Arthur J. Gallagher (AJG)
Market Price (2/3/2026): $245.33 | Market Cap: $63.0 BilSector: Financials | Industry: Insurance Brokers
Arthur J. Gallagher (AJG)
Market Price (2/3/2026): $245.33Market Cap: $63.0 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% | Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -44% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x, P/EPrice/Earnings or Price/(Net Income) is 39x |
| Low stock price volatilityVol 12M is 26% | Key risksAJG key risks include challenges tied to its aggressive acquisition strategy, Show more. | |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Cybersecurity, and Digital & Alternative Assets. Themes include Solar Energy Generation, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Cybersecurity, and Digital & Alternative Assets. Themes include Solar Energy Generation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -44% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x, P/EPrice/Earnings or Price/(Net Income) is 39x |
| Key risksAJG key risks include challenges tied to its aggressive acquisition strategy, Show more. |
Qualitative Assessment
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Arthur J. Gallagher (AJG) stock has remained largely at the same level since 10/31/2025 because of the following key factors:
1. Strong Q4 2025 Earnings Offset by Previous Shortfalls and Integration Costs.
Arthur J. Gallagher reported robust fourth-quarter 2025 financial results on January 29, 2026, with revenues reaching $3.59 billion, a 34% year-over-year increase that surpassed consensus estimates by 0.31%. Earnings per share (EPS) also rose 11.7% year-over-year to $2.38, beating analyst expectations by 1.28%. This marked the company's 20th consecutive quarter of double-digit top-line growth and included a 5% organic growth for the quarter. However, a prior Q3 2025 earnings report had missed EPS estimates, leading to a slight drop in share price. The positive Q4 results likely provided upward momentum, balancing out any lingering investor caution from previous misses and the ongoing costs associated with integrating recent acquisitions.
2. Mixed Analyst Sentiment and Target Price Adjustments.
During the period, analysts maintained a generally positive outlook with a consensus "Hold" or "Buy" rating for AJG, and an average price target around $283.18 as of late January 2026, suggesting potential upside. However, there were also instances of price target adjustments, such as Goldman Sachs lowering its target to $315 from $361 in early November 2025, despite maintaining a "Buy" rating. Barclays also issued an "Underweight" rating in January 2026. This mixed sentiment, with some firms lowering expectations while others maintained positive ratings, likely contributed to the stock consolidating at its current level as investors digested varying perspectives.
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1. Strong Q4 2025 Earnings Offset by Previous Shortfalls and Integration Costs.
Arthur J. Gallagher reported robust fourth-quarter 2025 financial results on January 29, 2026, with revenues reaching $3.59 billion, a 34% year-over-year increase that surpassed consensus estimates by 0.31%. Earnings per share (EPS) also rose 11.7% year-over-year to $2.38, beating analyst expectations by 1.28%. This marked the company's 20th consecutive quarter of double-digit top-line growth and included a 5% organic growth for the quarter. However, a prior Q3 2025 earnings report had missed EPS estimates, leading to a slight drop in share price. The positive Q4 results likely provided upward momentum, balancing out any lingering investor caution from previous misses and the ongoing costs associated with integrating recent acquisitions.
2. Mixed Analyst Sentiment and Target Price Adjustments.
During the period, analysts maintained a generally positive outlook with a consensus "Hold" or "Buy" rating for AJG, and an average price target around $283.18 as of late January 2026, suggesting potential upside. However, there were also instances of price target adjustments, such as Goldman Sachs lowering its target to $315 from $361 in early November 2025, despite maintaining a "Buy" rating. Barclays also issued an "Underweight" rating in January 2026. This mixed sentiment, with some firms lowering expectations while others maintained positive ratings, likely contributed to the stock consolidating at its current level as investors digested varying perspectives.
