BWIN
The Baldwin Insurance Group, Inc.
NasdaqGSUSDEQUITY
Financial Services
DELAYED
Buy
+40/100
Last price
31.83
▼ 0.07 (0.22%)
MARKET · —
Price
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Tool
1D
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Range —
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vs
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Open
—
Prev close
31.90
Day high
31.90
Day low
31.81
Volume
1.69M
Market cap
$4.48B
P/E (TTM)
—
52W range
15.88 – 32.71
Trailing performance
Returnvs SPY
1W
+0.16%
-1.8%
1M
+3.08%
+1.9%
3M
+18.46%
+13.9%
6M
+47.98%
+29.8%
YTD
+32.46%
+18.2%
1Y
+10.52%
-5.9%
3Y
+37.02%
-45.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on BWIN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+747
Net buying
Buy transactions
14
217.75K shares
Sell transactions
2
217.00K shares
Net transactions
+16
Buys less sells
Sell : buy shares
1.0 : 1
Mixed
Insider-held shares
2.49M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 1, 26 | KADOW JOSEPH JOHN Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | SULLIVAN CHRIS THOMAS Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | SHOOK ELLYN J Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | MATAS BARBARA RUTH Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | COHEN JAY A Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | WILLIAMS MYRON K. Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | PARASURAMAN SUNITA Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | MUTHUKRISHNAN SATHISH Director |
STOCK | 1.21K | $0 | Direct |
| Jul 1, 26 | SPARKS PAUL EUGENE Director |
STOCK | 1.21K | $0 | Direct |
| May 14, 26 | COHEN SETH BALA General Counsel |
SELL | 15.00K | $300.15K | Direct |
| May 7, 26 | KRYSTYN ELIZABETH Beneficial Owner of more than 10% of a Class of Security |
SELL | 202.00K | $4.28M | Indirect |
| May 6, 26 | KRYSTYN ELIZABETH Beneficial Owner of more than 10% of a Class of Security |
— | 202.00K | — | Indirect |
| Apr 1, 26 | KADOW JOSEPH JOHN Director |
STOCK | 1.22K | $0 | Direct |
| Apr 1, 26 | SULLIVAN CHRIS THOMAS Director |
STOCK | 1.22K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BALDWIN TREVOR |
Chief Executive Officer | 134.19K | Stock Award(Grant) |
COHEN JAY A |
Director | 18.62K | Stock Award(Grant) |
GALBRAITH DANIEL |
Officer and Beneficial Owner of more than 10% of a Class of Security | 44.44K | Stock Award(Grant) |
HALE BRADFORD |
Chief Financial Officer | 195.30K | Stock Award(Grant) |
KADOW JOSEPH JOHN |
Director | 24.60K | Stock Award(Grant) |
LICHON CORBYN N. |
Officer | 57.29K | Stock Award(Grant) |
MATAS BARBARA RUTH |
Director | 19.60K | Stock Award(Grant) |
ROCHE JAMES MORGAN |
Officer | 322.94K | Stock Award(Grant) |
SPARKS PAUL EUGENE |
Director | 1.11M | Stock Award(Grant) |
SULLIVAN CHRIS THOMAS |
Director | 85.68K | Stock Award(Grant) |
Fundamentals
Market cap$4.48B
Enterprise value$6.00B
Revenue (TTM)$1.74B
Gross profit$543.28M
EBITDA$116.62M
Net income$-81.24M
EPS (TTM)$-1.04
Free cash flow$254.50M
Total cash$184.50M
Total debt$2.57B
Book value / share$9.18
Shares outstanding97.62M
Float89.54M
Short % of float14.99%
Dividend yield0.00%
Beta (5Y)1.00
Valuation & profitability ratios
Trailing P/E—
Forward P/E12.84
PEG ratio—
Price / sales—
Price / book3.47
EV / revenue3.45
EV / EBITDA51.46
Gross margin31.26%
Operating margin2.00%
Profit margin-4.67%
Return on equity-10.66%
Return on assets-0.91%
Debt / equity180.47
Current ratio1.07
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.49B | $1.38B | $1.21B | $969.49M | +8.1% |
| Operating revenue | $1.49B | $1.38B | $1.21B | $969.49M | +8.1% |
| Cost of revenue | $1.06B | $1.03B | $911.35M | $719.45M | +2.4% |
