Reading the tape
NYSE: BRO
Brown & Brown, Inc.
Financial Services · Insurance - Brokers
Market Cap
$19.13B
52w High
$113.84
52w Low
$56.10
P/E
16.37
Volume
2.89M
Outstanding Shares
338.95M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionModerate confidence
1Y Price: -49.39%Revenue (TTM): 33.46%FCF (TTM): 14.52%P/FCF: 8th pct
What changed
The stock fell 49.39% over the last year. Revenue grew 33.46% over the trailing twelve months. Operating margin moved from 28.83% to 26.79%. Free cash flow grew 14.52% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 8th percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently 26.79%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Brown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands.
CEOJ. Powell Brown
SectorFinancial Services
IndustryInsurance - Brokers
Employees22,888
IPO dateFeb 11, 1981
Valuation
Forward P/E—
EV/EBITDA15.50
Enterprise value$31.55B
Price / Book1.52
Stock splits
Mar 29, 2018↑ Forward
Every 1 shares became 2
Nov 29, 2005↑ Forward
Every 1 shares became 2
Nov 23, 2001↑ Forward
Every 1 shares became 2
Aug 24, 2000↑ Forward
Every 1 shares became 2
Mar 2, 1998↑ Forward
Every 2 shares became 3
May 30, 1991↑ Forward
Every 4 shares became 5
May 12, 1986↑ Forward
Every 2 shares became 3
Mar 24, 1983↑ Forward
Every 2 shares became 3
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth37.26%
Gross margin59.38%▲79.43%vs FY2024
Operating margin26.79%▼2.05%vs FY2024
ROE8.4%▼45.55%vs FY2024
Analyst consensus
RatingHold
Target price$88.50▲56.78%
10
Buy
20
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 27, 2026
Q3 FY26 · EPS est $1.10 · Revenue est $1.74B
View
Dividends
$0.65/shareQuarterlyDividend Aristocrat · 35yrEx-div May 11, 2026 · in 2dSafeBRO pays a dividend with a 1.14% declared yield, 35 consecutive years of growth, growing at 12.21% annually, covered 7.1× by free cash flow.
Declared Yield
1.14%
Annual Div / Share
$0.65
TTM $0.63
5yr CAGR
+12.21%
Doubles every ~6.0yr
Payout Ratio
18.12%
Safe
Dividend Growth Rate
3yr CAGR
+12.96%
5yr CAGR
+12.21%
10yr CAGR
+10.41%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$0.65+11.2%
2025$0.58+14.9%
2024$0.51+12.8%
2023$0.45+11.9%
2022$0.40+10.3%
2021$0.36+8.2%
2020$0.34+6.3%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$11/yr
$1/mo
In 5 yrs
$20/yr+76%
$2/mo
In 10 yrs
$35/yr+211%
$3/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$11/yr $1/mo | $20/yr+76% $2/mo | $35/yr+211% $3/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 1.14% → 3.55% over 10yr
Analysis
Dividend Strengths
Dividend Aristocrat
BRO has raised its dividend for 35 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 7.1× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 12.21% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.
Congressional Activity
Congress Trades in BRO
STOCK Act disclosures from senators and representatives.
April Delaney
MDhouseDemocratSale2026-04-17$1,001 - $15,000+20d to disclose
Jared Moskowitz
FLhouseDemocratSale2026-03-23$1,001 - $15,000+39d to disclose