Latest Ratios: P/E Ratio 21.9x · EV/EBITDA 14.8x · ROE 11.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.6B | $24.9B | $29.0B | $20.0B | $15.9B | $19.5B | $13.1B | $10.8B | $7.8B | $7.1B | $6.2B |
| Enterprise Value | $30.4B | $31.8B | $32.4B | $23.3B | $19.4B | $21.0B | $14.6B | $12.1B | $8.8B | $7.5B | $6.7B |
| P/E Ratio → | 21.92 | 25.22 | 29.49 | 23.31 | 24.04 | 33.95 | 28.05 | 28.20 | 22.59 | 18.25 | 24.65 |
| P/S Ratio | 3.96 | 4.19 | 6.16 | 4.76 | 4.45 | 6.40 | 5.02 | 4.55 | 3.87 | 3.85 | 3.51 |
| P/B Ratio | 1.72 | 1.98 | 4.49 | 3.58 | 3.45 | 4.65 | 3.48 | 3.24 | 2.59 | 2.77 | 2.62 |
| P/FCF | 17.06 | 18.05 | 26.53 | 21.22 | 19.15 | 25.53 | 20.36 | 17.92 | 14.79 | 17.10 | 15.72 |
| P/OCF | 16.26 | 17.20 | 24.68 | 19.77 | 18.02 | 24.11 | 18.34 | 15.99 | 13.70 | 16.16 | 15.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.34 | 6.88 | 5.55 | 5.45 | 6.91 | 5.59 | 5.06 | 4.40 | 4.06 | 3.82 |
| EV / EBITDA | 14.75 | 15.41 | 20.36 | 17.10 | 16.89 | 20.89 | 18.13 | 17.25 | 14.53 | 13.03 | 11.73 |
| EV / EBIT | 17.95 | 19.06 | 21.52 | 17.34 | 18.95 | 25.43 | 21.33 | 20.47 | 17.58 | 15.46 | 14.56 |
| EV / FCF | — | 23.00 | 29.63 | 24.75 | 23.41 | 27.56 | 22.69 | 19.94 | 16.82 | 18.06 | 17.14 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.7% | 87.7% | 48.9% | 47.9% | 49.0% | 46.3% | 44.9% | 45.1% | 46.8% | 46.4% | 47.5% |
| Operating Margin | 28.5% | 28.5% | 29.1% | 27.5% | 27.0% | 28.0% | 25.7% | 23.9% | 24.8% | 25.4% | 26.5% |
| Net Profit Margin | 17.7% | 17.7% | 21.1% | 20.7% | 18.9% | 19.3% | 18.4% | 16.7% | 17.1% | 21.5% | 14.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 16.5% | 17.1% | 15.3% | 14.8% | 13.5% | 12.5% | 12.3% | 16.2% | 11.4% |
| ROA | 4.4% | 4.4% | 6.1% | 6.0% | 5.7% | 6.3% | 5.8% | 5.6% | 5.5% | 7.2% | 5.0% |
| ROIC | 8.7% | 8.7% | 10.9% | 10.2% | 10.4% | 11.7% | 10.2% | 9.9% | 10.6% | 12.0% | 12.1% |
| ROCE | 10.3% | 10.3% | 12.9% | 12.0% | 11.7% | 12.4% | 11.0% | 10.9% | 11.5% | 12.4% | 12.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.63 | 0.72 | 0.91 | 0.54 | 0.62 | 0.53 | 0.50 | 0.38 | 0.45 |
| Debt / EBITDA | 3.84 | 3.84 | 2.56 | 2.95 | 3.64 | 2.23 | 2.88 | 2.53 | 2.48 | 1.69 | 1.87 |
| Net Debt / Equity | — | 0.54 | 0.52 | 0.60 | 0.77 | 0.37 | 0.40 | 0.37 | 0.36 | 0.16 | 0.24 |
| Net Debt / EBITDA | 3.32 | 3.32 | 2.13 | 2.44 | 3.07 | 1.54 | 1.86 | 1.75 | 1.75 | 0.70 | 0.97 |
| Debt / FCF | — | 4.95 | 3.10 | 3.53 | 4.26 | 2.03 | 2.33 | 2.02 | 2.03 | 0.96 | 1.42 |
| Interest Coverage | 5.62 | 5.62 | 7.48 | 6.82 | 6.92 | 12.74 | 11.58 | 9.26 | 12.40 | 12.74 | 11.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.10 | 1.04 | 1.09 | 1.25 | 1.26 | 1.22 | 1.22 | 1.13 | 1.20 |
| Quick Ratio | 1.04 | 1.04 | 1.10 | 1.04 | 1.09 | 1.25 | 1.26 | 1.22 | 1.22 | 1.13 | 1.20 |
| Cash Ratio | 0.13 | 0.13 | 0.11 | 0.14 | 0.14 | 0.26 | 0.35 | 0.27 | 0.25 | 0.30 | 0.37 |
| Asset Turnover | — | 0.20 | 0.27 | 0.28 | 0.25 | 0.31 | 0.29 | 0.31 | 0.30 | 0.32 | 0.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 0.8% | 0.5% | 0.7% | 0.8% | 0.5% | 0.8% | 0.8% | 1.1% | 1.1% | 1.1% |
| Payout Ratio | 18.4% | 18.4% | 15.5% | 15.5% | 17.9% | 18.3% | 20.9% | 22.9% | 24.6% | 19.4% | 27.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 4.0% | 3.4% | 4.3% | 4.2% | 2.9% | 3.6% | 3.5% | 4.4% | 5.5% | 4.1% |
| FCF Yield | 5.9% | 5.5% | 3.8% | 4.7% | 5.2% | 3.9% | 4.9% | 5.6% | 6.8% | 5.8% | 6.4% |
| Buyback Yield | 0.4% | 0.4% | 0.2% | 0.2% | 0.8% | 0.7% | 0.7% | 0.5% | 1.2% | 1.8% | 0.3% |
| Total Shareholder Yield | 1.3% | 1.2% | 0.7% | 0.9% | 1.5% | 1.2% | 1.5% | 1.4% | 2.3% | 2.9% | 1.4% |
