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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and AMICUS THERAPEUTICS, INC. (FOLD). 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 $185.2M, roughly 1.9× AMICUS THERAPEUTICS, INC.). AMICUS THERAPEUTICS, INC. runs the higher net margin — 0.9% vs -7.5%, a 8.4% gap on every dollar of revenue. On growth, AMICUS THERAPEUTICS, INC. posted the faster year-over-year revenue change (23.7% vs 5.3%). AMICUS THERAPEUTICS, INC. produced more free cash flow last quarter ($16.0M vs $-68.9M). Over the past eight quarters, AMICUS THERAPEUTICS, INC.'s revenue compounded faster (29.5% 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.
Amicus Therapeutics, Inc. is a public American biopharmaceutical company based in Philadelphia, Pennsylvania. The company went public in 2007 under the Nasdaq trading symbol FOLD. This followed a 2006 planned offering and subsequent withdrawal, which would have established the trading symbol as AMTX Prior to their IPO, Amicus was funded by a variety of venture capital firms including Radius Ventures, Canaan Partners and New Enterprise Associates.
BWIN vs FOLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $185.2M |
| Net Profit | $-25.9M | $1.7M |
| Gross Margin | — | 85.7% |
| Operating Margin | -3.8% | 8.6% |
| Net Margin | -7.5% | 0.9% |
| Revenue YoY | 5.3% | 23.7% |
| Net Profit YoY | -28.3% | -88.5% |
| EPS (diluted) | $-0.38 | $0.00 |
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 | $185.2M | ||
| Q3 25 | $365.4M | $169.1M | ||
| Q2 25 | $378.8M | $154.7M | ||
| Q1 25 | $413.4M | $125.2M | ||
| Q4 24 | $329.9M | $149.7M | ||
| Q3 24 | $338.9M | $141.5M | ||
| Q2 24 | $339.8M | $126.7M | ||
| Q1 24 | $380.4M | $110.4M |
| Q4 25 | $-25.9M | $1.7M | ||
| Q3 25 | $-18.7M | $17.3M | ||
| Q2 25 | $-3.2M | $-24.4M | ||
| Q1 25 | $13.9M | $-21.7M | ||
| Q4 24 | $-20.2M | $14.7M | ||
| Q3 24 | $-8.4M | $-6.7M | ||
| Q2 24 | $-17.6M | $-15.7M | ||
| Q1 24 | $21.6M | $-48.4M |
| Q4 25 | — | 85.7% | ||
| Q3 25 | — | 88.5% | ||
| Q2 25 | — | 90.2% | ||
| Q1 25 | — | 90.7% | ||
| Q4 24 | — | 90.1% | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 91.1% | ||
| Q1 24 | — | 87.7% |
| Q4 25 | -3.8% | 8.6% | ||
| Q3 25 | 0.9% | 20.3% | ||
| Q2 25 | 7.4% | -6.1% | ||
| Q1 25 | 13.6% | -6.3% | ||
| Q4 24 | -1.7% | 10.7% | ||
| Q3 24 | 4.5% | 15.3% | ||
| Q2 24 | 4.8% | 11.8% | ||
| Q1 24 | 9.0% | -25.1% |
| Q4 25 | -7.5% | 0.9% | ||
| Q3 25 | -5.1% | 10.2% | ||
| Q2 25 | -0.8% | -15.8% | ||
| Q1 25 | 3.4% | -17.3% | ||
| Q4 24 | -6.2% | 9.8% | ||
| Q3 24 | -2.5% | -4.8% | ||
| Q2 24 | -5.2% | -12.4% | ||
| Q1 24 | 5.7% | -43.9% |
| Q4 25 | $-0.38 | $0.00 | ||
| Q3 25 | $-0.27 | $0.06 | ||
| Q2 25 | $-0.05 | $-0.08 | ||
| Q1 25 | $0.20 | $-0.07 | ||
| Q4 24 | $-0.31 | $0.05 | ||
| Q3 24 | $-0.13 | $-0.02 | ||
| Q2 24 | $-0.28 | $-0.05 | ||
| Q1 24 | $0.33 | $-0.16 |
