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Side-by-side financial comparison of Alarm.com Holdings, Inc. (ALRM) and Baldwin Insurance Group, Inc. (BWIN). Click either name above to swap in a different company.
Baldwin Insurance Group, Inc. is the larger business by last-quarter revenue ($347.3M vs $261.7M, roughly 1.3× Alarm.com Holdings, Inc.). Alarm.com Holdings, Inc. runs the higher net margin — 13.2% vs -7.5%, a 20.7% gap on every dollar of revenue. On growth, Alarm.com Holdings, Inc. posted the faster year-over-year revenue change (8.0% vs 5.3%). Alarm.com Holdings, Inc. produced more free cash flow last quarter ($35.1M vs $-68.9M). Over the past eight quarters, Alarm.com Holdings, Inc.'s revenue compounded faster (8.3% CAGR vs -4.4%).
Alarm.com, Inc. is an American technology company that provides cloud-based services for remote control, home automation, and alarm monitoring services. The company was founded in 2000 as a spinoff from MicroStrategy. The company is based in Tysons, Virginia.
The Baldwin Piano Company is an American piano brand. It was once the largest US-based manufacturer of keyboard instruments and was known by the slogan, "America's Favorite Piano". Since 2001, it has been a subsidiary of Gibson Brands, Inc. Baldwin ceased domestic production in December 2008, moving its piano manufacturing to China.
ALRM vs BWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $261.7M | $347.3M |
| Net Profit | $34.6M | $-25.9M |
| Gross Margin | 66.0% | — |
| Operating Margin | 13.4% | -3.8% |
| Net Margin | 13.2% | -7.5% |
| Revenue YoY | 8.0% | 5.3% |
| Net Profit YoY | 14.8% | -28.3% |
| EPS (diluted) | $0.66 | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $261.7M | $347.3M | ||
| Q3 25 | $256.4M | $365.4M | ||
| Q2 25 | $254.3M | $378.8M | ||
| Q1 25 | $238.8M | $413.4M | ||
| Q4 24 | $242.2M | $329.9M | ||
| Q3 24 | $240.5M | $338.9M | ||
| Q2 24 | $233.8M | $339.8M | ||
| Q1 24 | $223.3M | $380.4M |
| Q4 25 | $34.6M | $-25.9M | ||
| Q3 25 | $35.1M | $-18.7M | ||
| Q2 25 | $34.2M | $-3.2M | ||
| Q1 25 | $27.7M | $13.9M | ||
| Q4 24 | $30.1M | $-20.2M | ||
| Q3 24 | $36.7M | $-8.4M | ||
| Q2 24 | $33.5M | $-17.6M | ||
| Q1 24 | $23.6M | $21.6M |
| Q4 25 | 66.0% | — | ||
| Q3 25 | 65.8% | — | ||
| Q2 25 | 65.6% | — | ||
| Q1 25 | 67.2% | — | ||
| Q4 24 | 65.5% | — | ||
| Q3 24 | 64.8% | — | ||
| Q2 24 | 65.2% | — | ||
| Q1 24 | 65.7% | — |
| Q4 25 | 13.4% | -3.8% | ||
| Q3 25 | 14.4% | 0.9% | ||
| Q2 25 | 12.6% | 7.4% | ||
| Q1 25 | 12.4% | 13.6% | ||
| Q4 24 | 12.7% | -1.7% | ||
| Q3 24 | 13.8% | 4.5% | ||
| Q2 24 | 11.0% | 4.8% | ||
| Q1 24 | 8.4% | 9.0% |
| Q4 25 | 13.2% | -7.5% | ||
| Q3 25 | 13.7% | -5.1% | ||
| Q2 25 | 13.5% | -0.8% | ||
| Q1 25 | 11.6% | 3.4% | ||
| Q4 24 | 12.4% | -6.2% | ||
| Q3 24 | 15.3% | -2.5% | ||
| Q2 24 | 14.3% | -5.2% | ||
