Brown & Brown, Inc. (BRO) Key Metrics
BRO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $23.22B
- Enterprise value
- $27.73B
- P/E (TTM)
- 21.9 10-yr median 23.8
- Forward P/E
- 12.6
- PEG ratio
- 1.51
- Price / sales
- 3.5 10-yr median 4.5
- Price / book
- 1.6 10-yr median 3.3
- EV / EBITDA
- 11.2 10-yr median 16.8
- Dividend yield
- 0.95% $0.66 a year
- Beta
- 0.59
BRO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBRO valuation Price multiples at each fiscal year-end price.
BRO returns How much profit the business earns on the capital it uses.
BRO per-share figures Results divided by the shares outstanding at year-end.
BRO financial health Debt, liquidity and how easily interest is covered.
BRO efficiency & capital use Working capital cycle and where the cash goes.
BRO valuation history
BRO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BRO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BRO cash returned to shareholders
BRO price vs earnings per share
BRO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $24.95B | $28.97B | $19.97B | $15.87B | $19.50B | $13.08B | $10.84B | $7.78B | $7.14B | $6.18B |
| Enterprise value | $31.79B | $32.35B | $23.28B | $19.39B | $21.04B | $14.56B | $12.05B | $8.83B | $7.52B | $6.73B |
| P/E ratio | 23.7 | 29.2 | 22.9 | 23.6 | 33.2 | 27.2 | 27.2 | 22.6 | 17.9 | 24.0 |
| Price / sales | 4.3 | 6.2 | 4.7 | 4.4 | 6.4 | 5.0 | 4.5 | 3.9 | 3.8 | 3.5 |
| Price / book | 2.0 | 4.5 | 3.6 | 3.4 | 4.6 | 3.5 | 3.2 | 2.6 | 2.8 | 2.6 |
| Price / free cash flow | 18.1 | 26.5 | 19.8 | 19.2 | 21.6 | 20.1 | 17.9 | 14.8 | 17.1 | 15.7 |
| Price / operating cash flow | 17.2 | 24.7 | 19.8 | 18.0 | 20.6 | 18.1 | 16.0 | 13.7 | 16.2 | 15.0 |
| EV / sales | 5.5 | 6.9 | 5.5 | 5.4 | 6.9 | 5.6 | 5.1 | 4.4 | 4.0 | 3.8 |
| EV / EBITDA | 16.0 | 18.7 | 20.3 | 16.7 | 20.8 | 18.0 | 16.8 | 14.4 | 12.6 | 11.8 |
| EV / free cash flow | 23.0 | 29.6 | 23.1 | 23.4 | 23.3 | 22.4 | 19.9 | 16.8 | 18.0 | 17.1 |
| Earnings yield | 4.2% | 3.4% | 4.4% | 4.2% | 3.0% | 3.7% | 3.7% | 4.4% | 5.6% | 4.2% |
| Free cash flow yield | 5.5% | 3.8% | 5.1% | 5.2% | 4.6% | 5.0% | 5.6% | 6.8% | 5.8% | 6.4% |
| Dividend yield | 0.8% | 0.5% | 0.7% | 0.8% | 0.5% | 0.8% | 0.8% | 1.1% | 1.1% | 1.1% |
| Shareholder yield (dividends + buybacks) | 1.2% | 0.7% | 0.9% | 1.5% | 1.2% | 1.5% | 1.4% | 2.3% | 2.9% | 1.4% |
| Share price at fiscal year-end | $79.70 | $102.02 | $71.11 | $56.97 | $70.28 | $47.41 | $39.48 | $27.56 | $25.73 | $22.43 |
| Per share | ||||||||||
| Revenue per share | $18.41 | $16.57 | $15.16 | $12.83 | $10.99 | $9.45 | $8.68 | $7.12 | $6.69 | $6.40 |
| Earnings per share | $3.37 | $3.50 | $3.10 | $2.41 | $2.12 | $1.74 | $1.45 | $1.22 | $1.44 | $0.93 |
| Operating cash flow per share | $4.63 | $4.13 | $3.60 | $3.16 | $3.42 | $2.62 | $2.47 | $2.01 | $1.59 | $1.49 |
| Free cash flow per share | $4.42 | $3.85 | $3.60 | $2.97 | $3.26 | $2.36 | $2.20 | $1.86 | $1.51 | $1.43 |
| Cash per share | $3.45 | $2.41 | $2.53 | $2.38 | $2.55 | $3.03 | $2.02 | $1.60 | $2.16 | $1.93 |
| Book value per share | $40.09 | $22.67 | $19.87 | $16.53 | $15.13 | $13.61 | $12.20 | $10.63 | $9.30 | $8.56 |
| Tangible book value per share | −$23.79 | −$11.79 | −$12.05 | −$13.15 | −$5.84 | −$6.13 | −$4.78 | −$4.72 | −$2.79 | −$3.71 |
| Dividends per share | $0.62 | $0.54 | $0.48 | $0.43 | $0.39 | $0.36 | $0.33 | $0.30 | $0.28 | $0.25 |
| Capex per share | $0.22 | $0.29 | $0.21 | $0.19 | $0.16 | $0.26 | $0.27 | $0.15 | $0.09 | $0.06 |
| Debt per share | $25.30 | $14.30 | $14.32 | $15.01 | $8.10 | $8.38 | $6.43 | $5.34 | $3.52 | $3.90 |
