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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Wheels Up Experience Inc. (UP). 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 $183.8M, roughly 1.9× Wheels Up Experience Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -15.7%, a 8.2% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-68.9M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% 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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
BWIN vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $183.8M |
| Net Profit | $-25.9M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | -3.8% | -0.9% |
| Net Margin | -7.5% | -15.7% |
| Revenue YoY | 5.3% | -10.2% |
| Net Profit YoY | -28.3% | 67.0% |
| EPS (diluted) | $-0.38 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $365.4M | $185.5M | ||
| Q2 25 | $378.8M | $189.6M | ||
| Q1 25 | $413.4M | $177.5M | ||
| Q4 24 | $329.9M | $204.8M | ||
| Q3 24 | $338.9M | $193.9M | ||
| Q2 24 | $339.8M | $196.3M | ||
| Q1 24 | $380.4M | $197.1M |
| Q4 25 | $-25.9M | $-28.9M | ||
| Q3 25 | $-18.7M | $-83.7M | ||
| Q2 25 | $-3.2M | $-82.3M | ||
| Q1 25 | $13.9M | $-99.3M | ||
| Q4 24 | $-20.2M | $-87.5M | ||
| Q3 24 | $-8.4M | $-57.7M | ||
| Q2 24 | $-17.6M | $-97.0M | ||
| Q1 24 | $21.6M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | -3.8% | -0.9% | ||
| Q3 25 | 0.9% | -33.1% | ||
| Q2 25 | 7.4% | -31.4% | ||
| Q1 25 | 13.6% | -45.5% | ||
| Q4 24 | -1.7% | -26.0% | ||
| Q3 24 | 4.5% | -21.6% | ||
| Q2 24 | 4.8% | -40.3% | ||
| Q1 24 | 9.0% | -42.9% |
| Q4 25 | -7.5% | -15.7% | ||
| Q3 25 | -5.1% | -45.1% | ||
| Q2 25 | -0.8% | -43.4% | ||
| Q1 25 | 3.4% | -55.9% | ||
| Q4 24 | -6.2% | -42.7% | ||
| Q3 24 | -2.5% | -29.8% | ||
| Q2 24 | -5.2% | -49.4% | ||
| Q1 24 | 5.7% | -49.4% |
| Q4 25 | $-0.38 | $-0.04 | ||
| Q3 25 | $-0.27 | $-0.12 | ||
| Q2 25 | $-0.05 | $-0.12 | ||
| Q1 25 | $0.20 | $-0.14 | ||
| Q4 24 | $-0.31 | $-0.13 | ||
| Q3 24 | $-0.13 | $-0.08 | ||
| Q2 24 | $-0.28 | $-0.14 | ||
| Q1 24 | $0.33 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $600.2M | $-392.1M |
| Total Assets | $3.9B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $133.9M | ||
| Q3 25 | $89.7M | $125.3M | ||
| Q2 25 | $105.7M | $107.0M | ||
| Q1 25 | $81.8M | $171.8M | ||
| Q4 24 | $90.0M | $216.4M | ||
| Q3 24 | $181.8M | $115.9M | ||
| Q2 24 | $208.3M | $141.5M | ||
| Q1 24 | $112.1M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $600.2M | $-392.1M | ||
| Q3 25 | $619.7M | $-374.5M | ||
| Q2 25 | $630.8M | $-347.8M | ||
| Q1 25 | $619.6M | $-288.1M | ||
| Q4 24 | $583.2M | $-202.1M | ||
| Q3 24 | $595.4M | $-117.7M | ||
| Q2 24 | $590.9M | $-72.2M | ||
| Q1 24 | $597.9M | $936.0K |
| Q4 25 | $3.9B | $968.8M | ||
| Q3 25 | $3.8B | $973.0M | ||
| Q2 25 | $3.7B | $1.0B | ||
| Q1 25 | $3.5B | $1.1B | ||
| Q4 24 | $3.5B | $1.2B | ||
| Q3 24 | $3.5B | $1.0B | ||
| Q2 24 | $3.7B | $1.1B | ||
| Q1 24 | $3.5B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-68.9M | $-58.3M |
| FCF MarginFCF / Revenue | -19.9% | -31.7% |
| Capex IntensityCapex / Revenue | 11.4% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $-18.4M | ||
| Q3 25 | $41.0M | $-37.1M | ||
| Q2 25 | $-16.7M | $-62.9M | ||
| Q1 25 | $-64.0M | $-47.9M | ||
| Q4 24 | $51.5M | $37.9M | ||
| Q3 24 | $32.4M | $-16.9M | ||
| Q2 24 | $18.3M | $-25.2M | ||
| Q1 24 | $3.0M | $-73.8M |
| Q4 25 | $-68.9M | $-58.3M | ||
| Q3 25 | $32.2M | $-60.4M | ||
| Q2 25 | $-28.1M | $-78.6M | ||
| Q1 25 | $-72.9M | $-62.6M | ||
| Q4 24 | $10.4M | $-70.2M | ||
| Q3 24 | $22.2M | $-21.9M | ||
| Q2 24 | $7.8M | $-30.8M | ||
| Q1 24 | $-5.1M | $-77.8M |
| Q4 25 | -19.9% | -31.7% | ||
| Q3 25 | 8.8% | -32.6% | ||
| Q2 25 | -7.4% | -41.5% | ||
| Q1 25 | -17.6% | -35.3% | ||
| Q4 24 | 3.2% | -34.3% | ||
| Q3 24 | 6.6% | -11.3% | ||
| Q2 24 | 2.3% | -15.7% | ||
| Q1 24 | -1.4% | -39.5% |
| Q4 25 | 11.4% | 21.7% | ||
| Q3 25 | 2.4% | 12.5% | ||
| Q2 25 | 3.0% | 8.3% | ||
| Q1 25 | 2.2% | 8.3% | ||
| Q4 24 | 12.4% | 52.8% | ||
| Q3 24 | 3.0% | 2.6% | ||
| Q2 24 | 3.1% | 2.9% | ||
| Q1 24 | 2.1% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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% |
UP
Segment breakdown not available.
