BRO vs CRVL: Brown & Brown and CorVel compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Brown & Brown is the larger company, worth $22.1B, about 5.7 times CorVel.
- Brown & Brown grew revenue faster over the last year (+30.4% vs +10.7%).
- On earnings, Brown & Brown is the cheaper stock (21.2x vs 37.2x).
- CorVel's price assumes faster free cash flow growth: about 12% a year, against 2% for Brown & Brown (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BRO | CRVL |
|---|---|---|
| Market cap | $22.1B | $3.9B |
| Share price | $62.88 | $77.16 |
| Revenue (last fiscal year) | $5.9B | $959M |
| Free cash flow (last fiscal year) | $1.4B | $110M |
| Revenue growth, last year | +30.4% | +10.7% |
| Revenue growth per year, last 5 fiscal years | +17.9% | +10.4% |
| Operating margin | — | — |
| Net margin | 17.8% | 11.7% |
| Return on equity | 9.6% | 28.2% |
| P/E (trailing) | 21.2x | 37.2x |
| Price / free cash flow | 16.0x | 42.4x |
| EV / EBITDA | 14.5x | 20.3x |
| FCF growth the price implies | 2.0% | 12.4% |
| Dividend yield | 0.98% | — |
| Debt / equity | 1.37x | 0.69x |
| Fundamental grade | B | C |
| Superinvestors holding it | 7 | 2 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Brown & Brown
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $764M | — |
| 2022 | $3.6B | $829M | — |
| 2023 | $4.3B | $941M | — |
| 2024 | $4.8B | $1.1B | — |
| 2025 | $5.9B | $1.4B | — |
CorVel
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $646M | $37M | — |
| 2023 | $719M | $56M | — |
| 2024 | $795M | $70M | — |
| 2025 | $896M | $92M | — |
| 2026 | $959M | $110M | — |
Where the revenue comes from
Brown & Brown · by segments, 2025
Retail$3.4B59%
Specialty Distribution$2.4B41%
CorVel · by products, 2026
Patient Management Services$597M62%
Network Solutions Services$362M38%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BRO in InvestinglyQuestions
Which is bigger, Brown & Brown or CorVel?
Brown & Brown (BRO), at $22.1B against $3.9B.
Is BRO or CRVL cheaper?
By trailing P/E, Brown & Brown (21.2x) is cheaper than CorVel (37.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, BRO or CRVL?
Brown & Brown: revenue grew +30.4% over the last year, against +10.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.