Brown & Brown (BRO)
Market Price (12/28/2025): $80.77 | Market Cap: $26.7 BilSector: Financials | Industry: Insurance Brokers
Brown & Brown (BRO)
Market Price (12/28/2025): $80.77Market Cap: $26.7 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -33% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x |
| Low stock price volatilityVol 12M is 25% | Key risksBRO key risks include [1] an acquisition-dependent growth strategy that has significantly increased financial leverage, Show more. | |
| Megatrend and thematic driversMegatrends include Global Risk Management. Themes include Specialty Insurance Solutions, Employee Benefits & Human Capital Risk, and Climate & Catastrophe Resilience. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Global Risk Management. Themes include Specialty Insurance Solutions, Employee Benefits & Human Capital Risk, and Climate & Catastrophe Resilience. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -33% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 20x |
| Key risksBRO key risks include [1] an acquisition-dependent growth strategy that has significantly increased financial leverage, Show more. |
Why The Stock Moved
Qualitative Assessment
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Brown & Brown (BRO) experienced a notable decline in its stock price, approximately 16.5%, from August 31, 2025, to December 28, 2025, driven by several key factors. The stock hit 52-week lows in October 2025, and its performance lagged behind the broader S&P 500 Index over the preceding year.
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<b>1. Disappointing Third Quarter 2025 Earnings Margin Performance:</b> Despite reporting a 35.4% increase in total revenue and adjusted earnings per share (EPS) of $1.05 (surpassing analyst estimates) in its Q3 2025 earnings release on October 27, 2025, Brown & Brown's stock fell 6.1% in the subsequent trading session. This negative market reaction was primarily attributed to a significant decrease in its income before income taxes margin, which dropped by 630 basis points year-over-year to 19.4%.
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<b>2. Slowdown in Organic Revenue Growth:</b> While total revenues surged due to acquisition activity, the company's organic revenue growth in Q3 2025 slowed to 3.5%, a noticeable decline from the 9.5% organic revenue growth reported in the third quarter of 2024. This moderation in underlying growth likely concerned investors looking for sustained internal expansion.
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<b>3. Higher Integration Costs and Increased Debt from Acquisitions:</b> The substantial acquisition activity, including the integration of AssuredPartners, contributed to strong top-line growth but also led to approximately $50 million in excluded integration costs and an $8 million non-cash escrow mark-to-market charge in Q3 2025, creating "near-term margin noise". Furthermore, the company's net debt to EBITDA ratio stood at 3.17x, higher than the market average, indicating increased leverage.
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<b>4. Negative Free Cash Flow Yield:</b> Brown & Brown recorded a negative free cash flow yield of -30.95% by December 19, 2025. A negative free cash flow yield can signal to investors that the company is not generating enough cash relative to its market value, potentially raising concerns about financial health and future flexibility.
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<b>5. Multiple Analyst Downgrades and Cautious Ratings:</b> During the period, several Wall Street analysts adjusted their price targets downwards or maintained "Hold" ratings, reflecting a more cautious stance on the stock. For instance, Raymond James adjusted its price target from $120 to $90, and Keefe Bruyette & Woods lowered its target to $79 from $92 while maintaining an "Underperform" rating. JPMorgan Chase & Co. also initiated coverage with a "Neutral" rating and a $91 target in December 2025.
