Brown & Brown, Inc.

BRO

NYSE · Insurance Brokers

$72.12

At close - Nov 6, 4:00 PM EST - USD

Market Cap$24.13B

P/E19.5x

52W High$82.58

Volume2.32M

VCP Research Verdict2026Q3

Hard-Market Deceleration Meets ROE Compression

Brown & Brown's revenue growth cooled from a cyclical 53.3% in Q4 2025 to 7.4% in Q3 2026 as the hard pricing cycle matures, while diluted EPS contracted 1.5% year-over-year in the same quarter, suggesting acquisition-related amortization is outpacing commission gains.

GrowthMixed

ProfitabilityModerate

ValuationAttractive

TechnicalsStrong

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MARKET ACTION

BRO price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth decelerated to 7.4% in Q3 2026 from 53.3% in Q4 2025 while EPS fell 1.5% year-over-year, with operating income fluctuating between $237M and $567M over the last eight quarters, suggesting limited operating leverage as the expense base scales in line with revenue.

Analyst Consensus+0.8% target

Hold(31 analysts)

10 Buy20 Hold1 Sell

The Bull Case

Upside Catalysts

Strong Financial Performance

Brown & Brown has consistently exceeded earnings per share (EPS) expectations, showcasing robust financial health. This strong performance underlines the company's ability to generate profits and maintain stability in a competitive market.

Significant Revenue Growth

The company has demonstrated a notable year-over-year revenue increase, reflecting its expanding market presence in the insurance sector. This growth trajectory positions Brown & Brown favorably against its competitors.

Favorable Market Position

Brown & Brown is poised to benefit from rising casualty rates and expanding opportunities across various insurance lines. Additionally, the company is well-positioned to take advantage of firming property rates in Florida, enhancing its market share.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

BRO-6.22%

S&P 500 (^GSPC)+7.63%

1-Year Return

BRO-4.74%

S&P 500 (^GSPC)+9.69%

3-Year Return

BRO+4.29%

S&P 500 (^GSPC)+64.45%

5-Year Return

BRO+19.36%

S&P 500 (^GSPC)+52.42%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

19.5x

Forward P/EExpansion

16.3x

EV/EBITDA20th %ile

12.5x

FCF YieldCash Flow

6.2%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

19.5x

25.2x

0th· Low

EV/EBITDA

12.5x

17.1x

20th· Low

Price/FCF

16.2x

21.2x

0th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$74.00+2.6%

Base (Fair)$131.15+81.8%

Bull$235.22+226.2%

$74.00 Bear$131.15 Base$235.22 Bull

Current Market Price: $72.12

Trades at a 45.0% discount to Base DCF ($131.15)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$5.76B+22.5% YoY

Net income FY25

$1.05B+6.1% YoY

Free cash flow FY25

$1.38B+26.6% YoY

Operating margin FY25

49.1%+20.0 pts YoY

ROIC (FY25)14.5%

Avg ROIC 5Y11.5%

ROE (TTM)9.7%

Piotroski Score4 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate9/12 (75%)

Revenue Beat Rate5/12 (42%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Oct 26, 2026	$1.07-1.8% vs $1.09	$1.7B-1.9% vs $1.8B
Q3 2026 Jul 27, 2026	$1.07-0.9% vs $1.08	$1.7B-2.2% vs $1.7B
Q2 2026 Apr 27, 2026	$1.39+2.2% vs $1.36	$1.9B+0.6% vs $1.9B
Q1 2026 Jan 26, 2026	$0.93+2.8% vs $0.91	$1.6B-2.6% vs $1.6B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

GlobeNewsWire·Oct 26, 2026

Brown & Brown, Inc. announces third quarter 2026 results, including total revenues of $1.7 billion, an increase of 7.4%; growth of Organic Revenue of 1.2%; growth of Organic Revenue with Contingents of 1.5%; diluted net income per share of $0.67; and Diluted Net Income Per Share - Adjusted of $1.07

DAYTONA BEACH, Fla., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the third quarter of 2026.

Defense World·Oct 26, 2026

Brown & Brown, Inc. $BRO Stock: SBI Securities Co. Ltd. Increases Holdings

SBI Securities Co. Ltd. lifted its holdings in shares of Brown and Brown, Inc. (NYSE: BRO) by 3,413.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,032 shares of the financial services provider's stock after acquiring an additional 10,718 shares

Seeking Alpha·Oct 24, 2026

Dividend Champion, Contender, And Challenger Highlights: Week October 25

A weekly summary of dividend activity for Dividend Champions, Contenders, and Challengers. Companies that changed their dividends. Companies with upcoming ex-dividend dates.

