Brown & Brown, Inc. (BRO)

NYSE: BRO · USD

$65.7

-1.90 (-2.8%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-08

Our latest published analysis: BRO rated Buy

Brown & Brown, Inc.'s published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$82.4 / share

Potential value

$110 / share

Upside to FV

+32.9%

from $65.7

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$20.8B
Revenue (ttm)	6.8B
Net income (ttm)	1.2B
EPS (ttm)	$3.18
Shares out	331.7M
P/E (trailing)	20.7x
P/E (forward)	12.6x
Dividend	$0.72 (1.10%)
Volume	2,920,999
Beta	0.59

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 6.8B
Net income (ttm): 1.2B
EPS (ttm): $3.18
P/E (trailing): 20.7x
P/E (forward): 12.6x
Market cap: $20.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$3.05B	$3.57B	$4.26B	$4.81B	$5.90B	+17.9%
Gross profit	$1.41B	$1.76B	$1.42B	$2.30B	$2.83B	+19.0%
Operating income	$919.7M	$1.05B	$1.28B	$1.50B	$1.62B	+15.1%
Net income	$587.1M	$672.0M	$871.0M	$993.0M	$1.05B	+15.8%
EPS (diluted)	$2.07	$2.37	$3.05	$3.46	$3.16	+11.2%
EBITDA	$1.01B	$1.16B	$1.15B	$1.73B	$1.98B	+18.3%
R&D	$0	$0	$0	—	—	+3.9%
SG&A	$2.08B	$1.82B	$2.19B	$2.41B	$2.94B	+9.0%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	적극 매수
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	적극 매수
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	보유
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	매수
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	적극 매수
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	매수

Base and Bull scenarios

Base60%

Price target

$82.40

+32.9% from spot

The Base case represents the modal operating path, where performance aligns with management guidance and sell-side consensus estimates. Consolidated revenue reaches $6,985,067,150 in FY2026, reflecting the contribution of $1.7B to $1.8B from Accession and organic growth within guided bands of 1.5% to 2.5% in Retail and 2% to 4% in Specialty Distribution. Operating margins remain structurally superior to peers in FY2026, supported by ~35% Specialty Distribution profitability and reaffirmed synergy realization of $30M to $40M. Asset-light operations ($68M capex in FY2025) produce strong operational cash flows of $1.35B+, facilitating steady deleveraging.

Consolidated revenue tracks consensus estimates to $6,985,067,150 in FY2026 and $7,286,172,630 in FY2027
Diluted EPS meets consensus at $4.48 for FY2026 and $4.81 for FY2027
Consolidated operating margin remains steady in FY2026, gradually expanding through FY2030 supported by operational synergy realization
Terminal growth rate of 3.0% and terminal forward P/E multiple of 15.0x supported by 7.14% WACC

Bull20%

Price target

$109.99

+77.3% from spot

In the Bull scenario, Accession integration exceeds operational targets, delivering the upper bound of $1.8B in annual revenue and achieving $40M in cost synergies. Specialty Distribution maintains operating margins of approximately 35% as the rollout of over 180 casualty-driven programs successfully neutralizes catastrophe property rate declines. In Retail, non-discretionary corporate risk and persistent healthcare inflation (medical up 8-10%, pharmacy up over 10%) drive advisory demand, lifting Retail organic growth to the top of guided ranges. High cash flow conversion of 24% to 27% allows Brown & Brown to rapidly pay down debt from its $8.07B stack, prompting multiple expansion toward peer averages.

Accession annual revenue contribution achieves the upper end of guidance at $1.8B
Operational cost synergies reach the top of guided range at $40M in FY2026
Specialty Distribution organic growth accelerates to 4.0% supported by 180 new casualty programs
Valuation multiple re-rates toward peer forward P/E levels of 15.34x as debt is rapidly retired

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($82.40). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
7.0%	$90.0	$92.9	$96.3	$100	$104
7.5%	$83.7	$86.0	$88.6	$91.5	$94.8
8.0%	$78.5	$80.3	$82.4	$84.7	$87.2
8.5%	$74.1	$75.6	$77.3	$79.1	$81.2
9.0%	$70.4	$71.7	$73.0	$74.5	$76.2

