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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and GRIFFON CORP (GFF). Click either name above to swap in a different company.
GRIFFON CORP is the larger business by last-quarter revenue ($649.1M vs $347.3M, roughly 1.9× Baldwin Insurance Group, Inc.). GRIFFON CORP runs the higher net margin — 9.9% vs -7.5%, a 17.4% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 2.6%). GRIFFON CORP produced more free cash flow last quarter ($99.3M vs $-68.9M). Over the past eight quarters, GRIFFON CORP's revenue compounded faster (-1.8% 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.
Griffon Corporation is a multinational conglomerate headquartered in New York City. It operates as a diversified management and holding company. The company has four subsidiaries: Ames True Temper, ClosetMaid, Clopay Building Products, and CornellCookson. Griffon has been publicly traded since 1961 and is listed on the New York Stock Exchange as a component stock of the S&P SmallCap 600, S&P Composite 1500, and Russell 2000 indices.
BWIN vs GFF — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $649.1M |
| Net Profit | $-25.9M | $64.4M |
| Gross Margin | — | 41.1% |
| Operating Margin | -3.8% | 17.5% |
| Net Margin | -7.5% | 9.9% |
| Revenue YoY | 5.3% | 2.6% |
| Net Profit YoY | -28.3% | -9.1% |
| EPS (diluted) | $-0.38 | $1.41 |
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 | $649.1M | ||
| Q3 25 | $365.4M | $662.2M | ||
| Q2 25 | $378.8M | $613.6M | ||
| Q1 25 | $413.4M | $611.7M | ||
| Q4 24 | $329.9M | $632.4M | ||
| Q3 24 | $338.9M | $659.7M | ||
| Q2 24 | $339.8M | $647.8M | ||
| Q1 24 | $380.4M | $672.9M |
| Q4 25 | $-25.9M | $64.4M | ||
| Q3 25 | $-18.7M | $43.6M | ||
| Q2 25 | $-3.2M | $-120.1M | ||
| Q1 25 | $13.9M | $56.8M | ||
| Q4 24 | $-20.2M | $70.9M | ||
| Q3 24 | $-8.4M | $62.5M | ||
| Q2 24 | $-17.6M | $41.1M | ||
| Q1 24 | $21.6M | $64.1M |
| Q4 25 | — | 41.1% | ||
| Q3 25 | — | 41.7% | ||
| Q2 25 | — | 43.2% | ||
| Q1 25 | — | 41.2% | ||
| Q4 24 | — | 41.8% | ||
| Q3 24 | — | 39.9% | ||
| Q2 24 | — | 38.5% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | -3.8% | 17.5% | ||
| Q3 25 | 0.9% | 18.0% | ||
| Q2 25 | 7.4% | -20.5% | ||
| Q1 25 | 13.6% | 16.5% | ||
| Q4 24 | -1.7% | 17.7% | ||
| Q3 24 | 4.5% | 16.9% | ||
| Q2 24 | 4.8% | 13.8% | ||
| Q1 24 | 9.0% | 16.9% |
| Q4 25 | -7.5% | 9.9% | ||
| Q3 25 | -5.1% | 6.6% | ||
| Q2 25 | -0.8% | -19.6% | ||
| Q1 25 | 3.4% | 9.3% | ||
| Q4 24 | -6.2% | 11.2% | ||
| Q3 24 | -2.5% | 9.5% | ||
| Q2 24 | -5.2% | 6.3% | ||
| Q1 24 | 5.7% | 9.5% |
| Q4 25 | $-0.38 | $1.41 | ||
| Q3 25 | $-0.27 | $1.04 | ||
| Q2 25 | $-0.05 | $-2.65 | ||
| Q1 25 | $0.20 | $1.21 | ||
| Q4 24 | $-0.31 | $1.49 | ||
| Q3 24 | $-0.13 | $1.29 | ||
| Q2 24 | $-0.28 | $0.84 | ||
| Q1 24 | $0.33 | $1.28 |
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 | $95.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $108.9M |
