BWIN
The Baldwin Insurance Group, Inc.
BWIN offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
GS
The Goldman Sachs Group, Inc.
GS has the edge over BWIN overall, supported by stronger fundamentals and lower modeled downside.
BWIN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| N/A | |
| N/A |
BWIN's revenue is currently strong, but its profitability is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like BWIN.
GS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
GS's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like GS.
BWIN PE Valuation
BWIN has no meaningful PE right now: it lost money over the past year.
GS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.6x | $528 | -42% |
| Current | 13x | $914 | — |
| Forward | 13x | $914 | — |
| Fair | 14x | $940 | +2.9% |
| Expensive | 17x | $1,214 | +33% |
Historical ranges are pointers, not guarantees.
GS's PE is 13x, but its earnings don't support one, so it isn't a reliable read right now.
BWIN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BWIN, with profitability improving.
GS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GS, with profitability improving. However, they disagree widely on these estimates.
BWIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.37 | — |
| Q3 2026 | -$1.41 | -$0.98 |
| Q2 2026 | -$1.05 | -$0.76 |
| Q1 2026 | -$0.68 | -$0.16 |
| Q4 2025 | -$0.50 | -$0.11 |
| Q3 2025 | -$0.43 | +$0.22 |
| Q2 2025 | -$0.29 | +$0.52 |
| Q1 2025 | -$0.52 | +$0.41 |
| Q4 2024 | -$0.39 | +$1.11 |
BWIN lost $1.41 per share over the past year, and its loss has widened in each of the last five quarters.
GS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $72.35 | +4% |
| Q3 2026 | $69.58 | +41% |
| Q2 2026 | $64.82 | +43% |
| Q1 2026 | $54.75 | +27% |
| Q4 2025 | $51.32 | +27% |
| Q3 2025 | $49.22 | +44% |
| Q2 2025 | $45.37 | +45% |
| Q1 2025 | $43.08 | +68% |
| Q4 2024 | $40.54 | +77% |
GS has the edge over BWIN on earnings quality, reporting a profit while its opponent remains loss making.
BWIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $480.3M | +31% |
| Q2 2026 | $492.9M | +30% |
| Q1 2026 | $532.2M | +29% |
| Q4 2025 | $347.3M | +5.3% |
| Q3 2025 | $365.4M | +7.8% |
| Q2 2025 | $378.8M | +11% |
| Q1 2025 | $413.4M | +8.7% |
BWIN's revenue has grown year over year every quarter since early 2025: $480M last quarter, up 31% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -9% | -9.9 points |
| Q2 2026 | -1.7% | -9.1 points |
| Q1 2026 | -19% | -33 points |
| Q4 2025 | -3.8% | -2.2 points |
| Q3 2025 | 0.9% | -3.7 points |
| Q2 2025 | 7.4% | +2.5 points |
| Q1 2025 | 14% | +4.5 points |
| Q4 2024 | -1.7% | N/A |
BWIN's operating margin was −9% last quarter, down 9.9 points from the same quarter a year ago, near the bottom of its range since 2024.
GS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $18.7B | +23% |
| Q2 2026 | $20.3B | +39% |
| Q1 2026 | $17.2B | +14% |
| Q4 2025 | $13.5B | -3% |
| Q3 2025 | $15.2B | +20% |
| Q2 2025 | $14.6B | +15% |
| Q1 2025 | $15.1B | +6% |
| Q4 2024 | $13.9B | +23% |
GS's revenue is growing: $18.7B last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +2 points |
| Q2 2026 | 42% | +8.1 points |
| Q1 2026 | 38% | +0.2 points |
| Q4 2025 | 44% | +5.6 points |
| Q3 2025 | 36% | +4.1 points |
| Q2 2025 | 34% | +3.2 points |
| Q1 2025 | 37% | +0.6 points |
| Q4 2024 | 38% | +18 points |
GS has the edge over BWIN on profitability, with a higher operating margin.
BWIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $39.2M | +22% |
| Q2 2026 | $30.4M | +$58.5M |
| Q1 2026 | -$18.7M | +$54.2M |
| Q4 2025 | -$84K | -102% |
| Q3 2025 | $32.2M | +$40.2M |
| Q2 2025 | -$28.1M | -140% |
| Q1 2025 | -$72.9M | -$67.7M |
| Q4 2024 | $4.3M | -71% |
BWIN has the edge over GS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +72% |
| Q2 2026 | $5.6B | +7.8% |
| Q1 2026 | -$32.4B | +$5.3B |
| Q4 2025 | -$16.8B | -136% |
| Q3 2025 | $2.1B | +$40.6B |
| Q2 2025 | $5.2B | -6.8% |
| Q1 2025 | -$37.7B | -$9.2B |
| Q4 2024 | $46.2B | +$75.1B |
GS's free cash flow was −$40B over the past year, against $15.8B the year before. Free cash flow isn't a meaningful measure for financial services companies like GS.
BWIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +168K shares |
| 1 year | +35% | +24.3M shares |
| 3 years | +53% | +32.4M shares |
| 5 years | +100% | +46.5M shares |
| Available history | +368% | +73.1M shares |
BWIN has 93M diluted shares, up 35% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $79.9M |
| Q1 2026 | $47M |
| Q3 2021 | — |
| Q3 2020 | — |
GS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -3.8M shares |
| 1 year | -4.4% | -13.9M shares |
| 3 years | -12% | -42.8M shares |
| 5 years | -15% | -52.8M shares |
| Available history | -20% | -74.4M shares |
GS has the edge over BWIN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3B |
| Q2 2026 | $4B |
| Q1 2026 | $5B |
| Q4 2025 | $3B |
| Q3 2025 | $2B |
| Q2 2025 | $3B |
| Q1 2025 | $4.4B |
| Q4 2024 | $2B |
GS spent $15B buying back its own shares over the past year, up 32% from the year before.
BWIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 1.9x | Healthy |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 7.8x | High |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | 7.5x | High |
BWIN's net debt is about 2.1 years of its operating earnings (EBITDA), after holding more cash than debt a year ago. Net leverage isn't a meaningful measure for financial services companies like BWIN.
GS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.4x | Net Cash |
| Q2 2026 | -6.1x | Net Cash |
| Q1 2026 | -6.7x | Net Cash |
| Q4 2025 | -6.4x | Net Cash |
| Q3 2025 | -3.5x | Net Cash |
| Q2 2025 | -3.1x | Net Cash |
| Q1 2025 | -3.9x | Net Cash |
| Q4 2024 | -4.7x | Net Cash |
GS has the edge over BWIN on leverage, with a lower net debt burden relative to earnings.
BWIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.1 | Neutral |
| Stochastic | 86.7 | Overbought |
BWIN's weekly RSI is 63 (neutral) and its Stochastic is 87 (overbought).
GS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 16.3 | Oversold |
GS's weekly RSI is 45 (neutral) and its Stochastic is 16 (oversold).
BWIN PE vs Financial Services Sector
BWIN has no meaningful PE right now: it lost money over the past year.
GS PE vs Financial Services Sector
| Metric | GS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 46 | 63 | 17 pts below |
GS is trading at 13x earnings, in line with the Financial Services sector's median of 13x, though its earnings don't support one.
BWIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $31.9 | 0.4% above |
| 20 week MA | $30.4 | 5.4% above |
| 50 week MA | $25.4 | 26% above |
| 100 week MA | $30.9 | 3.6% above |
| 200 week MA | $30.7 | 4.3% above |
BWIN has the edge over GS on trend strength, trading above more of its moving averages.
GS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $895.5 | 2% above |
| 20 week MA | $977.4 | 6.5% below |
| 50 week MA | $945.4 | 3.4% below |
| 100 week MA | $804.5 | 14% above |
| 200 week MA | $602.7 | 52% above |
GS's trend is mixed: it's above three of its five weekly moving averages, and 52% above its 200-week average.
BWIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $15.6 | $30.3 | +94% |
| 2021 | $30.3 | $34.8 | +15% |
| 2022 | $34.8 | $26.0 | -25% |
| 2023 | $26.0 | $24.0 | -7.5% |
| 2024 | $24.0 | $38.8 | +62% |
| 2025 | $38.8 | $25.6 | -34% |
| 2026 YTD | $25.6 | $32.0 | +25% |
BWIN has the edge over GS on returns for 2026, with the stronger performance.
GS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $230.7 | $256.2 | +11% |
| 2021 | $256.2 | $385.0 | +50% |
| 2022 | $385.0 | $345.5 | -10% |
| 2023 | $345.5 | $385.8 | +12% |
| 2024 | $385.8 | $576.2 | +49% |
| 2025 | $576.2 | $907.0 | +57% |
| 2026 YTD | $907.0 | $913.6 | +0.7% |
GS has finished higher in five of the last six years, two of them by more than 50%. It's up 0.7% so far in 2026.