| Shares Outstanding | — | $313M | $284M | $281M | $279M | $277M | $276M | $275M | $282M | $278M | $276M |
Acquisition Integration and Leverage
Based on current market data, Brown & Brown trades at a P/B of 1.60, which appears to discount the firm relative to peers like Aon and Marsh McLennan, potentially reflecting the market's uncertainty regarding the long-term integration success of its aggressive international acquisition strategy.
The current valuation multiple suggests investors are pricing in a premium for organic growth, yet the discount to larger brokerage peers may indicate a lack of confidence in the sustainability of margins as the company scales. This valuation gap warrants further investigation into whether the market is correctly assessing the risk-adjusted returns of the National Programs segment compared to traditional brokerage models.
As reported in recent financial statements, the company maintained a combined ratio of 72.0% in 2026Q1, demonstrating that Brown & Brown continues to operate with high underwriting efficiency despite the complexities introduced by its rapid international expansion and the ongoing integration of new business units.
The combined ratio trajectory remains favorable, suggesting that the firm's decentralized meritocracy model effectively manages loss ratios even as the business grows in scale. Investors should monitor whether this efficiency persists as the company takes on larger, more complex risks through its MGA-like National Programs segment.
According to the latest quarterly figures, the company's debt-to-equity ratio stands at 0.64, which appears to be a manageable level of underwriting leverage that supports the firm's ongoing tuck-in acquisition strategy while maintaining a relatively healthy balance sheet profile for the insurance brokerage sector.
While the current leverage appears stable, the rapid expansion of the asset base suggests that the company is increasingly relying on debt to fuel its inorganic growth. Analysts should watch for any signs of 'deal drift' where larger, more expensive acquisitions could lead to a more constrained capital position than historical norms suggest.
As indicated by historical quarterly data, the P/E ratio is frequently misapplied to Brown & Brown, as it obscures the significant volatility caused by contingent consideration adjustments and the amortization of intangible assets inherent in the firm's aggressive acquisition-led business model.
Investors should prioritize Adjusted EBITDAC over GAAP P/E to better understand the company's true cash-generating power. Relying on standard earnings multiples may lead to an inaccurate assessment of the firm's profitability, as these metrics fail to account for the non-cash accounting distortions common in high-growth brokerage roll-ups.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BRO stock.
Brown & Brown, Inc.'s current P/E ratio is 21.9x. The historical average is 27.9x. This places it at the 37th percentile of its historical range.
Brown & Brown, Inc.'s current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
Brown & Brown, Inc.'s return on equity (ROE) is 11.1%. The historical average is 18.2%.
Based on historical data, Brown & Brown, Inc. is trading at a P/E of 21.9x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Brown & Brown, Inc.'s current dividend yield is 0.89% with a payout ratio of 18.4%.
Brown & Brown, Inc. has 87.7% gross margin and 28.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Brown & Brown, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.