The Baldwin Insurance Group, Inc. Financial Ratios — BWIN

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-0.68	-3.21	-1.63	-1.39	-1.32	-2.59	-0.7	-0.91
Return on Capital (%)	- -	7.97	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	31.95	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	34.93	34.49	28.14	24.85	28.56	25.79	24.54	25.01	28.97
EBITDA Margin (%)	16.16	17.56	12.09	8.09	11.62	9.03	9.68	11.96	13.93
Operating Margin (%)	13.13	13.64	4.27	-0.61	2.42	0.12	1.53	4.05	5.34
Incremental Operating Margin (%)	- -	14.42	-8.91	- -	4.57	-3.02	7.27	22.06	21.26
Pretax Margin (%)	8.13	3.41	-16.63	-12.9	-10.38	-7.84	-13.47	-2.86	-3.52
Profit Margin (%)	3.6	-0.79	-6.41	-6.77	-5.47	-4.31	-7.46	-1.78	-2.27
Net Income to Common Margin (%)	3.6	-0.79	-6.41	-6.77	-5.47	-4.31	-7.46	-1.78	-2.27
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	114.78	165.78	-29.09	- -	- -	- -	-0.16	-0.46	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	27	73	43	391	1,039	1,473	1,632	1,641	1,770
ST Debt	3	1	2	10	118	71	244	174	40
LT Debt	24	72	40	381	921	1,403	1,388	1,467	1,731
Total Debt/EBITDA	3.56	5.28	2.63	20.88	15.96	16.83	13.95	9.97	8.54
Net Debt/EBITDA	3.16	4.7	-1.52	15.1	12.55	14.32	12.14	8.9	7.58
Total Debt/EBIT	4.39	6.79	7.44	-275.3	76.54	1,218.65	88.05	29.46	22.26
Net Debt/EBIT	3.88	6.05	-4.31	-199.03	60.16	1,036.83	76.62	26.3	19.75
EBITDA to Interest Expense	4.01	2.09	1.53	2.39	2.42	1.23	0.98	- -	- -
EBITDA-CapEx/Interest Expense	4.01	2.09	1.53	2.39	2.42	1.23	0.98	- -	- -
EBIT to Interest Expense	3.26	1.62	0.54	-0.18	0.5	0.02	0.16	- -	- -
Interest Expense	2	7	11	8	27	71	119	- -	- -
Common Equity/Total Assets	-89.96	-45.49	-2.12	-1.56	-1.89	-2.78	-5.32	-5.96	-6.33
Long-Term Debt/Equity (%)	- -	- -	17.01	49.53	77.55	123.03	136.25	145.4	159.61
Long-Term Debt/Capital (%)	220.42	127.62	20.35	49.54	58.91	73.47	72.91	79.04	86.1
Long-Term Debt/Total Assets (%)	53.01	51.66	10.12	24.93	32.02	40.51	39.64	41.5	44.81
Total Debt/Equity (%)	-165.79	-441.47	18.06	50.84	87.46	129.24	160.16	162.66	163.26
Total Debt/Capital (%)	252.01	129.08	21.6	50.86	66.43	77.17	85.7	88.42	88.08
Total Debt/Total Assets (%)	60.61	52.26	10.74	25.59	36.11	42.56	46.6	46.42	45.84
Net Debt to Equity	-146.79	-393.16	-10.47	36.76	68.75	109.95	139.36	145.22	144.88
Net Debt/Capital (%)	313.71	133.86	-19.01	42.8	57.29	69.99	79.42	82.97	83.28
EBITDA	8	14	16	19	65	88	117	165	207
EBITDA-CapEx	8	14	16	19	65	88	117	165	207
Operating Income (Loss)	6	11	6	-1	14	1	19	56	80

