— Know what they know.
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Not Investment Advice

AJG

NYSE · USD
Arthur J. Gallagher & Co.
Financial Services · Insurance - Brokers
CEO J. Patrick Gallagher Jr. Employees 72,000 R&D / revenue 0.0%
Last price
$254.88+1.91%last session
Market cap
$65.3B
P/E (TTM)
41.8x
From 52w high
−10.4%
From 52w low
+33.6%
1-year return
−8.8%
RSI 14 · vs SMA200
65.6 · +10.0%
IS score
52.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AJG   SPY   XLF (sector ETF) · weekly closes
708090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107AJG 91

Score DNA

Each bar is a 0-100 score within the scored universe
43
Profitability
55
Growth
45
Value
82
Momentum
100
Risk (safety)
78
Quality
56
Balance sheet
73
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for AJG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 7 / 9Beta 0.513 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
5 open-market sales, $8.2M
Form 144 notices (12m): 17, $38.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
5
Last disclosed purchase 2026-06-10
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+48
166 new holders, 106 closed
1,298 filers hold 93.9% · 465 added, 483 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+196
1,132 funds adding shares
936 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
64.7%
20-day avg 56.7%, 50-day avg 60.3%
Latest 8.0 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$13.9B
Revenue growth YoY+20.7%
Gross margin54.8%
Operating income$2.5B
Operating margin18.3%
Net income$1.5B
Net margin10.7%
EPS (diluted)$5.75
Cash flow
Operating cash flow$1.9B
Capital expenditure$145.0M
Free cash flow$1.8B
FCF conversion (FCF / OCF)92.5%
Stock-based compensation$0
FCF less SBC$1.8B
Buybacks$0
Dividends$667.0M
Balance sheet & returns
Cash & short-term investments$1.4B
Total debt$13.5B
Net debt$12.1B
Shareholders' equity$23.3B
Goodwill & intangibles$33.3B
Debt / equity0.09
ROE (TTM)6.7%
ROIC (TTM)5.3%
Operating margin by fiscal year
16.1%FY202119.4%FY202218.5%FY202319.8%FY202418.3%FY2025
Revenue $8.2B (FY2021) to $13.9B (FY2025), a 14.2% CAGR.

Valuation

P/E (TTM)41.8x
EV / EBITDA16.6x
Price / sales4.15x
Price / FCF28.6x
FCF yield3.50%
Buyback yield0.00%
SBC / revenue0.3%
Price / book2.76x
Forward P/E FY202619.4x
Forward P/E FY202717.2x
Forward P/E FY202815.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $284.08 across 12 analysts last quarter is theirs, not ours.

AJG vs industry median

33 companies in Insurance - Brokers
Gross margin 74.6% 36.9% Operating margin 17.0% 9.6% Net margin 10.0% 5.5% ROIC 5.3% 8.7%
AJG (TTM)Industry median Asset turnover 0.19 vs industry 0.60 · financial leverage 3.45

Earnings delivery

Next report 2026-10-29 · consensus EPS $2.99
75%
beat rate, 9 of 12 quarters
+1.1%
median EPS surprise
4
longest beat streak
+3+1+2+1+0+5+3-1-8+1+1+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AJG Arthur J. Gallagher & Co. $65.3B41.8x6.7%10.0%+20.7% −8.8%
AON Aon plc $62.1B16.0x44.7%13.0%+4.9% −13.9%
MMC Marsh & McLennan Companies, $89.8B21.8x26.9%11.8%+7.6% −5.9%
WLTW Willis Towers Watson Public $24.7B14.3x19.8%9.3%+6.7% —
BRO Brown & Brown, Inc. $23.2B19.2x10.0%17.2%+39.6% −20.4%
APO Apollo Global Management, In $65.4B24.0x14.3%12.1%+34.6% −8.0%
MET MetLife, Inc. $64.0B19.2x13.2%3.9%+9.0% —
ALL The Allstate Corporation $62.7B4.9x46.1%17.6%+5.4% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-08-27Officer/Director Change
2026-07-30Earnings Release; Regulation FD
2026-07-29Other Events
2026-06-17Regulation FD
2026-05-13Shareholder Vote
2026-04-30Earnings Release; Regulation FD; Exhibits

