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Last update at 2025-03-28T18:51:00Z
Should You Hold The Baldwin Insurance Group (BWIN) for the Long Term?
Tue 06 Aug 24, 07:16 AM| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Income before tax | -162.73400M | 113.79M | 65.20M | 18.75M | 16.31M |
| Minority interest | 73.88M | 34.98M | 27.47M | 14.19M | - |
| Net income | -90.14100M | -76.03300M | -58.10100M | -29.89000M | -22.43700M |
| Selling general administrative | - | - | - | 48.06M | 24.58M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 334.21M | 174.92M | 115.73M | 46.64M | 30.34M |
| Reconciled depreciation | 98.40M | 86.36M | 51.51M | 20.17M | - |
| Ebit | 16.86M | -864.46900M | -488.51900M | -223.59600M | -36.03898M |
| Ebitda | 115.26M | 88.82M | 65.08M | 18.75M | 96.04M |
| Depreciation and amortization | 98.40M | 953.29M | 553.60M | 242.34M | 132.08M |
| Non operating income net other | - | - | - | - | - |
| Operating income | -42.55100M | 86.36M | 51.51M | 20.17M | 10.55M |
| Other operating expenses | 1261.11M | 968.28M | 546.40M | 233.10M | 79.31M |
| Interest expense | 119.47M | 71.07M | 26.90M | 7.86M | - |
| Tax provision | 1.28M | 0.71M | 0.02M | -0.00500M | - |
| Interest income | - | - | - | - | - |
| Net interest income | -119.46500M | -71.07200M | -26.89900M | -7.85700M | - |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 1.28M | 27.43M | 13.69M | -1.42200M | 5.76M |
| Total revenue | 1218.56M | 980.72M | 567.29M | 240.92M | 137.84M |
| Total operating expenses | 338.94M | 248.84M | 146.35M | 58.99M | -28.19800M |
| Cost of revenue | 884.34M | 805.80M | 451.56M | 194.28M | 107.50M |
| Total other income expense net | -120.18300M | -44.93500M | -26.47500M | -7.95200M | 19.36M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | -164.01900M | -76.74800M | -58.12000M | -29.88500M | - |
| Net income applicable to common shares | - | - | - | - | - |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 3501.94M | 3462.18M | 2876.31M | 1529.91M | - |
| Intangible assets | 1017.34M | 1099.92M | 944.47M | 554.32M | - |
| Earning assets | - | - | - | - | - |
| Other current assets | 12.73M | 9.94M | 8.15M | 4.45M | - |
| Total liab | 2483.05M | 2322.14M | 1688.75M | 759.95M | - |
| Total stockholder equity | 560.41M | 608.10M | 608.38M | 367.78M | - |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | 62.66M | 14.21M | 3.39M | 3.87M | - |
| Common stock | - | - | - | - | - |
| Capital stock | 0.65M | 0.62M | 0.59M | 0.46M | - |
| Retained earnings | -186.90500M | -96.76400M | -54.99200M | -24.34600M | - |
| Other liab | - | - | - | - | - |
| Good will | 1412.37M | 1422.06M | 1228.74M | 651.50M | - |
| Other assets | - | - | - | - | - |
| Cash | 116.21M | 118.09M | 138.29M | 108.46M | - |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 1033.44M | 699.21M | 540.69M | 217.42M | - |
| Current deferred revenue | - | - | - | - | - |
| Net debt | 1419.90M | 1253.52M | 816.43M | 283.01M | - |
| Short term debt | - | - | - | - | - |
| Short long term debt | 226.93M | 56.75M | 105.11M | 10.09M | - |
| Short long term debt total | - | - | - | - | - |
| Other stockholder equity | - | - | - | - | - |
| Property plant equipment | - | - | - | - | - |
| Total current assets | 925.90M | 772.40M | 578.39M | 301.99M | - |
| Long term investments | - | - | - | 1.65M | 0.20M |
| Net tangible assets | - | - | - | - | - |
| Short term investments | - | - | - | - | - |
| Net receivables | 627.79M | 531.99M | 340.84M | 155.50M | - |
| Long term debt | 1309.18M | 1314.86M | 849.61M | 381.38M | - |
| Inventory | - | - | - | - | - |
| Accounts payable | 619.87M | 525.22M | 351.88M | 159.84M | - |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | - | - | - | - |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 38.13M | 45.94M | 25.59M | 11.08M | - |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 2576.03M | 2689.78M | 2297.91M | 1227.92M | - |
| Capital lease obligations | 95.70M | 101.73M | 83.88M | 0.00000M | - |
| Long term debt total | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Investments | -21.92200M | -414.35700M | -678.47300M | -677.80900M | - |
| Change to liabilities | - | - | - | - | - |
| Total cashflows from investing activities | - | - | - | - | - |