Zacks Investment Research·Oct 22, 2026

Is a Beat in the Cards for Brown & Brown This Earnings Season?

Brown & Brown, Inc. BRO is expected to register an improvement in both top and bottom lines when it reports third-quarter 2026 2026 results on Oct. 26, after the closing bell.

Filtered for Brown & Brown, Inc.More Headlines

Compare before deciding

Benchmark BRO against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Brown & Brown, Inc. (BRO)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
BROBrown & Brown, Inc.Current	$72.12	$24.13B	19.54	22.49%	17.47%	9.67%	0.86%
AJGArthur J. Gallagher & Co.	$281.61	$72.35B	42.99	20.66%	10.38%	7.16%	0.91%
MRSHMarsh & McLennan Companies, Inc.	$204.82	$97.74B	24.28	10.32%	14.2%	26.73%	1.69%
AONAon plc	$334.81	$71.02B	18.14	9.45%	22.24%	39.91%	0.87%
WTWWillis Towers Watson Public Limited Company	$328.86	$31.06B	19.77	-2.24%	15.22%	19.72%	1.1%
RYANRyan Specialty Holdings, Inc.	$47.73	$12.51B	64.62	21.28%	5.95%	17.64%	0.47%

Compare BRO vs Peers

Brown & Brown, Inc. (BRO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AJG

Most directly comparable listed peer for BRO.

Scale Benchmark

vs CB

Larger-name benchmark to compare BRO against a more recognizable public peer.

Peer Set

Compare Top 5

vs AJG, MRSH, AON, WTW

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

BRO SEC Filings & Documents

Brown & Brown, Inc. (BRO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Oct 26, 2026·SEC

Material company update

Oct 22, 2026·SEC

Material company update

Jul 27, 2026·SEC

10-K Annual Reports

FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 13, 2025·SEC

10-Q Quarterly Reports

FY 2026

Oct 26, 2026·SEC

FY 2026

Jul 27, 2026·SEC

FY 2026

Apr 27, 2026·SEC

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BRO Frequently Asked Questions

Brown & Brown, Inc. (BRO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

How fast is Brown & Brown, Inc. growing?

Brown & Brown, Inc. (BRO) grew revenue by 30.8% over the trailing twelve months, compared with the twelve months before.

Is BRO profitable?

Yes. Brown & Brown, Inc. (BRO) earned $1.22B in net income over the trailing twelve months (a 17.5% net margin).

Dividend & Returns

Does BRO pay dividends?

Yes. Brown & Brown, Inc. (BRO) pays a dividend that yields 0.86% at the current price, a small yield.

What is BRO's return on equity?

Brown & Brown, Inc. (BRO) had a return on equity (ROE) of 9.7% over the trailing twelve months. That is below the market's typical 10-15%.

What if you invested $1,000 in BRO back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Oct 26, 2026

$1.07-1.8%

vs $1.09

$1.7B-1.9%

vs $1.8B

Q3 2026

Jul 27, 2026

$1.07-0.9%

vs $1.08

$1.7B-2.2%

vs $1.7B

Q2 2026

Apr 27, 2026

$1.39+2.2%

vs $1.36

$1.9B+0.6%

vs $1.9B

Q1 2026

Jan 26, 2026

$0.93+2.8%

vs $0.91

$1.6B-2.6%

vs $1.6B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

BROBrown & Brown, Inc.Current

$72.12

$24.13B

19.54

22.49%

17.47%

9.67%

0.86%

AJGArthur J. Gallagher & Co.

$281.61

$72.35B

42.99

20.66%

10.38%

7.16%

0.91%

MRSHMarsh & McLennan Companies, Inc.

$204.82

$97.74B

24.28

10.32%

14.2%

26.73%

1.69%

AONAon plc

$334.81

$71.02B

18.14

9.45%

22.24%

39.91%

0.87%

WTWWillis Towers Watson Public Limited Company

$328.86

$31.06B

19.77

-2.24%

15.22%

19.72%

1.1%

RYANRyan Specialty Holdings, Inc.

$47.73

$12.51B

64.62

21.28%

5.95%

17.64%

0.47%