A Business at a Glance
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BROWN & BROWN, INC.
BRO
$22.3B
Mkt Cap
$67.66
+2.92%
BROWN & BROWN, INC. (BRO) has a current P/E ratio of 21.4, compared to its historical median P/E of 20.6. The stock is currently considered Fair based on its historical valuation range.
BROWN & BROWN, INC. (BRO) has a 5-year average return on invested capital (ROIC) of 9.2%. This is below average and may indicate limited pricing power.
BROWN & BROWN, INC. (BRO) has a market capitalization of $23.0B. It is classified as a large-cap stock.
Yes, BROWN & BROWN, INC. (BRO) pays a dividend with a trailing twelve-month yield of 0.84%. The company also returns capital through share buybacks, with a buyback yield of 0.43%.
Based on historical P/E analysis, BROWN & BROWN, INC. (BRO) appears fair. The current P/E of 21.4 is 4% above its historical median of 20.6. The estimated fair value CAGR (P/E method) is 13.3%.
BROWN & BROWN, INC. (BRO) operates in the Insurance Agents, Brokers & Service industry, within the Financials sector.
BROWN & BROWN, INC. (BRO) reported annual revenue of $5.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Brown & Brown is a diversified insurance agency, wholesale brokerage, and insurance programs organization that operates primarily as an agent or broker in property, casualty, and employee benefits markets without assuming underwriting risk, though it also operates ancillary insurance operations including reinsurance companies, captive insurance entities, and a write-your-own flood insurance carrier to generate incremental revenues and underwriting capacity. The company operates through two reportable segments: Retail, which provides a broad range of insurance products and services to commercial, public, professional and individual customers along with non-insurance services through automobile dealer F&I businesses, and Specialty Distribution, which consists of programs businesses (operating as Arrowhead Programs) that act as managing general underwriters for niche markets, wholesale brokerage businesses (Bridge Specialty Group) offering excess and surplus lines placement, and specialty businesses (Arrowhead Specialty) providing affinity, captive, reinsurance, and travel/accident solutions. The company's business model is commission and fee-based, with revenues generated from placing insurance and providing advisory services rather than underwriting risk directly, and it operates through a decentralized sales and service model across 468 domestic locations in 47 states and 246 international locations spanning Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, Republic of Ireland, Singapore, United Arab Emirates, and the United Kingdom. Competition is based on innovation, service quality, knowledge of coverage terms, and price, with the company differentiating through its trusted advisory relationships, strong carrier partnerships, disciplined underwriting, and technology capabilities serving both complex commercial risks and personal lines customers.
【Cautious near-term growth trajectory】 Management expects relatively flat organic growth in the near term, particularly in the second quarter due to heavy weighting of catastrophe property placements, with improving growth anticipated in the second half of 2026 as catastrophe property placements decline and the One80 businesses from the Accession acquisition contribute to organic growth. Admitted rates are expected to continue moderating slightly, with casualty rates continuing to increase while catastrophe property rates are anticipated to decline modestly, and the company expects E&S rates to remain bifurcated with casualty increasing and catastrophe property decreasing at levels similar to the first quarter. The company anticipates EBITDA synergies of approximately $30 million to $40 million in 2026 from integration efforts, which are expected to be completed by the end of 2028, and management continues to balance capital deployment between share repurchases, M&A, dividends, and debt reduction while maintaining strong cash generation. The company is increasing its long-term adjusted EBITDAC margin target range to 32%-37% from the previous 30%-35% range, reflecting the changing business mix, the addition of Accession, combined synergies, increased contingents, and continued focus on balanced, profitable growth enabled by its decentralized model.
| Metric | Target | Period |
|---|---|---|
| EBITDA synergies | $30 million–$40 million | FY2026 |
| Adjusted EBITDAC margin target range | 32%–37% | Long-term |
| Effective tax rate | 24%–25% | FY2026 |
| Accession adjusted EBITDA margin | ~35% | Full year 2026 |
EBITDA synergies (FY2026): “we expect EBITDA synergies of approximately $30 million-$40 million in 2026”
Adjusted EBITDAC margin target range (Long-term): “we are increasing our long-term margin target range to 32%-37%”
Effective tax rate (FY2026): “we anticipate our effective tax rate will be in the range of 24%-25% in 2026”
Accession adjusted EBITDA margin (Full year 2026): “For the full year, we still expect the overall Adjusted EBITDA margins for the Accession business will be around 35%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Base Commission Revenue | $2.01B | $2.38B | $2.87B | $3.28B | $3.94B | 49% |
Operating Segments | $1.20B | $1.42B | $1.69B | $1.87B | $2.33B | 29% |
Fee Revenue | $833M | $912M | $997M | $992M | $1.28B | 16% |
Profit-Sharing Contingent Commission Revenue | $82M | $89M | $130M | $166M | $255M | 3% |
Other Supplemental Commissions Revenue | $122M | $159M | $178M | $188M | $206M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.9B | 5.9B | 4.8B | 4.3B | 3.6B | 3.1B |
| Net Income | 1.1B | 1.0B | 981M | 858M | 659M | 574M |
| EPS | $3.16 | $3.16 | $3.46 | $3.05 | $2.37 | $2.07 |
| Free Cash Flow | 1.4B | 1.4B | 1.1B | 941M | 829M | 764M |
| ROIC | 0.0% | 7.1% | 10.4% | 10.0% | 9.1% | 9.6% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.66 | 0.63 | 0.72 | 0.86 | 1.07 | 0.59 |
| Dividends/Share | $0.57 | $0.62 | $0.54 | $0.48 | $0.42 | $0.38 |
| Operating Income | 0 | 1.4B | 1.3B | 1.1B | 876M | 763M |
| Operating Margin | 0.0% | 23.2% | 27.1% | 26.9% | 24.5% | 25.0% |
| ROE | 8.4% | 11.0% | 16.3% | 16.8% | 15.0% | 14.4% |
| Shares Outstanding | 340M | 330M | 284M | 281M | 278M | 277M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 1.7B | 1.8B | 1.9B | 2.0B | 2.4B | 2.6B | 3.1B | 3.6B | 4.3B | 4.8B | 5.9B | 5.9B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 340M | 403M | 423M | 450M | 462M | 526M | 624M | 763M | 876M | 1.1B | 1.3B | 1.4B | 0 |
| Op. Margin | 21.6% | 24.2% | 24.0% | 23.9% | 23.0% | 22.0% | 23.9% | 25.0% | 24.5% | 26.9% | 27.1% | 23.2% | 0.0% |
| Net Income | 202M | 238M | 251M | 390M | 336M | 386M | 465M | 574M | 659M | 858M | 981M | 1.0B | 1.1B |
| Net Margin | 12.8% | 14.3% | 14.2% | 20.7% | 16.7% | 16.1% | 17.8% | 18.8% | 18.4% | 20.2% | 20.4% | 17.7% | 17.8% |
| Non-Recurring | -47M | 619K | 1.3M | 2.2M | 2.2M | 10M | 2.4M | 9.6M | 5.0M | 143M | 31M | -2.0M | -2.0M |
| Returns on Capital | |||||||||||||
| ROIC | 7.1% | 7.3% | 7.6% | 11.4% | 8.5% | 8.3% | 8.8% | 9.6% | 9.1% | 10.0% | 10.4% | 7.1% | 0.0% |
| ROE | 9.8% | 11.1% | 11.1% | 15.8% | 12.0% | 12.1% | 13.1% | 14.4% | 15.0% | 16.8% | 16.3% | 11.0% | 8.4% |
| ROA | 4.7% | 4.8% | 4.9% | 7.1% | 5.4% | 5.4% | 5.6% | 6.1% | 5.5% | 5.9% | 6.0% | 4.4% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 385M | 382M | 411M | 442M | 568M | 678M | 713M | 809M | 881M | 1.0B | 1.2B | 1.4B | 1.5B |
| Free Cash Flow | 360M | 363M | 393M | 418M | 526M | 605M | 642M | 764M | 829M | 941M | 1.1B | 1.4B | 1.4B |
| Owner Earnings | 345M | 345M | 374M | 389M | 511M | 608M | 627M | 715M | 776M | 881M | 1.0B | 1.3B | 1.3B |
