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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Paymentus Holdings, Inc. (PAY). 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 $330.5M, roughly 1.1× Paymentus Holdings, Inc.). Paymentus Holdings, Inc. runs the higher net margin — 6.3% vs -7.5%, a 13.8% gap on every dollar of revenue. On growth, Paymentus Holdings, Inc. posted the faster year-over-year revenue change (28.1% vs 5.3%). Paymentus Holdings, Inc. produced more free cash flow last quarter ($45.0M vs $-68.9M). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% 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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
BWIN vs PAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $330.5M |
| Net Profit | $-25.9M | $20.7M |
| Gross Margin | — | 25.4% |
| Operating Margin | -3.8% | 7.3% |
| Net Margin | -7.5% | 6.3% |
| Revenue YoY | 5.3% | 28.1% |
| Net Profit YoY | -28.3% | 57.2% |
| EPS (diluted) | $-0.38 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $365.4M | $310.7M | ||
| Q2 25 | $378.8M | $280.1M | ||
| Q1 25 | $413.4M | $275.2M | ||
| Q4 24 | $329.9M | $257.9M | ||
| Q3 24 | $338.9M | $231.6M | ||
| Q2 24 | $339.8M | $197.4M | ||
| Q1 24 | $380.4M | $184.9M |
| Q4 25 | $-25.9M | $20.7M | ||
| Q3 25 | $-18.7M | $17.7M | ||
| Q2 25 | $-3.2M | $14.7M | ||
| Q1 25 | $13.9M | $13.8M | ||
| Q4 24 | $-20.2M | $13.1M | ||
| Q3 24 | $-8.4M | $14.4M | ||
| Q2 24 | $-17.6M | $9.4M | ||
| Q1 24 | $21.6M | $7.2M |
| Q4 25 | — | 25.4% | ||
| Q3 25 | — | 24.1% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 25.6% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 29.8% | ||
| Q1 24 | — | 28.5% |
| Q4 25 | -3.8% | 7.3% | ||
| Q3 25 | 0.9% | 6.4% | ||
| Q2 25 | 7.4% | 5.7% | ||
| Q1 25 | 13.6% | 5.7% | ||
| Q4 24 | -1.7% | 5.5% | ||
| Q3 24 | 4.5% | 5.2% | ||
| Q2 24 | 4.8% | 5.2% | ||
| Q1 24 | 9.0% | 4.5% |
| Q4 25 | -7.5% | 6.3% | ||
| Q3 25 | -5.1% | 5.7% | ||
| Q2 25 | -0.8% | 5.3% | ||
| Q1 25 | 3.4% | 5.0% | ||
| Q4 24 | -6.2% | 5.1% | ||
| Q3 24 | -2.5% | 6.2% | ||
| Q2 24 | -5.2% | 4.7% | ||
| Q1 24 | 5.7% | 3.9% |
| Q4 25 | $-0.38 | $0.16 | ||
| Q3 25 | $-0.27 | $0.14 | ||
| Q2 25 | $-0.05 | $0.11 | ||
| Q1 25 | $0.20 | $0.11 | ||
| Q4 24 | $-0.31 | $0.11 | ||
| Q3 24 | $-0.13 | $0.11 | ||
| Q2 24 | $-0.28 | $0.07 | ||
| Q1 24 | $0.33 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $560.4M |
| Total Assets | $3.9B | $667.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $320.9M | ||
| Q3 25 | $89.7M | $287.9M | ||
| Q2 25 | $105.7M | $266.4M | ||
| Q1 25 | $81.8M | $245.8M | ||
| Q4 24 | $90.0M | $205.9M | ||
| Q3 24 | $181.8M | $187.5M | ||
| Q2 24 | $208.3M | $188.8M | ||
| Q1 24 | $112.1M | $180.1M |
| Q4 25 | $600.2M | $560.4M | ||
| Q3 25 | $619.7M | $537.4M | ||
| Q2 25 | $630.8M | $516.7M | ||
| Q1 25 | $619.6M | $500.4M | ||
| Q4 24 | $583.2M | $485.6M | ||
| Q3 24 | $595.4M | $468.8M | ||
| Q2 24 | $590.9M | $451.6M | ||
| Q1 24 | $597.9M | $439.4M |
| Q4 25 | $3.9B | $667.9M | ||
| Q3 25 | $3.8B | $644.4M | ||
| Q2 25 | $3.7B | $609.5M | ||
| Q1 25 | $3.5B | $590.9M | ||
| Q4 24 | $3.5B | $576.2M | ||
| Q3 24 | $3.5B | $552.9M | ||
| Q2 24 | $3.7B | $527.7M | ||
| Q1 24 | $3.5B | $514.0M |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $-68.9M | $45.0M |
| FCF MarginFCF / Revenue | -19.9% | 13.6% |
| Capex IntensityCapex / Revenue | 11.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $45.1M | ||
| Q3 25 | $41.0M | $35.1M | ||
| Q2 25 | $-16.7M | $31.5M | ||
| Q1 25 | $-64.0M | $50.4M | ||
| Q4 24 | $51.5M | $27.9M | ||
| Q3 24 | $32.4M | $6.7M | ||
| Q2 24 | $18.3M | $18.0M | ||
| Q1 24 | $3.0M | $11.0M |
| Q4 25 | $-68.9M | $45.0M | ||
| Q3 25 | $32.2M | $35.0M | ||
| Q2 25 | $-28.1M | $31.4M | ||
| Q1 25 | $-72.9M | $50.4M | ||
| Q4 24 | $10.4M | $27.8M | ||
| Q3 24 | $22.2M | $6.7M | ||
| Q2 24 | $7.8M | $17.8M | ||
| Q1 24 | $-5.1M | $10.8M |
| Q4 25 | -19.9% | 13.6% | ||
| Q3 25 | 8.8% | 11.3% | ||
| Q2 25 | -7.4% | 11.2% | ||
| Q1 25 | -17.6% | 18.3% | ||
| Q4 24 | 3.2% | 10.8% | ||
| Q3 24 | 6.6% | 2.9% | ||
| Q2 24 | 2.3% | 9.0% | ||
| Q1 24 | -1.4% | 5.9% |
| Q4 25 | 11.4% | 0.0% | ||
| Q3 25 | 2.4% | 0.0% | ||
| Q2 25 | 3.0% | 0.0% | ||
| Q1 25 | 2.2% | 0.0% | ||
| Q4 24 | 12.4% | 0.0% | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 3.1% | 0.1% | ||
| Q1 24 | 2.1% | 0.1% |
| Q4 25 | — | 2.18× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | -4.59× | 3.65× | ||
| Q4 24 | — | 2.12× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 1.93× | ||
| Q1 24 | 0.14× | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
