Brown & Brown, Inc.

Insurance Agents, Brokers & Service

BROStrained9 of 11 basics passed

$62.88

-1.36%

Market cap $21.0B

$62.88

-1.36%

Market cap $21.0B

Brown & Brown Inc is a diversified insurance agency, wholesale brokerage, insurance programs, and service. The company's business is divided into two reportable segments: (i) the Retail segment, and (ii) the Specialty Distribution segment.

It is a $21.0B financial services company. Revenue grew 33.1% over the last year, and it keeps 18¢ of every dollar of sales as profit. It trades at 17.5× earnings — near the lowest of its own history.

Website: bbinsurance.com
Location: Daytona Beach, FL
Employees: 22 888
Sector: Financial Services
Founded: 1939

Share price · 3 years

$70.94 → $62.88-11.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.79B
Profit: keeps 18¢ of every $1 sold; $1.21B
Free cash flow: cash left after running the business; $1.45B
Net debt: debt minus cash on hand; $5.82B
P/E: years of profit in the price; 17.5
EPS: earnings per share, TTM; $3.61
Dividend: pays out 18% of profit · 15% of FCF; 1.04%
Shares: up 30% since 2016 — dilution; 333.5M
Volatility: beta vs the market — under 1 swings less; 0.56

Revenue, last 10 years

52-week range

Low $54.38$62.88High $95.94

Today's price is 20% of the way from the year's low to its high.

P/E vs its history5y

17.6×median 28.2×

Higher than 1% of past days — near the lowest of its own history.

Valuation vs own history

P/E

17.6×

99%

P/S

3.1×

99%

EV/EBITDA

12.7×

99%

P/B

1.7×

99%

FCF yield

6.9%

99%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$21.0Btop 60%
Revenue growth+18%top 24%
Net margin18%top 47%
Return on equity10%top 70%
P/E17.5×top 63%
Dividend yield1.04%top 79%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, growth and quality; Health lags behind.

Valuation85

P/E vs own history1th pct · 25/25
FCF yield6.9% · 20/25
P/S3.1x · 20/25
EV/EBITDA11.4x · 20/25

Growth80

Revenue CAGR17.9% · 20/25
Net income CAGR15.8% · 20/25
EPS CAGR ~5Y13.3% · 20/25
Fwd implied growth28.6% · 20/25

Profitability62

ROIC5.7% · 5/25
ROE9.6% · 12/25
Net margin17.7% · 20/25
Operating margin28.7% · 25/25

Health42

Altman Zn/a · 0/25
Current ratio1.13 · 12/25
Interest coverage5.6x · 18/25
Net cash / debtD/A 19% · 12/25

Quality75

Piotroski F4/9 · 10/25
Beneish M-2.32 · 20/25
FCF conversion120% · 25/25
Margin stabilityσ 5.1% · 20/25

Moat50

ROIC >12% years0/7 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 14.6% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2026Acquisition
The acquisition added more than 5,000 employees. * MacKay Corporate Insurance Brokers (2026) – A commercial and…
FY2025Financial
Best year on record
$1.05B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$1.77B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
1993IPO
Also in 1993, the company went public, listing on the New York Stock Exchange under the ticker symbol BRO
1993Acquisition
The company merged with Poe & Associates
1983Milestone
The firm changed its name to Brown & Brown, Inc. to reflect its focus on national expansion
1959Acquisition
Hyatt Brown, joined the agency in 1959, bought the company and became CEO in 1961
1939Founded
Brown & Brown was founded in 1939 as a small insurance agency in Daytona Beach, Florida, by J

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 945 today — price return only

$5.9B revenue in FY2025

Revenue up 33.1% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

22 888 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Revenue growing 33.1% year over year
Strong cash conversion — FCF is 21.3% of revenue
Interest covered 5.6× by operating earnings

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+33.1% YoY
Profitable — makes more than it spends$1.21B TTM
Profit growing — earnings are higher than last year+11.8% YoY
Generates cash — cash left after running and investing$1.45B TTM
Debt under control — could handle its obligations~4.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$21.0B market cap
Not printing shares — share count not ballooning — you keep your slice+17.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 30/100
Pays a dividend — returns cash to shareholdersyield 1.04%
Valuation not extreme — price not wildly above earningsP/E 17.5

Peer comparisonBrown & Brown, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BRO this company	$21.0B	17.5	+33.1%	17.7%	Strained
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: BRO vs BRK.A · BRO vs BRK.B · BRO vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 6Hold 18Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.79B · net income $1.21B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$6.79B

YoY 33.1%

Net income (TTM)

$1.21B

Margin 17.7%

Operating margin

28.7%

P/E ratio

17.5

Dividend yield

1.04%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.6	3.1	3.6	4.2	4.8	5.9
Gross profit	—	—	—	2.0	—	—
Operating income (EBIT)	0.6	0.8	0.9	1.2	1.3	1.4
Net income	0.5	0.6	0.7	0.9	1.0	1.1
EPS (diluted)	1.69	2.07	2.37	3.05	3.46	3.16

Cash flowFree cash flow $1.45B · operating cash flow $1.52B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.45B

Margin 21.3%

Operating cash flow (TTM)

$1.52B

FCF margin

21.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.7	0.9	0.9	1.0	1.2	1.4
Capital expenditure	-0.1	-0.0	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.7	0.9	0.8	0.9	1.1	1.4
FCF margin	24.9%	29.4%	23.2%	22.4%	22.7%	23.4%

Balance sheetAssets $30.0B · net debt $5.82B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $30.0B of assets is financed

58%

42%

Liabilities $17.4B — borrowed moneyEquity $12.6B — owners' stake

Cash vs debt

Total debt $6.89B − cash $1.08B = net debt $5.82B

Cash on hand covers 16% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

5.6x

EBIT ÷ interest expense

ROE

9.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.8	0.9	0.7	0.7	0.7	1.1
Total assets	9.0	9.8	14.0	14.9	17.6	30.0
Total liabilities	5.2	5.6	9.4	9.3	11.2	17.4
Total debt	2.0	2.0	3.7	4.0	3.6	6.9
Equity	3.8	4.2	4.6	5.6	6.4	12.6
Net debt	1.2	1.1	3.0	3.3	2.9	5.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BRO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $62.88 · market cap $21.0B.