Brown & Brown, Inc. (BRO) 10-Year Financial Performance & Capital Metrics

BRO • • Insurance & Managed Care

Financial ServicesInsurance BrokersFull-Service Insurance BrokersRegional Full-Service Brokers

AboutBrown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services. It serves commercial, public and quasi-public entities, professional, and individual customers. The National Programs segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also offers outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, and flood insurance products. It serves through independent agents. The Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment offers third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas, Medicare Set-aside, Social Security disability, Medicare benefits advocacy, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.Show more

Revenue $4.71B +12.1%
Combined Ratio 70.95% -2.1%
Net Income $993M +14.1%
Return on Equity 16.5% -3.4%
Medical Cost Ratio 51.14% -1.8%
Operating Margin 29.05% +5.5%
Net Margin 21.11% +1.8%
ROA 6.11% +1.3%
Equity / Assets 36.65% -2.2%
Book Value per Share 22.73 +14.4%
Tangible BV/Share -11.73 +2.7%
Debt/Equity 0.63 -12.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 26 years of consecutive increases
✓Profitable underwriting: 70.9% combined ratio
✓Strong 5Y profit CAGR of 20.0%
✓Strong Piotroski F-Score: 7/9
✓Low loss ratio of 51.1%
✓Good 3Y average ROE of 16.3%

✗Weaknesses

✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.62%

5Y14.56%

3Y15.58%

TTM17.14%

Profit (Net Income) CAGR

10Y16.98%

5Y20.03%

3Y19.15%

TTM-5.1%

EPS CAGR

10Y17.16%

5Y19.84%

3Y18.68%

TTM-9.24%

ROCE

10Y Avg11.91%

5Y Avg11.99%

3Y Avg12.18%

Latest12.88%

Peer Comparison

Regional Full-Service Brokers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWFGTWFG, Inc. Common Stock	396.31M	26.37	146.50	16.01%	3.03%	2.23%	9.41%	0.04
AJGArthur J. Gallagher & Co.	65.78B	256.15	39.23	14.72%	13.16%	7.12%	3.71%	0.67
ERIEErie Indemnity Company	13.07B	283.07	24.66	16.72%	15.6%	28.06%	3.72%	0.00
BROBrown & Brown, Inc.	27.23B	79.75	23.05	12.05%	18.75%	8.04%	4.01%	0.63
RELIReliance Global Group, Inc.	5.12M	0.52	-0.06	2.35%	-53.39%	-103.83%		4.35

