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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -19.6%, a 12.1% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 3.8%). Over the past eight quarters, P3 Health Partners Inc.'s revenue compounded faster (-0.5% 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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
BWIN vs PIII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $384.8M |
| Net Profit | $-25.9M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | -40.0% |
| Net Margin | -7.5% | -19.6% |
| Revenue YoY | 5.3% | 3.8% |
| Net Profit YoY | -28.3% | -28.8% |
| EPS (diluted) | $-0.38 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $365.4M | $345.3M | ||
| Q2 25 | $378.8M | $355.8M | ||
| Q1 25 | $413.4M | $373.2M | ||
| Q4 24 | $329.9M | $370.7M | ||
| Q3 24 | $338.9M | $362.1M | ||
| Q2 24 | $339.8M | $379.2M | ||
| Q1 24 | $380.4M | $388.5M |
| Q4 25 | $-25.9M | $-75.5M | ||
| Q3 25 | $-18.7M | $-31.6M | ||
| Q2 25 | $-3.2M | $-20.4M | ||
| Q1 25 | $13.9M | $-20.5M | ||
| Q4 24 | $-20.2M | $-58.6M | ||
| Q3 24 | $-8.4M | $-46.5M | ||
| Q2 24 | $-17.6M | $-12.0M | ||
| Q1 24 | $21.6M | $-18.7M |
| Q4 25 | -3.8% | -40.0% | ||
| Q3 25 | 0.9% | -12.8% | ||
| Q2 25 | 7.4% | -9.6% | ||
| Q1 25 | 13.6% | -10.2% | ||
| Q4 24 | -1.7% | -37.4% | ||
| Q3 24 | 4.5% | -29.5% | ||
| Q2 24 | 4.8% | -8.3% | ||
| Q1 24 | 9.0% | -11.3% |
| Q4 25 | -7.5% | -19.6% | ||
| Q3 25 | -5.1% | -9.1% | ||
| Q2 25 | -0.8% | -5.7% | ||
| Q1 25 | 3.4% | -5.5% | ||
| Q4 24 | -6.2% | -15.8% | ||
| Q3 24 | -2.5% | -12.8% | ||
| Q2 24 | -5.2% | -3.2% | ||
| Q1 24 | 5.7% | -4.8% |
| Q4 25 | $-0.38 | $-23.08 | ||
| Q3 25 | $-0.27 | $-9.67 | ||
| Q2 25 | $-0.05 | $-6.23 | ||
| Q1 25 | $0.20 | $-6.28 | ||
| Q4 24 | $-0.31 | $-23.13 | ||
| Q3 24 | $-0.13 | $-15.70 | ||
| Q2 24 | $-0.28 | $-7.37 | ||
| Q1 24 | $0.33 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $600.2M | $-155.2M |
| Total Assets | $3.9B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $25.0M | ||
| Q3 25 | $89.7M | $37.7M | ||
| Q2 25 | $105.7M | $38.6M | ||
| Q1 25 | $81.8M | $40.1M | ||
| Q4 24 | $90.0M | $38.8M | ||
| Q3 24 | $181.8M | $63.0M | ||
| Q2 24 | $208.3M | $73.1M | ||
| Q1 24 | $112.1M | $27.3M |
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
| Q4 25 | $600.2M | $-155.2M | ||
| Q3 25 | $619.7M | $-18.7M | ||
| Q2 25 | $630.8M | $44.5M | ||
| Q1 25 | $619.6M | $63.3M | ||
| Q4 24 | $583.2M | $75.9M | ||
| Q3 24 | $595.4M | $120.5M | ||
| Q2 24 | $590.9M | $166.8M | ||
| Q1 24 | $597.9M | $146.6M |
| Q4 25 | $3.9B | $656.6M | ||
| Q3 25 | $3.8B | $683.6M | ||
| Q2 25 | $3.7B | $731.6M | ||
| Q1 25 | $3.5B | $783.9M | ||
| Q4 24 | $3.5B | $783.4M | ||
| Q3 24 | $3.5B | $833.3M | ||
| Q2 24 | $3.7B | $892.8M | ||
| Q1 24 | $3.5B | $855.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $-25.7M | ||
| Q3 25 | $41.0M | $-15.4M | ||
| Q2 25 | $-16.7M | $-16.6M | ||
| Q1 25 | $-64.0M | $-33.5M | ||
| Q4 24 | $51.5M | $-57.2M | ||
| Q3 24 | $32.4M | $-22.6M | ||
| Q2 24 | $18.3M | $-10.2M | ||
| Q1 24 | $3.0M | $-20.0M |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $-5.1M | — |
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | -7.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | -1.4% | — |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 12.4% | 0.0% | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 3.1% | 0.0% | ||
| Q1 24 | 2.1% | 0.0% |
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
