Brown & Brown, Inc. (BRO) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Brokers
EV/EBITDA
↓
12.93
↓-29% vs avg
5yr avg: 18.13
30Y Low3.3·High30.3
P/FCF
↓
14.35
↓-35% vs avg
5yr avg: 22.09
30Y Low6.3·High59.0
P/B Ratio
↓
1.45
↓-60% vs avg
5yr avg: 3.63
30Y Low1.8·High17.5
ROE
↓
11.1%
↑-26% vs avg
5yr avg: 14.9%
30Y Low10%·High36%
Debt/EBITDA
↑
3.84
↑+26% vs avg
5yr avg: 3.04
30Y Low0.1·High3.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BRO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Brown & Brown, Inc. trades at 18.4x earnings, 32% below its 5-year average of 27.2x, sitting at the 13th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 35%. On a free-cash-flow basis, the stock trades at 14.3x P/FCF, 35% below the 5-year average of 22.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.8B | $24.9B | $29.0B | $20.0B | $15.9B | $19.5B | $13.1B | $10.8B | $7.8B | $7.1B | $6.2B |
| Enterprise Value | $26.7B | $31.8B | $32.4B | $23.3B | $19.4B | $21.0B | $14.6B | $12.1B | $8.8B | $7.5B | $6.7B |
| P/E Ratio → | 18.43 | 25.22 | 29.49 | 23.31 | 24.04 | 33.95 | 28.05 | 28.20 | 22.59 | 18.25 | 24.65 |
| P/S Ratio | 3.33 | 4.19 | 6.16 | 4.76 | 4.45 | 6.40 | 5.02 | 4.55 | 3.87 | 3.85 | 3.51 |
| P/B Ratio | 1.45 | 1.98 | 4.49 | 3.58 | 3.45 | 4.65 | 3.48 | 3.24 | 2.59 | 2.77 | 2.62 |
| P/FCF | 14.35 | 18.05 | 26.53 | 21.22 | 19.15 | 25.53 | 20.36 | 17.92 | 14.79 | 17.10 | 15.72 |
| P/OCF | 13.67 | 17.20 | 24.68 | 19.77 | 18.02 | 24.11 | 18.34 | 15.99 | 13.70 | 16.16 | 15.04 |
P/E links to full P/E history page with 30-year chart
BRO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Brown & Brown, Inc.'s enterprise value stands at 12.9x EBITDA, 29% below its 5-year average of 18.1x. The Financial Services sector median is 11.4x, placing the stock at a 13% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.34 | 6.88 | 5.55 | 5.45 | 6.91 | 5.59 | 5.06 | 4.40 | 4.06 | 3.82 |
| EV / EBITDA | 12.93 | 15.41 | 20.36 | 17.10 | 16.89 | 20.89 | 18.13 | 17.25 | 14.53 | 13.03 | 11.73 |
| EV / EBIT | 15.73 | 19.06 | 21.52 | 17.34 | 18.95 | 25.43 | 21.33 | 20.47 | 17.58 | 15.46 | 14.56 |
| EV / FCF | — | 23.00 | 29.63 | 24.75 | 23.41 | 27.56 | 22.69 | 19.94 | 16.82 | 18.06 | 17.14 |
BRO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Brown & Brown, Inc. earns an operating margin of 28.5%, above the Financial Services sector average of 20.3%. ROE of 11.1% is modest. ROIC of 8.7% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.7% | 87.7% | 48.9% | 47.9% | 49.0% | 46.3% | 44.9% | 45.1% | 46.8% | 46.4% | 47.5% |
| Operating Margin | 28.5% | 28.5% | 29.1% | 27.5% | 27.0% | 28.0% | 25.7% | 23.9% | 24.8% | 25.4% | 26.5% |
| Net Profit Margin | 17.7% | 17.7% | 21.1% | 20.7% | 18.9% | 19.3% | 18.4% | 16.7% | 17.1% | 21.5% | 14.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 16.5% | 17.1% | 15.3% | 14.8% | 13.5% | 12.5% | 12.3% | 16.2% | 11.4% |
| ROA | 4.4% | 4.4% | 6.1% | 6.0% | 5.7% | 6.3% | 5.8% | 5.6% | 5.5% | 7.2% | 5.0% |
| ROIC | 8.7% | 8.7% | 10.9% | 10.2% | 10.4% | 11.7% | 10.2% | 9.9% | 10.6% | 12.0% | 12.1% |
| ROCE | 10.3% | 10.3% | 12.9% | 12.0% | 11.7% | 12.4% | 11.0% | 10.9% | 11.5% | 12.4% | 12.4% |
BRO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Brown & Brown, Inc. carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (10% below the sector average of 4.3x). Net debt stands at $6.8B ($7.9B total debt minus $1.1B cash). Interest coverage of 5.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.63 | 0.72 | 0.91 | 0.54 | 0.62 | 0.53 | 0.50 | 0.38 | 0.45 |
| Debt / EBITDA | 3.84 | 3.84 | 2.56 | 2.95 | 3.64 | 2.23 | 2.88 | 2.53 | 2.48 | 1.69 | 1.87 |
| Net Debt / Equity | — | 0.54 | 0.52 | 0.60 | 0.77 | 0.37 | 0.40 | 0.37 | 0.36 | 0.16 | 0.24 |
| Net Debt / EBITDA | 3.32 | 3.32 | 2.13 | 2.44 | 3.07 | 1.54 | 1.86 | 1.75 | 1.75 | 0.70 | 0.97 |
| Debt / FCF | — | 4.95 | 3.10 | 3.53 | 4.26 | 2.03 | 2.33 | 2.02 | 2.03 | 0.96 | 1.42 |
| Interest Coverage | 5.62 | 5.62 | 7.48 | 6.82 | 6.92 | 12.74 | 11.58 | 9.26 | 12.40 | 12.74 | 11.73 |
BRO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.04x means Brown & Brown, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.10 | 1.04 | 1.09 | 1.25 | 1.26 | 1.22 | 1.22 | 1.13 | 1.20 |
| Quick Ratio | 1.04 | 1.04 | 1.10 | 1.04 | 1.09 | 1.25 | 1.26 | 1.22 | 1.22 | 1.13 | 1.20 |
| Cash Ratio | 0.13 | 0.13 | 0.11 | 0.14 | 0.14 | 0.26 | 0.35 | 0.27 | 0.25 | 0.30 | 0.37 |
| Asset Turnover | — | 0.20 | 0.27 | 0.28 | 0.25 | 0.31 | 0.29 | 0.31 | 0.30 | 0.32 | 0.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
BRO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Brown & Brown, Inc. returns 1.6% to shareholders annually — split between a 1.1% dividend yield and 0.5% buyback yield. The payout ratio of 18.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.8% | 0.5% | 0.7% | 0.8% | 0.5% | 0.8% | 0.8% | 1.1% | 1.1% | 1.1% |
| Payout Ratio | 18.4% | 18.4% | 15.5% | 15.5% | 17.9% | 18.3% | 20.9% | 22.9% | 24.6% | 19.4% | 27.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 4.0% | 3.4% | 4.3% | 4.2% | 2.9% | 3.6% | 3.5% | 4.4% | 5.5% | 4.1% |
| FCF Yield | 7.0% | 5.5% | 3.8% | 4.7% | 5.2% | 3.9% | 4.9% | 5.6% | 6.8% | 5.8% | 6.4% |
| Buyback Yield | 0.5% | 0.4% | 0.2% | 0.2% | 0.8% | 0.7% | 0.7% | 0.5% | 1.2% | 1.8% | 0.3% |
| Total Shareholder Yield | 1.6% | 1.2% | 0.7% | 0.9% | 1.5% | 1.2% | 1.5% | 1.4% | 2.3% | 2.9% | 1.4% |
| Shares Outstanding | — | $313M | $284M | $281M | $279M | $277M | $276M | $275M | $282M | $278M | $276M |
Peer Comparison
Compare BRO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BROYou | $20B | 18.4 | 12.9 | 14.3 | 87.7% | 28.5% | 11.1% | 8.7% | 3.8 |
 AJG | $54B | 36.4 | 18.1 | 30.1 | 54.8% | 18.3% | 6.9% | 7.0% | 3.8 |
 MMC | $85B | 21.3 | 16.0 | 21.4 | 42.8% | 23.8% | 31.3% | 15.2% | 3.3 |
 AON | $67B | 18.4 | 15.5 | 20.9 | 47.7% | 25.3% | 46.3% | 13.5% | 3.1 |
 WTW | $24B | 15.6 | 10.4 | 15.4 | 42.1% | 23.0% | 20.0% | 14.0% | 2.6 |
 RYAN | $4B | 70.8 | 8.4 | 7.5 | 90.6% | 20.5% | 5.4% | 10.8% | 3.9 |
 ERIE | $10B | 19.9 | 11.8 | 17.1 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 ACGL | $33B | 7.9 | 6.7 | 5.4 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 HIG | $36B | 9.7 | 7.7 | 6.2 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
 TRV | $67B | 11.3 | 8.9 | — | 44.3% | 16.0% | 20.7% | 15.3% | 1.1 |
 CNA | $12B | 9.8 | 8.8 | 5.1 | 30.7% | 11.0% | 11.5% | 8.9% | 1.8 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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BRO — Frequently Asked Questions
Quick answers to the most common questions about buying BRO stock.
What is Brown & Brown, Inc.'s P/E ratio?
Brown & Brown, Inc.'s current P/E ratio is 18.4x. The historical average is 27.9x. This places it at the 13th percentile of its historical range.
What is Brown & Brown, Inc.'s EV/EBITDA?
Brown & Brown, Inc.'s current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
What is Brown & Brown, Inc.'s ROE?
Brown & Brown, Inc.'s return on equity (ROE) is 11.1%. The historical average is 18.2%.
Is BRO stock overvalued?
Based on historical data, Brown & Brown, Inc. is trading at a P/E of 18.4x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Brown & Brown, Inc.'s dividend yield?
Brown & Brown, Inc.'s current dividend yield is 1.06% with a payout ratio of 18.4%.
What are Brown & Brown, Inc.'s profit margins?
Brown & Brown, Inc. has 87.7% gross margin and 28.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Brown & Brown, Inc. have?
Brown & Brown, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.