vs
Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and LiveRamp Holdings, Inc. (RAMP). 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 $212.2M, roughly 1.6× LiveRamp Holdings, Inc.). LiveRamp Holdings, Inc. runs the higher net margin — 18.8% vs -7.5%, a 26.3% gap on every dollar of revenue. On growth, LiveRamp Holdings, Inc. posted the faster year-over-year revenue change (8.6% vs 5.3%). Over the past eight quarters, LiveRamp Holdings, Inc.'s revenue compounded faster (11.1% 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.
LiveRamp Holdings, Inc., is an American SaaS company that offers a data connectivity platform whose services include data onboarding, the transfer of offline data online for marketing purposes.
BWIN vs RAMP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $212.2M |
| Net Profit | $-25.9M | $39.9M |
| Gross Margin | — | 71.9% |
| Operating Margin | -3.8% | 18.6% |
| Net Margin | -7.5% | 18.8% |
| Revenue YoY | 5.3% | 8.6% |
| Net Profit YoY | -28.3% | 255.7% |
| EPS (diluted) | $-0.38 | $0.62 |
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 | $212.2M | ||
| Q3 25 | $365.4M | $199.8M | ||
| Q2 25 | $378.8M | $194.8M | ||
| Q1 25 | $413.4M | $188.7M | ||
| Q4 24 | $329.9M | $195.4M | ||
| Q3 24 | $338.9M | $185.5M | ||
| Q2 24 | $339.8M | $176.0M | ||
| Q1 24 | $380.4M | $171.9M |
| Q4 25 | $-25.9M | $39.9M | ||
| Q3 25 | $-18.7M | $27.4M | ||
| Q2 25 | $-3.2M | $7.7M | ||
| Q1 25 | $13.9M | $-6.3M | ||
| Q4 24 | $-20.2M | $11.2M | ||
| Q3 24 | $-8.4M | $1.7M | ||
| Q2 24 | $-17.6M | $-7.5M | ||
| Q1 24 | $21.6M | $-5.4M |
| Q4 25 | — | 71.9% | ||
| Q3 25 | — | 70.2% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | — | 70.6% | ||
| Q1 24 | — | 72.2% |
| Q4 25 | -3.8% | 18.6% | ||
| Q3 25 | 0.9% | 10.7% | ||
| Q2 25 | 7.4% | 3.7% | ||
| Q1 25 | 13.6% | -6.1% | ||
| Q4 24 | -1.7% | 7.5% | ||
| Q3 24 | 4.5% | 4.0% | ||
| Q2 24 | 4.8% | -3.0% | ||
| Q1 24 | 9.0% | -8.3% |
| Q4 25 | -7.5% | 18.8% | ||
| Q3 25 | -5.1% | 13.7% | ||
| Q2 25 | -0.8% | 4.0% | ||
| Q1 25 | 3.4% | -3.3% | ||
| Q4 24 | -6.2% | 5.7% | ||
| Q3 24 | -2.5% | 0.9% | ||
| Q2 24 | -5.2% | -4.3% | ||
| Q1 24 | 5.7% | -3.1% |
| Q4 25 | $-0.38 | $0.62 | ||
| Q3 25 | $-0.27 | $0.42 | ||
| Q2 25 | $-0.05 | $0.12 | ||
| Q1 25 | $0.20 | $-0.10 | ||
| Q4 24 | $-0.31 | $0.17 | ||
| Q3 24 | $-0.13 | $0.03 | ||
| Q2 24 | $-0.28 | $-0.11 | ||
| Q1 24 | $0.33 | $-0.09 |
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 | $403.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $962.3M |
| Total Assets | $3.9B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $403.4M | ||
| Q3 25 | $89.7M | $376.9M | ||
| Q2 25 | $105.7M | $371.1M | ||
| Q1 25 | $81.8M | $420.8M | ||
| Q4 24 | $90.0M | $384.3M | ||
| Q3 24 | $181.8M | $348.4M | ||
| Q2 24 | $208.3M | $342.7M | ||
| Q1 24 | $112.1M | $368.9M |
| Q4 25 | $600.2M | $962.3M | ||
| Q3 25 | $619.7M | $943.8M | ||
| Q2 25 | $630.8M | $947.8M | ||
| Q1 25 | $619.6M | $948.9M | ||
| Q4 24 | $583.2M | $957.7M | ||
| Q3 24 | $595.4M | $932.1M | ||
| Q2 24 | $590.9M | $951.9M | ||
| Q1 24 | $597.9M | $949.1M |
| Q4 25 | $3.9B | $1.3B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $3.7B | $1.2B | ||
| Q1 25 | $3.5B | $1.3B | ||
| Q4 24 | $3.5B | $1.3B | ||
| Q3 24 | $3.5B | $1.2B | ||
| Q2 24 | $3.7B | $1.2B | ||
| Q1 24 | $3.5B | $1.2B |
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 | — |
| Free Cash FlowOCF − Capex | $-68.9M | — |
| FCF MarginFCF / Revenue | -19.9% | — |
| Capex IntensityCapex / Revenue | 11.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | — | ||
| Q3 25 | $41.0M | $57.4M | ||
| Q2 25 | $-16.7M | $-15.8M | ||
| Q1 25 | $-64.0M | — | ||
| Q4 24 | $51.5M | $45.1M | ||
| Q3 24 | $32.4M | $55.6M | ||
| Q2 24 | $18.3M | $-9.3M | ||
| Q1 24 | $3.0M | — |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | $56.8M | ||
| Q2 25 | $-28.1M | $-16.2M | ||
| Q1 25 | $-72.9M | — | ||
| Q4 24 | $10.4M | $44.8M | ||
| Q3 24 | $22.2M | $55.4M | ||
| Q2 24 | $7.8M | $-9.6M | ||
| Q1 24 | $-5.1M | — |
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | 28.4% | ||
| Q2 25 | -7.4% | -8.3% | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | 3.2% | 22.9% | ||
| Q3 24 | 6.6% | 29.8% | ||
| Q2 24 | 2.3% | -5.4% | ||
| Q1 24 | -1.4% | — |
| Q4 25 | 11.4% | 0.1% | ||
| Q3 25 | 2.4% | 0.3% | ||
| Q2 25 | 3.0% | 0.2% | ||
| Q1 25 | 2.2% | 0.2% | ||
| Q4 24 | 12.4% | 0.1% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.1% | 0.1% | ||
| Q1 24 | 2.1% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.09× | ||
| Q2 25 | — | -2.04× | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | 4.02× | ||
| Q3 24 | — | 32.10× | ||
| 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% |
RAMP
Segment breakdown not available.
