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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Limbach Holdings, Inc. (LMB). 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 $186.9M, roughly 1.9× Limbach Holdings, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -7.5%, a 14.1% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 5.3%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-68.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
BWIN vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $186.9M |
| Net Profit | $-25.9M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | -3.8% | 9.4% |
| Net Margin | -7.5% | 6.6% |
| Revenue YoY | 5.3% | 30.1% |
| Net Profit YoY | -28.3% | 25.0% |
| EPS (diluted) | $-0.38 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $365.4M | $184.6M | ||
| Q2 25 | $378.8M | $142.2M | ||
| Q1 25 | $413.4M | $133.1M | ||
| Q4 24 | $329.9M | $143.7M | ||
| Q3 24 | $338.9M | $133.9M | ||
| Q2 24 | $339.8M | $122.2M | ||
| Q1 24 | $380.4M | $119.0M |
| Q4 25 | $-25.9M | $12.3M | ||
| Q3 25 | $-18.7M | $8.8M | ||
| Q2 25 | $-3.2M | $7.8M | ||
| Q1 25 | $13.9M | $10.2M | ||
| Q4 24 | $-20.2M | $9.8M | ||
| Q3 24 | $-8.4M | $7.5M | ||
| Q2 24 | $-17.6M | $6.0M | ||
| Q1 24 | $21.6M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -3.8% | 9.4% | ||
| Q3 25 | 0.9% | 7.2% | ||
| Q2 25 | 7.4% | 7.5% | ||
| Q1 25 | 13.6% | 5.9% | ||
| Q4 24 | -1.7% | 9.1% | ||
| Q3 24 | 4.5% | 8.1% | ||
| Q2 24 | 4.8% | 6.7% | ||
| Q1 24 | 9.0% | 5.5% |
| Q4 25 | -7.5% | 6.6% | ||
| Q3 25 | -5.1% | 4.8% | ||
| Q2 25 | -0.8% | 5.5% | ||
| Q1 25 | 3.4% | 7.7% | ||
| Q4 24 | -6.2% | 6.9% | ||
| Q3 24 | -2.5% | 5.6% | ||
| Q2 24 | -5.2% | 4.9% | ||
| Q1 24 | 5.7% | 6.4% |
| Q4 25 | $-0.38 | $1.01 | ||
| Q3 25 | $-0.27 | $0.73 | ||
| Q2 25 | $-0.05 | $0.64 | ||
| Q1 25 | $0.20 | $0.85 | ||
| Q4 24 | $-0.31 | $0.81 | ||
| Q3 24 | $-0.13 | $0.62 | ||
| Q2 24 | $-0.28 | $0.50 | ||
| Q1 24 | $0.33 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $600.2M | $195.7M |
| Total Assets | $3.9B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $11.3M | ||
| Q3 25 | $89.7M | $9.8M | ||
| Q2 25 | $105.7M | $38.9M | ||
| Q1 25 | $81.8M | $38.1M | ||
| Q4 24 | $90.0M | $44.9M | ||
| Q3 24 | $181.8M | $51.2M | ||
| Q2 24 | $208.3M | $59.5M | ||
| Q1 24 | $112.1M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $600.2M | $195.7M | ||
| Q3 25 | $619.7M | $181.6M | ||
| Q2 25 | $630.8M | $170.5M | ||
| Q1 25 | $619.6M | $161.1M | ||
| Q4 24 | $583.2M | $153.5M | ||
| Q3 24 | $595.4M | $142.2M | ||
| Q2 24 | $590.9M | $133.0M | ||
| Q1 24 | $597.9M | $125.5M |
| Q4 25 | $3.9B | $381.1M | ||
| Q3 25 | $3.8B | $409.1M | ||
| Q2 25 | $3.7B | $343.0M | ||
| Q1 25 | $3.5B | $336.4M | ||
| Q4 24 | $3.5B | $352.1M | ||
| Q3 24 | $3.5B | $324.4M | ||
| Q2 24 | $3.7B | $303.9M | ||
| Q1 24 | $3.5B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $-68.9M | $27.9M |
| FCF MarginFCF / Revenue | -19.9% | 14.9% |
| Capex IntensityCapex / Revenue | 11.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $28.1M | ||
| Q3 25 | $41.0M | $13.3M | ||
| Q2 25 | $-16.7M | $2.0M | ||
| Q1 25 | $-64.0M | $2.2M | ||
| Q4 24 | $51.5M | $19.3M | ||
| Q3 24 | $32.4M | $4.9M | ||
| Q2 24 | $18.3M | $16.5M | ||
| Q1 24 | $3.0M | $-3.9M |
| Q4 25 | $-68.9M | $27.9M | ||
| Q3 25 | $32.2M | $12.8M | ||
| Q2 25 | $-28.1M | $1.2M | ||
| Q1 25 | $-72.9M | $11.0K | ||
| Q4 24 | $10.4M | $18.0M | ||
| Q3 24 | $22.2M | $4.6M | ||
| Q2 24 | $7.8M | $13.2M | ||
| Q1 24 | $-5.1M | $-6.5M |
| Q4 25 | -19.9% | 14.9% | ||
| Q3 25 | 8.8% | 7.0% | ||
| Q2 25 | -7.4% | 0.8% | ||
| Q1 25 | -17.6% | 0.0% | ||
| Q4 24 | 3.2% | 12.5% | ||
| Q3 24 | 6.6% | 3.4% | ||
| Q2 24 | 2.3% | 10.8% | ||
| Q1 24 | -1.4% | -5.5% |
| Q4 25 | 11.4% | 0.1% | ||
| Q3 25 | 2.4% | 0.3% | ||
| Q2 25 | 3.0% | 0.6% | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 12.4% | 0.9% | ||
| Q3 24 | 3.0% | 0.3% | ||
| Q2 24 | 3.1% | 2.7% | ||
| Q1 24 | 2.1% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | -4.59× | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× | ||
| Q1 24 | 0.14× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
