Brown & Brown vs Ryan Specialty
Add, change or remove companies; up to four.
The short version
- Brown & Brown is the larger business, with $5.9B of revenue in fiscal 2025 against $3.1B for Ryan Specialty, about 1.9 times as much.
- Brown & Brown grew revenue faster (22.8%, against 21.3%).
- Brown & Brown turned more of its sales into free cash flow (23.4% FCF margin, against 21.0%).
| Latest fiscal year | BRO · FY25 | RYAN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.4B | — |
| Revenue | $5.9B | $3.1B |
| Free cash flow | $1.4B | $641M |
| Net income | $1.1B | $63.4M |
| Growth | ||
| Revenue growth | 22.8% | 21.3% |
| 5-year growth | 17.7% | 24.5% |
| Share count change | 10.2% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 16.2% |
| Net margin | 17.9% | 2.1% |
| FCF margin | 23.4% | 21.0% |
| Return on capital | 9.1% | 8.7% |
| Return on equity | 11.1% | 9.9% |
| Balance sheet | ||
| Net debt | $6.5B | $3.2B |
| Net debt / EBITDA | 3.8x | 4.1x |
| Dividends and buybacks | $293M | $62.3M |
| Valuation & quality | ||
| P/E | 23.0x | — |
| Piotroski F-score | 4 | — |
Revenue
FY16
BRO $1.8B
RYAN —
FY17
BRO $1.9B
RYAN —
FY18
BRO $2.0B
RYAN —
FY19
BRO $2.4B
RYAN $765M
FY20
BRO $2.6B
RYAN $1.0B
FY21
BRO $3.1B
RYAN $1.4B
FY22
BRO $3.6B
RYAN $1.7B
FY23
BRO $4.3B
RYAN $2.1B
FY24
BRO $4.8B
RYAN $2.5B
FY25
BRO $5.9B
RYAN $3.1B
BRO
RYAN
Operating margin
FY16
BRO —
RYAN —
FY17
BRO —
RYAN —
FY18
BRO —
RYAN —
FY19
BRO —
RYAN 13.2%
FY20
BRO —
RYAN 15.6%
FY21
BRO —
RYAN 13.0%
FY22
BRO —
RYAN 16.8%
FY23
BRO —
RYAN 17.3%
FY24
BRO —
RYAN 17.0%
FY25
BRO —
RYAN 16.2%
BRO
RYAN
Free cash flow
FY16
BRO $393M
RYAN —
FY17
BRO $418M
RYAN —
FY18
BRO $526M
RYAN —
FY19
BRO $605M
RYAN $149M
FY20
BRO $642M
RYAN $130M
FY21
BRO $764M
RYAN −$69.7M
FY22
BRO $829M
RYAN $328M
FY23
BRO $941M
RYAN $477M
FY24
BRO $1.1B
RYAN $515M
FY25
BRO $1.4B
RYAN $641M
BRO
RYAN
Return on capital
FY16
BRO 9.8%
RYAN —
FY17
BRO 14.8%
RYAN —
FY18
BRO 10.7%
RYAN —
FY19
BRO 10.6%
RYAN —
FY20
BRO 11.0%
RYAN —
FY21
BRO 11.9%
RYAN —
FY22
BRO 11.7%
RYAN 18.5%
FY23
BRO 12.3%
RYAN 15.0%
FY24
BRO 12.6%
RYAN 12.1%
FY25
BRO 9.1%
RYAN 8.7%
BRO
RYAN
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.