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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and CSW INDUSTRIALS, INC. (CSW). 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 $233.0M, roughly 1.5× CSW INDUSTRIALS, INC.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -7.5%, a 11.9% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 5.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-68.9M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -4.4%).
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.
BWIN vs CSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $233.0M |
| Net Profit | $-25.9M | $10.3M |
| Gross Margin | — | 39.7% |
| Operating Margin | -3.8% | 7.4% |
| Net Margin | -7.5% | 4.4% |
| Revenue YoY | 5.3% | 20.3% |
| Net Profit YoY | -28.3% | -61.9% |
| EPS (diluted) | $-0.38 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $365.4M | $277.0M | ||
| Q2 25 | $378.8M | $263.6M | ||
| Q1 25 | $413.4M | $230.5M | ||
| Q4 24 | $329.9M | $193.6M | ||
| Q3 24 | $338.9M | $227.9M | ||
| Q2 24 | $339.8M | $226.2M | ||
| Q1 24 | $380.4M | $210.9M |
| Q4 25 | $-25.9M | $10.3M | ||
| Q3 25 | $-18.7M | $40.7M | ||
| Q2 25 | $-3.2M | $40.9M | ||
| Q1 25 | $13.9M | $35.1M | ||
| Q4 24 | $-20.2M | $26.9M | ||
| Q3 24 | $-8.4M | $36.1M | ||
| Q2 24 | $-17.6M | $38.6M | ||
| Q1 24 | $21.6M | $31.8M |
| Q4 25 | — | 39.7% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 44.4% |
| Q4 25 | -3.8% | 7.4% | ||
| Q3 25 | 0.9% | 20.5% | ||
| Q2 25 | 7.4% | 20.8% | ||
| Q1 25 | 13.6% | 19.5% | ||
| Q4 24 | -1.7% | 15.3% | ||
| Q3 24 | 4.5% | 22.6% | ||
| Q2 24 | 4.8% | 24.3% | ||
| Q1 24 | 9.0% | 21.0% |
| Q4 25 | -7.5% | 4.4% | ||
| Q3 25 | -5.1% | 14.7% | ||
| Q2 25 | -0.8% | 15.5% | ||
| Q1 25 | 3.4% | 15.2% | ||
| Q4 24 | -6.2% | 13.9% | ||
| Q3 24 | -2.5% | 15.8% | ||
| Q2 24 | -5.2% | 17.1% | ||
| Q1 24 | 5.7% | 15.1% |
| Q4 25 | $-0.38 | $0.62 | ||
| Q3 25 | $-0.27 | $2.41 | ||
| Q2 25 | $-0.05 | $2.43 | ||
| Q1 25 | $0.20 | $2.05 | ||
| Q4 24 | $-0.31 | $1.60 | ||
| Q3 24 | $-0.13 | $2.26 | ||
| Q2 24 | $-0.28 | $2.47 | ||
| Q1 24 | $0.33 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $1.1B |
| Total Assets | $3.9B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $40.2M | ||
| Q3 25 | $89.7M | $31.5M | ||
| Q2 25 | $105.7M | $38.0M | ||
| Q1 25 | $81.8M | $225.8M | ||
| Q4 24 | $90.0M | $213.8M | ||
| Q3 24 | $181.8M | $273.2M | ||
| Q2 24 | $208.3M | $18.9M | ||
| Q1 24 | $112.1M | $22.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $800.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $166.0M |
| Q4 25 | $600.2M | $1.1B | ||
| Q3 25 | $619.7M | $1.1B | ||
| Q2 25 | $630.8M | $1.1B | ||
| Q1 25 | $619.6M | $1.1B | ||
| Q4 24 | $583.2M | $1.0B | ||
| Q3 24 | $595.4M | $1.0B | ||
| Q2 24 | $590.9M | $650.2M | ||
| Q1 24 | $597.9M | $615.7M |
| Q4 25 | $3.9B | $2.3B | ||
| Q3 25 | $3.8B | $1.5B | ||
| Q2 25 | $3.7B | $1.5B | ||
| Q1 25 | $3.5B | $1.4B | ||
| Q4 24 | $3.5B | $1.4B | ||
| Q3 24 | $3.5B | $1.4B | ||
| Q2 24 | $3.7B | $1.1B | ||
| Q1 24 | $3.5B | $1.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.27× |
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 | $-29.4M | $28.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $22.7M |
| FCF MarginFCF / Revenue | -19.9% | 9.8% |
| Capex IntensityCapex / Revenue | 11.4% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $28.9M | ||
| Q3 25 | $41.0M | $61.8M | ||
| Q2 25 | $-16.7M | $60.6M | ||
| Q1 25 | $-64.0M | $27.3M | ||
| Q4 24 | $51.5M | $11.6M | ||
| Q3 24 | $32.4M | $66.8M | ||
| Q2 24 | $18.3M | $62.7M | ||
| Q1 24 | $3.0M | $22.4M |
| Q4 25 | $-68.9M | $22.7M | ||
| Q3 25 | $32.2M | $58.7M | ||
| Q2 25 | $-28.1M | $57.7M | ||
| Q1 25 | $-72.9M | $22.8M | ||
| Q4 24 | $10.4M | $8.5M | ||
| Q3 24 | $22.2M | $61.3M | ||
| Q2 24 | $7.8M | $59.6M | ||
| Q1 24 | $-5.1M | $17.5M |
| Q4 25 | -19.9% | 9.8% | ||
| Q3 25 | 8.8% | 21.2% | ||
| Q2 25 | -7.4% | 21.9% | ||
| Q1 25 | -17.6% | 9.9% | ||
| Q4 24 | 3.2% | 4.4% | ||
| Q3 24 | 6.6% | 26.9% | ||
| Q2 24 | 2.3% | 26.3% | ||
| Q1 24 | -1.4% | 8.3% |
| Q4 25 | 11.4% | 2.6% | ||
| Q3 25 | 2.4% | 1.1% | ||
| Q2 25 | 3.0% | 1.1% | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | 12.4% | 1.6% | ||
| Q3 24 | 3.0% | 2.4% | ||
| Q2 24 | 3.1% | 1.4% | ||
| Q1 24 | 2.1% | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | -4.59× | 0.78× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | 0.14× | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
