BWINBaldwin Insurance Group, Inc.

Insurance Agents, Brokers & Service

Revenue: $1.5B; 8.5% YoY
Operating margin: 4.9%; 12% YoY
EBITDA: $202M; 19% YoY
Market cap: $1.1B
Employees: 5,000; $299K revenue each
Net debt / EBITDA: 1.1×; $215M net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
43% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$299K · 45th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$567M	$981M	$1.2B	$1.4B	$1.5B	8.5%
Operating income	−$32M	−$31M	−$43M	$61M	$74M	22%
Net income	−$58M	−$77M	−$164M	−$41M	−$54M	32%
Operating cash flow	$40M	−$2M	$46K	$51M	−$29M	157%
Capex	$5M	$22M	$21M	$41M	$40M	3.7%
Stock-based comp	$19M	$47M	$60M	$66M	$71M	8.6%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 15, 2026	SC 13E3	DFO Private Investments, L.P.	—	—
Oct 15, 2026	PREM14A	DFO Private Investments, L.P.	$32.50	87.5%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $13M · 12
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	−$2M	80	165
FY2024	$6M	$12M	129	180
FY2023	$6M	$4M	80	148
FY2022	$5M	$4M	84	135
FY2021	$3M	$4M	120	138