Brown & BROWN, Inc. (BRO) intrinsic value & 10-year financials
Brown & BROWN, Inc. (BRO) has a Graham intrinsic value of $104.96 per share. At $69.40 on Oct 17, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 14.3% a year to $5.9B, with an average return on invested capital of 10.0%.
- Graham intrinsic value
- $104.96
- Share price (Oct 17, 2026)
- $69.40
- Price vs Graham value
- 34% below
- Market cap
- $21.7B
- Revenue (FY2025)
- $5.9B
- Revenue growth (10-yr CAGR)
- 14.3%
- ROIC (10-yr avg)
- 10.0%
- Free cash flow (FY2025)
- $1.4B
BRO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.9B | $1.1B | $3.16 | $1.4B | — | 7.2% |
| FY2024 | $4.8B | $993.0M | $3.46 | $1.1B | — | 10.7% |
| FY2023 | $4.3B | $870.5M | $3.05 | $940.6M | — | 10.3% |
| FY2022 | $3.6B | $671.8M | $2.37 | $828.8M | — | 9.9% |
| FY2021 | $3.1B | $587.1M | $0.00 | $897.4M | — | 11.0% |
| FY2020 | $2.6B | $480.5M | $0.00 | $650.9M | — | 9.9% |
| FY2019 | $2.4B | $398.5M | $0.00 | $605.1M | — | 9.3% |
| FY2018 | $2.0B | $344.3M | $0.00 | $526.0M | — | 9.8% |
| FY2017 | $1.9B | $399.6M | $0.00 | $417.8M | — | 13.5% |
| FY2016 | $1.8B | $257.5M | $0.00 | $357.4M | — | 8.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Brown & Brown is a consistent compounder, expanding top-line revenue at 14.3% annually over the past decade.
Brown & Brown returns on capital have been average, hovering around 10.0% ROIC over the decade.
Over the decade, Brown & Brown shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Brown & Brown is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $104.96 per share.