Show moreStock Movement Drivers
Fundamental Drivers
The -13.7% change in BRO stock from 9/27/2025 to 12/27/2025 was primarily driven by a -13.4% change in the company's Shares Outstanding (Mil).| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 93.58 | 80.78 | -13.68% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4949.00 | 5344.00 | 7.98% |
| Net Income Margin (%) | 20.33% | 18.69% | -8.04% |
| P/E Multiple | 27.16 | 26.76 | -1.47% |
| Shares Outstanding (Mil) | 292.00 | 331.00 | -13.36% |
| Cumulative Contribution | -15.22% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BRO | -13.7% | |
| Market (SPY) | 4.3% | -8.3% |
| Sector (XLF) | 3.3% | 39.4% |
Fundamental Drivers
The -26.0% change in BRO stock from 6/28/2025 to 12/27/2025 was primarily driven by a -17.0% change in the company's Shares Outstanding (Mil).| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 109.18 | 80.78 | -26.01% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4854.00 | 5344.00 | 10.09% |
| Net Income Margin (%) | 21.26% | 18.69% | -12.07% |
| P/E Multiple | 29.94 | 26.76 | -10.60% |
| Shares Outstanding (Mil) | 283.00 | 331.00 | -16.96% |
| Cumulative Contribution | -28.14% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BRO | -26.0% | |
| Market (SPY) | 12.6% | 1.2% |
| Sector (XLF) | 7.4% | 33.8% |
Fundamental Drivers
The -21.0% change in BRO stock from 12/27/2024 to 12/27/2025 was primarily driven by a -19.2% change in the company's Net Income Margin (%).| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 102.23 | 80.78 | -20.98% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4552.00 | 5344.00 | 17.40% |
| Net Income Margin (%) | 23.13% | 18.69% | -19.19% |
| P/E Multiple | 27.38 | 26.76 | -2.24% |
| Shares Outstanding (Mil) | 282.00 | 331.00 | -17.38% |
| Cumulative Contribution | -23.37% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BRO | -21.0% | |
| Market (SPY) | 17.0% | 23.9% |
| Sector (XLF) | 15.3% | 43.9% |
Fundamental Drivers
The 45.6% change in BRO stock from 12/28/2022 to 12/27/2025 was primarily driven by a 56.9% change in the company's Total Revenues ($ Mil).| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 55.47 | 80.78 | 45.63% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3406.10 | 5344.00 | 56.89% |
| Net Income Margin (%) | 18.45% | 18.69% | 1.34% |
| P/E Multiple | 24.53 | 26.76 | 9.13% |
| Shares Outstanding (Mil) | 277.80 | 331.00 | -19.15% |
| Cumulative Contribution | 40.29% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| BRO | 15.3% | |
| Market (SPY) | 48.0% | 27.8% |
| Sector (XLF) | 51.3% | 45.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRO Return | 21% | 49% | -18% | 26% | 44% | -20% | 113% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| BRO Win Rate | 58% | 67% | 33% | 58% | 67% | 58% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BRO Max Drawdown | -20% | -9% | -24% | -6% | -2% | -25% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See BRO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | BRO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -27.4% | -25.4% |
| % Gain to Breakeven | 37.8% | 34.1% |
| Time to Breakeven | 439 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -34.7% | -33.9% |
| % Gain to Breakeven | 53.2% | 51.3% |
| Time to Breakeven | 388 days | 148 days |
| 2018 Correction | ||
| % Loss | -16.8% | -19.8% |
| % Gain to Breakeven | 20.2% | 24.7% |
| Time to Breakeven | 120 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -46.0% | -56.8% |
| % Gain to Breakeven | 85.0% | 131.3% |
| Time to Breakeven | 1,428 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Brown & Brown's stock fell -27.4% during the 2022 Inflation Shock from a high on 4/7/2022. A -27.4% loss requires a 37.8% gain to breakeven.
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Here are 1-3 brief analogies for Brown & Brown (BRO):
- JLL for insurance brokerage. (JLL is a global leader in commercial real estate services and brokerage.)
- Accenture for insurance advisory and solutions. (Accenture is a global professional services company providing consulting and solutions.)
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- Commercial Insurance Services: Provides risk management and insurance solutions for businesses, covering property, liability, and other operational exposures.
- Employee Benefits Services: Delivers comprehensive health, life, disability, and other benefits programs for employers to offer their employees.
- Personal Lines Insurance Services: Offers insurance policies such as auto, home, and umbrella coverage to individuals and families.
- Wholesale Brokerage: Serves as an intermediary for retail agents, placing specialized and complex risks with insurance carriers.
- Program Business: Develops and manages industry-specific insurance programs for niche markets and specialized risks.
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Brown & Brown (BRO)
Brown & Brown, Inc. operates as a diversified insurance brokerage firm. Due to the nature of an insurance brokerage business, the company primarily serves a vast and diverse client base rather than having a few identifiable "major customers" that account for a significant portion of its revenue. Its revenue is derived from commissions and fees earned on a large volume of insurance policies placed for numerous clients across various segments.
