BROBROWN & BROWN, INC.
Insurance Agents, Brokers & Service
- Revenue
- $5.9B
- 23% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $22.8B
- Employees
- 14,531
- $406K revenue each
- Net debt / EBITDA
- —
- $6.7B net debt
- AI in 10-K
- 3.9
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo138% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo20% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes52% of assetsOver 40% of assets
- Shareholder dissentNo85% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$406K · 64th pctBottom quartile of its SIC industry
- Quiet on AINo3.9 per 10K words · 78th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$22.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$164K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $4.3B | $4.8B | $5.9B | 23% |
| Net income | $587M | $672M | $871M | $993M | $1.1B | 6.1% |
| Operating cash flow | $809M | $881M | $1.0B | $1.2B | $1.4B | 24% |
| Capex | $45M | $52M | $69M | $82M | $68M | 17% |
| Stock-based comp | $61M | $66M | $89M | $101M | $93M | 7.9% |
| Buybacks | $83M | $74M | $0 | $0 | $100M | |
| Dividends | $107M | $120M | $135M | $154M | $193M | 25% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $164K · 2
- Open-market sells, 12 mo
- $0 · 0
- Net
- $164K
Pay vs performance
No pay-versus-performance disclosure yet.