公司概述
Brown & Brown, Inc. operates as a prominent insurance broker facilitating the marketing and sale of insurance products and services across the United States, the United Kingdom, and international markets. The company executes its business strategy through two primary operational segments: Retail and Specialty Distribution. This entity is categorized within the Financial Services sector, specifically functioning as an Insurance Broker, a role that involves intermediating insurance policies between carriers and clients to manage risk transfer and coverage needs. With a total market capitalization of $22.85B and annual revenue reaching $5.76B, the company demonstrates significant economic scale supported by an workforce of 22,888 employees. These valuation and revenue figures indicate that Brown & Brown, Inc. holds a substantial position within the insurance brokerage industry, reflecting its extensive distribution network and established client base in property and casualty markets.
财务健康
The company reported a trailing twelve-month revenue of $5.76B, generating net income of $1.04B and an EBITDA of $1.98B. The substantial gap between the $5.76B revenue and the $1.04B net income reveals a cost structure where operating expenses, including commissions and administrative costs, consume a significant portion of top-line earnings before arriving at the bottom line. Free cash flow stands at $1.40B, which signifies strong financial flexibility allowing the firm to fund operations, manage liquidity, or pursue strategic initiatives without relying heavily on external financing. Regarding profitability efficiency, the gross margin is 49.1%, the operating margin is 23.2%, and the profit margin is 18.3%; these figures indicate that while the company retains nearly half of its revenue as gross profit, the final net income reflects the cumulative impact of operational overheads and other expenses. The balance sheet shows $1.08B in cash against $7.92B in debt, resulting in a debt-to-equity ratio of 62.98%, which suggests a leveraged capital structure where debt obligations exceed equity capitalization. Despite the leverage, the current ratio of 1.04 indicates that the company possesses just enough current assets to cover its current liabilities, pointing to a relatively tight but manageable short-term liquidity position. Return on Equity stands at 11.2% and Return on Assets is 4.2%, metrics that reveal management's effectiveness in generating returns for shareholders relative to the equity invested and the total assets employed in the business.
估值评估
The stock trades with a P/E Ratio (TTM) of 21.24 and a Forward P/E of 13.47, implying that the market expects a significant expansion in earnings growth to bridge the gap between current and future valuation multiples. The Price to Book ratio is 1.80, indicating that the market values the company at a premium of 80% over its tangible book value, suggesting confidence in the quality of its assets and intangible brand value. Alternative valuation metrics include a Price to Sales ratio of 3.97 and an EV/EBITDA of 14.99, which provide context on how the market prices revenue generation and operational cash flow generation relative to peers. The 52-week high is $121.70 and the 52-week low is $63.29; without the specific current share price provided in the source data, the precise percentage distance from the 52-week high cannot be calculated, but the wide range highlights the stock's volatility over the past year. The Beta value of 0.83 indicates that the stock's price volatility is lower than the broader market, suggesting it may act as a slightly defensive holding relative to the overall market index.
Growth & Income
Year-over-year revenue growth accelerated to 36.2%, while earnings growth declined by 16.2%, indicating that earnings are currently growing significantly slower than revenue, likely due to one-time charges, margin compression, or a specific earnings event affecting the TTM calculation. The company pays a dividend with a yield of 0.9% and maintains a payout ratio of 19.5%, a low ratio that suggests the dividend is highly sustainable given the company's earnings generation and leaves ample room for future increases or share buybacks. Given the modest payout ratio, the firm retains the majority of its earnings for reinvestment into growth initiatives rather than distributing all profits to shareholders. Overall, the growth and income profile presents a scenario of robust top-line expansion tempered by recent earnings volatility, supported by a conservative dividend policy that offers income stability without straining the company's cash flow.