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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and FTAI Infrastructure Inc. (FIP). 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 $188.4M, roughly 1.8× FTAI Infrastructure Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -79.7%, a 72.2% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (95.9% vs 5.3%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (49.0% 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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
BWIN vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $188.4M |
| Net Profit | $-25.9M | $-150.2M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | — |
| Net Margin | -7.5% | -79.7% |
| Revenue YoY | 5.3% | 95.9% |
| Net Profit YoY | -28.3% | -387.6% |
| EPS (diluted) | $-0.38 | $-1.32 |
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.
| Q1 26 | — | $188.4M | ||
| Q4 25 | $347.3M | $143.5M | ||
| Q3 25 | $365.4M | $140.6M | ||
| Q2 25 | $378.8M | $122.3M | ||
| Q1 25 | $413.4M | $96.2M | ||
| Q4 24 | $329.9M | $80.8M | ||
| Q3 24 | $338.9M | $83.3M | ||
| Q2 24 | $339.8M | $84.9M |
| Q1 26 | — | $-150.2M | ||
| Q4 25 | $-25.9M | $-97.7M | ||
| Q3 25 | $-18.7M | $-104.5M | ||
| Q2 25 | $-3.2M | $-70.0M | ||
| Q1 25 | $13.9M | $120.2M | ||
| Q4 24 | $-20.2M | $-124.7M | ||
| Q3 24 | $-8.4M | $-43.0M | ||
| Q2 24 | $-17.6M | $-48.1M |
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | -45.7% | ||
| Q3 25 | 0.9% | -70.8% | ||
| Q2 25 | 7.4% | -56.4% | ||
| Q1 25 | 13.6% | 81.8% | ||
| Q4 24 | -1.7% | -152.7% | ||
| Q3 24 | 4.5% | -51.7% | ||
| Q2 24 | 4.8% | -56.4% |
| Q1 26 | — | -79.7% | ||
| Q4 25 | -7.5% | -68.1% | ||
| Q3 25 | -5.1% | -74.4% | ||
| Q2 25 | -0.8% | -57.2% | ||
| Q1 25 | 3.4% | 125.0% | ||
| Q4 24 | -6.2% | -154.4% | ||
| Q3 24 | -2.5% | -51.6% | ||
| Q2 24 | -5.2% | -56.7% |
| Q1 26 | — | $-1.32 | ||
| Q4 25 | $-0.38 | $-1.04 | ||
| Q3 25 | $-0.27 | $-1.38 | ||
| Q2 25 | $-0.05 | $-0.73 | ||
| Q1 25 | $0.20 | $0.89 | ||
| Q4 24 | $-0.31 | $-1.21 | ||
| Q3 24 | $-0.13 | $-0.45 | ||
| Q2 24 | $-0.28 | $-0.52 |
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 | $37.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $-122.5K |
| Total Assets | $3.9B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $37.9M | ||
| Q4 25 | $123.7M | $57.4M | ||
| Q3 25 | $89.7M | $34.7M | ||
| Q2 25 | $105.7M | $33.6M | ||
| Q1 25 | $81.8M | $26.3M | ||
| Q4 24 | $90.0M | $27.8M | ||
| Q3 24 | $181.8M | $20.3M | ||
| Q2 24 | $208.3M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | $-122.5K | ||
| Q4 25 | $600.2M | $21.3M | ||
| Q3 25 | $619.7M | $181.1M | ||
| Q2 25 | $630.8M | $375.5M | ||
| Q1 25 | $619.6M | $476.2M | ||
| Q4 24 | $583.2M | $202.7M | ||
| Q3 24 | $595.4M | $370.8M | ||
| Q2 24 | $590.9M | $394.8M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $3.9B | $5.7B | ||
| Q3 25 | $3.8B | $5.5B | ||
| Q2 25 | $3.7B | $4.4B | ||
| Q1 25 | $3.5B | $4.1B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.5B | $2.4B | ||
| Q2 24 | $3.7B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× |
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 | $-69.4M |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-69.4M | ||
| Q4 25 | $-29.4M | $-2.8M | ||
| Q3 25 | $41.0M | $-24.4M | ||
| Q2 25 | $-16.7M | $-5.2M | ||
| Q1 25 | $-64.0M | $-85.7M | ||
| Q4 24 | $51.5M | $-8.1M | ||
| Q3 24 | $32.4M | $14.2M | ||
| Q2 24 | $18.3M | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.9M | $-68.6M | ||
| Q3 25 | $32.2M | $-90.7M | ||
| Q2 25 | $-28.1M | $-87.5M | ||
| Q1 25 | $-72.9M | $-151.7M | ||
| Q4 24 | $10.4M | $-34.3M | ||
| Q3 24 | $22.2M | $-11.7M | ||
| Q2 24 | $7.8M | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | -19.9% | -47.8% | ||
| Q3 25 | 8.8% | -64.5% | ||
| Q2 25 | -7.4% | -71.6% | ||
| Q1 25 | -17.6% | -157.7% | ||
| Q4 24 | 3.2% | -42.4% | ||
| Q3 24 | 6.6% | -14.0% | ||
| Q2 24 | 2.3% | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 45.9% | ||
| Q3 25 | 2.4% | 47.2% | ||
| Q2 25 | 3.0% | 67.3% | ||
| Q1 25 | 2.2% | 68.6% | ||
| Q4 24 | 12.4% | 32.5% | ||
| Q3 24 | 3.0% | 31.1% | ||
| Q2 24 | 3.1% | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
FIP
Segment breakdown not available.
