Stock fact sheet · data as of
The Baldwin Insurance Group, Inc. (BWIN): fair value, margin of safety and Wheel Score
Ticker symbol BWIN · Financial Services · Insurance - Brokers · United States · Class A common stock · Speculative
BWIN is The Baldwin Insurance Group, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is BWIN undervalued?
At 32.14 (close of 5 Nov 2026), BWIN trades 18% over the GLS average fair value of 27.30. 0 of the 1 models land above the price and 1 below. A negative margin of safety fails the "below fair value" Wheel Trade Filter - the models see no discount, which does not make the business a poor one, only the price a full one.
Only 1 of the nine models produced a value (DCF); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files BWIN under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for BWIN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 27.30 | -15% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -19.47 | -161% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 31.00 | -4% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: BWIN passes 2 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 4.2 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC -1.4%, ROE -5.6%, ROA -0.9% - with debt at 2.95 times equity and a free-cash-flow yield of 1.7%. Debt of 2.95 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The Baldwin Insurance Group, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Commission Revenue 80%, Consulting and Service Fee Revenue 8%, Profit Sharing Revenue 5% (quarter Q1 FY2026).
Institutional ownership scores 5/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 14 Oct 2026.
| Piotroski F-score | 2 / 9 | ROIC | -1.4% |
|---|---|---|---|
| GLS Moat | 4.2 / 10 | ROE | -5.6% |
| Debt / equity | 2.95 | ROA | -0.9% |
| Free-cash-flow yield | 1.7% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 11: Weak
BWIN scores 11 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades 18% above our fair value; and filter 4, financially healthy - Piotroski 2/9 (under 6); and filter 6, no serious red flags - Red Flags score 52 (under 60); and filter 7, a premium worth selling - implied volatility 20% (under 25%), and the parts are thin too - value weak, premium weak, moat fair, health weak, red flags weak, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility on the near-the-money contracts is 20%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. Chain open interest is thin - 1,242 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 4.2M shares a day on a market cap of $2.6B, with a beta of 0.98; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Fails | trades 18% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 2/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Fails | Red Flags score 52 (under 60) |
| 7 | A premium worth selling | Fails | implied volatility 20% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 18% above fair value | |
| Premium | Weak | implied volatility 20% | |
| Moat | Fair | moat 4.2/10 | |
| Health | Weak | Piotroski 2/9 | |
| Red Flags | Weak | Red Flags score 52/100 | |
| Option trading | Weak | 189 contracts a day, 1,242 open interest | |
| Stability | Fair | beta 0.98, $2.6B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BWIN in the nightly calendar.
Analysts downgraded BWIN 1 time in the last 30 days with no upgrades; the latest action was a downgrade by Cowen & Co. on 12 Oct 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Insurance - Brokers
The 12 companies below are the closest to The Baldwin Insurance Group, Inc. by market cap within the Insurance - Brokers industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NP Neptune Insurance Holdings Inc. | 28.55 | 13.69 | -109% | 36Weak | $2.7B |
| LIFE Ethos Technologies Inc. | 37.13 | 20.58 | -80% | 30Weak | $2.4B |
| GSHD Goosehead Insurance, Inc | 56.35 | 64.68 | +13% | 37Weak | $2.0B |
| CRVL CorVel Corporation | 87.38 | 66.84 | -31% | 41Weak | $4.4B |
| RYAN Ryan Specialty Holdings, Inc. | 47.54 | 38.59 | -23% | 39Weak | $5.8B |
| TWFG TWFG, Inc. Common Stock | 29.58 | 44.50 | +34% | 33No options | $381M |
| WDH Waterdrop Inc. | 1.01 | 45.70 | +98% | 33No options | $365M |
| BRO Brown & Brown, Inc. | 73.89 | 90.70 | +19% | 80Good | $24.5B |
| WTW Willis Towers Watson Public Limited Company | 337.37 | 382.34 | +12% | 36Weak | $31.1B |
| XHG XChange TEC.INC | 3.32 | - | - | 13No options | $171M |
| AON Aon plc | 344.67 | 413.95 | +17% | 71Good | $73.1B |
| AJG Arthur J. Gallagher & Co. | 288.38 | 160.65 | -80% | 43Weak | $73.9B |
⚖ Compare BWIN with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BWIN
What kind of share is BWIN?
BWIN is The Baldwin Insurance Group, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is BWIN undervalued right now?
No: at 32.14 the stock trades 18% above the GLS average fair value of 27.30 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of BWIN and what does it mean?
BWIN scores 11 out of 100 (Weak) - it fails Wheel Trade Filters 2, 3, 4, 6, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BWIN?
27.30 per share as of 5 Nov 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does The Baldwin Insurance Group, Inc. report earnings next?
No upcoming earnings date is recorded for BWIN in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does BWIN have listed options, and how liquid are they?
Yes. The nightly snapshot found 36 listed contracts with 1,242 open interest across all expiries and implied volatility of 20% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.