS | ||
| Gross Margin | 24.949 % | |
| Gross Margin QoQ | -11.277 % | |
| Gross Margin YoY | -5.643 % | |
| Gross Margin IPRWA | high: 86.593 % mean: 37.715 % median: 30.16 % BWIN: 24.949 % low: 8.241 % |
|
| EBIT Margin | 1.433 % | |
| EBIT Margin QoQ | -79.358 % | |
| EBIT Margin YoY | -66.682 % | |
| EBIT Margin IPRWA | high: 52.4 % median: 23.086 % mean: 21.697 % BWIN: 1.433 % low: -25.213 % |
|
| Return On Sales (ROS) | 1.433 % | |
| Return On Sales QoQ | -79.358 % | |
| Return On Sales YoY | -66.682 % | |
| Return On Sales IPRWA | high: 47.382 % median: 23.837 % mean: 22.152 % BWIN: 1.433 % low: -27.119 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 32.2 M | |
| Free Cash Flow Yield | 1.556 % | |
| Free Cash Flow Yield QoQ | -244.475 % | |
| Free Cash Flow Yield YoY | -717.46 % | |
| Free Cash Flow Yield IPRWA | high: 10.115 % BWIN: 1.556 % mean: 1.44 % median: 1.26 % low: -22.809 % |
|
| Free Cash Growth | -214.432 % | |
| Free Cash Growth QoQ | 248.868 % | |
| Free Cash Growth YoY | 92.271 % | |
| Free Cash Growth IPRWA | high: 271.747 % mean: 26.765 % median: 21.034 % BWIN: -214.432 % low: -398.901 % |
|
| Free Cash To Net Income | -1.717 | |
| Cash Flow Margin | 3.642 % | |
| Cash Flow To Earnings | -0.705 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -0.497 % | |
| Return On Assets QoQ | 471.264 % | |
| Return On Assets YoY | 114.224 % | |
| Return On Assets IPRWA | high: 8.233 % mean: 2.768 % median: 2.551 % BWIN: -0.497 % low: -8.455 % |
|
| Return On Capital Employed (ROCE) | 0.183 % | |
| Return On Equity (ROE) | -0.03 | |
| Return On Equity QoQ | 501.992 % | |
| Return On Equity YoY | 114.783 % | |
| Return On Equity IPRWA | high: 0.405 median: 0.057 mean: 0.036 BWIN: -0.03 low: -0.352 |
|
| DuPont ROE | -2.995 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |