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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $347.3M, roughly 1.8× Baldwin Insurance Group, Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -7.5%, a 3.0% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% 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.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
BWIN vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $631.2M |
| Net Profit | $-25.9M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | -0.5% |
| Net Margin | -7.5% | -4.5% |
| Revenue YoY | 5.3% | -0.3% |
| Net Profit YoY | -28.3% | 22.2% |
| EPS (diluted) | $-0.38 | $-0.90 |
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 | $631.2M | ||
| Q3 25 | $365.4M | $631.8M | ||
| Q2 25 | $378.8M | $618.8M | ||
| Q1 25 | $413.4M | $613.3M | ||
| Q4 24 | $329.9M | $632.8M | ||
| Q3 24 | $338.9M | $655.9M | ||
| Q2 24 | $339.8M | $643.7M | ||
| Q1 24 | $380.4M | $541.8M |
| Q4 25 | $-25.9M | $-28.3M | ||
| Q3 25 | $-18.7M | $-16.3M | ||
| Q2 25 | $-3.2M | $-12.6M | ||
| Q1 25 | $13.9M | $-50.6M | ||
| Q4 24 | $-20.2M | $-36.4M | ||
| Q3 24 | $-8.4M | $-73.4M | ||
| Q2 24 | $-17.6M | $-645.4M | ||
| Q1 24 | $21.6M | $-61.7M |
| Q4 25 | -3.8% | -0.5% | ||
| Q3 25 | 0.9% | 2.4% | ||
| Q2 25 | 7.4% | 3.2% | ||
| Q1 25 | 13.6% | 0.8% | ||
| Q4 24 | -1.7% | 12.0% | ||
| Q3 24 | 4.5% | 3.5% | ||
| Q2 24 | 4.8% | -170.2% | ||
| Q1 24 | 9.0% | -12.1% |
| Q4 25 | -7.5% | -4.5% | ||
| Q3 25 | -5.1% | -2.6% | ||
| Q2 25 | -0.8% | -2.0% | ||
| Q1 25 | 3.4% | -8.3% | ||
| Q4 24 | -6.2% | -5.8% | ||
| Q3 24 | -2.5% | -11.2% | ||
| Q2 24 | -5.2% | -100.3% | ||
| Q1 24 | 5.7% | -11.4% |
| Q4 25 | $-0.38 | $-0.90 | ||
| Q3 25 | $-0.27 | $-0.52 | ||
| Q2 25 | $-0.05 | $-0.41 | ||
| Q1 25 | $0.20 | $-1.68 | ||
| Q4 24 | $-0.31 | $-1.69 | ||
| Q3 24 | $-0.13 | $-2.66 | ||
| Q2 24 | $-0.28 | $-23.47 | ||
| Q1 24 | $0.33 | $-2.81 |
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 | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $600.2M | $113.3M |
| Total Assets | $3.9B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $106.0M | ||
| Q3 25 | $89.7M | $140.4M | ||
| Q2 25 | $105.7M | $95.1M | ||
| Q1 25 | $81.8M | $116.3M | ||
| Q4 24 | $90.0M | $104.9M | ||
| Q3 24 | $181.8M | $136.6M | ||
| Q2 24 | $208.3M | $84.9M | ||
| Q1 24 | $112.1M | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $600.2M | $113.3M | ||
| Q3 25 | $619.7M | $139.8M | ||
| Q2 25 | $630.8M | $151.8M | ||
| Q1 25 | $619.6M | $154.6M | ||
| Q4 24 | $583.2M | $201.7M | ||
| Q3 24 | $595.4M | $226.1M | ||
| Q2 24 | $590.9M | $283.8M | ||
| Q1 24 | $597.9M | $926.1M |
| Q4 25 | $3.9B | $2.7B | ||
| Q3 25 | $3.8B | $2.8B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.5B | $2.8B | ||
| Q4 24 | $3.5B | $2.8B | ||
| Q3 24 | $3.5B | $3.1B | ||
| Q2 24 | $3.7B | $3.1B | ||
| Q1 24 | $3.5B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
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 | — |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | 1.3% |
| 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 | $52.7M | ||
| Q2 25 | $-16.7M | — | ||
| Q1 25 | $-64.0M | $27.6M | ||
| Q4 24 | $51.5M | $-23.2M | ||
| Q3 24 | $32.4M | $51.2M | ||
| Q2 24 | $18.3M | $-45.2M | ||
| Q1 24 | $3.0M | $-51.7M |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | $48.6M | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | $15.7M | ||
| Q4 24 | $10.4M | $-30.5M | ||
| Q3 24 | $22.2M | $40.7M | ||
| Q2 24 | $7.8M | $-59.6M | ||
| Q1 24 | $-5.1M | $-56.7M |
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | 7.7% | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | 2.6% | ||
| Q4 24 | 3.2% | -4.8% | ||
| Q3 24 | 6.6% | 6.2% | ||
| Q2 24 | 2.3% | -9.3% | ||
| Q1 24 | -1.4% | -10.5% |
| Q4 25 | 11.4% | 1.3% | ||
| Q3 25 | 2.4% | 0.7% | ||
| Q2 25 | 3.0% | 0.8% | ||
| Q1 25 | 2.2% | 1.9% | ||
| Q4 24 | 12.4% | 1.1% | ||
| Q3 24 | 3.0% | 1.6% | ||
| Q2 24 | 3.1% | 2.2% | ||
| Q1 24 | 2.1% | 0.9% |
| 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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
