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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and CORVEL CORP (CRVL). Click either name above to swap in a different company.
Baldwin Insurance Group, Inc. is the larger business by last-quarter revenue ($344.6M vs $235.6M, roughly 1.5× CORVEL CORP). CORVEL CORP runs the higher net margin — 10.3% vs -7.5%, a 17.8% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.5% vs 3.4%). CORVEL CORP produced more free cash flow last quarter ($35.2M vs $-84.0K). Over the past eight quarters, CORVEL CORP's revenue compounded faster (6.6% CAGR vs -4.5%).
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.
Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.
BWIN vs CRVL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $344.6M | $235.6M |
| Net Profit | $-25.9M | $24.2M |
| Gross Margin | — | 23.3% |
| Operating Margin | -3.8% | 13.7% |
| Net Margin | -7.5% | 10.3% |
| Revenue YoY | 5.5% | 3.4% |
| Net Profit YoY | -28.3% | 1.7% |
| EPS (diluted) | $-0.38 | $0.47 |
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 | $344.6M | $235.6M | ||
| Q3 25 | $362.3M | $239.6M | ||
| Q2 25 | $376.2M | $234.7M | ||
| Q1 25 | $410.5M | $231.5M | ||
| Q4 24 | $326.7M | $228.0M | ||
| Q3 24 | $335.2M | $224.4M | ||
| Q2 24 | $337.1M | $211.7M | ||
| Q1 24 | $378.1M | $207.2M |
| Q4 25 | $-25.9M | $24.2M | ||
| Q3 25 | $-18.7M | $27.9M | ||
| Q2 25 | $-3.2M | $27.2M | ||
| Q1 25 | $13.9M | $26.4M | ||
| Q4 24 | $-20.2M | $23.8M | ||
| Q3 24 | $-8.4M | $23.4M | ||
| Q2 24 | $-17.6M | $21.6M | ||
| Q1 24 | $21.6M | $19.5M |
| Q4 25 | — | 23.3% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 25.0% | ||
| Q4 24 | — | 23.2% | ||
| Q3 24 | — | 22.6% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 20.9% |
| Q4 25 | -3.8% | 13.7% | ||
| Q3 25 | 0.9% | 15.0% | ||
| Q2 25 | 7.4% | 15.0% | ||
| Q1 25 | 13.6% | 14.4% | ||
| Q4 24 | -1.7% | 13.5% | ||
| Q3 24 | 4.6% | 12.8% | ||
| Q2 24 | 4.9% | 13.2% | ||
| Q1 24 | 9.1% | 10.9% |
| Q4 25 | -7.5% | 10.3% | ||
| Q3 25 | -5.2% | 11.6% | ||
| Q2 25 | -0.8% | 11.6% | ||
| Q1 25 | 3.4% | 11.4% | ||
| Q4 24 | -6.2% | 10.4% | ||
| Q3 24 | -2.5% | 10.4% | ||
| Q2 24 | -5.2% | 10.2% | ||
| Q1 24 | 5.7% | 9.4% |
| Q4 25 | $-0.38 | $0.47 | ||
| Q3 25 | $-0.27 | $0.54 | ||
| Q2 25 | $-0.05 | $0.52 | ||
| Q1 25 | $0.20 | $-1.23 | ||
| Q4 24 | $-0.31 | $0.46 | ||
| Q3 24 | $-0.13 | $1.35 | ||
| Q2 24 | $-0.28 | $1.25 | ||
| Q1 24 | $0.33 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $123.7M | $230.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $375.7M |
| Total Assets | $3.9B | $644.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $230.0M | ||
| Q3 25 | $89.7M | $207.5M | ||
| Q2 25 | $105.7M | $202.0M | ||
| Q1 25 | $81.8M | $170.6M | ||
| Q4 24 | $90.0M | $162.9M | ||
| Q3 24 | $181.8M | $138.3M | ||
| Q2 24 | $208.3M | $131.9M | ||
| Q1 24 | $112.1M | $105.6M |
| Q4 25 | $600.2M | $375.7M | ||
| Q3 25 | $619.7M | $362.8M | ||
| Q2 25 | $630.8M | $342.5M | ||
| Q1 25 | $619.6M | $322.0M | ||
| Q4 24 | $583.2M | $300.9M | ||
| Q3 24 | $595.4M | $282.8M | ||
| Q2 24 | $590.9M | $263.9M | ||
| Q1 24 | $597.9M | $247.6M |
| Q4 25 | $3.9B | $644.8M | ||
| Q3 25 | $3.8B | $611.7M | ||
| Q2 25 | $3.7B | $597.4M | ||
| Q1 25 | $3.5B | $546.0M | ||
| Q4 24 | $3.5B | $538.8M | ||
| Q3 24 | $3.5B | $518.6M | ||
| Q2 24 | $3.7B | $486.2M | ||
| Q1 24 | $3.5B | $454.7M |
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 | $10.3M | $46.1M |
| Free Cash FlowOCF − Capex | $-84.0K | $35.2M |
| FCF MarginFCF / Revenue | -0.0% | 14.9% |
| Capex IntensityCapex / Revenue | 3.0% | 4.7% |
| Cash ConversionOCF / Net Profit | — | 1.91× |
| TTM Free Cash FlowTrailing 4 quarters | $-68.9M | $104.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | $46.1M | ||
| Q3 25 | $41.0M | $25.0M | ||
| Q2 25 | $-16.7M | $55.0M | ||
| Q1 25 | $-64.0M | $22.9M | ||
| Q4 24 | $-2.3M | $41.6M | ||
| Q3 24 | $32.4M | $22.3M | ||
| Q2 24 | $18.3M | $40.4M | ||
| Q1 24 | $3.0M | $15.2M |
| Q4 25 | $-84.0K | $35.2M | ||
| Q3 25 | $32.2M | $15.3M | ||
| Q2 25 | $-28.1M | $39.5M | ||
| Q1 25 | $-72.9M | $14.3M | ||
| Q4 24 | $-14.5M | $32.1M | ||
| Q3 24 | $22.2M | $12.4M | ||
| Q2 24 | $7.8M | $32.8M | ||
| Q1 24 | $-5.1M | $5.2M |
| Q4 25 | -0.0% | 14.9% | ||
| Q3 25 | 8.9% | 6.4% | ||
| Q2 25 | -7.5% | 16.8% | ||
| Q1 25 | -17.8% | 6.2% | ||
| Q4 24 | -4.4% | 14.1% | ||
| Q3 24 | 6.6% | 5.5% | ||
| Q2 24 | 2.3% | 15.5% | ||
| Q1 24 | -1.4% | 2.5% |
| Q4 25 | 3.0% | 4.7% | ||
| Q3 25 | 2.4% | 4.1% | ||
| Q2 25 | 3.0% | 6.6% | ||
| Q1 25 | 2.2% | 3.7% | ||
| Q4 24 | 3.7% | 4.2% | ||
| Q3 24 | 3.0% | 4.4% | ||
| Q2 24 | 3.1% | 3.6% | ||
| Q1 24 | 2.2% | 4.8% |
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 0.90× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | -4.59× | 0.87× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 0.95× | ||
| Q2 24 | — | 1.87× | ||
| Q1 24 | 0.14× | 0.78× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BWIN
| Insurance Advisory Solutions | $157.9M | 46% |
| Underwriting Capacity Technology Solutions | $129.5M | 38% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