| Gross profit | $431.11M | $344.19M | $296.38M | $250.05M | +25.3% |
| Total operating expense | $351.58M | $288.50M | $277.85M | $248.84M | +21.9% |
| Operating income | $79.53M | $55.70M | $18.53M | $1.21M | +42.8% |
| Net interest income | -$121.43M | -$123.64M | -$119.47M | -$71.07M | +1.8% |
| Pre-tax income | -$52.42M | -$39.35M | -$162.73M | -$76.03M | -33.2% |
| Tax provision | $1.73M | $1.73M | $1.28M | $715.00K | -0.1% |
| Net income | -$33.81M | -$24.52M | -$90.14M | -$41.77M | -37.9% |
| Net income to common | -$33.81M | -$24.52M | -$90.14M | -$41.77M | -37.9% |
| Basic EPS | -0.50 | -0.39 | -1.50 | -0.74 | -28.2% |
| Diluted EPS | -0.50 | -0.39 | -1.50 | -0.74 | -28.2% |
| EBIT | $79.53M | $55.70M | $18.53M | $1.21M | +42.8% |
| EBITDA | $207.36M | $164.62M | $116.93M | $87.57M | +26.0% |
| Basic shares | 67.94M | 63.46M | 60.13M | 56.83M | +7.1% |
| Diluted shares | 67.94M | 63.46M | 60.13M | 56.83M | +7.1% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $123.67M | $90.05M | $116.21M | $118.09M | +37.3% |
| Cash & short-term investments | $123.67M | $90.05M | $116.21M | $118.09M | +37.3% |
| Accounts receivable | $342.14M | $283.55M | $627.79M | $531.99M | +20.7% |
| Total current assets | $1.20B | $1.03B | $925.90M | $772.40M | +16.9% |
| Property, plant & equipment | $84.48M | $94.34M | $108.19M | $121.87M | -10.5% |
| Goodwill & intangibles | $2.50B | $2.37B | $2.43B | $2.52B | +5.5% |
| Total assets | $3.86B | $3.53B | $3.50B | $3.46B | +9.3% |
| Total current liabilities | $1.03B | $1.06B | $1.03B | $699.21M | -2.2% |
| Current debt | $21.58M | $156.98M | $226.93M | $56.75M | -86.3% |
| Long-term debt | $1.67B | $1.40B | $1.31B | $1.31B | +19.7% |
| Total debt | $1.77B | $1.64B | $1.63B | $1.47B | +7.9% |
| Total liabilities | $2.78B | $2.53B | $2.48B | $2.32B | +10.0% |
| Retained earnings | -$245.24M | -$211.42M | -$186.91M | -$96.76M | -16.0% |
| Shareholder equity | $600.22M | $583.22M | $560.41M | $608.10M | +2.9% |
| Working capital | $166.96M | -$29.94M | -$107.53M | $73.19M | +657.6% |
| Net tangible assets | -$1.90B | -$1.78B | -$1.87B | -$1.91B | -6.3% |
| Shares issued | 71.78M | 67.98M | 64.13M | 61.45M | +5.6% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$54.15M | -$41.08M | -$164.02M | -$76.75M | — | -31.8% |
| Depreciation & amortisation | $127.83M | $108.92M | $98.40M | $86.36M | — | +17.4% |
| Stock-based compensation | $71.11M | $65.50M | $60.01M | $47.39M | — | +8.6% |
| Change in working capital | -$98.84M | -$22.38M | -$38.26M | -$20.88M | — | -341.6% |
| Operating cash flow | -$29.42M | $51.45M | $46.00K | -$2.46M | — | -157.2% |
| Capital expenditure | -$39.53M | -$41.05M | -$21.38M | -$21.98M | — | +3.7% |
| Investing cash flow | -$140.28M | $13.30M | -$21.92M | -$414.36M | — | -1,154.8% |
| Share buybacks | — | — | — | $0 | $0 | — |
| Dividends paid | — | -$264.00K | -$385.00K | $0 | $0 | — |
| Financing cash flow | $203.82M | $21.05M | $18.37M | $419.55M | — | +868.1% |
| Free cash flow | -$68.94M | $10.40M | -$21.33M | -$24.44M | — | -762.7% |
| End cash position | $346.90M | $312.77M | $226.96M | $230.47M | — | +10.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $488.14M | $528.45M | $342.90M | $362.61M | $374.31M | -7.6% |
| Operating revenue | $488.14M | $528.45M | $342.90M | $362.61M | $374.31M | -7.6% |
| Cost of revenue | $336.12M | $350.29M | $252.20M | $272.14M | $269.06M | -4.0% |
| Gross profit | $152.02M | $178.15M | $90.70M | $90.47M | $105.25M | -14.7% |
| Total operating expense | $148.06M | $277.45M | $106.42M | $85.27M | $79.27M | -46.6% |
| Operating income | $3.96M | -$99.30M | -$15.73M | $5.20M | $25.98M | +104.0% |
