A Business at a Glance
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Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. The Company primarily operates as an agent or broker not assuming underwriting risks. However, we also operate and/or participate in various ancillary insurance operations, including (1) reinsurance companies and stand-alone captives that assume underwriting risk; (2) series captive insurance companies (“SCICs”); (3) protected cell companies; (4) segregated account companies; (5) a quota share captive and (6) an excess of loss layer captive (collectively, the "Captives"). These ancillary insurance operations facilitate additional underwriting capacity, generate incremental revenues and/or enable the Company to participate in certain underwriting results.
| 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 | 1.1B | 993M | 871M | 672M | 587M |
| 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% | 9.9% | 9.9% | 8.1% | 9.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.66 | 0.66 | 0.63 | 0.78 | 0.91 | 0.49 |
| 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% | 11.1% | 15.4% | 15.6% | 14.6% | 14.0% |
| Shares Outstanding | 340M | 334M | 287M | 286M | 283M | 284M |
BROWN & BROWN, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
BROWN & BROWN, INC. trades at 21.3x 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 16.6x vs a median of 17.9x. The company's 5-year average ROIC is 8.9%. Total shareholder yield (dividends + buybacks) is 1.3%. At current prices, the estimated annualized return to fair value is +9.0%.
BROWN & BROWN, INC. (BRO) has a current P/E ratio of 21.3, 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 8.9%. 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 0.44%.
Based on historical P/E analysis, BROWN & BROWN, INC. (BRO) appears fair. The current P/E of 21.3 is 4% above its historical median of 20.6. The estimated fair value CAGR (P/E method) is 14.3%.
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, INC. (BRO) has a net profit margin of 17.9%. 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 0.66. 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 11.1%. 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 $37.70, based on its most recent annual SEC filing.