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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Forestar Group Inc. (FOR). 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 $273.0M, roughly 1.3× Forestar Group Inc.). Forestar Group Inc. runs the higher net margin — 5.6% vs -7.5%, a 13.1% gap on every dollar of revenue. On growth, Forestar Group Inc. posted the faster year-over-year revenue change (9.0% vs 5.3%). Baldwin Insurance Group, Inc. produced more free cash flow last quarter ($-68.9M vs $-157.1M). Over the past eight quarters, Baldwin Insurance Group, Inc.'s revenue compounded faster (-4.4% CAGR vs -9.6%).
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.
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
BWIN vs FOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $273.0M |
| Net Profit | $-25.9M | $15.4M |
| Gross Margin | — | 20.1% |
| Operating Margin | -3.8% | 7.6% |
| Net Margin | -7.5% | 5.6% |
| Revenue YoY | 5.3% | 9.0% |
| Net Profit YoY | -28.3% | -6.7% |
| EPS (diluted) | $-0.38 | $0.30 |
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 | $273.0M | ||
| Q3 25 | $365.4M | $670.5M | ||
| Q2 25 | $378.8M | $390.5M | ||
| Q1 25 | $413.4M | $351.0M | ||
| Q4 24 | $329.9M | $250.4M | ||
| Q3 24 | $338.9M | $551.3M | ||
| Q2 24 | $339.8M | $318.4M | ||
| Q1 24 | $380.4M | $333.8M |
| Q4 25 | $-25.9M | $15.4M | ||
| Q3 25 | $-18.7M | $86.9M | ||
| Q2 25 | $-3.2M | $32.9M | ||
| Q1 25 | $13.9M | $31.6M | ||
| Q4 24 | $-20.2M | $16.5M | ||
| Q3 24 | $-8.4M | $81.5M | ||
| Q2 24 | $-17.6M | $38.7M | ||
| Q1 24 | $21.6M | $45.0M |
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
| Q4 25 | -3.8% | 7.6% | ||
| Q3 25 | 0.9% | 16.9% | ||
| Q2 25 | 7.4% | 11.2% | ||
| Q1 25 | 13.6% | 11.6% | ||
| Q4 24 | -1.7% | 8.7% | ||
| Q3 24 | 4.5% | 19.7% | ||
| Q2 24 | 4.8% | 16.2% | ||
| Q1 24 | 9.0% | 17.6% |
| Q4 25 | -7.5% | 5.6% | ||
| Q3 25 | -5.1% | 13.0% | ||
| Q2 25 | -0.8% | 8.4% | ||
| Q1 25 | 3.4% | 9.0% | ||
| Q4 24 | -6.2% | 6.6% | ||
| Q3 24 | -2.5% | 14.8% | ||
| Q2 24 | -5.2% | 12.2% | ||
| Q1 24 | 5.7% | 13.5% |
| Q4 25 | $-0.38 | $0.30 | ||
| Q3 25 | $-0.27 | $1.70 | ||
| Q2 25 | $-0.05 | $0.65 | ||
| Q1 25 | $0.20 | $0.62 | ||
| Q4 24 | $-0.31 | $0.32 | ||
| Q3 24 | $-0.13 | $1.59 | ||
| Q2 24 | $-0.28 | $0.76 | ||
| Q1 24 | $0.33 | $0.89 |
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 | $211.7M |
| Total DebtLower is stronger | — | $793.2M |
| Stockholders' EquityBook value | $600.2M | $1.8B |
| Total Assets | $3.9B | $3.2B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $211.7M | ||
| Q3 25 | $89.7M | $379.2M | ||
| Q2 25 | $105.7M | $189.2M | ||
| Q1 25 | $81.8M | $174.3M | ||
| Q4 24 | $90.0M | $132.0M | ||
| Q3 24 | $181.8M | $481.2M | ||
| Q2 24 | $208.3M | $359.2M | ||
| Q1 24 | $112.1M | $416.2M |
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
| Q4 25 | $600.2M | $1.8B | ||
| Q3 25 | $619.7M | $1.8B | ||
| Q2 25 | $630.8M | $1.7B | ||
| Q1 25 | $619.6M | $1.6B | ||
| Q4 24 | $583.2M | $1.6B | ||
| Q3 24 | $595.4M | $1.6B | ||
| Q2 24 | $590.9M | $1.5B | ||
| Q1 24 | $597.9M | $1.5B |
| Q4 25 | $3.9B | $3.2B | ||
| Q3 25 | $3.8B | $3.1B | ||
| Q2 25 | $3.7B | $3.1B | ||
| Q1 25 | $3.5B | $3.0B | ||
| Q4 24 | $3.5B | $3.0B | ||
| Q3 24 | $3.5B | $2.8B | ||
| Q2 24 | $3.7B | $2.7B | ||
| Q1 24 | $3.5B | $2.6B |
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $-157.0M |
| Free Cash FlowOCF − Capex | $-68.9M | $-157.1M |
| FCF MarginFCF / Revenue | -19.9% | -57.5% |
| Capex IntensityCapex / Revenue | 11.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | -10.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $93.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $-157.0M | ||
| Q3 25 | $41.0M | $256.3M | ||
| Q2 25 | $-16.7M | $15.8M | ||
| Q1 25 | $-64.0M | $-19.8M | ||
| Q4 24 | $51.5M | $-450.0M | ||
| Q3 24 | $32.4M | $119.2M | ||
| Q2 24 | $18.3M | $-61.7M | ||
| Q1 24 | $3.0M | $-59.2M |
| Q4 25 | $-68.9M | $-157.1M | ||
| Q3 25 | $32.2M | $255.6M | ||
| Q2 25 | $-28.1M | $15.0M | ||
| Q1 25 | $-72.9M | $-20.5M | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | $118.4M | ||
| Q2 24 | $7.8M | $-62.3M | ||
| Q1 24 | $-5.1M | $-59.8M |
| Q4 25 | -19.9% | -57.5% | ||
| Q3 25 | 8.8% | 38.1% | ||
| Q2 25 | -7.4% | 3.8% | ||
| Q1 25 | -17.6% | -5.8% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | 21.5% | ||
| Q2 24 | 2.3% | -19.6% | ||
| Q1 24 | -1.4% | -17.9% |
| Q4 25 | 11.4% | 0.0% | ||
| Q3 25 | 2.4% | 0.1% | ||
| Q2 25 | 3.0% | 0.2% | ||
| Q1 25 | 2.2% | 0.2% | ||
| Q4 24 | 12.4% | 0.0% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.1% | 0.2% | ||
| Q1 24 | 2.1% | 0.2% |
| Q4 25 | — | -10.19× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | -4.59× | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | 0.14× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
