Brown & Brown vs Marsh McLennan
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The short version
- Marsh McLennan is the larger business, with $27.0B of revenue in fiscal 2025 against $5.9B for Brown & Brown, about 4.6 times as much.
- Brown & Brown grew revenue faster (22.8%, against 10.3%).
- Brown & Brown turned more of its sales into free cash flow (23.4% FCF margin, against 18.5%).
- Marsh McLennan earned a higher return on the capital invested in it (15.0%, against 9.1%).
- Investors pay more for each dollar of Marsh McLennan’s earnings: a P/E of 23.6x against 23.0x for Brown & Brown.
| Latest fiscal year | BRO · FY25 | MRSH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | $94.6B |
| Revenue | $5.9B | $27.0B |
| Free cash flow | $1.4B | $5.0B |
| Net income | $1.1B | $4.2B |
| Growth | ||
| Revenue growth | 22.8% | 10.3% |
| 5-year growth | 17.7% | 9.4% |
| Share count change | 10.2% | −0.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 23.1% |
| Net margin | 17.9% | 15.4% |
| FCF margin | 23.4% | 18.5% |
| Return on capital | 9.1% | 15.0% |
| Return on equity | 11.1% | 28.8% |
| Balance sheet | ||
| Net debt | $6.5B | $16.9B |
| Net debt / EBITDA | 3.8x | 2.6x |
| Dividends and buybacks | $293M | $3.7B |
| Valuation & quality | ||
| P/E | 23.0x | 23.6x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
BRO $1.8B
MRSH $13.2B
FY17
BRO $1.9B
MRSH $14.0B
FY18
BRO $2.0B
MRSH $15.0B
FY19
BRO $2.4B
MRSH $16.7B
FY20
BRO $2.6B
MRSH $17.2B
FY21
BRO $3.1B
MRSH $19.8B
FY22
BRO $3.6B
MRSH $20.7B
FY23
BRO $4.3B
MRSH $22.7B
FY24
BRO $4.8B
MRSH $24.5B
FY25
BRO $5.9B
MRSH $27.0B
BRO
MRSH
Operating margin
FY16
BRO —
MRSH 18.4%
FY17
BRO —
MRSH 18.9%
FY18
BRO —
MRSH 18.5%
FY19
BRO —
MRSH 16.1%
FY20
BRO —
MRSH 17.8%
FY21
BRO —
MRSH 21.8%
FY22
BRO —
MRSH 20.7%
FY23
BRO —
MRSH 23.2%
FY24
BRO —
MRSH 23.8%
FY25
BRO —
MRSH 23.1%
BRO
MRSH
Free cash flow
FY16
BRO $393M
MRSH $1.8B
FY17
BRO $418M
MRSH $1.6B
FY18
BRO $526M
MRSH $2.1B
FY19
BRO $605M
MRSH $1.9B
FY20
BRO $642M
MRSH $3.0B
FY21
BRO $764M
MRSH $3.1B
FY22
BRO $829M
MRSH $3.0B
FY23
BRO $941M
MRSH $3.8B
FY24
BRO $1.1B
MRSH $4.0B
FY25
BRO $1.4B
MRSH $5.0B
BRO
MRSH
Return on capital
FY16
BRO 9.8%
MRSH 17.9%
FY17
BRO 14.8%
MRSH 13.9%
FY18
BRO 10.7%
MRSH 16.9%
FY19
BRO 10.6%
MRSH 11.9%
FY20
BRO 11.0%
MRSH 11.5%
FY21
BRO 11.9%
MRSH 16.5%
FY22
BRO 11.7%
MRSH 15.6%
FY23
BRO 12.3%
MRSH 18.4%
FY24
BRO 12.6%
MRSH 16.3%
FY25
BRO 9.1%
MRSH 15.0%
BRO
MRSH
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.