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Arthur J. Gallagher & Co.

AJG Financial Insurance Brokers

Arthur J. Gallagher & Co.’s revenue for fiscal 2025 (year ended December 2025) was $13.9 billion, up 20.7% from fiscal 2024.

Revenue
+18.1%
EPS
+49.2%
Free cash flow
+91.2%
Total debt
−3.02%

Quarter to September 2026, against a year earlier

282.62 5.49 −1.91%
Market cap
$73.9B
P/E
43.4×
Fwd P/E
38.3×
Dividend yield
0.96%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Brokerage
  • Risk Management
  • Corporate

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 40.03
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 3 — — 1 — 2 2 — 3
Insider Ownership 2.02%

Capital & Financial Ratios $m

Size
Market Cap 73,880.00
Revenue ttm 16,364.40
Net income ttm 1,573.00
Free cash flow ttm 2,285.00
Net debt Q 10,522.00
Valuation
P/E 43.38 (above 35: high)
Forward P/E 38.30 (above 35: high)
Price / sales 4.51
Forward P/S Powerpack
Price / FCF 32.32
Price / book 3.07
Financial health
Current ratio Q 1.05
Debt / equity Q 0.49
Interest coverage Q 4.07
Growth
Revenue growth Q +18.14% (above 0%: growing)
Operating income growth Q +34.53% (above 0%: growing)
EPS, this year +22.58% (at or above 15%: strong)
EPS, next year A +13.25%
Revenue, next year A +19.01% (at or above 10%: strong)
EPS, past 5 yrs +6.45%
EPS, next 5 yrs A +16.26% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 80.56%
10-year low 10-year high
P/S against its own 10 years 69.38%
10-year low 10-year high
P/B against its own 10 years 39.42%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.96%
Annual rate
2.75
Payout ratio
42.0%
Growth, 2017–25
+6.59%/yr
  1. 1.56 ’17
  2. 1.64 ’18 +5
  3. 1.72 ’19 +5
  4. 1.80 ’20 +5
  5. 1.92 ’21 +7
  6. 2.04 ’22 +6
  7. 2.20 ’23 +8
  8. 2.40 ’24 +9
  9. 2.60 ’25 +8
  10. 2.78 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 972 14,987 1,396 1,213
Receivables 3,787 3,896 5,175 5,977
Inventory — — — —
Other 27,358 25,230 27,785 35,131
32,116 44,113 34,356 42,321
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other 26,908 24,712 26,899 34,345
31,065 29,260 32,519 40,196

Compound Annual Growth %

10y 5y 3y
Sales 9.96% 14.76% 17.70%
Cash Flow 10.90% 1.32% 11.56%
Earnings 15.40% 12.78% 10.27%
Book Value 20.27% 30.23% 36.45%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.01 Actual 3.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.35 2.38 Beat by 0.03
Q1 FY26 4.40 4.47 Beat by 0.07
Q2 FY26 2.84 2.84 Met by 0.00
Q3 FY26 3.01 3.00 Miss by 0.01
Q4 FY26 2.81 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.16 1.25 1.57 — —
’25 2.72 1.40 1.04 0.58 5.74
’24 2.74 1.27 1.39 1.12 6.50
’23 2.24 1.07 1.28 (0.15) 4.42
’22 2.05 1.33 1.19 0.63 5.19
’21 1.92 0.92 1.06 0.51 4.37
’20 1.79 0.79 0.90 0.72 4.20
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,758 4,003 3,976 — —
’25 3,727 3,222 3,366 3,627 13,942
’24 3,257 2,775 2,807 2,716 11,555
’23 2,706 2,442 2,492 2,432 10,072
’22 2,435 2,043 2,044 2,028 8,551
’21 2,165 1,934 2,138 1,973 8,209
’20 1,867 1,584 1,849 1,704 7,004
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 957 10 — — —
’25 872 (424) 729 753 1,930
’24 789 120 935 739 2,583
’23 429 12 897 694 2,032
’22 217 (76) 642 608 1,390
’21 219 470 521 182 1,392
’20 109 694 585 420 1,807
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 921 (41) — — —
’25 844 (464) 692 713 1,785
’24 760 88 898 696 2,441
’23 399 (47) 838 648 1,838
’22 179 (130) 593 566 1,207
’21 192 438 477 157 1,264
’20 79 664 565 400 1,708
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 49.2% a year for ten years. It grew 5.6% a year over the last ten.