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.66B	1.76B	1.86B	2.01B	2.38B	2.61B	3.05B	3.56B	4.2B	4.71B
Revenue Growth %	0.06%	0.06%	0.05%	0.08%	0.19%	0.09%	0.17%	0.17%	0.18%	0.12%
Medical Costs & Claims+	856.95M	925.22M	994.65M	1.07B	1.31B	1.44B	1.64B	1.82B	2.19B	2.41B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	800M	837.57M	862.62M	940.94M	1.08B	1.17B	1.41B	1.75B	2.01B	2.3B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	0.05%	0.03%	0.09%	0.14%	0.09%	0.21%	0.24%	0.15%	0.14%
Operating Expenses+	359.37M	370.54M	391.61M	441.5M	505.8M	500.8M	555.9M	783M	856M	932M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	108.31M	107.67M	108.14M	109.38M	128.72M	134.8M	152.9M	186M	206M	222M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	440.63M	467.03M	471M	499.45M	570.77M	668.9M	854.7M	963M	1.16B	1.37B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.06%	0.06%	0.01%	0.06%	0.14%	0.17%	0.28%	0.13%	0.2%	0.18%
EBITDA+	548.94M	574.7M	579.15M	608.83M	699.48M	803.7M	1.01B	1.15B	1.36B	1.59B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	39.25M	39.48M	38.32M	40.58M	63.66M	59M	65M	148M	197M	201M
Non-Operating Income	-1.17M	4.05M	-17.03M	-3.6M	-18.82M	-14.2M	26.9M	-61M	-187M	-137M
Pretax Income+	402.56M	423.5M	449.72M	462.46M	525.93M	624.1M	762.8M	876M	1.15B	1.3B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	159.24M	166.01M	50.09M	118.21M	127.42M	143.6M	175.7M	204.3M	275.6M	301M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	243.32M	257.49M	399.63M	344.25M	398.51M	480.5M	587.1M	671.8M	870.5M	993M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.18%	0.06%	0.55%	-0.14%	0.16%	0.21%	0.22%	0.14%	0.3%	0.14%
EPS (Diluted)+	0.85	0.91	1.41	1.22	1.40	1.69	2.07	2.37	3.05	3.46
EPS Growth %	0.2%	0.07%	0.55%	-0.13%	0.15%	0.21%	0.22%	0.14%	0.29%	0.13%
EPS (Basic)	0.86	0.92	1.43	1.24	1.42	1.70	2.08	2.38	3.07	3.48
Diluted Shares Outstanding	280.22M	275.61M	277.59M	282.21M	274.62M	275.87M	277.41M	278.6M	280.8M	284M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.01B	5.29B	5.75B	6.69B	7.62B	8.97B	9.8B	13.97B	14.88B	17.61B
Asset Growth %	0.01%	0.05%	0.09%	0.16%	0.14%	0.18%	0.09%	0.43%	0.07%	0.18%
Total Investment Assets+	31.83M	38.1M	38.91M	30.26M	39.7M	43.3M	43.9M	34.4M	32M	29M
Long-Term Investments	18.09M	23.05M	13.95M	17.39M	27.38M	24.97M	31M	22.4M	21M	19M
Short-Term Investments	13.73M	15.05M	24.96M	12.87M	12.32M	18.33M	12.9M	12M	11M	10M
Total Current Assets+	1.54B	1.74B	2.24B	2.17B	2.49B	2.96B	3.33B	5B	5.13B	6.92B
Cash & Equivalents	443.42M	515.65M	573.38M	438.96M	542.17M	817.4M	693.2M	650M	700M	675M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	304.74M	316.21M	298.57M	467.35M	572.94M	602.19M	952.6M	1.59B	1.92B	2.18B
Goodwill & Intangibles+	3.33B	3.38B	3.36B	4.33B	4.66B	5.45B	5.82B	8.27B	8.96B	9.78B
Goodwill	2.59B	2.68B	2.72B	3.43B	3.75B	4.4B	4.74B	6.67B	7.34B	7.97B
Intangible Assets	744.68M	707.45M	641M	898.81M	916.77M	1.05B	1.08B	1.6B	1.62B	1.81B
PP&E (Net)	81.75M	75.81M	77.09M	100.39M	332.92M	388.11M	409M	454.8M	469M	519M
Other Assets	19.56M	44.9M	57.27M	71.97M	104.86M	149.58M	206.8M	230.9M	301M	366M
Total Liabilities	2.86B	2.93B	3.16B	3.69B	4.27B	5.21B	5.6B	9.37B	9.3B	11.18B
Total Debt+	1.14B	1.07B	976.14M	1.51B	1.77B	2.31B	2.25B	4.18B	4.02B	4.06B
Net Debt	701.32M	558.23M	402.76M	1.07B	1.22B	1.49B	1.55B	3.53B	3.32B	3.38B
Long-Term Debt	1.07B	1.02B	856.14M	1.46B	1.5B	2.03B	1.98B	3.69B	3.23B	3.6B
Short-Term Debt	73.13M	55.5M	120M	50M	55M	70M	42.5M	250.6M	569M	225M
