Which has grown faster, BWIN or FRME?

Over the past five years, BWIN grew revenue faster — BWIN at a 45.39% CAGR versus FRME at 14.59%.

Does BWIN or FRME pay a bigger dividend?

FRME pays a dividend (3.67% yield), while BWIN has no payments in the available dividend history.

Is BWIN or FRME more profitable?

FRME runs the higher net margin — BWIN at -4.67% versus FRME at 17.08%.

The Baldwin Insurance Group, Inc. (BWIN) vs First Merchants Corporation (FRME)

A side-by-side comparison of The Baldwin Insurance Group, Inc. and First Merchants Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.

BWIN

The Baldwin Insurance Group, Inc.

$2.58B

$31.87Financial ServicesDelayed quote: Oct 6, 2026, 10:15 AM EDT

FRME

First Merchants Corporation

$2.51B

$40.01Financial ServicesDelayed quote: Oct 6, 2026, 10:15 AM EDT

Total return — BWIN vs FRME

growth of $100 · dividends reinvested · last 2y

BWIN +6.1% (+3.0%/yr)FRME +21.6% (+10.3%/yr)FRME compounded faster over this window

BWIN FRME

BWIN vs FRME: by the numbers

•BWIN is the larger company ($2.58B vs $2.51B market cap).
•FRME is profitable (17.08% net margin) while BWIN runs a net loss (-4.67%).
•BWIN grew revenue faster over the past five years (45.39% vs 14.59% CAGR).
•FRME pays a dividend (3.67% yield), while BWIN has no payments in the available dividend history.

Metrics side by side

Valuation

Metric	BWIN	FRME
P/E ratio	N/A	12.78
Forward P/E	15.83	12.32
PEG ratio	N/A	1.77
P/S ratio	1.49	2.31
P/B ratio	2.92	0.94
EV / EBITDA	53.01	N/A
FCF yield	1.69%	N/A

Profitability

Metric	BWIN	FRME
Gross margin	9.58%	N/A
Operating margin	7.27%	18.95%
Net margin	-4.67%	17.08%
ROE	-9.19%	6.89%
ROIC	-2.02%	N/A

First Merchants Corporation: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.

Dividends

Metric	BWIN	FRME
Dividend yield	N/A	3.67%
Payout ratio	N/A	46.65%

Growth (annualized)

Metric	BWIN	FRME
Revenue CAGR (5Y)	45.39%	14.59%
EPS CAGR (5Y)	N/A	7.24%
Total return CAGR (5Y)	N/A	2.27%

Frequently asked

Which has grown faster, BWIN or FRME?: Over the past five years, BWIN grew revenue faster — BWIN at a 45.39% CAGR versus FRME at 14.59%.
Does BWIN or FRME pay a bigger dividend?: FRME pays a dividend (3.67% yield), while BWIN has no payments in the available dividend history.
Is BWIN or FRME more profitable?: FRME runs the higher net margin — BWIN at -4.67% versus FRME at 17.08%.

Go deeper

Full BWIN analysis Full FRME analysis Interactive comparison tool

Dig into the metrics

First Merchants P/E ratio First Merchants dividend yield Baldwin Insurance ROE First Merchants ROE Baldwin Insurance operating margin First Merchants operating margin Baldwin Insurance revenue growth First Merchants revenue growth Baldwin Insurance free cash flow

Baldwin Insurance & First Merchants appear in these rankings

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Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.