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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and PROCORE TECHNOLOGIES, INC. (PCOR). Click either name above to swap in a different company.
PROCORE TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($349.1M vs $347.3M, roughly 1.0× Baldwin Insurance Group, Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -10.8%, a 3.3% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 5.3%). PROCORE TECHNOLOGIES, INC. produced more free cash flow last quarter ($109.2M vs $-68.9M). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% 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.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
BWIN vs PCOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $349.1M |
| Net Profit | $-25.9M | $-37.6M |
| Gross Margin | — | 80.1% |
| Operating Margin | -3.8% | -12.3% |
| Net Margin | -7.5% | -10.8% |
| Revenue YoY | 5.3% | 15.6% |
| Net Profit YoY | -28.3% | 39.6% |
| EPS (diluted) | $-0.38 | $-0.25 |
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 | $349.1M | ||
| Q3 25 | $365.4M | $338.9M | ||
| Q2 25 | $378.8M | $323.9M | ||
| Q1 25 | $413.4M | $310.6M | ||
| Q4 24 | $329.9M | $302.0M | ||
| Q3 24 | $338.9M | $295.9M | ||
| Q2 24 | $339.8M | $284.3M | ||
| Q1 24 | $380.4M | $269.4M |
| Q4 25 | $-25.9M | $-37.6M | ||
| Q3 25 | $-18.7M | $-9.1M | ||
| Q2 25 | $-3.2M | $-21.1M | ||
| Q1 25 | $13.9M | $-33.0M | ||
| Q4 24 | $-20.2M | $-62.3M | ||
| Q3 24 | $-8.4M | $-26.4M | ||
| Q2 24 | $-17.6M | $-6.3M | ||
| Q1 24 | $21.6M | $-11.0M |
| Q4 25 | — | 80.1% | ||
| Q3 25 | — | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | -3.8% | -12.3% | ||
| Q3 25 | 0.9% | -4.4% | ||
| Q2 25 | 7.4% | -9.3% | ||
| Q1 25 | 13.6% | -11.7% | ||
| Q4 24 | -1.7% | -21.9% | ||
| Q3 24 | 4.5% | -12.3% | ||
| Q2 24 | 4.8% | -5.2% | ||
| Q1 24 | 9.0% | -7.0% |
| Q4 25 | -7.5% | -10.8% | ||
| Q3 25 | -5.1% | -2.7% | ||
| Q2 25 | -0.8% | -6.5% | ||
| Q1 25 | 3.4% | -10.6% | ||
| Q4 24 | -6.2% | -20.6% | ||
| Q3 24 | -2.5% | -8.9% | ||
| Q2 24 | -5.2% | -2.2% | ||
| Q1 24 | 5.7% | -4.1% |
| Q4 25 | $-0.38 | $-0.25 | ||
| Q3 25 | $-0.27 | $-0.06 | ||
| Q2 25 | $-0.05 | $-0.14 | ||
| Q1 25 | $0.20 | $-0.22 | ||
| Q4 24 | $-0.31 | $-0.42 | ||
| Q3 24 | $-0.13 | $-0.18 | ||
| Q2 24 | $-0.28 | $-0.04 | ||
| Q1 24 | $0.33 | $-0.08 |
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 | $768.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $1.3B |
| Total Assets | $3.9B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $768.5M | ||
| Q3 25 | $89.7M | $684.0M | ||
| Q2 25 | $105.7M | $620.9M | ||
| Q1 25 | $81.8M | $566.7M | ||
| Q4 24 | $90.0M | $775.4M | ||
| Q3 24 | $181.8M | $756.9M | ||
| Q2 24 | $208.3M | $735.4M | ||
| Q1 24 | $112.1M | $744.6M |
| Q4 25 | $600.2M | $1.3B | ||
| Q3 25 | $619.7M | $1.2B | ||
| Q2 25 | $630.8M | $1.2B | ||
| Q1 25 | $619.6M | $1.2B | ||
| Q4 24 | $583.2M | $1.3B | ||
| Q3 24 | $595.4M | $1.3B | ||
| Q2 24 | $590.9M | $1.3B | ||
| Q1 24 | $597.9M | $1.2B |
| Q4 25 | $3.9B | $2.2B | ||
| Q3 25 | $3.8B | $2.1B | ||
| Q2 25 | $3.7B | $2.0B | ||
| Q1 25 | $3.5B | $1.9B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $3.5B | $2.0B | ||
| Q2 24 | $3.7B | $2.0B | ||
| Q1 24 | $3.5B | $1.9B |
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 | $114.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $109.2M |
| FCF MarginFCF / Revenue | -19.9% | 31.3% |
| Capex IntensityCapex / Revenue | 11.4% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $114.9M | ||
| Q3 25 | $41.0M | $88.5M | ||
| Q2 25 | $-16.7M | $30.8M | ||
| Q1 25 | $-64.0M | $66.0M | ||
| Q4 24 | $51.5M | $29.1M | ||
| Q3 24 | $32.4M | $39.3M | ||
| Q2 24 | $18.3M | $58.7M | ||
| Q1 24 | $3.0M | $69.1M |
| Q4 25 | $-68.9M | $109.2M | ||
| Q3 25 | $32.2M | $83.1M | ||
| Q2 25 | $-28.1M | $27.9M | ||
| Q1 25 | $-72.9M | $62.0M | ||
| Q4 24 | $10.4M | $17.4M | ||
| Q3 24 | $22.2M | $35.7M | ||
| Q2 24 | $7.8M | $56.8M | ||
| Q1 24 | $-5.1M | $67.1M |
| Q4 25 | -19.9% | 31.3% | ||
| Q3 25 | 8.8% | 24.5% | ||
| Q2 25 | -7.4% | 8.6% | ||
| Q1 25 | -17.6% | 20.0% | ||
| Q4 24 | 3.2% | 5.8% | ||
| Q3 24 | 6.6% | 12.1% | ||
| Q2 24 | 2.3% | 20.0% | ||
| Q1 24 | -1.4% | 24.9% |
| Q4 25 | 11.4% | 1.6% | ||
| Q3 25 | 2.4% | 1.6% | ||
| Q2 25 | 3.0% | 0.9% | ||
| Q1 25 | 2.2% | 1.3% | ||
| Q4 24 | 12.4% | 3.9% | ||
| Q3 24 | 3.0% | 1.2% | ||
| Q2 24 | 3.1% | 0.7% | ||
| Q1 24 | 2.1% | 0.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
