Brown & Brown, Inc.

Brown & Brown, Inc.

BRO

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Market Cap$20.03B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Brown & Brown, Inc.Brown & Brown, Inc.16.61.09%9%3.10.7

Earnings Call Q1 2026

April 28, 2026 - AI Summary

Strong Q1 results + solid profitability/cash flow (good): - Revenue $1.9B, +35.4% YoY (includes acquisitions). - Organic revenue growth flat YoY; organic growth pressure from prior-year flood claims processing impact (~-100 bps) and ongoing CAT property rate pressure. - Adjusted EBITDAC margin 38.5%, +40 bps YoY; adjusted EPS $1.39, ~+8% YoY. - Cash flow from operations $260M+, +~$50M (+23%) YoY, but cash conversion down slightly vs last year due to Accession integration costs and higher earnout payments than expected.
Forecast: improving organic momentum through the year (mixed/good): - Management expects modest sequential organic growth improvement each quarter in 2026 vs Q1, despite headwinds. - Retail organic: Q1 +1.3% incl. contingents (or +1.0% excl.), but a pharmacy consulting business revenue-model change is expected to reduce organic growth by 50–100 bps in the next couple quarters before improving toward year-end. - Specialty Distribution organic: +3.9% incl. contingents; -2% excl. (mostly timing/CAT weighting). Guidance implies relatively flat organic (ex contingents) in Q2 due to heavy CAT weighting, with improving growth in 2H as less CAT is placed and Accession/“180” contributes (180 has less property, more casualty).
Contingent commissions outlook (opportunity + nuance): - Contingents were a key driver: +$54M YoY in Q1 ($22M from Accession; $30M from favorable underwriting performance). - Management clarified that contingents are largely profit-based “program-by-program”, not driven by overall industry profitability—supporting stability even if markets are soft. - No explicit “downward” full-year revision stated, but company commentary indicates contingent commissions should be up for the year, given Q1 strength (incremental upside expected to flow through).

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$181.20

Current Fair Value

211.1% upside

Undervalued by 211.1% based on the discounted cash flow analysis.

Share Statistics

Market cap$20.03 Billion
Enterprise Value$28.03 Billion
Dividend Yield$0.65 (1.09%)
Earnings per Share$3.4
Beta0.62
Outstanding Shares333,000,000

Return

Return on Equity9.12%ROE
Return on Assets3.87%
Return on Invested Capital8.18%

Valuation & Multiples

P/E Ratio16.65P/E Ratio
PEG58PEG
Price to Sales3.07Price to Sales
Price to Book Ratio1.57Price to Book Ratio
Enterprise Value to Revenue4.34
Enterprise Value to EBIT16.02
Enterprise Value to Net Income24
Total Debt to Enterprise0.32
Debt to Equity0.71Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
April 27, 2026
EPS Estimate
$1.36
Average shareholder expectation
Revenue Estimate
$1.89 B
Average shareholder expectation

Next Earnings Call

Expected Date
July 27, 2026
EPS Estimate
$1.09
Average shareholder expectation
Revenue Estimate
$1.73 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.5157▲ 5.48%
Total Calls322,500▲ 67.36%
Total Puts166,300▲ 87.27%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %89.84%▲ 7.99%
Total Invested$18.16B▼ 16.38%
Investors Holding819▼ 73.00%

ESG Score

No data

About Brown & Brown, Inc.

CEO: J. Powell Brown

Relevant Senate Committees

Joint Committee on Taxation

Despite its advisory role, this committee's 'scoring' of tax legislation directly shapes corporate tax policy, capital investment incentives, and the overall tax burden, which fundamentally impacts the financial health and operational decisions of Brown & Brown.

Finance

This powerful committee directly impacts corporate taxation, which is critical for Brown & Brown's profitability. Its control over entitlement spending (e.g., Medicare) profoundly influences a major segment of the health insurance market that brokerages operate within.

Health, Education, Labor, and Pensions

This committee directly impacts the health insurance market through oversight of federal health agencies (e.g., ACA-related regulations) and influences employer-sponsored benefits and labor laws, which are core services offered by an insurance brokerage.

Banking, Housing, and Urban Affairs

This committee directly regulates the broader financial system, including institutions (Fed, SEC) that dictate capital markets and financial stability rules impacting all financial services companies, including insurance agencies operating within that ecosystem.