Brown & Brown, Inc.BRO
NYSE•Financial Services•Insurance Brokers
Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally. It operates through Retail and Specialty Distribution segments. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services. This segment also offers non-insurance services and products through automobile and recreational vehicle dealer services businesses. It serves commercial, public and quasi-public entities, professional, and individual customers. The Specialty Distribution segment comprises wholesale brokerage and specialty businesses. This segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, 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 provides public entity-related and specialty programs through a network of independent agents; and program management services for insurance carrier partners. In addition, the company's wholesale brokerage businesses underwrite and place excess and surplus commercial and personal lines insurance through independent agents and brokers. Its programs businesses operate under the Arrowhead Programs' name. Brown & Brown, Inc. was founded in 1939 and is headquartered in Daytona Beach, Florida.
Brown & Brown, Inc. (BRO) reported trailing twelve months revenue of $6.40B as of March 2026, a 29.2% increase year-over-year. Quarterly revenue reached $1.90B, reflecting continued top-line momentum.
Brown & Brown, Inc. generated $1.15B in TTM net income, with quarterly EBITDA of $533.00M. The operating margin contracted from 30.4% to 28.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (28.0%) and net margin (22.4%) indicates moderate non-operating costs. Net margin has narrowed from 23.6% a year ago, reflecting increased costs or interest expense.
BRO trades at a P/E of 18.8x (in line with broad market averages) and a P/S of 3.4x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company generated $241.00M in free cash flow over the trailing twelve months, a 23.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $29.70B in total assets with $6.58B in long-term debt against $12.61B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~25.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.2% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~41.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 16.6% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 17.4% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation