— Know what they know.
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Not Investment Advice

BRO

NYSE · USD
Brown & Brown, Inc.
Financial Services · Insurance - Brokers
CEO J. Powell Brown Employees 22,888 R&D / revenue 0.0%
Last price
$69.40+2.09%last session
Market cap
$23.2B
P/E (TTM)
19.2x
From 52w high
−23.3%
From 52w low
+29.0%
1-year return
−20.4%
RSI 14 · vs SMA200
66.6 · +3.5%
IS score
59.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BRO   SPY   XLF (sector ETF) · weekly closes
80100120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107BRO 80

Score DNA

Each bar is a 0-100 score within the scored universe
61
Profitability
73
Growth
59
Value
97
Momentum
100
Risk (safety)
79
Quality
50
Balance sheet
73
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Beta 0.584 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
2
$0.16M bought
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−5
126 new holders, 123 closed
814 filers hold 85.3% · 320 added, 276 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+76
816 funds adding shares
740 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
47.0%
20-day avg 49.5%, 50-day avg 52.2%
Latest 2.5 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.0B
Revenue growth YoY+26.6%
Gross margin87.7%
Operating income$1.7B
Operating margin28.5%
Net income$1.1B
Net margin17.7%
EPS (diluted)$3.16
Cash flow
Operating cash flow$1.4B
Capital expenditure$68.0M
Free cash flow$1.4B
FCF conversion (FCF / OCF)95.3%
Stock-based compensation$93.0M
FCF less SBC$1.3B
Buybacks$100.0M
Dividends$194.0M
Balance sheet & returns
Cash & short-term investments$1.1B
Total debt$7.6B
Net debt$6.5B
Shareholders' equity$12.6B
Goodwill & intangibles$20.0B
Debt / equity0.64
ROE (TTM)9.6%
ROIC (TTM)6.8%
Operating margin by fiscal year
28.1%FY202127.0%FY202227.3%FY202328.4%FY202427.8%FY2025
Revenue $3.0B (FY2021) to $6.0B (FY2025), a 18.2% CAGR.

Valuation

P/E (TTM)19.2x
EV / EBITDA12.5x
Price / sales3.39x
Price / FCF16.1x
FCF yield6.23%
Buyback yield0.43%
SBC / revenue-0.0%
Price / book1.84x
Forward P/E FY202615.4x
Forward P/E FY202714.3x
Forward P/E FY202813.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $81.50 across 2 analysts last quarter is theirs, not ours.

BRO vs industry median

33 companies in Insurance - Brokers
Gross margin 59.0% 36.9% Operating margin 28.5% 9.6% Net margin 17.6% 5.5% ROIC 6.8% 8.7%
BRO (TTM)Industry median Asset turnover 0.23 vs industry 0.60 · financial leverage 2.38

Earnings delivery

Next report 2026-10-26 · consensus EPS $1.09
83%
beat rate, 10 of 12 quarters
+5.1%
median EPS surprise
6
longest beat streak
+15+9+9+6+3+12+0+4+11+3+2-1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-23 to 2026-07-27. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BRO Brown & Brown, Inc. $23.2B19.2x9.6%17.6%+26.6% −20.4%
WLTW Willis Towers Watson Public $24.7B14.3x19.8%9.3%+6.7% —
AON Aon plc $62.1B16.0x44.7%13.0%+4.9% −13.9%
AJG Arthur J. Gallagher & Co. $65.3B41.8x6.7%8.1%+26.3% −8.8%
MMC Marsh & McLennan Companies, $89.8B21.8x26.9%11.8%+7.6% −5.9%
RYAN Ryan Specialty Holdings, Inc $5.0B42.8x33.6%11.8%+15.2% −21.8%
CRVL CorVel Corporation $4.0B35.4x30.7%12.4%+7.1% —
NP Neptune Insurance Holdings I $2.8B20.6x-12.4%28.3%— —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-09-10Regulation FD; Exhibits
2026-08-10Officer/Director Change
2026-07-27Earnings Release; Exhibits
2026-06-05Material Agreement; Financial Obligation
2026-05-07Officer/Director Change; Shareholder Vote
2026-04-27Earnings Release; Exhibits