Context

Shares outstanding256,341,000
Free float98.9%
Institutional ownership93.9%
Beta0.51
Dividend yield1.08%
Last dividend$0.70 on 2026-09-08
50 / 200-day average$246.06 / $231.93
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AJG sits among 14 scored companies in Insurance - Brokers (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAJGIndustry medianIndustry percentileSector median
P/E (TTM) 41.6x 26.9x
82nd		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 6.84 1.32
100th		 1.04
Price / sales 4.1x 3.3x
77th		 2.5x
Price / book 2.8x 4.5x
9th		 1.3x
Price / tangible book —
Price / free cash flow 28.6x 19.1x
75th		 11.8x
Price / operating cash flow 26.7x 17.6x
75th		 11.7x
Enterprise value $66.0B $4.4B
85th		 $3.4B
EV / sales 4.2x 3.9x
62nd		 6.0x
EV / EBITDA 16.5x 12.9x
58th		 13.0x
EV / EBIT 24.8x 16.5x
82nd		 15.5x
EV / free cash flow 28.8x 23.6x
75th		 15.9x
Earnings yield 2.4% 3.3%
31st		 7.9%
FCF yield 3.5% 5.1%
31st		 6.3%
Operating cash flow yield 3.8% 5.4%
31st		 7.8%
Graham number (per share) $111.85 $37.36
78th		 $50.71

Profitability (TTM)

MeasureAJGIndustry medianIndustry percentileSector median
Gross margin 74.6% 56.4%
77th		 71.9%
EBITDA margin 25.4% 25.0%
54th		 37.9%
Operating margin 17.0% 18.6%
46th		 23.3%
EBIT margin 16.9% 17.4%
46th		 23.3%
Net margin 10.0% 9.4%
54th		 18.7%
NOPAT margin 13.5% 15.8%
38th		 18.7%
FCF margin 14.5% 15.0%
38th		 23.3%
Operating cash flow margin 15.6% 16.5%
38th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 35.7% 5.4%
92nd		 20.1%
Stock comp / revenue 0.3% 1.5%
17th		 0.7%
Effective tax rate 20.6% 21.4%
31st		 21.0%

Returns on capital

MeasureAJGIndustry medianIndustry percentileSector median
ROE (on average equity) 6.7% 13.5%
18th		 11.9%
ROA 1.9% 3.7%
23rd		 1.4%
ROIC 8.7% 11.7%
38th		 7.8%
ROCE 6.9% 12.7%
23rd		 5.8%
Return on tangible assets 3.3% 7.4%
15th		 2.0%
Cash ROIC (OCF / invested capital) 10.1% 14.0%
27th		 11.4%
Gross profitability (GP / assets) 14.4% 24.6%
15th		 10.3%
ROIC, 3-yr average 6.0% 6.8%
22nd		 7.1%
ROIC, 5-yr average 7.0% 9.8%
38th		 7.3%
ROE, 5-yr average 9.3% 12.7%
12th		 10.7%
Incremental ROIC -7.8% -10.9%
55th		 8.4%