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.25	0.24	0.93	0.5	0.26	0.17	0.11	0.09	0.12
Current Ratio	0.69	1.16	1.83	1.39	1.07	1.1	0.9	0.97	1.16
Quick Ratio	0.64	1.13	1.74	1.21	0.89	0.93	0.72	0.75	0.93
CFO/Avg Current Liab	- -	0.52	0.23	0.25	0.11	- -	- -	0.05	-0.03
Common Equity/Total Assets	-89.96	-45.49	-2.12	-1.56	-1.89	-2.78	-5.32	-5.96	-6.33
Long-Term Debt/Equity (%)	- -	- -	17.01	49.53	77.55	123.03	136.25	145.4	159.61
Long-Term Debt/Capital (%)	220.42	127.62	20.35	49.54	58.91	73.47	72.91	79.04	86.1
Long-Term Debt/Total Assets (%)	53.01	51.66	10.12	24.93	32.02	40.51	39.64	41.5	44.81
Total Debt/Equity (%)	-165.79	-441.47	18.06	50.84	87.46	129.24	160.16	162.66	163.26
Total Debt/Capital (%)	252.01	129.08	21.6	50.86	66.43	77.17	85.7	88.42	88.08
Total Debt/Total Assets (%)	60.61	52.26	10.74	25.59	36.11	42.56	46.6	46.42	45.84
CFO/Total Liabilities	13.05	7.54	7.44	4.84	2.38	-0.11	- -	2.04	-1.06
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.66	0.72	1.51	0.91	0.81	0.98	0.82	1.63	1.53

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	4.62	3.06	2.16	2.26	2.22	2.08	3.02	4.76
Days Sales Outstanding	- -	79.01	119.28	168.81	161.76	164.3	175.25	120.85	76.72
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.34	2.28	1.6	1.56	1.64	1.59	1.55	1.42
Accounts Payable Turnover Days	- -	109.39	160.3	228.34	233.44	222.49	229.31	235.94	256.44
Cash Conversion Cycle	- -	-30.39	-41.02	-59.53	-71.68	-58.19	-54.05	-115.09	-179.72
Inventory to Cash Days	- -	79.01	119.28	168.81	161.76	164.3	175.25	120.85	76.72
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	2,460	1,633
- Cash & Cash Equivalents	3	8	68	108	138	118	116	90	124
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	24	47	164	402	579	532	458	426	484
+ Total Debt	27	73	43	391	1,039	1,473	1,632	1,641	1,770
Enterprise Value	48	112	139	685	1,479	1,887	1,974	4,436	3,764
Total Capital	11	57	198	770	1,563	1,909	1,904	1,856	2,010
Total Debt/Capital (%)	252.01	129.08	21.6	50.86	66.43	77.17	85.7	88.42	88.08
Total Debt / EV	0.57	0.65	0.31	0.57	0.7	0.78	0.83	0.37	0.47
EV/Sales	1.02	1.42	1.03	2.96	2.64	1.95	1.63	3.22	2.53
EV/EBITDA	6.3	8.1	8.53	36.55	22.73	21.55	16.88	26.95	18.15
EV/EBIT	7.75	10.43	24.15	- -	109.03	1,560.95	106.52	79.64	47.32
EV/Cash Flow to Firm	4.85	6.09	6.14	15.34	22.07	27.24	16.39	86.21	- -
EV/Free Cash Flow to Firm	4.85	6.09	6.14	15.34	22.07	27.24	16.39	86.21	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	2,460	1,633
Diluted Enterprise Value	48	112	139	685	1,479	1,887	1,974	4,436	3,764
EV per Share	1.19	2.65	7.77	25.21	31.09	33.21	32.83	69.91	55.4
TTM Sales	47	79	135	232	560	969	1,208	1,376	1,488
TTM EBITDA	8	14	16	19	65	88	117	165	207
TTM Operating Income	6	11	6	-1	14	1	19	56	80
TTM Cash Flow to Firm	10	18	23	45	67	69	120	51	-29
TTM Free Cash Flow to Firm	10	18	23	45	67	69	120	51	-29