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Stock Movement Drivers
Fundamental Drivers
The -1.4% change in AJG stock from 10/31/2025 to 2/2/2026 was primarily driven by a -6.6% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 2022026 | Change |
|---|---|---|---|
| Stock Price ($) | 248.83 | 245.27 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,471 | 13,030 | 4.5% |
| Net Income Margin (%) | 13.2% | 12.3% | -6.6% |
| P/E Multiple | 38.8 | 39.3 | 1.2% |
| Shares Outstanding (Mil) | 256 | 257 | -0.2% |
| Cumulative Contribution | -1.4% |
Market Drivers
10/31/2025 to 2/2/2026| Return | Correlation | |
|---|---|---|
| AJG | -1.4% | |
| Market (SPY) | 2.0% | -3.7% |
| Sector (XLF) | 3.2% | 41.1% |
Fundamental Drivers
The -14.2% change in AJG stock from 7/31/2025 to 2/2/2026 was primarily driven by a -15.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2022026 | Change |
|---|---|---|---|
| Stock Price ($) | 285.87 | 245.27 | -14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,026 | 13,030 | 8.4% |
| Net Income Margin (%) | 13.0% | 12.3% | -5.2% |
| P/E Multiple | 46.7 | 39.3 | -15.9% |
| Shares Outstanding (Mil) | 255 | 257 | -0.7% |
| Cumulative Contribution | -14.2% |
Market Drivers
7/31/2025 to 2/2/2026| Return | Correlation | |
|---|---|---|
| AJG | -14.2% | |
| Market (SPY) | 10.3% | -4.0% |
| Sector (XLF) | 3.5% | 38.5% |
Fundamental Drivers
The -18.0% change in AJG stock from 1/31/2025 to 2/2/2026 was primarily driven by a -29.8% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2022026 | Change |
|---|---|---|---|
| Stock Price ($) | 299.20 | 245.27 | -18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,271 | 13,030 | 15.6% |
| Net Income Margin (%) | 10.4% | 12.3% | 18.2% |
| P/E Multiple | 56.0 | 39.3 | -29.8% |
| Shares Outstanding (Mil) | 219 | 257 | -14.5% |
| Cumulative Contribution | -18.0% |
Market Drivers
1/31/2025 to 2/2/2026| Return | Correlation | |
|---|---|---|
| AJG | -18.0% | |
| Market (SPY) | 16.6% | 24.0% |
| Sector (XLF) | 6.1% | 47.7% |
Fundamental Drivers
The 28.9% change in AJG stock from 1/31/2023 to 2/2/2026 was primarily driven by a 53.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2022026 | Change |
|---|---|---|---|
| Stock Price ($) | 190.34 | 245.27 | 28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,501 | 13,030 | 53.3% |
| Net Income Margin (%) | 12.8% | 12.3% | -4.0% |
| P/E Multiple | 36.9 | 39.3 | 6.6% |
| Shares Outstanding (Mil) | 211 | 257 | -17.9% |
| Cumulative Contribution | 28.9% |
Market Drivers
1/31/2023 to 2/2/2026| Return | Correlation | |
|---|---|---|
| AJG | 28.9% | |
| Market (SPY) | 77.5% | 26.9% |
| Sector (XLF) | 54.5% | 46.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AJG Return | 39% | 12% | 21% | 27% | -8% | -4% | 113% |
| Peers Return | 41% | -3% | 9% | 33% | -9% | -4% | 72% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| AJG Win Rate | 67% | 58% | 58% | 67% | 58% | 0% | |
| Peers Win Rate | 75% | 40% | 52% | 73% | 52% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AJG Max Drawdown | -9% | -12% | -6% | 0% | -15% | -6% | |
| Peers Max Drawdown | -5% | -19% | -10% | -2% | -15% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MMC, AON, WTW, BRO, RYAN. See AJG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/2/2026 (YTD)
How Low Can It Go
| Event | AJG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -19.1% | -25.4% |
| % Gain to Breakeven | 23.5% | 34.1% |
| Time to Breakeven | 55 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.5% | -33.9% |
| % Gain to Breakeven | 60.0% | 51.3% |
| Time to Breakeven | 203 days | 148 days |
| 2018 Correction | ||
| % Loss | -12.0% | -19.8% |
| % Gain to Breakeven | 13.6% | 24.7% |
| Time to Breakeven | 43 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -51.6% | -56.8% |
| % Gain to Breakeven | 106.6% | 131.3% |
| Time to Breakeven | 715 days | 1,480 days |
Compare to MMC, AON, WTW, BRO, RYAN
In The Past
Arthur J. Gallagher's stock fell -19.1% during the 2022 Inflation Shock from a high on 4/21/2022. A -19.1% loss requires a 23.5% gain to breakeven.
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About Arthur J. Gallagher (AJG)
Arthur J. Gallagher & Co., together with its subsidiaries, provides insurance brokerage, consulting, third-party claims settlement, and administration services in the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. It operates through Brokerage and Risk Management segments. The Brokerage segment consists of retail and wholesale insurance brokerage operations; assists retail brokers and other non-affiliated brokers in the placement of specialized and hard-to-place insurance; acts as a brokerage wholesaler, managing general agent, and managing general underwriter for distributing specialized insurance coverage's to underwriting enterprises. This segment also performs activities, including marketing, underwriting, issuing policies, collecting premiums, appointing and supervising other agents, paying claims, and negotiating reinsurance; and offers brokerage and consulting services to businesses and organizations, including commercial, not-for-profit, and public entities, as well as individuals in the areas of insurance placement, risk of loss management, and management of employer sponsored benefit programs. The Risk Management segment provides contract claim settlement and administration services to enterprises and public entities; and claims management, loss control consulting, and insurance property appraisal services. The company offers its services through a network of correspondent insurance brokers and consultants. It serves commercial, industrial, public, religious, and not-for-profit entities. The company was incorporated in 1927 and is headquartered in Rolling Meadows, Illinois.
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- Think of them as a global professional services firm like **Deloitte** for corporate insurance and risk management.
- They operate somewhat like an **Expedia** for businesses, helping them find and secure the best insurance coverage from various carriers.
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Here are the major services provided by Arthur J. Gallagher:- Insurance Brokerage: Helping businesses and individuals procure various types of property, casualty, and other specialized insurance coverage from carriers.
- Risk Management Consulting: Providing expert advice and solutions to identify, assess, and mitigate a wide range of business risks to minimize potential losses.
- Employee Benefits Consulting and Brokerage: Designing, implementing, and managing employee benefit programs, including health, life, and retirement plans, for companies.
- Wholesale Brokerage: Placing complex or specialty insurance risks with carriers on behalf of other insurance brokers and agents.
- Claims Management Services: Assisting clients throughout the insurance claims process to ensure fair and timely resolution.
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Arthur J. Gallagher (Symbol: AJG) is a global insurance brokerage, risk management, and consulting services firm. It primarily sells its services to other companies and organizations, rather than directly to individuals as consumers.
Due to the nature of its business as a diversified service provider and for reasons of client confidentiality, Arthur J. Gallagher does not publicly disclose the names of its specific major customers. Its client base is vast and spans numerous industries and geographic regions.
However, we can describe the categories of organizations that typically constitute its customer base:
- Businesses of all sizes: This includes small and medium-sized enterprises (SMEs) up to large multinational corporations across a diverse range of industries. These businesses seek various insurance coverages (e.g., property, casualty, liability, professional indemnity, cyber, directors & officers), risk management consulting, and employee benefits solutions. Examples of industries served include manufacturing, technology, healthcare, construction, energy, financial services, real estate, retail, and transportation.
- Public and Quasi-Public Entities: This category includes municipalities, counties, state governments, public educational institutions (schools, universities), and other governmental or publicly funded organizations that require specialized risk management and insurance programs.
- Non-profit Organizations: Various charities, foundations, associations, and other not-for-profit entities also utilize AJG's services for their unique insurance, risk management, and employee benefit needs.
AJG's revenue comes from a broad portfolio of clients rather than a concentration in a few "major" named accounts, which is typical for global insurance brokers.
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J. Patrick Gallagher, Jr. Chairman of the Board and Chief Executive Officer
J. Patrick Gallagher, Jr. began his career with Gallagher as an intern in 1972 and joined the company full-time in 1974. He has held various leadership positions, including Vice President of Operations (1985), President and Chief Operating Officer (1990), Chief Executive Officer (1995), and Chairman of the Board (2006). Mr. Gallagher represents the third generation of the Gallagher family to lead the company, which was founded by his grandfather, Arthur J. Gallagher. He also served as a Director of InnerWorkings, Inc.
Douglas K. Howell Chief Financial Officer
Douglas K. Howell joined Gallagher in 2003 as Chief Financial Officer, overseeing the company's financial, investment, information technology, and administrative functions. He brings over 20 years of experience in the insurance and financial services industry, having served as CFO for both public and private insurance companies. Prior to joining Gallagher, he was the Senior Vice President and CFO of 21st Century Insurance Group. Mr. Howell began his career with public accounting and consulting firms now known as PricewaterhouseCoopers and KPMG and is a Certified Public Accountant (CPA).
Thomas J. Gallagher President
Thomas J. Gallagher joined Arthur J. Gallagher & Co. in 1980 as a producer, following two years in the company's summer internship program. He advanced within the company, becoming area president of the Milwaukee office in 1987 and later president of the San Francisco construction office in 1996.