Implied
49.2%
10 years, reported
5.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,681 6,249 6,934 7,195 7,004 8,209 8,551 10,072 11,555 13,942 16,364 +10.5% 16,592 18,112 19,561 +11.9%
Gross margin, % 30.54 29.86 30.17 34.78 37.91 37.87 43.60 43.60 43.56 43.75 43.22 +13.2 pt
EBT 334 360 479 626 871 975 1,327 1,185 1,875 1,871 2,150 +21.1%
EBT margin, % 5.87 5.76 6.91 8.70 12.44 11.88 15.52 11.77 16.23 13.42 13.14 +7.6 pt
Net income 430 517 676 716 858 955 1,116 966 1,471 1,503 1,573 +14.9%
Per share, $
Per share, $ Revenue 31.98 34.70 37.95 38.68 36.67 40.50 40.66 46.87 52.40 54.44 63.75 +6.1%
Earnings 2.33 2.57 3.40 3.52 4.29 4.47 5.30 4.51 6.67 5.83 6.63 +10.7%
Cash flow 3.66 4.74 4.19 6.40 9.46 6.87 6.61 9.46 11.71 7.54 0.00 +8.4%
Capex (1.23) (0.72) (0.68) (0.75) (0.52) (0.63) (0.87) (0.90) (0.64) (0.57) 0.00 (8.2%)
Free cash flow 2.43 4.03 3.51 5.66 8.94 6.23 5.74 8.55 11.07 6.97 0.00 +12.4%
Book value 20.58 23.87 25.01 28.04 32.63 42.23 43.70 50.33 91.52 91.16 93.78 +18.0%
Shares, m 178 180 183 186 191 203 210 215 221 256 257 +4.2%
Valuation, ×
Valuation, × P/E 22.42 21.18 21.30 26.60 28.90 37.54 35.47 49.89 43.40 44.31 43.38 33.1
P/S 1.63 1.79 1.94 2.46 3.37 4.19 4.61 4.80 5.42 4.75 4.51 3.5
P/B 2.54 2.60 2.95 3.40 3.79 4.02 4.29 4.47 3.10 2.84 3.07 3.4
EV/Sales 1.67 1.85 2.07 2.63 3.47 4.35 5.17 5.40 5.22 5.52 — 3.7
EV/FCF 21.97 15.98 22.35 17.97 14.24 28.28 36.61 29.59 24.72 43.13 — 25.5
Cash, $m
Cash, $m Operating cash flow 650 854 765 1,191 1,807 1,392 1,390 2,032 2,583 1,930 2,449 +12.9%
Capex (218) (129) (124) (139) (99) (129) (183) (194) (142) (145) (164) (4.4%)
Free cash flow 432 725 641 1,052 1,708 1,264 1,207 1,838 2,441 1,785 2,285 +17.1%
Balance, $m
Balance, $m Working capital (196) 539 425 197 989 935 947 1,051 14,853 1,837 2,125 n/m
Net debt 207 387 855 1,192 692 1,344 4,824 6,035 (2,255) 10,708 10,522 +55.0%
Shareholders’ equity 3,656 4,300 4,570 5,216 6,233 8,560 9,190 10,815 20,180 23,347 24,071 +22.9%
Returns, %
Returns, % ROA 3.54 3.65 4.06 3.72 3.90 3.26 3.11 2.16 2.53 2.21 2.15 (1.3) pt
ROIC 7.17 6.45 7.12 7.86 9.63 7.58 7.06 5.50 7.87 4.61 5.07 (2.6) pt
ROE 10.81 12.10 14.29 13.67 14.30 12.26 12.55 9.70 9.44 6.86 7.18 (4.0) pt
People
People Employees 24,800 26,800 30,400 33,300 32,401 39,000 44,000 52,000 56,000 72,000 — +12.6%
Revenue/emp, $m 0.23 0.23 0.23 0.22 0.22 0.21 0.19 0.19 0.21 0.19 — (1.8%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Arthur J. Gallagher & Co. is an insurance broker, reinsurance broker, consultant and third-party property/casualty claims administrator. Founded in 1927 and headquartered in Itasca, it is led by Chairman and Chief Executive Officer J. Patrick Gallagher, Jr.

