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The Company The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC ( Baldwin Holdings ) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. Baldwin is an independent insurance distribution firm providing indispensable expertise and insights that strive to …
Operating margin is thin at 4.91%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 8.3%, steady but not accelerating. Free cash flow declined 763% despite revenue growth, conversion is weakening.
Free cash flow declined 763% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$69M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.62B
▲ +8.3% YoY
Net Income (TTM)
-$45M
▼ -37.9% YoY
Op. Margin
-5.13%
▲ +0.5pp YoY
ROIC
-2.54%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▼ -762.7% YoY
Op. Cash Flow (TTM)
$28M
▼ -157.2% YoY
Net Debt
$2.31B
Cash & Equiv.
$146M
3Y CAGR: +15.3%
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