| Shares outstanding | 313.0M | 284.0M | 280.8M | 278.6M | 277.4M | 275.9M | 274.6M | 282.2M | 277.6M | 275.6M |
| Change in shares outstanding | +10.2% | +1.1% | +0.8% | +0.4% | +0.6% | +0.5% | −2.7% | +1.7% | +0.7% | −1.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.1% | 16.5% | 17.1% | 15.3% | 14.8% | 13.5% | 12.5% | 12.3% | 16.2% | 11.4% |
| Return on invested capital (ROIC) | 15.1% | 11.2% | 10.2% | 10.8% | 12.0% | 10.6% | 10.0% | 10.6% | 14.3% | 9.9% |
| Return on assets (ROA) | 4.4% | 6.1% | 6.0% | 5.7% | 6.3% | 5.8% | 5.6% | 5.5% | 7.2% | 5.0% |
| Return on tangible assets | 10.5% | 12.7% | 14.7% | 11.8% | 14.8% | 13.6% | 13.5% | 14.6% | 16.6% | 13.5% |
| Free cash flow margin | 24.0% | 23.2% | 23.7% | 23.2% | 29.6% | 25.0% | 25.4% | 26.2% | 22.5% | 22.3% |
| Income quality (OCF / net income) | 1.38 | 1.18 | 1.16 | 1.31 | 1.61 | 1.50 | 1.70 | 1.65 | 1.11 | 1.60 |
| Financial health | ||||||||||
| Total debt | $7.92B | $4.06B | $4.02B | $4.18B | $2.25B | $2.31B | $1.77B | $1.51B | $976.1M | $1.07B |
| Cash & short-term investments | $1.08B | $685.0M | $711.0M | $662.0M | $706.1M | $835.7M | $554.5M | $451.8M | $598.4M | $530.7M |
| Net debt | $6.84B | $3.38B | $3.31B | $3.52B | $1.54B | $1.48B | $1.21B | $1.06B | $377.7M | $543.2M |
| Debt / equity | 0.63 | 0.63 | 0.72 | 0.91 | 0.54 | 0.62 | 0.53 | 0.50 | 0.38 | 0.45 |
| Debt / assets | 0.26 | 0.23 | 0.27 | 0.30 | 0.23 | 0.26 | 0.23 | 0.23 | 0.17 | 0.20 |
| Net debt / EBITDA | 3.45 | 1.96 | 2.89 | 3.04 | 1.52 | 1.83 | 1.69 | 1.72 | 0.63 | 0.95 |
| Current ratio | 1.04 | 1.10 | 1.04 | 1.09 | 1.25 | 1.26 | 1.22 | 1.22 | 1.13 | 1.20 |
| Quick ratio | 1.04 | 1.10 | 1.04 | 0.70 | 0.88 | 0.90 | 0.84 | 0.84 | 0.84 | 0.79 |
| Interest coverage | 9.5 | 6.8 | 5.9 | 6.9 | 13.2 | 11.4 | 9.0 | 12.3 | 12.3 | 11.8 |
| Working capital | $320.0M | $610.0M | $174.0M | $399.4M | $662.9M | $603.9M | $449.4M | $384.3M | $254.7M | $291.0M |
| Invested capital | $19.39B | $9.81B | $8.89B | $8.13B | $5.74B | $5.23B | $4.56B | $4.06B | $2.96B | $2.90B |
| Tangible asset value | −$7.42B | −$3.35B | −$3.38B | −$3.66B | −$1.62B | −$1.69B | −$1.31B | −$1.33B | −$774.4M | −$1.02B |
| Net current asset value | −$8.80B | −$4.25B | −$4.17B | −$4.37B | −$2.27B | −$2.25B | −$1.78B | −$1.52B | −$922.7M | −$1.19B |
| Graham number | $55.11 | $42.23 | $37.23 | $29.95 | $26.84 | $23.09 | $19.96 | $17.08 | $17.36 | $13.42 |
| Graham net-net per share | −$43.58 | −$27.59 | −$25.15 | −$21.72 | −$12.42 | −$11.25 | −$9.37 | −$7.85 | −$5.46 | −$6.03 |
| Capital allocation | ||||||||||
| Dividends paid | $194.0M | $154.0M | $134.9M | $119.5M | $107.2M | $100.6M | $91.3M | $84.7M | $77.7M | $70.3M |
| Share buybacks (net) | $100.0M | $55.0M | $40.0M | $122.9M | $132.4M | $96.4M | $58.7M | $91.2M | $128.6M | $18.9M |
| Dividend payout ratio | 18.4% | 15.5% | 15.5% | 17.8% | 18.3% | 20.9% | 22.9% | 24.6% | 19.4% | 27.3% |
| Dividends + buybacks / free cash flow | 21.3% | 19.1% | 17.3% | 29.2% | 26.5% | 30.3% | 24.8% | 33.4% | 49.4% | 22.7% |
| Capex / revenue | 1.2% | 1.7% | 1.4% | 1.5% | 1.5% | 2.7% | 3.1% | 2.1% | 1.3% | 1.0% |
| Capex / operating cash flow | 4.7% | 7.0% | 5.8% | 6.0% | 4.7% | 9.8% | 10.8% | 7.3% | 5.5% | 4.3% |
| Capex / depreciation | 0.19 | 0.37 | 0.28 | 0.28 | 0.29 | 0.52 | 0.57 | 0.38 | 0.22 | 0.17 |
| Stock-based compensation / revenue | 1.6% | 2.1% | 2.1% | 1.8% | 2.0% | 2.3% | 2.0% | 1.7% | 1.6% | 0.9% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 50.9% | 51.1% | 51.4% | 50.8% | 68.3% | 69.0% | 70.6% | 71.4% | 70.5% | 68.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 226.0 | 216.4 | 188.4 | 185.6 | 145.0 | 150.1 | 146.3 | 176.5 | 158.6 | 108.3 |
