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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Paylocity Holding Corp is the larger business by last-quarter revenue ($387.0M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). Paylocity Holding Corp runs the higher net margin — 13.0% vs -7.5%, a 20.5% gap on every dollar of revenue. On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs 5.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $-68.9M). Over the past eight quarters, Paylocity Holding Corp's revenue compounded faster (2.7% 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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
BWIN vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $387.0M |
| Net Profit | $-25.9M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | -3.8% | 18.2% |
| Net Margin | -7.5% | 13.0% |
| Revenue YoY | 5.3% | 11.3% |
| Net Profit YoY | -28.3% | 34.0% |
| EPS (diluted) | $-0.38 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $365.4M | $378.9M | ||
| Q2 25 | $378.8M | $369.9M | ||
| Q1 25 | $413.4M | $421.1M | ||
| Q4 24 | $329.9M | $347.7M | ||
| Q3 24 | $338.9M | $333.1M | ||
| Q2 24 | $339.8M | $324.7M | ||
| Q1 24 | $380.4M | $366.8M |
| Q4 25 | $-25.9M | $50.2M | ||
| Q3 25 | $-18.7M | $48.0M | ||
| Q2 25 | $-3.2M | $48.6M | ||
| Q1 25 | $13.9M | $91.5M | ||
| Q4 24 | $-20.2M | $37.5M | ||
| Q3 24 | $-8.4M | $49.6M | ||
| Q2 24 | $-17.6M | $48.8M | ||
| Q1 24 | $21.6M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | -3.8% | 18.2% | ||
| Q3 25 | 0.9% | 19.6% | ||
| Q2 25 | 7.4% | 17.9% | ||
| Q1 25 | 13.6% | 30.2% | ||
| Q4 24 | -1.7% | 13.4% | ||
| Q3 24 | 4.5% | 19.3% | ||
| Q2 24 | 4.8% | 19.4% | ||
| Q1 24 | 9.0% | 29.0% |
| Q4 25 | -7.5% | 13.0% | ||
| Q3 25 | -5.1% | 12.7% | ||
| Q2 25 | -0.8% | 13.1% | ||
| Q1 25 | 3.4% | 21.7% | ||
| Q4 24 | -6.2% | 10.8% | ||
| Q3 24 | -2.5% | 14.9% | ||
| Q2 24 | -5.2% | 15.0% | ||
| Q1 24 | 5.7% | 23.3% |
| Q4 25 | $-0.38 | $0.92 | ||
| Q3 25 | $-0.27 | $0.86 | ||
| Q2 25 | $-0.05 | $0.87 | ||
| Q1 25 | $0.20 | $1.61 | ||
| Q4 24 | $-0.31 | $0.66 | ||
| Q3 24 | $-0.13 | $0.88 | ||
| Q2 24 | $-0.28 | $0.85 | ||
| Q1 24 | $0.33 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | — | $81.3M |
| Stockholders' EquityBook value | $600.2M | $1.1B |
| Total Assets | $3.9B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $162.5M | ||
| Q3 25 | $89.7M | $165.2M | ||
| Q2 25 | $105.7M | $398.1M | ||
| Q1 25 | $81.8M | $477.8M | ||
| Q4 24 | $90.0M | $482.4M | ||
| Q3 24 | $181.8M | $778.5M | ||
| Q2 24 | $208.3M | $401.8M | ||
| Q1 24 | $112.1M | $492.7M |
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $600.2M | $1.1B | ||
| Q3 25 | $619.7M | $1.1B | ||
| Q2 25 | $630.8M | $1.2B | ||
| Q1 25 | $619.6M | $1.2B | ||
| Q4 24 | $583.2M | $1.2B | ||
| Q3 24 | $595.4M | $1.1B | ||
| Q2 24 | $590.9M | $1.0B | ||
| Q1 24 | $597.9M | $1.1B |
| Q4 25 | $3.9B | $7.0B | ||
| Q3 25 | $3.8B | $4.2B | ||
| Q2 25 | $3.7B | $4.4B | ||
| Q1 25 | $3.5B | $5.2B | ||
| Q4 24 | $3.5B | $5.3B | ||
| Q3 24 | $3.5B | $4.0B | ||
| Q2 24 | $3.7B | $4.2B | ||
| Q1 24 | $3.5B | $5.0B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
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 | $117.0M |
| Free Cash FlowOCF − Capex | $-68.9M | $113.6M |
| FCF MarginFCF / Revenue | -19.9% | 29.4% |
| Capex IntensityCapex / Revenue | 11.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $117.0M | ||
| Q3 25 | $41.0M | $86.5M | ||
| Q2 25 | $-16.7M | $86.6M | ||
| Q1 25 | $-64.0M | $186.0M | ||
| Q4 24 | $51.5M | $54.2M | ||
| Q3 24 | $32.4M | $91.5M | ||
| Q2 24 | $18.3M | $79.9M | ||
| Q1 24 | $3.0M | $167.5M |
| Q4 25 | $-68.9M | $113.6M | ||
| Q3 25 | $32.2M | $82.7M | ||
| Q2 25 | $-28.1M | $81.1M | ||
| Q1 25 | $-72.9M | $183.7M | ||
| Q4 24 | $10.4M | $51.2M | ||
| Q3 24 | $22.2M | $89.1M | ||
| Q2 24 | $7.8M | $73.6M | ||
| Q1 24 | $-5.1M | $162.0M |
| Q4 25 | -19.9% | 29.4% | ||
| Q3 25 | 8.8% | 21.8% | ||
| Q2 25 | -7.4% | 21.9% | ||
| Q1 25 | -17.6% | 43.6% | ||
| Q4 24 | 3.2% | 14.7% | ||
| Q3 24 | 6.6% | 26.8% | ||
| Q2 24 | 2.3% | 22.7% | ||
| Q1 24 | -1.4% | 44.2% |
| Q4 25 | 11.4% | 0.9% | ||
| Q3 25 | 2.4% | 1.0% | ||
| Q2 25 | 3.0% | 1.5% | ||
| Q1 25 | 2.2% | 0.5% | ||
| Q4 24 | 12.4% | 0.9% | ||
| Q3 24 | 3.0% | 0.7% | ||
| Q2 24 | 3.1% | 1.9% | ||
| Q1 24 | 2.1% | 1.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | -4.59× | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | — | 1.64× | ||
| Q1 24 | 0.14× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
