BROWN & BROWN, INC. (BRO)

Insurance Agents, Brokers & Service

Latest Price

$70.40

TTM P/E

22.49

Normalized P/E

23.75

Div Yield

0.92%

Book Value

38.21

P/B Ratio

1.84

Valuation metrics

EPS: $3.16

Book value / share: $16.60

Formula: √(22.5 × EPS × BVPS)

Graham Number

$34.36

51% downside

Norm. op. income: $1.0B (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$3.87

95% downside

Base FCF: $941M (median of recent 5yr)

Growth: 15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$79.34

+13% upside

EPS: $3.16

Target P/E: 24×

Formula: EPS × P/E

P/E Fair Value

$75.84

+8% upside

78.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	21.92M	$1.43B	6.64%	+145.8K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	18.92M	$1.23B	5.73%	--	2026-03-31
Capital World Investors	16.49M	$1.07B	5.00%	-1.39M	2026-03-31
FMR LLC	16.05M	$1.05B	4.86%	+5.51M	2026-03-31
PRINCIPAL FINANCIAL GROUP INC	15.61M	$1.02B	4.73%	+246.2K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	14.59M	$951.0M	4.42%	--	2026-03-31
STATE STREET CORP	13.78M	$898.0M	4.17%	+372.6K	2026-03-31
First Eagle Investment Management, LLC	8.82M	$575.0M	2.67%	--	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	8.14M	$528.0M	2.47%	+185.2K	2026-03-31
Select Equity Group, L.P.	8.02M	$523.0M	2.43%	-1.41M	2026-03-31