vs
Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Tecnoglass Inc. (TGLS). 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 $245.3M, roughly 1.4× Tecnoglass Inc.). Tecnoglass Inc. runs the higher net margin — 10.6% vs -7.5%, a 18.1% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 2.4%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M vs $-68.9M). Over the past eight quarters, Tecnoglass Inc.'s revenue compounded faster (12.8% 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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
BWIN vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $245.3M |
| Net Profit | $-25.9M | $26.1M |
| Gross Margin | — | 40.0% |
| Operating Margin | -3.8% | 18.3% |
| Net Margin | -7.5% | 10.6% |
| Revenue YoY | 5.3% | 2.4% |
| Net Profit YoY | -28.3% | -44.5% |
| EPS (diluted) | $-0.38 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $365.4M | $260.5M | ||
| Q2 25 | $378.8M | $255.5M | ||
| Q1 25 | $413.4M | $222.3M | ||
| Q4 24 | $329.9M | $239.6M | ||
| Q3 24 | $338.9M | $238.3M | ||
| Q2 24 | $339.8M | $219.7M | ||
| Q1 24 | $380.4M | $192.6M |
| Q4 25 | $-25.9M | $26.1M | ||
| Q3 25 | $-18.7M | $47.2M | ||
| Q2 25 | $-3.2M | $44.1M | ||
| Q1 25 | $13.9M | $42.2M | ||
| Q4 24 | $-20.2M | $47.0M | ||
| Q3 24 | $-8.4M | $49.5M | ||
| Q2 24 | $-17.6M | $35.0M | ||
| Q1 24 | $21.6M | $29.7M |
| Q4 25 | — | 40.0% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | -3.8% | 18.3% | ||
| Q3 25 | 0.9% | 25.1% | ||
| Q2 25 | 7.4% | 24.0% | ||
| Q1 25 | 13.6% | 26.7% | ||
| Q4 24 | -1.7% | 28.0% | ||
| Q3 24 | 4.5% | 28.4% | ||
| Q2 24 | 4.8% | 23.3% | ||
| Q1 24 | 9.0% | 21.3% |
| Q4 25 | -7.5% | 10.6% | ||
| Q3 25 | -5.1% | 18.1% | ||
| Q2 25 | -0.8% | 17.3% | ||
| Q1 25 | 3.4% | 19.0% | ||
| Q4 24 | -6.2% | 19.6% | ||
| Q3 24 | -2.5% | 20.8% | ||
| Q2 24 | -5.2% | 15.9% | ||
| Q1 24 | 5.7% | 15.4% |
| Q4 25 | $-0.38 | $0.57 | ||
| Q3 25 | $-0.27 | $1.01 | ||
| Q2 25 | $-0.05 | $0.94 | ||
| Q1 25 | $0.20 | $0.90 | ||
| Q4 24 | $-0.31 | $1.00 | ||
| Q3 24 | $-0.13 | $1.05 | ||
| Q2 24 | $-0.28 | $0.75 | ||
| Q1 24 | $0.33 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $600.2M | $713.1M |
| Total Assets | $3.9B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $104.1M | ||
| Q3 25 | $89.7M | $127.1M | ||
| Q2 25 | $105.7M | $140.9M | ||
| Q1 25 | $81.8M | $160.2M | ||
| Q4 24 | $90.0M | $137.5M | ||
| Q3 24 | $181.8M | $124.8M | ||
| Q2 24 | $208.3M | $129.5M | ||
| Q1 24 | $112.1M | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $600.2M | $713.1M | ||
| Q3 25 | $619.7M | $764.0M | ||
| Q2 25 | $630.8M | $736.0M | ||
| Q1 25 | $619.6M | $685.1M | ||
| Q4 24 | $583.2M | $631.2M | ||
| Q3 24 | $595.4M | $613.3M | ||
| Q2 24 | $590.9M | $574.8M | ||
| Q1 24 | $597.9M | $573.6M |
| Q4 25 | $3.9B | $1.3B | ||
| Q3 25 | $3.8B | $1.2B | ||
| Q2 25 | $3.7B | $1.2B | ||
| Q1 25 | $3.5B | $1.1B | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | $3.5B | $996.3M | ||
| Q2 24 | $3.7B | $942.5M | ||
| Q1 24 | $3.5B | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $-68.9M | $11.4M |
| FCF MarginFCF / Revenue | -19.9% | 4.7% |
| Capex IntensityCapex / Revenue | 11.4% | 8.0% |
| Cash ConversionOCF / Net Profit | — | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $31.0M | ||
| Q3 25 | $41.0M | $40.0M | ||
| Q2 25 | $-16.7M | $17.9M | ||
| Q1 25 | $-64.0M | $46.9M | ||
| Q4 24 | $51.5M | $61.1M | ||
| Q3 24 | $32.4M | $41.5M | ||
| Q2 24 | $18.3M | $34.5M | ||
| Q1 24 | $3.0M | $33.4M |
| Q4 25 | $-68.9M | $11.4M | ||
| Q3 25 | $32.2M | $21.2M | ||
| Q2 25 | $-28.1M | $-14.7M | ||
| Q1 25 | $-72.9M | $16.5M | ||
| Q4 24 | $10.4M | $35.4M | ||
| Q3 24 | $22.2M | $17.8M | ||
| Q2 24 | $7.8M | $14.2M | ||
| Q1 24 | $-5.1M | $23.6M |
| Q4 25 | -19.9% | 4.7% | ||
| Q3 25 | 8.8% | 8.2% | ||
| Q2 25 | -7.4% | -5.7% | ||
| Q1 25 | -17.6% | 7.4% | ||
| Q4 24 | 3.2% | 14.8% | ||
| Q3 24 | 6.6% | 7.5% | ||
| Q2 24 | 2.3% | 6.5% | ||
| Q1 24 | -1.4% | 12.2% |
| Q4 25 | 11.4% | 8.0% | ||
| Q3 25 | 2.4% | 7.2% | ||
| Q2 25 | 3.0% | 12.7% | ||
| Q1 25 | 2.2% | 13.7% | ||
| Q4 24 | 12.4% | 10.7% | ||
| Q3 24 | 3.0% | 9.9% | ||
| Q2 24 | 3.1% | 9.2% | ||
| Q1 24 | 2.1% | 5.1% |
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | -4.59× | 1.11× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | 0.14× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
