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Side-by-side financial comparison of Baldwin Insurance Group, Inc. (BWIN) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($677.3M vs $347.3M, roughly 2.0× Baldwin Insurance Group, Inc.). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 14.7% vs -7.5%, a 22.2% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (21.4% vs 5.3%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($6.6M vs $-68.9M). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (6.5% 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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
BWIN vs WTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $347.3M | $677.3M |
| Net Profit | $-25.9M | $99.6M |
| Gross Margin | — | 48.1% |
| Operating Margin | -3.8% | 19.6% |
| Net Margin | -7.5% | 14.7% |
| Revenue YoY | 5.3% | 21.4% |
| Net Profit YoY | -28.3% | 34.6% |
| EPS (diluted) | $-0.38 | $2.97 |
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 | — | $677.3M | ||
| Q4 25 | $347.3M | $625.1M | ||
| Q3 25 | $365.4M | $611.7M | ||
| Q2 25 | $378.8M | $643.7M | ||
| Q1 25 | $413.4M | $558.0M | ||
| Q4 24 | $329.9M | $540.4M | ||
| Q3 24 | $338.9M | $543.6M | ||
| Q2 24 | $339.8M | $597.3M |
| Q1 26 | — | $99.6M | ||
| Q4 25 | $-25.9M | $83.7M | ||
| Q3 25 | $-18.7M | $82.2M | ||
| Q2 25 | $-3.2M | $100.9M | ||
| Q1 25 | $13.9M | $74.0M | ||
| Q4 24 | $-20.2M | $67.5M | ||
| Q3 24 | $-8.4M | $69.1M | ||
| Q2 24 | $-17.6M | $82.0M |
| Q1 26 | — | 48.1% | ||
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% |
| Q1 26 | — | 19.6% | ||
| Q4 25 | -3.8% | 18.2% | ||
| Q3 25 | 0.9% | 18.2% | ||
| Q2 25 | 7.4% | 21.0% | ||
| Q1 25 | 13.6% | 15.7% | ||
| Q4 24 | -1.7% | 16.5% | ||
| Q3 24 | 4.5% | 17.1% | ||
| Q2 24 | 4.8% | 18.7% |
| Q1 26 | — | 14.7% | ||
| Q4 25 | -7.5% | 13.4% | ||
| Q3 25 | -5.1% | 13.4% | ||
| Q2 25 | -0.8% | 15.7% | ||
| Q1 25 | 3.4% | 13.3% | ||
| Q4 24 | -6.2% | 12.5% | ||
| Q3 24 | -2.5% | 12.7% | ||
| Q2 24 | -5.2% | 13.7% |
| Q1 26 | — | $2.97 | ||
| Q4 25 | $-0.38 | $2.50 | ||
| Q3 25 | $-0.27 | $2.45 | ||
| Q2 25 | $-0.05 | $3.01 | ||
| Q1 25 | $0.20 | $2.21 | ||
| Q4 24 | $-0.31 | $2.02 | ||
| Q3 24 | $-0.13 | $2.06 | ||
| Q2 24 | $-0.28 | $2.44 |
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 | $374.7M |
| Total DebtLower is stronger | — | $197.8M |
| Stockholders' EquityBook value | $600.2M | $2.1B |
| Total Assets | $3.9B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $374.7M | ||
| Q4 25 | $123.7M | $405.5M | ||
| Q3 25 | $89.7M | $457.7M | ||
| Q2 25 | $105.7M | $369.3M | ||
| Q1 25 | $81.8M | $336.8M | ||
| Q4 24 | $90.0M | $386.9M | ||
| Q3 24 | $181.8M | $303.9M | ||
| Q2 24 | $208.3M | $279.4M |
| Q1 26 | — | $197.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $600.2M | $2.0B | ||
| Q3 25 | $619.7M | $2.0B | ||
| Q2 25 | $630.8M | $1.9B | ||
| Q1 25 | $619.6M | $1.8B | ||
| Q4 24 | $583.2M | $1.7B | ||
| Q3 24 | $595.4M | $1.7B | ||
| Q2 24 | $590.9M | $1.6B |
| Q1 26 | — | $2.9B | ||
| Q4 25 | $3.9B | $2.9B | ||
| Q3 25 | $3.8B | $2.7B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.5B | $2.5B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.5B | $2.4B | ||
| Q2 24 | $3.7B | $2.4B |
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $17.9M |
| Free Cash FlowOCF − Capex | $-68.9M | $6.6M |
| FCF MarginFCF / Revenue | -19.9% | 1.0% |
| Capex IntensityCapex / Revenue | 11.4% | — |
| Cash ConversionOCF / Net Profit | — | 0.18× |
| TTM Free Cash FlowTrailing 4 quarters | $-137.8M | $317.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.9M | ||
| Q4 25 | $-29.4M | $154.7M | ||
| Q3 25 | $41.0M | $122.4M | ||
| Q2 25 | $-16.7M | $69.7M | ||
| Q1 25 | $-64.0M | $55.2M | ||
| Q4 24 | $51.5M | $139.5M | ||
| Q3 24 | $32.4M | $90.7M | ||
| Q2 24 | $18.3M | $85.3M |
| Q1 26 | — | $6.6M | ||
| Q4 25 | $-68.9M | $140.3M | ||
| Q3 25 | $32.2M | $110.9M | ||
| Q2 25 | $-28.1M | $59.5M | ||
| Q1 25 | $-72.9M | $45.6M | ||
| Q4 24 | $10.4M | $127.5M | ||
| Q3 24 | $22.2M | $84.3M | ||
| Q2 24 | $7.8M | $78.5M |
| Q1 26 | — | 1.0% | ||
| Q4 25 | -19.9% | 22.4% | ||
| Q3 25 | 8.8% | 18.1% | ||
| Q2 25 | -7.4% | 9.2% | ||
| Q1 25 | -17.6% | 8.2% | ||
| Q4 24 | 3.2% | 23.6% | ||
| Q3 24 | 6.6% | 15.5% | ||
| Q2 24 | 2.3% | 13.1% |
| Q1 26 | — | — | ||
| Q4 25 | 11.4% | 2.3% | ||
| Q3 25 | 2.4% | 1.9% | ||
| Q2 25 | 3.0% | 1.6% | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 12.4% | 2.2% | ||
| Q3 24 | 3.0% | 1.2% | ||
| Q2 24 | 3.1% | 1.1% |
| Q1 26 | — | 0.18× | ||
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | -4.59× | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× |
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% |
WTS
| segment net | $517.8M | 76% |
| Other | $159.5M | 24% |
