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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and ONESPAWORLD HOLDINGS Ltd (OSW). 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 $242.1M, roughly 1.4× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -7.5%, a 12.5% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs 5.3%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $-68.9M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
BWIN vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $242.1M |
| Net Profit | $-25.9M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 6.8% |
| Net Margin | -7.5% | 5.0% |
| Revenue YoY | 5.3% | 11.5% |
| Net Profit YoY | -28.3% | -16.2% |
| EPS (diluted) | $-0.38 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $365.4M | $258.5M | ||
| Q2 25 | $378.8M | $240.7M | ||
| Q1 25 | $413.4M | $219.6M | ||
| Q4 24 | $329.9M | $217.2M | ||
| Q3 24 | $338.9M | $241.7M | ||
| Q2 24 | $339.8M | $224.9M | ||
| Q1 24 | $380.4M | $211.2M |
| Q4 25 | $-25.9M | $12.1M | ||
| Q3 25 | $-18.7M | $24.3M | ||
| Q2 25 | $-3.2M | $19.9M | ||
| Q1 25 | $13.9M | $15.3M | ||
| Q4 24 | $-20.2M | $14.4M | ||
| Q3 24 | $-8.4M | $21.6M | ||
| Q2 24 | $-17.6M | $15.8M | ||
| Q1 24 | $21.6M | $21.2M |
| Q4 25 | -3.8% | 6.8% | ||
| Q3 25 | 0.9% | 10.2% | ||
| Q2 25 | 7.4% | 9.2% | ||
| Q1 25 | 13.6% | 7.7% | ||
| Q4 24 | -1.7% | 7.9% | ||
| Q3 24 | 4.5% | 10.3% | ||
| Q2 24 | 4.8% | 8.4% | ||
| Q1 24 | 9.0% | 8.0% |
| Q4 25 | -7.5% | 5.0% | ||
| Q3 25 | -5.1% | 9.4% | ||
| Q2 25 | -0.8% | 8.3% | ||
| Q1 25 | 3.4% | 7.0% | ||
| Q4 24 | -6.2% | 6.6% | ||
| Q3 24 | -2.5% | 8.9% | ||
| Q2 24 | -5.2% | 7.0% | ||
| Q1 24 | 5.7% | 10.0% |
| Q4 25 | $-0.38 | $0.12 | ||
| Q3 25 | $-0.27 | $0.23 | ||
| Q2 25 | $-0.05 | $0.19 | ||
| Q1 25 | $0.20 | $0.15 | ||
| Q4 24 | $-0.31 | $0.13 | ||
| Q3 24 | $-0.13 | $0.20 | ||
| Q2 24 | $-0.28 | $0.15 | ||
| Q1 24 | $0.33 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $600.2M | $542.6M |
| Total Assets | $3.9B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $16.3M | ||
| Q3 25 | $89.7M | $29.6M | ||
| Q2 25 | $105.7M | $35.0M | ||
| Q1 25 | $81.8M | $22.6M | ||
| Q4 24 | $90.0M | $57.4M | ||
| Q3 24 | $181.8M | $48.8M | ||
| Q2 24 | $208.3M | $62.5M | ||
| Q1 24 | $112.1M | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $600.2M | $542.6M | ||
| Q3 25 | $619.7M | $552.8M | ||
| Q2 25 | $630.8M | $548.3M | ||
| Q1 25 | $619.6M | $530.6M | ||
| Q4 24 | $583.2M | $554.5M | ||
| Q3 24 | $595.4M | $540.1M | ||
| Q2 24 | $590.9M | $532.7M | ||
| Q1 24 | $597.9M | $515.5M |
| Q4 25 | $3.9B | $707.1M | ||
| Q3 25 | $3.8B | $732.6M | ||
| Q2 25 | $3.7B | $731.8M | ||
| Q1 25 | $3.5B | $708.7M | ||
| Q4 24 | $3.5B | $746.4M | ||
| Q3 24 | $3.5B | $734.0M | ||
| Q2 24 | $3.7B | $756.8M | ||
| Q1 24 | $3.5B | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| Q1 24 | — | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $-68.9M | $14.9M |
| FCF MarginFCF / Revenue | -19.9% | 6.2% |
| Capex IntensityCapex / Revenue | 11.4% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $20.0M | ||
| Q3 25 | $41.0M | $33.2M | ||
| Q2 25 | $-16.7M | $20.3M | ||
| Q1 25 | $-64.0M | $10.1M | ||
| Q4 24 | $51.5M | $16.6M | ||
| Q3 24 | $32.4M | $28.6M | ||
| Q2 24 | $18.3M | $18.7M | ||
| Q1 24 | $3.0M | $15.0M |
| Q4 25 | $-68.9M | $14.9M | ||
| Q3 25 | $32.2M | $27.6M | ||
| Q2 25 | $-28.1M | $17.6M | ||
| Q1 25 | $-72.9M | $8.4M | ||
| Q4 24 | $10.4M | $13.2M | ||
| Q3 24 | $22.2M | $27.5M | ||
| Q2 24 | $7.8M | $17.6M | ||
| Q1 24 | $-5.1M | $13.7M |
| Q4 25 | -19.9% | 6.2% | ||
| Q3 25 | 8.8% | 10.7% | ||
| Q2 25 | -7.4% | 7.3% | ||
| Q1 25 | -17.6% | 3.8% | ||
| Q4 24 | 3.2% | 6.1% | ||
| Q3 24 | 6.6% | 11.4% | ||
| Q2 24 | 2.3% | 7.8% | ||
| Q1 24 | -1.4% | 6.5% |
| Q4 25 | 11.4% | 2.1% | ||
| Q3 25 | 2.4% | 2.2% | ||
| Q2 25 | 3.0% | 1.1% | ||
| Q1 25 | 2.2% | 0.8% | ||
| Q4 24 | 12.4% | 1.5% | ||
| Q3 24 | 3.0% | 0.5% | ||
| Q2 24 | 3.1% | 0.5% | ||
| Q1 24 | 2.1% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | -4.59× | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | 0.14× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