Context

Shares outstanding334,610,357
Free float85.9%
Institutional ownership85.3%
Beta0.58
Dividend yield0.95%
Last dividend$0.17 on 2026-08-12
50 / 200-day average$67.24 / $67.15
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BRO sits among 14 scored companies in Insurance - Brokers (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBROIndustry medianIndustry percentileSector median
P/E (TTM) 19.3x 26.9x
18th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.78 1.32
67th		 1.04
Price / sales 3.4x 3.3x
54th		 2.5x
Price / book 1.8x 4.5x
0th		 1.3x
Price / tangible book —
Price / free cash flow 15.5x 19.1x
33rd		 11.8x
Price / operating cash flow 15.3x 17.6x
42nd		 11.7x
Enterprise value $30.3B $4.4B
69th		 $3.4B
EV / sales 4.4x 3.9x
77th		 6.0x
EV / EBITDA 12.4x 12.9x
42nd		 13.0x
EV / EBIT 15.6x 16.5x
36th		 15.5x
EV / free cash flow 20.3x 23.6x
33rd		 15.9x
Earnings yield 5.2% 3.3%
85th		 7.9%
FCF yield 6.4% 5.1%
69th		 6.3%
Operating cash flow yield 6.5% 5.4%
62nd		 7.8%
Graham number (per share) $54.49 $37.36
56th		 $50.71

Profitability (TTM)

MeasureBROIndustry medianIndustry percentileSector median
Gross margin 59.0% 56.4%
54th		 71.9%
EBITDA margin 35.6% 25.0%
85th		 37.9%
Operating margin 28.5% 18.6%
92nd		 23.3%
EBIT margin 28.4% 17.4%
85th		 23.3%
Net margin 17.6% 9.4%
85th		 18.7%
NOPAT margin 22.3% 15.8%
92nd		 18.7%
FCF margin 21.8% 15.0%
92nd		 23.3%
Operating cash flow margin 22.2% 16.5%
92nd		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.0% 5.4%
33rd		 20.1%
Stock comp / revenue —
Effective tax rate 21.7% 21.4%
54th		 21.0%

Returns on capital

MeasureBROIndustry medianIndustry percentileSector median
ROE (on average equity) 10.0% 13.5%
27th		 11.9%
ROA 4.3% 3.7%
54th		 1.4%
ROIC 7.8% 11.7%
31st		 7.8%
ROCE 8.8% 12.7%
31st		 5.8%
Return on tangible assets 7.0% 7.4%
46th		 2.0%
Cash ROIC (OCF / invested capital) 7.7% 14.0%
18th		 11.4%
Gross profitability (GP / assets) 13.5% 24.6%
8th		 10.3%
ROIC, 3-yr average 7.6% 6.8%
67th		 7.1%
ROIC, 5-yr average 9.8% 9.8%
50th		 7.3%
ROE, 5-yr average 12.7% 12.7%
50th		 10.7%
Incremental ROIC 58.5% -10.9%
82nd		 8.4%

Growth

MeasureBROIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 39.6% 15.2%
100th		 7.1%
Revenue growth (QoQ) -11.8% 2.5%
15th		 2.8%
Revenue CAGR, 3 yr 20.0% 14.7%
89th		 10.8%
Revenue CAGR, 5 yr 19.2% 11.3%
75th		 11.3%
Gross profit CAGR, 3 yr 28.3% 12.5%
67th		 18.0%
Operating income CAGR, 3 yr 22.1% 19.4%
75th		 8.8%
Net income growth (TTM YoY) 19.8% 18.9%
56th		 24.7%
Net income CAGR, 3 yr 18.1% 18.1%
50th		 9.4%
EPS growth (TTM YoY) 3.5% 21.2%
33rd		 25.1%
EPS CAGR, 3 yr 10.8% 18.3%
17th		 7.3%
EPS CAGR, 5 yr 11.5% 7.2%
71st		 4.2%
FCF growth (TTM YoY) 18.2% 15.9%
67th		 15.9%
FCF CAGR, 3 yr 20.0% 27.5%
38th		 8.5%
Operating cash flow CAGR, 3 yr 18.1% 19.2%
38th		 8.4%
Book value CAGR, 3 yr 27.1% 24.5%
75th		 8.9%
Dividend CAGR, 3 yr 3.3% 2.6%
71st		 1.9%
Sustainable growth rate 8.1% 11.7%
44th		 8.3%