| Net interest income | -$45.67M | -$38.90M | -$29.00M | -$31.13M | -$31.32M | -17.4% |
| Pre-tax income | -$55.90M | -$146.42M | -$42.63M | -$30.24M | -$4.46M | +61.8% |
| Tax provision | $84.00K | -$144.52M | $1.04M | $0 | $685.00K | +100.1% |
| Net income | -$38.99M | $2.34M | -$25.86M | -$18.73M | -$3.16M | -1,765.7% |
| Net income to common | -$38.99M | $2.34M | -$25.86M | -$18.73M | -$3.16M | -1,765.7% |
| Basic EPS | -0.42 | 0.02 | -0.37 | -0.27 | -0.05 | -2,200.0% |
| Diluted EPS | -0.42 | 0.02 | -0.37 | -0.27 | -0.05 | -2,200.0% |
| EBIT | $3.96M | -$99.30M | -$15.73M | $5.20M | $25.98M | +104.0% |
| EBITDA | $62.76M | -$42.22M | $24.94M | $37.24M | $53.63M | +248.7% |
| Basic shares | 92.76M | 93.80M | 69.05M | 68.60M | 68.01M | -1.1% |
| Diluted shares | 92.76M | 96.83M | 69.05M | 68.60M | 68.01M | -4.2% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $184.50M | $146.41M | $123.67M | $89.72M | $105.69M | +26.0% |
| Cash & short-term investments | $184.50M | $146.41M | $123.67M | $89.72M | $105.69M | +26.0% |
| Accounts receivable | $433.62M | $447.62M | $342.14M | $346.47M | $349.64M | -3.1% |
| Total current assets | $1.85B | $1.59B | $1.20B | $1.11B | $1.24B | +15.8% |
| Property, plant & equipment | $114.93M | $114.91M | $84.48M | $85.46M | $88.44M | +0.0% |
| Goodwill & intangibles | $4.10B | $4.14B | $2.50B | $2.53B | $2.35B | -0.8% |
| Total assets | $6.17B | $5.94B | $3.86B | $3.79B | $3.74B | +3.9% |
| Total current liabilities | $1.72B | $1.47B | $1.03B | $959.71M | $1.01B | +16.7% |
| Current debt | $136.99M | $131.56M | $21.58M | $27.12M | $16.12M | +4.1% |
| Long-term debt | $2.45B | $2.34B | $1.67B | $1.63B | $1.61B | +4.6% |
| Total debt | $2.69B | $2.57B | $1.77B | $1.74B | $1.70B | +4.4% |
| Total liabilities | $4.75B | $4.39B | $2.78B | $2.67B | $2.69B | +8.2% |
| Retained earnings | -$368.47M | -$274.87M | -$245.24M | -$219.38M | -$200.65M | -34.1% |
| Shareholder equity | $884.43M | $963.94M | $600.22M | $619.69M | $630.80M | -8.2% |
| Working capital | $125.53M | $120.03M | $166.96M | $146.48M | $232.22M | +4.6% |
| Net tangible assets | -$3.22B | -$3.17B | -$1.90B | -$1.91B | -$1.72B | -1.4% |
| Shares issued | 139.43M | 96.65M | 71.78M | 71.42M | 71.28M | +44.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$55.98M | -$1.90M | -$43.67M | -$30.24M | -$5.14M | — | -2,852.6% |
| Depreciation & amortisation | $58.80M | $57.08M | $40.67M | $32.04M | $27.65M | — | +3.0% |
| Stock-based compensation | $20.70M | $12.82M | $19.34M | $22.02M | $16.95M | — | +61.5% |
| Change in working capital | $5.07M | -$70.67M | -$4.54M | $15.36M | -$49.90M | — | +107.2% |
| Operating cash flow | $45.56M | -$6.07M | $10.27M | $41.02M | -$16.72M | — | +850.2% |
| Capital expenditure | -$15.18M | -$12.66M | -$10.35M | -$8.86M | -$11.38M | — | -19.9% |
| Investing cash flow | -$29.66M | -$491.20M | -$10.70M | -$83.38M | -$37.59M | — | +94.0% |
| Share buybacks | -$79.87M | -$46.97M | — | — | $0 | $0 | -70.1% |
| Financing cash flow | $138.67M | $606.50M | $21.38M | -$15.40M | $138.95M | — | -77.1% |
| Free cash flow | $30.38M | -$18.74M | -$84.00K | $32.15M | -$28.10M | — | +262.1% |
| End cash position | $610.69M | $456.12M | $346.90M | $325.94M | $383.70M | — | +33.9% |
Options analytics
Put / call volume
1.67
Put-heavy session
Put / call open interest
0.00
Positioning, not flow
Max pain
20.00
-37.2% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
3
Contracts, this expiry
Put volume
5
Contracts, this expiry
Heaviest call OI
35.00
1.71K contracts
Heaviest put OI
25.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.47 | 0.48 | +2.1% |
| Mar 2026 | 0.63 | 0.63 | +0.4% |
