# Brown & Brown, Inc. (BRO) — Stock CV

Brown & Brown, Inc. is a $21.0B financial services company. Revenue grew 33.1% over the last year, and it keeps 18¢ of every dollar of sales as profit. It trades at 17.5× earnings — near the lowest of its own history.

> Brown & Brown Inc is a diversified insurance agency, wholesale brokerage, insurance programs, and service. The company's business is divided into two reportable segments: (i) the Retail segment, and (ii) the Specialty Distribution segment.

## Identity

- **Ticker**: BRO
- **Sector**: Financial Services
- **Industry**: Insurance Agents, Brokers & Service
- **Headquarters**: DAYTONA BEACH, FL
- **Employees**: 22 888
- **Website**: https://www.bbinsurance.com
- **Market cap**: $21.0B
- **Last price**: $62.88
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.79B
- **Net income**: $1.21B
- **Free cash flow**: $1.45B
- **Net debt**: $5.82B
- **P/E**: 17.5
- **Revenue growth (YoY)**: 33.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 80 |
| Profitability | 62 |
| Health | 42 |
| Quality | 75 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +33.1% YoY
- [x] Profitable — $1.21B TTM
- [x] Profit growing — +11.8% YoY
- [x] Generates cash — $1.45B TTM
- [x] Debt under control — ~4.0y of cash flow to repay
- [x] Established company — $21.0B market cap
- [ ] Not printing shares — +17.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 1.04%
- [x] Valuation not extreme — P/E 17.5

## Experience (career milestones)

- **2026** — The acquisition added more than 5,000 employees. * MacKay Corporate Insurance Brokers (2026) – A commercial and…
- **FY2025** — Best year on record: $1.05B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.77B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **1993** — Also in 1993, the company went public, listing on the New York Stock Exchange under the ticker symbol BRO
- **1993** — The company merged with Poe & Associates
- **1983** — The firm changed its name to Brown & Brown, Inc. to reflect its focus on national expansion
- **1959** — Hyatt Brown, joined the agency in 1959, bought the company and became CEO in 1961
- **1939** — Brown & Brown was founded in 1939 as a small insurance agency in Daytona Beach, Florida, by J

## Strengths

- Revenue growing 33.1% year over year
- Strong cash conversion — FCF is 21.3% of revenue
- Interest covered 5.6× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.05B | $587M | $897M |
| FY2022 | $3.57B | $672M | $829M |
| FY2023 | $4.20B | $858M | $941M |
| FY2024 | $4.80B | $993M | $1.09B |
| FY2025 | $5.90B | $1.05B | $1.38B |

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Source: https://stockcv.com/BRO — derived from company filings; may be delayed or incomplete. Information, not investment advice.