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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) 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 $247.1M, roughly 1.4× ANI PHARMACEUTICALS INC). ANI PHARMACEUTICALS INC runs the higher net margin — 11.1% vs -7.5%, a 18.6% gap on every dollar of revenue. On growth, ANI PHARMACEUTICALS INC posted the faster year-over-year revenue change (29.6% vs 5.3%). ANI PHARMACEUTICALS INC produced more free cash flow last quarter ($29.1M vs $-68.9M). Over the past eight quarters, ANI PHARMACEUTICALS INC's revenue compounded faster (34.1% CAGR vs -4.4%).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical clients.
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.
ANIP vs BWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $347.3M |
| Net Profit | $27.5M | $-25.9M |
| Gross Margin | — | — |
| Operating Margin | 14.1% | -3.8% |
| Net Margin | 11.1% | -7.5% |
| Revenue YoY | 29.6% | 5.3% |
| Net Profit YoY | 367.5% | -28.3% |
| EPS (diluted) | $1.14 | $-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 | $247.1M | $347.3M | ||
| Q3 25 | $227.8M | $365.4M | ||
| Q2 25 | $211.4M | $378.8M | ||
| Q1 25 | $197.1M | $413.4M | ||
| Q4 24 | $190.6M | $329.9M | ||
| Q3 24 | $148.3M | $338.9M | ||
| Q2 24 | $138.0M | $339.8M | ||
| Q1 24 | $137.4M | $380.4M |
| Q4 25 | $27.5M | $-25.9M | ||
| Q3 25 | $26.6M | $-18.7M | ||
| Q2 25 | $8.5M | $-3.2M | ||
| Q1 25 | $15.7M | $13.9M | ||
| Q4 24 | $-10.3M | $-20.2M | ||
| Q3 24 | $-24.2M | $-8.4M | ||
| Q2 24 | $-2.3M | $-17.6M | ||
| Q1 24 | $18.2M | $21.6M |
| Q4 25 | 14.1% | -3.8% | ||
| Q3 25 | 15.9% | 0.9% | ||
| Q2 25 | 6.6% | 7.4% | ||
| Q1 25 | 13.3% | 13.6% | ||
| Q4 24 | -2.3% | -1.7% | ||
| Q3 24 | -13.8% | 4.5% | ||
| Q2 24 | 3.7% | 4.8% | ||
| Q1 24 | 14.8% | 9.0% |
| Q4 25 | 11.1% | -7.5% | ||
| Q3 25 | 11.7% | -5.1% | ||
| Q2 25 | 4.0% | -0.8% | ||
| Q1 25 | 8.0% | 3.4% | ||
| Q4 24 | -5.4% | -6.2% | ||
| Q3 24 | -16.3% | -2.5% | ||
| Q2 24 | -1.7% | -5.2% | ||
| Q1 24 | 13.2% | 5.7% |
| Q4 25 | $1.14 | $-0.38 | ||
| Q3 25 | $1.13 | $-0.27 | ||
| Q2 25 | $0.36 | $-0.05 | ||
| Q1 25 | $0.69 | $0.20 | ||
| Q4 24 | $-0.45 | $-0.31 | ||
| Q3 24 | $-1.27 | $-0.13 | ||
| Q2 24 | $-0.14 | $-0.28 | ||
| Q1 24 | $0.82 | $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 | $285.6M | $123.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $600.2M |
| Total Assets | $1.4B | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $285.6M | $123.7M | ||
| Q3 25 | $262.6M | $89.7M | ||
| Q2 25 | $217.8M | $105.7M | ||
| Q1 25 | $149.8M | $81.8M | ||
| Q4 24 | $144.9M | $90.0M | ||
| Q3 24 | $145.0M | $181.8M | ||
| Q2 24 | $240.1M | $208.3M | ||
| Q1 24 | $228.6M | $112.1M |
| Q4 25 | $540.7M | $600.2M | ||
| Q3 25 | $505.8M | $619.7M | ||
| Q2 25 | $436.8M | $630.8M | ||
| Q1 25 | $418.6M | $619.6M | ||
| Q4 24 | $403.7M | $583.2M | ||
| Q3 24 | $405.9M | $595.4M | ||
| Q2 24 | $455.8M | $590.9M | ||
| Q1 24 | $452.0M | $597.9M |
| Q4 25 | $1.4B | $3.9B | ||
| Q3 25 | $1.4B | $3.8B | ||
| Q2 25 | $1.3B | $3.7B | ||
| Q1 25 | $1.3B | $3.5B | ||
| Q4 24 | $1.3B | $3.5B | ||
| Q3 24 | $1.3B | $3.5B | ||
| Q2 24 | $920.8M | $3.7B | ||
| Q1 24 | $914.5M | $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 | $30.4M | $-29.4M |
| Free Cash FlowOCF − Capex | $29.1M | $-68.9M |
| FCF MarginFCF / Revenue | 11.8% | -19.9% |
| Capex IntensityCapex / Revenue | 0.5% | 11.4% |
| Cash ConversionOCF / Net Profit | 1.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $-29.4M | ||
| Q3 25 | $44.1M | $41.0M | ||
| Q2 25 | $75.8M | $-16.7M | ||
| Q1 25 | $35.0M | $-64.0M | ||
| Q4 24 | $15.9M | $51.5M | ||
| Q3 24 | $12.5M | $32.4M | ||
| Q2 24 | $17.4M | $18.3M | ||
| Q1 24 | $18.3M | $3.0M |
| Q4 25 | $29.1M | $-68.9M | ||
| Q3 25 | $38.0M | $32.2M | ||
| Q2 25 | $71.8M | $-28.1M | ||
| Q1 25 | $32.5M | $-72.9M | ||
| Q4 24 | $13.5M | $10.4M | ||
| Q3 24 | $7.7M | $22.2M | ||
| Q2 24 | $13.0M | $7.8M | ||
| Q1 24 | $13.7M | $-5.1M |
| Q4 25 | 11.8% | -19.9% | ||
| Q3 25 | 16.7% | 8.8% | ||
| Q2 25 | 34.0% | -7.4% | ||
| Q1 25 | 16.5% | -17.6% | ||
| Q4 24 | 7.1% | 3.2% | ||
| Q3 24 | 5.2% | 6.6% | ||
| Q2 24 | 9.4% | 2.3% | ||
| Q1 24 | 10.0% | -1.4% |
| Q4 25 | 0.5% | 11.4% | ||
| Q3 25 | 2.7% | 2.4% | ||
| Q2 25 | 1.9% | 3.0% | ||
| Q1 25 | 1.3% | 2.2% | ||
| Q4 24 | 1.3% | 12.4% | ||
| Q3 24 | 3.2% | 3.0% | ||
| Q2 24 | 3.2% | 3.1% | ||
| Q1 24 | 3.3% | 2.1% |
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 8.87× | — | ||
| Q1 25 | 2.23× | -4.59× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.00× | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
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% |
