Brown & Brown
BRO on NYSE. Brown & Brown sells insurance policies to businesses and individuals. Market value $20.4bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 15 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.62.
Profit per $100 you pay: $5.91.
Quality score: 100 of 100. Price score: 71 of 100. Our list needs 70 on quality and 60 on price.
$60.97 a share, 13% above its 1-year low
Over the past year the price has ranged from $53.81 to $96.55.
Dividend: 0.9% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.1bn | $3.6bn | $4.3bn | $4.8bn | $5.9bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.28bn | 0.28bn | 0.29bn | 0.34bn | 0.33bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 17.7% a year
- Buying back its own sharesNo, 18% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.7 billion last quarter, up 30% on a year ago.
- Profit: $288 million, up 25% on a year ago.
- Spare cash over the past 12 months: $1.4 billion, up from $1.3 billion.
- 14% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.2bn |
| December 2024 | $1.2bn |
| March 2025 | $1.4bn |
| June 2025 | $1.3bn |
| September 2025 | $1.6bn |
| December 2025 | $1.6bn |
| March 2026 | $1.9bn |
| June 2026 | $1.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $234m |
| December 2024 | $210m |
| March 2025 | $331m |
| June 2025 | $231m |
| September 2025 | $227m |
| December 2025 | $264m |
| March 2026 | $426m |
| June 2026 | $288m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 26 October 2026
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 26 October 2026
Who owns it
11 long-term investors we follow own it, up from 10 last quarter. 805 funds in all.
- Fenimore Asset Management (FAM Funds)John Fox
- Value
- $144m
- Share of fund
- 3.0%
- Giverny CapitalFrançois Rochon
- Value
- $48m
- Share of fund
- 1.6%
- Markel GroupTom Gayner
- Value
- $898,100
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $1.5bn | 1.2% | Added |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $345m | 1.2% | New |
| Select Equity GroupGeorge Loening | $314m | 1.7% | Cut |
| Fenimore Asset Management (FAM Funds)John Fox | $144m | 3.0% | |
| Gotham Asset ManagementJoel Greenblatt | $78m | 0.2% | Added |
| Giverny CapitalFrançois Rochon | $48m | 1.6% | |
| Clarkston Capital PartnersJeff Hakala | $25m | 2.1% | Cut |
| EdgePoint Investment GroupTye Bousada | $15m | 0.1% | Added |
| Diamond Hill Capital ManagementRic Dillon (founder) | $14m | 0.1% | Cut |
| Brandes Investment PartnersCharles Brandes | $4m | <0.1% | New |
| Markel GroupTom Gayner | $898,100 | <0.1% |
Sold out this quarter
Largest holders overall
- First Eagle Investment Management$1.5bnAdded
- BlackRock$1.4bn
- Vanguard Capital Management$1.2bn
- FMR$1.2bnAdded
- Principal Financial Group$1.0bn
- Banque Cantonale Vaudoise$962mAdded
- Vanguard Portfolio Management$939m
- State Street$931mAdded
- Capital World Investors$928mCut
- Geode Capital Management$526m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor6.4%Since 31 March 2026
- FMR LLCPassive investorat least 5.4%(filed with 1 related holder)Since 30 June 2026
- Capital World InvestorsPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 6.4% | 31 March 2026 | |
FMR LLC Passive investor | at least 5.4% (filed with 1 related holder) | 30 June 2026 | |
Capital World Investors Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $164,123 of shares on the open market.
- JOHNSON JOIA MDirectorBought
- Date
- 9 June 2026
- Shares
- 860
- Price
- $58.05
- Value
- $49,923
- PROCTOR H PALMER JRDirectorBought
- Date
- 5 May 2026
- Shares
- 2,000
- Price
- $57.10
- Value
- $114,200
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 June 2026 | JOHNSON JOIA M Director | Bought | 860 | $58.05 | $49,923 |
| 5 May 2026 | PROCTOR H PALMER JR Director | Bought | 2,000 | $57.10 | $114,200 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 27 Jul 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.