Growth

MeasureAJGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 26.3% 15.2%
80th		 7.1%
Revenue growth (QoQ) -15.9% 2.5%
0th		 2.8%
Revenue CAGR, 3 yr 19.6% 14.7%
78th		 10.8%
Revenue CAGR, 5 yr 15.5% 11.3%
62nd		 11.3%
Gross profit CAGR, 3 yr 44.5% 12.5%
89th		 18.0%
Operating income CAGR, 3 yr 15.3% 19.4%
38th		 8.8%
Net income growth (TTM YoY) -4.4% 18.9%
22nd		 24.7%
Net income CAGR, 3 yr 12.1% 18.1%
0th		 9.4%
EPS growth (TTM YoY) -3.8% 21.2%
22nd		 25.1%
EPS CAGR, 3 yr 6.1% 18.3%
0th		 7.3%
EPS CAGR, 5 yr 7.0% 7.2%
43rd		 4.2%
FCF growth (TTM YoY) 16.0% 15.9%
56th		 15.9%
FCF CAGR, 3 yr 27.5% 27.5%
50th		 8.5%
Operating cash flow CAGR, 3 yr 24.1% 19.2%
75th		 8.4%
Book value CAGR, 3 yr 24.5% 24.5%
50th		 8.9%
Dividend CAGR, 3 yr -0.5% 2.6%
0th		 1.9%
Sustainable growth rate 3.7% 11.7%
11th		 8.3%

Margin history & stability

MeasureAJGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 53.4% 52.6%
67th		 63.4%
Operating margin, 3-yr average 19.1% 16.3%
67th		 21.4%
Net margin, 3-yr average 11.2% 8.7%
78th		 16.5%
FCF margin, 3-yr average 17.2% 15.7%
56th		 28.2%
Revenue stability (0-1) 0.92 0.90
60th		 0.86
Earnings stability (0-1) 0.85 0.75
70th		 0.37
Margin stability (0-1) 0.68 0.81
30th		 0.81

Liquidity (latest quarter)

MeasureAJGIndustry medianIndustry percentileSector median
Cash & short-term investments $1.4B $176.4M
85th		 $145.5M
Net cash (− = net debt) −$631.0M −$490.1M
46th		 −$676.0M
Working capital $2.3B $392.0M
92nd		 $86.3M
Current ratio 1.05 1.19
8th		 1.19
Quick ratio 1.05 1.19
17th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.03 0.23
0th		 0.55
Defensive interval (days) 301 days 554 days
23rd		 417 days

Leverage & solvency (latest quarter)

MeasureAJGIndustry medianIndustry percentileSector median
Total debt $2.0B $1.2B
54th		 $1.2B
Debt / equity 0.09 1.19
18th		 0.81
Net debt / equity 0.03 0.90
27th		 0.66
Debt / assets 2.5% 30.8%
8th		 33.5%
Debt / capital 7.8% 53.6%
18th		 44.6%
Debt / EBITDA 0.50 2.91
17th		 3.20
Net debt / EBITDA 0.16 2.17
17th		 2.19
Interest coverage (EBIT / interest) 4.1x 4.6x
42nd		 2.9x
Cash interest coverage 3.8x 5.1x
25th		 3.7x
Debt payback (years of OCF) 0.8 yrs 4.2 yrs
17th		 3.7 yrs
Liabilities / assets 71.0% 75.4%
31st		 86.2%
IS credit model rating A+ — —
Implied credit spread (bps) 125 200
15th		 175

Efficiency

MeasureAJGIndustry medianIndustry percentileSector median
Asset turnover 0.19 0.64
0th		 0.15
Fixed asset turnover 11.73 12.77
42nd		 11.68
Inventory turnover —
Receivables turnover 2.9 7.6
0th		 8.2
Days sales outstanding 125 days 50 days
100th		 43 days
Days inventory outstanding —
Days payables outstanding 0 days 39 days
0th		 39 days
Cash conversion cycle (days) 125 days 20 days
100th		 0 days
Capex / revenue 1.0% 1.2%
33rd		 0.2%
Capex / depreciation 0.12 0.29
25th		 0.13
Operating expense ratio 66.2% 23.0%
69th		 38.9%

Cash flow & earnings quality

MeasureAJGIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.56 1.82
45th		 1.28
FCF / net income 1.46 1.78
45th		 1.15
FCF / operating cash flow 93.3% 92.4%
64th		 98.5%
Capex / operating cash flow 6.7% 7.6%
36th		 0.6%
Accruals ratio -1.1% -4.5%
85th		 -2.0%
Sloan accruals ratio -17.7% -1.7%
15th		 -0.6%
Earnings quality score (0-1) 1.00 0.75
64th		 0.75

