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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Bio-Techne (TECH). 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 $295.9M, roughly 1.2× Bio-Techne). Bio-Techne runs the higher net margin — 12.8% vs -7.5%, a 20.4% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -6.4%). Over the past eight quarters, Bio-Techne's revenue compounded faster (4.2% 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.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
BWIN vs TECH — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $295.9M |
| Net Profit | $-25.9M | $38.0M |
| Gross Margin | — | 64.6% |
| Operating Margin | -3.8% | 18.4% |
| Net Margin | -7.5% | 12.8% |
| Revenue YoY | 5.3% | -6.4% |
| Net Profit YoY | -28.3% | 68.3% |
| EPS (diluted) | $-0.38 | $0.24 |
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 | $295.9M | ||
| Q3 25 | $365.4M | — | ||
| Q2 25 | $378.8M | $317.0M | ||
| Q1 25 | $413.4M | $316.2M | ||
| Q4 24 | $329.9M | $297.0M | ||
| Q3 24 | $338.9M | $289.5M | ||
| Q2 24 | $339.8M | $306.1M | ||
| Q1 24 | $380.4M | $303.4M |
| Q4 25 | $-25.9M | $38.0M | ||
| Q3 25 | $-18.7M | — | ||
| Q2 25 | $-3.2M | $-17.7M | ||
| Q1 25 | $13.9M | $22.6M | ||
| Q4 24 | $-20.2M | $34.9M | ||
| Q3 24 | $-8.4M | $33.6M | ||
| Q2 24 | $-17.6M | $40.6M | ||
| Q1 24 | $21.6M | $49.1M |
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 62.7% | ||
| Q1 25 | — | 67.9% | ||
| Q4 24 | — | 65.3% | ||
| Q3 24 | — | 63.2% | ||
| Q2 24 | — | 66.4% | ||
| Q1 24 | — | 67.4% |
| Q4 25 | -3.8% | 18.4% | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 7.4% | -7.5% | ||
| Q1 25 | 13.6% | 12.2% | ||
| Q4 24 | -1.7% | 16.0% | ||
| Q3 24 | 4.5% | 13.8% | ||
| Q2 24 | 4.8% | 15.0% | ||
| Q1 24 | 9.0% | 22.1% |
| Q4 25 | -7.5% | 12.8% | ||
| Q3 25 | -5.1% | — | ||
| Q2 25 | -0.8% | -5.6% | ||
| Q1 25 | 3.4% | 7.1% | ||
| Q4 24 | -6.2% | 11.7% | ||
| Q3 24 | -2.5% | 11.6% | ||
| Q2 24 | -5.2% | 13.3% | ||
| Q1 24 | 5.7% | 16.2% |
| Q4 25 | $-0.38 | $0.24 | ||
| Q3 25 | $-0.27 | — | ||
| Q2 25 | $-0.05 | $-0.11 | ||
| Q1 25 | $0.20 | $0.14 | ||
| Q4 24 | $-0.31 | $0.22 | ||
| Q3 24 | $-0.13 | $0.21 | ||
| Q2 24 | $-0.28 | $0.26 | ||
| Q1 24 | $0.33 | $0.31 |
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 | $172.9M |
| Total DebtLower is stronger | — | $260.0M |
| Stockholders' EquityBook value | $600.2M | $2.0B |
| Total Assets | $3.9B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $172.9M | ||
| Q3 25 | $89.7M | — | ||
| Q2 25 | $105.7M | $162.2M | ||
| Q1 25 | $81.8M | $140.7M | ||
| Q4 24 | $90.0M | $177.5M | ||
| Q3 24 | $181.8M | $187.5M | ||
| Q2 24 | $208.3M | $152.9M | ||
| Q1 24 | $112.1M | $145.3M |
| Q4 25 | — | $260.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $346.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $300.0M | ||
| Q3 24 | — | $300.0M | ||
| Q2 24 | — | $319.0M | ||
| Q1 24 | — | $389.0M |
| Q4 25 | $600.2M | $2.0B | ||
| Q3 25 | $619.7M | — | ||
| Q2 25 | $630.8M | $1.9B | ||
| Q1 25 | $619.6M | $2.0B | ||
| Q4 24 | $583.2M | $2.1B | ||
| Q3 24 | $595.4M | $2.1B | ||
| Q2 24 | $590.9M | $2.1B | ||
| Q1 24 | $597.9M | $2.0B |
| Q4 25 | $3.9B | $2.5B | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.5B | $2.7B | ||
| Q2 24 | $3.7B | $2.7B | ||
| Q1 24 | $3.5B | $2.7B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.19× |
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.
| Q4 25 | $-29.4M | — | ||
| Q3 25 | $41.0M | — | ||
| Q2 25 | $-16.7M | $98.2M | ||
| Q1 25 | $-64.0M | $41.1M | ||
| Q4 24 | $51.5M | $84.3M | ||
| Q3 24 | $32.4M | $63.9M | ||
| Q2 24 | $18.3M | $75.5M | ||
| Q1 24 | $3.0M | $81.0M |
| Q4 25 | $-68.9M | — | ||
| Q3 25 | $32.2M | — | ||
| Q2 25 | $-28.1M | $93.3M | ||
| Q1 25 | $-72.9M | $31.0M | ||
| Q4 24 | $10.4M | $77.5M | ||
| Q3 24 | $22.2M | $54.7M | ||
| Q2 24 | $7.8M | $57.5M | ||
| Q1 24 | $-5.1M | $64.5M |
| Q4 25 | -19.9% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | -7.4% | 29.4% | ||
| Q1 25 | -17.6% | 9.8% | ||
| Q4 24 | 3.2% | 26.1% | ||
| Q3 24 | 6.6% | 18.9% | ||
| Q2 24 | 2.3% | 18.8% | ||
| Q1 24 | -1.4% | 21.3% |
| Q4 25 | 11.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.0% | 1.5% | ||
| Q1 25 | 2.2% | 3.2% | ||
| Q4 24 | 12.4% | 2.3% | ||
| Q3 24 | 3.0% | 3.2% | ||
| Q2 24 | 3.1% | 5.9% | ||
| Q1 24 | 2.1% | 5.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | 1.82× | ||
| Q4 24 | — | 2.42× | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | 0.14× | 1.65× |
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% |
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