Margin history & stability

MeasureBROIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 52.0% 52.6%
44th		 63.4%
Operating margin, 3-yr average 28.3% 16.3%
100th		 21.4%
Net margin, 3-yr average 20.2% 8.7%
100th		 16.5%
FCF margin, 3-yr average 22.7% 15.7%
100th		 28.2%
Revenue stability (0-1) 0.89 0.90
30th		 0.86
Earnings stability (0-1) 0.95 0.75
100th		 0.37
Margin stability (0-1) 0.89 0.81
70th		 0.81

Liquidity (latest quarter)

MeasureBROIndustry medianIndustry percentileSector median
Cash & short-term investments $918.0M $176.4M
69th		 $145.5M
Net cash (− = net debt) −$7.1B −$490.1M
15th		 −$676.0M
Working capital $979.0M $392.0M
69th		 $86.3M
Current ratio 1.13 1.19
42nd		 1.19
Quick ratio 1.05 1.19
8th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.12 0.23
42nd		 0.55
Defensive interval (days) 714 days 554 days
62nd		 417 days

Leverage & solvency (latest quarter)

MeasureBROIndustry medianIndustry percentileSector median
Total debt $8.0B $1.2B
85th		 $1.2B
Debt / equity 0.64 1.19
36th		 0.81
Net debt / equity 0.56 0.90
36th		 0.66
Debt / assets 26.8% 30.8%
38th		 33.5%
Debt / capital 38.9% 53.6%
36th		 44.6%
Debt / EBITDA 3.29 2.91
67th		 3.20
Net debt / EBITDA 2.91 2.17
58th		 2.19
Interest coverage (EBIT / interest) 6.5x 4.6x
67th		 2.9x
Cash interest coverage 5.1x 5.1x
50th		 3.7x
Debt payback (years of OCF) 5.3 yrs 4.2 yrs
83rd		 3.7 yrs
Liabilities / assets 57.8% 75.4%
23rd		 86.2%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 200
54th		 175

Efficiency

MeasureBROIndustry medianIndustry percentileSector median
Asset turnover 0.25 0.64
8th		 0.15
Fixed asset turnover 10.67 12.77
25th		 11.68
Inventory turnover 9.5 — 7.2
Receivables turnover 4.6 7.6
31st		 8.2
Days sales outstanding 80 days 50 days
69th		 43 days
Days inventory outstanding 39 days — 50 days
Days payables outstanding 77 days 39 days
69th		 39 days
Cash conversion cycle (days) 41 days 20 days
85th		 0 days
Capex / revenue 0.4% 1.2%
17th		 0.2%
Capex / depreciation 0.05 0.29
0th		 0.13
Operating expense ratio 16.2% 23.0%
23rd		 38.9%

Cash flow & earnings quality

MeasureBROIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.26 1.82
27th		 1.28
FCF / net income 1.24 1.78
36th		 1.15
FCF / operating cash flow 98.3% 92.4%
100th		 98.5%
Capex / operating cash flow 1.7% 7.6%
0th		 0.6%
Accruals ratio -1.1% -4.5%
77th		 -2.0%
Sloan accruals ratio -31.3% -1.7%
0th		 -0.6%
Earnings quality score (0-1) 1.00 0.75
64th		 0.75

Dividends & buybacks

MeasureBROIndustry medianIndustry percentileSector median
Dividend yield 1.0% 1.0%
46th		 2.3%
Dividend per share (TTM) $0.66 $0.30
69th		 $1.03
Payout ratio (dividends / net income) 18.3% 39.5%
27th		 30.0%
Dividends / FCF 14.7% 15.1%
33rd		 49.0%
Dividend growth (YoY) 15.2% 13.1%
57th		 6.4%
Buyback yield 2.5% 2.8%
38th		 1.7%
Shareholder yield (dividends + buybacks) 3.5% 4.3%
38th		 5.2%
Share count change (YoY) 15.7% -2.0%
100th		 -0.3%
Buybacks, last 5 years $1.1B $288.0M
77th		 $85.3M

