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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and WARRIOR MET COAL, INC. (HCC). Click either name above to swap in a different company.
WARRIOR MET COAL, INC. is the larger business by last-quarter revenue ($458.6M vs $347.3M, roughly 1.3× Baldwin Insurance Group, Inc.). WARRIOR MET COAL, INC. runs the higher net margin — 15.8% vs -7.5%, a 23.3% gap on every dollar of revenue. On growth, WARRIOR MET COAL, INC. posted the faster year-over-year revenue change (52.1% vs 5.3%). Over the past eight quarters, WARRIOR MET COAL, INC.'s revenue compounded faster (7.5% 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.
Warrior Met Coal, Inc. (ticker HCC) is a U.S.-headquartered mining enterprise that produces and distributes high-grade metallurgical coal, a key raw material for steel production. It serves steel manufacturers and industrial clients across core markets including North America, Europe, and Asia.
BWIN vs HCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $458.6M |
| Net Profit | $-25.9M | $72.3M |
| Gross Margin | — | 36.7% |
| Operating Margin | -3.8% | 17.3% |
| Net Margin | -7.5% | 15.8% |
| Revenue YoY | 5.3% | 52.1% |
| Net Profit YoY | -28.3% | — |
| EPS (diluted) | $-0.38 | $1.37 |
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 | — | $458.6M | ||
| Q4 25 | $347.3M | $384.0M | ||
| Q3 25 | $365.4M | $328.6M | ||
| Q2 25 | $378.8M | $297.5M | ||
| Q1 25 | $413.4M | $299.9M | ||
| Q4 24 | $329.9M | $297.5M | ||
| Q3 24 | $338.9M | $327.7M | ||
| Q2 24 | $339.8M | $396.5M |
| Q1 26 | — | $72.3M | ||
| Q4 25 | $-25.9M | $23.0M | ||
| Q3 25 | $-18.7M | $36.6M | ||
| Q2 25 | $-3.2M | $5.6M | ||
| Q1 25 | $13.9M | $-8.2M | ||
| Q4 24 | $-20.2M | $1.1M | ||
| Q3 24 | $-8.4M | $41.8M | ||
| Q2 24 | $-17.6M | $70.7M |
| Q1 26 | — | 36.7% | ||
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 27.1% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | 34.1% |
| Q1 26 | — | 17.3% | ||
| Q4 25 | -3.8% | 9.0% | ||
| Q3 25 | 0.9% | 6.3% | ||
| Q2 25 | 7.4% | 2.6% | ||
| Q1 25 | 13.6% | -5.8% | ||
| Q4 24 | -1.7% | -1.4% | ||
| Q3 24 | 4.5% | 11.9% | ||
| Q2 24 | 4.8% | 17.9% |
| Q1 26 | — | 15.8% | ||
| Q4 25 | -7.5% | 6.0% | ||
| Q3 25 | -5.1% | 11.1% | ||
| Q2 25 | -0.8% | 1.9% | ||
| Q1 25 | 3.4% | -2.7% | ||
| Q4 24 | -6.2% | 0.4% | ||
| Q3 24 | -2.5% | 12.7% | ||
| Q2 24 | -5.2% | 17.8% |
| Q1 26 | — | $1.37 | ||
| Q4 25 | $-0.38 | $0.43 | ||
| Q3 25 | $-0.27 | $0.70 | ||
| Q2 25 | $-0.05 | $0.11 | ||
| Q1 25 | $0.20 | $-0.16 | ||
| Q4 24 | $-0.31 | $0.02 | ||
| Q3 24 | $-0.13 | $0.80 | ||
| Q2 24 | $-0.28 | $1.35 |
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 | $233.2M |
| Total DebtLower is stronger | — | $154.4M |
| Stockholders' EquityBook value | $600.2M | — |
| Total Assets | $3.9B | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $233.2M | ||
| Q4 25 | $123.7M | $300.0M | ||
| Q3 25 | $89.7M | $336.3M | ||
| Q2 25 | $105.7M | $383.3M | ||
| Q1 25 | $81.8M | $454.9M | ||
| Q4 24 | $90.0M | $491.5M | ||
| Q3 24 | $181.8M | $583.2M | ||
| Q2 24 | $208.3M | $709.0M |
| Q1 26 | — | $154.4M | ||
| Q4 25 | — | $154.3M | ||
| Q3 25 | — | $154.1M | ||
| Q2 25 | — | $153.9M | ||
| Q1 25 | — | $153.8M | ||
| Q4 24 | — | $153.6M | ||
| Q3 24 | — | $153.5M | ||
| Q2 24 | — | $153.3M |
| Q1 26 | — | — | ||
| Q4 25 | $600.2M | $2.1B | ||
| Q3 25 | $619.7M | $2.1B | ||
| Q2 25 | $630.8M | $2.1B | ||
| Q1 25 | $619.6M | $2.1B | ||
| Q4 24 | $583.2M | $2.1B | ||
| Q3 24 | $595.4M | $2.1B | ||
| Q2 24 | $590.9M | $2.0B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $3.9B | $2.8B | ||
| Q3 25 | $3.8B | $2.7B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $3.5B | $2.6B | ||
| Q2 24 | $3.7B | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× |
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% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-29.4M | $76.1M | ||
| Q3 25 | $41.0M | $104.7M | ||
| Q2 25 | $-16.7M | $37.5M | ||
| Q1 25 | $-64.0M | $10.9M | ||
| Q4 24 | $51.5M | $54.2M | ||
| Q3 24 | $32.4M | $62.2M | ||
| Q2 24 | $18.3M | $147.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 3.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.31× | ||
| Q3 25 | — | 2.86× | ||
| Q2 25 | — | 6.70× | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | 47.68× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 2.08× |
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% |
HCC
| Sales | $448.5M | 98% |
| Other revenues | $10.1M | 2% |
