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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Figma, Inc. (FIG). 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 $274.2M, roughly 1.3× Figma, Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -400.1%, a 392.6% gap on every dollar of revenue. On growth, Figma, Inc. posted the faster year-over-year revenue change (38.0% vs 5.3%). Figma, Inc. produced more free cash flow last quarter ($49.5M vs $-68.9M).
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.
Figma is a collaborative web application for interface design, with additional offline features enabled by desktop applications for macOS and Windows. The feature set of Figma focuses on user interface and user experience design, with an emphasis on real-time collaboration, utilizing a variety of vector graphics editor and prototyping tools. The Figma mobile app for Android and iOS allows viewing and interacting with Figma prototypes in real-time on mobile and tablet devices.
BWIN vs FIG — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $274.2M |
| Net Profit | $-25.9M | $-1.1B |
| Gross Margin | — | 69.4% |
| Operating Margin | -3.8% | -414.6% |
| Net Margin | -7.5% | -400.1% |
| Revenue YoY | 5.3% | 38.0% |
| Net Profit YoY | -28.3% | -6933.0% |
| EPS (diluted) | $-0.38 | $-2.72 |
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 | — | ||
| Q3 25 | $365.4M | $274.2M | ||
| Q2 25 | $378.8M | $249.6M | ||
| Q1 25 | $413.4M | — | ||
| Q4 24 | $329.9M | — | ||
| Q3 24 | $338.9M | $198.6M | ||
| Q2 24 | $339.8M | $177.2M | ||
| Q1 24 | $380.4M | — |
| Q4 25 | $-25.9M | — | ||
| Q3 25 | $-18.7M | $-1.1B | ||
| Q2 25 | $-3.2M | $28.2M | ||
| Q1 25 | $13.9M | — | ||
| Q4 24 | $-20.2M | — | ||
| Q3 24 | $-8.4M | $-15.6M | ||
| Q2 24 | $-17.6M | $-827.9M | ||
| Q1 24 | $21.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 69.4% | ||
| Q2 25 | — | 88.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 77.7% | ||
| Q1 24 | — | — |
| Q4 25 | -3.8% | — | ||
| Q3 25 | 0.9% | -414.6% | ||
| Q2 25 | 7.4% | 0.8% | ||
| Q1 25 | 13.6% | — | ||
| Q4 24 | -1.7% | — | ||
| Q3 24 | 4.5% | -23.8% | ||
| Q2 24 | 4.8% | -504.7% | ||
| Q1 24 | 9.0% | — |
| Q4 25 | -7.5% | — | ||
| Q3 25 | -5.1% | -400.1% | ||
| Q2 25 | -0.8% | 11.3% | ||
| Q1 25 | 3.4% | — | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.5% | -7.9% | ||
| Q2 24 | -5.2% | -467.2% | ||
| Q1 24 | 5.7% | — |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $-0.27 | $-2.72 | ||
| Q2 25 | $-0.05 | $0.00 | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $-0.31 | — | ||
| Q3 24 | $-0.13 | $-0.07 | ||
| Q2 24 | $-0.28 | $-4.39 | ||
| Q1 24 | $0.33 | — |
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 | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $1.4B |
| Total Assets | $3.9B | $2.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | — | ||
| Q3 25 | $89.7M | $1.6B | ||
| Q2 25 | $105.7M | $1.6B | ||
| Q1 25 | $81.8M | — | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $181.8M | $416.1M | ||
| Q2 24 | $208.3M | $586.1M | ||
| Q1 24 | $112.1M | — |
| Q4 25 | $600.2M | — | ||
| Q3 25 | $619.7M | $1.4B | ||
| Q2 25 | $630.8M | $1.4B | ||
| Q1 25 | $619.6M | — | ||
| Q4 24 | $583.2M | — | ||
| Q3 24 | $595.4M | $1.2B | ||
| Q2 24 | $590.9M | $862.4M | ||
| Q1 24 | $597.9M | — |
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.7B | $2.0B | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.5B | — |
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 | $51.2M |
| Free Cash FlowOCF − Capex | $-68.9M | $49.5M |
| FCF MarginFCF / Revenue | -19.9% | 18.0% |
| Capex IntensityCapex / Revenue | 11.4% | 0.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | — | ||
| Q3 25 | $41.0M | $51.2M | ||
| Q2 25 | $-16.7M | — | ||
| Q1 25 | $-64.0M | — | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | $32.4M | — | ||
| Q2 24 | $18.3M | — | ||
| Q1 24 | $3.0M | — |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | $49.5M | ||
| 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% | 18.0% | ||
| 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% | 0.6% | ||
| 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 | — | — | ||
| 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% |
FIG
| Non Us | $147.4M | 54% |
| US | $126.8M | 46% |