Therefore, it is more appropriate to describe the categories of customers that Brown & Brown serves:
- Commercial Businesses: This category encompasses a broad spectrum of enterprises, ranging from small and medium-sized businesses to large corporations across various industries. These clients seek a wide array of insurance products, including property and casualty, general liability, professional liability, workers' compensation, and employee benefits programs.
- Public Entities: Brown & Brown provides insurance and risk management services to various governmental and public sector organizations. This includes clients such as municipalities, counties, school boards, state agencies, and other public entities that require specialized coverage and risk management solutions.
- Individuals and Families: The company also serves individuals and families, including high-net-worth clients, by providing personal lines insurance. This includes policies such as homeowners, automobile, recreational vehicle, umbrella liability, and life insurance.
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J. Powell Brown, President & Chief Executive Officer
J. Powell Brown joined Brown & Brown in 1995, progressing through various leadership positions across the company's business segments. He was named President in January 2007 and appointed to the board of directors in October 2007, subsequently becoming Chief Executive Officer in July 2009. He is the son of J. Hyatt Brown, the company's Chairman. He holds the professional designation of Chartered Property Casualty Underwriter (CPCU), is a graduate of the University of Florida, and earned an MBA from Duke University. Since January 2010, Mr. Brown has served on the Board of Directors for WestRock Company (formerly RockTenn Company), a publicly traded company.
R. Andrew Watts, Executive Vice President, Chief Financial Officer & Treasurer
R. Andrew Watts serves as the Executive Vice President, Chief Financial Officer, and Treasurer for Brown & Brown, Inc. Prior to this role, he also held the position of Executive Vice President and Chief Financial Officer for Brown & Brown of Colorado, Inc.
J. Scott Penny, Executive Vice President & Chief Acquisitions Officer
J. Scott Penny holds the position of Executive Vice President and Chief Acquisitions Officer at Brown & Brown, Inc. He also holds the professional designation of Certified Insurance Counselor (CIC).
Stephen P. Hearn, Executive Vice President, Chief Operating Officer & President – Retail Segment
Stephen P. Hearn is the Executive Vice President, Chief Operating Officer, and President of the Retail Segment for Brown & Brown, Inc. He was appointed to lead all operations outside of North America across both the Retail and Specialty Distribution Segments, effective September 3, 2025. His leadership aims to support strategic priorities including scaling operations, fostering innovation, and investing in team growth.
P. Barrett Brown, Executive Vice President
P. Barrett Brown serves as an Executive Vice President at Brown & Brown, Inc. He is also the brother of J. Powell Brown, the President and Chief Executive Officer of the company.
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The key risks to Brown & Brown (BRO) include:
- Softening Property and Casualty Insurance Pricing: The company faces risks from softer property and casualty insurance pricing, particularly in catastrophe (CAT) property rates, which have seen declines and are expected to continue falling if there are no significant catastrophe losses. This trend impacts revenue and earnings, with recent analyst downgrades citing these pricing conditions as a significant concern.
- Acquisition Dependency and Associated Financial Leverage: Brown & Brown's long-term growth is heavily reliant on a continuous stream of acquisitions. This strategy brings inherent risks related to successfully identifying, integrating, and realizing value from acquired businesses. Furthermore, recent M&A activity has led to a significant surge in interest expense and increased leverage, heightening balance sheet risk.
- Potential Financial Instability: The company's Altman Z-Score is reported to be in the "distress zone," suggesting a potential risk of financial instability if underlying issues are not addressed.
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The addressable markets for Brown & Brown's main products and services, primarily insurance brokerage across various lines, are substantial both in the U.S. and globally.
Overall Insurance Brokerage Market
- Globally, the insurance brokerage market was valued at approximately USD 314 billion in 2024 and is projected to reach USD 757.8 billion by 2034.
- In the U.S., the insurance brokerage market size is estimated at USD 140.38 billion in 2025 and is forecast to reach USD 171.93 billion by 2030. Other estimates indicate the U.S. market size for Insurance Brokers & Agencies as $261.7 billion in 2025, and approximately USD 466.7 billion by 2025.
Employee Benefits Brokerage
Brown & Brown offers comprehensive employee benefits solutions as part of its Retail segment.
