Tearsheet

Arthur J. Gallagher (AJG)


Market Price (7/1/2026): $229.54 | Market Cap: $59.0 BilSector: Financials | Industry: Insurance Brokers

Arthur J. Gallagher (AJG)


Market Price (7/1/2026): $229.54
Market Cap: $59.0 Bil
Sector: Financials
Industry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.0 Bil

Low stock price volatility
Vol 12M is 28%

Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, Cybersecurity, and Digital & Alternative Assets. Themes include Solar Energy Generation, Show more.

Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -61%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 37x

Key risks
AJG key risks include challenges tied to its aggressive acquisition strategy, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.0 Bil
2 Low stock price volatility
Vol 12M is 28%
3 Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, Cybersecurity, and Digital & Alternative Assets. Themes include Solar Energy Generation, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -61%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 37x
6 Key risks
AJG key risks include challenges tied to its aggressive acquisition strategy, Show more.

AJG in ETFs

Weight = AJG's share of each fund

SPY0.09%
VOO0.08%
IVV0.09%
VTI0.07%
ITOT0.08%
IWB0.08%
RSP0.20%
VTV0.20%
+24 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/30/2026

Arthur J. Gallagher (AJG) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. Arthur J. Gallagher exceeded fiscal Q1 2026 earnings expectations, demonstrating strong financial performance. The company reported fiscal Q1 2026 earnings per share (EPS) of $4.47 on April 30, 2026, surpassing the consensus estimate of $4.42 by 1.13%. Additionally, revenue for the quarter increased by 29% year-over-year to $4.71 billion.

2. The stock benefited from multiple analyst upgrades and increased price targets, signaling confidence in its growth trajectory. In June 2026, UBS upgraded Arthur J. Gallagher & Co. to a "Buy" rating from "Neutral," citing strong commercial reinsurance volumes. Jefferies also elevated its rating from "Hold" to "Buy" on June 11, 2026, and raised its price target to $265 from $235. The consensus among 19 firms is a "Moderate Buy," with an average 12-month price target of approximately $263.71.

Show more
Updated on 6/30/2026

Arthur J. Gallagher (AJG) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. Arthur J. Gallagher exceeded fiscal Q1 2026 earnings expectations, demonstrating strong financial performance. The company reported fiscal Q1 2026 earnings per share (EPS) of $4.47 on April 30, 2026, surpassing the consensus estimate of $4.42 by 1.13%. Additionally, revenue for the quarter increased by 29% year-over-year to $4.71 billion.

2. The stock benefited from multiple analyst upgrades and increased price targets, signaling confidence in its growth trajectory. In June 2026, UBS upgraded Arthur J. Gallagher & Co. to a "Buy" rating from "Neutral," citing strong commercial reinsurance volumes. Jefferies also elevated its rating from "Hold" to "Buy" on June 11, 2026, and raised its price target to $265 from $235. The consensus among 19 firms is a "Moderate Buy," with an average 12-month price target of approximately $263.71.

3. Strategic acquisitions bolstered Arthur J. Gallagher's market position and expanded its service offerings. Since March 31, 2026, Arthur J. Gallagher announced the acquisition of Cincinnati Benefit Solutions in June 2026, enhancing its employee benefits consulting services for small businesses in Ohio. Additionally, earlier acquisitions like Twin Elms and McKee Risk Management (announced prior to June 1, 2026) were part of a broader strategy to strengthen capabilities in high-value specialty insurance segments.

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Stock Movement Drivers

Fundamental Drivers

The 6.4% change in AJG stock from 3/31/2026 to 6/30/2026 was primarily driven by a 7.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120266302026Change
Stock Price ($)215.86229.576.4%
Change Contribution By: 
Total Revenues ($ Mil)13,94214,9737.4%
Net Income Margin (%)10.7%10.8%0.5%
P/E Multiple37.136.6-1.3%
Shares Outstanding (Mil)257257-0.2%
Cumulative Contribution6.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 6/30/2026
ReturnCorrelation
AJG6.4% 
Market (SPY)14.8%-25.6%
Sector (XLF)8.6%41.4%

