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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Iridium Communications Inc. (IRDM). 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 $219.1M, roughly 1.6× Iridium Communications Inc.). Iridium Communications Inc. 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 1.9%). Over the past eight quarters, Iridium Communications Inc.'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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
BWIN vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $219.1M |
| Net Profit | $-25.9M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 23.2% |
| Net Margin | -7.5% | 9.9% |
| Revenue YoY | 5.3% | 1.9% |
| Net Profit YoY | -28.3% | — |
| EPS (diluted) | $-0.38 | — |
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 | — | $219.1M | ||
| Q4 25 | $347.3M | $212.9M | ||
| Q3 25 | $365.4M | $226.9M | ||
| Q2 25 | $378.8M | $216.9M | ||
| Q1 25 | $413.4M | $214.9M | ||
| Q4 24 | $329.9M | $213.0M | ||
| Q3 24 | $338.9M | $212.8M | ||
| Q2 24 | $339.8M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-25.9M | $24.9M | ||
| Q3 25 | $-18.7M | $37.1M | ||
| Q2 25 | $-3.2M | $22.0M | ||
| Q1 25 | $13.9M | $30.4M | ||
| Q4 24 | $-20.2M | $36.3M | ||
| Q3 24 | $-8.4M | $24.4M | ||
| Q2 24 | $-17.6M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -3.8% | 25.9% | ||
| Q3 25 | 0.9% | 30.9% | ||
| Q2 25 | 7.4% | 23.2% | ||
| Q1 25 | 13.6% | 28.1% | ||
| Q4 24 | -1.7% | 24.5% | ||
| Q3 24 | 4.5% | 25.8% | ||
| Q2 24 | 4.8% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -7.5% | 11.7% | ||
| Q3 25 | -5.1% | 16.4% | ||
| Q2 25 | -0.8% | 10.1% | ||
| Q1 25 | 3.4% | 14.2% | ||
| Q4 24 | -6.2% | 17.1% | ||
| Q3 24 | -2.5% | 11.5% | ||
| Q2 24 | -5.2% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.38 | $0.24 | ||
| Q3 25 | $-0.27 | $0.35 | ||
| Q2 25 | $-0.05 | $0.20 | ||
| Q1 25 | $0.20 | $0.27 | ||
| Q4 24 | $-0.31 | $0.30 | ||
| Q3 24 | $-0.13 | $0.21 | ||
| Q2 24 | $-0.28 | $0.27 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | — |
| Total Assets | $3.9B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $123.7M | $96.5M | ||
| Q3 25 | $89.7M | $88.5M | ||
| Q2 25 | $105.7M | $79.3M | ||
| Q1 25 | $81.8M | $50.9M | ||
| Q4 24 | $90.0M | $93.5M | ||
| Q3 24 | $181.8M | $159.6M | ||
| Q2 24 | $208.3M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $600.2M | $462.6M | ||
| Q3 25 | $619.7M | $450.5M | ||
| Q2 25 | $630.8M | $473.6M | ||
| Q1 25 | $619.6M | $518.4M | ||
| Q4 24 | $583.2M | $576.6M | ||
| Q3 24 | $595.4M | $663.8M | ||
| Q2 24 | $590.9M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $3.9B | $2.5B | ||
| Q3 25 | $3.8B | $2.6B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.5B | $2.8B | ||
| Q2 24 | $3.7B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | 13.7% |
| 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 | $108.6M | ||
| Q3 25 | $41.0M | $100.8M | ||
| Q2 25 | $-16.7M | $129.6M | ||
| Q1 25 | $-64.0M | $61.1M | ||
| Q4 24 | $51.5M | $104.8M | ||
| Q3 24 | $32.4M | $118.6M | ||
| Q2 24 | $18.3M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.9M | $75.1M | ||
| Q3 25 | $32.2M | $79.2M | ||
| Q2 25 | $-28.1M | $108.9M | ||
| Q1 25 | $-72.9M | $36.5M | ||
| Q4 24 | $10.4M | $80.5M | ||
| Q3 24 | $22.2M | $100.0M | ||
| Q2 24 | $7.8M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | -19.9% | 35.3% | ||
| Q3 25 | 8.8% | 34.9% | ||
| Q2 25 | -7.4% | 50.2% | ||
| Q1 25 | -17.6% | 17.0% | ||
| Q4 24 | 3.2% | 37.8% | ||
| Q3 24 | 6.6% | 47.0% | ||
| Q2 24 | 2.3% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 11.4% | 15.7% | ||
| Q3 25 | 2.4% | 9.5% | ||
| Q2 25 | 3.0% | 9.5% | ||
| Q1 25 | 2.2% | 11.4% | ||
| Q4 24 | 12.4% | 11.4% | ||
| Q3 24 | 3.0% | 8.7% | ||
| Q2 24 | 3.1% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | -4.59× | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
