BWIN vs ERIE: Baldwin Insurance and Erie Indemnity compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Erie Indemnity is the larger company, worth $12.2B, about 3.9 times Baldwin Insurance.
- Baldwin Insurance grew revenue faster over the last year (+29.9% vs +2.8%).
- Erie Indemnity keeps more of each dollar of revenue as operating profit (17.9% vs -6.9%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BWIN | ERIE |
|---|---|---|
| Market cap | $3.1B | $12.2B |
| Share price | $31.87 | $222.04 |
| Revenue (last fiscal year) | $1.5B | $4.1B |
| Free cash flow (last fiscal year) | -$69M | $571M |
| Revenue growth, last year | +29.9% | +2.8% |
| Revenue growth per year, last 5 fiscal years | +27.4% | +11.5% |
| Operating margin | -6.9% | 17.9% |
| Net margin | -4.7% | 14.0% |
| Return on equity | -9.2% | 23.4% |
| P/E (trailing) | — | 21.3x |
| Price / free cash flow | — | 21.3x |
| EV / EBITDA | — | — |
| FCF growth the price implies | — | 5.8% |
| Dividend yield | — | 2.4% |
| Debt / equity | 5.37x | 0.44x |
| Fundamental grade | D | C |
| Superinvestors holding it | 2 | 2 |
| Insider purchases, last 12 months | 2 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Baldwin Insurance
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $567M | $35M | -5.6% |
| 2022 | $981M | -$24M | -3.2% |
| 2023 | $1.2B | -$21M | -3.5% |
| 2024 | $1.4B | $10M | 4.4% |
| 2025 | $1.5B | -$69M | 4.9% |
Erie Indemnity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $254M | 12.1% |
| 2022 | $2.8B | $299M | 13.2% |
| 2023 | $3.3B | $289M | 15.9% |
| 2024 | $3.8B | $486M | 17.8% |
| 2025 | $4.1B | $571M | 17.6% |
Where the revenue comes from
Baldwin Insurance · by segments, 2025
Insurance Advisory Solutions$727M46%
Underwriting, Capacity & Technology Solutions$549M35%
Mainstreet Insurance Solutions$298M19%
Erie Indemnity · by products, 2025
Management fee revenue - policy issuance and renewal services$3.1B77%
Administrative services reimbursement revenue$837M21%
Management fee revenue - administrative services$74M2%
Service agreement revenue$25M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BWIN in InvestinglyQuestions
Which is bigger, Baldwin Insurance or Erie Indemnity?
Erie Indemnity (ERIE), at $12.2B against $3.1B.
Which grows faster, BWIN or ERIE?
Baldwin Insurance: revenue grew +29.9% over the last year, against +2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.