| Dec 2025 | 0.29 | 0.31 | +7.3% |
| Sep 2025 | 0.31 | 0.31 | -0.6% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.43 | 9 | $491.85M | +34.6% |
| Next quarter | 0.46 | 9 | $487.93M | +40.5% |
| Current year | 2.01 | 9 | $2.01B | +33.5% |
| Next year | 2.48 | 9 | $2.20B | +9.8% |
Analyst targets & ownership
Mean target$32.92
High target$37.00
Low target$31.00
Implied upside3.41%
Analyst count6
ConsensusHOLD
Strong buy / Buy1 / 1
Hold5
Sell / Strong sell0 / 1
Held by insiders2.57%
Held by institutions103.58%
Institutions holding313
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
31.82
+0.03% from price
SMA 20
31.49
+1.09% from price
SMA 50
30.62
+3.95% from price
SMA 100
26.74
+19.05% from price
SMA 200
24.47
+30.07% from price
EMA 12
31.74
+0.29% from price
EMA 26
31.31
+1.65% from price
EMA 50
30.19
+5.43% from price
RSI (14)
57.3
Neutral
MACD (12,26,9)
0.43
Hist -0.08
ATR (14)
0.13
0.40% of price
Realised vol 30D
34.3%
Annualised
Bollinger upper
33.58
20, 2σ
Bollinger lower
29.39
20, 2σ
50 / 200 cross
Golden
30.62 vs 24.47
Trend bias
Above 200
+30.07%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
-0.06
Less volatile than market
Correlation to SPY
-0.01
Largely independent
Realised vol 30D
34.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-43.2%
Peak to trough
Max drawdown 5Y
-70.2%
Peak to trough
ATR 14
0.13
0.40% of price
Beta (reported)
1.00
5Y monthly, from filing
Short interest
Shares short
12.72M
Prior 12.33M
Change vs prior
+3.2%
Shorts adding
% of float
14.99%
Elevated
% of shares out
9.04%
Against total outstanding
Days to cover
5.1
Crowded exit
Float
89.54M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 2, 26 | UBS | DOWNGRADE | Buy | Neutral |
| Oct 1, 26 | JP Morgan | DOWNGRADE | Overweight | Neutral |
| Sep 15, 26 | BMO Capital | MAINTAINED | Market Perform | Market Perform |
| Sep 14, 26 | William Blair | DOWNGRADE | Outperform | Market Perform |
| Aug 3, 26 | UBS | MAINTAINED | Buy | Buy |
| Aug 3, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 13, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Jul 9, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 8, 26 | Keefe, Bruyette & Woods | MAINTAINED | Outperform | Outperform |
| Jun 23, 26 | BMO Capital | MAINTAINED | Market Perform | Market Perform |
| Jun 22, 26 | JP Morgan | UPGRADE | Neutral | Overweight |
| Jun 9, 26 | UBS | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-21
Corporate Changes & Voting Matters
8-K · 2026-09-14
Periodic Financial Reports
10-Q · 2026-07-30
Corporate Changes & Voting Matters
8-K · 2026-06-04
Trading Registrations
8-A12B · 2026-05-07
Periodic Financial Reports
10-Q · 2026-05-04
Annual Report to Shareholders
ARS · 2026-04-22
Offering Registrations
S-8 · 2026-02-27
Headlines
3 Value Stocks We’re Skeptical Of
StockStory · 5d ago
UBS Downgrades Baldwin Insurance Group to Neutral From Buy, Adjusts PT to $32.50 From $37
MT Newswires · 5d ago
Exxon Mobil downgraded, BP upgraded: Wall Street's top analyst calls
The Fly · 6d ago
JPMorgan Downgrades Baldwin Insurance Group to Neutral From Overweight, Adjusts PT to $32 From $30
MT Newswires · 6d ago
MSI Brings Embedded Insurance and Compliance to Manufactured Housing Communities
Business Wire · 7d ago
Kanguro Insurance Partners with MSI to Automate Insurance Compliance for Multifamily Communities
PR Newswire · 7d ago
Baldwin (BWIN) Agrees to a $7.7 Billion Buyout. How Much Upside Remains for Shareholders?
Insider Monkey · 9d ago
Juniper Re Licenses KatRisk Severe Convective Storm and Wildfire Models
GlobeNewswire · 13d ago
PRIVATE STRATEGY · BY QUALIFICATION
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