Patrick M. Gallagher Chief Operating Officer
Patrick M. Gallagher assumed the role of Chief Operating Officer of Arthur J. Gallagher & Co. in 2024. His previous roles include Chairman, Canada and Caribbean, and CEO of Latin America (2019), President of the Midwest region (2016), and leading the UK retail division of Gallagher International (2011).
Walter D. Bay General Counsel and Secretary
Walter D. Bay has served as Corporate Vice President, General Counsel, and Secretary of Arthur J. Gallagher & Co. since 2007. With over 35 years of legal and business experience, he manages a global legal team and advises senior management and the board on a range of issues including regulatory and legal compliance, securities law, corporate governance, litigation, and mergers and acquisitions. He started his career at Chase Manhattan Bank and later became a partner at Harter, Secrest & Emery LLP.
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The key risks to Arthur J. Gallagher (AJG) business operations are:
- Acquisition Strategy and Integration Risks: Arthur J. Gallagher's growth strategy heavily relies on acquisitions, with 178 completed since 2020, including significant bids like AssuredPartners. This strategy carries inherent risks, such as the potential for unsuccessful integration of acquired businesses, failure to realize anticipated synergies, regulatory hurdles, and potential overvaluation of targets.
- Intense Competition: The insurance brokerage and risk management industry is highly competitive, with major global players like Marsh & McLennan, Aon plc, and Willis Towers Watson. AJG faces ongoing pressure from these large, diversified firms, as well as numerous regional, specialized, and direct-to-consumer insurance platforms. This competitive landscape can lead to pricing pressures and necessitates continuous differentiation of services.
- Regulatory and Compliance Risks: Arthur J. Gallagher operates in a global environment with complex and evolving regulatory landscapes. The company is exposed to risks associated with changes in laws related to data privacy, the use of artificial intelligence (AI), anti-corruption measures, tax laws (such as OECD's Pillar 2), and environmental, social, and governance (ESG) reporting mandates. Non-compliance with these diverse and dynamic regulations can result in penalties, increased operational costs, and reputational damage.
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The emergence of technology-first firms leveraging AI and advanced data analytics to offer integrated, proactive risk prevention, mitigation, and insurance solutions. These firms often provide services on a subscription basis, bundling software, continuous monitoring, and embedded insurance products directly to businesses. This model could gradually disintermediate traditional insurance brokers by providing a more holistic and data-driven approach to risk management and transfer, particularly in specialized commercial sectors.
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Arthur J. Gallagher & Co. (AJG) operates primarily in insurance brokerage, risk management, and HR & benefits consulting services. The addressable markets for these main products and services are as follows:
- Insurance Brokerage: The global insurance brokerage market was estimated at approximately USD 314 billion in 2024. Specifically for the U.S., this market was valued at around USD 80.07 billion in 2024.
- Risk Management Services: The global risk management market size was approximately USD 14.9 billion in 2024. North America held a significant share, accounting for about 77% of this market in 2024.
-
HR & Benefits Consulting:
- For the benefits aspect, the global employee benefits plus life and health insurance retail broking segment was approximately USD 55.8 billion in 2024.
- For the broader HR consulting services, the global consulting services market was estimated at about USD 319.83 billion in 2024. North America represents a substantial portion, holding approximately a 38% share of this global market.
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Arthur J. Gallagher & Co. (AJG) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Strategic Mergers and Acquisitions (M&A): A cornerstone of AJG's growth strategy involves consistent and strategic acquisitions. The company has a history of acquiring insurance agencies and services, significantly contributing to its revenue. For instance, the anticipated closure of the AssuredPartners acquisition in Q3 2025 is expected to substantially strengthen AJG's market position and drive additional revenue growth. AJG actively pursues disciplined acquisitions to expand its market presence, service offerings, and geographical reach, with many smaller mergers also contributing to growth.
- Robust Organic Growth: Arthur J. Gallagher consistently achieves strong organic revenue growth across its Brokerage and Risk Management segments. This growth is fueled by enhancing service offerings, strengthening client relationships, and taking market share, often competing effectively against smaller local brokers. The company anticipates full-year organic growth to be around 9% for 2024 and brokerage organic growth between 6.5% and 7.5% for the full year 2025.
- Expansion of Service Offerings and Geographic Reach: The company is strategically expanding into new geographical markets and broadening its service offerings within existing ones. Acquisitions like Buck in 2023 bolstered its presence in HR and benefits consulting, diversifying revenue streams and expanding its client base. AJG's global reach and client diversification, with operations across various international markets, also mitigate risks from localized economic downturns.
