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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and IPG PHOTONICS CORP (IPGP). 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 $274.5M, roughly 1.3× IPG PHOTONICS CORP). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs -7.5%, a 12.3% gap on every dollar of revenue. On growth, IPG PHOTONICS CORP posted the faster year-over-year revenue change (17.1% vs 5.3%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-68.9M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% 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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
BWIN vs IPGP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $274.5M |
| Net Profit | $-25.9M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | -3.8% | 1.2% |
| Net Margin | -7.5% | 4.8% |
| Revenue YoY | 5.3% | 17.1% |
| Net Profit YoY | -28.3% | 69.8% |
| EPS (diluted) | $-0.38 | $0.30 |
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 | $274.5M | ||
| Q3 25 | $365.4M | $250.8M | ||
| Q2 25 | $378.8M | $250.7M | ||
| Q1 25 | $413.4M | $227.8M | ||
| Q4 24 | $329.9M | $234.3M | ||
| Q3 24 | $338.9M | $233.1M | ||
| Q2 24 | $339.8M | $257.6M | ||
| Q1 24 | $380.4M | $252.0M |
| Q4 25 | $-25.9M | $13.3M | ||
| Q3 25 | $-18.7M | $7.5M | ||
| Q2 25 | $-3.2M | $6.6M | ||
| Q1 25 | $13.9M | $3.8M | ||
| Q4 24 | $-20.2M | $7.8M | ||
| Q3 24 | $-8.4M | $-233.6M | ||
| Q2 24 | $-17.6M | $20.2M | ||
| Q1 24 | $21.6M | $24.1M |
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | -3.8% | 1.2% | ||
| Q3 25 | 0.9% | 3.1% | ||
| Q2 25 | 7.4% | 0.0% | ||
| Q1 25 | 13.6% | 0.8% | ||
| Q4 24 | -1.7% | 6.0% | ||
| Q3 24 | 4.5% | -108.7% | ||
| Q2 24 | 4.8% | 4.7% | ||
| Q1 24 | 9.0% | 7.6% |
| Q4 25 | -7.5% | 4.8% | ||
| Q3 25 | -5.1% | 3.0% | ||
| Q2 25 | -0.8% | 2.6% | ||
| Q1 25 | 3.4% | 1.6% | ||
| Q4 24 | -6.2% | 3.3% | ||
| Q3 24 | -2.5% | -100.2% | ||
| Q2 24 | -5.2% | 7.8% | ||
| Q1 24 | 5.7% | 9.6% |
| Q4 25 | $-0.38 | $0.30 | ||
| Q3 25 | $-0.27 | $0.18 | ||
| Q2 25 | $-0.05 | $0.16 | ||
| Q1 25 | $0.20 | $0.09 | ||
| Q4 24 | $-0.31 | $0.27 | ||
| Q3 24 | $-0.13 | $-5.33 | ||
| Q2 24 | $-0.28 | $0.45 | ||
| Q1 24 | $0.33 | $0.52 |
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 | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $2.1B |
| Total Assets | $3.9B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $839.3M | ||
| Q3 25 | $89.7M | $870.4M | ||
| Q2 25 | $105.7M | $899.6M | ||
| Q1 25 | $81.8M | $926.9M | ||
| Q4 24 | $90.0M | $930.2M | ||
| Q3 24 | $181.8M | $1.0B | ||
| Q2 24 | $208.3M | $1.1B | ||
| Q1 24 | $112.1M | $1.1B |
| 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 | $2.0B | ||
| Q3 24 | $595.4M | $2.1B | ||
| Q2 24 | $590.9M | $2.3B | ||
| Q1 24 | $597.9M | $2.3B |
| Q4 25 | $3.9B | $2.4B | ||
| Q3 25 | $3.8B | $2.4B | ||
| Q2 25 | $3.7B | $2.4B | ||
| Q1 25 | $3.5B | $2.3B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.5B | $2.4B | ||
| Q2 24 | $3.7B | $2.5B | ||
| Q1 24 | $3.5B | $2.6B |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-68.9M | $10.9M |
| FCF MarginFCF / Revenue | -19.9% | 4.0% |
| Capex IntensityCapex / Revenue | 11.4% | 6.5% |
| Cash ConversionOCF / Net Profit | — | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $28.8M | ||
| Q3 25 | $41.0M | $35.3M | ||
| Q2 25 | $-16.7M | $-2.2M | ||
| Q1 25 | $-64.0M | $13.4M | ||
| Q4 24 | $51.5M | $73.8M | ||
| Q3 24 | $32.4M | $66.1M | ||
| Q2 24 | $18.3M | $53.5M | ||
| Q1 24 | $3.0M | $54.6M |
| Q4 25 | $-68.9M | $10.9M | ||
| Q3 25 | $32.2M | $14.6M | ||
| Q2 25 | $-28.1M | $-17.6M | ||
| Q1 25 | $-72.9M | $-11.4M | ||
| Q4 24 | $10.4M | $50.6M | ||
| Q3 24 | $22.2M | $43.0M | ||
| Q2 24 | $7.8M | $29.2M | ||
| Q1 24 | $-5.1M | $26.5M |
| Q4 25 | -19.9% | 4.0% | ||
| Q3 25 | 8.8% | 5.8% | ||
| Q2 25 | -7.4% | -7.0% | ||
| Q1 25 | -17.6% | -5.0% | ||
| Q4 24 | 3.2% | 21.6% | ||
| Q3 24 | 6.6% | 18.4% | ||
| Q2 24 | 2.3% | 11.3% | ||
| Q1 24 | -1.4% | 10.5% |
| Q4 25 | 11.4% | 6.5% | ||
| Q3 25 | 2.4% | 8.3% | ||
| Q2 25 | 3.0% | 6.1% | ||
| Q1 25 | 2.2% | 10.9% | ||
| Q4 24 | 12.4% | 9.9% | ||
| Q3 24 | 3.0% | 9.9% | ||
| Q2 24 | 3.1% | 9.4% | ||
| Q1 24 | 2.1% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | — | 4.73× | ||
| Q2 25 | — | -0.34× | ||
| Q1 25 | -4.59× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | 0.14× | 2.27× |
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% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
