BRO · sample dossier
Brown & Brown, Inc.
61/100
Stale StatementsGenerated Oct 24, 2026 · 10:00 AM UTC · 1 hour ago
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EquityBrown & Brown, Inc. · XNYS
Decision context
Recommendation
A mixed picture — no strong reason to buy or sell right now.
AlphaDog Fair Value
Market context
Snapshot returns at report publication
1 month
+21.0%
3 months
+4.7%
6 months
+10.7%
1 year
-18.2%
At a Glance
A large company is on a steady trend at fair pricing.
Top Holders
As of Jun 30, 2026Financial trajectory
Financial Performance
Executive thesis & key metrics
Executive Thesis
Brown & Brown, Inc. (BRO) is an XNYS-listed company with a $24.42B market cap ($72.97 share price as of October 24, 2026), generating a 56.3% TTM gross margin and 18.1% TTM net margin.
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
The latest quarter is more than 100 days old, so this stays a Hold.
Data through
Stale StatementsJun 30, 2026
A newer quarter has been reported and is not in these statements.
Value 78/100 — P/E 23.0x screens cheap vs inputs.
Re-evaluate if
- Net margin falls below 14.5% (was 18.1%)
Trim / reconsider if
- ROA falls below 3.5% (was 5.4%)
- TTM Debt/Equity rises above 0.64 while TTM FCF/share drops below $4.33.
Think of these dollars as a map of our value estimate for Hold — helpful context, not a reason to override the view.
A Calmer Look · Devil's Advocate
The consensus Buy verdict and the debate judge's pro-bull ruling over-index on a 32.4% YoY revenue growth figure while brushing aside the value-destructive mechanics behind it.
May be overlooked
The synthesis report omits the severe sequential contraction highlighted in the debate, where stale Q2 2026 revenue dropped 12.2% QoQ (from $1.88B to $1.65B) and EPS fell 20.8% QoQ to $0.84.
The wide divergence between the 10.92x EV/EBITDA multiple and the 23.02x P/E ratio points to substantial non-operating deductions, depreciation, or amortization dragging net margin down to 18.1% from a 56.3% gross margin.
The stale February 12, 2026 10-K warns that changes in accounting estimates for goodwill and intangibles could materially impact results, an unpriced hazard given the 1.91x P/B valuation and 12.7% share count expansion.
Expectations look stretched
Extrapolating the 21.0% 1-month price bounce and the October 21, 2026 9% dividend hike as 6-to-12-month valuation catalysts ignores the -18.2% 1-year return and the stale fundamental data ahead of Q3 earnings.
Treating 32.4% YoY revenue growth as proof of core momentum overlooks that 12.7% YoY share dilution compressed actual per-share earnings growth to 7.7% YoY.
Labeling the stock a top-quintile value play at 10.92x EV/EBITDA versus peers ERIE (15.6x) and WTW (12.7x) ignores that paying 23.02x P/E for a 5.4% ROA and 7.7% EPS growth offers limited margin of safety.
YoY quarterly revenue growth decelerates below the current 32.4% rate while shares outstanding dilution remains at or above 12.7% YoY.
YoY quarterly revenue growth decelerates below the current 32.4% rate while shares outstanding dilution remains at or above 12.7% YoY.
Monitor These Triggers
3 Checkpoints · Next PrintYoY EPS growth relative to the 7.7% baseline (alongside 32.4% YoY revenue growth) to assess whether 12.7% YoY share dilution is being absorbed by operating earnings.
Go deeper
For learning and research only — not investment advice. AlphaDog doesn’t hold stocks and isn’t your financial advisor.
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