| Q1 24 | 10.6% | 5.7% |
| Q4 25 | $0.66 | $-0.38 | ||
| Q3 25 | $0.65 | $-0.27 | ||
| Q2 25 | $0.63 | $-0.05 | ||
| Q1 25 | $0.52 | $0.20 | ||
| Q4 24 | $0.56 | $-0.31 | ||
| Q3 24 | $0.67 | $-0.13 | ||
| Q2 24 | $0.62 | $-0.28 | ||
| Q1 24 | $0.44 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $960.6M | $123.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $848.2M | $600.2M |
| Total Assets | $2.1B | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $960.6M | $123.7M | ||
| Q3 25 | $1.1B | $89.7M | ||
| Q2 25 | $1.0B | $105.7M | ||
| Q1 25 | $1.2B | $81.8M | ||
| Q4 24 | $1.2B | $90.0M | ||
| Q3 24 | $1.2B | $181.8M | ||
| Q2 24 | $1.1B | $208.3M | ||
| Q1 24 | $747.9M | $112.1M |
| Q4 25 | $848.2M | $600.2M | ||
| Q3 25 | $827.2M | $619.7M | ||
| Q2 25 | $797.3M | $630.8M | ||
| Q1 25 | $759.6M | $619.6M | ||
| Q4 24 | $726.5M | $583.2M | ||
| Q3 24 | $690.3M | $595.4M | ||
| Q2 24 | $645.5M | $590.9M | ||
| Q1 24 | $728.1M | $597.9M |
| Q4 25 | $2.1B | $3.9B | ||
| Q3 25 | $2.1B | $3.8B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $2.1B | $3.5B | ||
| Q4 24 | $2.0B | $3.5B | ||
| Q3 24 | $2.0B | $3.5B | ||
| Q2 24 | $1.9B | $3.7B | ||
| Q1 24 | $1.5B | $3.5B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $35.9M | $-29.4M |
| Free Cash FlowOCF − Capex | $35.1M | $-68.9M |
| FCF MarginFCF / Revenue | 13.4% | -19.9% |
| Capex IntensityCapex / Revenue | 0.3% | 11.4% |
| Cash ConversionOCF / Net Profit | 1.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $137.0M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.9M | $-29.4M | ||
| Q3 25 | $70.6M | $41.0M | ||
| Q2 25 | $22.7M | $-16.7M | ||
| Q1 25 | $24.1M | $-64.0M | ||
| Q4 24 | $56.3M | $51.5M | ||
| Q3 24 | $77.3M | $32.4M | ||
| Q2 24 | $23.0M | $18.3M | ||
| Q1 24 | $49.9M | $3.0M |
| Q4 25 | $35.1M | $-68.9M | ||
| Q3 25 | $65.9M | $32.2M | ||
| Q2 25 | $18.2M | $-28.1M | ||
| Q1 25 | $17.9M | $-72.9M | ||
| Q4 24 | $54.0M | $10.4M | ||
| Q3 24 | $74.5M | $22.2M | ||
| Q2 24 | $21.0M | $7.8M | ||
| Q1 24 | $46.8M | $-5.1M |
| Q4 25 | 13.4% | -19.9% | ||
| Q3 25 | 25.7% | 8.8% | ||
| Q2 25 | 7.1% | -7.4% | ||
| Q1 25 | 7.5% | -17.6% | ||
| Q4 24 | 22.3% | 3.2% | ||
| Q3 24 | 31.0% | 6.6% | ||
| Q2 24 | 9.0% | 2.3% | ||
| Q1 24 | 21.0% | -1.4% |
| Q4 25 | 0.3% | 11.4% | ||
| Q3 25 | 1.9% | 2.4% | ||
| Q2 25 | 1.8% | 3.0% | ||
| Q1 25 | 2.6% | 2.2% | ||
| Q4 24 | 0.9% | 12.4% | ||
| Q3 24 | 1.2% | 3.0% | ||
| Q2 24 | 0.9% | 3.1% | ||
| Q1 24 | 1.4% | 2.1% |
| Q4 25 | 1.04× | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.87× | -4.59× | ||
| Q4 24 | 1.87× | — | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 2.11× | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALRM
| License And Service | $180.2M | 69% |
| Hardwareand Other Revenue | $81.4M | 31% |
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
