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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and New Fortress Energy Inc. (NFE). 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 $326.2M, roughly 1.1× New Fortress Energy Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -259.7%, a 252.2% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -7.0%). Baldwin Insurance Group, Inc. produced more free cash flow last quarter ($-68.9M vs $-134.8M). Over the past eight quarters, Baldwin Insurance Group, Inc.'s revenue compounded faster (-4.4% CAGR vs -26.8%).
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.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
BWIN vs NFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $326.2M |
| Net Profit | $-25.9M | $-847.1M |
| Gross Margin | — | 35.5% |
| Operating Margin | -3.8% | -193.0% |
| Net Margin | -7.5% | -259.7% |
| Revenue YoY | 5.3% | -7.0% |
| Net Profit YoY | -28.3% | -277.4% |
| EPS (diluted) | $-0.38 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $365.4M | $240.3M | ||
| Q2 25 | $378.8M | $228.1M | ||
| Q1 25 | $413.4M | $384.9M | ||
| Q4 24 | $329.9M | $350.7M | ||
| Q3 24 | $338.9M | $446.0M | ||
| Q2 24 | $339.8M | $291.2M | ||
| Q1 24 | $380.4M | $609.5M |
| Q4 25 | $-25.9M | $-847.1M | ||
| Q3 25 | $-18.7M | $-263.0M | ||
| Q2 25 | $-3.2M | $-546.5M | ||
| Q1 25 | $13.9M | $-175.4M | ||
| Q4 24 | $-20.2M | $-224.4M | ||
| Q3 24 | $-8.4M | $9.3M | ||
| Q2 24 | $-17.6M | $-88.9M | ||
| Q1 24 | $21.6M | $54.1M |
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 62.4% |
| Q4 25 | -3.8% | -193.0% | ||
| Q3 25 | 0.9% | -37.4% | ||
| Q2 25 | 7.4% | -170.3% | ||
| Q1 25 | 13.6% | -3.3% | ||
| Q4 24 | -1.7% | 65.0% | ||
| Q3 24 | 4.5% | 17.8% | ||
| Q2 24 | 4.8% | 12.3% | ||
| Q1 24 | 9.0% | 30.4% |
| Q4 25 | -7.5% | -259.7% | ||
| Q3 25 | -5.1% | -109.4% | ||
| Q2 25 | -0.8% | -239.6% | ||
| Q1 25 | 3.4% | -45.6% | ||
| Q4 24 | -6.2% | -64.0% | ||
| Q3 24 | -2.5% | 2.1% | ||
| Q2 24 | -5.2% | -30.5% | ||
| Q1 24 | 5.7% | 8.9% |
| Q4 25 | $-0.38 | $-3.03 | ||
| Q3 25 | $-0.27 | $-0.96 | ||
| Q2 25 | $-0.05 | $-1.99 | ||
| Q1 25 | $0.20 | $-0.65 | ||
| Q4 24 | $-0.31 | $-1.10 | ||
| Q3 24 | $-0.13 | $0.03 | ||
| Q2 24 | $-0.28 | $-0.42 | ||
| Q1 24 | $0.33 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $600.2M | $182.6M |
| Total Assets | $3.9B | $10.6B |
| Debt / EquityLower = less leverage | — | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $226.5M | ||
| Q3 25 | $89.7M | $145.2M | ||
| Q2 25 | $105.7M | $551.1M | ||
| Q1 25 | $81.8M | $447.9M | ||
| Q4 24 | $90.0M | $492.9M | ||
| Q3 24 | $181.8M | $90.8M | ||
| Q2 24 | $208.3M | $133.0M | ||
| Q1 24 | $112.1M | $143.5M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $600.2M | $182.6M | ||
| Q3 25 | $619.7M | $1.1B | ||
| Q2 25 | $630.8M | $1.3B | ||
| Q1 25 | $619.6M | $1.8B | ||
| Q4 24 | $583.2M | $1.9B | ||
| Q3 24 | $595.4M | $1.6B | ||
| Q2 24 | $590.9M | $1.6B | ||
| Q1 24 | $597.9M | $1.7B |
| Q4 25 | $3.9B | $10.6B | ||
| Q3 25 | $3.8B | $12.0B | ||
| Q2 25 | $3.7B | $12.0B | ||
| Q1 25 | $3.5B | $13.1B | ||
| Q4 24 | $3.5B | $12.9B | ||
| Q3 24 | $3.5B | $12.0B | ||
| Q2 24 | $3.7B | $11.4B | ||
| Q1 24 | $3.5B | $10.9B |
| Q4 25 | — | 44.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.74× | ||
| 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 | $-76.2M |
| Free Cash FlowOCF − Capex | $-68.9M | $-134.8M |
| FCF MarginFCF / Revenue | -19.9% | -41.3% |
| Capex IntensityCapex / Revenue | 11.4% | 18.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $-76.2M | ||
| Q3 25 | $41.0M | $-171.0M | ||
| Q2 25 | $-16.7M | $-329.0M | ||
| Q1 25 | $-64.0M | $-7.2M | ||
| Q4 24 | $51.5M | $445.3M | ||
| Q3 24 | $32.4M | $-20.0M | ||
| Q2 24 | $18.3M | $113.9M | ||
| Q1 24 | $3.0M | $63.0M |
| Q4 25 | $-68.9M | $-134.8M | ||
| Q3 25 | $32.2M | $-231.6M | ||
| Q2 25 | $-28.1M | $-726.7M | ||
| Q1 25 | $-72.9M | $-262.3M | ||
| Q4 24 | $10.4M | $-210.3M | ||
| Q3 24 | $22.2M | $-367.0M | ||
| Q2 24 | $7.8M | $-493.2M | ||
| Q1 24 | $-5.1M | $-457.9M |
| Q4 25 | -19.9% | -41.3% | ||
| Q3 25 | 8.8% | -96.4% | ||
| Q2 25 | -7.4% | -318.6% | ||
| Q1 25 | -17.6% | -68.2% | ||
| Q4 24 | 3.2% | -60.0% | ||
| Q3 24 | 6.6% | -82.3% | ||
| Q2 24 | 2.3% | -169.3% | ||
| Q1 24 | -1.4% | -75.1% |
| Q4 25 | 11.4% | 18.0% | ||
| Q3 25 | 2.4% | 25.2% | ||
| Q2 25 | 3.0% | 174.4% | ||
| Q1 25 | 2.2% | 66.3% | ||
| Q4 24 | 12.4% | 187.0% | ||
| Q3 24 | 3.0% | 77.8% | ||
| Q2 24 | 3.1% | 208.4% | ||
| Q1 24 | 2.1% | 85.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | 1.16× |
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% |
NFE
Segment breakdown not available.