Fundamental Drivers

The -10.7% change in AJG stock from 12/31/2025 to 6/30/2026 was primarily driven by a -12.4% change in the company's Net Income Margin (%).
(LTM values as of)123120256302026Change
Stock Price ($)257.15229.57-10.7%
Change Contribution By: 
Total Revenues ($ Mil)13,03014,97314.9%
Net Income Margin (%)12.3%10.8%-12.4%
P/E Multiple41.236.6-11.1%
Shares Outstanding (Mil)257257-0.2%
Cumulative Contribution-10.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 6/30/2026
ReturnCorrelation
AJG-10.7% 
Market (SPY)9.8%-9.6%
Sector (XLF)-1.6%40.7%

Fundamental Drivers

The -27.5% change in AJG stock from 6/30/2025 to 6/30/2026 was primarily driven by a -29.2% change in the company's P/E Multiple.
(LTM values as of)63020256302026Change
Stock Price ($)316.56229.57-27.5%
Change Contribution By: 
Total Revenues ($ Mil)12,02514,97324.5%
Net Income Margin (%)13.0%10.8%-17.0%
P/E Multiple51.836.6-29.2%
Shares Outstanding (Mil)255257-0.9%
Cumulative Contribution-27.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 6/30/2026
ReturnCorrelation
AJG-27.5% 
Market (SPY)21.9%-6.0%
Sector (XLF)3.6%39.9%

Fundamental Drivers

The 7.6% change in AJG stock from 6/30/2023 to 6/30/2026 was primarily driven by a 69.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020236302026Change
Stock Price ($)213.39229.577.6%
Change Contribution By: 
Total Revenues ($ Mil)8,82314,97369.7%
Net Income Margin (%)13.2%10.8%-18.3%
P/E Multiple39.136.6-6.3%
Shares Outstanding (Mil)213257-17.2%
Cumulative Contribution7.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 6/30/2026
ReturnCorrelation
AJG7.6% 
Market (SPY)74.4%16.4%
Sector (XLF)66.2%42.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AJG Return39%12%21%27%-8%-12%95%
Peers Return38%-3%7%38%-9%-17%50%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
AJG Win Rate67%58%58%67%58%17% 
Peers Win Rate75%40%48%75%50%25% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AJG Max Drawdown-9%-19%-13%-11%-31%-27% 
Peers Max Drawdown-16%-26%-18%-14%-26%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: 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 6/30/2026 (YTD)

How Low Can It Go

EventAJGS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-10.4%-24.5%
  % Gain to Breakeven11.6%32.4%
  Time to Breakeven50 days427 days
2020 COVID-19 Crash
  % Loss-37.0%-33.7%
  % Gain to Breakeven58.7%50.9%
  Time to Breakeven200 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-22.7%-12.2%
  % Gain to Breakeven29.4%13.9%
  Time to Breakeven95 days62 days
2014-2016 Oil Price Collapse
  % Loss-19.5%-6.8%
  % Gain to Breakeven24.2%7.3%
  Time to Breakeven64 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-11.0%-17.9%
  % Gain to Breakeven12.4%21.8%
  Time to Breakeven18 days123 days
2008-2009 Global Financial Crisis
  % Loss-37.1%-53.4%
  % Gain to Breakeven59.0%114.4%
  Time to Breakeven148 days1085 days

Compare to AON, WTW, BRO, RYAN

In The Past

Arthur J. Gallagher's stock fell -4.8% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAJGS&P 500
2020 COVID-19 Crash
  % Loss-37.0%-33.7%
  % Gain to Breakeven58.7%50.9%
  Time to Breakeven200 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-22.7%-12.2%
  % Gain to Breakeven29.4%13.9%
  Time to Breakeven95 days62 days
2008-2009 Global Financial Crisis
  % Loss-37.1%-53.4%
  % Gain to Breakeven59.0%114.4%
  Time to Breakeven148 days1085 days

Compare to AON, WTW, BRO, RYAN

In The Past

Arthur J. Gallagher's stock fell -4.8% during the 2025 US Tariff Shock. Such a loss loss requires a 5.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Arthur J. Gallagher (AJG)

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Arthur J. Gallagher & Co. (AJG) is a global professional services firm that provides a wide range of insurance brokerage, consulting, third-party claims settlement, and administration services. The company operates through two primary segments: Brokerage and Risk Management. It serves clients across the United States, Australia, Canada, the United Kingdom, and other international regions, helping them navigate complex risk and insurance landscapes.