- The global employee benefit broker market size is calculated at USD 48.24 billion in 2025 and is forecasted to reach around USD 78.21 billion by 2034.
- In the U.S., the employee benefit broker market size was estimated at USD 10.97 billion in 2024 and is predicted to be worth around USD 18.93 billion by 2034.
- For North America, the employee benefit broker market size surpassed USD 14.62 billion in 2024.
Property & Casualty (P&C) Insurance Brokerage
Brown & Brown provides property & casualty insurance products to various businesses and individuals.
- The overall U.S. Property, Casualty and Direct Insurance market size is projected to be $1.0 trillion in 2025. Another source valued the U.S. property and casualty insurance market at USD 1.10 trillion in 2025 and projects it to reach USD 1.33 trillion by 2030.
- Globally, the property and casualty insurance market size was valued at USD 1.88 trillion in 2024 and is projected to grow to USD 2.57 trillion by 2032. For North America, this market was calculated at USD 1.27 trillion in 2024 and is expected to reach around USD 2.86 trillion by 2034.
Specialty Insurance
Brown & Brown's National Programs and Wholesale Brokerage segments, which are reorganizing into a Specialty Distribution segment, deal with specialty lines of insurance.
- The global specialty insurance market size stood at USD 134.6 billion in 2025 and is expected to expand to USD 215.8 billion by 2030. Another estimate puts the global specialty insurance market size at USD 139.74 billion in 2025, predicted to reach around USD 335.86 billion by 2034.
- North America accounted for a 39.4% revenue share of the global specialty insurance market in 2024. The U.S. is noted as a hub for specialty insurance providers, with a strong demand for products like cyber insurance, environmental insurance, and professional liability insurance; the market for specialty insurance in the U.S. is projected to grow to USD 2,745.1 billion by 2032 (from USD 1,457.84 billion in 2023).
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Brown & Brown, Inc. (BRO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Strategic Acquisitions and M&A Activity: A core component of Brown & Brown's growth strategy involves a robust pipeline of acquisitions. The company consistently pursues and integrates smaller insurance brokerage firms, expanding its market presence and diversifying its offerings. Recent examples include the integration of AssuredPartners, which added over 5,000 employees, and Accession, which significantly boosted the Specialty Distribution segment. Management anticipates continued acquisition activity through 2025 and into 2026.
- Organic Revenue Growth: Brown & Brown continues to demonstrate solid organic revenue growth, driven by factors such as net new business, strong client retention rates, and the expansion of exposure units across its diverse segments, including Retail, Programs, and Wholesale.
- Favorable Insurance Market Conditions and Pricing: While some segments like catastrophe property rates have experienced declines, moderating rate increases in many admitted insurance lines, particularly in auto and casualty, are expected to contribute to revenue expansion. Analysts have noted that premium rate increases continue to boost the company's revenue growth.
- Growth in Investment Income and Profit-Sharing Contingent Commissions: The company benefits from increased investment income and profit-sharing contingent commissions, which have consistently contributed to its total revenue and margin expansion. These elements provide additional streams of revenue that bolster overall financial performance.
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Here's a summary of Brown & Brown's capital allocation decisions over the last 3-5 years:Share Repurchases
- Brown & Brown's board of directors authorized the purchase of up to an additional $1.25 billion of outstanding common stock on October 22, 2025, bringing the total approved repurchases to approximately $1.5 billion in aggregate.
- In 2024, the company repurchased shares to fund tax withholdings for non-cash stock-based compensation.
Share Issuance
- On June 10, 2025, Brown & Brown announced the pricing of a public offering of approximately 39.22 million shares of its common stock at $102.00 per share, aiming to raise $4 billion. The net proceeds, expected to be approximately $3.9 billion, are primarily intended to fund a portion of the acquisition of RSC Topco, the holding company for Accession Risk Management Group.
Outbound Investments
- Brown & Brown entered into an agreement on June 10, 2025, to acquire RSC Topco, the holding company for Accession Risk Management Group, for a gross purchase price of $9.825 billion. This transaction is expected to close in the third quarter of 2025. Accession had pro forma adjusted revenues of approximately $1.7 billion in 2024.