Scores & forensic checks

MeasureBROIndustry medianIndustry percentileSector median
IS score 60 52
69th		 53
IS profitability 61 55
69th		 59
IS growth 73 60
80th		 57
IS value 59 47
100th		 77
IS momentum 97 83
90th		 76
IS risk (safety) 100 100
31st		 65
IS quality 79 68
92nd		 71
IS balance sheet 50 43
69th		 51
IS earnings quality 73 64
85th		 74
IS cash flow 71 69
62nd		 71
Piotroski F-score (0-9) 7 6
62nd		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −7.93 −7.08
15th		 −6.00
IS credit score 65 66
46th		 68

Per share

MeasureBROIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.55 $1.20
69th		 $3.36
Book value per share $37.12 $7.64
77th		 $28.13
Tangible book per share −$21.35 −$14.22
38th		 $21.49
Revenue per share $20.21 $24.83
31st		 $17.62
FCF per share $4.41 $2.86
69th		 $1.99
Operating cash flow per share $4.48 $3.60
62nd		 $2.45
Cash per share $2.71 $2.69
54th		 $1.75

Size (TTM)

MeasureBROIndustry medianIndustry percentileSector median
Market cap $23.2B $3.4B
69th		 $2.5B
Revenue $6.9B $1.5B
69th		 $1.0B
EBITDA $2.4B $149.9M
69th		 $269.3M
Net income $1.2B $75.3M
69th		 $168.0M
Free cash flow $1.5B $105.5M
69th		 $160.0M
Total assets $29.9B $3.5B
69th		 $8.5B
Shareholders' equity $12.6B $492.8M
85th		 $1.5B
Employees 22,888 8,057
69th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-21Hunt James S
Director
 Gift 5,000——5,000
2026-09-21Hunt James S
Director
 Gift 5,000——22,109
2026-06-09Johnson Joia M
Director
 Open-market buy 860$58.05$49,923860
2026-05-06Krump Paul J
Director
 Award / grant 2,434——7,787
2026-05-06Proctor H Palmer Jr
Director
 Award / grant 2,434——50,055
2026-05-06Jennings Toni
Director
 Award / grant 2,434——57,859
2026-05-06Patel Jaymin B
Director
 Award / grant 2,434——6,957
2026-05-06Hoepner Theodore J
Director
 Award / grant 2,434——72,185
2026-05-06Savio Kathleen A.
Director
 Award / grant 2,434——5,109
2026-05-06Gellerstedt Lawrence L Iii
Director
 Award / grant 2,434——23,241
2026-05-06Johnson Joia M
Director
 Award / grant 2,434——2,434
2026-05-06Masojada Bronislaw Edmund
Director
 Award / grant 2,434——5,109

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MayJunSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1229,208—
GiftDisposed15,000—
GiftAcquired15,000—
Open-market buyAcquired22,860$164,123
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
2024-11-26Ormond Riverside, L P29,921$3.3M
2024-11-25Ormond Riverside, L P389,007$43.5M
2024-08-29Hyatt Brown134,640$14.1M
2024-08-08Watts R. Andrew2,500$250,809
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 51 trades (24 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25April DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-04-17April DelaneyHouseSale$1,001 - $15,0002026-05-07
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.22,113,344$1.4B6.61%
VANGUARD CAPITAL MANAGEMENT LLC18,941,212$1.2B5.66%
FMR LLC18,405,749$1.2B5.50%
PRINCIPAL FINANCIAL GROUP INC15,721,830$1.0B4.70%
VANGUARD PORTFOLIO MANAGEMENT LLC14,631,444$938.6M4.37%
STATE STREET CORP14,514,119$931.1M4.34%
Capital World Investors14,465,915$928.0M4.32%
First Eagle Investment Management, LLC11,727,514$752.3M3.50%
GEODE CAPITAL MANAGEMENT, LLC8,230,737$526.0M2.46%
VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.6,709,042$430.4M2.01%
Orbis Allan Gray Ltd5,371,080$344.6M1.61%
NORGES BANK4,396,401$282.0M1.31%
DEUTSCHE BANK AG\4,135,182$265.3M1.24%
Invesco Ltd.4,098,277$262.9M1.22%
Capital Research Global Investors3,913,022$251.0M1.17%

Institutional ownership by quarter

2023-092026-0685.3%
% of shares held by 13F filers
2023-092026-06814
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3081485.3%126320276123
2026-03-3181983.7%100312304159
2025-12-3189281.9%133296355120
2025-09-3089678.7%100399293123
2025-06-3093480.0%133371307100
2025-03-3191466.0%13533831782
2024-12-3187564.4%12633927260
2024-09-3082262.9%11830926752
2024-06-3076362.9%10130223348
2024-03-3172062.0%9927323361
2023-12-3169161.9%11124122943
2023-09-3063160.7%7021822339

