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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) 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 $180.9M, roughly 1.9× AVANOS MEDICAL, INC.). AVANOS MEDICAL, INC. runs the higher net margin — -0.7% vs -7.5%, a 6.8% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 0.7%). AVANOS MEDICAL, INC. produced more free cash flow last quarter ($21.3M vs $-68.9M). Over the past eight quarters, AVANOS MEDICAL, INC.'s revenue compounded faster (4.4% CAGR vs -4.4%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
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.
AVNS vs BWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $347.3M |
| Net Profit | $-1.3M | $-25.9M |
| Gross Margin | 47.5% | — |
| Operating Margin | 1.4% | -3.8% |
| Net Margin | -0.7% | -7.5% |
| Revenue YoY | 0.7% | 5.3% |
| Net Profit YoY | 99.7% | -28.3% |
| EPS (diluted) | $-0.02 | $-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 | $180.9M | $347.3M | ||
| Q3 25 | $177.8M | $365.4M | ||
| Q2 25 | $175.0M | $378.8M | ||
| Q1 25 | $167.5M | $413.4M | ||
| Q4 24 | $179.6M | $329.9M | ||
| Q3 24 | $170.4M | $338.9M | ||
| Q2 24 | $171.7M | $339.8M | ||
| Q1 24 | $166.1M | $380.4M |
| Q4 25 | $-1.3M | $-25.9M | ||
| Q3 25 | $-1.4M | $-18.7M | ||
| Q2 25 | $-76.8M | $-3.2M | ||
| Q1 25 | $6.6M | $13.9M | ||
| Q4 24 | $-397.3M | $-20.2M | ||
| Q3 24 | $4.3M | $-8.4M | ||
| Q2 24 | $1.8M | $-17.6M | ||
| Q1 24 | $-900.0K | $21.6M |
| Q4 25 | 47.5% | — | ||
| Q3 25 | 48.4% | — | ||
| Q2 25 | 52.6% | — | ||
| Q1 25 | 53.6% | — | ||
| Q4 24 | 54.6% | — | ||
| Q3 24 | 54.5% | — | ||
| Q2 24 | 55.7% | — | ||
| Q1 24 | 57.1% | — |
| Q4 25 | 1.4% | -3.8% | ||
| Q3 25 | 0.1% | 0.9% | ||
| Q2 25 | -42.6% | 7.4% | ||
| Q1 25 | 6.1% | 13.6% | ||
| Q4 24 | -233.0% | -1.7% | ||
| Q3 24 | 7.0% | 4.5% | ||
| Q2 24 | 3.7% | 4.8% | ||
| Q1 24 | 2.4% | 9.0% |
| Q4 25 | -0.7% | -7.5% | ||
| Q3 25 | -0.8% | -5.1% | ||
| Q2 25 | -43.9% | -0.8% | ||
| Q1 25 | 3.9% | 3.4% | ||
| Q4 24 | -221.2% | -6.2% | ||
| Q3 24 | 2.5% | -2.5% | ||
| Q2 24 | 1.0% | -5.2% | ||
| Q1 24 | -0.5% | 5.7% |
| Q4 25 | $-0.02 | $-0.38 | ||
| Q3 25 | $-0.03 | $-0.27 | ||
| Q2 25 | $-1.66 | $-0.05 | ||
| Q1 25 | $0.14 | $0.20 | ||
| Q4 24 | $-8.64 | $-0.31 | ||
| Q3 24 | $0.09 | $-0.13 | ||
| Q2 24 | $0.04 | $-0.28 | ||
| Q1 24 | $-0.02 | $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 | $89.8M | $123.7M |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | $600.2M |
| Total Assets | $1.1B | $3.9B |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.8M | $123.7M | ||
| Q3 25 | $70.5M | $89.7M | ||
| Q2 25 | $90.3M | $105.7M | ||
| Q1 25 | $97.0M | $81.8M | ||
| Q4 24 | $107.7M | $90.0M | ||
| Q3 24 | $89.0M | $181.8M | ||
| Q2 24 | $92.2M | $208.3M | ||
| Q1 24 | $75.8M | $112.1M |
| Q4 25 | $90.3M | — | ||
| Q3 25 | $93.4M | — | ||
| Q2 25 | $95.7M | — | ||
| Q1 25 | $98.0M | — | ||
| Q4 24 | $125.3M | — | ||
| Q3 24 | $152.6M | — | ||
| Q2 24 | $164.9M | — | ||
| Q1 24 | $167.2M | — |
| Q4 25 | $778.2M | $600.2M | ||
| Q3 25 | $778.0M | $619.7M | ||
| Q2 25 | $776.3M | $630.8M | ||
| Q1 25 | $839.4M | $619.6M | ||
| Q4 24 | $828.5M | $583.2M | ||
| Q3 24 | $1.2B | $595.4M | ||
| Q2 24 | $1.2B | $590.9M | ||
| Q1 24 | $1.2B | $597.9M |
| Q4 25 | $1.1B | $3.9B | ||
| Q3 25 | $1.1B | $3.8B | ||
| Q2 25 | $1.0B | $3.7B | ||
| Q1 25 | $1.1B | $3.5B | ||
| Q4 24 | $1.2B | $3.5B | ||
| Q3 24 | $1.7B | $3.5B | ||
| Q2 24 | $1.7B | $3.7B | ||
| Q1 24 | $1.7B | $3.5B |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.12× | — | ||
| Q2 24 | 0.13× | — | ||
| Q1 24 | 0.14× | — |
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 | $28.2M | $-29.4M |
| Free Cash FlowOCF − Capex | $21.3M | $-68.9M |
| FCF MarginFCF / Revenue | 11.8% | -19.9% |
| Capex IntensityCapex / Revenue | 3.8% | 11.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $-29.4M | ||
| Q3 25 | $14.0M | $41.0M | ||
| Q2 25 | $6.8M | $-16.7M | ||
| Q1 25 | $25.7M | $-64.0M | ||
| Q4 24 | $57.9M | $51.5M | ||
| Q3 24 | $23.0M | $32.4M | ||
| Q2 24 | $27.8M | $18.3M | ||
| Q1 24 | $-8.0M | $3.0M |
| Q4 25 | $21.3M | $-68.9M | ||
| Q3 25 | $7.0M | $32.2M | ||
| Q2 25 | $-4.2M | $-28.1M | ||
| Q1 25 | $19.0M | $-72.9M | ||
| Q4 24 | $53.1M | $10.4M | ||
| Q3 24 | $20.0M | $22.2M | ||
| Q2 24 | $21.9M | $7.8M | ||
| Q1 24 | $-12.1M | $-5.1M |
| Q4 25 | 11.8% | -19.9% | ||
| Q3 25 | 3.9% | 8.8% | ||
| Q2 25 | -2.4% | -7.4% | ||
| Q1 25 | 11.3% | -17.6% | ||
| Q4 24 | 29.6% | 3.2% | ||
| Q3 24 | 11.7% | 6.6% | ||
| Q2 24 | 12.8% | 2.3% | ||
| Q1 24 | -7.3% | -1.4% |
| Q4 25 | 3.8% | 11.4% | ||
| Q3 25 | 3.9% | 2.4% | ||
| Q2 25 | 6.3% | 3.0% | ||
| Q1 25 | 4.0% | 2.2% | ||
| Q4 24 | 2.7% | 12.4% | ||
| Q3 24 | 1.8% | 3.0% | ||
| Q2 24 | 3.4% | 3.1% | ||
| Q1 24 | 2.5% | 2.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.89× | -4.59× | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.35× | — | ||
| Q2 24 | 15.44× | — | ||
| Q1 24 | — | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
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% |
