The Baldwin Insurance Group, Inc. (BWIN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13.6%

$27.58

vs $31.92 price

Levered DCF

-$19.23

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.48

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-48.06×	-99.38×	-20.05×	-40.64×	-46.98×	-27.34×	-24.06×	-231.31×
P/B	2.72×	4.22×	3.23×	2.81×	2.35×	2.22×	7.35×	1.02×
P/S	1.08×	1.79×	1.5×	1.76×	2.56×	3.53×	3.99×	1.81×
EV / EBITDA	16.66×	24.01×	28.43×	34.99×	35.82×	58.69×	31.51×	9.8×
Gross margin	12.8%	25.0%	24.5%	25.8%	28.6%	24.8%	28.1%	34.5%
Operating margin	7.3%	4.4%	-3.5%	-3.2%	-5.6%	-9.5%	-3.8%	12.1%
Net margin	-2.2%	-1.8%	-7.5%	-4.3%	-5.5%	-6.8%	-6.4%	-0.8%
Current ratio	1.16×	0.97×	0.9×	1.1×	1.07×	1.39×	1.83×	0.94×
Debt / equity	2.95×	2.81×	2.91×	2.42×	1.71×	1.06×	0.58×	0.01×
Interest coverage	0.9×	0×	-0.36×	-0.44×	-1.18×	-2.79×	-0.48×	1.44×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	3.9%
Payout ratio	0.0%	-1.1%	-0.4%	0.0%	0.0%	0.0%	-122.0%	-881.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.6%	-4.2%	-16.1%	-6.9%	-5.0%	-4.3%	-11.8%	-0.4%
Return on invested capital	3.8%	2.3%	-1.6%	-1.1%	-1.3%	-1.7%	-1.5%	3.3%
Return on assets	-0.9%	-0.7%	-2.6%	-1.2%	-1.1%	-1.0%	-2.2%	-118.4%
Free cash flow yield	-4.2%	2.5%	1.3%	-1.4%	2.4%	3.8%	1.9%	7.9%
Earnings yield	-2.1%	-1.0%	-5.0%	-2.4%	-2.1%	-1.9%	-1.6%	-0.4%
Enterprise value	$3.3B	$4B	$3.3B	$3.1B	$2.3B	$1.1B	$513.9M	$135.7M
Net debt / EBITDA	8.37×	9.07×	12.96×	15.48×	13.83×	15.1×	-1.52×	-0.49×
Cash conversion cycle (days)	-11	-66	-59	-66	-98	-90	-59	-55