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13GAbigail P. Johnson5.4%18,285,850
2026-05-14SCHEDULE 13G/ACapital World Investors4.9%16,524,735
2026-04-29SCHEDULE 13GVanguard Capital Management6.4%21,820,981
2025-11-13SCHEDULE 13GCapital World Investors5.3%17,503,659
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$550.6M
VTI0.02%$550.6M
VTSAX0.02%$550.6M
VSMPX0.02%$550.6M
VFIAX0.03%$460.1M
VFINX0.03%$460.1M

Share structure

Shares outstanding334,610,357
Float287,557,449
Free float85.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.0B$3.6B$4.2B$4.7B$6.0B
Cost of revenue$1.6B$1.8B$2.2B$2.4B$734.0M
Gross profit$1.4B$1.7B$2.0B$2.3B$5.2B
R&D$0$0$0$0$0
SG&A$0$0$0$0$0
Operating income$854.7M$963.0M$1.2B$1.4B$1.7B
EBITDA$980.7M$1.2B$1.5B$1.7B$2.0B
Pretax income$762.8M$876.0M$1.1B$1.3B$1.4B
Income tax$175.7M$204.3M$275.6M$301.0M$304.0M
Net income$587.1M$671.8M$870.5M$993.0M$1.1B
EPS, diluted$2.07$2.37$3.05$3.46$3.16
Diluted shares277.4M278.6M280.8M284.0M313.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$706.1M$662.0M$711.0M$685.0M$1.1B
Receivables$1.3B$2.4B$2.0B$3.5B$3.6B
Inventory$0$0$0$0$0
Total current assets$3.3B$5.0B$5.1B$6.9B$8.6B
PP&E, net$409.0M$454.8M$469.0M$519.0M$636.0M
Goodwill & intangibles$5.8B$8.3B$9.0B$9.8B$20.0B
Total assets$9.8B$14.0B$14.9B$17.6B$30.0B
Accounts payable$242.7M$286.5M$459.0M$373.0M$990.0M
Total current liabilities$2.7B$4.6B$5.0B$6.3B$8.3B
Long-term debt$2.0B$3.7B$3.2B$3.6B$6.9B
Total liabilities$5.6B$9.4B$9.3B$11.2B$17.4B
Shareholders' equity$4.2B$4.6B$5.6B$6.4B$12.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$587.1M$672.0M$871.0M$1.0B$1.1B
Depreciation & amortization$152.9M$186.0M$206.0M$222.0M$367.0M
Stock-based compensation$61.0M$66.0M$89.0M$101.0M$93.0M
Change in working capital−$41.4M−$16.0M−$25.0M−$105.0M−$47.0M
Operating cash flow$808.8M$881.0M$1.0B$1.2B$1.4B
Capital expenditure−$45.0M−$52.0M−$69.0M−$82.0M−$68.0M
Free cash flow$763.8M$829.0M$941.0M$1.1B$1.4B
Investing cash flow−$396.8M−$1.9B−$587.0M−$898.0M−$7.9B
Net debt issued / repaid−$73.1M$1.9B−$151.0M$30.0M$8.1B
Buybacks−$132.4M−$123.0M−$40.0M−$55.0M−$100.0M
Dividends paid−$107.2M−$120.0M−$135.0M−$154.0M−$194.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin46.3%49.0%47.7%48.4%59.6%
Operating margin28.1%27.0%27.3%28.4%27.8%
Net margin19.3%18.7%20.8%21.3%17.8%
FCF margin29.4%23.3%22.5%23.4%24.2%
ROE14.8%15.1%17.1%16.5%11.1%
ROIC11.5%9.1%9.7%10.4%6.6%
ROA6.3%5.6%6.0%6.1%4.4%
Debt / equity0.540.910.720.630.63
Interest coverage11.0x6.9x6.8x7.3x5.6x
Current ratio1.251.091.041.101.04
Revenue growth+17.0%+16.9%+17.4%+11.6%+26.6%
EPS growth+21.9%+12.9%+29.7%+13.3%−11.3%
P/E at year end32.4x23.4x22.7x29.0x25.7x
EV / EBITDA at year end20.7x15.8x14.9x18.6x16.5x
FCF yield at year end4.72%5.32%4.75%3.79%5.29%
Dividend payout18.3%18.0%15.5%15.5%18.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Retail$1.8B$2.1B$2.4B$2.7B$3.4B
Specialty Distribution————$2.4B
Programs———$1.4B—
National Programs$701.9M$859.5M$1.1B——
Wholesale Brokerage$403.4M$453.4M$540.7M$616.0M—
Services$178.9M$171.9M$163.1M——

