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Global insurance broker and risk-management/consulting firm serving businesses of all sizes.
Global insurance broker and risk-management/consulting firm serving businesses of all sizes.
Earns commissions paid by insurers and negotiated fees from clients for arranging cover, plus fees for running other firms' claims processing. Growth leans on frequent purchases of local and specialty brokers, which it folds into its network. It built its reinsurance arm, Gallagher Re, by buying Willis Re in 2021.
Moat: narrow (scale, distribution, brand). Serial acquirer with broad carrier relationships and local broker networks that are costly to replicate.
Headquarters: Rolling Meadows, Illinois, US · Founded: 1927 · Employees: 72,000
Size Arthur J. Gallagher & (AJG) is a United States Financials company (Insurance Brokers/Services) with a market value of $72.2B, the 187th largest of 3,117 United States companies the cockpit tracks. Shares closed at $281.61 on 6 Nov 2026.
Performance Over six months the shares gained 42.1%, against +25.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 6 in its peer set.
Growth Revenue grew 25.6% over the last twelve months (peer median +4.8%); the operating margin is 17.4% (peer median 23.9%).
Valuation It trades at 3.00× book value against a peer median of 3.91× (3rd cheapest of 6).
Price implies The share price implies a return on equity of about 15.6%; Arthur J. Gallagher & delivers 7.2%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $1.03B at 30 Sep 2026, up 15% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Arthur J. Gallagher & has 13 bonds outstanding ($8.70B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 93 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $16.4B | $13.9B | $11.6B | $9.93B | $8.42B |
| Revenue growth | — | +21% | +16% | +18% | — |
| Gross profit | $14.8B | $12.7B | $10.6B | $9.23B | $7.80B |
| EBITDA | $4.26B | $3.68B | $3.12B | $2.56B | $2.27B |
| Net income | $1.70B | $1.49B | $1.46B | $970M | $1.11B |
| Free cash flow | n/a | $1.78B | $2.44B | $1.84B | $1.21B |
| Capital expenditure | n/a | $145M | $142M | $194M | $183M |
| Total debt | $13.5B | $13.5B | $13.5B | $8.32B | $6.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
| Aon AON | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% |
| Willis Towers Watson WTW | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AJG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.3% | +13.1% | 2nd highest of 6 |
| 6-month return | +42.1% | +25.5% | highest of 6 |
| Return on equity | 7.2% | 20.2% | lowest of 6 |
| Price / book | 3.00× | 3.91× | 3rd cheapest of 6 |
| Trailing P/E | 43.0× | 20.1× | most expensive of 6 |
| ROE the price implies | 15.6% | 19.0% | 2nd least demanding of 6 |
| ROE delivered | 7.2% | 20.2% | lowest of 6 |
| Bond spread | 93 bp | 91 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Arthur J. Gallagher & AJG | United States | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% | 7.2% |
| Aon AON | United States | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% | 43.6% |
| Assicurazioni Generali G.MI | Italy | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% | 14.7% |
| Marsh McLennan MRSH | United States | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% | 27.1% |
| Willis Towers Watson WTW | United States | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% | 20.2% |
| Brown & Brown BRO | United States | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% | 9.6% |
Arthur J. Gallagher & has 13 bonds outstanding with $8.70B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.83%, a spread of 93 bp over government bonds.
Arthur J. Gallagher & reported $1.03B of remaining performance obligations at 30 Sep 2026, up 15% from a year earlier and up 7% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.