Brown & Brown (BRO)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $21.7B, Brown & Brown's free cash flow of $1.4B (fiscal 2025) would need to grow about 2% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Brown & Brown's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from BRO's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Brown & Brown's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $4.3B | $4.8B | $5.9B |
| Net income | $587M | $672M | $871M | $993M | $1.1B |
| Free cash flow | $764M | $829M | $941M | $1.1B | $1.4B |
| EPS (diluted) | $2.07 | $2.37 | $3.05 | $3.46 | $3.16 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own BRO
From each investor's latest 13F filing (what a 13F shows). 7 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $752M | 1.3% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $78M | 0.18% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $61M | 0.02% | Q2 2026 |
| Francois Rochon Giverny Capital Inc. |
Trimmed | $48M | 1.6% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $14M | 0.12% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
New position | $4M | 0.03% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $898,100 | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Brown & Brown's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 6, 2026 | April Mcclain Delaney |
0 | $73.87 | — |
| Feb 6, 2026 | April Mcclain Delaney |
0 | $73.87 | — |
| Jan 13, 2026 | Ro Khanna |
0 | $78.97 | — |
| Jan 13, 2026 | Ro Khanna |
0 | $78.97 | — |
| Dec 12, 2025 | April Mcclain Delaney |
0 | $81.59 | — |
| Dec 12, 2025 | April Mcclain Delaney |
0 | $81.59 | — |
| Dec 5, 2025 | April Mcclain Delaney |
0 | $78.31 | — |
| Dec 5, 2025 | April Mcclain Delaney |
0 | $78.31 | — |
| Nov 20, 2025 | April Mcclain Delaney |
0 | $79.66 | — |
| Nov 20, 2025 | April Mcclain Delaney |
0 | $79.66 | — |
Get an alert at your buy price
Pick the price you'd be interested at. We'll email you when BRO trades at or below it.
Free accounts get 3 price alerts. No card needed.
In the full deep dive
Questions
What growth does Brown & Brown's stock price imply?
At a market value of $21.7B, Brown & Brown would need its free cash flow to grow about 2% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 15% a year.
Are Brown & Brown insiders buying the stock?
10 open-market insider purchases of BRO in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Brown & Brown?
7 of the superinvestors Investingly tracks hold BRO in their latest 13F, including Jean-Marie Eveillard, Joel Greenblatt, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.