| Net borrowings | - | - | - | - | - |
| Total cash from financing activities | -26.23000M | 419.55M | 724.06M | 711.92M | 152.04M |
| Change to operating activities | - | - | - | - | - |
| Net income | -90.14100M | -41.77200M | -30.64600M | -15.69600M | -8.65000M |
| Change in cash | -3.50800M | 2.73M | 85.72M | 70.95M | 63.08M |
| Begin period cash flow | 230.47M | 227.74M | 142.02M | 71.07M | 8.00M |
| End period cash flow | 226.96M | 230.47M | 227.74M | 142.02M | 71.07M |
| Total cash from operating activities | 44.64M | -2.46200M | 40.13M | 36.82M | 12.01M |
| Issuance of capital stock | 0.00000M | 0.00000M | 269.38M | 451.57M | - |
| Depreciation | 98.40M | 86.36M | 51.51M | 20.17M | 10.55M |
| Other cashflows from investing activities | - | - | - | - | - |
| Dividends paid | 0.39M | 0.00000M | 0.00000M | 0.00000M | 4.27M |
| Change to inventory | - | - | - | - | - |
| Change to account receivables | -132.26900M | -182.06900M | -66.15000M | -6.80400M | -5.92600M |
| Sale purchase of stock | - | 0.00000M | 0.00000M | -78.27400M | -43.83200M |
| Other cashflows from financing activities | -22.46900M | -41.93800M | -16.11600M | -7.32500M | -6.34600M |
| Change to netincome | - | - | - | - | - |
| Capital expenditures | 21.38M | 21.98M | 5.32M | 5.47M | 1.72M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | 6.34M | -20.87700M | -16.76300M | 18.93M | 0.44M |
| Stock based compensation | 60.01M | 47.39M | 19.19M | 7.74M | 4.61M |
| Other non cash items | -29.96100M | 155.25M | 150.01M | 33.20M | 27.70M |
| Free cash flow | 23.27M | -24.44100M | 34.81M | 31.35M | 10.30M |
Sector: Financial Services Industry: Insurance Brokers
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BWIN The Baldwin Insurance Group, Inc. |
-0.69 1.50% | 45.36 | - | 23.64 | 2.45 | 5.45 | 3.62 | 29.31 |
| MMC Marsh & McLennan Companies Inc |
-1.68 0.69% | 241.73 | 27.11 | 21.60 | 4.12 | 8.01 | 4.69 | 17.72 |
| AON Aon PLC |
-5.56 1.39% | 393.98 | 30.99 | 21.14 | 5.23 | 12.74 | 6.45 | 21.84 |
| AJG Arthur J Gallagher & Co |
0.60 0.18% | 341.61 | 54.05 | 25.71 | 5.84 | 5.26 | 6.26 | 27.42 |
| WTW Willis Towers Watson PLC |
-3.425 1.00% | 337.45 | 25.57 | 16.03 | 2.81 | 2.80 | 3.28 | 15.43 |
The Baldwin Insurance Group, Inc. operates as an independent insurance distribution firm that delivers insurance and risk management solutions in the United States. It operates through three segments: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions; and Mainstreet Insurance Solutions. The Insurance Advisory Solutions segment provides commercial risk management, employee benefits, and private risk management solutions for businesses and high-net-worth individuals, as well as their families. The Underwriting, Capacity & Technology Solutions segment offers Future platform, that manufactures technology-enabled insurance products suite comprises personal, commercial, and specialty lines; specialty wholesale broker business that delivers professionals, individuals, and niche industry businesses; and reinsurance brokerage services. The Mainstreet Insurance Solutions segment provides personal insurance, commercial insurance, and life and health solutions to individuals and businesses in communities. The company was formerly known as BRP Group, Inc. and changed its name to The Baldwin Insurance Group, Inc. in May 2024. The Baldwin Insurance Group, Inc. was founded in 2011 and is headquartered in Tampa, Florida.
4211 W. Boy Scout Blvd., Tampa, FL, United States, 33607
| Name | Title | Year Born |
|---|---|---|
| Mr. L. Lowry Baldwin | Co-Founder & Chairman | 1959 |
| Mr. Trevor Lowry Baldwin | CEO & Non-Independent Director | 1986 |
| Mr. Daniel Galbraith | President & CEO of Retail Brokerage Operations | 1981 |
| Mr. Bradford Lenzie Hale CPA | Chief Financial Officer | 1980 |
| Mr. Jim Roche | President, CEO of Underwriting, Capacity & Technology Operations | 1977 |
| Ms. Elizabeth H. Krystyn | Co-Founder | NA |
| Ms. Laura Rice Sherman | Co-founder | NA |
| Ms. Corbyn N. Lichon | Chief Accounting Officer | 1992 |
| Mr. Rajasekhar Kalahasthi | Chief Digital & Information Officer | NA |
| Ms. Bonnie Bishop | Executive Director of Investor Relations | NA |
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