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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
Skyward Specialty Insurance Group, Inc. is the larger business by last-quarter revenue ($385.6M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs -7.5%, a 18.7% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs 5.3%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $-68.9M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
BWIN vs SKWD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $385.6M |
| Net Profit | $-25.9M | $43.2M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 14.2% |
| Net Margin | -7.5% | 11.2% |
| Revenue YoY | 5.3% | 26.7% |
| Net Profit YoY | -28.3% | 200.1% |
| EPS (diluted) | $-0.38 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $365.4M | $382.5M | ||
| Q2 25 | $378.8M | $319.9M | ||
| Q1 25 | $413.4M | $328.5M | ||
| Q4 24 | $329.9M | $304.4M | ||
| Q3 24 | $338.9M | $300.9M | ||
| Q2 24 | $339.8M | $279.9M | ||
| Q1 24 | $380.4M | $265.0M |
| Q4 25 | $-25.9M | $43.2M | ||
| Q3 25 | $-18.7M | $45.9M | ||
| Q2 25 | $-3.2M | $38.8M | ||
| Q1 25 | $13.9M | $42.1M | ||
| Q4 24 | $-20.2M | $14.4M | ||
| Q3 24 | $-8.4M | $36.7M | ||
| Q2 24 | $-17.6M | $31.0M | ||
| Q1 24 | $21.6M | $36.8M |
| Q4 25 | -3.8% | 14.2% | ||
| Q3 25 | 0.9% | 15.8% | ||
| Q2 25 | 7.4% | 15.6% | ||
| Q1 25 | 13.6% | 15.7% | ||
| Q4 24 | -1.7% | 6.1% | ||
| Q3 24 | 4.5% | 15.6% | ||
| Q2 24 | 4.8% | 14.4% | ||
| Q1 24 | 9.0% | 17.7% |
| Q4 25 | -7.5% | 11.2% | ||
| Q3 25 | -5.1% | 12.0% | ||
| Q2 25 | -0.8% | 12.1% | ||
| Q1 25 | 3.4% | 12.8% | ||
| Q4 24 | -6.2% | 4.7% | ||
| Q3 24 | -2.5% | 12.2% | ||
| Q2 24 | -5.2% | 11.1% | ||
| Q1 24 | 5.7% | 13.9% |
| Q4 25 | $-0.38 | $1.03 | ||
| Q3 25 | $-0.27 | $1.10 | ||
| Q2 25 | $-0.05 | $0.93 | ||
| Q1 25 | $0.20 | $1.01 | ||
| Q4 24 | $-0.31 | $0.33 | ||
| Q3 24 | $-0.13 | $0.89 | ||
| Q2 24 | $-0.28 | $0.75 | ||
| Q1 24 | $0.33 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $1.0B |
| Total Assets | $3.9B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $168.5M | ||
| Q3 25 | $89.7M | $160.1M | ||
| Q2 25 | $105.7M | $136.6M | ||
| Q1 25 | $81.8M | $112.9M | ||
| Q4 24 | $90.0M | $121.6M | ||
| Q3 24 | $181.8M | $105.6M | ||
| Q2 24 | $208.3M | $73.0M | ||
| Q1 24 | $112.1M | $85.1M |
| Q4 25 | $600.2M | $1.0B | ||
| Q3 25 | $619.7M | $961.4M | ||
| Q2 25 | $630.8M | $899.9M | ||
| Q1 25 | $619.6M | $850.7M | ||
| Q4 24 | $583.2M | $794.0M | ||
| Q3 24 | $595.4M | $797.5M | ||
| Q2 24 | $590.9M | $723.6M | ||
| Q1 24 | $597.9M | $692.3M |
| Q4 25 | $3.9B | $4.8B | ||
| Q3 25 | $3.8B | $4.6B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.5B | $4.0B | ||
| Q4 24 | $3.5B | $3.7B | ||
| Q3 24 | $3.5B | $3.6B | ||
| Q2 24 | $3.7B | $3.4B | ||
| Q1 24 | $3.5B | $3.2B |
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 | $408.1M |
| Free Cash FlowOCF − Capex | $-68.9M | $402.6M |
| FCF MarginFCF / Revenue | -19.9% | 104.4% |
| Capex IntensityCapex / Revenue | 11.4% | 1.4% |
| Cash ConversionOCF / Net Profit | — | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $408.1M | ||
| Q3 25 | $41.0M | $171.4M | ||
| Q2 25 | $-16.7M | $88.2M | ||
| Q1 25 | $-64.0M | $96.8M | ||
| Q4 24 | $51.5M | $305.1M | ||
| Q3 24 | $32.4M | $168.0M | ||
| Q2 24 | $18.3M | $21.0M | ||
| Q1 24 | $3.0M | $94.3M |
| Q4 25 | $-68.9M | $402.6M | ||
| Q3 25 | $32.2M | $168.9M | ||
| Q2 25 | $-28.1M | $87.1M | ||
| Q1 25 | $-72.9M | $96.6M | ||
| Q4 24 | $10.4M | $300.9M | ||
| Q3 24 | $22.2M | $167.6M | ||
| Q2 24 | $7.8M | $18.4M | ||
| Q1 24 | $-5.1M | $94.0M |
| Q4 25 | -19.9% | 104.4% | ||
| Q3 25 | 8.8% | 44.2% | ||
| Q2 25 | -7.4% | 27.2% | ||
| Q1 25 | -17.6% | 29.4% | ||
| Q4 24 | 3.2% | 98.8% | ||
| Q3 24 | 6.6% | 55.7% | ||
| Q2 24 | 2.3% | 6.6% | ||
| Q1 24 | -1.4% | 35.5% |
| Q4 25 | 11.4% | 1.4% | ||
| Q3 25 | 2.4% | 0.6% | ||
| Q2 25 | 3.0% | 0.3% | ||
| Q1 25 | 2.2% | 0.1% | ||
| Q4 24 | 12.4% | 1.4% | ||
| Q3 24 | 3.0% | 0.1% | ||
| Q2 24 | 3.1% | 0.9% | ||
| Q1 24 | 2.1% | 0.1% |
| Q4 25 | — | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | -4.59× | 2.30× | ||
| Q4 24 | — | 21.18× | ||
| Q3 24 | — | 4.58× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | 0.14× | 2.56× |
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% |
SKWD
Segment breakdown not available.
