vs
Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Claritev Corp (CTEV). 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 $246.6M, roughly 1.4× Claritev Corp). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -32.7%, a 25.2% gap on every dollar of revenue. On growth, Claritev Corp posted the faster year-over-year revenue change (6.2% vs 5.3%). Claritev Corp produced more free cash flow last quarter ($36.4M vs $-68.9M). Over the past eight quarters, Claritev Corp's revenue compounded faster (2.5% 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 CTEV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $246.6M |
| Net Profit | $-25.9M | $-80.6M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | -3.1% |
| Net Margin | -7.5% | -32.7% |
| Revenue YoY | 5.3% | 6.2% |
| Net Profit YoY | -28.3% | 41.6% |
| EPS (diluted) | $-0.38 | $-4.88 |
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 | $246.6M | ||
| Q3 25 | $365.4M | $246.0M | ||
| Q2 25 | $378.8M | $241.6M | ||
| Q1 25 | $413.4M | $231.3M | ||
| Q4 24 | $329.9M | $232.1M | ||
| Q3 24 | $338.9M | $230.5M | ||
| Q2 24 | $339.8M | $233.5M | ||
| Q1 24 | $380.4M | $234.5M |
| Q4 25 | $-25.9M | $-80.6M | ||
| Q3 25 | $-18.7M | $-69.8M | ||
| Q2 25 | $-3.2M | $-62.6M | ||
| Q1 25 | $13.9M | $-71.3M | ||
| Q4 24 | $-20.2M | $-138.0M | ||
| Q3 24 | $-8.4M | $-391.4M | ||
| Q2 24 | $-17.6M | $-576.7M | ||
| Q1 24 | $21.6M | $-539.7M |
| Q4 25 | -3.8% | -3.1% | ||
| Q3 25 | 0.9% | 4.1% | ||
| Q2 25 | 7.4% | 6.9% | ||
| Q1 25 | 13.6% | 4.2% | ||
| Q4 24 | -1.7% | -17.8% | ||
| Q3 24 | 4.5% | -146.7% | ||
| Q2 24 | 4.8% | -224.4% | ||
| Q1 24 | 9.0% | -207.4% |
| Q4 25 | -7.5% | -32.7% | ||
| Q3 25 | -5.1% | -28.4% | ||
| Q2 25 | -0.8% | -25.9% | ||
| Q1 25 | 3.4% | -30.8% | ||
| Q4 24 | -6.2% | -59.4% | ||
| Q3 24 | -2.5% | -169.8% | ||
| Q2 24 | -5.2% | -247.0% | ||
| Q1 24 | 5.7% | -230.1% |
| Q4 25 | $-0.38 | $-4.88 | ||
| Q3 25 | $-0.27 | $-4.23 | ||
| Q2 25 | $-0.05 | $-3.81 | ||
| Q1 25 | $0.20 | $-4.38 | ||
| Q4 24 | $-0.31 | $-8.49 | ||
| Q3 24 | $-0.13 | $-24.25 | ||
| Q2 24 | $-0.28 | $-35.78 | ||
| Q1 24 | $0.33 | $-33.40 |
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 | $16.8M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $600.2M | $-173.9M |
| Total Assets | $3.9B | $4.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $16.8M | ||
| Q3 25 | $89.7M | $39.2M | ||
| Q2 25 | $105.7M | $56.4M | ||
| Q1 25 | $81.8M | $23.1M | ||
| Q4 24 | $90.0M | $16.8M | ||
| Q3 24 | $181.8M | $86.6M | ||
| Q2 24 | $208.3M | $48.8M | ||
| Q1 24 | $112.1M | $58.7M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $600.2M | $-173.9M | ||
| Q3 25 | $619.7M | $-101.8M | ||
| Q2 25 | $630.8M | $-39.9M | ||
| Q1 25 | $619.6M | $14.8M | ||
| Q4 24 | $583.2M | $84.0M | ||
| Q3 24 | $595.4M | $207.6M | ||
| Q2 24 | $590.9M | $603.4M | ||
| Q1 24 | $597.9M | $1.2B |
| Q4 25 | $3.9B | $4.9B | ||
| Q3 25 | $3.8B | $5.0B | ||
| Q2 25 | $3.7B | $5.1B | ||
| Q1 25 | $3.5B | $5.1B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $3.5B | $5.3B | ||
| Q2 24 | $3.7B | $5.7B | ||
| Q1 24 | $3.5B | $6.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 304.87× | ||
| Q4 24 | — | 53.67× | ||
| Q3 24 | — | 21.73× | ||
| Q2 24 | — | 7.48× | ||
| Q1 24 | — | 3.85× |
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 | $66.3M |
| Free Cash FlowOCF − Capex | $-68.9M | $36.4M |
| FCF MarginFCF / Revenue | -19.9% | 14.8% |
| Capex IntensityCapex / Revenue | 11.4% | 12.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $-12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $66.3M | ||
| Q3 25 | $41.0M | $19.9M | ||
| Q2 25 | $-16.7M | $61.2M | ||
| Q1 25 | $-64.0M | $-30.1M | ||
| Q4 24 | $51.5M | $-33.4M | ||
| Q3 24 | $32.4M | $72.8M | ||
| Q2 24 | $18.3M | $18.5M | ||
| Q1 24 | $3.0M | $49.7M |
| Q4 25 | $-68.9M | $36.4M | ||
| Q3 25 | $32.2M | $-16.3M | ||
| Q2 25 | $-28.1M | $36.6M | ||
| Q1 25 | $-72.9M | $-68.9M | ||
| Q4 24 | $10.4M | $-63.8M | ||
| Q3 24 | $22.2M | $41.1M | ||
| Q2 24 | $7.8M | $-7.0M | ||
| Q1 24 | $-5.1M | $19.2M |
| Q4 25 | -19.9% | 14.8% | ||
| Q3 25 | 8.8% | -6.6% | ||
| Q2 25 | -7.4% | 15.2% | ||
| Q1 25 | -17.6% | -29.8% | ||
| Q4 24 | 3.2% | -27.5% | ||
| Q3 24 | 6.6% | 17.8% | ||
| Q2 24 | 2.3% | -3.0% | ||
| Q1 24 | -1.4% | 8.2% |
| Q4 25 | 11.4% | 12.1% | ||
| Q3 25 | 2.4% | 14.7% | ||
| Q2 25 | 3.0% | 10.2% | ||
| Q1 25 | 2.2% | 16.8% | ||
| Q4 24 | 12.4% | 13.1% | ||
| Q3 24 | 3.0% | 13.8% | ||
| Q2 24 | 3.1% | 10.9% | ||
| Q1 24 | 2.1% | 13.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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% |
CTEV
Segment breakdown not available.