| Days of inventory on hand | — | — | 114.3 | 276.4 | 201.5 | 205.7 | 204.1 | 213.1 | 214.8 | 229.4 |
| Days payables outstanding | 84.8 | 63.1 | 48.0 | 53.2 | 181.9 | 318.1 | 287.3 | 290.9 | 270.9 | 267.4 |
| Cash conversion cycle (days) | 141.3 | 153.3 | 254.8 | 408.9 | 164.6 | 37.8 | 63.2 | 98.7 | 102.6 | 70.3 |
| Receivables turnover | 1.61 | 1.69 | 1.94 | 1.97 | 2.52 | 2.43 | 2.50 | 2.07 | 2.30 | 3.37 |
| Payables turnover | 4.31 | 5.78 | 7.61 | 6.87 | 2.01 | 1.15 | 1.27 | 1.25 | 1.35 | 1.36 |
| Inventory turnover | — | — | 3.19 | 1.32 | 1.81 | 1.77 | 1.79 | 1.71 | 1.70 | 1.59 |
| Asset turnover | 0.24 | 0.29 | 0.30 | 0.30 | 0.32 | 0.31 | 0.33 | 0.32 | 0.34 | 0.34 |
| Average receivables | $3.57B | $2.79B | $2.20B | $1.82B | $1.21B | $1.07B | $955.8M | $972.1M | $807.2M | $523.2M |
| Average payables | $681.5M | $416.0M | $372.8M | $264.6M | $815.9M | $1.25B | $1.03B | $852.0M | $738.1M | $677.9M |
| Average inventory | — | — | $888.2M | $1.38B | $903.8M | $809.5M | $731.6M | $624.1M | $585.3M | $581.5M |
| Intangibles / total assets | 66.7% | 55.6% | 60.2% | 59.2% | 59.4% | 60.7% | 61.2% | 64.8% | 58.3% | 64.0% |
Computed from BRO's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BRO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Brown & Brown traded at 23.7 times earnings, against a 10-year median of 23.8. Based on the latest twelve months, the trailing P/E is 21.9 and the forward P/E is 12.6. Brown & Brown earned a return on equity of 11.1% and a return on invested capital of 15.1% in fiscal 2025. It ended the year with $7.9 billion of debt and $1.1 billion in cash and short-term investments, net debt of $6.8 billion. It returned $294.0 million to shareholders: $194.0 million in dividends and $100.0 million in share buybacks, 21% of free cash flow. The share count rose 13.6% from 275.6M to 313.0M over 9 years.
See the BRO income statement, the BRO chart for price history, or the BRO stock overview for the latest quote and news.
BRO key metrics FAQ
What is Brown & Brown's P/E ratio?
Brown & Brown's trailing P/E ratio is 21.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.6. At the end of fiscal 2025 it was 23.7, compared with a 10-year median of 23.8.
What is Brown & Brown's EV/EBITDA?
Brown & Brown's enterprise value was 16.0 times EBITDA at the end of fiscal 2025 (enterprise value $31.8 billion, EBITDA $2.0 billion); the current EV/EBITDA is 11.2.
What is Brown & Brown's return on equity?
Brown & Brown's return on equity (ROE) was 11.1% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $9.5 billion.
What is Brown & Brown's ROIC?
Brown & Brown's return on invested capital was 15.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Brown & Brown have?
Brown & Brown had total debt of $7.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.63 and $6.8 billion of net debt (3.45 times EBITDA).
What is Brown & Brown's dividend yield?
Brown & Brown's forward dividend yield is 0.95%. Brown & Brown paid $194.0 million in dividends in fiscal 2025 ($0.62 per share), a payout ratio of 18.4%.
Does Brown & Brown buy back its shares?
Yes. Brown & Brown spent $100.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +10.2% over the year, to 313.0M..
What is Brown & Brown's free cash flow yield?
Brown & Brown generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.5% on its market value at year-end ($24.9 billion).
What is Brown & Brown's current ratio?
Brown & Brown's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.