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Side-by-side financial comparison of Borr Drilling Ltd (BORR) 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 $267.7M, roughly 1.3× Borr Drilling Ltd). Borr Drilling Ltd runs the higher net margin — 13.1% vs -7.5%, a 20.6% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -1.5%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
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.
BORR vs BWIN — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $347.3M |
| Net Profit | $35.1M | $-25.9M |
| Gross Margin | — | — |
| Operating Margin | 36.0% | -3.8% |
| Net Margin | 13.1% | -7.5% |
| Revenue YoY | -1.5% | 5.3% |
| Net Profit YoY | 10.7% | -28.3% |
| EPS (diluted) | $0.14 | $-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 | — | $347.3M | ||
| Q3 25 | — | $365.4M | ||
| Q2 25 | $267.7M | $378.8M | ||
| Q1 25 | — | $413.4M | ||
| Q4 24 | — | $329.9M | ||
| Q3 24 | — | $338.9M | ||
| Q2 24 | $271.9M | $339.8M | ||
| Q1 24 | — | $380.4M |
| Q4 25 | — | $-25.9M | ||
| Q3 25 | — | $-18.7M | ||
| Q2 25 | $35.1M | $-3.2M | ||
| Q1 25 | — | $13.9M | ||
| Q4 24 | — | $-20.2M | ||
| Q3 24 | — | $-8.4M | ||
| Q2 24 | $31.7M | $-17.6M | ||
| Q1 24 | — | $21.6M |
| Q4 25 | — | -3.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | 36.0% | 7.4% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | -1.7% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | 38.4% | 4.8% | ||
| Q1 24 | — | 9.0% |
| Q4 25 | — | -7.5% | ||
| Q3 25 | — | -5.1% | ||
| Q2 25 | 13.1% | -0.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | -6.2% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | 11.7% | -5.2% | ||
| Q1 24 | — | 5.7% |
| Q4 25 | — | $-0.38 | ||
| Q3 25 | — | $-0.27 | ||
| Q2 25 | $0.14 | $-0.05 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-0.31 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | $0.12 | $-0.28 | ||
| Q1 24 | — | $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 | $92.4M | $123.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $600.2M |
| Total Assets | $3.4B | $3.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $123.7M | ||
| Q3 25 | — | $89.7M | ||
| Q2 25 | $92.4M | $105.7M | ||
| Q1 25 | — | $81.8M | ||
| Q4 24 | — | $90.0M | ||
| Q3 24 | — | $181.8M | ||
| Q2 24 | $195.3M | $208.3M | ||
| Q1 24 | — | $112.1M |
| Q4 25 | — | $600.2M | ||
| Q3 25 | — | $619.7M | ||
| Q2 25 | $1.0B | $630.8M | ||
| Q1 25 | — | $619.6M | ||
| Q4 24 | — | $583.2M | ||
| Q3 24 | — | $595.4M | ||
| Q2 24 | $999.2M | $590.9M | ||
| Q1 24 | — | $597.9M |
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | $3.4B | $3.7B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | $3.2B | $3.7B | ||
| Q1 24 | — | $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 | $6.3M | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-68.9M |
| FCF MarginFCF / Revenue | — | -19.9% |
| Capex IntensityCapex / Revenue | — | 11.4% |
| Cash ConversionOCF / Net Profit | 0.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-29.4M | ||
| Q3 25 | — | $41.0M | ||
| Q2 25 | $6.3M | $-16.7M | ||
| Q1 25 | — | $-64.0M | ||
| Q4 24 | — | $51.5M | ||
| Q3 24 | — | $32.4M | ||
| Q2 24 | $16.0M | $18.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | — | $-68.9M | ||
| Q3 25 | — | $32.2M | ||
| Q2 25 | — | $-28.1M | ||
| Q1 25 | — | $-72.9M | ||
| Q4 24 | — | $10.4M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | — | $7.8M | ||
| Q1 24 | — | $-5.1M |
| Q4 25 | — | -19.9% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | -7.4% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -1.4% |
| Q4 25 | — | 11.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 12.4% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 2.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | -4.59× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | — | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
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% |
