Brown & Brown, Inc.

BROActive

CIK 79282 · Business Services & Route-Based

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, BRO filings, SEC EDGAR

$19,134

Market cap ($MM)

$26,191

Enterprise value ($MM)

$6,425

Revenue · LTM ($MM)

$2,167

EBITDA · LTM ($MM)

34%

EBITDA margin

4.1x

EV / revenue

12.1x

EV / EBITDA

3.1x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01BRO is a scaled public consolidator in Route-Based, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is CTAS, ROL, ARMK, ABM, WSC, SCI.

Balance sheet & capacity

Indicative capacity read: 3.1x net debt / EBITDA with EBITDA of $2.2B.

$1,003

Cash & equiv. ($MM)

$7,822

Total debt ($MM)

$6,819

Net debt ($MM)

3.1x

Net debt / EBITDA

Valuation

Where it trades against its peer set

BRO versus the scaled public Business Services & Route-Based comparables.

Indexed share-price performance

BRO versus available Business Services & Route-Based peers and SPY.

+8.5%

BRO

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Brown & Brown, Inc.	BRO	$6,425	$2,167	34%	$19,134	$26,191	4.1x	12.1x	3.1x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

BRO's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

507

Active years

Named deals

Avg / active year

25.4

Acq. cash outflow ($MM)

N/A

Banker read

01BRO reads as a programmatic acquirer: 507 disclosed acquisitions across 20 active years, or 25.4 per active year. The chart shows activity in 12 of the last 12 visible years.
02In the last three years, the file shows 108 acquisitions versus 74 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $17B of disclosed spend is concentrated in lumpy years, with FY25 the largest year at $7.9B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

BRO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

108 / 74

Last three years is up 46% vs prior three.

Peak count year

FY25

43 disclosed acquisitions in the peak visible year.

Recent spend

$9.4B

is up 214% vs prior three; peak FY25 at $7.9B.

