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Friday 6 November 2026 Export BRO’s income statement to Excel — free account

Brown & Brown, Inc.

BRO Financial Insurance Brokers

Brown & Brown, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 22.8% from fiscal 2024.

Revenue
+7.41%
EPS
+9.04%
Free cash flow
+9.07%
Total debt
+0.40%

Quarter to September 2026, against a year earlier

74.01 0.12 +0.16%
Market cap
$24.7B
P/E
20.3×
Fwd P/E
20.5×
Dividend yield
0.91%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Brown & Brown, Inc. (BRO) valuation and DCF model

What the price implies · reverse DCF

At $74.01 the price implies 28.3% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 10.4% a year over the last ten years, 11.1% over the last five. The price asks for about three times its ten-year rate. Return on equity averaged 13.8% over ten years; the price implies 14.9% for good.

In December 2017 the price assumed 26.4% a year; Brown & Brown, Inc. went on to grow the dividend a share 16.2% a year to FY2025.

Price implies
28.3%
Last 5 years, reported
11.1%
Last 10 years, reported
10.4%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
28.3% a year for ten years
$74.01
today’s price
Its base case
10.4% a year for five years, then 6.3%
$17.09
76.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Brown & Brown, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 28.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Brown & Brown, Inc.’s own cost of capital: risk-free 4.3% + beta 0.52 × equity premium 4.5% = 6.6% cost of equity; after-tax cost of debt 4.0%; weighted, 6.0%.

Use 6.0%
Base case value per share $17.09 ten years discounted, and what follows
Current price $74.01 market price per share
Below today’s price 76.9% downside at the base case’s assumptions

How we got there$6.95 10 years of dividends+$10.14 terminal value=$17.09 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Brokers).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.27× 24.00× 24.97× 19% below 22.14× 8% below
P/FCF 16.15× 19.06× 18.78× 14% below 22.32× 28% below
P/B 1.91× 3.06× 3.18× 40% below 3.02× 37% below
EV/EBITDA — 16.46× 15.13× — 3.38× —
EV/Sales — 5.52× 4.91× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
3.77×4.66×5.54×6.42×10Y avg 4.91×2016201720182019202020212022202320242025

EV/Sales has no reading today; its 10-year average is 4.91×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.