BRO vs MRSH: Brown & Brown and Marsh & McLennan Companies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Marsh & McLennan Companies is the larger company, worth $89.6B, about 4.1 times Brown & Brown.
- Brown & Brown grew revenue faster over the last year (+30.4% vs +6.2%).
- On earnings, Brown & Brown is the cheaper stock (21.2x vs 23.3x).
- Marsh & McLennan Companies's price assumes faster free cash flow growth: about 4% 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 | MRSH |
|---|---|---|
| Market cap | $22.1B | $89.6B |
| Share price | $62.88 | $175.76 |
| Revenue (last fiscal year) | $5.9B | $27.0B |
| Free cash flow (last fiscal year) | $1.4B | $5.0B |
| Revenue growth, last year | +30.4% | +6.2% |
| Revenue growth per year, last 5 fiscal years | +17.9% | +8.0% |
| Operating margin | — | 21.6% |
| Net margin | 17.8% | 14.2% |
| Return on equity | 9.6% | 25.8% |
| P/E (trailing) | 21.2x | 23.3x |
| Price / free cash flow | 16.0x | 17.9x |
| EV / EBITDA | 14.5x | 16.2x |
| FCF growth the price implies | 2.0% | 3.6% |
| Dividend yield | 0.98% | 2.0% |
| Debt / equity | 1.37x | 2.87x |
| Fundamental grade | B | C |
| Superinvestors holding it | 7 | 9 |
| Insider purchases, last 12 months | 10 | 8 |
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 | — |
Marsh & McLennan Companies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.8B | $3.1B | 21.8% |
| 2022 | $20.7B | $3.0B | 20.7% |
| 2023 | $22.7B | $3.8B | 23.2% |
| 2024 | $24.5B | $4.0B | 23.8% |
| 2025 | $27.0B | $5.0B | 23.1% |
Where the revenue comes from
Brown & Brown · by segments, 2025
Retail$3.4B59%
Specialty Distribution$2.4B41%
Marsh & McLennan Companies · by segments, 2025
Risk and Insurance Services$17.3B64%
Consulting$9.8B36%
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 Marsh & McLennan Companies?
Marsh & McLennan Companies (MRSH), at $89.6B against $22.1B.
Is BRO or MRSH cheaper?
By trailing P/E, Brown & Brown (21.2x) is cheaper than Marsh & McLennan Companies (23.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, BRO or MRSH?
Brown & Brown: revenue grew +30.4% over the last year, against +6.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.