Brown & Brown vs Willis Towers Watson
Willis Towers Watson is the larger business, with $9.71bn of revenue in fiscal 2025 against $5.90bn for Brown & Brown (1.6 times as much). Brown & Brown grew faster (22.8% against -2.2%). Brown & Brown kept more of each dollar of sales as profit: a net margin of 17.9% against 16.5%. Brown & Brown carries less debt relative to equity (66.3% against 121.4%).
| Latest fiscal year | Brown & BrownBRO, 2026 | Willis Towers WatsonWTW, 2025 |
|---|---|---|
| Revenue | $5.90bn | $9.71bn |
| Revenue growth | 22.8% | -2.2% |
| Net income | $1.05bn | $1.60bn |
| Operating margin | — | 23.0% |
| Net margin | 17.9% | 16.5% |
| Return on equity | 11.1% | 20.2% |
| Free cash flow | $1.38bn | $1.55bn |
| Cash | $1.08bn | $3.13bn |
| Total debt | $8.33bn | $9.69bn |
| Debt to equity | 66.3% | 121.4% |
| Dividend per share | $0.62 | $3.68 |
| Dividend yield | 1.0% | 1.2% |
| Share buybacks | $100m | $1.65bn |
| Employees | — | 47,000 |
| Market value | $23.15bn | $30.64bn |
| Price vs our value range | Below our value range | Within our value range |
| Moat score | 60 (Moderate) | 66 (Moderate) |
| Insider trades, 12 months | 2 buys, 0 sales | 4 buys, 2 sales |