Which has grown faster, BWIN or MBINM?

Over the past five years, BWIN grew revenue faster — BWIN at a 45.39% CAGR versus MBINM at 23.60%.

Does BWIN or MBINM pay a bigger dividend?

MBINM pays a dividend (8.13% yield), while BWIN has no payments in the available dividend history.

Is BWIN or MBINM more profitable?

MBINM runs the higher net margin — BWIN at -4.67% versus MBINM at 20.51%.

The Baldwin Insurance Group, Inc. (BWIN) vs Merchants Bancorp (MBINM)

A side-by-side comparison of The Baldwin Insurance Group, Inc. and Merchants Bancorp 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, 10:30 AM EDT

MBINM

Merchants Bancorp

$2.53B

$25.36Financial ServicesDelayed quote: Oct 6, 2026, 9:35 AM EDT

Total return — BWIN vs MBINM

growth of $100 · dividends reinvested · last 2y

BWIN +6.1% (+3.0%/yr)MBINM +20.8% (+9.9%/yr)MBINM compounded faster over this window

BWIN MBINM

BWIN vs MBINM: by the numbers

•BWIN is the larger company ($2.58B vs $2.53B market cap).
•MBINM is profitable (20.51% net margin) while BWIN runs a net loss (-4.67%).
•BWIN grew revenue faster over the past five years (45.39% vs 23.60% CAGR).
•MBINM pays a dividend (8.13% yield), while BWIN has no payments in the available dividend history.

Metrics side by side

Valuation

Metric	BWIN	MBINM
P/E ratio	N/A	5.09
Forward P/E	15.83	4.55
P/S ratio	1.49	1.93
P/B ratio	2.92	1.37
EV / EBITDA	53.01	N/A
FCF yield	1.69%	N/A

Profitability

Metric	BWIN	MBINM
Gross margin	9.58%	N/A
Operating margin	7.27%	21.15%
Net margin	-4.67%	20.51%
ROE	-9.19%	11.22%
ROIC	-2.02%	N/A

Merchants Bancorp: 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	MBINM
Dividend yield	N/A	8.13%
Payout ratio	N/A	41.41%

Growth (annualized)

Metric	BWIN	MBINM
Revenue CAGR (5Y)	45.39%	23.60%
EPS CAGR (5Y)	N/A	-0.37%

Frequently asked

Which has grown faster, BWIN or MBINM?: Over the past five years, BWIN grew revenue faster — BWIN at a 45.39% CAGR versus MBINM at 23.60%.
Does BWIN or MBINM pay a bigger dividend?: MBINM pays a dividend (8.13% yield), while BWIN has no payments in the available dividend history.
Is BWIN or MBINM more profitable?: MBINM runs the higher net margin — BWIN at -4.67% versus MBINM at 20.51%.

Go deeper

Full BWIN analysis Full MBINM analysis Interactive comparison tool

Dig into the metrics

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

Baldwin Insurance & Merchants Bancorp 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.