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Earnings transcript
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BRO
Brown & Brown, Inc.
$59.11
1.11
(1.91%)
| Exchange: | NYSE |
| Market Cap: | 20.035B |
| Shares Outstanding: | 126.368M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Insurance – Brokers | |||||
| CEO: | J. Powell Brown | |||||
| Full Time Employees: | 22888 | |||||
| Address: |
| |||||
| Website: | http://www.bbrown.com |
Brown & Brown, Inc. operates as an insurance brokerage firm, providing a diverse range of products and services throughout the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company’s operations are strategically divided into four primary segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail division delivers a comprehensive suite of property and casualty, employee benefits, personal, and specialized insurance offerings, complemented by services such as loss control assessments, consulting, and claims processing. This segment caters to a broad spectrum of clients, including commercial entities, public and quasi-public organizations, professionals, and individuals. The National Programs segment focuses on professional liability and associated bundled insurance products for specific sectors like dentistry, law, optometry, insurance, finance, medicine, and real estate title professionals, alongside supplementary coverages for events, medical facilities, and cyber risks. This segment also provides outsourced services to insurance carrier partners, encompassing product development, marketing, underwriting, actuarial analysis, compliance, claims, and other administrative support, while additionally managing commercial and public entity programs and flood insurance, largely through independent agents. The Wholesale Brokerage segment facilitates the distribution of excess and surplus commercial and personal lines insurance via independent agents and brokers. Finally, the Services segment offers critical support functions such as third-party claims administration and medical utilization management for workers’ compensation and all-lines liability, along with Medicare Set-aside provisions, Social Security disability assistance, Medicare benefits advocacy, and claims adjusting services. Founded in 1939, Brown & Brown, Inc. is headquartered in Daytona Beach, Florida.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4,199,000 | 4,705,000 | 5,956,000 |
| Gross Profit | 2,012,000 | 2,299,000 | 5,222,000 |
| EBITDA | 1,549,000 | 1,726,000 | 2,035,000 |
| Operating Income | 1,156,000 | 1,367,000 | 1,695,000 |
| Net Income | 870,500 | 993,000 | 1,054,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 14,883,400 | 17,612,000 | 29,991,000 |
| Total Liabilities | 9,304,600 | 11,175,000 | 17,418,000 |
| Total Stockholders Equity | 5,578,800 | 6,437,000 | 12,573,000 |
| Total Debt | 4,019,600 | 4,060,000 | 8,098,000 |
| Cash and Cash Equivalents | 700,300 | 675,000 | 3,550,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,010,000 | 1,174,000 | 1,450,000 |
| Capital Expenditure | -69,000 | -82,000 | 0 |
| Free Cash Flow | 941,000 | 1,092,000 | 1,450,000 |
| Net Income | 871,000 | 1,002,000 | 1,054,000 |
| Net Change in Cash | 270,000 | 199,000 | 1,313,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 7,878,277.259 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 7,938,204.518 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 7,908,240.889 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 2,739,780.614 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 2,760,621.153 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 2,750,200.884 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 1,588,565.775 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 1,681,554.945 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 1,635,060.360 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 0 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 5.260 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 5.370 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 5.080 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 7 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 3 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Growth: BRO has demonstrated consistent revenue increases as per recent income statements, reflecting strong operational performance and market demand for its insurance brokerage services. This growth aligns with positive industry trends in the insurance sector, as evidenced by sector performance metrics.
- Strong Profitability Metrics: High gross profit margins and net profit margins (TTM) indicate efficient cost management and profitability, positioning BRO favorably against industry averages. The return on equity (ROE TTM) further underscores effective use of shareholder capital.
- Solid Cash Flow Generation: Significant free cash flow (TTM) as reported in cash flow statements highlights BRO’s ability to fund operations, pay dividends, and invest in growth initiatives without relying heavily on external financing.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates BRO intrinsic value between $56.58 – $69.74 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about BRO valuation
Is Brown & Brown, Inc. (BRO) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Brown & Brown, Inc. (BRO) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BRO a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BRO trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BRO’s P/E ratio?
You can see BRO’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BRO?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BRO a good long-term investment?
Whether BRO fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BRO
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Daily snapshot
1.91
Trading Metrics:
| Open: | 57.7 | Previous Close: | 58.01 | |
| Day Low: | 57.44 | Day High: | 59.58 | |
| Year Low: | 53.81 | Year High: | 111.1 | |
| Price Avg 50: | 61.32 | Price Avg 200: | 76.22 | |
| Volume: | 3.037M | Average Volume: | 3.278M |
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Login — it's freeBRO full analysis
Welcome to MARKETSNAP’s SWOT analysis for Brown & Brown, Inc. If you’re a long-term investor looking to dig into a solid player in the insurance brokerage space, you’ve come to the right place. Today, we’re breaking down the strengths, weaknesses, opportunities, and threats for this company, along with some key insights to help you decide if it fits into your wealth-building strategy. Let’s dive in and see what’s driving Brown & Brown and what could shape its future. First, a…
