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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and WYNDHAM HOTELS & RESORTS, INC. (WH). 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 $334.0M, roughly 1.0× WYNDHAM HOTELS & RESORTS, INC.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -18.0%, a 10.5% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -76.3%). WYNDHAM HOTELS & RESORTS, INC. produced more free cash flow last quarter ($168.0M vs $-68.9M). Over the past eight quarters, Baldwin Insurance Group, Inc.'s revenue compounded faster (-4.4% CAGR vs -4.6%).
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.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
BWIN vs WH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $334.0M |
| Net Profit | $-25.9M | $-60.0M |
| Gross Margin | — | — |
| Operating Margin | -3.8% | — |
| Net Margin | -7.5% | -18.0% |
| Revenue YoY | 5.3% | -76.3% |
| Net Profit YoY | -28.3% | -170.6% |
| EPS (diluted) | $-0.38 | $-0.80 |
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 | — | $334.0M | ||
| Q4 25 | $347.3M | $334.0M | ||
| Q3 25 | $365.4M | $382.0M | ||
| Q2 25 | $378.8M | $397.0M | ||
| Q1 25 | $413.4M | $316.0M | ||
| Q4 24 | $329.9M | $336.0M | ||
| Q3 24 | $338.9M | $396.0M | ||
| Q2 24 | $339.8M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $-25.9M | $-60.0M | ||
| Q3 25 | $-18.7M | $105.0M | ||
| Q2 25 | $-3.2M | $87.0M | ||
| Q1 25 | $13.9M | $61.0M | ||
| Q4 24 | $-20.2M | $85.0M | ||
| Q3 24 | $-8.4M | $102.0M | ||
| Q2 24 | $-17.6M | $86.0M |
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | -11.4% | ||
| Q3 25 | 0.9% | 46.6% | ||
| Q2 25 | 7.4% | 37.8% | ||
| Q1 25 | 13.6% | 35.4% | ||
| Q4 24 | -1.7% | 38.4% | ||
| Q3 24 | 4.5% | 43.2% | ||
| Q2 24 | 4.8% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | -7.5% | -18.0% | ||
| Q3 25 | -5.1% | 27.5% | ||
| Q2 25 | -0.8% | 21.9% | ||
| Q1 25 | 3.4% | 19.3% | ||
| Q4 24 | -6.2% | 25.3% | ||
| Q3 24 | -2.5% | 25.8% | ||
| Q2 24 | -5.2% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $-0.38 | $-0.77 | ||
| Q3 25 | $-0.27 | $1.36 | ||
| Q2 25 | $-0.05 | $1.13 | ||
| Q1 25 | $0.20 | $0.78 | ||
| Q4 24 | $-0.31 | $1.06 | ||
| Q3 24 | $-0.13 | $1.29 | ||
| Q2 24 | $-0.28 | $1.07 |
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 | $64.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $600.2M | $468.0M |
| Total Assets | $3.9B | $4.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $123.7M | $64.0M | ||
| Q3 25 | $89.7M | $70.0M | ||
| Q2 25 | $105.7M | $50.0M | ||
| Q1 25 | $81.8M | $48.0M | ||
| Q4 24 | $90.0M | $103.0M | ||
| Q3 24 | $181.8M | $72.0M | ||
| Q2 24 | $208.3M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $600.2M | $468.0M | ||
| Q3 25 | $619.7M | $583.0M | ||
| Q2 25 | $630.8M | $570.0M | ||
| Q1 25 | $619.6M | $579.0M | ||
| Q4 24 | $583.2M | $650.0M | ||
| Q3 24 | $595.4M | $583.0M | ||
| Q2 24 | $590.9M | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.9B | $4.2B | ||
| Q3 25 | $3.8B | $4.3B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.5B | $4.2B | ||
| Q4 24 | $3.5B | $4.2B | ||
| Q3 24 | $3.5B | $4.2B | ||
| Q2 24 | $3.7B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× |
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 | $367.0M |
| Free Cash FlowOCF − Capex | $-68.9M | $168.0M |
| FCF MarginFCF / Revenue | -19.9% | 50.3% |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | $-29.4M | $152.0M | ||
| Q3 25 | $41.0M | $86.0M | ||
| Q2 25 | $-16.7M | $70.0M | ||
| Q1 25 | $-64.0M | $59.0M | ||
| Q4 24 | $51.5M | $134.0M | ||
| Q3 24 | $32.4M | $79.0M | ||
| Q2 24 | $18.3M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | $-68.9M | $136.0M | ||
| Q3 25 | $32.2M | $75.0M | ||
| Q2 25 | $-28.1M | $58.0M | ||
| Q1 25 | $-72.9M | $52.0M | ||
| Q4 24 | $10.4M | $109.0M | ||
| Q3 24 | $22.2M | $71.0M | ||
| Q2 24 | $7.8M | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | -19.9% | 40.7% | ||
| Q3 25 | 8.8% | 19.6% | ||
| Q2 25 | -7.4% | 14.6% | ||
| Q1 25 | -17.6% | 16.5% | ||
| Q4 24 | 3.2% | 32.4% | ||
| Q3 24 | 6.6% | 17.9% | ||
| Q2 24 | 2.3% | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 4.8% | ||
| Q3 25 | 2.4% | 2.9% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 2.2% | 2.2% | ||
| Q4 24 | 12.4% | 7.4% | ||
| Q3 24 | 3.0% | 2.0% | ||
| Q2 24 | 3.1% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | -4.59× | 0.97× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | — | 0.01× |
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% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
