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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $347.3M, roughly 1.6× Baldwin Insurance Group, Inc.). Baldwin Insurance Group, Inc. runs the higher net margin — -7.5% vs -33.1%, a 25.6% gap on every dollar of revenue. On growth, Baldwin Insurance Group, Inc. posted the faster year-over-year revenue change (5.3% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $-68.9M). Over the past eight quarters, WillScot Holdings Corp's revenue compounded faster (-1.8% 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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
BWIN vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $566.0M |
| Net Profit | $-25.9M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | -3.8% | -32.5% |
| Net Margin | -7.5% | -33.1% |
| Revenue YoY | 5.3% | -6.1% |
| Net Profit YoY | -28.3% | -310.0% |
| EPS (diluted) | $-0.38 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $365.4M | $566.8M | ||
| Q2 25 | $378.8M | $589.1M | ||
| Q1 25 | $413.4M | $559.6M | ||
| Q4 24 | $329.9M | $602.5M | ||
| Q3 24 | $338.9M | $601.4M | ||
| Q2 24 | $339.8M | $604.6M | ||
| Q1 24 | $380.4M | $587.2M |
| Q4 25 | $-25.9M | $-187.3M | ||
| Q3 25 | $-18.7M | $43.3M | ||
| Q2 25 | $-3.2M | $47.9M | ||
| Q1 25 | $13.9M | $43.1M | ||
| Q4 24 | $-20.2M | $89.2M | ||
| Q3 24 | $-8.4M | $-70.5M | ||
| Q2 24 | $-17.6M | $-46.9M | ||
| Q1 24 | $21.6M | $56.2M |
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | -3.8% | -32.5% | ||
| Q3 25 | 0.9% | 21.0% | ||
| Q2 25 | 7.4% | 21.5% | ||
| Q1 25 | 13.6% | 21.3% | ||
| Q4 24 | -1.7% | 28.9% | ||
| Q3 24 | 4.5% | -5.9% | ||
| Q2 24 | 4.8% | -0.9% | ||
| Q1 24 | 9.0% | 22.1% |
| Q4 25 | -7.5% | -33.1% | ||
| Q3 25 | -5.1% | 7.6% | ||
| Q2 25 | -0.8% | 8.1% | ||
| Q1 25 | 3.4% | 7.7% | ||
| Q4 24 | -6.2% | 14.8% | ||
| Q3 24 | -2.5% | -11.7% | ||
| Q2 24 | -5.2% | -7.7% | ||
| Q1 24 | 5.7% | 9.6% |
| Q4 25 | $-0.38 | $-1.02 | ||
| Q3 25 | $-0.27 | $0.24 | ||
| Q2 25 | $-0.05 | $0.26 | ||
| Q1 25 | $0.20 | $0.23 | ||
| Q4 24 | $-0.31 | $0.48 | ||
| Q3 24 | $-0.13 | $-0.37 | ||
| Q2 24 | $-0.28 | $-0.25 | ||
| Q1 24 | $0.33 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $600.2M | $856.3M |
| Total Assets | $3.9B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.7M | $14.6M | ||
| Q3 25 | $89.7M | $14.8M | ||
| Q2 25 | $105.7M | $12.8M | ||
| Q1 25 | $81.8M | $10.7M | ||
| Q4 24 | $90.0M | $9.0M | ||
| Q3 24 | $181.8M | $11.0M | ||
| Q2 24 | $208.3M | $5.9M | ||
| Q1 24 | $112.1M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $600.2M | $856.3M | ||
| Q3 25 | $619.7M | $1.1B | ||
| Q2 25 | $630.8M | $1.0B | ||
| Q1 25 | $619.6M | $1.0B | ||
| Q4 24 | $583.2M | $1.0B | ||
| Q3 24 | $595.4M | $1.1B | ||
| Q2 24 | $590.9M | $1.2B | ||
| Q1 24 | $597.9M | $1.3B |
| Q4 25 | $3.9B | $5.8B | ||
| Q3 25 | $3.8B | $6.1B | ||
| Q2 25 | $3.7B | $6.1B | ||
| Q1 25 | $3.5B | $6.0B | ||
| Q4 24 | $3.5B | $6.0B | ||
| Q3 24 | $3.5B | $6.0B | ||
| Q2 24 | $3.7B | $6.0B | ||
| Q1 24 | $3.5B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $149.7M |
| FCF MarginFCF / Revenue | -19.9% | 26.5% |
| Capex IntensityCapex / Revenue | 11.4% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.4M | $158.9M | ||
| Q3 25 | $41.0M | $191.2M | ||
| Q2 25 | $-16.7M | $205.3M | ||
| Q1 25 | $-64.0M | $206.6M | ||
| Q4 24 | $51.5M | $178.9M | ||
| Q3 24 | $32.4M | $-1.6M | ||
| Q2 24 | $18.3M | $175.6M | ||
| Q1 24 | $3.0M | $208.7M |
| Q4 25 | $-68.9M | $149.7M | ||
| Q3 25 | $32.2M | $186.9M | ||
| Q2 25 | $-28.1M | $199.0M | ||
| Q1 25 | $-72.9M | $202.0M | ||
| Q4 24 | $10.4M | $176.6M | ||
| Q3 24 | $22.2M | $-4.9M | ||
| Q2 24 | $7.8M | $169.4M | ||
| Q1 24 | $-5.1M | $202.1M |
| Q4 25 | -19.9% | 26.5% | ||
| Q3 25 | 8.8% | 33.0% | ||
| Q2 25 | -7.4% | 33.8% | ||
| Q1 25 | -17.6% | 36.1% | ||
| Q4 24 | 3.2% | 29.3% | ||
| Q3 24 | 6.6% | -0.8% | ||
| Q2 24 | 2.3% | 28.0% | ||
| Q1 24 | -1.4% | 34.4% |
| Q4 25 | 11.4% | 1.6% | ||
| Q3 25 | 2.4% | 0.7% | ||
| Q2 25 | 3.0% | 1.1% | ||
| Q1 25 | 2.2% | 0.8% | ||
| Q4 24 | 12.4% | 0.4% | ||
| Q3 24 | 3.0% | 0.6% | ||
| Q2 24 | 3.1% | 1.0% | ||
| Q1 24 | 2.1% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | -4.59× | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
