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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Smith Douglas Homes Corp. (SDHC). 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 $260.4M, roughly 1.3× Smith Douglas Homes Corp.). Smith Douglas Homes Corp. runs the higher net margin — 1.4% vs -7.5%, a 8.9% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -9.4%). Smith Douglas Homes Corp. produced more free cash flow last quarter ($8.7M vs $-68.9M). Over the past eight quarters, Smith Douglas Homes Corp.'s revenue compounded faster (17.3% 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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
BWIN vs SDHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $260.4M |
| Net Profit | $-25.9M | $3.5M |
| Gross Margin | — | 19.9% |
| Operating Margin | -3.8% | 6.5% |
| Net Margin | -7.5% | 1.4% |
| Revenue YoY | 5.3% | -9.4% |
| Net Profit YoY | -28.3% | -14.3% |
| EPS (diluted) | $-0.38 | $0.39 |
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 | $260.4M | ||
| Q3 25 | $365.4M | $262.0M | ||
| Q2 25 | $378.8M | $223.9M | ||
| Q1 25 | $413.4M | $224.7M | ||
| Q4 24 | $329.9M | $287.5M | ||
| Q3 24 | $338.9M | $277.8M | ||
| Q2 24 | $339.8M | $220.9M | ||
| Q1 24 | $380.4M | $189.2M |
| Q4 25 | $-25.9M | $3.5M | ||
| Q3 25 | $-18.7M | $2.1M | ||
| Q2 25 | $-3.2M | $2.4M | ||
| Q1 25 | $13.9M | $2.7M | ||
| Q4 24 | $-20.2M | $4.1M | ||
| Q3 24 | $-8.4M | $5.3M | ||
| Q2 24 | $-17.6M | $3.6M | ||
| Q1 24 | $21.6M | $3.0M |
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | — | 25.5% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -3.8% | 6.5% | ||
| Q3 25 | 0.9% | 6.6% | ||
| Q2 25 | 7.4% | 7.7% | ||
| Q1 25 | 13.6% | 8.7% | ||
| Q4 24 | -1.7% | 10.4% | ||
| Q3 24 | 4.5% | 14.2% | ||
| Q2 24 | 4.8% | 11.7% | ||
| Q1 24 | 9.0% | 11.3% |
| Q4 25 | -7.5% | 1.4% | ||
| Q3 25 | -5.1% | 0.8% | ||
| Q2 25 | -0.8% | 1.1% | ||
| Q1 25 | 3.4% | 1.2% | ||
| Q4 24 | -6.2% | 1.4% | ||
| Q3 24 | -2.5% | 1.9% | ||
| Q2 24 | -5.2% | 1.7% | ||
| Q1 24 | 5.7% | 1.6% |
| Q4 25 | $-0.38 | $0.39 | ||
| Q3 25 | $-0.27 | $0.24 | ||
| Q2 25 | $-0.05 | $0.26 | ||
| Q1 25 | $0.20 | $0.30 | ||
| Q4 24 | $-0.31 | $0.50 | ||
| Q3 24 | $-0.13 | $0.58 | ||
| Q2 24 | $-0.28 | $0.40 | ||
| Q1 24 | $0.33 | $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 | $12.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $86.7M |
| Total Assets | $3.9B | $557.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $12.7M | ||
| Q3 25 | $89.7M | $14.8M | ||
| Q2 25 | $105.7M | $16.8M | ||
| Q1 25 | $81.8M | $12.7M | ||
| Q4 24 | $90.0M | $22.4M | ||
| Q3 24 | $181.8M | $23.7M | ||
| Q2 24 | $208.3M | $17.3M | ||
| Q1 24 | $112.1M | $32.8M |
| Q4 25 | $600.2M | $86.7M | ||
| Q3 25 | $619.7M | $82.2M | ||
| Q2 25 | $630.8M | $80.0M | ||
| Q1 25 | $619.6M | $76.9M | ||
| Q4 24 | $583.2M | $73.6M | ||
| Q3 24 | $595.4M | $68.4M | ||
| Q2 24 | $590.9M | $62.1M | ||
| Q1 24 | $597.9M | $59.7M |
| Q4 25 | $3.9B | $557.6M | ||
| Q3 25 | $3.8B | $571.6M | ||
| Q2 25 | $3.7B | $570.2M | ||
| Q1 25 | $3.5B | $513.9M | ||
| Q4 24 | $3.5B | $475.9M | ||
| Q3 24 | $3.5B | $460.1M | ||
| Q2 24 | $3.7B | $429.3M | ||
| Q1 24 | $3.5B | $401.3M |
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 | $9.8M |
| Free Cash FlowOCF − Capex | $-68.9M | $8.7M |
| FCF MarginFCF / Revenue | -19.9% | 3.4% |
| Capex IntensityCapex / Revenue | 11.4% | 0.4% |
| Cash ConversionOCF / Net Profit | — | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $9.8M | ||
| Q3 25 | $41.0M | $22.8M | ||
| Q2 25 | $-16.7M | $-28.9M | ||
| Q1 25 | $-64.0M | $-34.9M | ||
| Q4 24 | $51.5M | $5.5M | ||
| Q3 24 | $32.4M | $22.9M | ||
| Q2 24 | $18.3M | $39.0K | ||
| Q1 24 | $3.0M | $-9.3M |
| Q4 25 | $-68.9M | $8.7M | ||
| Q3 25 | $32.2M | $21.4M | ||
| Q2 25 | $-28.1M | $-31.1M | ||
| Q1 25 | $-72.9M | $-35.9M | ||
| Q4 24 | $10.4M | $4.8M | ||
| Q3 24 | $22.2M | $22.3M | ||
| Q2 24 | $7.8M | $-2.1M | ||
| Q1 24 | $-5.1M | $-9.7M |
| Q4 25 | -19.9% | 3.4% | ||
| Q3 25 | 8.8% | 8.2% | ||
| Q2 25 | -7.4% | -13.9% | ||
| Q1 25 | -17.6% | -16.0% | ||
| Q4 24 | 3.2% | 1.7% | ||
| Q3 24 | 6.6% | 8.0% | ||
| Q2 24 | 2.3% | -1.0% | ||
| Q1 24 | -1.4% | -5.1% |
| Q4 25 | 11.4% | 0.4% | ||
| Q3 25 | 2.4% | 0.5% | ||
| Q2 25 | 3.0% | 0.9% | ||
| Q1 25 | 2.2% | 0.5% | ||
| Q4 24 | 12.4% | 0.2% | ||
| Q3 24 | 3.0% | 0.2% | ||
| Q2 24 | 3.1% | 1.0% | ||
| Q1 24 | 2.1% | 0.2% |
| Q4 25 | — | 2.77× | ||
| Q3 25 | — | 10.70× | ||
| Q2 25 | — | -12.24× | ||
| Q1 25 | -4.59× | -13.01× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | — | 4.28× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | 0.14× | -3.12× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
