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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and SPS COMMERCE INC (SPSC). 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 $192.7M, roughly 1.8× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -7.5%, a 20.9% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 5.3%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-68.9M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
BWIN vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $192.7M |
| Net Profit | $-25.9M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -3.8% | 18.0% |
| Net Margin | -7.5% | 13.4% |
| Revenue YoY | 5.3% | 12.7% |
| Net Profit YoY | -28.3% | 47.2% |
| EPS (diluted) | $-0.38 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $365.4M | $189.9M | ||
| Q2 25 | $378.8M | $187.4M | ||
| Q1 25 | $413.4M | $181.5M | ||
| Q4 24 | $329.9M | $170.9M | ||
| Q3 24 | $338.9M | $163.7M | ||
| Q2 24 | $339.8M | $153.6M | ||
| Q1 24 | $380.4M | $149.6M |
| Q4 25 | $-25.9M | $25.8M | ||
| Q3 25 | $-18.7M | $25.6M | ||
| Q2 25 | $-3.2M | $19.7M | ||
| Q1 25 | $13.9M | $22.2M | ||
| Q4 24 | $-20.2M | $17.6M | ||
| Q3 24 | $-8.4M | $23.5M | ||
| Q2 24 | $-17.6M | $18.0M | ||
| Q1 24 | $21.6M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -3.8% | 18.0% | ||
| Q3 25 | 0.9% | 16.4% | ||
| Q2 25 | 7.4% | 14.1% | ||
| Q1 25 | 13.6% | 14.3% | ||
| Q4 24 | -1.7% | 14.5% | ||
| Q3 24 | 4.5% | 15.6% | ||
| Q2 24 | 4.8% | 15.1% | ||
| Q1 24 | 9.0% | 10.3% |
| Q4 25 | -7.5% | 13.4% | ||
| Q3 25 | -5.1% | 13.5% | ||
| Q2 25 | -0.8% | 10.5% | ||
| Q1 25 | 3.4% | 12.2% | ||
| Q4 24 | -6.2% | 10.3% | ||
| Q3 24 | -2.5% | 14.3% | ||
| Q2 24 | -5.2% | 11.7% | ||
| Q1 24 | 5.7% | 12.0% |
| Q4 25 | $-0.38 | $0.69 | ||
| Q3 25 | $-0.27 | $0.67 | ||
| Q2 25 | $-0.05 | $0.52 | ||
| Q1 25 | $0.20 | $0.58 | ||
| Q4 24 | $-0.31 | $0.46 | ||
| Q3 24 | $-0.13 | $0.62 | ||
| Q2 24 | $-0.28 | $0.48 | ||
| Q1 24 | $0.33 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $973.9M |
| Total Assets | $3.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $151.4M | ||
| Q3 25 | $89.7M | $133.7M | ||
| Q2 25 | $105.7M | $107.6M | ||
| Q1 25 | $81.8M | $94.9M | ||
| Q4 24 | $90.0M | $241.0M | ||
| Q3 24 | $181.8M | $205.8M | ||
| Q2 24 | $208.3M | $271.8M | ||
| Q1 24 | $112.1M | $290.8M |
| Q4 25 | $600.2M | $973.9M | ||
| Q3 25 | $619.7M | $958.9M | ||
| Q2 25 | $630.8M | $949.8M | ||
| Q1 25 | $619.6M | $920.9M | ||
| Q4 24 | $583.2M | $854.7M | ||
| Q3 24 | $595.4M | $829.4M | ||
| Q2 24 | $590.9M | $703.4M | ||
| Q1 24 | $597.9M | $683.0M |
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $3.7B | $1.1B | ||
| Q1 25 | $3.5B | $1.1B | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | $3.5B | $1.0B | ||
| Q2 24 | $3.7B | $854.5M | ||
| Q1 24 | $3.5B | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $38.2M |
| FCF MarginFCF / Revenue | -19.9% | 19.8% |
| Capex IntensityCapex / Revenue | 11.4% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $45.9M | ||
| Q3 25 | $41.0M | $60.6M | ||
| Q2 25 | $-16.7M | $32.3M | ||
| Q1 25 | $-64.0M | $40.0M | ||
| Q4 24 | $51.5M | $40.6M | ||
| Q3 24 | $32.4M | $53.3M | ||
| Q2 24 | $18.3M | $29.4M | ||
| Q1 24 | $3.0M | $34.1M |
| Q4 25 | $-68.9M | $38.2M | ||
| Q3 25 | $32.2M | $54.6M | ||
| Q2 25 | $-28.1M | $25.7M | ||
| Q1 25 | $-72.9M | $33.8M | ||
| Q4 24 | $10.4M | $34.3M | ||
| Q3 24 | $22.2M | $48.1M | ||
| Q2 24 | $7.8M | $24.4M | ||
| Q1 24 | $-5.1M | $30.5M |
| Q4 25 | -19.9% | 19.8% | ||
| Q3 25 | 8.8% | 28.7% | ||
| Q2 25 | -7.4% | 13.7% | ||
| Q1 25 | -17.6% | 18.6% | ||
| Q4 24 | 3.2% | 20.1% | ||
| Q3 24 | 6.6% | 29.4% | ||
| Q2 24 | 2.3% | 15.9% | ||
| Q1 24 | -1.4% | 20.4% |
| Q4 25 | 11.4% | 4.0% | ||
| Q3 25 | 2.4% | 3.2% | ||
| Q2 25 | 3.0% | 3.6% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | 12.4% | 3.6% | ||
| Q3 24 | 3.0% | 3.2% | ||
| Q2 24 | 3.1% | 3.3% | ||
| Q1 24 | 2.1% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | -4.59× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | 0.14× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
