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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and ROGERS CORP (ROG). 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 $200.5M, roughly 1.7× ROGERS CORP). ROGERS CORP runs the higher net margin — 2.2% vs -7.5%, a 9.7% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 5.2%). ROGERS CORP produced more free cash flow last quarter ($1.1M vs $-68.9M). Over the past eight quarters, ROGERS CORP's revenue compounded faster (-3.3% 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.
Rogers Corporation is a specialty engineered materials company headquartered in Chandler, Arizona.
BWIN vs ROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $200.5M |
| Net Profit | $-25.9M | $4.5M |
| Gross Margin | — | 32.2% |
| Operating Margin | -3.8% | — |
| Net Margin | -7.5% | 2.2% |
| Revenue YoY | 5.3% | 5.2% |
| Net Profit YoY | -28.3% | 421.4% |
| EPS (diluted) | $-0.38 | $0.25 |
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.
| Q1 26 | — | $200.5M | ||
| Q4 25 | $347.3M | $201.5M | ||
| Q3 25 | $365.4M | $216.0M | ||
| Q2 25 | $378.8M | $202.8M | ||
| Q1 25 | $413.4M | $190.5M | ||
| Q4 24 | $329.9M | $192.2M | ||
| Q3 24 | $338.9M | $210.3M | ||
| Q2 24 | $339.8M | $214.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $-25.9M | $4.6M | ||
| Q3 25 | $-18.7M | $8.6M | ||
| Q2 25 | $-3.2M | $-73.6M | ||
| Q1 25 | $13.9M | $-1.4M | ||
| Q4 24 | $-20.2M | $-500.0K | ||
| Q3 24 | $-8.4M | $10.7M | ||
| Q2 24 | $-17.6M | $8.1M |
| Q1 26 | — | 32.2% | ||
| Q4 25 | — | 31.5% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | — | 32.1% | ||
| Q3 24 | — | 35.2% | ||
| Q2 24 | — | 34.1% |
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 3.5% | ||
| Q3 25 | 0.9% | 7.3% | ||
| Q2 25 | 7.4% | -33.3% | ||
| Q1 25 | 13.6% | -0.2% | ||
| Q4 24 | -1.7% | -6.6% | ||
| Q3 24 | 4.5% | 6.9% | ||
| Q2 24 | 4.8% | 5.3% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -7.5% | 2.3% | ||
| Q3 25 | -5.1% | 4.0% | ||
| Q2 25 | -0.8% | -36.3% | ||
| Q1 25 | 3.4% | -0.7% | ||
| Q4 24 | -6.2% | -0.3% | ||
| Q3 24 | -2.5% | 5.1% | ||
| Q2 24 | -5.2% | 3.8% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $-0.38 | $0.20 | ||
| Q3 25 | $-0.27 | $0.48 | ||
| Q2 25 | $-0.05 | $-4.00 | ||
| Q1 25 | $0.20 | $-0.08 | ||
| Q4 24 | $-0.31 | $-0.04 | ||
| Q3 24 | $-0.13 | $0.58 | ||
| Q2 24 | $-0.28 | $0.44 |
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 | $195.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $1.2B |
| Total Assets | $3.9B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $195.8M | ||
| Q4 25 | $123.7M | $197.0M | ||
| Q3 25 | $89.7M | $167.8M | ||
| Q2 25 | $105.7M | $157.2M | ||
| Q1 25 | $81.8M | $175.6M | ||
| Q4 24 | $90.0M | $159.8M | ||
| Q3 24 | $181.8M | $146.4M | ||
| Q2 24 | $208.3M | $119.9M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $600.2M | $1.2B | ||
| Q3 25 | $619.7M | $1.2B | ||
| Q2 25 | $630.8M | $1.2B | ||
| Q1 25 | $619.6M | $1.3B | ||
| Q4 24 | $583.2M | $1.3B | ||
| Q3 24 | $595.4M | $1.3B | ||
| Q2 24 | $590.9M | $1.3B |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $3.9B | $1.4B | ||
| Q3 25 | $3.8B | $1.4B | ||
| Q2 25 | $3.7B | $1.5B | ||
| Q1 25 | $3.5B | $1.5B | ||
| Q4 24 | $3.5B | $1.5B | ||
| Q3 24 | $3.5B | $1.5B | ||
| Q2 24 | $3.7B | $1.5B |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $-68.9M | $1.1M |
| FCF MarginFCF / Revenue | -19.9% | 0.5% |
| Capex IntensityCapex / Revenue | 11.4% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8M | ||
| Q4 25 | $-29.4M | $46.9M | ||
| Q3 25 | $41.0M | $28.9M | ||
| Q2 25 | $-16.7M | $13.7M | ||
| Q1 25 | $-64.0M | $11.7M | ||
| Q4 24 | $51.5M | $33.7M | ||
| Q3 24 | $32.4M | $42.4M | ||
| Q2 24 | $18.3M | $22.9M |
| Q1 26 | — | $1.1M | ||
| Q4 25 | $-68.9M | $42.2M | ||
| Q3 25 | $32.2M | $21.2M | ||
| Q2 25 | $-28.1M | $5.6M | ||
| Q1 25 | $-72.9M | $2.1M | ||
| Q4 24 | $10.4M | $18.3M | ||
| Q3 24 | $22.2M | $25.2M | ||
| Q2 24 | $7.8M | $8.8M |
| Q1 26 | — | 0.5% | ||
| Q4 25 | -19.9% | 20.9% | ||
| Q3 25 | 8.8% | 9.8% | ||
| Q2 25 | -7.4% | 2.8% | ||
| Q1 25 | -17.6% | 1.1% | ||
| Q4 24 | 3.2% | 9.5% | ||
| Q3 24 | 6.6% | 12.0% | ||
| Q2 24 | 2.3% | 4.1% |
| Q1 26 | — | 2.3% | ||
| Q4 25 | 11.4% | 2.3% | ||
| Q3 25 | 2.4% | 3.6% | ||
| Q2 25 | 3.0% | 4.0% | ||
| Q1 25 | 2.2% | 5.0% | ||
| Q4 24 | 12.4% | 8.0% | ||
| Q3 24 | 3.0% | 8.2% | ||
| Q2 24 | 3.1% | 6.6% |
| Q1 26 | — | 1.29× | ||
| Q4 25 | — | 10.20× | ||
| Q3 25 | — | 3.36× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.96× | ||
| Q2 24 | — | 2.83× |
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% |
ROG
Segment breakdown not available.
