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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and UDR, Inc. (UDR). Click either name above to swap in a different company.
UDR, Inc. is the larger business by last-quarter revenue ($425.8M vs $347.3M, roughly 1.2× Baldwin Insurance Group, Inc.). UDR, Inc. runs the higher net margin — 44.6% vs -7.5%, a 52.1% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs 0.9%). Over the past eight quarters, UDR, Inc.'s revenue compounded faster (1.3% 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.
UDR, Inc. is a leading U.S.-headquartered real estate investment trust specializing in owning, operating, and redeveloping high-quality multifamily residential apartment communities. It operates across major U.S. metropolitan markets, catering to a diverse tenant base including young professionals, families, and middle-to-high income households.
BWIN vs UDR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $425.8M |
| Net Profit | $-25.9M | $189.8M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 54.0% |
| Net Margin | -7.5% | 44.6% |
| Revenue YoY | 5.3% | 0.9% |
| Net Profit YoY | -28.3% | 147.2% |
| EPS (diluted) | $-0.38 | $0.63 |
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 | — | $425.8M | ||
| Q4 25 | $347.3M | $433.1M | ||
| Q3 25 | $365.4M | $431.9M | ||
| Q2 25 | $378.8M | $425.4M | ||
| Q1 25 | $413.4M | $421.9M | ||
| Q4 24 | $329.9M | $422.7M | ||
| Q3 24 | $338.9M | $420.2M | ||
| Q2 24 | $339.8M | $415.3M |
| Q1 26 | — | $189.8M | ||
| Q4 25 | $-25.9M | $222.9M | ||
| Q3 25 | $-18.7M | $40.4M | ||
| Q2 25 | $-3.2M | $37.7M | ||
| Q1 25 | $13.9M | $76.7M | ||
| Q4 24 | $-20.2M | $-5.0M | ||
| Q3 24 | $-8.4M | $22.6M | ||
| Q2 24 | $-17.6M | $28.9M |
| Q1 26 | — | 54.0% | ||
| Q4 25 | -3.8% | 64.1% | ||
| Q3 25 | 0.9% | 17.7% | ||
| Q2 25 | 7.4% | 18.2% | ||
| Q1 25 | 13.6% | 29.0% | ||
| Q4 24 | -1.7% | 15.7% | ||
| Q3 24 | 4.5% | 16.6% | ||
| Q2 24 | 4.8% | 16.5% |
| Q1 26 | — | 44.6% | ||
| Q4 25 | -7.5% | 51.5% | ||
| Q3 25 | -5.1% | 9.4% | ||
| Q2 25 | -0.8% | 8.9% | ||
| Q1 25 | 3.4% | 18.2% | ||
| Q4 24 | -6.2% | -220.5% | ||
| Q3 24 | -2.5% | 5.4% | ||
| Q2 24 | -5.2% | 7.0% |
| Q1 26 | — | $0.63 | ||
| Q4 25 | $-0.38 | $0.67 | ||
| Q3 25 | $-0.27 | $0.12 | ||
| Q2 25 | $-0.05 | $0.11 | ||
| Q1 25 | $0.20 | $0.23 | ||
| Q4 24 | $-0.31 | $-0.01 | ||
| Q3 24 | $-0.13 | $0.06 | ||
| Q2 24 | $-0.28 | $0.08 |
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 | $1.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $3.3B |
| Total Assets | $3.9B | $10.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.3M | ||
| Q4 25 | $123.7M | $1.2M | ||
| Q3 25 | $89.7M | $1.2M | ||
| Q2 25 | $105.7M | $1.5M | ||
| Q1 25 | $81.8M | $1.3M | ||
| Q4 24 | $90.0M | $1.3M | ||
| Q3 24 | $181.8M | $2.3M | ||
| Q2 24 | $208.3M | $2.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.8B |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $600.2M | $3.3B | ||
| Q3 25 | $619.7M | $3.3B | ||
| Q2 25 | $630.8M | $3.3B | ||
| Q1 25 | $619.6M | $3.3B | ||
| Q4 24 | $583.2M | $3.4B | ||
| Q3 24 | $595.4M | $3.5B | ||
| Q2 24 | $590.9M | $3.7B |
| Q1 26 | — | $10.3B | ||
| Q4 25 | $3.9B | $10.6B | ||
| Q3 25 | $3.8B | $10.6B | ||
| Q2 25 | $3.7B | $10.6B | ||
| Q1 25 | $3.5B | $10.7B | ||
| Q4 24 | $3.5B | $10.9B | ||
| Q3 24 | $3.5B | $11.1B | ||
| Q2 24 | $3.7B | $11.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | 1.74× | ||
| Q1 25 | — | 1.74× | ||
| Q4 24 | — | 1.69× | ||
| Q3 24 | — | 1.67× | ||
| Q2 24 | — | 1.55× |
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% | 4.9% |
| 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 | $902.9M | ||
| Q3 25 | $41.0M | $234.9M | ||
| Q2 25 | $-16.7M | $250.3M | ||
| Q1 25 | $-64.0M | $156.2M | ||
| Q4 24 | $51.5M | $876.8M | ||
| Q3 24 | $32.4M | $230.3M | ||
| Q2 24 | $18.3M | $238.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.9M | $650.0M | ||
| Q3 25 | $32.2M | $164.6M | ||
| Q2 25 | $-28.1M | $190.1M | ||
| Q1 25 | $-72.9M | $103.2M | ||
| Q4 24 | $10.4M | $627.0M | ||
| Q3 24 | $22.2M | $161.3M | ||
| Q2 24 | $7.8M | $171.1M |
| Q1 26 | — | — | ||
| Q4 25 | -19.9% | 150.1% | ||
| Q3 25 | 8.8% | 38.1% | ||
| Q2 25 | -7.4% | 44.7% | ||
| Q1 25 | -17.6% | 24.5% | ||
| Q4 24 | 3.2% | 148.3% | ||
| Q3 24 | 6.6% | 38.4% | ||
| Q2 24 | 2.3% | 41.2% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 11.4% | 58.4% | ||
| Q3 25 | 2.4% | 16.3% | ||
| Q2 25 | 3.0% | 14.2% | ||
| Q1 25 | 2.2% | 12.6% | ||
| Q4 24 | 12.4% | 59.1% | ||
| Q3 24 | 3.0% | 16.4% | ||
| Q2 24 | 3.1% | 16.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.05× | ||
| Q3 25 | — | 5.81× | ||
| Q2 25 | — | 6.64× | ||
| Q1 25 | -4.59× | 2.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 10.19× | ||
| Q2 24 | — | 8.26× |
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% |
UDR
| Rental income | $423.3M | 99% |
| Joint venture management and other fees | $2.5M | 1% |
