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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Neptune Insurance Holdings Inc. (NP). Click either name above to swap in a different company.
Baldwin Insurance Group, Inc. is the larger business by last-quarter revenue ($344.6M vs $37.8M, roughly 9.1× Neptune Insurance Holdings Inc.). Neptune Insurance Holdings Inc. runs the higher net margin — 0.1% vs -7.5%, a 7.6% gap on every dollar of revenue. On growth, Neptune Insurance Holdings Inc. posted the faster year-over-year revenue change (28.8% vs 5.5%).
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.
Neptune Insurance Holdings Inc. is a specialty insurance holding company that offers a broad portfolio of property and casualty insurance products, with a core focus on residential and commercial flood insurance for customers across the United States. It serves both individual consumers and small to mid-sized business clients, using advanced data analytics to support accurate policy pricing and robust risk management.
BWIN vs NP — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $344.6M | $37.8M |
| Net Profit | $-25.9M | $50.0K |
| Gross Margin | — | — |
| Operating Margin | -3.8% | — |
| Net Margin | -7.5% | 0.1% |
| Revenue YoY | 5.5% | 28.8% |
| Net Profit YoY | -28.3% | 0.0% |
| EPS (diluted) | $-0.38 | $0.05 |
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 | — | $37.8M | ||
| Q4 25 | $344.6M | — | ||
| Q3 25 | $362.3M | $44.4M | ||
| Q2 25 | $376.2M | — | ||
| Q1 25 | $410.5M | — | ||
| Q4 24 | $326.7M | — | ||
| Q3 24 | $335.2M | $33.8M | ||
| Q2 24 | $337.1M | — |
| Q1 26 | — | $50.0K | ||
| Q4 25 | $-25.9M | — | ||
| Q3 25 | $-18.7M | $11.5M | ||
| Q2 25 | $-3.2M | — | ||
| Q1 25 | $13.9M | — | ||
| Q4 24 | $-20.2M | — | ||
| Q3 24 | $-8.4M | $12.1M | ||
| Q2 24 | $-17.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | — | ||
| Q3 25 | 0.9% | 46.7% | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 13.6% | — | ||
| Q4 24 | -1.7% | — | ||
| Q3 24 | 4.6% | 58.6% | ||
| Q2 24 | 4.9% | — |
| Q1 26 | — | 0.1% | ||
| Q4 25 | -7.5% | — | ||
| Q3 25 | -5.2% | 25.9% | ||
| Q2 25 | -0.8% | — | ||
| Q1 25 | 3.4% | — | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.5% | 35.8% | ||
| Q2 24 | -5.2% | — |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $-0.27 | $0.06 | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $-0.31 | — | ||
| Q3 24 | $-0.13 | $0.06 | ||
| Q2 24 | $-0.28 | — |
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 | — | ||
| Q3 25 | $89.7M | $12.2M | ||
| Q2 25 | $105.7M | — | ||
| Q1 25 | $81.8M | — | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $181.8M | — | ||
| Q2 24 | $208.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $247.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $600.2M | — | ||
| Q3 25 | $619.7M | $-509.5M | ||
| Q2 25 | $630.8M | — | ||
| Q1 25 | $619.6M | — | ||
| Q4 24 | $583.2M | — | ||
| Q3 24 | $595.4M | $-374.3M | ||
| Q2 24 | $590.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.8B | $89.6M | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.7B | — |
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 | $10.3M | — |
| Free Cash FlowOCF − Capex | $-84.0K | — |
| FCF MarginFCF / Revenue | -0.0% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-68.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.3M | — | ||
| Q3 25 | $41.0M | — | ||
| Q2 25 | $-16.7M | — | ||
| Q1 25 | $-64.0M | — | ||
| Q4 24 | $-2.3M | — | ||
| Q3 24 | $32.4M | — | ||
| Q2 24 | $18.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-84.0K | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $-14.5M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | -0.0% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | -7.5% | — | ||
| Q1 25 | -17.8% | — | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 3.0% | — | ||
| Q2 24 | 3.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| 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 | 46% |
| Underwriting Capacity Technology Solutions | $129.5M | 38% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
NP
Segment breakdown not available.