Dividends & buybacks

MeasureAJGIndustry medianIndustry percentileSector median
Dividend yield 1.1% 1.0%
62nd		 2.3%
Dividend per share (TTM) $2.75 $0.30
77th		 $1.03
Payout ratio (dividends / net income) 44.2% 39.5%
55th		 30.0%
Dividends / FCF 30.3% 15.1%
75th		 49.0%
Dividend growth (YoY) 17.1% 13.1%
71st		 6.4%
Buyback yield 0.7% 2.8%
15th		 1.7%
Shareholder yield (dividends + buybacks) 1.8% 4.3%
23rd		 5.2%
Share count change (YoY) -0.7% -2.0%
82nd		 -0.3%
Buybacks, last 5 years $790.0M $288.0M
69th		 $85.3M

Scores & forensic checks

MeasureAJGIndustry medianIndustry percentileSector median
IS score 52 52
46th		 53
IS profitability 43 55
38th		 59
IS growth 55 60
30th		 57
IS value 45 47
46th		 77
IS momentum 82 83
40th		 76
IS risk (safety) 100 100
31st		 65
IS quality 78 68
85th		 71
IS balance sheet 56 43
85th		 51
IS earnings quality 73 64
92nd		 74
IS cash flow 78 69
100th		 71
Piotroski F-score (0-9) 7 6
62nd		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −7.35 −7.08
46th		 −6.00
IS credit score 79 66
85th		 68

Per share

MeasureAJGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $6.06 $1.20
77th		 $3.36
Book value per share $91.68 $7.64
100th		 $28.13
Tangible book per share −$36.98 −$14.22
15th		 $21.49
Revenue per share $60.90 $24.83
85th		 $17.62
FCF per share $8.84 $2.86
85th		 $1.99
Operating cash flow per share $9.48 $3.60
85th		 $2.45
Cash per share $5.36 $2.69
77th		 $1.75

Size (TTM)

MeasureAJGIndustry medianIndustry percentileSector median
Market cap $65.3B $3.4B
92nd		 $2.5B
Revenue $15.8B $1.5B
85th		 $1.0B
EBITDA $4.0B $149.9M
85th		 $269.3M
Net income $1.6B $75.3M
85th		 $168.0M
Free cash flow $2.3B $105.5M
85th		 $160.0M
Total assets $81.8B $3.5B
100th		 $8.5B
Shareholders' equity $23.7B $492.8M
100th		 $1.5B
Employees 67,456 8,057
92nd		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-15Cary Richard C
Controller, CAO
 Open-market sale 1,000$252.86$252,85846,819
2026-09-08Gallagher J Patrick Jr
Director, CEO
 Gift 49,988——0
2026-09-08Gallagher Patrick Murphy
Chief Operating Officer
 Gift 49,988——148,093
2026-09-02Hudson Scott R
Vice President
 Open-market sale 12,000$264.13$3.2M90,262
2026-09-02Hudson Scott R
Vice President
 Option exercise 12,000$86.17$1.0M12,370
2026-09-02Hudson Scott R
Vice President
 Option exercise 12,000$86.17$1.0M102,262
2026-09-01Miskel Christopher C.
Director
 Award / grant 153$262.00$40,00010,826
2026-08-24Bay Walter D.
General Counsel
 Open-market sale 12,000$270.08$3.2M71,292
2026-08-19Mead Christopher E
VICE PRESIDENT
 Open-market sale 3,500$257.02$899,58722,223
2026-08-19Mead Christopher E
VICE PRESIDENT
 Option exercise 3,500$86.17$301,59525,723
2026-08-19Mead Christopher E
VICE PRESIDENT
 Option exercise 3,500$86.17$301,5957,590
2026-08-16Bloom Mark H.
Vice President
 Option exercise 1,280——5,023

