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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Essex Property Trust (ESS). Click either name above to swap in a different company.
Essex Property Trust is the larger business by last-quarter revenue ($479.6M vs $347.3M, roughly 1.4× Baldwin Insurance Group, Inc.). Essex Property Trust runs the higher net margin — 17.9% vs -7.5%, a 25.4% gap on every dollar of revenue. On growth, Essex Property Trust posted the faster year-over-year revenue change (5.5% vs 5.3%). Over the past eight quarters, Essex Property Trust's revenue compounded faster (6.0% 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.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area.
BWIN vs ESS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $479.6M |
| Net Profit | $-25.9M | $85.7M |
| Gross Margin | — | 70.0% |
| Operating Margin | -3.8% | 31.7% |
| Net Margin | -7.5% | 17.9% |
| Revenue YoY | 5.3% | 5.5% |
| Net Profit YoY | -28.3% | -71.6% |
| EPS (diluted) | $-0.38 | $1.24 |
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 | $479.6M | ||
| Q3 25 | $365.4M | $473.3M | ||
| Q2 25 | $378.8M | $469.8M | ||
| Q1 25 | $413.4M | $464.6M | ||
| Q4 24 | $329.9M | $454.5M | ||
| Q3 24 | $338.9M | $450.7M | ||
| Q2 24 | $339.8M | $442.4M | ||
| Q1 24 | $380.4M | $426.9M |
| Q4 25 | $-25.9M | $85.7M | ||
| Q3 25 | $-18.7M | $172.7M | ||
| Q2 25 | $-3.2M | $231.5M | ||
| Q1 25 | $13.9M | $212.8M | ||
| Q4 24 | $-20.2M | $301.7M | ||
| Q3 24 | $-8.4M | $125.5M | ||
| Q2 24 | $-17.6M | $99.0M | ||
| Q1 24 | $21.6M | $285.1M |
| Q4 25 | — | 70.0% | ||
| Q3 25 | — | 69.2% | ||
| Q2 25 | — | 70.7% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 69.5% | ||
| Q2 24 | — | 70.8% | ||
| Q1 24 | — | 69.7% |
| Q4 25 | -3.8% | 31.7% | ||
| Q3 25 | 0.9% | 44.5% | ||
| Q2 25 | 7.4% | 59.5% | ||
| Q1 25 | 13.6% | 55.3% | ||
| Q4 24 | -1.7% | 67.0% | ||
| Q3 24 | 4.5% | 28.6% | ||
| Q2 24 | 4.8% | 31.1% | ||
| Q1 24 | 9.0% | 31.0% |
| Q4 25 | -7.5% | 17.9% | ||
| Q3 25 | -5.1% | 36.5% | ||
| Q2 25 | -0.8% | 49.3% | ||
| Q1 25 | 3.4% | 45.8% | ||
| Q4 24 | -6.2% | 66.4% | ||
| Q3 24 | -2.5% | 27.8% | ||
| Q2 24 | -5.2% | 22.4% | ||
| Q1 24 | 5.7% | 66.8% |
| Q4 25 | $-0.38 | $1.24 | ||
| Q3 25 | $-0.27 | $2.56 | ||
| Q2 25 | $-0.05 | $3.44 | ||
| Q1 25 | $0.20 | $3.16 | ||
| Q4 24 | $-0.31 | $4.00 | ||
| Q3 24 | $-0.13 | $1.84 | ||
| Q2 24 | $-0.28 | $1.45 | ||
| Q1 24 | $0.33 | $4.25 |
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 | $76.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $5.5B |
| Total Assets | $3.9B | $13.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $76.2M | ||
| Q3 25 | $89.7M | $66.0M | ||
| Q2 25 | $105.7M | $58.7M | ||
| Q1 25 | $81.8M | $98.7M | ||
| Q4 24 | $90.0M | $66.8M | ||
| Q3 24 | $181.8M | $71.3M | ||
| Q2 24 | $208.3M | $55.2M | ||
| Q1 24 | $112.1M | $499.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.6B |
| Q4 25 | $600.2M | $5.5B | ||
| Q3 25 | $619.7M | $5.6B | ||
| Q2 25 | $630.8M | $5.6B | ||
| Q1 25 | $619.6M | $5.6B | ||
| Q4 24 | $583.2M | $5.5B | ||
| Q3 24 | $595.4M | $5.4B | ||
| Q2 24 | $590.9M | $5.5B | ||
| Q1 24 | $597.9M | $5.5B |
| Q4 25 | $3.9B | $13.2B | ||
| Q3 25 | $3.8B | $13.2B | ||
| Q2 25 | $3.7B | $13.2B | ||
| Q1 25 | $3.5B | $13.2B | ||
| Q4 24 | $3.5B | $12.9B | ||
| Q3 24 | $3.5B | $12.6B | ||
| Q2 24 | $3.7B | $12.5B | ||
| Q1 24 | $3.5B | $12.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.15× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 1.19× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | 12.53× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $1.1B | ||
| Q3 25 | $41.0M | $342.6M | ||
| Q2 25 | $-16.7M | $216.1M | ||
| Q1 25 | $-64.0M | $281.5M | ||
| Q4 24 | $51.5M | $1.1B | ||
| Q3 24 | $32.4M | $316.2M | ||
| Q2 24 | $18.3M | $218.9M | ||
| Q1 24 | $3.0M | $314.9M |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $-5.1M | — |
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | -1.4% | — |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | — | 12.53× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | -4.59× | 1.32× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | — | 2.52× | ||
| Q2 24 | — | 2.21× | ||
| Q1 24 | 0.14× | 1.10× |
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% |
ESS
Segment breakdown not available.