| Total Assets | $3.9B | $2.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $95.3M | ||
| Q3 25 | $89.7M | $99.0M | ||
| Q2 25 | $105.7M | $107.3M | ||
| Q1 25 | $81.8M | $127.8M | ||
| Q4 24 | $90.0M | $152.0M | ||
| Q3 24 | $181.8M | $114.4M | ||
| Q2 24 | $208.3M | $133.5M | ||
| Q1 24 | $112.1M | $123.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | $600.2M | $108.9M | ||
| Q3 25 | $619.7M | $74.0M | ||
| Q2 25 | $630.8M | $63.9M | ||
| Q1 25 | $619.6M | $214.7M | ||
| Q4 24 | $583.2M | $227.8M | ||
| Q3 24 | $595.4M | $224.9M | ||
| Q2 24 | $590.9M | $223.5M | ||
| Q1 24 | $597.9M | $202.2M |
| Q4 25 | $3.9B | $2.1B | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.7B | $2.1B | ||
| Q1 25 | $3.5B | $2.3B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.5B | $2.4B | ||
| Q2 24 | $3.7B | $2.4B | ||
| Q1 24 | $3.5B | $2.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 22.71× | ||
| Q1 25 | — | 7.16× | ||
| Q4 24 | — | 6.48× | ||
| Q3 24 | — | 6.78× | ||
| Q2 24 | — | 6.74× | ||
| Q1 24 | — | 7.84× |
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 | $107.0M |
| Free Cash FlowOCF − Capex | $-68.9M | $99.3M |
| FCF MarginFCF / Revenue | -19.9% | 15.3% |
| Capex IntensityCapex / Revenue | 11.4% | 1.2% |
| Cash ConversionOCF / Net Profit | — | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $278.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $107.0M | ||
| Q3 25 | $41.0M | $75.0M | ||
| Q2 25 | $-16.7M | $123.1M | ||
| Q1 25 | $-64.0M | $16.5M | ||
| Q4 24 | $51.5M | $142.9M | ||
| Q3 24 | $32.4M | $72.1M | ||
| Q2 24 | $18.3M | $122.1M | ||
| Q1 24 | $3.0M | $39.8M |
| Q4 25 | $-68.9M | $99.3M | ||
| Q3 25 | $32.2M | $62.4M | ||
| Q2 25 | $-28.1M | $114.4M | ||
| Q1 25 | $-72.9M | $2.8M | ||
| Q4 24 | $10.4M | $125.5M | ||
| Q3 24 | $22.2M | $51.6M | ||
| Q2 24 | $7.8M | $107.5M | ||
| Q1 24 | $-5.1M | $20.8M |
| Q4 25 | -19.9% | 15.3% | ||
| Q3 25 | 8.8% | 9.4% | ||
| Q2 25 | -7.4% | 18.6% | ||
| Q1 25 | -17.6% | 0.5% | ||
| Q4 24 | 3.2% | 19.8% | ||
| Q3 24 | 6.6% | 7.8% | ||
| Q2 24 | 2.3% | 16.6% | ||
| Q1 24 | -1.4% | 3.1% |
| Q4 25 | 11.4% | 1.2% | ||
| Q3 25 | 2.4% | 1.9% | ||
| Q2 25 | 3.0% | 1.4% | ||
| Q1 25 | 2.2% | 2.2% | ||
| Q4 24 | 12.4% | 2.8% | ||
| Q3 24 | 3.0% | 3.1% | ||
| Q2 24 | 3.1% | 2.2% | ||
| Q1 24 | 2.1% | 2.8% |
| Q4 25 | — | 1.66× | ||
| Q3 25 | — | 1.72× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | 0.29× | ||
| Q4 24 | — | 2.02× | ||
| Q3 24 | — | 1.15× | ||
| Q2 24 | — | 2.97× | ||
| Q1 24 | 0.14× | 0.62× |
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% |
GFF
| Consumer And Professional Products | $241.1M | 37% |
| Residential Repairand Remodel | $202.1M | 31% |
| International Excluding North America | $97.8M | 15% |
| Retail | $47.3M | 7% |
| Residential New Construction | $32.5M | 5% |
| Other | $14.2M | 2% |
| Industrial | $14.1M | 2% |