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired119,463$128,750
DiscretionaryDisposed112,954—
GiftDisposed388,486—
GiftAcquired264,686—
Open-market saleDisposed531,500$8.2M
Option exerciseAcquired619,651$2.0M
Option exerciseDisposed619,651$1.3M
Tax withholdingDisposed1607$152,438
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 17 notices · 158,850 shares · $38.5M
FiledFilerShares proposedEst. proceeds
2026-09-15Matrix Trust Co15,000$3.8M
2026-09-15Cary Richard C1,000$252,858
2026-09-02Hudson Scott R12,000$3.2M
2026-08-24Walter D. Bay12,000$3.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 34 trades (18 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25Michael McCaulHouseSale$1,001 - $15,0002026-10-16
2026-06-10Michael McCaulHousePurchase$1,001 - $15,0002026-07-13
2026-06-10Michael T. McCaulHousePurchase$1,001 - $15,0002026-07-13
2026-06-03Michael McCaulHousePurchase$1,001 - $15,0002026-07-13
2014-10-20John HoevenSenatePurchase$100,001 - $250,0002014-10-22
2014-06-19Susan M. CollinsSenateSale (Full)$1,001 - $15,0002015-07-20
2014-06-19Susan M. CollinsSenateSale (Full)$1,001 - $15,0002015-07-19
2014-06-19Susan M. CollinsSenateSale (Full)$1,001 - $15,0002015-05-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.19,822,870$4.6B7.73%
FMR LLC18,645,620$4.3B7.27%
VANGUARD CAPITAL MANAGEMENT LLC16,777,183$3.9B6.54%
JPMORGAN CHASE & CO14,249,026$3.2B5.56%
Capital World Investors12,511,991$2.9B4.88%
VANGUARD PORTFOLIO MANAGEMENT LLC12,454,725$2.9B4.86%
STATE STREET CORP11,303,790$2.6B4.41%
DODGE & COX9,363,634$2.1B3.65%
NORGES BANK6,733,790$1.5B2.63%
GEODE CAPITAL MANAGEMENT, LLC6,298,870$1.4B2.46%
PRINCIPAL FINANCIAL GROUP INC3,494,796$802.3M1.36%
GOLDMAN SACHS GROUP INC2,818,022$646.9M1.10%
Capital Research Global Investors2,585,853$593.6M1.01%
WCM INVESTMENT MANAGEMENT, LLC2,425,562$550.9M0.95%
GTCR LLC2,373,773$544.9M0.93%

Institutional ownership by quarter

2023-092026-0693.9%
% of shares held by 13F filers
2023-092026-061,298
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,29893.9%166465483106
2026-03-311,25089.5%154433474182
2025-12-311,30391.3%159396567171
2025-09-301,34587.8%115511490138
2025-06-301,38689.0%140569476102
2025-03-311,36489.2%180551449123
2024-12-311,33090.6%22356033479
2024-09-301,20673.2%12243545160
2024-06-301,15573.8%11246138578
2024-03-311,13772.6%13843539876
2023-12-311,08672.6%16741235863
2023-09-301,00072.2%9637535057

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital World Investors5.0%12,769,747
2026-07-27SCHEDULE 13G/AJPMORGAN CHASE & CO.5.5%14,160,776
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%19,243,850
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.9B
VTSAX0.08%$1.9B
VSMPX0.08%$1.9B
VTI0.08%$1.9B
VOO0.09%$1.5B
VFFSX0.09%$1.5B

