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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $347.3M, roughly 1.1× Baldwin Insurance Group, Inc.). Bristow Group Inc. runs the higher net margin — 4.9% vs -7.5%, a 12.4% gap on every dollar of revenue. On growth, Bristow Group Inc. posted the faster year-over-year revenue change (6.7% vs 5.3%). Bristow Group Inc. produced more free cash flow last quarter ($47.8M vs $-68.9M). Over the past eight quarters, Bristow Group Inc.'s revenue compounded faster (5.8% 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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
BWIN vs VTOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $377.3M |
| Net Profit | $-25.9M | $18.4M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | 8.5% |
| Net Margin | -7.5% | 4.9% |
| Revenue YoY | 5.3% | 6.7% |
| Net Profit YoY | -28.3% | -42.1% |
| EPS (diluted) | $-0.38 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $365.4M | $386.3M | ||
| Q2 25 | $378.8M | $376.4M | ||
| Q1 25 | $413.4M | $350.5M | ||
| Q4 24 | $329.9M | $353.5M | ||
| Q3 24 | $338.9M | $365.1M | ||
| Q2 24 | $339.8M | $359.7M | ||
| Q1 24 | $380.4M | $337.1M |
| Q4 25 | $-25.9M | $18.4M | ||
| Q3 25 | $-18.7M | $51.5M | ||
| Q2 25 | $-3.2M | $31.7M | ||
| Q1 25 | $13.9M | $27.4M | ||
| Q4 24 | $-20.2M | $31.8M | ||
| Q3 24 | $-8.4M | $28.2M | ||
| Q2 24 | $-17.6M | $28.2M | ||
| Q1 24 | $21.6M | $6.6M |
| Q4 25 | -3.8% | 8.5% | ||
| Q3 25 | 0.9% | 13.1% | ||
| Q2 25 | 7.4% | 11.3% | ||
| Q1 25 | 13.6% | 9.6% | ||
| Q4 24 | -1.7% | 9.0% | ||
| Q3 24 | 4.5% | 9.1% | ||
| Q2 24 | 4.8% | 12.4% | ||
| Q1 24 | 9.0% | 6.8% |
| Q4 25 | -7.5% | 4.9% | ||
| Q3 25 | -5.1% | 13.3% | ||
| Q2 25 | -0.8% | 8.4% | ||
| Q1 25 | 3.4% | 7.8% | ||
| Q4 24 | -6.2% | 9.0% | ||
| Q3 24 | -2.5% | 7.7% | ||
| Q2 24 | -5.2% | 7.8% | ||
| Q1 24 | 5.7% | 2.0% |
| Q4 25 | $-0.38 | $0.61 | ||
| Q3 25 | $-0.27 | $1.72 | ||
| Q2 25 | $-0.05 | $1.07 | ||
| Q1 25 | $0.20 | $0.92 | ||
| Q4 24 | $-0.31 | $1.07 | ||
| Q3 24 | $-0.13 | $0.95 | ||
| Q2 24 | $-0.28 | $0.96 | ||
| Q1 24 | $0.33 | $0.23 |
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 | $286.2M |
| Total DebtLower is stronger | — | $671.5M |
| Stockholders' EquityBook value | $600.2M | $1.1B |
| Total Assets | $3.9B | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $286.2M | ||
| Q3 25 | $89.7M | $245.5M | ||
| Q2 25 | $105.7M | $251.8M | ||
| Q1 25 | $81.8M | $191.1M | ||
| Q4 24 | $90.0M | $247.5M | ||
| Q3 24 | $181.8M | $200.3M | ||
| Q2 24 | $208.3M | $178.6M | ||
| Q1 24 | $112.1M | $140.6M |
| Q4 25 | — | $671.5M | ||
| Q3 25 | — | $675.0M | ||
| Q2 25 | — | $705.2M | ||
| Q1 25 | — | $701.9M | ||
| Q4 24 | — | $689.8M | ||
| Q3 24 | — | $629.1M | ||
| Q2 24 | — | $594.2M | ||
| Q1 24 | — | $544.1M |
| Q4 25 | $600.2M | $1.1B | ||
| Q3 25 | $619.7M | $1.0B | ||
| Q2 25 | $630.8M | $984.4M | ||
| Q1 25 | $619.6M | $931.7M | ||
| Q4 24 | $583.2M | $891.7M | ||
| Q3 24 | $595.4M | $899.2M | ||
| Q2 24 | $590.9M | $849.1M | ||
| Q1 24 | $597.9M | $820.7M |
| Q4 25 | $3.9B | $2.3B | ||
| Q3 25 | $3.8B | $2.3B | ||
| Q2 25 | $3.7B | $2.3B | ||
| Q1 25 | $3.5B | $2.2B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $3.5B | $2.1B | ||
| Q2 24 | $3.7B | $2.0B | ||
| Q1 24 | $3.5B | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $76.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $47.8M |
| FCF MarginFCF / Revenue | -19.9% | 12.7% |
| Capex IntensityCapex / Revenue | 11.4% | 7.7% |
| Cash ConversionOCF / Net Profit | — | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $76.9M | ||
| Q3 25 | $41.0M | $23.1M | ||
| Q2 25 | $-16.7M | $99.0M | ||
| Q1 25 | $-64.0M | $-603.0K | ||
| Q4 24 | $51.5M | $51.1M | ||
| Q3 24 | $32.4M | $66.0M | ||
| Q2 24 | $18.3M | $33.7M | ||
| Q1 24 | $3.0M | $26.7M |
| Q4 25 | $-68.9M | $47.8M | ||
| Q3 25 | $32.2M | $-6.2M | ||
| Q2 25 | $-28.1M | $67.4M | ||
| Q1 25 | $-72.9M | $-52.7M | ||
| Q4 24 | $10.4M | $-32.4M | ||
| Q3 24 | $22.2M | $9.0M | ||
| Q2 24 | $7.8M | $-16.7M | ||
| Q1 24 | $-5.1M | $-37.9M |
| Q4 25 | -19.9% | 12.7% | ||
| Q3 25 | 8.8% | -1.6% | ||
| Q2 25 | -7.4% | 17.9% | ||
| Q1 25 | -17.6% | -15.0% | ||
| Q4 24 | 3.2% | -9.2% | ||
| Q3 24 | 6.6% | 2.5% | ||
| Q2 24 | 2.3% | -4.6% | ||
| Q1 24 | -1.4% | -11.2% |
| Q4 25 | 11.4% | 7.7% | ||
| Q3 25 | 2.4% | 7.6% | ||
| Q2 25 | 3.0% | 8.4% | ||
| Q1 25 | 2.2% | 14.9% | ||
| Q4 24 | 12.4% | 23.6% | ||
| Q3 24 | 3.0% | 15.6% | ||
| Q2 24 | 3.1% | 14.0% | ||
| Q1 24 | 2.1% | 19.2% |
| Q4 25 | — | 4.17× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 3.12× | ||
| Q1 25 | -4.59× | -0.02× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | 2.34× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | 0.14× | 4.04× |
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% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