Named evidence

7 rows

1.4% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Jan 9, 2012	Arrowhead General Insurance Agency, Inc.	Business services and route-based compounders	$395	On January 9, 2012, we completed the acquisition of Arrowhead General Insurance Agency, Inc. (“Arrowhead”), a national insurance program manager and one of the largest managing...	10-K^†
Aug 1, 2025	Accession Risk Management Group, Inc.	Business services and route-based compounders	$9,608	On August 1, 2025, the Company completed the acquisition of RSC, the holding company for Accession Risk Management Group, Inc., a North American insurance distribution platform...	10-K^†
Jul 1, 2022	GRP (Jersey) Holdco Limited	Business services and route-based compounders	$1,855	GRP (Jersey) Holdco Limited (GRP) Retail National Programs Wholesale July 1, 2022 1,839.8 14.7 — — 1,854.5 —	10-K^†
Nov 15, 2018	The Hays Group, Inc. and certain of its affiliates	Business services and route-based compounders	$705	On November 15, 2018, we completed the acquisition of certain assets and assumption of certain liabilities of Hays. At closing, we delivered a payment of $705 million, consistin...	10-K^†
Jan 9, 2012	Arrowhead General Insurance Agency Superholding Corporation	Business services and route-based compounders	$397	Name Business Segment 2012 Date of Acquisition Cash Paid Note Payable Other Payable Recorded Earn-out Payable Net Assets Acquired Maximum Potential Earn-out Payable Arrowhead Ge...	10-K^†
Jul 1, 2013	Beecher Carlson Holdings, Inc.	Business services and route-based compounders	$364	Beecher Carlson Holdings, Inc. Retail; National Programs July 1 364,256 — — 364,256 —	10-K^†
Aug 1, 2019	CKP Insurance, LLC	Business services and route-based compounders	$151	CKP Insurance, LLC (CKP) Retail August 1, 2019 89,190 20,000 4,000 38,093 151,283 76,500	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 13 SEC-backed facts across 6 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 12, 2026	Annual M&A 10-K	accepted	43	$7.9B	$10B	SEC filing
FY2024	Feb 13, 2025	Annual M&A 10-K	accepted	32	$890MM	$1.0B	SEC filing
FY2023	Feb 22, 2024	Annual M&A 10-K	accepted	33	$631MM	$793MM	SEC filing
FY2022	Feb 27, 2023	Annual M&A 10-K	quarantined (1 issue)	30	$1.9B	$2.6B	SEC filing
FY2021	Feb 23, 2022	Annual M&A 10-K	accepted	19	$367MM	$425MM	SEC filing
FY2020	Feb 23, 2021	Annual M&A 10-K	accepted	25	$695MM	$753MM	SEC filing
FY2019	Feb 24, 2020	Annual M&A 10-K	accepted	23	$353MM	$471MM	SEC filing
FY2018	Feb 26, 2019	Annual M&A 10-K	warning (1 warn)	24	$924MM	$830MM	SEC filing
FY2017	Feb 28, 2018	Annual M&A 10-K	warning (1 warn)	12	$41.5MM	N/A	SEC filing
FY2016	Feb 24, 2017	Annual M&A 10-K	warning (1 warn)	11	$123MM	N/A	SEC filing
FY2015	Feb 26, 2016	Annual M&A 10-K	warning	13	$136MM	N/A	SEC filing
FY2014	Mar 2, 2015	Annual M&A 10-K	warning	10	$722MM	N/A	SEC filing
FY2013	Feb 28, 2014	Annual M&A 10-K	accepted	12	$408MM	$520MM	SEC filing
FY2012	Mar 1, 2013	Annual M&A 10-K	accepted	20	$425MM	$668MM	SEC filing
FY2011	Feb 29, 2012	Annual M&A 10-K	accepted	38	$166MM	$215MM	SEC filing
FY2010	Mar 1, 2011	Annual M&A 10-K	accepted	33	$159MM	$184MM	SEC filing
FY2009	Mar 1, 2010	Annual M&A 10-K	accepted	11	$44.7MM	$54.5MM	SEC filing
FY2008	Mar 2, 2009	Annual M&A 10-K	accepted	45	$256MM	$279MM	SEC filing
FY2007	Feb 29, 2008	Annual M&A 10-K	warning (1 warn)	41	$212MM	N/A	SEC filing
FY2006	Mar 1, 2007	Annual M&A 10-K	warning (1 warn)	32	$144MM	N/A	SEC filing
FY2005	Mar 16, 2006	Annual M&A 10-K	warning (1 warn)	32	$262MM	N/A	SEC filing
FY2004	Mar 16, 2005	Annual M&A 10-K	accepted	32	$191MM	$199MM	SEC filing
FY2003	Mar 15, 2004	Annual M&A 10-K	accepted	23	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 12, 2026	10-K	Accession Risk Management Group, Inc.	Annual M&ANamed deals	SEC filing
Feb 27, 2023	10-K	GRP (Jersey) Holdco Limited	Annual M&ANamed deals	SEC filing
Feb 24, 2020	10-K	The Hays Group, Inc. and certain of its affiliates; CKP Insurance, LLC	Annual M&ANamed deals	SEC filing
Feb 28, 2014	10-K	Beecher Carlson Holdings, Inc.	Annual M&ANamed deals	SEC filing
Mar 1, 2013	10-K	Arrowhead General Insurance Agency Superholding Corporation	Annual M&ANamed deals	SEC filing
Feb 29, 2012	10-K	Arrowhead General Insurance Agency, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Arrowhead General Insurance Agency, Inc.

10-K - Feb 29, 2012

Medium

On January 9, 2012, we completed the acquisition of Arrowhead General Insurance Agency, Inc. (“Arrowhead”), a national insurance program manager and one of the largest managing general agents (“MGA...

SEC source

Accession Risk Management Group

10-K - Feb 12, 2026

Medium

On August 1, 2025, the Company completed the acquisition of RSC, the holding company for Accession Risk Management Group, Inc., a North American insurance distribution platform composed of specialt...

SEC source

GRP (Jersey) Holdco Limited

10-K - Feb 27, 2023

Medium

GRP (Jersey) Holdco Limited (GRP) Retail National Programs Wholesale July 1, 2022 1,839.8 14.7 — — 1,854.5 —

SEC source

The Hays Group, Inc. acquisition

10-K - Feb 24, 2020

Medium

On November 15, 2018, we completed the acquisition of certain assets and assumption of certain liabilities of Hays. At closing, we delivered a payment of $705 million, consisting of $605 million in...

SEC source

Arrowhead General Insurance Agency Superholding Corporation

10-K - Mar 1, 2013

Medium

Name Business Segment 2012 Date of Acquisition Cash Paid Note Payable Other Payable Recorded Earn-out Payable Net Assets Acquired Maximum Potential Earn-out Payable Arrowhead General Insurance Agen...

SEC source

Beecher Carlson Holdings, Inc.

10-K - Feb 28, 2014

Medium

Beecher Carlson Holdings, Inc. Retail; National Programs July 1 364,256 — — 364,256 —

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive