Brown & Brown vs Erie Indemnity
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KIRA’s take AI analyst
I put Brown & Brown and Erie Indemnity side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Erie Indemnity earned a higher return on the capital invested in it (31.8%, against 9.1%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Brown & Brown
BRO
4/7
Revenue growth5-year growthNet marginFCF margin
Erie Indemnity
ERIE
3/7
Return on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | BRO FY25 | ERIE FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.6B | — |
| 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 | 21.3x | — |
| Piotroski F-score | 4 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.