- Technological Investments and Innovation: Strategic investments in technology, data analytics, and early AI projects are crucial for AJG's future growth. These investments enable the company to provide more tailored and innovative solutions, improve operational efficiency, enhance client satisfaction, and create a competitive advantage in the market.
- Favorable Pricing Environment in Certain Insurance Lines: A rational competitive environment in the global property and casualty insurance market supports AJG's revenue trends. While property insurance premiums have seen declines, casualty premiums, such as umbrella and commercial auto, are experiencing increases, contributing positively to revenue.
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```html[1] Share Repurchases
- Arthur J. Gallagher had a $1.5 billion stock repurchase authorization as of November 2022.
- The company actively distributes wealth to shareholders through dividend hikes and share repurchases.
[2] Share Issuance
- In December 2024, Arthur J. Gallagher completed a public offering of 30,357,143 shares of common stock at $280.00 per share, with underwriters having an option to purchase an additional 4,553,571 shares.
- In November 2022, the company renewed its equity financing program by filing a shelf registration for 7.0 million shares and established an at-the-market equity program to sell up to 3.0 million shares to fund future acquisitions and general corporate purposes.
- In August 2025, $316.15 million in equity awards, payable in Gallagher common stock, were approved for 572 former AssuredPartners employees as part of the acquisition to aid in retention.
[4] Outbound Investments
- Arthur J. Gallagher closed the acquisition of AssuredPartners in August 2025 for a gross consideration of $13.45 billion, with a net consideration of approximately $12.45 billion after a deferred tax asset.
- The company maintains a robust M&A pipeline, with over $2 billion earmarked for deals in 2025.
- Arthur J. Gallagher completed 48 new brokerage mergers in 2024, contributing $400 million in estimated annualized revenues. Additionally, it completed 9 new mergers in Q2 2025 with approximately $290 million of estimated annualized revenue.
[5] Capital Expenditures
- Specific dollar values for capital expenditures and expected future capital expenditures were not readily available within the provided information.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 245.27 |
| Mkt Cap | 31.0 |
| Rev LTM | 9,807 |
| Op Inc LTM | 2,475 |
| FCF LTM | 1,381 |
| FCF 3Y Avg | 1,176 |
| CFO LTM | 1,603 |
| CFO 3Y Avg | 1,412 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.6% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 19.9% |
| QoQ Delta Rev Chg LTM | 4.5% |
| Op Mgn LTM | 24.6% |
| Op Mgn 3Y Avg | 24.0% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 19.3% |
| CFO/Rev 3Y Avg | 21.3% |
| FCF/Rev LTM | 17.9% |
| FCF/Rev 3Y Avg | 19.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.0 |
| P/S | 4.4 |
| P/EBIT | 14.9 |
| P/E | 27.7 |
| P/CFO | 19.4 |
| Total Yield | 4.4% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.2% |
| 3M Rtn | 1.1% |
| 6M Rtn | -13.4% |
| 12M Rtn | -18.0% |
| 3Y Rtn | 24.3% |
| 1M Excs Rtn | -7.1% |
| 3M Excs Rtn | -8.3% |
| 6M Excs Rtn | -25.1% |
| 12M Excs Rtn | -32.2% |
| 3Y Excs Rtn | -47.2% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Brokerage | 8,637 | 7,304 | 5,968 | 5,167 | 4,902 |
| Risk management | 1,433 | 1,223 | 1,101 | 973 | 977 |
| Corporate | 2 | 24 | 1,141 | 863 | 1,316 |
| Total | 10,072 | 8,551 | 8,209 | 7,004 | 7,195 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Brokerage | 1,163 | 1,197 | 1,008 | 861 | 700 |
| Risk management | 154 | 116 | 90 | 67 | 66 |
| Corporate | -348 | -199 | -191 | -109 | -98 |
