BWIN

Baldwin Insurance

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Financial Services

industry

Insurance Brokers

Exchange

Nasdaq

County of HQ

United States

Next Earnings Date

05/05/26

Business Summary

BWIN operates as an insurance brokerage, acting as an intermediary between clients and insurance carriers, earning commissions and fees on placed policies rather than underwriting risk itself. Cash generation depends on retaining clients, expanding policy volumes, and negotiating favorable commission structures with carriers. The moat, when functioning properly, is built on long-term client relationships, switching costs tied to risk advisory integration, and scale advantages in negotiating premiums. However, sustained negative margins and declining forward earnings suggest that whatever competitive positioning exists is not currently translating into durable economic profits.

VALUATION

P/E

-

Market Cap ($M USD)

$2,068

Forward P/E

8.5

PEG

0.3

PRICE TO SALES

1

PRICE TO BOOK

3.5

EV / EBITDA

17.9

5-Year Average P/E

DIVIDEND

Yield

-

Annual Payout

-

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

-$0.50

Next Year EPS Growth Estimate

$2.51

Next Year Revenue Growth Estimate

10.50%

Return on Equity (ROE)

-5.60%

Operating Margin

5.30%

Debt-to-Equity

3

Piotroski F-Score

3

Altman Z-Score

-

Return on Invested Capital (ROIC)

-1.50%%

Current Ratio

1.2

Quick Ratio

Gainseekers Quantitative Analysis

Summary

At 8.5x forward earnings with a PEG Forward of 0.3, the stock screens optically cheap, but the underlying fundamentals are deteriorating fast. EPS of 17.9 collapsing to an estimated -$0.50 next year signals a violent earnings reset, which explains why the trailing P/E is not even usable and why Operating Margin sits at -5.60%. A Price/Sales ratio of 1 and Market Cap of $2,068M suggest the market is not assigning a premium multiple, yet the combination of negative ROIC at -1.50% and a Piotroski F-Score of 3 implies weak financial quality. This is not a classic mispricing; it’s a balance sheet and profitability story in transition, and without a reported Altman Z-Score, the true solvency cushion remains unclear.

AI Exposure / Tech Reliance

As an Insurance Brokers business within Financial Services, BWIN operates in a relationship-driven, data-heavy segment that can benefit from AI in underwriting analytics, claims automation, and pricing optimization. However, with Operating Margin at -5.60% and ROIC at -1.50%, the company is not currently demonstrating tech-enabled efficiency advantages. The ability to leverage automation will determine whether it can reverse negative margins and stabilize earnings.

The Bull Case

A deep value or GARP investor could argue that a Forward P/E of 8.5 combined with a PEG Forward of 0.3 reflects excessive pessimism relative to long-term normalized earnings power. Return on Equity at 10.50% shows the business can generate double-digit returns on shareholder capital despite current volatility, and a Price/Sales ratio of 1 limits multiple compression risk. The Current Ratio of 1.2 suggests near-term liquidity is manageable, and Institutional Ownership at $29.55 indicates some professional capital remains engaged. If earnings normalize beyond the projected -$0.50 EPS next year and margins recover from -5.60%, the re-rating potential from these compressed valuation metrics could be meaningful.

The Bear Case

The bear case is straightforward: Debt/Equity of 5.30% combined with negative Operating Margin of -5.60% and ROIC of -1.50% is a toxic mix in a downturn. The earnings profile is collapsing from 17.9 in EPS to an estimated -$0.50, which destroys confidence in forward visibility and justifies a discounted multiple. A Piotroski F-Score of 3 signals weak financial strength, and Sales Growth Next Year listed at $2.51 does not compensate for deteriorating profitability. Add in the absence of a listed Altman Z-Score and missing Short % data, and investors are flying partially blind on balance sheet risk and bearish positioning.

Market Sentiment & Smart Money

Short Interest %

10.80%

Analyst Consensus

2.25

Average Analyst Price Target

$29.55

Institutional Ownership %

85.00%

1-Year Beta

0.55

Insider Buying % (6 Mo)

1.20%%

Distance to 52-Week High

47.40%%

Distance to 52-Week Low

134.70%%