BRO vs ERIE: Brown & Brown and Erie Indemnity 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 1.8 times Erie Indemnity.
- Brown & Brown grew revenue faster over the last year (+30.4% vs +2.8%).
- On earnings, Brown & Brown is the cheaper stock (21.2x vs 21.3x).
- Erie Indemnity's price assumes faster free cash flow growth: about 6% 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 | ERIE |
|---|---|---|
| Market cap | $22.1B | $12.2B |
| Share price | $62.88 | $222.04 |
| Revenue (last fiscal year) | $5.9B | $4.1B |
| Free cash flow (last fiscal year) | $1.4B | $571M |
| Revenue growth, last year | +30.4% | +2.8% |
| Revenue growth per year, last 5 fiscal years | +17.9% | +11.5% |
| Operating margin | — | 17.9% |
| Net margin | 17.8% | 14.0% |
| Return on equity | 9.6% | 23.4% |
| P/E (trailing) | 21.2x | 21.3x |
| Price / free cash flow | 16.0x | 21.3x |
| EV / EBITDA | 14.5x | — |
| FCF growth the price implies | 2.0% | 5.8% |
| Dividend yield | 0.98% | 2.4% |
| Debt / equity | 1.37x | 0.44x |
| Fundamental grade | B | C |
| Superinvestors holding it | 7 | 2 |
| Insider purchases, last 12 months | 10 | 10 |
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 | — |
Erie Indemnity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $254M | 12.1% |
| 2022 | $2.8B | $299M | 13.2% |
| 2023 | $3.3B | $289M | 15.9% |
| 2024 | $3.8B | $486M | 17.8% |
| 2025 | $4.1B | $571M | 17.6% |
Where the revenue comes from
Brown & Brown · by segments, 2025
Retail$3.4B59%
Specialty Distribution$2.4B41%
Erie Indemnity · by products, 2025
Management fee revenue - policy issuance and renewal services$3.1B77%
Administrative services reimbursement revenue$837M21%
Management fee revenue - administrative services$74M2%
Service agreement revenue$25M1%
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 Erie Indemnity?
Brown & Brown (BRO), at $22.1B against $12.2B.
Is BRO or ERIE cheaper?
By trailing P/E, Brown & Brown (21.2x) is cheaper than Erie Indemnity (21.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, BRO or ERIE?
Brown & Brown: revenue grew +30.4% over the last year, against +2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.