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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and DIODES INC (DIOD). Click either name above to swap in a different company.
DIODES INC is the larger business by last-quarter revenue ($391.6M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). DIODES INC runs the higher net margin — 2.6% vs -7.5%, a 10.1% gap on every dollar of revenue. On growth, DIODES INC posted the faster year-over-year revenue change (15.4% vs 5.3%). DIODES INC produced more free cash flow last quarter ($12.4M vs $-68.9M). Over the past eight quarters, DIODES INC's revenue compounded faster (13.9% 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.
Diodes Incorporated is a global semiconductor manufacturer that designs, produces and supplies discrete, analog and mixed-signal semiconductor products. Its solutions serve key end markets including automotive, industrial, consumer electronics, personal computing and communications infrastructure, with a worldwide customer base.
BWIN vs DIOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $391.6M |
| Net Profit | $-25.9M | $10.2M |
| Gross Margin | — | 31.1% |
| Operating Margin | -3.8% | 3.4% |
| Net Margin | -7.5% | 2.6% |
| Revenue YoY | 5.3% | 15.4% |
| Net Profit YoY | -28.3% | 23.8% |
| EPS (diluted) | $-0.38 | $0.23 |
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 | $391.6M | ||
| Q3 25 | $365.4M | $392.2M | ||
| Q2 25 | $378.8M | $366.2M | ||
| Q1 25 | $413.4M | $332.1M | ||
| Q4 24 | $329.9M | $339.3M | ||
| Q3 24 | $338.9M | $350.1M | ||
| Q2 24 | $339.8M | $319.8M | ||
| Q1 24 | $380.4M | $302.0M |
| Q4 25 | $-25.9M | $10.2M | ||
| Q3 25 | $-18.7M | $14.3M | ||
| Q2 25 | $-3.2M | $46.1M | ||
| Q1 25 | $13.9M | $-4.4M | ||
| Q4 24 | $-20.2M | $8.2M | ||
| Q3 24 | $-8.4M | $13.7M | ||
| Q2 24 | $-17.6M | $8.0M | ||
| Q1 24 | $21.6M | $14.0M |
| Q4 25 | — | 31.1% | ||
| Q3 25 | — | 30.7% | ||
| Q2 25 | — | 31.5% | ||
| Q1 25 | — | 31.5% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 33.7% | ||
| Q2 24 | — | 33.6% | ||
| Q1 24 | — | 33.0% |
| Q4 25 | -3.8% | 3.4% | ||
| Q3 25 | 0.9% | 3.0% | ||
| Q2 25 | 7.4% | 2.6% | ||
| Q1 25 | 13.6% | 0.4% | ||
| Q4 24 | -1.7% | 3.5% | ||
| Q3 24 | 4.5% | 6.2% | ||
| Q2 24 | 4.8% | 1.2% | ||
| Q1 24 | 9.0% | 4.3% |
| Q4 25 | -7.5% | 2.6% | ||
| Q3 25 | -5.1% | 3.6% | ||
| Q2 25 | -0.8% | 12.6% | ||
| Q1 25 | 3.4% | -1.3% | ||
| Q4 24 | -6.2% | 2.4% | ||
| Q3 24 | -2.5% | 3.9% | ||
| Q2 24 | -5.2% | 2.5% | ||
| Q1 24 | 5.7% | 4.6% |
| Q4 25 | $-0.38 | $0.23 | ||
| Q3 25 | $-0.27 | $0.31 | ||
| Q2 25 | $-0.05 | $0.99 | ||
| Q1 25 | $0.20 | $-0.10 | ||
| Q4 24 | $-0.31 | $0.18 | ||
| Q3 24 | $-0.13 | $0.30 | ||
| Q2 24 | $-0.28 | $0.17 | ||
| Q1 24 | $0.33 | $0.30 |
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 | $377.0M |
| Total DebtLower is stronger | — | $25.7M |
| Stockholders' EquityBook value | $600.2M | $1.9B |
| Total Assets | $3.9B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $377.0M | ||
| Q3 25 | $89.7M | $386.4M | ||
| Q2 25 | $105.7M | $327.3M | ||
| Q1 25 | $81.8M | $343.9M | ||
| Q4 24 | $90.0M | $316.1M | ||
| Q3 24 | $181.8M | $319.3M | ||
| Q2 24 | $208.3M | $273.9M | ||
| Q1 24 | $112.1M | $276.0M |
| Q4 25 | — | $25.7M | ||
| Q3 25 | — | $24.9M | ||
| Q2 25 | — | $26.4M | ||
| Q1 25 | — | $20.5M | ||
| Q4 24 | — | $20.7M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | — | $20.9M |
| Q4 25 | $600.2M | $1.9B | ||
| Q3 25 | $619.7M | $1.9B | ||
| Q2 25 | $630.8M | $1.9B | ||
| Q1 25 | $619.6M | $1.8B | ||
| Q4 24 | $583.2M | $1.8B | ||
| Q3 24 | $595.4M | $1.8B | ||
| Q2 24 | $590.9M | $1.8B | ||
| Q1 24 | $597.9M | $1.7B |
| Q4 25 | $3.9B | $2.4B | ||
| Q3 25 | $3.8B | $2.5B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.5B | $2.4B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.5B | $2.4B | ||
| Q2 24 | $3.7B | $2.4B | ||
| Q1 24 | $3.5B | $2.4B |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $38.1M |
| Free Cash FlowOCF − Capex | $-68.9M | $12.4M |
| FCF MarginFCF / Revenue | -19.9% | 3.2% |
| Capex IntensityCapex / Revenue | 11.4% | 6.6% |
| Cash ConversionOCF / Net Profit | — | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $137.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $38.1M | ||
| Q3 25 | $41.0M | $79.1M | ||
| Q2 25 | $-16.7M | $41.5M | ||
| Q1 25 | $-64.0M | $56.7M | ||
| Q4 24 | $51.5M | $81.8M | ||
| Q3 24 | $32.4M | $54.4M | ||
| Q2 24 | $18.3M | $14.4M | ||
| Q1 24 | $3.0M | $-31.1M |
| Q4 25 | $-68.9M | $12.4M | ||
| Q3 25 | $32.2M | $62.8M | ||
| Q2 25 | $-28.1M | $21.1M | ||
| Q1 25 | $-72.9M | $40.8M | ||
| Q4 24 | $10.4M | $62.1M | ||
| Q3 24 | $22.2M | $39.4M | ||
| Q2 24 | $7.8M | $-3.5M | ||
| Q1 24 | $-5.1M | $-51.5M |
| Q4 25 | -19.9% | 3.2% | ||
| Q3 25 | 8.8% | 16.0% | ||
| Q2 25 | -7.4% | 5.8% | ||
| Q1 25 | -17.6% | 12.3% | ||
| Q4 24 | 3.2% | 18.3% | ||
| Q3 24 | 6.6% | 11.2% | ||
| Q2 24 | 2.3% | -1.1% | ||
| Q1 24 | -1.4% | -17.1% |
| Q4 25 | 11.4% | 6.6% | ||
| Q3 25 | 2.4% | 4.2% | ||
| Q2 25 | 3.0% | 5.6% | ||
| Q1 25 | 2.2% | 4.8% | ||
| Q4 24 | 12.4% | 5.8% | ||
| Q3 24 | 3.0% | 4.3% | ||
| Q2 24 | 3.1% | 5.6% | ||
| Q1 24 | 2.1% | 6.7% |
| Q4 25 | — | 3.74× | ||
| Q3 25 | — | 5.54× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | 9.93× | ||
| Q3 24 | — | 3.95× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | 0.14× | -2.22× |
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% |
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