Share structure

Shares outstanding256,341,000
Float253,516,582
Free float98.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$8.2B$8.6B$10.1B$11.6B$13.9B
Cost of revenue$5.2B$5.0B$5.8B$6.7B$6.3B
Gross profit$3.0B$3.6B$4.2B$4.9B$7.6B
R&D$0$0$0$0$0
SG&A$3.9B$4.8B$5.7B$6.5B$7.0B
Operating income$1.3B$1.7B$1.9B$2.3B$2.5B
EBITDA$1.8B$2.2B$2.2B$3.1B$3.7B
Pretax income$975.1M$1.3B$1.2B$1.9B$1.9B
Income tax$20.1M$211.0M$219.1M$404.4M$368.3M
Net income$906.8M$1.1B$969.5M$1.5B$1.5B
EPS, diluted$4.37$5.19$4.42$6.53$5.75
Diluted shares207.3M214.7M219.3M223.9M260.3M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$402.6M$738.4M$971.5M$15.0B$1.4B
Receivables$12.4B$2.9B$3.8B$3.9B$5.2B
Inventory$0$0$0$0$0
Total current assets$17.7B$22.3B$32.1B$44.1B$34.4B
PP&E, net$859.4M$922.9M$1.1B$1.0B$1.4B
Goodwill & intangibles$12.6B$12.9B$16.1B$16.8B$33.3B
Total assets$33.3B$38.4B$51.6B$64.3B$70.7B
Accounts payable$13.8B$18.7B$0$0$0
Total current liabilities$16.7B$21.3B$31.1B$29.3B$32.5B
Long-term debt$5.8B$5.6B$7.0B$12.7B$12.6B
Total liabilities$24.8B$29.2B$40.8B$44.1B$47.3B
Shareholders' equity$8.6B$9.2B$10.8B$20.2B$23.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$955.0M$1.1B$966.0M$1.5B$1.5B
Depreciation & amortization$566.3M$599.6M$696.5M$842.3M$1.1B
Stock-based compensation$13.4M$24.4M$31.4M$117.5M$0
Change in working capital$199.5M$552.7M−$121.2M$40.9M−$539.0M
Operating cash flow$1.7B$1.4B$2.0B$2.6B$1.9B
Capital expenditure−$128.6M−$182.7M−$193.6M−$141.9M−$145.0M
Free cash flow$1.6B$1.2B$1.8B$2.4B$1.8B
Investing cash flow−$3.4B−$1.0B−$3.3B−$1.6B−$15.9B
Net debt issued / repaid$1.8B−$161.2M$1.9B$5.3B−$203.0M
Buybacks$0$0$0$0$0
Dividends paid−$392.0M−$429.5M−$473.6M−$525.4M−$667.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin36.1%42.0%42.2%42.2%54.8%
Operating margin16.1%19.4%18.5%19.8%18.3%
Net margin11.1%13.1%9.6%12.7%10.7%
FCF margin19.2%11.9%18.2%21.1%12.8%
ROE12.3%12.6%9.7%9.5%6.9%
ROIC8.8%9.4%8.4%9.6%5.7%
ROA3.3%3.1%2.2%2.5%2.2%
Debt / equity0.770.700.770.670.60
Interest coverage5.3x6.2x5.0x5.9x4.0x
Current ratio1.061.041.031.511.06
Revenue growth+16.9%+4.2%+18.0%+14.7%+20.7%
EPS growth+2.7%+21.2%−13.2%+41.3%−9.4%
P/E at year end38.3x35.5x49.3x44.5x45.1x
EV / EBITDA at year end23.1x20.7x25.3x20.5x21.8x
FCF yield at year end4.54%2.57%3.85%3.75%2.65%
Dividend payout43.2%38.5%48.8%35.9%44.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Brokerage Segment$6.0B$7.3B$8.6B$3.6B$4.2B
Commissions———$6.7B$8.0B
Risk Management Segment$1.1B$1.2B$1.4B——
Corporate Segment$1.1B$23.7M$1.7M——
Investment Performance———$473.2M$769.0M
Supplemental Revenue Member———$359.4M$466.0M
Contingent Revenue———$267.6M$324.0M

