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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and HUTCHMED (China) Ltd (HCM). 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 $270.8M, roughly 1.3× HUTCHMED (China) Ltd). HUTCHMED (China) Ltd runs the higher net margin — 0.7% vs -7.5%, a 8.2% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -16.5%). HUTCHMED (China) Ltd produced more free cash flow last quarter ($3.4M vs $-68.9M).
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.
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
BWIN vs HCM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $270.8M |
| Net Profit | $-25.9M | $2.0M |
| Gross Margin | — | 37.7% |
| Operating Margin | -3.8% | -13.2% |
| Net Margin | -7.5% | 0.7% |
| Revenue YoY | 5.3% | -16.5% |
| Net Profit YoY | -28.3% | -83.6% |
| 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 | $270.8M | ||
| Q3 25 | $365.4M | — | ||
| Q2 25 | $378.8M | $277.7M | ||
| Q1 25 | $413.4M | $324.5M | ||
| Q4 24 | $329.9M | — | ||
| Q3 24 | $338.9M | — | ||
| Q2 24 | $339.8M | $305.7M | ||
| Q1 24 | $380.4M | — |
| Q4 25 | $-25.9M | $2.0M | ||
| Q3 25 | $-18.7M | — | ||
| Q2 25 | $-3.2M | $455.0M | ||
| Q1 25 | $13.9M | $11.9M | ||
| Q4 24 | $-20.2M | — | ||
| Q3 24 | $-8.4M | — | ||
| Q2 24 | $-17.6M | $25.8M | ||
| Q1 24 | $21.6M | — |
| Q4 25 | — | 37.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 41.1% | ||
| Q1 24 | — | — |
| Q4 25 | -3.8% | -13.2% | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 7.4% | -1.3% | ||
| Q1 25 | 13.6% | -5.0% | ||
| Q4 24 | -1.7% | — | ||
| Q3 24 | 4.5% | — | ||
| Q2 24 | 4.8% | -9.0% | ||
| Q1 24 | 9.0% | — |
| Q4 25 | -7.5% | 0.7% | ||
| Q3 25 | -5.1% | — | ||
| Q2 25 | -0.8% | 163.8% | ||
| Q1 25 | 3.4% | 3.7% | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.5% | — | ||
| Q2 24 | -5.2% | 8.4% | ||
| Q1 24 | 5.7% | — |
| Q4 25 | $-0.38 | $0.00 | ||
| Q3 25 | $-0.27 | — | ||
| Q2 25 | $-0.05 | $0.52 | ||
| Q1 25 | $0.20 | $0.01 | ||
| Q4 24 | $-0.31 | — | ||
| Q3 24 | $-0.13 | — | ||
| Q2 24 | $-0.28 | $0.03 | ||
| Q1 24 | $0.33 | — |
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 | $1.4B |
| Total DebtLower is stronger | — | $93.2M |
| Stockholders' EquityBook value | $600.2M | $1.2B |
| Total Assets | $3.9B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.08× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $1.4B | ||
| Q3 25 | $89.7M | — | ||
| Q2 25 | $105.7M | $1.4B | ||
| Q1 25 | $81.8M | $836.1M | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $181.8M | — | ||
| Q2 24 | $208.3M | $802.5M | ||
| Q1 24 | $112.1M | — |
| Q4 25 | — | $93.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $93.4M | ||
| Q1 25 | — | $82.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $82.1M | ||
| Q1 24 | — | — |
| Q4 25 | $600.2M | $1.2B | ||
| Q3 25 | $619.7M | — | ||
| Q2 25 | $630.8M | $1.2B | ||
| Q1 25 | $619.6M | $759.9M | ||
| Q4 24 | $583.2M | — | ||
| Q3 24 | $595.4M | — | ||
| Q2 24 | $590.9M | $740.1M | ||
| Q1 24 | $597.9M | — |
| Q4 25 | $3.9B | $1.8B | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.5B | $1.3B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.7B | $1.3B | ||
| Q1 24 | $3.5B | — |
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.08× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.11× | ||
| Q1 24 | — | — |
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 | $8.2M |
| Free Cash FlowOCF − Capex | $-68.9M | $3.4M |
| FCF MarginFCF / Revenue | -19.9% | 1.2% |
| Capex IntensityCapex / Revenue | 11.4% | 1.8% |
| Cash ConversionOCF / Net Profit | — | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $-96.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $8.2M | ||
| Q3 25 | $41.0M | — | ||
| Q2 25 | $-16.7M | $-72.9M | ||
| Q1 25 | $-64.0M | $40.3M | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | $32.4M | — | ||
| Q2 24 | $18.3M | $-39.8M | ||
| Q1 24 | $3.0M | — |
| Q4 25 | $-68.9M | $3.4M | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | $-82.2M | ||
| Q1 25 | $-72.9M | $32.5M | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | $-49.9M | ||
| Q1 24 | $-5.1M | — |
| Q4 25 | -19.9% | 1.2% | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | -7.4% | -29.6% | ||
| Q1 25 | -17.6% | 10.0% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | -16.3% | ||
| Q1 24 | -1.4% | — |
| Q4 25 | 11.4% | 1.8% | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | 3.3% | ||
| Q1 25 | 2.2% | 2.4% | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 3.1% | 3.3% | ||
| Q1 24 | 2.1% | — |
| Q4 25 | — | 4.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.16× | ||
| Q1 25 | -4.59× | 3.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.54× | ||
| 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% |
HCM
Segment breakdown not available.
