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US insurance broker known for decentralized, acquisitive growth across retail, programs and specialty lines.
US insurance broker known for decentralized, acquisitive growth across retail, programs and specialty lines.
Is paid mainly by commissions from insurers, a share of the premiums it places for clients, plus fees, so revenue rises when insurance prices rise. Almost every year it buys small local agencies; in 2025 it agreed to buy Accession, a large US insurance broker, by far its biggest deal.
Moat: narrow (scale, distribution, brand). Decentralized local relationships plus disciplined tuck-in M&A are hard to replicate at similar pace.
Headquarters: Daytona Beach, Florida, US · Founded: 1939 · Employees: 22,888
Size Brown & Brown (BRO) is a United States Financials company (Insurance Brokers/Services) with a market value of $23.9B, the 441st largest of 3,117 United States companies the cockpit tracks. Shares closed at $72.12 on 6 Nov 2026.
Performance Over six months the shares gained 28.1%, against +20.2% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 7 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +5.1%); the operating margin is 29.7% (peer median 18.9%).
Valuation It trades at 1.87× book value against a peer median of 3.46× (cheapest of 7).
Price implies The share price implies a return on equity of about 11.3%; Brown & Brown delivers 9.6%, so the price asks more than the business earns today.
Credit Brown & Brown has 11 bonds outstanding ($7.05B), rated BBB- by the agencies and trading like BBB at a weighted spread of 111 bp.
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
Next results Next results expected around 25 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.91B | $5.90B | $4.80B | $4.26B | $3.57B |
| Revenue growth | — | +23% | +13% | +19% | — |
| Gross profit | $6.38B | $5.54B | $4.58B | $4.05B | $3.38B |
| EBITDA | $2.58B | $2.06B | $1.69B | $1.47B | $1.23B |
| Net income | $1.20B | $1.04B | $981M | $857M | $659M |
| Free cash flow | $1.49B | $1.38B | $1.09B | $941M | $829M |
| Capital expenditure | $97.0M | $68.0M | $82.0M | $68.9M | $52.6M |
| Total debt | $8.10B | $7.92B | $4.06B | $4.02B | $4.18B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
| Aon AON | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% |
| Ryan Specialty RYAN | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BRO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.1% | +17.0% | 3rd lowest of 7 |
| 6-month return | +28.1% | +20.2% | 4th highest of 7 |
| Return on equity | 9.6% | 17.1% | 2nd lowest of 7 |
| Price / book | 1.87× | 3.46× | cheapest of 7 |
| Trailing P/E | 22.8× | 20.5× | 3rd most expensive of 7 |
| ROE the price implies | 11.3% | 17.8% | 2nd least demanding of 7 |
| ROE delivered | 9.6% | 17.0% | 2nd lowest of 7 |
| Bond spread | 111 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Brown & Brown BRO | United States | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% | 9.6% |
| Willis Towers Watson WTW | United States | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% | 20.2% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| Aon AON | United States | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% | 43.6% |
| Arthur J. Gallagher & AJG | United States | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% | 7.2% |
| Assicurazioni Generali G.MI | Italy | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% | 14.7% |
Brown & Brown has 11 bonds outstanding with $7.05B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.89%, a spread of 111 bp over government bonds.