Financials · Insurance Brokers · US stock · price as of 16 Oct 2026
Key indicators
Price
$69.40
52-week range
$53.69 – $92.02
Market cap
$23.2B
P/E (trailing)
18.9×
EV / EBITDA
15.4×
Free-cash-flow yield
6.2%
Dividend yield
1.0%
Revenue (last 12 months)
$6.8B
Revenue growth (3y a year)
18.2%
Operating margin
28.7%
Return on invested capital
7.7%
Net debt / EBITDA
3.7×
Fair value
Blended fair value$101.63 range $90 – $110
Versus priceUndervalued+46% to fair value
Peer multiples
$48.94
Fundamentals-adjusted multiple
$109.31
10-year DCF (market-scaled)
$146.62
Earnings power value (floor, not blended)
$42.14
Model uncertainty
Medium
X-Ray Score
53/ 100 · High confidence · ahead of 65% of sector peers
Valuation64
Growth71
Profitability49
Financial health22
Dividends63
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Brown & Brown, Inc. an X-Ray Score of 53 out of 100 (high confidence), ahead of 65% of the S&P 500 stocks in its sector. Its strongest lens is growth (71) and its weakest is financial health (22).
Our fair value blend is $101.63 (range $90.31 to $110.38). At $69.40 the stock trades 32% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Brown & Brown, Inc. (BRO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$67.93
$55.44
$69.71
$100.60
$79.10
$69.40
Market cap
$18.8B
$15.5B
$19.6B
$28.6B
$24.8B
$23.2B
P/E
32.8×
23.4×
22.9×
29.1×
25.0×
18.9×
EV / revenue
6.6×
5.2×
5.3×
6.6×
5.3×
4.4×
EV / EBITDA
24.4×
18.4×
17.0×
21.2×
18.8×
15.4×
Price / free cash flow
24.7×
18.7×
20.8×
26.2×
17.9×
16.0×
Free-cash-flow yield
4.1%
5.4%
4.8%
3.8%
5.6%
6.2%
Price / book
4.5×
3.4×
3.5×
4.4×
2.0×
1.8×
Dividend yield
0.56%
0.76%
0.69%
0.54%
0.78%
0.95%
Fundamentals checklist ● 4 Good · ● 7 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.1%Average
Free-cash-flow yield6.2%Average
Risk models
Altman Z score2.2×Average
Piotroski F-Score3 of 9Bad
Growth
EPS growth (3y)10.1%Average
Free-cash-flow growth (3y)18.6%Average
Revenue growth (3y)18.2%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Good
Net debt / EBITDA3.7×Bad
Interest cover4.9×Bad
Valuation
Fair value vs price1.5×Good
EBIT / EV yield6.4%Average
Profitability
Return on invested capital7.7%Bad
Operating margin28.7%Average
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Brown & Brown, Inc. (BRO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,051
3,573
4,257
4,805
5,902
6,790
Gross profit
–
–
–
–
–
–
Operating income
828
1,017
1,336
1,496
1,668
1,947
Net income
587
672
871
993
1,054
1,205
Diluted EPS ($)
2.07
2.37
3.05
3.46
3.16
3.66
Free cash flow
764
829
941
1,092
1,382
1,446
Gross margin
–
–
–
–
–
–
Operating margin
27.1%
28.5%
31.4%
31.1%
28.3%
28.7%
Net margin
19.2%
18.8%
20.5%
20.7%
17.9%
17.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
9,795
13,974
14,883
17,612
29,991
29,887
Cash
693
650
700
675
1,079
918
Total debt
2,023
3,942
3,796
3,824
7,613
7,759
Equity
4,197
4,607
5,579
6,437
12,573
12,608
Dividend per share ($)
0.38
0.42
0.48
0.54
0.62
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.