Baldwin
Insurance brokerage platform spanning advisory, MGA products, and embedded distribution.
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Profile
Sells commercial, employee-benefits, personal, wealth, retirement, and Medicare insurance services across the United States, with a Southeastern concentration. Three operating groups combine advisory brokerage, underwriting and capacity solutions, and community or embedded insurance distribution.
Markets insurance products and services across the United States, with a significant concentration in the Southeast. Core lines include commercial property and casualty, employee benefits, personal lines, wealth management and retirement services, and Medicare.
Insurance Advisory Solutions serves businesses, high-net-worth individuals, and families; Underwriting, Capacity & Technology Solutions includes MSI, capacity solutions, reinsurance, and captive management; Mainstreet Insurance Solutions uses community, home-builder, lender, and other sheltered channels.
Growth depends on insurance-premium conditions, continued partner acquisitions and integration, and competition from brokers, direct insurers, financial-services firms, technology companies, Insurtech startups, and public insurance exchanges.
Company facts
Key statistics
Year to date +29.1% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | UBS | Reiterate | Buy | $35 | $37 | |
| Jun 22, 2026 | Morgan Stanley | Target | $28 | |||
| Jun 22, 2026 | JP Morgan | Upgrade | Neutral | Overweight | ||
| Jun 9, 2026 | UBS | Reiterate | Buy | $40 | $35 | |
| Mar 9, 2026 | UBS | Reiterate | Buy | $40 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.47 | $0.48 | +2.0% | $492.3M | $492.9M | +0.1% | +3.93% |
| May 4, 2026Q1 FY26 | $0.64 | $0.63 | −1.6% | $524.1M | $532.2M | +1.6% | −3.19% |
| Feb 26, 2026Q4 FY25 | $0.29 | $0.31 | +6.9% | $352.2M | $347.3M | −1.4% | +25.64% |
| Nov 4, 2025Q3 FY25 | $0.30 | $0.31 | +3.3% | $351.8M | $365.4M | +3.9% | +10.04% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $408.5M | $374.3M | $365.4M | $347.3M | $532.2M | $492.9M | |
| Gross profit | $144.7M | $105.3M | $93.2M | $13.7M | $67.8M | −$8.3M | |
| Operating income | $56.0M | $27.9M | $3.2M | $1.8M | −$89.3M | −$8.3M | |
| Net income | $13.9M | −$3.2M | −$18.7M | −$25.9M | $2.3M | −$39.0M | |
| Diluted EPS | $0.20 | −$0.05 | −$0.27 | −$0.37 | $0.03 | −$0.56 | |
| Gross margin | 35.4% | 28.1% | 25.5% | 4.0% | 12.7% | -1.7% | |
| Operating margin | 13.7% | 7.5% | 0.9% | 0.5% | -16.8% | -1.7% |
Fiscal years (4-quarter sums)FY22 $973.5M · FY23 $1.21B · FY24 $1.38B · FY25 $1.50B
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $184.5M · Total debt $2.69B · Total assets $6.17B · Shareholders' equity $884.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 81.06M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| L. Lowry Baldwin | 19.94M | 17.00% | 13G | May 8, 2026 |
| Bigh, LLC · 10 percent owner, other: Member of 10% Owner Group | 12.54M | 15.47% | Form 4 | Mar 4, 2026 |
| FMR LLC | 10.70M | 15.00% | 13G | Nov 5, 2025 |
| William Blair Investment Management, LLC | 6.79M | 7.00% | 13G | May 7, 2026 |
| Champlain Investment Partners, LLC | 3.92M | 5.50% | 13G | Feb 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 14, 2026 | Seth Bala Cohen | officer: General Counsel | −15,000 | $20.01 |
| May 7, 2026 | Elizabeth Krystyn | other: Member of 10% Owner Group | −130,018 | $21.20 |
| May 6, 2026 | Elizabeth Krystyn | other: Member of 10% Owner Group | −71,982 | $21.19 |
| Mar 6, 2026 | Elizabeth Krystyn | other: Member of 10% Owner Group | −29,431 | $21.25 |
| Mar 2, 2026 | Paul Eugene Sparks | director | +29,000 | $22.96 |
Peers
- Brown & Brown
Retail brokerage and specialty distribution overlap across P&C and benefits
- Arthur J. Gallagher
Global brokerage, benefits, risk management, and M&A-led agency scale
- Ryan Specialty
Specialty wholesale, binding authority, and underwriting management overlap
- Marsh McLennan
Global risk, reinsurance, benefits, and advisory scale
- Aon
Risk capital and human capital services overlap in risk and benefits
- Willis Towers Watson
Risk broking, health benefits, retirement, and Medicare-market overlap
- Goosehead Insurance
Personal-lines agency distribution overlap in home and auto insurance
- TWFG
Independent personal and commercial distribution platform overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Baldwin | $30.68 | −0.07% | $2.49B | — | 13.5 | 1.4 | +31.7% |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Marsh McLennan | $185.69 | −3.61% | $91.93B | 23.6 | 17.6 | 3.3 | +6.2% |
| Aon | $355.40 | −0.01% | $75.39B | 19.6 | 17.6 | 4.3 | +2.2% |
| Willis Towers Watson | $342.03 | −0.49% | $31.92B | 21.1 | 16.4 | 3.2 | +9.1% |
| Goosehead Insurance | $71.26 | +0.02% | $2.66B | 52.0 | 32.0 | 6.6 | +20.6% |
| TWFG | $30.01 | +0.44% | $390.0M | 81.5 | 27.5 | 1.4 | +51.2% |
| Median | 33.9 | 18.3 | 3.4 | +14.8% |