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Side-by-side financial comparison of Arhaus, Inc. (ARHS) and Baldwin Insurance Group, Inc. (BWIN). Click either name above to swap in a different company.
Arhaus, Inc. is the larger business by last-quarter revenue ($364.8M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). Arhaus, Inc. runs the higher net margin — 4.1% vs -7.5%, a 11.6% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 5.1%). Arhaus, Inc. produced more free cash flow last quarter ($-8.8M vs $-68.9M). Over the past eight quarters, Arhaus, Inc.'s revenue compounded faster (11.2% CAGR vs -4.4%).
Arhaus, Inc.ARHSEarnings & Financial Report
Arhaus, Inc. is an upscale American home furnishings company headquartered in Boston Heights, Ohio. Founded in 1986 with a focus on sustainability and artisanship in product quality, Arhaus provides a diversified assortment of specialty goods and services addressing omnichannel direct-to-consumer and business-to-business residential and commercial operations.
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.
ARHS vs BWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $364.8M | $347.3M |
| Net Profit | $15.1M | $-25.9M |
| Gross Margin | 38.1% | — |
| Operating Margin | 5.6% | -3.8% |
| Net Margin | 4.1% | -7.5% |
| Revenue YoY | 5.1% | 5.3% |
| Net Profit YoY | -29.1% | -28.3% |
| EPS (diluted) | $0.11 | $-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 | $364.8M | $347.3M | ||
| Q3 25 | $344.6M | $365.4M | ||
| Q2 25 | $358.4M | $378.8M | ||
| Q1 25 | $311.4M | $413.4M | ||
| Q4 24 | $347.0M | $329.9M | ||
| Q3 24 | $319.1M | $338.9M | ||
| Q2 24 | $309.8M | $339.8M | ||
| Q1 24 | $295.2M | $380.4M |
| Q4 25 | $15.1M | $-25.9M | ||
| Q3 25 | $12.2M | $-18.7M | ||
| Q2 25 | $35.1M | $-3.2M | ||
| Q1 25 | $4.9M | $13.9M | ||
| Q4 24 | $21.3M | $-20.2M | ||
| Q3 24 | $9.9M | $-8.4M | ||
| Q2 24 | $22.2M | $-17.6M | ||
| Q1 24 | $15.1M | $21.6M |
| Q4 25 | 38.1% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 41.4% | — | ||
| Q1 25 | 37.1% | — | ||
| Q4 24 | 40.0% | — | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 40.1% | — | ||
| Q1 24 | 39.0% | — |
| Q4 25 | 5.6% | -3.8% | ||
| Q3 25 | 4.8% | 0.9% | ||
| Q2 25 | 13.0% | 7.4% | ||
| Q1 25 | 1.7% | 13.6% | ||
| Q4 24 | 8.2% | -1.7% | ||
| Q3 24 | 3.3% | 4.5% | ||
| Q2 24 | 9.5% | 4.8% | ||
| Q1 24 | 6.2% | 9.0% |
| Q4 25 | 4.1% | -7.5% | ||
| Q3 25 | 3.5% | -5.1% | ||
| Q2 25 | 9.8% | -0.8% | ||
| Q1 25 | 1.6% | 3.4% | ||
| Q4 24 | 6.1% | -6.2% | ||
| Q3 24 | 3.1% | -2.5% | ||
| Q2 24 | 7.2% | -5.2% | ||
| Q1 24 | 5.1% | 5.7% |
| Q4 25 | $0.11 | $-0.38 | ||
| Q3 25 | $0.09 | $-0.27 | ||
| Q2 25 | $0.25 | $-0.05 | ||
| Q1 25 | $0.03 | $0.20 | ||
| Q4 24 | $0.15 | $-0.31 | ||
| Q3 24 | $0.07 | $-0.13 | ||
| Q2 24 | $0.16 | $-0.28 | ||
| Q1 24 | $0.11 | $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 | $253.4M | $123.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $418.2M | $600.2M |
| Total Assets | $1.4B | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $253.4M | $123.7M | ||
| Q3 25 | $262.2M | $89.7M | ||
| Q2 25 | $234.8M | $105.7M | ||
| Q1 25 | $214.4M | $81.8M | ||
| Q4 24 | $197.5M | $90.0M | ||
| Q3 24 | $177.7M | $181.8M | ||
| Q2 24 | $174.2M | $208.3M | ||
| Q1 24 | $233.2M | $112.1M |
| Q4 25 | $418.2M | $600.2M | ||
| Q3 25 | $400.4M | $619.7M | ||
| Q2 25 | $385.6M | $630.8M | ||
| Q1 25 | $348.8M | $619.6M | ||
| Q4 24 | $343.7M | $583.2M | ||
| Q3 24 | $320.6M | $595.4M | ||
| Q2 24 | $309.3M | $590.9M | ||
| Q1 24 | $285.6M | $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 | $1.2B | $3.5B | ||
| Q3 24 | $1.2B | $3.5B | ||
| Q2 24 | $1.2B | $3.7B | ||
| Q1 24 | $1.2B | $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 | $9.3M | $-29.4M |
| Free Cash FlowOCF − Capex | $-8.8M | $-68.9M |
| FCF MarginFCF / Revenue | -2.4% | -19.9% |
| Capex IntensityCapex / Revenue | 5.0% | 11.4% |
| Cash ConversionOCF / Net Profit | 0.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.0M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.3M | $-29.4M | ||
| Q3 25 | $46.1M | $41.0M | ||
| Q2 25 | $34.9M | $-16.7M | ||
| Q1 25 | $46.5M | $-64.0M | ||
| Q4 24 | $31.7M | $51.5M | ||
| Q3 24 | $31.1M | $32.4M | ||
| Q2 24 | $47.5M | $18.3M | ||
| Q1 24 | $36.8M | $3.0M |
| Q4 25 | $-8.8M | $-68.9M | ||
| Q3 25 | $28.0M | $32.2M | ||
| Q2 25 | $20.9M | $-28.1M | ||
| Q1 25 | $18.9M | $-72.9M | ||
| Q4 24 | $13.0M | $10.4M | ||
| Q3 24 | $4.6M | $22.2M | ||
| Q2 24 | $11.3M | $7.8M | ||
| Q1 24 | $10.9M | $-5.1M |
| Q4 25 | -2.4% | -19.9% | ||
| Q3 25 | 8.1% | 8.8% | ||
| Q2 25 | 5.8% | -7.4% | ||
| Q1 25 | 6.1% | -17.6% | ||
| Q4 24 | 3.7% | 3.2% | ||
| Q3 24 | 1.4% | 6.6% | ||
| Q2 24 | 3.6% | 2.3% | ||
| Q1 24 | 3.7% | -1.4% |
| Q4 25 | 5.0% | 11.4% | ||
| Q3 25 | 5.3% | 2.4% | ||
| Q2 25 | 3.9% | 3.0% | ||
| Q1 25 | 8.9% | 2.2% | ||
| Q4 24 | 5.4% | 12.4% | ||
| Q3 24 | 8.3% | 3.0% | ||
| Q2 24 | 11.7% | 3.1% | ||
| Q1 24 | 8.8% | 2.1% |
| Q4 25 | 0.62× | — | ||
| Q3 25 | 3.77× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 9.53× | -4.59× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 2.14× | — | ||
| Q1 24 | 2.44× | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
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% |