| CapEx | 25M | 18M | 18M | 24M | 42M | 73M | 71M | 45M | 52M | 69M | 82M | 68M | 68M |
| Maint. CapEx | 21M | 21M | 21M | 23M | 23M | 23M | 26M | 33M | 39M | 40M | 44M | 55M | 55M |
| Growth CapEx | 4.0M | 0 | 0 | 1.5M | 19M | 50M | 44M | 12M | 13M | 29M | 38M | 13M | 13M |
| D&A | 21M | 21M | 21M | 23M | 23M | 23M | 26M | 33M | 39M | 40M | 44M | 55M | 55M |
| CapEx/OCF | 6.5% | 4.5% | 4.3% | 5.5% | 7.3% | 10.8% | 9.8% | 5.6% | 6.0% | 6.8% | 7.0% | 4.7% | 4.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 59M | 64M | 70M | 78M | 85M | 91M | 101M | 107M | 120M | 135M | 154M | 193M | 193M |
| Dividend Yield | 1.5% | 1.6% | 0.9% | 0.8% | 1.4% | 1.3% | 1.1% | 0.9% | 0.8% | 0.8% | 0.8% | 0.6% | 0.8% |
| Share Buybacks | 75M | 164M | 19M | 129M | 91M | 59M | 55M | 83M | 74M | 0 | 0 | 100M | 100M |
| Buyback Yield | 1.8% | 4.1% | 0.5% | 2.3% | 1.3% | 0.8% | 0.5% | 0.7% | 0.4% | N/A | N/A | 0.3% | 0.4% |
| Stock-Based Comp | 19M | 16M | 16M | 31M | 34M | 47M | 60M | 61M | 66M | 89M | 101M | 93M | 93M |
| Debt Repayment | 330M | 46M | 73M | 97M | 120M | 50M | 55M | 73M | 61M | 251M | 719M | 225M | 225M |
| Balance Sheet | |||||||||||||
| Net Debt | 742M | 713M | 969M | 743M | 2.0B | 1.7B | 1.9B | 1.8B | 4.3B | 4.1B | 3.9B | 6.8B | 6.2B |
| Cash & Equiv. | 470M | 443M | 516M | 573M | 439M | 542M | 656M | 693M | 650M | 700M | 675M | 1.1B | 2.2B |
| Long-Term Debt | 1.2B | 1.1B | 1.0B | 856M | 1.5B | 1.5B | 2.0B | 2.0B | 3.7B | 3.2B | 3.6B | 6.9B | 6.9B |
| Debt/Equity | 0.58 | 0.54 | 0.64 | 0.52 | 0.82 | 0.66 | 0.69 | 0.59 | 1.07 | 0.86 | 0.72 | 0.63 | 0.66 |
| Interest Coverage | 12.0 | 10.3 | 10.7 | 11.7 | 11.4 | 8.3 | 10.6 | 11.7 | 6.2 | 6.0 | 6.8 | 4.6 | 4.6 |
| Equity | 2.1B | 2.1B | 2.4B | 2.6B | 3.0B | 3.4B | 3.8B | 4.2B | 4.6B | 5.6B | 6.4B | 12.6B | 12.6B |
| Total Assets | 4.9B | 5.0B | 5.3B | 5.7B | 6.7B | 7.6B | 9.0B | 9.8B | 14.0B | 14.9B | 17.6B | 30.0B | 30.0B |
| Total Liabilities | 408M | 2.8B | 2.9B | 3.2B | 3.7B | 3.9B | 5.2B | 5.6B | 967M | 9.3B | 11.2B | 2.9B | 4.0B |
| Intangibles | 785M | 745M | 707M | 641M | 899M | 917M | 1.0B | 1.1B | 1.6B | 1.6B | 1.8B | 4.9B | 4.9B |
| Retained Earnings | 1.8B | 1.9B | 2.1B | 2.5B | 2.8B | 3.1B | 3.5B | 4.0B | 4.6B | 5.3B | 6.1B | 7.0B | 7.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.71 | 0.85 | 0.46 | 0.70 | 1.22 | 1.40 | 1.69 | 2.07 | 2.37 | 3.05 | 3.46 | 3.16 | 3.16 |
| Owner EPS | 1.20 | 1.24 | 0.68 | 0.70 | 1.86 | 2.21 | 2.28 | 2.58 | 2.79 | 3.13 | 3.63 | 3.94 | 3.82 |
| Book Value | 7.39 | 7.69 | 4.28 | 4.64 | 10.90 | 12.16 | 13.64 | 15.13 | 16.57 | 19.83 | 22.70 | 38.09 | 36.93 |
| Cash Flow/Share | 1.35 | 1.37 | 0.75 | 0.79 | 2.06 | 2.46 | 2.59 | 2.92 | 3.17 | 3.59 | 4.14 | 4.39 | 3.25 |
| Dividends/Share | 0.21 | 0.23 | 0.13 | 0.14 | 0.31 | 0.33 | 0.35 | 0.38 | 0.42 | 0.48 | 0.54 | 0.62 | 0.57 |
| Shares Out. | 286.1M | 279.6M | 551.2M | 557.0M | 275.4M | 275.5M | 275.3M | 277.4M | 278.1M | 281.3M | 283.5M | 330.1M | 340.4M |
| Valuation | |||||||||||||
| P/E Ratio | 20.1 | 16.4 | 14.6 | 14.3 | 20.6 | 18.9 | 25.3 | 20.5 | 26.4 | 18.5 | 21.9 | 32.9 | 21.4 |
| P/FCF | 11.3 | 10.7 | 18.7 | 26.7 | 13.2 | 12.1 | 18.3 | 15.4 | 21.0 | 16.8 | 19.7 | 24.9 | 16.7 |
| EV/EBIT | 13.2 | 10.8 | 9.4 | 11.4 | 16.3 | 14.6 | 19.7 | 16.2 | 20.9 | 14.8 | 16.4 | 24.7 | N/A |
| Price/Book | 1.9 | 1.9 | 1.6 | 2.2 | 2.4 | 2.3 | 3.2 | 2.9 | 3.8 | 2.9 | 3.4 | 2.8 | 1.8 |
