Baldwin Insurance Group Inc (BWIN) is overvalued and Marsh (MRSH) is overvalued.
Both trade above our estimate of their intrinsic value. MRSH is the closer of the two: -75%, against -248% for BWIN.
Values as of the 22 Sept 2026 close.
Book value and earnings at sector multiples values the shares at $9.18; the price of $31.95 is 248% above that value.
Leak Score 0/100 on 2 of 12 signals
Book value at 2.50x, the multiple a 25.7% return on equity justifies, blended with earnings, values the shares at $96.90; the price of $170.01 is 75% above that value.
Leak Score 48/100 on 10 of 12 signals
| Metric | BWIN | MRSH |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $31.95 | $170.01 |
| Intrinsic value | $9.18 | $96.90 |
| Margin of safety | -248% | -75% |
| Leak Score | 0/100 (2/12) | 48/100 (10/12) |
| Market cap | $4.3B | $81.1B |
| Revenue growth, 5 years | 44.3% | 9.4% |
| Operating margin | -2.6% | 24.3% |
| Net margin | -4.7% | 14.2% |
| Return on equity | -10.7% | 25.7% |
| Debt to equity | 2.90 | 1.47 |
| P/E | — | 20.8x |
| Forward P/E | 12.9x | 14.9x |
| P/B | 3.5x | 5.3x |
| Dividend yield | — | 2.2% |