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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Palomar Holdings, Inc. (PLMR). 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 $253.4M, roughly 1.4× Palomar Holdings, Inc.). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 5.3%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $-68.9M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% 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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
BWIN vs PLMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $253.4M |
| Net Profit | $-25.9M | — |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 28.7% |
| Net Margin | -7.5% | — |
| Revenue YoY | 5.3% | 62.7% |
| Net Profit YoY | -28.3% | — |
| EPS (diluted) | $-0.38 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $365.4M | $244.7M | ||
| Q2 25 | $378.8M | $203.3M | ||
| Q1 25 | $413.4M | $174.6M | ||
| Q4 24 | $329.9M | $155.8M | ||
| Q3 24 | $338.9M | $148.5M | ||
| Q2 24 | $339.8M | $131.1M | ||
| Q1 24 | $380.4M | $118.5M |
| Q4 25 | $-25.9M | — | ||
| Q3 25 | $-18.7M | $51.5M | ||
| Q2 25 | $-3.2M | $46.5M | ||
| Q1 25 | $13.9M | $42.9M | ||
| Q4 24 | $-20.2M | — | ||
| Q3 24 | $-8.4M | $30.5M | ||
| Q2 24 | $-17.6M | $25.7M | ||
| Q1 24 | $21.6M | $26.4M |
| Q4 25 | -3.8% | 28.7% | ||
| Q3 25 | 0.9% | 27.4% | ||
| Q2 25 | 7.4% | 29.5% | ||
| Q1 25 | 13.6% | 30.8% | ||
| Q4 24 | -1.7% | 28.9% | ||
| Q3 24 | 4.5% | 25.9% | ||
| Q2 24 | 4.8% | 25.5% | ||
| Q1 24 | 9.0% | 29.0% |
| Q4 25 | -7.5% | — | ||
| Q3 25 | -5.1% | 21.0% | ||
| Q2 25 | -0.8% | 22.9% | ||
| Q1 25 | 3.4% | 24.6% | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.5% | 20.5% | ||
| Q2 24 | -5.2% | 19.6% | ||
| Q1 24 | 5.7% | 22.3% |
| Q4 25 | $-0.38 | $2.05 | ||
| Q3 25 | $-0.27 | $1.87 | ||
| Q2 25 | $-0.05 | $1.68 | ||
| Q1 25 | $0.20 | $1.57 | ||
| Q4 24 | $-0.31 | $1.29 | ||
| Q3 24 | $-0.13 | $1.15 | ||
| Q2 24 | $-0.28 | $1.00 | ||
| Q1 24 | $0.33 | $1.04 |
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 | $106.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $942.7M |
| Total Assets | $3.9B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $106.9M | ||
| Q3 25 | $89.7M | $111.7M | ||
| Q2 25 | $105.7M | $81.3M | ||
| Q1 25 | $81.8M | $119.3M | ||
| Q4 24 | $90.0M | $80.4M | ||
| Q3 24 | $181.8M | $86.5M | ||
| Q2 24 | $208.3M | $47.8M | ||
| Q1 24 | $112.1M | $61.4M |
| Q4 25 | $600.2M | $942.7M | ||
| Q3 25 | $619.7M | $878.1M | ||
| Q2 25 | $630.8M | $847.2M | ||
| Q1 25 | $619.6M | $790.4M | ||
| Q4 24 | $583.2M | $729.0M | ||
| Q3 24 | $595.4M | $703.3M | ||
| Q2 24 | $590.9M | $532.6M | ||
| Q1 24 | $597.9M | $501.7M |
| Q4 25 | $3.9B | $3.1B | ||
| Q3 25 | $3.8B | $2.9B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.5B | $2.4B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.5B | $2.3B | ||
| 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 | $409.1M |
| Free Cash FlowOCF − Capex | $-68.9M | $409.0M |
| FCF MarginFCF / Revenue | -19.9% | 161.4% |
| Capex IntensityCapex / Revenue | 11.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $409.1M | ||
| Q3 25 | $41.0M | $83.6M | ||
| Q2 25 | $-16.7M | $120.9M | ||
| Q1 25 | $-64.0M | $87.2M | ||
| Q4 24 | $51.5M | $261.2M | ||
| Q3 24 | $32.4M | $100.3M | ||
| Q2 24 | $18.3M | $55.1M | ||
| Q1 24 | $3.0M | $33.1M |
| Q4 25 | $-68.9M | $409.0M | ||
| Q3 25 | $32.2M | $83.6M | ||
| Q2 25 | $-28.1M | $120.8M | ||
| Q1 25 | $-72.9M | $87.1M | ||
| Q4 24 | $10.4M | $260.9M | ||
| Q3 24 | $22.2M | $100.1M | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $-5.1M | — |
| Q4 25 | -19.9% | 161.4% | ||
| Q3 25 | 8.8% | 34.2% | ||
| Q2 25 | -7.4% | 59.4% | ||
| Q1 25 | -17.6% | 49.9% | ||
| Q4 24 | 3.2% | 167.5% | ||
| Q3 24 | 6.6% | 67.4% | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | -1.4% | — |
| Q4 25 | 11.4% | 0.1% | ||
| Q3 25 | 2.4% | 0.0% | ||
| Q2 25 | 3.0% | 0.0% | ||
| Q1 25 | 2.2% | 0.0% | ||
| Q4 24 | 12.4% | 0.2% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.1% | 0.0% | ||
| Q1 24 | 2.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | 2.60× | ||
| Q1 25 | -4.59× | 2.03× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 2.14× | ||
| Q1 24 | 0.14× | 1.26× |
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% |
PLMR
Segment breakdown not available.
