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Brown & Brown, Inc.
NYSE: BRO Financials Insurance 🔎 Screen
S&P 500
$22.6B
Market Cap
25.2
P/E
1.75
PEG
8.0%
ROCE
11.2%
ROE
0.57
D/E
26.1%
OPM
-23.6%
% from 52W High
51
α RS
🔍 BRO is showing a notable setup because it matches 2 of 37 tracked screener presets and an ECS of 50.9 last quarter. Net: Partial signal stack, not a recommendation. ? Conviction ECS
Sources
Conviction 2/37 · ECS 50.9
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🌏 Global Investor Returns
Currency-adjusted total returns for BRO including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding BRO
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.57M $102.6M 0.16% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.7B
+30.4% YoY
Income Before Income Taxes
$383M
+23.2% YoY
EBITDAC Margin (Adj)
35.7%
-1.0pp YoY
Net Income
$288M
+24.7% YoY
What Went Right
  • Total revenues grew 30.4% to $1.7B, modestly ahead of expectations
  • Contingent commissions jumped $40M, including $24M from Accession; Retail organic with contingents was +2.5%
  • First-half operating cash flow rose 13% to ~$610M, and ~8M shares were repurchased for $500M over the past six months
  • Retail margin expanded 230bps on higher contingents, cost discipline and synergies
What to Watch
  • Organic revenue was -0.7% excluding contingents; Retail ex-contingents grew only 1.5% and Specialty declined 3.5% ex-contingents
  • Specialty was hit by ~200bps from $10M delayed program revenue into Q3; CAT property rates remain down 15%-35%
  • Litigation-related startup impact: Q2 organic revenue adjustment was $18M, with full-year 2026 impact expected at $50M-$60M
  • Consolidated adjusted EBITDAC margin fell 100bps to 35.7%, partly due to lower investment income
Management Guidance
  • H2 2026 organic growth expected to improve: Retail ex-contingents 1.5%-2.5%; Specialty ex-contingents 2%-4%
  • Accession annual revenue expected in the $1.7B-$1.8B range; Q3 has a large July placement month
  • Reaffirmed 2026 Accession synergies of $30M-$40M and margins roughly flat excluding lower investment income
Investor Lens
The thesis is mixed after this call: Accession is integrating well, cash generation is strong, and management is guiding to improved H2 organic growth, but organic ex-contingents was negative, CAT property pricing remains a headwind, and the startup-broker litigation continues to weigh on Retail. The long-term story is largely intact, but near-term organic momentum is still being rebuilt and pricing competition in Specialty remains a watch item.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED BRO Q2 revenue rose 30.4%; organic with contingents +0.7%
Revenue
Total revenues were $1.7B, up 30.4% YoY. Retail total revenue grew 35.9% with organic incl. contingents up 2.5%, while Specialty total revenue grew 28.1% but organic incl. contingents was -1.6%.
Profitability
Net income attributable to the company was $288M, up 24.7% YoY, and adjusted diluted EPS was $1.07, up 3.9%. Income before income taxes came in at $383M, up 23.2%.
Margins
Adjusted EBITDAC margin declined 100bps to 35.7%. Retail margin expanded 230bps, while Specialty margin fell 400bps to 42.7% due to lower organic growth and European investment.
Balance Sheet
First-half operating cash flow was ~$610M, up 13% YoY, though the cash conversion ratio dipped to 17% from 20% on one-time Accession earn-outs and working capital timing. The company deployed $500M to buy back ~8M shares over the past six months and has a $400M debt maturity in December, providing refinancing optionality.
Key Risks
Management flagged continued CAT property rate declines of 15%-35%, rising competition from admitted markets in E&S, and delayed Specialty program revenue of $10M. It also highlighted a $50M-$60M full-year revenue impact from the startup broker litigation.
Outlook
Management expects H2 organic growth to improve in both segments and reiterated its synergy target of $30M-$40M. Technology/AI investments are expected to contribute incremental organic growth and margin expansion over coming quarters without incremental technology spend currently flagged.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Second quarter revenue grew 30.4% year-over-year to $1.7 billion, with strong contingent commissions and solid cash flow. Retail and specialty segments saw mixed organic growth, while AI partnerships and share repurchases remain strategic priorities.
Q1 2026 Q1 2026 2026-04-28
Q1 revenue grew 35.4% to $1.9B, with strong cash flow and margin expansion. Organic growth was flat, impacted by property rate declines and a pharmacy consulting model shift, but sequential improvement is expected. AI and technology investments are driving efficiencies and future growth.
Q4 2025 Q4 2025 2026-01-27
Delivered 23% revenue growth and strong cash flow, driven by M&A and contingent commissions. Integration of Accession is progressing well, while a competitor's team lift poses a $23M revenue risk. Outlook for 2026 is stable, with improved organic growth and raised margin targets.
Q3 2025 Q3 2025 2025-10-28
Q3 revenue grew 35.4% to $1.6B with 3.5% organic growth, driven by acquisitions and margin expansion. Retail and specialty segments saw solid performance, though Q4 guidance anticipates headwinds from incentive adjustments and non-recurring revenue. Integration of AssuredPartners is on track.
Q2 2025 Q2 2025 2025-07-29
Q2 revenue grew 9.1% to $1.3B with 3.6% organic growth and margin expansion. Accession acquisition is set to close in August, supported by strong equity and debt issuance. Insurance rates are moderating, impacting organic growth, but cash flow and M&A activity remain robust.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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