Brown & Brown Inc (BRO) is overvalued and Marsh (MRSH) is overvalued.
Both trade above our estimate of their intrinsic value. BRO is the closer of the two: -36%, against -75% for MRSH.
Values as of the 22 Sept 2026 close.
Book value at 1.25x, the multiple a 9.8% return on equity justifies, blended with earnings, values the shares at $45.92; the price of $62.44 is 36% above that value.
Leak Score 40/100 on 9 of 12 signals
Book value at 2.50x, the multiple a 25.7% return on equity justifies, blended with earnings, values the shares at $96.90; the price of $170.01 is 75% above that value.
Leak Score 48/100 on 10 of 12 signals
| Metric | BRO | MRSH |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $62.44 | $170.01 |
| Intrinsic value | $45.92 | $96.90 |
| Margin of safety | -36% | -75% |
| Leak Score | 40/100 (9/12) | 48/100 (10/12) |
| Market cap | $20.9B | $81.1B |
| Revenue growth, 5 years | 17.7% | 9.4% |
| Operating margin | 29.5% | 24.3% |
| Net margin | 17.5% | 14.2% |
| Return on equity | 9.8% | 25.7% |
| Debt to equity | 0.64 | 1.47 |
| P/E | 19.7x | 20.8x |
| Forward P/E | 12.9x | 14.9x |
| P/B | 1.6x | 5.3x |
| Dividend yield | 1.1% | 2.2% |