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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Perion Network Ltd. (PERI). Click either name above to swap in a different company.
Perion Network Ltd. is the larger business by last-quarter revenue ($368.7M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). Perion Network Ltd. runs the higher net margin — 2.1% vs -7.5%, a 9.6% gap on every dollar of revenue. Perion Network Ltd. produced more free cash flow last quarter ($-2.9M vs $-68.9M). Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% 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.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
BWIN vs PERI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $368.7M |
| Net Profit | $-25.9M | $7.7M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 2.0% |
| Net Margin | -7.5% | 2.1% |
| Revenue YoY | 5.3% | — |
| Net Profit YoY | -28.3% | — |
| EPS (diluted) | $-0.38 | — |
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 | — | ||
| Q3 25 | $365.4M | $368.7M | ||
| Q2 25 | $378.8M | $266.5M | ||
| Q1 25 | $413.4M | $157.8M | ||
| Q4 24 | $329.9M | — | ||
| Q3 24 | $338.9M | $508.9M | ||
| Q2 24 | $339.8M | $323.6M | ||
| Q1 24 | $380.4M | $145.2M |
| Q4 25 | $-25.9M | — | ||
| Q3 25 | $-18.7M | $7.7M | ||
| Q2 25 | $-3.2M | $5.6M | ||
| Q1 25 | $13.9M | $11.8M | ||
| Q4 24 | $-20.2M | — | ||
| Q3 24 | $-8.4M | $78.0M | ||
| Q2 24 | $-17.6M | $45.2M | ||
| Q1 24 | $21.6M | $23.8M |
| Q4 25 | -3.8% | — | ||
| Q3 25 | 0.9% | 2.0% | ||
| Q2 25 | 7.4% | -1.7% | ||
| Q1 25 | 13.6% | 5.4% | ||
| Q4 24 | -1.7% | — | ||
| Q3 24 | 4.5% | 15.1% | ||
| Q2 24 | 4.8% | 13.7% | ||
| Q1 24 | 9.0% | 16.9% |
| Q4 25 | -7.5% | — | ||
| Q3 25 | -5.1% | 2.1% | ||
| Q2 25 | -0.8% | 2.1% | ||
| Q1 25 | 3.4% | 7.5% | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.5% | 15.3% | ||
| Q2 24 | -5.2% | 14.0% | ||
| Q1 24 | 5.7% | 16.4% |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $-0.27 | — | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $-0.31 | — | ||
| Q3 24 | $-0.13 | — | ||
| Q2 24 | $-0.28 | — | ||
| Q1 24 | $0.33 | — |
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 | $156.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $722.9M |
| Total Assets | $3.9B | $915.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | — | ||
| Q3 25 | $89.7M | $156.2M | ||
| Q2 25 | $105.7M | $156.2M | ||
| Q1 25 | $81.8M | $156.2M | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $181.8M | $187.6M | ||
| Q2 24 | $208.3M | $187.6M | ||
| Q1 24 | $112.1M | $187.6M |
| Q4 25 | $600.2M | — | ||
| Q3 25 | $619.7M | $722.9M | ||
| Q2 25 | $630.8M | $722.9M | ||
| Q1 25 | $619.6M | $722.9M | ||
| Q4 24 | $583.2M | — | ||
| Q3 24 | $595.4M | $718.1M | ||
| Q2 24 | $590.9M | $718.1M | ||
| Q1 24 | $597.9M | $718.1M |
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.8B | $915.5M | ||
| Q2 25 | $3.7B | $915.5M | ||
| Q1 25 | $3.5B | $915.5M | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.5B | $1.1B | ||
| Q2 24 | $3.7B | $1.1B | ||
| Q1 24 | $3.5B | $1.1B |
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 | $2.6M |
| Free Cash FlowOCF − Capex | $-68.9M | $-2.9M |
| FCF MarginFCF / Revenue | -19.9% | -0.8% |
| Capex IntensityCapex / Revenue | 11.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | — | ||
| Q3 25 | $41.0M | $2.6M | ||
| Q2 25 | $-16.7M | — | ||
| Q1 25 | $-64.0M | — | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | $32.4M | $105.2M | ||
| Q2 24 | $18.3M | — | ||
| Q1 24 | $3.0M | $17.8M |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | $-2.9M | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | $104.7M | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $-5.1M | $17.6M |
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | -0.8% | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | 20.6% | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | -1.4% | 12.2% |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | 1.5% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 2.1% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | 0.75× |
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% |
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