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	47.8	-55.5
EV/EBIT	7.75	10.43	24.15	- -	109.03	1,560.95	106.52	79.64	47.32
Enterprise Value	48	112	139	685	1,479	1,887	1,974	4,436	3,764
Low Price	- -	- -	- -	- -	- -	- -	- -	29.4	21.26
EV/Sales	1.02	1.42	1.03	2.96	2.64	1.95	1.63	3.22	2.53
EV/EBITDA	6.3	8.1	8.53	36.55	22.73	21.55	16.88	26.95	18.15
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	-110.6	-70.82
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	-144.47	-94.74
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	-76.09	-42.72
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	-11.67	-6.68
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	-12.87	-9.79
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	-16.81	-13.1
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	-8.85	-5.91
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	-1.81	-1.16
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	-2	-1.7
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	-2.61	-2.27
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	-1.37	-1.02
Price/Sales	- -	- -	- -	- -	- -	- -	- -	1.79	1.1
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	1.97	1.61
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	2.57	2.15
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	1.36	0.97
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	47.8	-55.5
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	52.7	-81.4
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	68.84	-108.89
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	36.26	-49.1
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	52.7	-81.4
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	68.84	-108.89
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	36.26	-49.1
EV/Sales Average	1.02	1.42	1.03	2.96	2.64	1.95	1.63	3.41	3.04
EV/Sales High	1.02	1.42	1.03	2.96	2.64	1.95	1.63	4.01	3.58
EV/Sales Low	1.02	1.42	1.03	2.96	2.64	1.95	1.63	2.79	2.4
EV/EBITDA Average	6.3	8.1	8.53	36.55	22.73	21.55	16.88	28.48	21.82
EV/EBITDA High	6.3	8.1	8.53	36.55	22.73	21.55	16.88	33.52	25.72
EV/EBITDA Low	6.3	8.1	8.53	36.55	22.73	21.55	16.88	23.34	17.24
EV/EBIT Average	7.75	10.43	24.15	-481.86	109.03	1,560.95	106.52	84.17	56.9
EV/EBIT High	7.75	10.43	24.15	-481.86	109.03	1,560.95	106.52	99.08	67.07
EV/EBIT Low	7.75	10.43	24.15	-481.86	109.03	1,560.95	106.52	68.98	44.96
Last Price	- -	- -	- -	- -	- -	- -	- -	38.76	24.03
High Price	- -	- -	- -	- -	- -	- -	- -	55.82	47.15
Enterprise Value Average	48	112	139	685	1,479	1,887	1,974	4,688	4,525
Enterprise Value High	48	112	139	685	1,479	1,887	1,974	5,518	5,334
Enterprise Value Low	48	112	139	685	1,479	1,887	1,974	3,842	3,575

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	16	16	19	45	59	61	64	68	72
Diluted Weighted Avg Shares	44	47	18	27	48	57	60	63	68
Basic Weighted Avg Shares	40	42	18	27	48	57	60	63	68
Revenue per Share	1.17	1.86	7.53	8.53	11.77	17.06	20.08	21.69	21.91
EBITDA per Share	0.19	0.33	0.91	0.69	1.37	1.54	1.94	2.59	3.05
Operating Income per Share	0.15	0.25	0.32	-0.05	0.29	0.02	0.31	0.88	1.17
Basic EPS, GAAP	0.04	-0.01	-0.48	-0.58	-0.64	-0.74	-1.5	-0.39	-0.5
Basic EPS from Cont Ops	0.1	0.06	-1.25	-1.1	-1.22	-1.35	-2.73	-0.65	-0.8
Diluted EPS, GAAP	0.04	-0.01	-0.48	-0.58	-0.64	-0.74	-1.5	-0.39	-0.5
Diluted EPS from Cont Ops	0.09	0.06	-1.25	-1.1	-1.22	-1.35	-2.73	-0.65	-0.8
Dividend per Share	0.17	0.23	0.59	- -	- -	- -	0.01	- -	- -
Cash Flow per Share	0.2	0.28	0.67	1.35	0.84	-0.04	- -	0.81	-0.43
Free Cash Flow per Basic Share	0.2	0.28	0.67	1.35	0.84	-0.04	- -	0.81	-0.43
Cash & Equivalents per Share	0.08	0.19	3.78	3.99	2.91	2.08	1.93	1.42	1.82
Book Value per Share	-1	-1.5	-0.47	-0.88	-1.14	-1.69	-3.1	-3.32	-3.6
Tangible Book Value per Share	-1.27	-2.64	-1.1	-16.04	-20.71	-24.32	-23.46	-21.39	-20.77

The Baldwin Insurance Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)