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BRO - Brown & Brown, Inc.

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Brown & Brown, Inc.

BRO

NYSE

Brown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services. It serves commercial, public and quasi-public entities, professional, and individual customers. The National Programs segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also offers outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, and flood insurance products. It serves through independent agents. The Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment offers third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas, Medicare Set-aside, Social Security disability, Medicare benefits advocacy, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.

110.27 USD

-1.05 (-0.952%)

Operating Data

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Revenue

2.61B

3.05B

3.56B

4.2B

4.71B

5.45B

6.32B

7.33B

8.5B

9.86B

Revenue %

-

16.94

16.92

17.85

12.04

15.94

15.94

15.94

15.94

Ebitda

808.63M

1.01B

1.23B

1.47B

1.69B

1.85B

2.15B

2.49B

2.89B

3.34B

Ebitda %

31.03

33.16

34.49

35.12

35.9

33.94

33.94

33.94

33.94

Ebit

673.83M

857.5M

1.04B

1.27B

1.47B

1.58B

1.83B

2.12B

2.46B

2.85B

Ebit %

25.86

28.14

29.27

30.22

31.18

28.93

28.93

28.93

28.93

Depreciation

134.8M

152.9M

185.8M

206M

222M

273.05M

316.57M

367.03M

425.53M

493.35M

Depreciation %

5.17

5.02

5.21

4.91

4.72

5.01

5.01

5.01

5.01

Balance Sheet

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Total Cash

835.73M

706.1M

662M

711.3M

685M

1.15B

1.33B

1.54B

1.79B

2.08B

Total Cash %

32.07

23.17

18.58

16.94

14.56

21.06

21.06

21.06

21.06

Receivables

1.14B

1.28B

2.36B

2.04B

3.54B

3.01B

3.49B

4.04B

4.69B

5.43B

Receivables %

43.85

41.98

66.1

48.57

75.2

55.14

55.14

55.14

55.14

Inventories

-

-

-

-

-

-

-

-

-

-

Inventories %

-

-

-

-

-

-

-

-

-

Payable

1.39B

242.7M

286.5M

458.9M

373M

961.8M

1.12B

1.29B

1.5B

1.74B

Payable %

53.3

7.96

8.04

10.93

7.93

17.63

17.63

17.63

17.63

Cap Ex

-70.7M

-45M

-52.6M

-68.9M

-

-79.71M

-92.42M

-107.15M

-124.22M

-144.02M

Cap Ex %

-2.71

-1.48

-1.48

-1.64

-

-1.46

-1.46

-1.46

-1.46

Weighted Average Cost Of Capital

Price

110.27

Beta

Diluted Shares Outstanding

284M

Costof Debt

4.95

Tax Rate

After Tax Cost Of Debt

3.77

Risk Free Rate

Market Risk Premium

Cost Of Equity

Total Debt

4.06B

Total Equity

31.32B

Total Capital

35.38B

Debt Weighting

11.48

Equity Weighting

88.52

Wacc

7.62

Build Up Free Cash Flow

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Revenue

2.61B

3.05B

3.56B

4.2B

4.71B

5.45B

6.32B

7.33B

8.5B

9.86B

Ebitda

808.63M

1.01B

1.23B

1.47B

1.69B

1.85B

2.15B

2.49B

2.89B

3.34B

Ebit

673.83M

857.5M

1.04B

1.27B

1.47B

1.58B

1.83B

2.12B

2.46B

2.85B

Tax Rate

23.79

23.79

23.79

23.79

23.79

23.79

23.79

23.79

23.79

23.79

Ebiat

518.78M

659.99M

799.86M

963.77M

1.12B

1.21B

1.4B

1.62B

1.88B

2.18B

Depreciation

134.8M

152.9M

185.8M

206M

222M

273.05M

316.57M

367.03M

425.53M

493.35M

Receivables

1.14B

1.28B

2.36B

2.04B

3.54B

3.01B

3.49B

4.04B

4.69B

5.43B

Inventories

-

-

-

-

-

-

-

-

-

-

Payable

1.39B

242.7M

286.5M

458.9M

373M

961.8M

1.12B

1.29B

1.5B

1.74B

Cap Ex

-70.7M

-45M

-52.6M

-68.9M

-

-79.71M

-92.42M

-107.15M

-124.22M

-144.02M

Ufcf

829.19M

-515.12M

-99.04M

1.59B

-244.42M

2.52B

1.3B

1.51B

1.75B

2.02B

Wacc

7.62

7.62

7.62

7.62

7.62

Pv Ufcf

2.34B

1.12B

1.21B

1.3B

1.4B

Sum Pv Ufcf

7.38B

Terminal Value

Growth In Perpetuity Method

Long Term Growth Rate

Wacc

7.62

Free Cash Flow T1

2.06B

Terminal Value

36.72B

Present Terminal Value

25.43B

Intrinsic Value

Enterprise Value

32.8B

Net Debt

3.38B

Equity Value

29.42B

Diluted Shares Outstanding

284M

Equity Value Per Share

103.59

Projected DCF

103.59 -0.064%

DCF Levered

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