The Brokerage segment is central to AJG's operations, focusing on retail and wholesale insurance brokerage. This segment assists businesses and organizations in placing specialized and hard-to-place insurance coverage, acting as a brokerage wholesaler, managing general agent, and managing general underwriter. Its services include marketing, underwriting, policy issuance, premium collection, and reinsurance negotiation. It also provides comprehensive brokerage and consulting services for commercial, not-for-profit, public entities, and individuals, covering insurance placement, risk of loss management, and employer-sponsored benefit programs.

The Risk Management segment specializes in contract claim settlement and administration services for various enterprises and public entities. This segment offers critical support through claims management, loss control consulting, and insurance property appraisal services. These offerings help clients efficiently manage the aftermath of incidents, mitigate potential financial impacts, and proactively identify strategies to reduce future risks.

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AI Analysis | Feedback

Here are 1-3 brief analogies for Arthur J. Gallagher (AJG):

  • It's like a commercial real estate broker (such as CBRE or JLL) for business insurance and risk management, helping companies find, negotiate, and manage their diverse insurance needs.
  • Think of it as a "Big Four" consulting firm (like Deloitte or PwC) that specializes entirely in business insurance strategy, risk management, and claims administration.
  • It's similar to a financial advisor for businesses, but focused on managing a company's comprehensive insurance portfolio and risk profile instead of investments.

AI Analysis | Feedback

  • Insurance Brokerage Services: Connects clients, including commercial, not-for-profit, public entities, and individuals, with insurance providers for retail and wholesale insurance placement.
  • Risk Management Consulting: Provides advisory services to businesses and organizations on managing risks of loss and implementing loss control strategies.
  • Employer Sponsored Benefit Program Consulting: Offers consulting services for the design and management of employer-sponsored benefit programs.
  • Third-Party Claims Administration (TPA): Delivers contract claim settlement, administration, and management services to enterprises and public entities.
  • Specialized Insurance Program Management: Acts as a managing general agent and managing general underwriter to distribute specialized insurance coverages and perform related underwriting and administrative functions.
  • Insurance Property Appraisal Services: Conducts professional appraisals of insured properties for valuation purposes.

AI Analysis | Feedback

Arthur J. Gallagher (AJG) primarily sells its services to other companies and organizations, rather than directly to individuals. The provided company description does not list specific named customer companies. However, based on the description, AJG serves a diverse range of entities. Its major customer categories include:

  • Commercial and Industrial Entities: This broad category includes businesses and organizations across various commercial and industrial sectors.
  • Public, Not-for-Profit, and Religious Entities: AJG provides services to governmental bodies, municipalities, educational institutions, charities, foundations, and religious organizations.
  • Insurance Industry Participants: This includes assisting retail and other non-affiliated brokers, as well as serving underwriting enterprises as a brokerage wholesaler, managing general agent, and managing general underwriter.

AI Analysis | Feedback

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J. Patrick Gallagher, Jr. Chairman of the Board and Chief Executive Officer

J. Patrick Gallagher, Jr. is the grandson of Arthur J. Gallagher & Co.'s founder, Arthur J. Gallagher. He began his career with the company as an intern in 1972 while studying at Cornell University, joining full-time in 1974 as a production account executive. He progressed through various leadership roles, becoming President and Chief Operating Officer in 1990, Chief Executive Officer in 1995, and Chairman of the Board in 2006. Under his leadership, the company has significantly expanded its global operations.

Douglas K. Howell Chief Financial Officer

Douglas K. Howell joined Arthur J. Gallagher & Co. in 2003 as Chief Financial Officer. Prior to joining Gallagher, he accumulated over 20 years of experience in the insurance and financial services industry, including serving as CFO for both public and private insurance companies. Mr. Howell began his career with public accounting and consulting firms now known as PricewaterhouseCoopers and KPMG. He is a Certified Public Accountant (CPA).

