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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and ESCO TECHNOLOGIES INC (ESE). 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 $289.7M, roughly 1.2× ESCO TECHNOLOGIES INC). ESCO TECHNOLOGIES INC runs the higher net margin — 9.9% vs -7.5%, a 17.4% gap on every dollar of revenue. On growth, ESCO TECHNOLOGIES INC posted the faster year-over-year revenue change (17.3% vs 5.3%). ESCO TECHNOLOGIES INC produced more free cash flow last quarter ($63.0M vs $-68.9M). Over the past eight quarters, ESCO TECHNOLOGIES INC's revenue compounded faster (7.8% 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.
Esco is a Singaporean brand that develops, manufactures, and sells products and services for laboratories.
BWIN vs ESE — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $289.7M |
| Net Profit | $-25.9M | $28.7M |
| Gross Margin | — | 41.4% |
| Operating Margin | -3.8% | 13.2% |
| Net Margin | -7.5% | 9.9% |
| Revenue YoY | 5.3% | 17.3% |
| Net Profit YoY | -28.3% | 22.2% |
| EPS (diluted) | $-0.38 | $1.11 |
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 | $289.7M | ||
| Q3 25 | $365.4M | $286.5M | ||
| Q2 25 | $378.8M | $296.3M | ||
| Q1 25 | $413.4M | $265.5M | ||
| Q4 24 | $329.9M | $247.0M | ||
| Q3 24 | $338.9M | $298.5M | ||
| Q2 24 | $339.8M | $260.8M | ||
| Q1 24 | $380.4M | $249.1M |
| Q4 25 | $-25.9M | $28.7M | ||
| Q3 25 | $-18.7M | $218.7M | ||
| Q2 25 | $-3.2M | $26.1M | ||
| Q1 25 | $13.9M | $31.0M | ||
| Q4 24 | $-20.2M | $23.5M | ||
| Q3 24 | $-8.4M | $34.3M | ||
| Q2 24 | $-17.6M | $29.2M | ||
| Q1 24 | $21.6M | $23.2M |
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 45.9% | ||
| Q2 25 | — | 41.2% | ||
| Q1 25 | — | 41.1% | ||
| Q4 24 | — | 39.8% | ||
| Q3 24 | — | 40.1% | ||
| Q2 24 | — | 39.6% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | -3.8% | 13.2% | ||
| Q3 25 | 0.9% | 17.2% | ||
| Q2 25 | 7.4% | 11.2% | ||
| Q1 25 | 13.6% | 15.3% | ||
| Q4 24 | -1.7% | 11.4% | ||
| Q3 24 | 4.5% | 14.8% | ||
| Q2 24 | 4.8% | 14.3% | ||
| Q1 24 | 9.0% | 11.7% |
| Q4 25 | -7.5% | 9.9% | ||
| Q3 25 | -5.1% | 76.3% | ||
| Q2 25 | -0.8% | 8.8% | ||
| Q1 25 | 3.4% | 11.7% | ||
| Q4 24 | -6.2% | 9.5% | ||
| Q3 24 | -2.5% | 11.5% | ||
| Q2 24 | -5.2% | 11.2% | ||
| Q1 24 | 5.7% | 9.3% |
| Q4 25 | $-0.38 | $1.11 | ||
| Q3 25 | $-0.27 | $8.43 | ||
| Q2 25 | $-0.05 | $1.01 | ||
| Q1 25 | $0.20 | $1.20 | ||
| Q4 24 | $-0.31 | $0.91 | ||
| Q3 24 | $-0.13 | $1.32 | ||
| Q2 24 | $-0.28 | $1.13 | ||
| Q1 24 | $0.33 | $0.90 |
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 | $103.8M |
| Total DebtLower is stronger | — | $145.5M |
| Stockholders' EquityBook value | $600.2M | $1.6B |
| Total Assets | $3.9B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $103.8M | ||