Revenue by region · FY2025

UNITED STATES$5.1B · 89%
UNITED KINGDOM$599.0M · 11%

Street estimates by fiscal year

Next report 2026-10-26 · consensus EPS $1.09 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.0B$6.9B – $7.0B$4.49$4.43 – $4.651315.4x
2027$7.3B$7.2B – $7.4B$4.86$4.48 – $5.051314.3x
2028$7.7B$7.5B – $8.0B$5.33$5.05 – $5.72713.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-27$1.08$1.07−0.9%$1.7B$1.7B−2.2%
2026-04-27$1.36$1.39+2.2%$1.9B$1.9B+0.6%
2026-01-26$0.91$0.93+2.8%$1.6B$1.6B−2.6%
2025-10-27$0.94$1.05+11.2%$1.5B$1.6B+3.9%
2025-07-28$0.99$1.03+4.5%$1.3B$1.2B−2.3%
2025-04-28$1.29$1.290.0%$1.4B$1.4B−1.7%
2025-01-27$0.77$0.86+12.1%$1.1B$1.1B−2.9%
2024-10-28$0.88$0.91+3.4%$1.2B$1.2B+2.0%
2024-07-22$0.88$0.93+5.7%$1.1B$1.2B+2.9%
2024-04-22$1.05$1.14+8.6%$1.2B$1.2B+1.6%
2024-01-22$0.53$0.58+9.4%$985.5M$972.4M−1.3%
2023-10-23$0.62$0.71+14.5%$1.0B$1.1B+3.2%
2023-07-24$0.59$0.68+15.3%$997.5M$1.0B+5.0%
2023-04-24$0.82$0.84+2.4%$1.1B$1.1B+4.7%
2023-01-23$0.46$0.50+8.7%$898.0M$893.2M−0.5%
2022-10-24$0.61$0.50−18.0%$945.8M$927.6M−1.9%
2022-07-25$0.49$0.51+4.1%$803.5M$839.7M+4.5%
2022-04-25$0.75$0.78+4.0%$893.8M$904.7M+1.2%
2022-01-24$0.39$0.42+7.7%$891.2M$737.9M−17.2%
2021-10-25$0.53$0.58+9.4%$758.4M$769.7M+1.5%
2021-07-26$0.40$0.49+22.5%$758.4M$725.9M−4.3%
2021-04-26$0.58$0.70+20.7%$755.7M$814.0M+7.7%
2021-01-25$0.29$0.32+10.3%$573.8M$640.0M+11.5%
2020-10-26$0.43$0.52+20.9%$557.3M$671.4M+20.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.206-290.207-060.307-130.307-200.407-270.208-030.208-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$132.3M1,832,59752,243
2026-08-24$131.8M1,800,74855,345
2026-08-17$139.2M1,961,13454,267
2026-08-10$206.1M2,907,60666,380
2026-08-03$183.1M2,568,07161,762
2026-07-27$412.6M5,712,787101,174

