| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 65 | — | 17.3x | Around median | |
Growth | 73 | 18.8% | 7.1% | Top tier | |
Quality | 18 | — | — | Bottom tier | |
Safety | 28 | — | — | Bottom tier | |
Capital Return | 35 | 0.00% | 0.06% | Bottom tier | |
Momentum | 91 | 39.6% | -1.6% | Top tier | |
Sentiment | 58 | 7 | 3 | Around median |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The Baldwin Insurance Group operates as a platform for distributing insurance solutions, consulting, and risk management, generating revenue through insurance advisory operations, MGA/TPA products, Main Street Insurance Solutions, as well as lines related to mortgages, homebuilders, renters insurance, and reinsurance. CAC's specialties include natural resources, large and complex public companies, transactional liability, private equity, and risk management accounts, while Brev and the Hippo and Spinnaker programs expand its presence in residential insurance products and embedded distribution.
In fiscal 2026 Q2, the company recorded revenue of $492.9 million according to EDGAR filings, versus $493 million in management's presentation, and total organic growth of 2%. The GAAP net loss was approximately $39 million, or a diluted loss of $0.42 per share, while adjusted net income was $68 million and adjusted earnings per share were $0.48. Adjusted earnings before interest, taxes, depreciation, and amortization were $117 million, up 37%, and the margin expanded by approximately 110 basis points to 23.7%.
Segment performance varied significantly in fiscal 2026 Q2; organic growth declined by 2% in Insurance Advisory Solutions, increased by 6% in UCTS and by 4% in Main Street Insurance Solutions, while management reported organic growth of 56% in MGA/TPA before including OVI on a like-for-like basis, and 7% after including it. CAC generated revenue of $94 million and grew 23%, while its client retention exceeded 92%. On a last-twelve-month basis in 2026, revenue reached $1.7 billion, but the net loss was $81.2 million and earnings per share were approximately negative $0.876.
The analyst consensus for BWIN shares is “Buy,” with an average target of $32.5 and a relatively wide range of between $28 and $37; the average is slightly below the annual high of $32.59, while the highest target exceeds that high. No meaningful price-to-earnings ratio is available because of the GAAP loss per share, and the 52-week range was between $15.88 and $32.59, so the valuation depends more heavily on achieving an acceleration in organic growth, converting adjusted earnings into GAAP net income, and reducing leverage of 4.5 times.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
The Baldwin Insurance Group generated revenue of approximately $493 million, adjusted earnings before interest, taxes, depreciation, and amortization of $117 million, and an adjusted margin of 23.7%. CAC led the momentum with revenue of $94 million and growth of 23%, while the three partnerships collectively grew 25%. In contrast, reported organic growth was limited to 2% because of price and exposure pressures, a revenue recognition change, and CAC integration effects. After neutralizing those items and including the partnerships on a like-for-like basis, management estimated underlying organic growth at approximately 8%.
The net loss attributable to Baldwin was approximately $39 million in fiscal 2026 Q2, equivalent to a diluted loss of $0.42 per share. In contrast, adjusted net income was $68 million and adjusted earnings per share were $0.48. The company explained that the adjusted measure excludes stock-based compensation, amortization, and other one-time expenses. Therefore, the improvement in adjusted earnings should be assessed alongside the continuing GAAP loss, which reached $81.2 million during the last twelve months in 2026.
Automated analysis for informational purposes only — not investment advice.
CAC serves areas including natural resources, large and complex public companies, private equity, transactional liability, and risk management accounts. In fiscal 2026 Q2, the private equity team won more than 130 new accounts, and the financial lines team secured several large initial public offering mandates. New business booked fiscal year to date exceeded $80 million, up 43%, while closed business with future effective dates exceeded $100 million. However, management cautioned that transaction, private equity, and tax solution lines may fluctuate between quarters.
In May 2026, the company expanded its enterprise relationship with Anthropic and began deploying Claude company-wide within the Catalyst program. By the July 30, 2026 call, more than 47 thousand tasks had been completed over 17 weeks at a quality rate exceeding 98%, which then exceeded 99% in the final weeks of the period. Processing solutions also improved the monthly reconciliation rate for direct-bill invoices from approximately 90% to 98%. The annual operating cost of this process declined from $3 million to $1 million, while the internal labor cost fell from $1.2 million to approximately $400 thousand.
Management expects fiscal 2026 Q3 revenue of between $485 million and $495 million, with mid-single-digit organic growth. The range for adjusted earnings before interest, taxes, depreciation, and amortization is between $105 million and $110 million, and adjusted earnings per share are expected to be between $0.42 and $0.46. For fiscal 2026, the company expects mid-single-digit organic growth and adjusted free cash flow to grow at a double-digit rate. It also targets ending the fiscal year with a high-single-digit organic growth rate or better during Q4.
Risks include continuing GAAP losses, as the company recorded a net loss of $39 million in fiscal 2026 Q2, along with net leverage of 4.5 times. Soft insurance pricing also pressured results, with a 240-basis-point headwind from price and exposure and an approximately $4 million year-over-year decline in Juniper Re revenue. CAC integration changes caused the loss of approximately $8 million in annual revenue, with an expected impact of between $4 million and $5 million in the second half of fiscal 2026. Revenue from CAC products related to transactions may also fluctuate from quarter to quarter, increasing uncertainty about the sustainability of high growth rates.