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Side-by-side financial comparison of B&G Foods, Inc. (BGS) and Baldwin Insurance Group, Inc. (BWIN). Click either name above to swap in a different company.
B&G Foods, Inc. is the larger business by last-quarter revenue ($439.3M vs $347.3M, roughly 1.3× Baldwin Insurance Group, Inc.). B&G Foods, Inc. runs the higher net margin — -4.4% vs -7.5%, a 3.1% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -4.7%). Baldwin Insurance Group, Inc. produced more free cash flow last quarter ($-68.9M vs $-70.7M). Over the past eight quarters, Baldwin Insurance Group, Inc.'s revenue compounded faster (-4.4% CAGR vs -12.8%).
B&G Foods, Inc. is an American branded foods holding company based in Parsippany, New Jersey. The company was formed in 1996 to acquire Bloch & Guggenheimer, a Manhattan-based producer of pickles, relish and condiments which had been founded in 1889.
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.
BGS vs BWIN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $439.3M | $347.3M |
| Net Profit | $-19.1M | $-25.9M |
| Gross Margin | 22.5% | — |
| Operating Margin | 2.5% | -3.8% |
| Net Margin | -4.4% | -7.5% |
| Revenue YoY | -4.7% | 5.3% |
| Net Profit YoY | -356.5% | -28.3% |
| EPS (diluted) | $-0.24 | $-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 | — | $347.3M | ||
| Q3 25 | $439.3M | $365.4M | ||
| Q2 25 | $424.4M | $378.8M | ||
| Q1 25 | $425.4M | $413.4M | ||
| Q4 24 | $551.6M | $329.9M | ||
| Q3 24 | $461.1M | $338.9M | ||
| Q2 24 | $444.6M | $339.8M | ||
| Q1 24 | $475.2M | $380.4M |
| Q4 25 | — | $-25.9M | ||
| Q3 25 | $-19.1M | $-18.7M | ||
| Q2 25 | $-9.8M | $-3.2M | ||
| Q1 25 | $835.0K | $13.9M | ||
| Q4 24 | $-222.4M | $-20.2M | ||
| Q3 24 | $7.5M | $-8.4M | ||
| Q2 24 | $3.9M | $-17.6M | ||
| Q1 24 | $-40.2M | $21.6M |
| Q4 25 | — | — | ||
| Q3 25 | 22.5% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.2% | — | ||
| Q2 24 | 20.7% | — | ||
| Q1 24 | 22.9% | — |
| Q4 25 | — | -3.8% | ||
| Q3 25 | 2.5% | 0.9% | ||
| Q2 25 | 5.2% | 7.4% | ||
| Q1 25 | 8.4% | 13.6% | ||
| Q4 24 | -46.6% | -1.7% | ||
| Q3 24 | 11.1% | 4.5% | ||
| Q2 24 | 9.9% | 4.8% | ||
| Q1 24 | -3.3% | 9.0% |
| Q4 25 | — | -7.5% | ||
| Q3 25 | -4.4% | -5.1% | ||
| Q2 25 | -2.3% | -0.8% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | -40.3% | -6.2% | ||
| Q3 24 | 1.6% | -2.5% | ||
| Q2 24 | 0.9% | -5.2% | ||
| Q1 24 | -8.5% | 5.7% |
| Q4 25 | — | $-0.38 | ||
| Q3 25 | $-0.24 | $-0.27 | ||
| Q2 25 | $-0.12 | $-0.05 | ||
| Q1 25 | $0.01 | $0.20 | ||
| Q4 24 | $-2.81 | $-0.31 | ||
| Q3 24 | $0.09 | $-0.13 | ||
| Q2 24 | $0.05 | $-0.28 | ||
| Q1 24 | $-0.51 | $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 | $60.9M | $123.7M |
| Total DebtLower is stronger | $2.0B | — |