| Total | 969 | 1,114 | 907 | 819 | 669 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Brokerage | 47,446 | 34,675 | 29,821 | 19,185 | 16,742 |
| Corporate | 2,520 | 2,541 | 2,490 | 2,172 | 1,995 |
| Risk management | 1,649 | 1,143 | 1,034 | 974 | 898 |
| Total | 51,616 | 38,358 | 33,345 | 22,331 | 19,635 |
Price Behavior
Price Behavior
| Market Price | $245.27 | |
| Market Cap ($ Bil) | 62.9 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -29.2% | |
| 50 Days | 200 Days | |
| DMA Price | $252.42 | $290.88 |
| DMA Trend | down | down |
| Distance from DMA | -2.8% | -15.7% |
| 3M | 1YR | |
| Volatility | 24.8% | 25.6% |
| Downside Capture | -18.87 | 25.66 |
| Upside Capture | -9.97 | 1.37 |
| Correlation (SPY) | -2.6% | 24.0% |
AJG Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.15 | 0.14 | -0.06 | -0.11 | 0.32 | 0.37 |
| Up Beta | -0.51 | 0.07 | 0.09 | 0.20 | 0.45 | 0.47 |
| Down Beta | 0.99 | 0.39 | 0.09 | 0.19 | 0.37 | 0.34 |
| Up Capture | -70% | 7% | -14% | -35% | 2% | 11% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 11 | 25 | 35 | 67 | 133 | 414 |
| Down Capture | -1% | -9% | -21% | -24% | 32% | 56% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 16 | 26 | 58 | 118 | 338 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AJG | |
|---|---|---|---|---|
| AJG | -17.3% | 25.6% | -0.78 | - |
| Sector ETF (XLF) | 5.5% | 19.1% | 0.15 | 47.5% |
| Equity (SPY) | 16.0% | 19.2% | 0.64 | 23.8% |
| Gold (GLD) | 66.9% | 23.7% | 2.11 | 5.2% |
| Commodities (DBC) | 7.0% | 16.3% | 0.23 | 2.2% |
| Real Estate (VNQ) | 2.9% | 16.5% | -0.00 | 40.5% |
| Bitcoin (BTCUSD) | -19.7% | 39.9% | -0.46 | 6.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AJG | |
|---|---|---|---|---|
| AJG | 17.1% | 21.8% | 0.68 | - |
| Sector ETF (XLF) | 14.5% | 18.8% | 0.63 | 56.1% |
| Equity (SPY) | 14.1% | 17.1% | 0.66 | 47.7% |
| Gold (GLD) | 19.9% | 16.6% | 0.97 | 3.6% |
| Commodities (DBC) | 11.4% | 18.9% | 0.49 | 3.4% |
| Real Estate (VNQ) | 4.5% | 18.8% | 0.15 | 45.8% |
| Bitcoin (BTCUSD) | 20.9% | 57.6% | 0.56 | 15.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AJG | |
|---|---|---|---|---|
| AJG | 23.0% | 22.4% | 0.92 | - |
| Sector ETF (XLF) | 14.4% | 22.2% | 0.60 | 64.4% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 61.7% |
| Gold (GLD) | 15.0% | 15.3% | 0.81 | 4.0% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 16.4% |
| Real Estate (VNQ) | 5.8% | 20.8% | 0.25 | 56.1% |
| Bitcoin (BTCUSD) | 71.1% | 66.4% | 1.10 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/29/2026 | |||
| 10/30/2025 | -4.8% | -6.4% | -6.5% |
| 7/31/2025 | -1.1% | 1.0% | 5.4% |
| 5/1/2025 | 4.2% | 6.6% | 9.8% |
| 1/30/2025 | 0.9% | 7.0% | 14.3% |
| 10/24/2024 | -1.6% | -2.2% | 5.8% |
| 7/25/2024 | 3.5% | 4.8% | 5.1% |
| 4/25/2024 | -1.2% | 0.7% | 6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 17 | 20 |
| # Negative | 13 | 7 | 4 |
| Median Positive | 2.8% | 4.8% | 5.8% |
| Median Negative | -1.2% | -2.2% | -6.4% |
| Max Positive | 6.2% | 8.8% | 20.3% |
| Max Negative | -6.0% | -8.0% | -7.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Howell, Douglas K | VP & Chief Financial Officer | Direct | Sell | 12292025 | 258.05 | 5,000 | 1,290,242 | 24,715,048 | Form |
| 2 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 12292025 | 258.11 | 4,000 | 1,032,440 | 4,472,203 | Form |
| 3 | Bay, Walter D | General Counsel | Direct | Sell | 12232025 | 255.00 | 15,850 | 4,041,750 | 20,284,995 | Form |
| 4 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 11252025 | 250.74 | 1,250 | 313,425 | 4,344,505 | Form |
| 5 | Cary, Richard C | Controller, CAO | Direct | Sell | 11202025 | 261.00 | 6,000 | 1,566,000 | 13,224,293 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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