Brown & Brown management check
BRO · Financials · Insurance Brokers · CEO J. Powell Brown
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $174, against $184 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.53 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.8% of net income$8.6m of reported pay in fiscal 2025, against $1.1bn of net income.
- Good
Do they own the stock?
Insiders are buying2 insiders bought $164k on the open market in the last six months, with their own money, near the lows.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +5.5% a year over the last three fiscal years. Stock-based pay was 1.6% of revenue in the latest year.
- Watch
Is leadership stable?
13 leadership filings in 3 yearsCEO in the pay table: J. Powell Brown. 13 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 43 | 49 | |
| Pay for performance | 76 | 83 | |
| CEO cost | 58 | 67 | |
| Skin in the game | 80 | 51 | |
| Dilution | 0 | 69 | |
| Stable leadership | 60 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Insurance Brokers, by management score. Brown & Brown is 55th of 72 in its sector.
Pay versus performance
From the proxy statement filed March 24, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | J. Powell Brown | $8.6m | −$6.0m | $3.7m | $174 | $184 | $1.1bn |
| 2024 | — | $11.7m | $39.1m | $4.0m | $221 | $195 | $1.0bn |
| 2023 | — | $9.8m | $23.9m | $3.3m | $153 | $160 | $871.0m |
| 2022 | — | $6.7m | −$5.3m | $4.7m | $122 | $145 | $672.0m |
| 2021 | — | $9.2m | $32.8m | $3.5m | $149 | $141 | $587.0m |
The board says pay is tied most to Organic Revenue growth. Its other key measures: Adjusted EBITDAC Margin, Adjusted EPS, Total Share Price Return.
Insiders and the CEO's stake
2 insiders bought $164k on the open market in the last six months, with their own money, near the lows.
- BoughtH Palmer Jr ProctorDirector$114kMay 5, 2026
- BoughtJoia M JohnsonDirector$50kJun 9, 2026
Leadership and governance on file
- Oct 22, 2026Leadership change8-K 5.02
- Aug 10, 2026Leadership change8-K 5.02
- May 7, 2026Leadership change8-K 5.02
- Mar 4, 2026Leadership change8-K 5.02
- Oct 20, 2025Leadership change8-K 5.02
- Aug 15, 2025Leadership change8-K 5.02
- May 12, 2025Leadership change8-K 5.02
- Feb 25, 2025Leadership change8-K 5.02
- Jan 22, 2025Leadership change8-K 5.02
- Aug 12, 2024Leadership change8-K 5.02
- Apr 11, 2024Leadership change8-K 5.02
- Feb 21, 2024Leadership change8-K 5.02
Latest shareholder vote results: May 7, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $965.8m returned to owners in buybacks and dividends, 23% of net income, and $410.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1bn | $3.6bn | $4.3bn | $4.8bn | $5.9bn |
| Net income | $587.1m | $672.0m | $871.0m | $993.0m | $1.1bn |
| Stock-based pay | $61.0m | $66.0m | $89.0m | $101.0m | $93.0m |
| Buybacks | $82.6m | $74.0m | $0 | $0 | $100.0m |
| Dividends | $107.2m | $120.0m | $135.0m | $154.0m | $193.0m |
| Diluted shares | 277m | 279m | 281m | 284m | 313m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.