Revenue by region · FY2025

UNITED STATES$9.4B · 67%
UNITED KINGDOM$2.5B · 18%
Other Foreign$886.0M · 6%
AUSTRALIA$586.0M · 4%
CANADA$395.0M · 3%
NEW ZEALAND$207.0M · 1%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $2.99 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$16.5B$16.3B – $16.8B$13.13$12.80 – $13.701419.4x
2027$18.0B$17.5B – $18.5B$14.84$14.26 – $15.561417.2x
2028$19.5B$19.0B – $20.1B$16.66$14.15 – $18.41515.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$2.81$2.84+1.1%$4.0B$4.0B−1.3%
2026-04-30$4.43$4.47+0.9%$4.7B$4.7B−0.3%
2026-01-29$2.35$2.38+1.3%$3.6B$3.6B−0.3%
2025-10-30$2.51$2.32−7.6%$3.3B$3.4B+0.9%
2025-07-31$2.36$2.33−1.3%$3.2B$3.2B+0.5%
2025-05-01$3.57$3.67+2.8%$3.7B$3.7B+0.5%
2025-01-30$2.03$2.13+4.9%$2.7B$2.7B+0.4%
2024-10-24$2.26$2.260.0%$2.8B$2.8B+1.0%
2024-07-25$2.24$2.26+0.9%$2.8B$2.8B+0.3%
2024-04-25$3.41$3.49+2.3%$3.2B$3.3B+2.5%
2024-01-25$1.83$1.85+1.1%$2.4B$2.4B+3.2%
2023-10-26$1.94$2.00+3.1%$2.4B$2.5B+4.3%
2023-07-27$1.86$1.90+2.2%$2.4B$2.4B+3.4%
2023-04-27$3.00$3.03+1.0%$2.7B$2.7B+1.3%
2023-01-26$1.50$1.54+2.7%$2.0B$2.0B+3.2%
2022-10-27$1.67$1.72+3.0%$2.0B$2.0B+0.6%
2022-07-28$1.68$1.70+1.2%$2.0B$2.0B+0.9%
2022-04-28$2.77$2.81+1.4%$2.4B$2.4B+1.0%
2022-01-27$0.93$0.98+5.4%$1.9B$2.0B+3.2%
2021-10-28$1.21$1.33+9.9%$1.8B$2.1B+17.2%
2021-07-29$1.14$1.17+2.6%$1.6B$1.9B+23.1%
2021-04-29$1.84$2.02+9.8%$1.7B$2.2B+27.2%
2021-01-28$0.78$0.88+12.8%$1.5B$1.7B+18.1%
2020-10-29$0.92$1.08+17.4%$4.5B$1.8B−59.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.606-290.707-060.507-130.407-200.507-270.508-030.508-100.508-170.608-240.708-31
Week ofNotionalSharesTrades
2026-08-31$715.5M2,710,13566,951
2026-08-24$584.5M2,182,05457,211
2026-08-17$473.1M1,839,96251,805
2026-08-10$489.7M1,936,26654,129
2026-08-03$499.0M2,007,52354,070
2026-07-27$524.9M2,029,06564,935

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1564.7%
DateShort shareShort volumeTotal volume
2026-10-1564.7%597,181923,147
2026-10-1467.5%228,556338,564
2026-10-1354.8%186,241339,848
2026-10-1260.3%186,663309,339
2026-10-0956.1%272,162485,209
2026-10-0860.6%283,786468,427
2026-10-0746.4%176,171379,370
2026-10-0670.9%348,557491,325
2026-10-0542.3%216,351510,947
2026-10-0259.4%372,176626,598
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.0Jan-0.2Feb+1.2Mar+3.0Apr+1.2May+0.2Jun+2.3Jul+1.0Aug+0.3Sep+1.7Oct+2.9Nov+0.1Dec
MonthAvg returnUp yearsYears
Jan+1.0%65%20
Feb−0.2%60%20
Mar+1.2%67%21
Apr+3.0%55%20
May+1.2%60%20
Jun+0.2%55%20
Jul+2.3%65%20
Aug+1.0%60%20
Sep+0.3%55%20
Oct+1.7%55%20
Nov+2.9%85%20
Dec+0.1%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1465.6
MFI69.7
ADX22.4
Stochastic %K / %D93.8 / 89.5
Williams %R-1.3
CCI293
TSI / signal-1.3 / -15.2
Chaikin money flow0.06
ATR$6.59
Bollinger width12.4%
Volume vs 20-day avg0.64x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$232.90 (+9.4%)
SMA 50$245.98 (+3.6%)
SMA 200$231.80 (+10.0%)
EMA 21$237.98 (+7.1%)
EMA 50$240.75 (+5.9%)
EMA 200$242.16 (+5.3%)
Bollinger upper$247.38 (+3.0%)
Bollinger lower$218.42 (+16.7%)
Parabolic SAR$225.21 (+13.2%)
Open the live chart, 110+ indicators

About Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co., alongside its various subsidiaries, operates globally, providing a wide array of services that encompass insurance brokerage, expert consulting, and outsourced claims settlement and administration. Its geographic reach extends across the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. The company's business model is divided into two primary segments: Brokerage and Risk Management. The Brokerage division manages both retail and wholesale insurance operations. It also supports other brokers, including independent ones, in securing specialized or hard-to-place insurance coverage. This segment functions as a wholesale broker, managing general agent (MGA), and managing general underwriter (MGU) to distribute tailored insurance products to underwriting firms. Key activities within this segment include marketing, underwriting, policy issuance, premium collection, agent recruitment and supervision, claims payment, and reinsurance negotiations. It delivers essential brokerage and consulting solutions to a diverse client base, from commercial businesses, non-profit organizations, and public entities to individuals, specializing in insurance placement, managing loss exposure, and overseeing employer-sponsored benefit programs. The Risk Management segment focuses on offering contract-based claims settlement and administration services to businesses and public sector organizations. Its services also include comprehensive claims management, specialized loss control consulting, and independent insurance property appraisals. Arthur J. Gallagher & Co. delivers its extensive services through a broad network of associated insurance brokers and consultants. Its clientele is varied, serving commercial, industrial, public, religious, and non-profit organizations. The company was founded in 1927 and maintains its corporate headquarters in Rolling Meadows, Illinois.

https://www.ajg.com

Key executives

NameTitlePayBorn
J. Patrick Gallagher Jr.Chairman & Chief Executive Officer$11.7M1952
Douglas K. HowellCorporate Vice President & Chief Financial Officer$6.6M1962
Thomas Joseph GallagherPresident$6.3M1959
Walter D. BayVP, General Counsel & Secretary$5.5M1963
Patrick GallagherExecutive Vice President & Chief Operating Officer$5.4M1980
Scott R. HudsonPresident & Chief Executive Officer of Risk Management Services$3.5M1962
David R. LongVice President—1952
Kyle Graham KoreyvaChief Accounting Officer & Controller—1984

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Pat Gallagher Chairman and Chief Executive Officer2025$1.5M$6.6M$8.0M$20.7M
Doug Howell Chief Financial Officer2025$1.1M$2.0M$3.7M$10.0M
Tom Gallagher President2025$1.1M$2.2M$3.9M$10.0M
Patrick Gallagher Chief Operating Officer2025$900,000$1.7M$3.1M$8.3M
Walt Bay General Counsel and Secretary2025$850,000$1.6M$3.0M$8.3M

Employees

30k201833k201932k202039k202144k202252k202356k202472k2025

Dividends

Ex-dateAmountPaid
2026-09-08$0.72026-09-18
2026-06-05$0.72026-06-19
2026-03-06$0.72026-03-20
2025-12-05$0.652025-12-19
2025-09-05$0.652025-09-19
2025-06-06$0.652025-06-20
2025-03-07$0.652025-03-21
2024-12-06$0.62024-12-20

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage27
Intangibles55
Switching costs53
Network effect50
Efficient scale85
Our component scores (0-100) and overall 52.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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