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E12.6

P25 n/aP50 n/aP75 n/a

Trailing P/E19.5

P25 n/aP50 n/aP75 n/a

ROE9.8

P25 n/aP50 n/aP75 n/a

ROIC7.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All BRO indicators

Market & fundamental data

Available fields

285

Groups with data

Currency

USD

Showing 285 of 285 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000079282
Company name	Brown & Brown, Inc.
Country	United States
Country code	US
CUSIP number	115236101
Earnings date	2026-10-26
Earnings time	amc
Employees	22,888
Employees change	5,485
Employees growth	31.52%
Enterprise value	$28.8B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1939
In index	SP500
Industry	Insurance Brokers
Is primary listing	Yes
Is SPAC	No
ISIN number	US1152361010
Last 10-K release date	2026-02-12
Last earnings date	2026-10-26
Last refreshed	2026-10-28
Last stock split date	2018-03-29
Last stock split type	Forward
Market cap	$21.8B
Market cap category	Large-Cap
Next earnings date	2027-01-25
Options	Yes
Price	$65.65
Price currency	USD
Sector	Financials
SIC code	6411
Stock price date	2026-10-28
Symbol	BRO
U.S. state	Florida
Website	https://www.bbrown.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	14.72x
Average P/E ratio (10Y)	25.45x
Average P/E ratio (3Y)	26.53x
Average P/E ratio (5Y)	27.25x
Earnings yield	4.84%
EV/Earnings	24.15x
EV/EBIT	15.87x
EV/EBITDA	12.34x
EV/FCF	19.52x
EV/Sales	4.26x
FCF / EV yield	5.12%
FCF yield	6.75%
Forward EV/Sales	4.07x
Forward P/E	14.04x
Forward P/S	3.09x
Graham number	52.44463
Graham upside	-21.06%
Industry forward P/E	16.8x
Industry P/E	27.94x
Lynch fair value	$50.89
Lynch upside	-23.41%
P/(FCF - SBC) ratio	15.76x
P/(OCF - SBC) ratio	14.74x
P/B ratio	1.76x
P/E ratio	20.67x
P/FCF ratio	14.82x
P/OCF ratio	13.91x
P/S ratio	3.23x
PEG ratio	2.73x
Price/EBITDA ratio	9.37x
Sector forward P/E	13.63x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	26.84%
EBITDA margin	34.53%
Effective tax rate	21.27%
FCF margin	21.82%
Gross margin	49.79%
Operating margin	26.84%
Pretax margin	22.84%
Profit margin	17.87%
Profit per employee	$52,517
Profitable quarters	131
Profitable years	34
Revenue per employee	$297,711
ROA	3.89%
ROA (5Y)	5.06%
ROCE	8.23%
ROE	9.8%
ROE (5Y)	15.01%
ROIC	7.32%
ROIC (5Y)	10.58%
SBC / revenue	1.31%
Tax / revenue	4.86%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-3.94%
EPS growth (Q)	-1.03%
EPS growth (QoQ)	-19.47%
EPS growth 10Y	13.33%
EPS growth 3Y	6.48%
EPS growth 5Y	9.21%
EPS growth years	0
FCF growth	14.47%
FCF growth (Q)	9.07%
FCF growth (QoQ)	49.85%
FCF growth 3Y	17.04%
FCF growth 5Y	14.36%
Gross profit growth	28.33%
Gross profit growth (Q)	11.36%
Gross profit growth 3Y	19.56%
Gross profit growth 5Y	20.14%
Net income growth	21.8%
Net income growth (Q)	5.73%
Net income growth (QoQ)	-16.9%
Net income growth 3Y	17.78%
Net income growth 5Y	16.02%
Net income growth quarters	4
Net income growth years	7
OCF growth	15.87%
OCF growth (Q)	13.68%
OCF growth (QoQ)	53.76%
OCF growth 10Y	13.66%
OCF growth 3Y	17.13%
OCF growth 5Y	14.36%
Operating income growth	24.42%
Operating income growth (Q)	9.09%
Operating income growth 3Y	16.45%
Operating income growth 5Y	17.34%
Revenue growth	27.53%
Revenue growth (Q)	9.68%
Revenue growth (QoQ)	2.78%
Revenue growth 10Y	14.67%
Revenue growth 3Y	18.51%
Revenue growth 5Y	18.2%
Revenue growth quarters	65
Revenue growth years	16

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-97M
Depreciation and amortization	$524M
EBIT	$1.8B
EBITDA	$2.4B
EPS	$3.18
FCF per share	$4.48
Financing cash flow	$-1.1B
Free cash flow	$1.5B
Free cash flow minus SBC	$1.4B
Gross profit	$3.4B
Income taxes	$331M
Investing cash flow	$-338M
Net borrowing	$22M
Net cash flow	$88M
Net income	$1.2B
Operating cash flow minus SBC	$1.5B
Operating income	$1.8B
Revenue	$6.8B
Stock-based compensation	$89M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	1.71
Book value per share	$38.48
Debt / EBITDA	3.31
Debt / equity	0.64
Debt / FCF	5.44
Goodwill	$15.2B
Interest coverage	4.58
Long-term assets	$21.2B
Long-term liabilities	$9.6B
Net cash (debt)	$-7B
Net cash / market cap	-31.75%
Net debt / EBITDA	2.97
Net debt / equity	0.56
Net debt / FCF	4.7
Piotroski F-Score	7
Property, plant and equipment	$693M
Shareholders' equity	$12.6B
Tangible book value	$-7.1B
Tangible book value per share	$-21.63
Total assets	$29.4B
Total cash	$1.1B
Total debt	$8.1B
Total liabilities	$16.8B
WACC	6.54%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.23
Current assets	$8.3B
Current liabilities	$7.2B
Current ratio	1.14
Net working capital	$400M
Quick ratio	0.45
Working capital	$1B
Working capital turnover	5.97