- In 2024, the company completed 32 acquisitions, including significant purchases such as Quintes Holding B.V. and The Canopy Group, which collectively contributed approximately $174 million in annual revenues.
- In 2022, Brown & Brown expanded its international presence through acquisitions of Global Risk Partners (GRP) and BdB, adding approximately 130 locations and 2,500 new teammates across England, Northern Ireland, Ireland, Italy, and Belgium. [cite: 28 in prior results]
Capital Expenditures
- Capital expenditures amounted to $82 million in 2024 and $69 million in 2023.
- These expenditures primarily focused on purchases of furniture and fixtures, leasehold improvements related to office moves, and investments in hardware and software for information technology.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to BRO. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.5% | 14.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.5% | -1.5% | -1.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.5% | -4.5% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.1% | -11.1% | -12.1% |
| 10312025 | BRO | Brown & Brown | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.3% | 1.3% | -4.2% |
Research & Analysis
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Wealth Management
Peer Comparisons for Brown & Brown
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.47 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.1% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 20.9% |
Price Behavior
| Market Price | $80.78 | |
| Market Cap ($ Bil) | 26.7 | |
| First Trading Date | 03/03/1992 | |
| Distance from 52W High | -34.8% | |
| 50 Days | 200 Days | |
| DMA Price | $81.11 | $99.06 |
| DMA Trend | down | down |
| Distance from DMA | -0.4% | -18.5% |
| 3M | 1YR | |
| Volatility | 26.3% | 25.1% |
| Downside Capture | -3.10 | 33.11 |
| Upside Capture | -72.88 | 4.57 |
| Correlation (SPY) | -7.8% | 23.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.06 | -0.12 | -0.04 | 0.16 | 0.34 | 0.50 |
| Up Beta | -0.21 | 0.19 | 0.30 | 0.62 | 0.43 | 0.55 |
| Down Beta | 0.04 | 0.12 | 0.16 | -0.25 | 0.32 | 0.43 |
| Up Capture | -4% | -77% | -60% | -25% | 4% | 21% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 9 | 19 | 28 | 61 | 130 | 404 |
| Down Capture | -5% | 14% | 22% | 78% | 56% | 75% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 22 | 34 | 64 | 118 | 343 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of BRO With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| BRO | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -21.0% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 24.9% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.99 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 44.1% | 24.2% | 0.9% | -0.7% | 41.4% | 0.2% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of BRO With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| BRO | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 12.3% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 23.8% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.47 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 54.8% | 51.1% | 1.3% | 2.7% | 46.9% | 19.0% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 10-Year Data
| Comparison of BRO With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| BRO | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 18.8% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 23.0% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.75 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 62.9% | 62.7% | 1.6% | 14.6% | 55.0% | 13.8% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2025 | -6.1% | -11.1% | -8.1% |
| 7/28/2025 | -10.4% | -9.6% | -6.2% |
| 4/28/2025 | -6.0% | -3.9% | -3.4% |
| 1/27/2025 | -2.6% | -2.1% | 6.6% |
| 10/28/2024 | 1.6% | 2.0% | 9.9% |
| 7/22/2024 | 5.2% | 5.9% | 10.6% |
| 4/22/2024 | 0.5% | -1.2% | 9.1% |
| 1/23/2024 | -1.7% | -0.8% | 6.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 14 |
| # Negative | 14 | 13 | 8 |
| Median Positive | 2.9% | 3.0% | 6.7% |
| Median Negative | -2.4% | -3.9% | -3.5% |
| Max Positive | 7.2% | 9.5% | 12.1% |
| Max Negative | -10.4% | -11.1% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 10-Q 9/30/2025 |
| 6302025 | 7282025 | 10-Q 6/30/2025 |
| 3312025 | 4282025 | 10-Q 3/31/2025 |
| 12312024 | 2132025 | 10-K 12/31/2024 |
| 9302024 | 10282024 | 10-Q 9/30/2024 |
| 6302024 | 7222024 | 10-Q 6/30/2024 |
| 3312024 | 4242024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 10262023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4282023 | 10-Q 3/31/2023 |
| 12312022 | 2272023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 7262022 | 10-Q 6/30/2022 |
| 3312022 | 5092022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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