Total Current Liabilities+	1.33B	1.45B	1.99B	1.78B	2.05B	2.35B	2.67B	4.6B	4.96B	6.31B
Accounts Payable	638.65M	717.16M	749.34M	944.9M	1.11B	1.39B	242.7M	286.5M	459M	373M
Deferred Revenue	392.7M	392.5M	434.59M	480.58M	521.04M	534.08M	459.6M	492.2M	540M	657M
Other Current Liabilities	188.48M	244.89M	498.72M	265.73M	293.22M	295.77M	1.86B	3.47B	3.29B	4.97B
Deferred Taxes	1000K	1000K	0	0	0	0	0	1000K	1000K	1000K
Other Liabilities	101.88M	81.31M	321.24M	448.12M	558.98M	659.08M	770.66M	298.9M	326M	362M
Total Equity+	2.15B	2.36B	2.58B	3B	3.35B	3.75B	4.2B	4.61B	5.58B	6.45B
Equity Growth %	0.02%	0.1%	0.09%	0.16%	0.12%	0.12%	0.12%	0.1%	0.21%	0.16%
Shareholders Equity	2.15B	2.36B	2.58B	3B	3.35B	3.75B	4.2B	4.61B	5.58B	6.44B
Minority Interest	0	0	0	0	0	0	0	0	0	17M
Retained Earnings	1.95B	2.13B	2.46B	2.83B	3.14B	3.52B	4B	4.55B	5.29B	6.13B
Common Stock	14.64M	14.81M	28.69M	29.34M	29.71M	29.97M	30.1M	30.3M	30M	31M
Accumulated OCI	0	0	0	0	0	0	-9.4M	-148.4M	-19M	-109M
Return on Equity (ROE)	0.11%	0.11%	0.16%	0.12%	0.13%	0.14%	0.15%	0.15%	0.17%	0.17%
Return on Assets (ROA)	0.05%	0.05%	0.07%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.53x	0.45x	0.38x	0.50x	0.53x	0.62x	0.54x	0.91x	0.72x	0.63x
Book Value per Share	7.67	8.56	9.30	10.63	12.20	13.61	15.13	16.53	19.87	22.73
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	381.83M	411.04M	441.98M	567.53M	678.18M	713M	808.8M	881M	1.01B	1.17B
Operating CF Growth %	-0.01%	0.08%	0.08%	0.28%	0.19%	0.05%	0.13%	0.09%	0.15%	0.16%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	243.32M	257.49M	399.63M	344.25M	398.51M	480.5M	587.1M	672M	871M	1B
Depreciation & Amortization	108.31M	107.67M	108.14M	109.38M	128.72M	134.8M	152.9M	186M	206M	222M
Stock-Based Compensation	15.51M	16.05M	30.63M	33.52M	46.99M	59.7M	61M	66M	89M	101M
Deferred Taxes	22.7M	18.16M	-102.18M	15.01M	12.38M	16M	33.6M	43M	12M	13M
Other Non-Cash Items	-11.61M	332K	-5.28M	-9.89M	-9.22M	-7.5M	15.6M	-70M	-143M	-59M
Working Capital Changes	3.6M	11.34M	11.03M	75.25M	100.79M	29.5M	-41.4M	-16M	-25M	-105M
Cash from Investing+	-144.64M	-142.41M	-62.59M	-951.77M	-413.58M	-759.1M	-396.8M	-1.91B	-587M	-898M
Capital Expenditures	-18.38M	-17.77M	-24.19M	-41.52M	-73.11M	-70.7M	-45M	-52M	-69M	-82M
Acquisitions	-125.42M	-117.67M	-37.38M	-918.89M	-331.45M	-685.2M	-350.2M	-1.87B	-524M	-820M
Purchase of Investments	-22.77M	-25.87M	-10.66M	-9.28M	-17.52M	-14.2M	-12.4M	0	-7M	-7M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-293.84M	-160.52M	-336.58M	337.75M	-79.22M	355M	-210.1M	1.73B	-187M	-64M
Dividends Paid	-64.11M	-70.26M	-77.71M	-84.69M	-91.34M	-100.6M	-107.2M	-120M	-135M	-154M
Share Repurchases	-163.75M	-18.91M	-128.64M	-91.25M	-58.67M	-96.4M	-132.4M	-123M	-40M	-55M
Stock Issued	15.89M	15.98M	17.42M	19.43M	25M	0	0	0	0	0
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	1000K
Other Financing	-20.36M	1.77M	-33.48M	-16.31M	20.8M	7M	102.6M	30M	139M	115M
Net Change in Cash+	-56.64M	108.11M	42.8M	-46.49M	185.38M	308.9M	198.3M	563M	270M	199M
Exchange Rate Effect	0	0	0	0	0	0	-1000K	-1000K	1000K	-1000K
Cash at Beginning	729.82M	673.17M	781.28M	824.09M	777.6M	963M	1.27B	1.47B	2.03B	2.3B
Cash at End	673.17M	781.28M	824.09M	777.6M	962.98M	1.27B	1.47B	2.03B	2.3B	2.5B
Free Cash Flow+	363.46M	393.28M	417.78M	526.01M	605.07M	642.3M	763.8M	829M	941M	1.09B
FCF Growth %	0.01%	0.08%	0.06%	0.26%	0.15%	0.06%	0.19%	0.09%	0.14%	0.16%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	1.3	1.43	1.51	1.86	2.2	2.33	2.75	2.98	3.35	3.85

