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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.9× BLACKLINE, INC.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -7.5%, a 10.2% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 5.3%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $-68.9M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs -4.4%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs BWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $347.3M |
| Net Profit | $4.9M | $-25.9M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | -3.8% |
| Net Margin | 2.7% | -7.5% |
| Revenue YoY | 8.1% | 5.3% |
| Net Profit YoY | -91.3% | -28.3% |
| EPS (diluted) | $0.07 | $-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 | $183.2M | $347.3M | ||
| Q3 25 | $178.3M | $365.4M | ||
| Q2 25 | $172.0M | $378.8M | ||
| Q1 25 | $166.9M | $413.4M | ||
| Q4 24 | $169.5M | $329.9M | ||
| Q3 24 | $165.9M | $338.9M | ||
| Q2 24 | $160.5M | $339.8M | ||
| Q1 24 | $157.5M | $380.4M |
| Q4 25 | $4.9M | $-25.9M | ||
| Q3 25 | $5.3M | $-18.7M | ||
| Q2 25 | $8.3M | $-3.2M | ||
| Q1 25 | $6.1M | $13.9M | ||
| Q4 24 | $56.4M | $-20.2M | ||
| Q3 24 | $17.2M | $-8.4M | ||
| Q2 24 | $76.7M | $-17.6M | ||
| Q1 24 | $10.8M | $21.6M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | -3.8% | ||
| Q3 25 | 4.3% | 0.9% | ||
| Q2 25 | 4.4% | 7.4% | ||
| Q1 25 | 2.1% | 13.6% | ||
| Q4 24 | 3.7% | -1.7% | ||
| Q3 24 | 5.0% | 4.5% | ||
| Q2 24 | 1.4% | 4.8% | ||
| Q1 24 | 1.1% | 9.0% |
| Q4 25 | 2.7% | -7.5% | ||
| Q3 25 | 3.0% | -5.1% | ||
| Q2 25 | 4.8% | -0.8% | ||
| Q1 25 | 3.6% | 3.4% | ||
| Q4 24 | 33.3% | -6.2% | ||
| Q3 24 | 10.4% | -2.5% | ||
| Q2 24 | 47.8% | -5.2% | ||
| Q1 24 | 6.9% | 5.7% |
| Q4 25 | $0.07 | $-0.38 | ||
| Q3 25 | $0.09 | $-0.27 | ||
| Q2 25 | $0.13 | $-0.05 | ||
| Q1 25 | $0.10 | $0.20 | ||
| Q4 24 | $0.79 | $-0.31 | ||
| Q3 24 | $0.27 | $-0.13 | ||
| Q2 24 | $0.22 | $-0.28 | ||
| Q1 24 | $0.17 | $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 | $390.0M | $123.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $600.2M |
| Total Assets | $1.8B | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $123.7M | ||
| Q3 25 | $419.9M | $89.7M | ||
| Q2 25 | $459.1M | $105.7M | ||
| Q1 25 | $479.5M | $81.8M | ||
| Q4 24 | $885.9M | $90.0M | ||
| Q3 24 | $725.3M | $181.8M | ||
| Q2 24 | $616.6M | $208.3M | ||
| Q1 24 | $331.4M | $112.1M |
| Q4 25 | $332.3M | $600.2M | ||
| Q3 25 | $328.3M | $619.7M | ||
| Q2 25 | $414.0M | $630.8M | ||
| Q1 25 | $417.9M | $619.6M | ||
| Q4 24 | $446.7M | $583.2M | ||
| Q3 24 | $367.9M | $595.4M | ||
| Q2 24 | $325.8M | $590.9M | ||
| Q1 24 | $279.8M | $597.9M |
| Q4 25 | $1.8B | $3.9B | ||
| Q3 25 | $1.7B | $3.8B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.8B | $3.5B | ||
| Q4 24 | $1.8B | $3.5B | ||
| Q3 24 | $1.7B | $3.5B | ||
| Q2 24 | $1.9B | $3.7B | ||
| Q1 24 | $2.1B | $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 | $26.7M | $-29.4M |
| Free Cash FlowOCF − Capex | $26.1M | $-68.9M |
| FCF MarginFCF / Revenue | 14.2% | -19.9% |
| Capex IntensityCapex / Revenue | 0.3% | 11.4% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $-29.4M | ||
| Q3 25 | $63.8M | $41.0M | ||
| Q2 25 | $32.3M | $-16.7M | ||
| Q1 25 | $46.7M | $-64.0M | ||
| Q4 24 | $43.8M | $51.5M | ||
| Q3 24 | $55.9M | $32.4M | ||
| Q2 24 | $40.7M | $18.3M | ||
| Q1 24 | $50.4M | $3.0M |
| Q4 25 | $26.1M | $-68.9M | ||
| Q3 25 | $63.3M | $32.2M | ||
| Q2 25 | $31.4M | $-28.1M | ||
| Q1 25 | $40.8M | $-72.9M | ||
| Q4 24 | $43.0M | $10.4M | ||
| Q3 24 | $55.5M | $22.2M | ||
| Q2 24 | $40.0M | $7.8M | ||
| Q1 24 | $50.1M | $-5.1M |
| Q4 25 | 14.2% | -19.9% | ||
| Q3 25 | 35.5% | 8.8% | ||
| Q2 25 | 18.2% | -7.4% | ||
| Q1 25 | 24.4% | -17.6% | ||
| Q4 24 | 25.4% | 3.2% | ||
| Q3 24 | 33.5% | 6.6% | ||
| Q2 24 | 24.9% | 2.3% | ||
| Q1 24 | 31.8% | -1.4% |
| Q4 25 | 0.3% | 11.4% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | 0.6% | 3.0% | ||
| Q1 25 | 3.6% | 2.2% | ||
| Q4 24 | 0.4% | 12.4% | ||
| Q3 24 | 0.2% | 3.0% | ||
| Q2 24 | 0.4% | 3.1% | ||
| Q1 24 | 0.2% | 2.1% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | -4.59× | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
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% |