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1547.0%
DateShort shareShort volumeTotal volume
2026-10-1547.0%405,940864,145
2026-10-1458.7%411,685701,587
2026-10-1359.5%386,726649,986
2026-10-1255.1%330,487599,471
2026-10-0954.2%415,750766,594
2026-10-0858.1%579,758998,172
2026-10-0761.7%584,742946,995
2026-10-0650.5%196,213388,307
2026-10-0547.9%390,309815,073
2026-10-0228.4%346,2491,220,194
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.2Jan+0.4Feb+1.1Mar+1.9Apr+1.6May+0.5Jun+1.1Jul+2.4Aug-1.2Sep+0.9Oct+2.4Nov+0.5Dec
MonthAvg returnUp yearsYears
Jan−0.2%55%20
Feb+0.4%60%20
Mar+1.1%57%21
Apr+1.9%50%20
May+1.6%65%20
Jun+0.5%60%20
Jul+1.1%65%20
Aug+2.4%70%20
Sep−1.2%30%20
Oct+0.9%35%20
Nov+2.4%75%20
Dec+0.5%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1466.6
MFI77.9
ADX26.9
Stochastic %K / %D95.0 / 90.6
Williams %R-0.7
CCI221
TSI / signal-0.7 / -19.2
Chaikin money flow-0.01
ATR$1.81
Bollinger width15.8%
Volume vs 20-day avg0.71x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$62.66 (+10.8%)
SMA 50$67.19 (+3.3%)
SMA 200$67.06 (+3.5%)
EMA 21$64.43 (+7.7%)
EMA 50$65.56 (+5.9%)
EMA 200$69.85 (−0.6%)
Bollinger upper$67.62 (+2.6%)
Bollinger lower$57.69 (+20.3%)
Parabolic SAR$62.52 (+11.0%)
Open the live chart, 110+ indicators

About Brown & Brown, Inc.

Brown & Brown, Inc. operates as an insurance brokerage firm, providing a diverse range of products and services throughout the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company's operations are strategically divided into four primary segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail division delivers a comprehensive suite of property and casualty, employee benefits, personal, and specialized insurance offerings, complemented by services such as loss control assessments, consulting, and claims processing. This segment caters to a broad spectrum of clients, including commercial entities, public and quasi-public organizations, professionals, and individuals. The National Programs segment focuses on professional liability and associated bundled insurance products for specific sectors like dentistry, law, optometry, insurance, finance, medicine, and real estate title professionals, alongside supplementary coverages for events, medical facilities, and cyber risks. This segment also provides outsourced services to insurance carrier partners, encompassing product development, marketing, underwriting, actuarial analysis, compliance, claims, and other administrative support, while additionally managing commercial and public entity programs and flood insurance, largely through independent agents. The Wholesale Brokerage segment facilitates the distribution of excess and surplus commercial and personal lines insurance via independent agents and brokers. Finally, the Services segment offers critical support functions such as third-party claims administration and medical utilization management for workers' compensation and all-lines liability, along with Medicare Set-aside provisions, Social Security disability assistance, Medicare benefits advocacy, and claims adjusting services. Founded in 1939, Brown & Brown, Inc. is headquartered in Daytona Beach, Florida.

http://www.bbrown.com

Key executives

NameTitlePayBorn
J. Powell BrownChief Executive Officer, President & Director$5.7M1968
Barrett BrownExecutive Officer$2.8M1973
J. Scott PennyExecutive Vice President & Chief Acquisitions Officer$2.7M1967
Stephen Patrick HearnPresident of Retail Segment, Executive Vice President & Chief Operating Officer$2.6M1966
Chris L. WalkerExecutive Vice President & Chairman of Specialty Distribution Segment$2.5M1958
R. Andrew WattsExecutive VP & CFO$2.5M1969
Julie L. TurpinExecutive Vice President & Chief People Officer—1971
Kiet TranChief Technology Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
J. Powell Brown Chief Executive Officer and President2025$1.2M$3.0M$3.0M$8.6M
Stephen P. Hearn Executive Vice President; Chief Operating Officer and President – Retail Segment2025$720,932$1.5M$1.1M$4.0M
R. Andrew Watts Chief Financial Officer Executive Vice President and Treasurer2025$800,000$1.3M$813,000$3.7M
P. Barrett Brown Executive Vice President2025$1.0M$690,277$1.2M$3.5M
Chris L. Walker Executive Vice President and Chairman – Specialty Distribution Segment2025$900,000$887,610$1.1M$3.4M

Employees

10k201810k201911k202012k202115k202216k202317k202423k2025

Dividends

Ex-dateAmountPaid
2026-08-12$0.1652026-08-19
2026-05-11$0.1652026-05-20
2026-02-04$0.1652026-02-11
2025-11-05$0.1652025-11-12
2025-08-13$0.152025-08-20
2025-05-12$0.152025-05-21
2025-02-05$0.152025-02-12
2024-11-06$0.152024-11-13

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage62
Intangibles55
Switching costs44
Network effect55
Efficient scale73
Our component scores (0-100) and overall 56.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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