Its brokers and consultants help companies, public bodies, nonprofit organizations and individuals buy insurance, arrange reinsurance, manage risks and run employee-benefit programs. In plain English, it connects clients seeking protection against losses with insurance companies and other risk-taking providers that supply the capital for those losses. It generally does not keep the underwriting risk itself.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Brokerage 12,192 87.45%
Risk Management 1,749 12.54%
Corporate 1 0.01%
Gross margin 43.75%
Operating margin 18.00%
Pre-tax margin 13.42%

Revenue by segment since 2009

Arthur J. Gallagher & Co. vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRSH Marsh $99.6B 24.8× 23.3× +8.06% (above 0%: growing) +11.84% (above 0%: growing) −30.50% (below 0%: shrinking) 100.00% 17.70% Compare
AJG Arthur J. Gallagher & Co. $73.9B 43.4× 38.3× +18.14% (above 0%: growing) +49.23% (above 0%: growing) +91.16% (above 0%: growing) 43.74% 17.18%
AON Aon plc $73.1B 18.7× 22.9× +2.60% (above 0%: growing) +5.66% (above 0%: growing) +1.67% (above 0%: growing) 44.53% 19.73% Compare
WTW Willis Towers Watson Public Limited Company $31.0B 20.4× 18.8× +7.52% (above 0%: growing) +4.17% (above 0%: growing) +13.37% (above 0%: growing) 100.00% 17.44% Compare
BRO Brown & Brown, Inc. $24.7B 20.3× 20.5× +7.41% (above 0%: growing) +9.04% (above 0%: growing) +9.07% (above 0%: growing) 50.32% 24.35% Compare
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38% Compare
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%) Compare
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
Median of peers $19.0B 22.9× 21.8× +7.47% +9.04% +6.54% 47.42% 17.76%

All 23 Insurance Brokers stocks →

From the latest earnings call

Updated

  • CEO J. Patrick Gallagher Jr. said new business, retention and exposure growth supported organic growth as insurance rates contributed less than in recent years.
  • CFO Douglas Howell said Assured Partners’ back-office systems were integrated and that its synergies contributed to brokerage margin expansion in the quarter.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 93.07%
Held by the ten largest 54.94%
Holder Shares Stake Change
Vanguard 31.91m 12.45% +178.73k
BlackRock 19.82m 7.73% +515.07k
Fidelity (FMR) 18.65m 7.27% +4.02m
Capital Group 17.48m 6.82% −2.40m
JPMorgan Chase 14.36m 5.60% −5.21m
State Street 11.30m 4.41% +329.87k
Dodge & Cox 9.36m 3.65% +2.01m
Norges Bank 6.73m 2.63% +6.73m
Geode Capital Management 6.30m 2.46% +55.23k
EAGLE CAPITAL MANAGEMENT LLC 4.89m 1.91% +2.23m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 20.75m 31.45m 91.98
2024 17.45m 49.40m 127.35
2023 15.50m 33.00m 120.50
2022 14.19m 23.19m 112.43
2021 13.88m 36.17m 139.01

Ownership

Directors and executive officers, together 1.40%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 9.90%
JP Morgan Chase & Co.383 Madison Ave,New York, NY 7.80%
BlackRock, Inc.50 Hudson YardsNew York, NY 6.90%
Capital World Investors333 South Hope St, 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Arthur J. Gallagher & Co. (AJG) Latest News

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · MarketBeat
Impact 4 · earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · PR Newswire

19 Oct

Impact 3 · · PR Newswire

14 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · PR Newswire

13 Oct

Impact 3 · · Barchart
Impact 3 · · StockStory

7 Oct

Impact 3 · · MT Newswires
Impact 3 · · PR Newswire

6 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks

5 Oct

Impact 4 · · PR Newswire

2 Oct

Impact 3 · · StockStory

1 Oct

Impact 3 · · PR Newswire

30 Sep

Impact 3 · · 24/7 Wall St.

AJG metrics, ten years each

stockrow.com/AJG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com