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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Simpson Manufacturing Co., Inc. (SSD). Click either name above to swap in a different company.
Simpson Manufacturing Co., Inc. is the larger business by last-quarter revenue ($588.0M vs $347.3M, roughly 1.7× Baldwin Insurance Group, Inc.). Simpson Manufacturing Co., Inc. runs the higher net margin — 15.0% vs -7.5%, a 22.5% gap on every dollar of revenue. On growth, Simpson Manufacturing Co., Inc. posted the faster year-over-year revenue change (9.1% vs 5.3%). Over the past eight quarters, Simpson Manufacturing Co., Inc.'s revenue compounded faster (-0.8% 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.
Simpson Manufacturing Company is a leading building materials manufacturer in the United States that produces structural connectors, fasteners, anchors, and products for new construction and retrofitting.
BWIN vs SSD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $588.0M |
| Net Profit | $-25.9M | $88.2M |
| Gross Margin | — | 45.2% |
| Operating Margin | -3.8% | 19.5% |
| Net Margin | -7.5% | 15.0% |
| Revenue YoY | 5.3% | 9.1% |
| Net Profit YoY | -28.3% | 13.3% |
| EPS (diluted) | $-0.38 | $2.13 |
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 | — | $588.0M | ||
| Q4 25 | $347.3M | $539.3M | ||
| Q3 25 | $365.4M | $623.5M | ||
| Q2 25 | $378.8M | $631.1M | ||
| Q1 25 | $413.4M | $538.9M | ||
| Q4 24 | $329.9M | $517.4M | ||
| Q3 24 | $338.9M | $587.2M | ||
| Q2 24 | $339.8M | $597.0M |
| Q1 26 | — | $88.2M | ||
| Q4 25 | $-25.9M | $56.2M | ||
| Q3 25 | $-18.7M | $107.4M | ||
| Q2 25 | $-3.2M | $103.5M | ||
| Q1 25 | $13.9M | $77.9M | ||
| Q4 24 | $-20.2M | $55.4M | ||
| Q3 24 | $-8.4M | $93.5M | ||
| Q2 24 | $-17.6M | $97.8M |
| Q1 26 | — | 45.2% | ||
| Q4 25 | — | 43.4% | ||
| Q3 25 | — | 46.4% | ||
| Q2 25 | — | 46.7% | ||
| Q1 25 | — | 46.8% | ||
| Q4 24 | — | 44.0% | ||
| Q3 24 | — | 46.8% | ||
| Q2 24 | — | 46.7% |
| Q1 26 | — | 19.5% | ||
| Q4 25 | -3.8% | 13.9% | ||
| Q3 25 | 0.9% | 22.6% | ||
| Q2 25 | 7.4% | 22.2% | ||
| Q1 25 | 13.6% | 19.0% | ||
| Q4 24 | -1.7% | 14.8% | ||
| Q3 24 | 4.5% | 21.3% | ||
| Q2 24 | 4.8% | 22.1% |
| Q1 26 | — | 15.0% | ||
| Q4 25 | -7.5% | 10.4% | ||
| Q3 25 | -5.1% | 17.2% | ||
| Q2 25 | -0.8% | 16.4% | ||
| Q1 25 | 3.4% | 14.5% | ||
| Q4 24 | -6.2% | 10.7% | ||
| Q3 24 | -2.5% | 15.9% | ||
| Q2 24 | -5.2% | 16.4% |
| Q1 26 | — | $2.13 | ||
| Q4 25 | $-0.38 | $1.34 | ||
| Q3 25 | $-0.27 | $2.58 | ||
| Q2 25 | $-0.05 | $2.47 | ||
| Q1 25 | $0.20 | $1.85 | ||
| Q4 24 | $-0.31 | $1.31 | ||
| Q3 24 | $-0.13 | $2.21 | ||
| Q2 24 | $-0.28 | $2.31 |
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 | $341.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $2.1B |
| Total Assets | $3.9B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $341.0M | ||
| Q4 25 | $123.7M | $384.1M | ||
| Q3 25 | $89.7M | $297.3M | ||
| Q2 25 | $105.7M | $190.4M | ||
| Q1 25 | $81.8M | $150.3M | ||
| Q4 24 | $90.0M | $239.4M | ||
| Q3 24 | $181.8M | $339.4M | ||
| Q2 24 | $208.3M | $354.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $300.0M | ||
| Q3 25 | — | $371.3M | ||
| Q2 25 | — | $376.9M | ||
| Q1 25 | — | $382.5M | ||
| Q4 24 | — | $388.1M | ||
| Q3 24 | — | $393.8M | ||
| Q2 24 | — | $399.4M |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $600.2M | $2.0B | ||
| Q3 25 | $619.7M | $2.0B | ||
| Q2 25 | $630.8M | $1.9B | ||
| Q1 25 | $619.6M | $1.9B | ||
| Q4 24 | $583.2M | $1.8B | ||
| Q3 24 | $595.4M | $1.9B | ||
| Q2 24 | $590.9M | $1.8B |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.9B | $3.1B | ||
| Q3 25 | $3.8B | $3.0B | ||
| Q2 25 | $3.7B | $3.0B | ||
| Q1 25 | $3.5B | $2.8B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.5B | $2.9B | ||
| Q2 24 | $3.7B | $2.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.20× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.23× |
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% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-29.4M | $155.7M | ||
| Q3 25 | $41.0M | $170.2M | ||
| Q2 25 | $-16.7M | $125.2M | ||
| Q1 25 | $-64.0M | $7.6M | ||
| Q4 24 | $51.5M | $115.8M | ||
| Q3 24 | $32.4M | $103.3M | ||
| Q2 24 | $18.3M | $111.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.9M | $119.0M | ||
| Q3 25 | $32.2M | $133.9M | ||
| Q2 25 | $-28.1M | $87.3M | ||
| Q1 25 | $-72.9M | $-42.6M | ||
| Q4 24 | $10.4M | $60.3M | ||
| Q3 24 | $22.2M | $58.1M | ||
| Q2 24 | $7.8M | $70.9M |
| Q1 26 | — | — | ||
| Q4 25 | -19.9% | 22.1% | ||
| Q3 25 | 8.8% | 21.5% | ||
| Q2 25 | -7.4% | 13.8% | ||
| Q1 25 | -17.6% | -7.9% | ||
| Q4 24 | 3.2% | 11.7% | ||
| Q3 24 | 6.6% | 9.9% | ||
| Q2 24 | 2.3% | 11.9% |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 6.8% | ||
| Q3 25 | 2.4% | 5.8% | ||
| Q2 25 | 3.0% | 6.0% | ||
| Q1 25 | 2.2% | 9.3% | ||
| Q4 24 | 12.4% | 10.7% | ||
| Q3 24 | 3.0% | 7.7% | ||
| Q2 24 | 3.1% | 6.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.77× | ||
| Q3 25 | — | 1.58× | ||
| Q2 25 | — | 1.21× | ||
| Q1 25 | -4.59× | 0.10× | ||
| Q4 24 | — | 2.09× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.14× |
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% |
SSD
Segment breakdown not available.