| Price/Sales | 2.5 | 2.4 | 2.3 | 2.6 | 3.0 | 3.1 | 3.6 | 3.9 | 4.3 | 4.1 | 3.9 | 5.3 | 3.9 |
| FCF Yield | 8.9% | 9.1% | 10.4% | 7.3% | 7.4% | 8.0% | 5.3% | 6.4% | 4.7% | 5.8% | 5.0% | 4.0% | 6.0% |
| Market Cap | 4.1B | 4.0B | 3.8B | 5.7B | 7.1B | 7.5B | 12.1B | 12.0B | 17.7B | 16.1B | 21.7B | 34.7B | 23.0B |
| Avg. Price | 13.96 | 13.94 | 14.65 | 17.20 | 21.41 | 26.39 | 32.77 | 41.64 | 54.19 | 60.43 | 65.88 | 94.62 | 67.66 |
| Year-End Price | 14.18 | 13.97 | 13.32 | 20.02 | 25.19 | 26.49 | 42.72 | 42.35 | 62.55 | 56.35 | 75.76 | 104.11 | 67.66 |
BROWN & BROWN, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
BROWN & BROWN, INC. trades at 21.4x trailing earnings, compared to its 15-year median P/E of 20.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.7x vs a median of 18.5x. The company's 5-year average ROIC is 9.2%. Total shareholder yield (dividends + buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +8.2%.
BROWN & BROWN, INC. (BRO) has a net profit margin of 17.7%. This is a healthy margin.
BROWN & BROWN, INC. (BRO) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BROWN & BROWN, INC. (BRO) has a debt-to-equity ratio of 0.63. This indicates moderate leverage.
BROWN & BROWN, INC. (BRO) reported earnings per share (EPS) of $3.16 in its most recent fiscal year.
BROWN & BROWN, INC. (BRO) has a return on equity (ROE) of 11.0%. This indicates moderate shareholder returns.
The Ledger Terminal provides 18 years of financial data for BROWN & BROWN, INC. (BRO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BROWN & BROWN, INC. (BRO) has a book value per share of $38.09, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects relatively flat organic growth in the near term, particularly in the second quarter due to heavy weighting of catastrophe property placements, with improving growth anticipated in the second half of 2026 as catastrophe property placements decline and the One80 businesses from the Accession acquisition contribute to organic growth. Admitted rates are expected to continue moderating slightly, with casualty rates continuing to increase while catastrophe property rates are anticipated to decline modestly, and the company expects E&S rates to remain bifurcated with casualty increasing and catastrophe property decreasing at levels similar to the first quarter. The company anticipates EBITDA synergies of approximately $30 million to $40 million in 2026 from integration efforts, which are expected to be completed by the end of 2028, and management continues to balance capital deployment between share repurchases, M&A, dividends, and debt reduction while maintaining strong cash generation. The company is increasing its long-term adjusted EBITDAC margin target range to 32%-37% from the previous 30%-35% range, reflecting the changing business mix, the addition of Accession, combined synergies, increased contingents, and continued focus on balanced, profitable growth enabled by its decentralized model.
Based on recent SEC filings and earnings calls, BROWN & BROWN, INC. (BRO) has provided the following forward guidance: EBITDA synergies: $30 million–$40 million (FY2026); Adjusted EBITDAC margin target range: 32%–37% (Long-term); Effective tax rate: 24%–25% (FY2026); Accession adjusted EBITDA margin: ~35% (Full year 2026).