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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $347.3M, roughly 1.2× Baldwin Insurance Group, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -7.5%, a 43.2% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
BWIN vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $425.9M |
| Net Profit | $-25.9M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 81.5% |
| Net Margin | -7.5% | 35.7% |
| Revenue YoY | 5.3% | 1.7% |
| Net Profit YoY | -28.3% | — |
| EPS (diluted) | $-0.38 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $347.3M | $637.9M | ||
| Q3 25 | $365.4M | $443.1M | ||
| Q2 25 | $378.8M | $527.4M | ||
| Q1 25 | $413.4M | $734.8M | ||
| Q4 24 | $329.9M | $513.8M | ||
| Q3 24 | $338.9M | $310.0M | ||
| Q2 24 | $339.8M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-25.9M | $181.6M | ||
| Q3 25 | $-18.7M | $107.3M | ||
| Q2 25 | $-3.2M | $149.8M | ||
| Q1 25 | $13.9M | $216.4M | ||
| Q4 24 | $-20.2M | $45.0M | ||
| Q3 24 | $-8.4M | $-167.6M | ||
| Q2 24 | $-17.6M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -3.8% | 43.3% | ||
| Q3 25 | 0.9% | 40.6% | ||
| Q2 25 | 7.4% | 43.7% | ||
| Q1 25 | 13.6% | 43.2% | ||
| Q4 24 | -1.7% | 16.8% | ||
| Q3 24 | 4.5% | -63.4% | ||
| Q2 24 | 4.8% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -7.5% | 28.5% | ||
| Q3 25 | -5.1% | 24.2% | ||
| Q2 25 | -0.8% | 28.4% | ||
| Q1 25 | 3.4% | 29.4% | ||
| Q4 24 | -6.2% | 8.8% | ||
| Q3 24 | -2.5% | -54.1% | ||
| Q2 24 | -5.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.38 | $1.98 | ||
| Q3 25 | $-0.27 | $1.18 | ||
| Q2 25 | $-0.05 | $1.64 | ||
| Q1 25 | $0.20 | $2.37 | ||
| Q4 24 | $-0.31 | $0.49 | ||
| Q3 24 | $-0.13 | $-1.81 | ||
| Q2 24 | $-0.28 | $-0.59 |
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 | — | $300.0M |
| Stockholders' EquityBook value | $600.2M | — |
| Total Assets | $3.9B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $123.7M | $271.4M | ||
| Q3 25 | $89.7M | $43.2M | ||
| Q2 25 | $105.7M | $39.3M | ||
| Q1 25 | $81.8M | $40.0M | ||
| Q4 24 | $90.0M | $48.7M | ||
| Q3 24 | $181.8M | $38.2M | ||
| Q2 24 | $208.3M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $600.2M | $3.6B | ||
| Q3 25 | $619.7M | $3.1B | ||
| Q2 25 | $630.8M | $3.0B | ||
| Q1 25 | $619.6M | $2.8B | ||
| Q4 24 | $583.2M | $-76.2M | ||
| Q3 24 | $595.4M | $-15.5M | ||
| Q2 24 | $590.9M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.9B | $9.2B | ||
| Q3 25 | $3.8B | $8.7B | ||
| Q2 25 | $3.7B | $8.4B | ||
| Q1 25 | $3.5B | $8.5B | ||
| Q4 24 | $3.5B | $8.3B | ||
| Q3 24 | $3.5B | $8.3B | ||
| Q2 24 | $3.7B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $-29.4M | $274.9M | ||
| Q3 25 | $41.0M | $237.8M | ||
| Q2 25 | $-16.7M | $388.4M | ||
| Q1 25 | $-64.0M | $253.8M | ||
| Q4 24 | $51.5M | $220.1M | ||
| Q3 24 | $32.4M | $197.9M | ||
| Q2 24 | $18.3M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.9M | $-2.7M | ||
| Q3 25 | $32.2M | $-47.8M | ||
| Q2 25 | $-28.1M | $195.3M | ||
| Q1 25 | $-72.9M | $59.9M | ||
| Q4 24 | $10.4M | $-20.3M | ||
| Q3 24 | $22.2M | $-49.1M | ||
| Q2 24 | $7.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -19.9% | -0.4% | ||
| Q3 25 | 8.8% | -10.8% | ||
| Q2 25 | -7.4% | 37.0% | ||
| Q1 25 | -17.6% | 8.2% | ||
| Q4 24 | 3.2% | -4.0% | ||
| Q3 24 | 6.6% | -15.8% | ||
| Q2 24 | 2.3% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 11.4% | 43.5% | ||
| Q3 25 | 2.4% | 64.4% | ||
| Q2 25 | 3.0% | 36.6% | ||
| Q1 25 | 2.2% | 26.4% | ||
| Q4 24 | 12.4% | 46.8% | ||
| Q3 24 | 3.0% | 79.7% | ||
| Q2 24 | 3.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | -4.59× | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