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 | $293.5M |
| Total DebtLower is stronger | — | $392.7M |
| Stockholders' EquityBook value | $600.2M | $274.2M |
| Total Assets | $3.9B | $949.9M |
| Debt / EquityLower = less leverage | — | 1.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $293.5M | ||
| Q3 25 | $89.7M | $263.8M | ||
| Q2 25 | $105.7M | $231.0M | ||
| Q1 25 | $81.8M | $250.6M | ||
| Q4 24 | $90.0M | $249.9M | ||
| Q3 24 | $181.8M | $249.8M | ||
| Q2 24 | $208.3M | $260.1M | ||
| Q1 24 | $112.1M | $239.6M |
| Q4 25 | — | $392.7M | ||
| Q3 25 | — | $392.0M | ||
| Q2 25 | — | $391.3M | ||
| Q1 25 | — | $390.7M | ||
| Q4 24 | — | $390.1M | ||
| Q3 24 | — | $389.5M | ||
| Q2 24 | — | $388.9M | ||
| Q1 24 | — | $388.4M |
| Q4 25 | $600.2M | $274.2M | ||
| Q3 25 | $619.7M | $230.4M | ||
| Q2 25 | $630.8M | $204.3M | ||
| Q1 25 | $619.6M | $193.6M | ||
| Q4 24 | $583.2M | $194.0M | ||
| Q3 24 | $595.4M | $178.8M | ||
| Q2 24 | $590.9M | $132.5M | ||
| Q1 24 | $597.9M | $130.7M |
| Q4 25 | $3.9B | $949.9M | ||
| Q3 25 | $3.8B | $868.8M | ||
| Q2 25 | $3.7B | $815.3M | ||
| Q1 25 | $3.5B | $789.8M | ||
| Q4 24 | $3.5B | $785.0M | ||
| Q3 24 | $3.5B | $786.6M | ||
| Q2 24 | $3.7B | $749.5M | ||
| Q1 24 | $3.5B | $721.8M |
| Q4 25 | — | 1.43× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.93× | ||
| Q1 24 | — | 2.97× |
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 | $16.3M |
| Free Cash FlowOCF − Capex | $-68.9M | $16.0M |
| FCF MarginFCF / Revenue | -19.9% | 8.6% |
| Capex IntensityCapex / Revenue | 11.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 9.62× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $29.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $16.3M | ||
| Q3 25 | $41.0M | $35.7M | ||
| Q2 25 | $-16.7M | $-26.5M | ||
| Q1 25 | $-64.0M | $7.8M | ||
| Q4 24 | $51.5M | $-3.9M | ||
| Q3 24 | $32.4M | $-23.0M | ||
| Q2 24 | $18.3M | $22.7M | ||
| Q1 24 | $3.0M | $-29.7M |
| Q4 25 | $-68.9M | $16.0M | ||
| Q3 25 | $32.2M | $35.3M | ||
| Q2 25 | $-28.1M | $-28.9M | ||
| Q1 25 | $-72.9M | $7.5M | ||
| Q4 24 | $10.4M | $-4.2M | ||
| Q3 24 | $22.2M | $-23.3M | ||
| Q2 24 | $7.8M | $21.6M | ||
| Q1 24 | $-5.1M | $-31.5M |
| Q4 25 | -19.9% | 8.6% | ||
| Q3 25 | 8.8% | 20.9% | ||
| Q2 25 | -7.4% | -18.7% | ||
| Q1 25 | -17.6% | 6.0% | ||
| Q4 24 | 3.2% | -2.8% | ||
| Q3 24 | 6.6% | -16.5% | ||
| Q2 24 | 2.3% | 17.0% | ||
| Q1 24 | -1.4% | -28.5% |
| Q4 25 | 11.4% | 0.2% | ||
| Q3 25 | 2.4% | 0.2% | ||
| Q2 25 | 3.0% | 1.6% | ||
| Q1 25 | 2.2% | 0.2% | ||
| Q4 24 | 12.4% | 0.2% | ||
| Q3 24 | 3.0% | 0.3% | ||
| Q2 24 | 3.1% | 0.9% | ||
| Q1 24 | 2.1% | 1.6% |
| Q4 25 | — | 9.62× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | -0.27× | ||
| 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% |
FOLD
| Other | $105.8M | 57% |
| Galafold | $64.8M | 35% |
| Pombiliti Opfolda | $14.6M | 8% |