| Q3 25 | $89.7M | $101.3M | ||
| Q2 25 | $105.7M | $78.7M | ||
| Q1 25 | $81.8M | $57.4M | ||
| Q4 24 | $90.0M | $71.3M | ||
| Q3 24 | $181.8M | $66.0M | ||
| Q2 24 | $208.3M | $63.0M | ||
| Q1 24 | $112.1M | $59.4M |
| Q4 25 | — | $145.5M | ||
| Q3 25 | — | $186.0M | ||
| Q2 25 | — | $525.0M | ||
| Q1 25 | — | $88.0M | ||
| Q4 24 | — | $112.0M | ||
| Q3 24 | — | $122.0M | ||
| Q2 24 | — | $173.0M | ||
| Q1 24 | — | $191.0M |
| Q4 25 | $600.2M | $1.6B | ||
| Q3 25 | $619.7M | $1.5B | ||
| Q2 25 | $630.8M | $1.3B | ||
| Q1 25 | $619.6M | $1.3B | ||
| Q4 24 | $583.2M | $1.2B | ||
| Q3 24 | $595.4M | $1.2B | ||
| Q2 24 | $590.9M | $1.2B | ||
| Q1 24 | $597.9M | $1.2B |
| Q4 25 | $3.9B | $2.4B | ||
| Q3 25 | $3.8B | $2.4B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.5B | $1.8B | ||
| Q4 24 | $3.5B | $1.8B | ||
| Q3 24 | $3.5B | $1.8B | ||
| Q2 24 | $3.7B | $1.8B | ||
| Q1 24 | $3.5B | $1.8B |
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.40× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.09× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.16× |
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 | $68.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $63.0M |
| FCF MarginFCF / Revenue | -19.9% | 21.7% |
| Capex IntensityCapex / Revenue | 11.4% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.40× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $239.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $68.9M | ||
| Q3 25 | $41.0M | $109.9M | ||
| Q2 25 | $-16.7M | $73.7M | ||
| Q1 25 | $-64.0M | $24.1M | ||
| Q4 24 | $51.5M | $34.2M | ||
| Q3 24 | $32.4M | $72.1M | ||
| Q2 24 | $18.3M | $36.2M | ||
| Q1 24 | $3.0M | $10.5M |
| Q4 25 | $-68.9M | $63.0M | ||
| Q3 25 | $32.2M | $97.8M | ||
| Q2 25 | $-28.1M | $64.9M | ||
| Q1 25 | $-72.9M | $14.0M | ||
| Q4 24 | $10.4M | $29.0M | ||
| Q3 24 | $22.2M | $60.9M | ||
| Q2 24 | $7.8M | $27.6M | ||
| Q1 24 | $-5.1M | $2.0M |
| Q4 25 | -19.9% | 21.7% | ||
| Q3 25 | 8.8% | 34.1% | ||
| Q2 25 | -7.4% | 21.9% | ||
| Q1 25 | -17.6% | 5.3% | ||
| Q4 24 | 3.2% | 11.7% | ||
| Q3 24 | 6.6% | 20.4% | ||
| Q2 24 | 2.3% | 10.6% | ||
| Q1 24 | -1.4% | 0.8% |
| Q4 25 | 11.4% | 2.0% | ||
| Q3 25 | 2.4% | 4.2% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 2.2% | 3.8% | ||
| Q4 24 | 12.4% | 2.1% | ||
| Q3 24 | 3.0% | 3.8% | ||
| Q2 24 | 3.1% | 3.3% | ||
| Q1 24 | 2.1% | 3.4% |
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | -4.59× | 0.78× | ||
| Q4 24 | — | 1.46× | ||
| Q3 24 | — | 2.10× | ||
| Q2 24 | — | 1.24× | ||
| Q1 24 | 0.14× | 0.45× |
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% |
ESE
| US Government | $98.0M | 34% |
| Utility Solutions Group | $87.5M | 30% |
| RF Shielding And Test | $58.3M | 20% |
| Commercial | $45.8M | 16% |
| Related Party | $1.3M | 0% |