| Stockholders' EquityBook value | $470.7M | $600.2M |
| Total Assets | $2.9B | $3.9B |
| Debt / EquityLower = less leverage | 4.30× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $123.7M | ||
| Q3 25 | $60.9M | $89.7M | ||
| Q2 25 | $54.1M | $105.7M | ||
| Q1 25 | $61.2M | $81.8M | ||
| Q4 24 | $50.6M | $90.0M | ||
| Q3 24 | $54.7M | $181.8M | ||
| Q2 24 | $40.3M | $208.3M | ||
| Q1 24 | $42.5M | $112.1M |
| Q4 25 | — | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | — |
| Q4 25 | — | $600.2M | ||
| Q3 25 | $470.7M | $619.7M | ||
| Q2 25 | $501.4M | $630.8M | ||
| Q1 25 | $513.1M | $619.6M | ||
| Q4 24 | $524.8M | $583.2M | ||
| Q3 24 | $755.3M | $595.4M | ||
| Q2 24 | $765.0M | $590.9M | ||
| Q1 24 | $781.2M | $597.9M |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $2.9B | $3.8B | ||
| Q2 25 | $2.9B | $3.7B | ||
| Q1 25 | $3.0B | $3.5B | ||
| Q4 24 | $3.0B | $3.5B | ||
| Q3 24 | $3.4B | $3.5B | ||
| Q2 24 | $3.4B | $3.7B | ||
| Q1 24 | $3.4B | $3.5B |
| Q4 25 | — | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.91× | — | ||
| Q4 24 | 3.85× | — | ||
| Q3 24 | 2.75× | — | ||
| Q2 24 | 2.67× | — | ||
| Q1 24 | 2.61× | — |
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 | $-64.6M | $-29.4M |
| Free Cash FlowOCF − Capex | $-70.7M | $-68.9M |
| FCF MarginFCF / Revenue | -16.1% | -19.9% |
| Capex IntensityCapex / Revenue | 1.4% | 11.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $54.8M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-29.4M | ||
| Q3 25 | $-64.6M | $41.0M | ||
| Q2 25 | $17.8M | $-16.7M | ||
| Q1 25 | $52.7M | $-64.0M | ||
| Q4 24 | $80.3M | $51.5M | ||
| Q3 24 | $4.2M | $32.4M | ||
| Q2 24 | $11.3M | $18.3M | ||
| Q1 24 | $35.1M | $3.0M |
| Q4 25 | — | $-68.9M | ||
| Q3 25 | $-70.7M | $32.2M | ||
| Q2 25 | $11.5M | $-28.1M | ||
| Q1 25 | $42.4M | $-72.9M | ||
| Q4 24 | $71.7M | $10.4M | ||
| Q3 24 | $-679.0K | $22.2M | ||
| Q2 24 | $5.2M | $7.8M | ||
| Q1 24 | $27.5M | $-5.1M |
| Q4 25 | — | -19.9% | ||
| Q3 25 | -16.1% | 8.8% | ||
| Q2 25 | 2.7% | -7.4% | ||
| Q1 25 | 10.0% | -17.6% | ||
| Q4 24 | 13.0% | 3.2% | ||
| Q3 24 | -0.1% | 6.6% | ||
| Q2 24 | 1.2% | 2.3% | ||
| Q1 24 | 5.8% | -1.4% |
| Q4 25 | — | 11.4% | ||
| Q3 25 | 1.4% | 2.4% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | 1.6% | 12.4% | ||
| Q3 24 | 1.0% | 3.0% | ||
| Q2 24 | 1.4% | 3.1% | ||
| Q1 24 | 1.6% | 2.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 63.17× | -4.59× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 2.87× | — | ||
| Q1 24 | — | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BGS
| Specialty Segment | $150.5M | 34% |
| Meals Segment | $110.0M | 25% |
| Spices And Flavor Solutions Segment | $101.4M | 23% |
| Frozen And Vegetables Segment | $77.4M | 18% |
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% |
