Brown & Brown key statistics and ratios

In fiscal 2026, Brown & Brown had return on equity of 11.1%, a net margin of 17.9%, debt equal to 66.3% of equity and a current ratio of 1.04. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Brown & Brown: financial ratios, annual
Fiscal year	2010Dec 2009	2011Dec 2010	2012Dec 2011	2013Dec 2012	2014Dec 2013	2015Dec 2014	2016Dec 2015	2017Dec 2016	2018Dec 2017	2019Dec 2018	2020Dec 2019	2021Dec 2020	2022Dec 2021	2023Dec 2022	2024Dec 2023	2025Dec 2024	2026Dec 2025	LTMSept 2026
Net margin	15.8%	16.6%	16.2%	15.3%	15.9%	13.1%	14.7%	14.6%	21.2%	17.1%	16.7%	18.4%	19.2%	18.8%	20.5%	20.7%	17.9%	17.6%
Free-cash-flow margin	21.7%	29.3%	22.1%	16.4%	27.4%	22.9%	21.9%	22.3%	22.2%	26.1%	25.3%	24.6%	25.0%	23.2%	22.1%	22.7%	23.4%	21.5%
Return on equity	11.2%	11.2%	10.4%	10.7%	11.4%	10.0%	11.4%	11.4%	16.2%	12.3%	12.5%	13.5%	14.8%	15.3%	17.1%	16.5%	11.1%	9.7%
Return on assets	6.9%	7.0%	6.5%	6.4%	6.4%	4.8%	4.9%	5.0%	7.3%	5.5%	5.5%	5.8%	6.3%	5.7%	6.0%	6.1%	4.4%	4.1%
Asset turnover	0.44	0.42	0.40	0.42	0.40	0.37	0.33	0.34	0.34	0.32	0.33	0.32	0.33	0.30	0.29	0.30	0.25	0.23
Current ratio	1.28	1.39	1.47	1.34	1.02	1.24	1.16	1.20	1.13	1.22	1.22	1.26	1.25	1.09	1.04	1.10	1.04	1.14
Debt to equity	19.5%	16.7%	15.3%	24.9%	23.9%	57.9%	54.4%	45.5%	37.8%	50.2%	48.1%	57.7%	49.2%	91.0%	78.2%	62.9%	66.3%	64.9%
Effective tax rate	39.8%	39.2%	39.4%	39.6%	39.3%	39.1%	39.6%	39.2%	11.1%	25.6%	24.2%	23.0%	23.0%	23.3%	24.0%	23.1%	22.2%	21.3%
Capital spending as % of revenue	1.2%	1.1%	1.3%	2.0%	1.2%	1.6%	1.1%	1.0%	1.3%	2.1%	3.1%	2.7%	1.5%	1.5%	1.6%	1.7%	1.2%	1.4%
Free cash flow ÷ net income	137.2%	176.6%	136.5%	106.7%	171.8%	174.0%	149.4%	152.7%	104.5%	152.8%	151.8%	133.7%	130.1%	123.4%	108.0%	110.0%	131.1%	122.1%
Dividends ÷ net income	28.0%	27.5%	28.4%	26.9%	24.7%	28.7%	26.3%	27.3%	19.4%	24.6%	22.9%	20.9%	18.3%	17.9%	15.5%	15.5%	18.3%	18.5%
Dividends and buybacks ÷ free cash flow	20.4%	15.6%	20.8%	25.2%	14.4%	37.3%	62.7%	22.7%	49.4%	33.4%	24.8%	24.2%	24.8%	23.4%	14.3%	14.1%	21.2%	72.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Brown & Brown: financial ratios, quarterly
Quarter	2025 Q4Dec 2024	2026 Q1Mar 2025	2026 Q2Jun 2025	2026 Q3Sept 2025	2026 Q4Dec 2025	2027 Q1Mar 2026	2027 Q2Jun 2026	2027 Q3Sept 2026
Net margin	17.8%	23.6%	18.0%	14.1%	16.4%	22.4%	17.2%	13.9%
Free-cash-flow margin	28.8%	14.0%	24.1%	28.1%	26.4%	12.7%	19.6%	28.6%
Current ratio	1.10	1.20	2.75	1.18	1.04	1.02	1.13	1.14
Debt to equity	59.4%	55.6%	64.9%	62.3%	60.6%	62.0%	61.5%	61.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 5 checks passed · September 30, 2026

What it owns · $29.4bn

Short-term assets $8.3bnLonger-term assets $21.2bn

What it owes, and who funded it · $19.8bn

Short-term liabilities $7.2bnShareholders' equity $12.6bn

Short-term assets cover short-term liabilities $8.3bn of assets due within a year against $7.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.1bn of cash against $7.8bn of debt.
Debt below 40% of shareholders' equity Debt is 62% of equity.
Debt burden no higher than five years ago Debt to equity moved from 81% to 62% over five years.
A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $7.8bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Brown & Brown's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard Brown & Brown's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 5.2% of total assets over 10 years.
Durability 15 / 20

Net margin has been a median 18.2%; its worst year was 14.7%.
Discipline 10 / 20

The diluted share count rose 21.2% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BRO vs WTW BRO vs ERIE BRO vs RYAN

More: Insurance Brokers stocks compared, Financials sector, rankings of US companies

Figures from Brown & Brown's SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Brown & Brown.