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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and H2O AMERICA (HTO). 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 $199.4M, roughly 1.7× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs -7.5%, a 15.6% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% 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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
BWIN vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $199.4M |
| Net Profit | $-25.9M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 16.6% |
| Net Margin | -7.5% | 8.1% |
| Revenue YoY | 5.3% | 1.5% |
| Net Profit YoY | -28.3% | -29.2% |
| EPS (diluted) | $-0.38 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $365.4M | $243.5M | ||
| Q2 25 | $378.8M | $197.8M | ||
| Q1 25 | $413.4M | $164.9M | ||
| Q4 24 | $329.9M | $196.5M | ||
| Q3 24 | $338.9M | $216.7M | ||
| Q2 24 | $339.8M | $173.1M | ||
| Q1 24 | $380.4M | $150.0M |
| Q4 25 | $-25.9M | $16.2M | ||
| Q3 25 | $-18.7M | $45.1M | ||
| Q2 25 | $-3.2M | $24.7M | ||
| Q1 25 | $13.9M | $16.6M | ||
| Q4 24 | $-20.2M | $22.9M | ||
| Q3 24 | $-8.4M | $38.7M | ||
| Q2 24 | $-17.6M | $20.7M | ||
| Q1 24 | $21.6M | $11.7M |
| Q4 25 | -3.8% | 16.6% | ||
| Q3 25 | 0.9% | 26.5% | ||
| Q2 25 | 7.4% | 22.2% | ||
| Q1 25 | 13.6% | 21.8% | ||
| Q4 24 | -1.7% | 22.2% | ||
| Q3 24 | 4.5% | 26.9% | ||
| Q2 24 | 4.8% | 23.4% | ||
| Q1 24 | 9.0% | 18.6% |
| Q4 25 | -7.5% | 8.1% | ||
| Q3 25 | -5.1% | 18.5% | ||
| Q2 25 | -0.8% | 12.5% | ||
| Q1 25 | 3.4% | 10.0% | ||
| Q4 24 | -6.2% | 11.7% | ||
| Q3 24 | -2.5% | 17.8% | ||
| Q2 24 | -5.2% | 12.0% | ||
| Q1 24 | 5.7% | 7.8% |
| Q4 25 | $-0.38 | $0.45 | ||
| Q3 25 | $-0.27 | $1.27 | ||
| Q2 25 | $-0.05 | $0.71 | ||
| Q1 25 | $0.20 | $0.49 | ||
| Q4 24 | $-0.31 | $0.70 | ||
| Q3 24 | $-0.13 | $1.17 | ||
| Q2 24 | $-0.28 | $0.64 | ||
| Q1 24 | $0.33 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $600.2M | $1.5B |
| Total Assets | $3.9B | $5.1B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $20.7M | ||
| Q3 25 | $89.7M | $11.3M | ||
| Q2 25 | $105.7M | $19.8M | ||
| Q1 25 | $81.8M | $23.7M | ||
| Q4 24 | $90.0M | $11.1M | ||
| Q3 24 | $181.8M | $4.0M | ||
| Q2 24 | $208.3M | $22.8M | ||
| Q1 24 | $112.1M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $600.2M | $1.5B | ||
| Q3 25 | $619.7M | $1.5B | ||
| Q2 25 | $630.8M | $1.5B | ||
| Q1 25 | $619.6M | $1.4B | ||
| Q4 24 | $583.2M | $1.4B | ||
| Q3 24 | $595.4M | $1.3B | ||
| Q2 24 | $590.9M | $1.3B | ||
| Q1 24 | $597.9M | $1.2B |
| Q4 25 | $3.9B | $5.1B | ||
| Q3 25 | $3.8B | $5.0B | ||
| Q2 25 | $3.7B | $4.8B | ||
| Q1 25 | $3.5B | $4.7B | ||
| Q4 24 | $3.5B | $4.7B | ||
| Q3 24 | $3.5B | $4.6B | ||
| Q2 24 | $3.7B | $4.4B | ||
| Q1 24 | $3.5B | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $63.5M | ||
| Q3 25 | $41.0M | $77.3M | ||
| Q2 25 | $-16.7M | $60.8M | ||
| Q1 25 | $-64.0M | $43.2M | ||
| Q4 24 | $51.5M | $41.5M | ||
| Q3 24 | $32.4M | $53.5M | ||
| Q2 24 | $18.3M | $49.3M | ||
| Q1 24 | $3.0M | $51.2M |
| 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 24 | $-5.1M | — |
| 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 24 | -1.4% | — |
| 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 24 | 2.1% | — |
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | -4.59× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | 0.14× | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