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-11.93%
Dividend growth	9.76%
Dividend growth (10Y)	10.39%
Dividend growth (3Y)	12.43%
Dividend growth (5Y)	12.18%
Dividend growth years	33
Dividend payment date	2026-11-11
Dividend payment years	41
Dividend payout frequency	Quarterly
Dividend per share	$0.72
Dividend yield	1.1%
Ex-dividend date	2026-11-04
FCF payout ratio	16.06%
Last dividend	$0.18
Payout ratio	22.66%
Shareholder yield	-10.84%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	257.11%
10Y return CAGR	14.52%
10Y total return	287.89%
150-day SMA	$65.10
15Y price change	473.23%
15Y return CAGR	13.51%
15Y total return	568.73%
1D price change	-2.81%
1M price change	7.54%
1M total return	7.54%
1W price change	-7.75%
1W total return	-7.75%
1Y price change	-25.47%
1Y return CAGR	-24.77%
1Y total return	-24.75%
20-day SMA	$66.21
200-day SMA	$66.73
20Y price change	337.49%
20Y return CAGR	8.86%
20Y total return	446.28%
3M price change	-6.16%
3M total return	-5.94%
3Y price change	-3.29%
3Y return CAGR	-0.39%
3Y total return	-1.16%
50-day SMA	$67.13
50-day SMA vs 200-day SMA	50over200
52-week high	$86.75
52-week high date	2025-10-28
52-week low	$53.81
52-week low date	2026-05-13
5Y price change	4.4%
5Y return CAGR	1.59%
5Y total return	8.19%
6M price change	-1.08%
6M total return	-0.56%
All-time high	$125.68
All-time high date	2025-04-01
All-time low	$0.26
All-time low date	1990-10-16
Average true range (ATR)	$2.17
Average volume	2.6M
Beta (1Y)	0.08
Beta (2Y)	0.31
Beta (5Y)	0.59
Change from 52-week high	-24.32%
Change from 52-week low	21.99%
Change from all-time high	-47.96%
Change from all-time low	25,221.33%
Change from open	-2.38%
Day's gap	-0.44%
Dollar volume	$191.8M
High price	$67.33
Low price	$65.04
Monthly RSI	41.82
Open price	$67.25
Position in 52-week range	26.64%
Previous close	$67.55
Price vs 150-day SMA	0.85%
Price vs 20-day SMA	-0.85%
Price vs 200-day SMA	-1.61%
Price vs 50-day SMA	-2.2%
Relative volume	1.14
RSI	46.26
Sharpe ratio	-0.83
Sharpe ratio (3Y)	-0.02
Sharpe ratio (5Y)	0.02
Sortino ratio	-0.97
Sortino ratio (3Y)	0.18
Sortino ratio (5Y)	0.23
Volume	2.9M
Weekly RSI	47.26
YTD price change	-17.94%
YTD total return	-17.32%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	287.6M
Float percentage	86.69%
Shares change (QoQ)	-1.2%
Shares change (YoY)	11.93%
Shares held by insiders	14.04%
Shares held by institutions	87.09%
Shares outstanding	331.7M
Short % of float	4.92%
Short % of shares	4.26%
Short ratio	6.4 days

Deeper analysis on BRO

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this BRO report

What is the latest published BRO stock rating?

Brown & Brown, Inc. is shown with Buy in the latest published report, analyzed 2026-10-08. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full BRO analysis?

The full latest published report, analyzed 2026-10-08, lives at /stocks/BRO/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for BRO?

The latest published report analyzed 2026-10-08 gives BRO a fair value of USD 82 and a potential value of USD 110. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the BRO page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-08). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyBRO · Fair value $82.4+32.9%

Read full analysis →

Category	Score	Reading
Valuation	7.5
Management	8.5
Balance Sheet	6.0
Profitability	5.5
Revenue Growth	9.0
Risk Assessment	7.5
Competitive Moat	7.5
Earnings Quality	8.0
Capital Efficiency	5.5

Brown & Brown, Inc. (BRO)

Our latest published analysis: BRO rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · BRO

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All BRO indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on BRO

Frequently asked questions

등급 이력