Brown & Brown
BRO · Insurance Brokers
$72.97
2.0%Erie Indemnity
ERIE · Insurance Brokers
$253.52
1.3%The short version
- Brown & Brown is the larger business, with $5.9B of revenue in fiscal 2025 against $4.1B for Erie Indemnity.
- Brown & Brown grew revenue faster (22.8%, against 7.2%).
- Brown & Brown turned more of its sales into free cash flow (23.4% FCF margin, against 14.0% FCF margin).
- Erie Indemnity earned a higher return on the capital invested in it (31.8%, against 9.1%).
| Latest fiscal year | BRO · FY25 | ERIE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | — |
| Revenue | $5.9B | $4.1B |
| Free cash flow | $1.4B | $571M |
| Net income | $1.1B | $559M |
| Growth | ||
| Revenue growth | 22.8% | 7.2% |
| 5-year growth | 17.7% | 9.9% |
| Share count change | 10.2% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 17.6% |
| Net margin | 17.9% | 13.8% |
| FCF margin | 23.4% | 14.0% |
| Return on capital | 9.1% | 31.8% |
| Return on equity | 11.1% | 26.2% |
| Balance sheet | ||
| Net debt | $6.5B | −$380M |
| Net debt / EBITDA | 3.8x | −0.5x |
| Dividends and buybacks | $293M | $254M |
| Valuation & quality | ||
| P/E | 23.0x | — |
| Piotroski F-score | 4 | — |
FY16
BRO $1.8B
ERIE $1.6B
FY17
BRO $1.9B
ERIE $1.7B
FY18
BRO $2.0B
ERIE $2.4B
FY19
BRO $2.4B
ERIE $2.5B
FY20
BRO $2.6B
ERIE $2.5B
FY21
BRO $3.1B
ERIE $2.6B
FY22
BRO $3.6B
ERIE $2.8B
FY23
BRO $4.3B
ERIE $3.3B
FY24
BRO $4.8B
ERIE $3.8B
FY25
BRO $5.9B
ERIE $4.1B
BRO
ERIE
FY16
BRO —
ERIE 18.4%
FY17
BRO —
ERIE 17.2%
FY18
BRO —
ERIE 14.5%
FY19
BRO —
ERIE 14.4%
FY20
BRO —
ERIE 13.3%
FY21
BRO —
ERIE 12.1%
FY22
BRO —
ERIE 13.3%
FY23
BRO —
ERIE 15.9%
FY24
BRO —
ERIE 17.8%
FY25
BRO —
ERIE 17.6%
BRO
ERIE
FY16
BRO $393M
ERIE $229M
FY17
BRO $418M
ERIE $168M
FY18
BRO $526M
ERIE $207M
FY19
BRO $605M
ERIE $262M
FY20
BRO $642M
ERIE $287M
FY21
BRO $764M
ERIE $254M
FY22
BRO $829M
ERIE $299M
FY23
BRO $941M
ERIE $289M
FY24
BRO $1.1B
ERIE $486M
FY25
BRO $1.4B
ERIE $571M
BRO
ERIE
FY16
BRO 9.8%
ERIE —
FY17
BRO 14.8%
ERIE 26.5%
FY18
BRO 10.7%
ERIE 47.7%
FY19
BRO 10.6%
ERIE 45.1%
FY20
BRO 11.0%
ERIE 27.4%
FY21
BRO 11.9%
ERIE 21.7%
FY22
BRO 11.7%
ERIE 23.9%
FY23
BRO 12.3%
ERIE 30.4%
FY24
BRO 12.6%
ERIE 34.8%
FY25
BRO 9.1%
ERIE 31.8%
BRO
ERIE
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.