Thomas J. Gallagher President

Thomas J. Gallagher joined Gallagher in 1980 as a producer after participating in the company's summer internship program. He held leadership positions such as area president of the Milwaukee office and president of the San Francisco construction office. He was appointed to lead Gallagher's international brokerage operations in 2011 and became president of Gallagher's global brokerage services division in 2016. In 2024, he assumed the role of President of Arthur J. Gallagher & Co. He is the brother of CEO J. Patrick Gallagher, Jr.

Patrick M. Gallagher Chief Operating Officer

Patrick M. Gallagher assumed the role of Executive Vice President, Chief Operating Officer, effective January 1, 2024. His previous roles include chairman for Canada and the Caribbean, CEO of Latin America, and president of Gallagher Brokerage-Americas.

Scott R. Hudson President and Chief Executive Officer, Risk Management Services

Scott R. Hudson joined Gallagher in 2010 as President of its global risk management services operations. He has over 25 years of experience as a business consultant in the insurance and financial services industries, having started his consulting career with Andersen Consulting (now Accenture). His past leadership positions include roles at Information Consulting Group, McKinsey & Company, Inc., Renaissance Worldwide, Inc., and as Insurance Practice Director for Bridge Strategy Group. Mr. Hudson is a Certified Public Accountant (CPA).

AI Analysis | Feedback

The key risks to Arthur J. Gallagher's business operations include the potential for AI disruption, broad economic and geopolitical instability, and challenges associated with its acquisition-driven growth strategy.

1. AI Disruption and Technology Risks

Arthur J. Gallagher faces a significant structural threat from AI disruption to its people-intensive brokerage model, which could impact its long-term earnings potential. The inability to effectively leverage technology and data analytics could adversely affect client relationships, growth, and compliance programs. Furthermore, the company is exposed to risks related to the use of AI, including potential biases, inaccuracies, ethical concerns, mismanagement, and over-reliance without proper verification, which could impact business operations and reputation.

2. Economic and Geopolitical Risks

The company is subject to substantial challenges stemming from global economic and geopolitical events. These include fluctuations in interest and inflation rates, geo-economic fragmentation, protectionism, and political violence and instability. Such factors can adversely affect global economic activity, influencing the demand for insurance products and impacting Arthur J. Gallagher's operations and financial condition.

3. Acquisition and Integration Risks

Arthur J. Gallagher's growth strategy historically relies heavily on acquisitions, but this approach faces challenges due to ongoing industry consolidation and increased competition from private equity firms. This heightened competition could make it more difficult for the company to identify and acquire suitable targets on favorable terms, potentially affecting its growth and operational results. Additionally, the integration of new digital tools into legacy workflows and the overall execution risk when integrating new businesses are significant concerns.

AI Analysis | Feedback

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AI Analysis | Feedback

Arthur J. Gallagher & Co. (AJG) operates within several substantial addressable markets for its insurance brokerage, consulting, third-party claims settlement, and administration services. Here are the estimated market sizes for their main products and services:
  • Insurance Brokerage: The global insurance brokerage market was valued at approximately USD 287.40 billion in 2023 and is projected to reach USD 524.80 billion by 2030. In the United States, this market was estimated at USD 140.38 billion in 2025 and is forecast to reach USD 176.14 billion by 2031.
  • Consulting Services: The global insurance consulting services market was valued at approximately USD 12.4 billion in 2023 and is projected to reach around USD 21.5 billion by 2032. For Risk Management, Insurance Advisory & Consulting specifically in the U.S., the market size was USD 10.2 billion in 2024 and is projected to be USD 10.3 billion in 2025.
  • Third-Party Claims Settlement and Administration Services (Third-Party Administrators - TPA): The global insurance third-party administration market was valued at USD 432.44 billion in 2024 and is expected to grow to USD 886.31 billion by 2033. In the U.S., the market size for Third-Party Administrators & Insurance Claims Adjusters was USD 332.9 billion in 2025 and is projected to be USD 335.8 billion in 2026.
  • Claims Management: The global claims management market size was valued at USD 5.79 billion in 2025 and is projected to grow to USD 17.09 billion by 2034. More specifically, the global healthcare claims management market was calculated at USD 40.77 billion in 2024 and is projected to reach around USD 334.6 billion by 2034.
  • Insurance Property Appraisal Services (Real Estate Appraisal): The global real estate appraisal market size was valued at approximately US$ 10.0 billion in 2025 and is expected to reach US$ 13.3 billion by 2032. As a broader context, the global property insurance market size was valued at USD 18163.89 billion in 2023 and is expected to grow to USD 30928.51 billion by 2030.