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	73.41%	73.51%	74.64%	75.15%	76.07%	74.33%	71.95%	72.97%	72.47%	70.95%
Medical Cost Ratio	51.72%	52.49%	53.55%	53.18%	54.86%	55.12%	53.71%	51%	52.08%	51.14%
Return on Equity (ROE)	11.41%	11.42%	16.17%	12.33%	12.55%	13.53%	14.77%	15.26%	17.09%	16.5%
Return on Assets (ROA)	4.88%	5%	7.24%	5.54%	5.57%	5.79%	6.26%	5.65%	6.03%	6.11%
Equity / Assets	42.89%	44.64%	44.94%	44.86%	43.95%	41.87%	42.85%	32.97%	37.49%	36.65%
Book Value / Share	7.67	8.56	9.3	10.63	12.2	13.61	15.13	16.53	19.87	22.73
Debt / Equity	0.53x	0.45x	0.38x	0.50x	0.53x	0.62x	0.54x	0.91x	0.72x	0.63x
Revenue Growth	5.71%	6.39%	5.36%	8.22%	18.65%	9.28%	16.94%	16.92%	17.85%	12.05%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Retail	870.35M	917.41M	943.46M	1.04B	1.37B	1.47B	1.77B	2.08B	2.44B	2.73B
Retail Growth	-	5.41%	2.84%	10.53%	31.12%	7.72%	20.04%	17.89%	17.07%	11.84%
Programs	-	-	-	-	-	-	-	-	-	1.4B
Programs Growth	-	-	-	-	-	-	-	-	-	-
Wholesale Brokerage	217M	243.1M	271.74M	287.01M	310.09M	352.8M	403.42M	453.4M	540.7M	616M
Wholesale Brokerage Growth	-	12.03%	11.78%	5.62%	8.04%	13.77%	14.35%	12.39%	19.25%	13.93%
National Programs	428.73M	448.52M	479.81M	494.46M	518.38M	610.64M	701.85M	859.5M	1.08B	-
National Programs Growth	-	4.61%	6.98%	3.05%	4.84%	17.80%	14.94%	22.46%	25.34%	-
Services	145.37M	156.37M	165.37M	189.25M	193.78M	174.01M	178.86M	171.9M	163.1M	-
Services Growth	-	7.57%	5.76%	14.44%	2.40%	-10.20%	2.79%	-3.89%	-5.12%	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	3.33B	3.73B	4.14B
UNITED STATES Growth	-	-	-	-	-	-	-	-	11.92%	10.99%
UNITED KINGDOM	-	-	-	-	-	-	-	170M	432.7M	545M
UNITED KINGDOM Growth	-	-	-	-	-	-	-	-	154.53%	25.95%
IRELAND	-	-	-	-	-	-	-	38.1M	-	48M
IRELAND Growth	-	-	-	-	-	-	-	-	-	-
CANADA	-	-	-	-	-	-	-	23.6M	35.4M	40M
CANADA Growth	-	-	-	-	-	-	-	-	50.00%	12.99%

Frequently Asked Questions

Valuation & Price

Brown & Brown, Inc. (BRO) has a price-to-earnings (P/E) ratio of 23.0x. This is roughly in line with market averages.

Growth & Financials

Brown & Brown, Inc. (BRO) grew revenue by 12.1% over the past year. This is steady growth.

Yes, Brown & Brown, Inc. (BRO) is profitable, generating $999.0M in net income for fiscal year 2024 (21.1% net margin).

Dividend & Returns

Yes, Brown & Brown, Inc. (BRO) pays a dividend with a yield of 0.68%. This makes it attractive for income-focused investors.

Brown & Brown, Inc. (BRO) has a return on equity (ROE) of 16.5%. This is reasonable for most industries.

Industry Metrics

Brown & Brown, Inc. (BRO) has a combined ratio of 70.9%. A ratio below 100% indicates underwriting profitability.

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