BROWN & BROWN, INC. (BRO)

Insurance Agents, Brokers & Service

Latest Price

$68.33

TTM P/E

21.83

Normalized P/E

23.05

Div Yield

0.95%

Book Value

38.21

P/B Ratio

1.79

Valuation metrics

EPS: $3.16

Book value / share: $16.60

Formula: √(22.5 × EPS × BVPS)

Graham Number

$34.36

50% 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

94% 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

+16% upside

EPS: $3.16

Target P/E: 23×

Formula: EPS × P/E

P/E Fair Value

$72.68

+6% upside

83.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	22.11M	$1.42B	6.70%	+196.6K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	18.94M	$1.22B	5.74%	+20.0K	2026-06-30
FMR LLC	18.41M	$1.18B	5.58%	+2.36M	2026-06-30
PRINCIPAL FINANCIAL GROUP INC	15.72M	$1.01B	4.76%	+113.1K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	14.63M	$938.0M	4.43%	+45.0K	2026-06-30
STATE STREET CORP	14.51M	$931.0M	4.40%	+737.7K	2026-06-30
Capital World Investors	14.47M	$927.0M	4.38%	-2.03M	2026-06-30
First Eagle Investment Management, LLC	11.73M	$752.0M	3.55%	+2.90M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	8.23M	$526.0M	2.49%	+92.6K	2026-06-30
VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.	6.71M	$430.0M	2.03%	+837.8K	2026-06-30