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Arthur J. Gallagher & Co. (AJG) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and favorable market dynamics:

  1. Strategic Acquisitions: The company's aggressive and disciplined acquisition strategy is a primary driver of inorganic growth. Arthur J. Gallagher consistently expands its global footprint and enhances service offerings by acquiring insurance brokers and agencies worldwide. For example, the significant acquisition of AssuredPartners, which closed in August 2025, is projected to contribute substantially to future revenue, with management expecting annualized synergies of $160 million by the end of 2026, growing to $260-$280 million by early 2028. In 2025 alone, AJG completed 33 acquisitions, adding an estimated $3.5 billion in annualized revenues, and maintains a robust M&A pipeline.
  2. Organic Growth: Arthur J. Gallagher emphasizes a "two-pronged revenue growth strategy" that includes organic expansion alongside acquisitions. The company forecasts organic growth for its Brokerage segment at approximately 5.5% and for its Risk Management segment at around 7% for 2026. This growth is achieved through client retention, new business generation, and continuous enhancement of existing services.
  3. Global Expansion and Market Positioning: The company is strategically expanding its international presence, building a hub-and-spoke international model through acquisitions in key regions to serve multinational clients more effectively. This global and sectoral diversification enables Gallagher to offer tailored insurance solutions across various sectors, catering to a broader client base with diverse and complex risk management needs.
  4. Favorable Casualty Insurance Pricing: While some areas of the insurance market, such as property rates, have seen softening, casualty lines, including general liability, commercial auto, and umbrella, are experiencing continued rate increases, particularly in the U.S. This sustained positive pricing environment in casualty insurance is expected to contribute to overall revenue growth.
  5. Integration Synergies: Beyond the immediate revenue from acquired entities, the successful integration of newly acquired firms is expected to yield significant annualized synergies. The integration efforts, particularly for the large AssuredPartners acquisition, are reported to be progressing ahead of schedule, with substantial synergy targets expected to be realized in 2026 and early 2028. These synergies contribute to both revenue and margin expansion.

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Share Repurchases

  • Arthur J. Gallagher announced a $1.5 billion share repurchase program in July 2021.
  • This stock repurchase authorization was in place as of November 2022.
  • Despite authorizations, recent data indicates a net share issuance, with a quarterly stock buyback amount of -$102.90 million for September 30, 2025.

Share Issuance

  • Shares outstanding increased by 15.62% in 2025, 2.6% in 2024, and 2.14% in 2023.
  • In December 2024, the company completed a public offering of 30,357,143 shares of common stock.
  • Arthur J. Gallagher renewed an equity financing program in November 2022 by filing a shelf registration for 7.0 million shares.

Outbound Investments

  • Arthur J. Gallagher completed the acquisition of AssuredPartners for $13.45 billion in cash in August 2025.
  • This acquisition expanded Gallagher's retail middle-market property/casualty and employee benefits focus across the United States.
  • The company maintains an aggressive acquisition strategy, averaging 34.2 acquisitions per year between 2020 and 2025.

Capital Expenditures

  • Capital expenditures totaled -$145.00 million over the last 12 months.
  • In the most recent quarter, capital expenditures amounted to -$39.60 million.

Better Bets vs. Arthur J. Gallagher (AJG)

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

AJGAONWTWBRORYANMedian
NameArthur J.Aon Willis T.Brown & .Ryan Spe. 
Mkt Price229.57331.69261.3764.1537.76229.57
Mkt Cap59.071.124.821.24.924.8
Rev LTM14,97317,4869,8976,2593,1569,897
Op Inc LTM2,7274,9452,3141,602-2,521
FCF LTM1,8623,4971,5671,4275551,567
FCF 3Y Avg2,1953,0711,2591,2034911,259
CFO LTM2,0153,7711,8001,4996191,800
CFO 3Y Avg2,3583,3131,4961,2795431,496

Growth & Margins

AJGAONWTWBRORYANMedian
NameArthur J.Aon Willis T.Brown & .Ryan Spe. 
Rev Chg LTM24.5%6.9%0.9%28.9%18.9%18.9%
Rev Chg 3Y Avg19.4%11.5%3.4%18.7%20.7%18.7%
Rev Chg Q27.7%6.4%8.5%35.7%15.2%15.2%
QoQ Delta Rev Chg LTM7.4%1.8%1.9%8.6%3.4%3.4%
Op Inc Chg LTM10.0%17.4%7.7%12.2%-11.1%
Op Inc Chg 3Y Avg15.8%9.5%11.3%16.7%-13.6%
Op Mgn LTM18.2%28.3%23.4%25.6%-24.5%
Op Mgn 3Y Avg19.2%27.9%21.7%27.7%-24.7%
QoQ Delta Op Mgn LTM-0.1%0.9%0.1%-0.5%-0.0%
CFO/Rev LTM13.5%21.6%18.2%23.9%19.6%19.6%
CFO/Rev 3Y Avg19.4%21.1%15.3%24.8%20.7%20.7%
FCF/Rev LTM12.4%20.0%15.8%22.8%17.6%17.6%
FCF/Rev 3Y Avg18.0%19.6%12.9%23.3%18.7%18.7%

Valuation

AJGAONWTWBRORYANMedian
NameArthur J.Aon Willis T.Brown & .Ryan Spe. 
Mkt Cap59.071.124.821.24.924.8
P/S3.94.12.53.41.53.4
P/Op Inc21.614.410.713.3-13.8
P/EBIT22.012.210.811.59.611.5
P/E36.618.014.918.544.918.5
P/CFO29.318.813.814.27.914.2
Total Yield3.0%6.5%8.2%6.4%3.5%6.4%
Dividend Yield0.3%0.9%1.4%1.0%1.3%1.0%
FCF Yield 3Y Avg3.4%4.2%4.3%4.6%8.3%4.3%
D/E0.20.20.30.40.80.3
Net D/E0.20.20.20.30.70.2

Returns

AJGAONWTWBRORYANMedian
NameArthur J.Aon Willis T.Brown & .Ryan Spe. 
1M Rtn14.5%4.9%5.1%14.0%18.6%14.0%
3M Rtn6.4%3.0%-9.8%-1.3%12.4%3.0%
6M Rtn-11.8%-6.5%-20.9%-19.6%-27.5%-19.6%
12M Rtn-27.5%-6.2%-13.7%-41.6%-43.8%-27.5%
3Y Rtn7.6%-1.5%15.3%-4.8%-13.6%-1.5%
1M Excs Rtn15.6%6.0%6.1%15.1%19.6%15.1%
3M Excs Rtn-11.6%-15.6%-27.4%-19.6%-3.2%-15.6%
6M Excs Rtn-19.9%-14.8%-29.3%-28.4%-34.8%-28.4%
12M Excs Rtn-48.4%-26.6%-34.3%-62.4%-65.0%-48.4%
3Y Excs Rtn-61.3%-69.8%-55.3%-73.8%-82.6%-69.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Brokerage12,1929,9348,6377,3045,968
Risk management1,7491,6051,4331,2231,101
Corporate1162241,141
Total13,94211,55510,0728,5518,209


Operating Income by Segment
$ Mil20172016200520042003
Brokerage676551234  
Risk management9892   
Corporate-365-287   
Risk Management Services  884843
Financial Services   -8-22
Insurance Brokerage Services   148172
Total409357322188193


Net Income by Segment
$ Mil20252024202320222021
Brokerage2,0431,6781,1631,1971,008
Risk management18317515411690
Corporate-732-390-348-199-191
Total1,4941,4639691,114907


Assets by Segment
$ Mil20252024202320222021
Brokerage51,54546,43947,44634,67529,821
Corporate16,84616,1542,5202,5412,490
Risk management2,2741,6621,6491,1431,034
Total70,66564,25551,61638,35833,345


