BRO vs WTW: Brown & Brown and Willis Towers Watson compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Willis Towers Watson is the larger company, worth $29.2B, about 1.3 times Brown & Brown.
- Brown & Brown grew revenue faster over the last year (+30.4% vs +9.1%).
- On earnings, Willis Towers Watson is the cheaper stock (18.1x vs 21.2x).
- Willis Towers Watson'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 | WTW |
|---|---|---|
| Market cap | $22.1B | $29.2B |
| Share price | $62.88 | $296.26 |
| Revenue (last fiscal year) | $5.9B | $9.7B |
| Free cash flow (last fiscal year) | $1.4B | $1.5B |
| Revenue growth, last year | +30.4% | +9.1% |
| Revenue growth per year, last 5 fiscal years | +17.9% | +1.9% |
| Operating margin | — | 22.2% |
| Net margin | 17.8% | 15.5% |
| Return on equity | 9.6% | 20.4% |
| P/E (trailing) | 21.2x | 18.1x |
| Price / free cash flow | 16.0x | 18.9x |
| EV / EBITDA | 14.5x | 12.7x |
| FCF growth the price implies | 2.0% | 4.2% |
| Dividend yield | 0.98% | 0.90% |
| Debt / equity | 1.37x | 2.96x |
| Fundamental grade | B | C |
| Superinvestors holding it | 7 | 11 |
| 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 | — |
Willis Towers Watson
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.0B | $2.0B | 24.5% |
| 2022 | $8.9B | $746M | 13.3% |
| 2023 | $9.5B | $1.0B | 14.4% |
| 2024 | $9.9B | $1.2B | 6.3% |
| 2025 | $9.7B | $1.5B | 23.0% |
Where the revenue comes from
Brown & Brown · by segments, 2025
Retail$3.4B59%
Specialty Distribution$2.4B41%
Willis Towers Watson · by segments, 2025
HWC$5.3B56%
R&B$4.2B44%
Corporate$3M0%
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 Willis Towers Watson?
Willis Towers Watson (WTW), at $29.2B against $22.1B.
Is BRO or WTW cheaper?
By trailing P/E, Willis Towers Watson (18.1x) is cheaper than Brown & Brown (21.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, BRO or WTW?
Brown & Brown: revenue grew +30.4% over the last year, against +9.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.