Brown & Brown, Inc. (BRO)
Financials · Insurance Brokers · US stock · S&P 500 component
$69.40
▲ +1.42 (2.09%)
Fair valueUndervalued
$102 +46.4% to fair value
$51fair band $71–$132$152
Day's range
$68.19 – $69.47
52-week range
$53.69 – $92.02
Red flags⚠ Heavy dilution
About Brown & Brown, Inc.
Brown & Brown is an insurance brokerage that arranges property, casualty, employee benefits and specialty coverage for businesses and individuals, working through many offices in the United States and abroad. It does not take underwriting risk itself. Instead it earns commissions and fees from insurance carriers and clients, and it has expanded largely by acquiring other brokerage firms.
Sales totalled $6.8 billion over the last twelve months, and the three-year record shows growth of 18.2% a year. The operating margin is 28.7%, and the return on invested capital is 8%. The balance sheet shows net debt to EBITDA of 3.7 times. Shareholders receive a dividend, currently yielding 1.0%. The site's X-Ray Score for the company is 50 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $53.69 – $92.02Volume 2,220,400Daily, split-adjusted
Vitals
Market cap$23.2B
52-week range$53.69 – $92.02
Volume (last day)2,220,400
P/E (TTM)18.9
EBIT / EV yield6.4%
Free-cash-flow yield6.2%
Dividend yield1.0%
Revenue (TTM)$6.8B
Net income (TTM)$1.2B
Operating margin28.7%
Return on capital7.7%
Debt incl. leases$8.1B
Cash & securities$918M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$102model spread $90 – $110
Undervalued
+46.4% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $69
Undervalued < $71Fair $71 – $132Overvalued > $132
10-year DCF (market-scaled)
$147
Peer multiples
$49
Earnings power floor (not blended)
$42
Fundamentals-adjusted multiple
$109
Growth the price implies
6.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Valuation
Fair
64/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield6.4%
Free-cash-flow yield6.2%
Fair value vs price1.5×
Growth
Strong
71/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)18.2%
EPS growth (3y)10.1%
Growth consistency100%
Profitability
Weak
50/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital7.7%
Operating margin28.7%
Financial health
Weak
22/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score3 / 9
Net debt / EBITDA3.7×
Interest cover4.9×
Dividends
Fair
63/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow15%
Dividend growth17.2%
Quarterly results: last 6 quarters
+11.6%
Mar '25
+9.1%
Jun '25
+35.4%
Sep '25
+35.8%
Dec '25
+35.4%
Mar '26
+30.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.7B, diluted EPS $0.84.
Compare with peers
AON Aon plc50 MRSH Marsh & Mclennan Compa...50 WTW Willis Towers Watson P...43 AJG Arthur J. Gallagher &...38Other Insurance Brokers companies by X-Ray Score.
Fundamentals checklist
● 4 Good · ● 7 Average · ● 4 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $4.3B | $4.8B | $5.9B |
| Operating income | $828M | $1.0B | $1.3B | $1.5B | $1.7B |
| Net income | $587M | $672M | $871M | $993M | $1.1B |
| Operating cash flow | $809M | $881M | $1.0B | $1.2B | $1.5B |
| Operating margin | 27.1% | 28.5% | 31.4% | 31.1% | 28.3% |
| Free cash flow | $764M | $829M | $941M | $1.1B | $1.4B |
| Diluted EPS | $2.07 | $2.37 | $3.05 | $3.46 | $3.16 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bearish
1 bullish · 1 neutral · 6 bearish
Moving averages (daily)
| SMA 10 | 64.01 | Bullish |
| EMA 10 | 64.95 | Bullish |
| SMA 20 | 62.66 | Bullish |
| EMA 20 | 64.40 | Bullish |
| SMA 50 | 67.19 | Bullish |
| EMA 50 | 65.55 | Bullish |
| SMA 100 | 65.76 | Bullish |
| EMA 100 | 66.28 | Bullish |
| SMA 200 | 66.87 | Bullish |
| EMA 200 | 69.66 | Bearish |
Oscillators (daily)
| RSI (14) | 66.64 | Neutral |
| MACD (12, 26) | 0.02 | Bullish |
| Momentum (12) | 13.96 | Bullish |
| Stochastic %K (14) | 99.33 | Bearish |
| Williams %R (14) | -0.67 | Bearish |
| CCI (20) | 221.2 | Bearish |
Pivot points (classic, last session)
S3 67.29 | S2 67.74 | S1 68.57 | Pivot 69.02 | R1 69.85 | R2 70.30 | R3 71.13 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.66 USD
Yield on today's price
0.95%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 12 Aug 2026 | 0.1650 |
| 11 May 2026 | 0.1650 |
| 4 Feb 2026 | 0.1650 |
| 5 Nov 2025 | 0.1650 |
| 13 Aug 2025 | 0.1500 |
| 12 May 2025 | 0.1500 |
| 5 Feb 2025 | 0.1500 |
| 6 Nov 2024 | 0.1500 |
| 7 Aug 2024 | 0.1300 |
| 3 May 2024 | 0.1300 |
| 1 Feb 2024 | 0.1300 |
| 31 Oct 2023 | 0.1300 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
BRO SEC filings
10 Sep 2026
8-KSEC EDGAR
Regulation FD disclosure
10 Aug 2026
8-KSEC EDGAR
Director or officer change
27 Jul 2026
10-QSEC EDGAR
Quarterly report
27 Jul 2026
8-KSEC EDGAR
Results of operations
5 Jun 2026
8-KSEC EDGAR
Entered a material agreement
7 May 2026
8-KSEC EDGAR
Director or officer change; Shareholder vote results
27 Apr 2026
10-QSEC EDGAR
Quarterly report
27 Apr 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.