Price Behavior

Price Behavior
Market Price$229.57 
Market Cap ($ Bil)59.0 
First Trading Date09/07/1984 
Distance from 52W High-27.5% 
   50 Days200 Days
DMA Price$210.15$239.06
DMA Trenddownindeterminate
Distance from DMA9.2%-4.0%
 3M1YR
Volatility28.8%28.3%
Downside Capture-85.211.27
Upside Capture-20.90-36.77
Correlation (SPY)-23.1%-6.3%
AJG Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.60-0.75-0.45-0.21-0.130.25
Up Beta-0.33-0.75-0.11-0.09-0.030.38
Down Beta-0.86-0.71-1.01-0.04-0.120.25
Up Capture23%-24%-15%-31%-20%4%
Bmk +ve Days11244067140429
Stock +ve Days13202960125407
Down Capture-134%-142%-97%-23%2%34%
Bmk -ve Days10172358112321
Stock -ve Days8213465127344

[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-27.0%28.3%-1.11-
Sector ETF (XLF)4.5%14.5%0.0840.0%
Equity (SPY)22.6%12.5%1.34-5.9%
Gold (GLD)22.4%27.7%0.71-13.8%
Commodities (DBC)22.4%18.6%0.95-9.6%
Real Estate (VNQ)13.2%13.7%0.6616.2%
Bitcoin (BTCUSD)-44.4%42.5%-1.262.6%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AJG
AJG11.5%23.1%0.43-
Sector ETF (XLF)10.1%18.5%0.4253.9%
Equity (SPY)13.5%17.1%0.6140.8%
Gold (GLD)17.3%18.3%0.76-2.3%
Commodities (DBC)7.2%19.5%0.270.8%
Real Estate (VNQ)2.6%18.8%0.0440.9%
Bitcoin (BTCUSD)12.9%53.8%0.4313.5%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AJG
AJG19.1%23.1%0.75-
Sector ETF (XLF)13.3%22.1%0.5562.7%
Equity (SPY)15.5%18.0%0.7357.6%
Gold (GLD)11.6%16.1%0.591.9%
Commodities (DBC)5.6%18.0%0.2414.0%
Real Estate (VNQ)5.4%20.7%0.2253.5%
Bitcoin (BTCUSD)55.2%66.4%0.9511.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity6.9 Mil
Short Interest: % Change Since 531202635.9%
Average Daily Volume1.8 Mil
Days-to-Cover Short Interest3.8 days
Basic Shares Quantity257.1 Mil
Short % of Basic Shares2.7%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20260.8%-2.2%-0.1%
1/29/20261.4%-1.3%-6.7%
10/30/2025-4.8%-6.4%-6.8%
7/31/2025-1.1%1.0%5.4%
5/1/20254.2%6.6%9.8%
1/30/20250.9%7.0%14.3%
10/24/2024-1.6%-2.2%5.8%
7/25/20243.5%4.8%5.1%
...
SUMMARY STATS   
# Positive121518
# Negative1296
Median Positive2.5%3.4%5.8%
Median Negative-1.1%-2.2%-6.5%
Max Positive6.2%7.0%14.3%
Max Negative-6.0%-8.0%-7.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/30/20260.8%-2.2%-0.1%
1/29/20261.4%-1.3%-6.7%
10/30/2025-4.8%-6.4%-6.8%
7/31/2025-1.1%1.0%5.4%
5/1/20254.2%6.6%9.8%
1/30/20250.9%7.0%14.3%
10/24/2024-1.6%-2.2%5.8%
7/25/20243.5%4.8%5.1%
4/25/2024-1.2%0.7%6.4%
1/25/2024-2.0%-2.4%2.6%
10/26/2023-0.7%5.4%9.7%
7/27/2023-0.4%2.3%4.8%
4/27/2023-0.5%0.9%-2.5%
1/26/2023-1.7%-1.3%-6.3%
10/27/20226.2%5.5%10.6%
7/28/20221.7%0.2%6.6%
4/28/2022-6.0%-8.0%-7.6%
1/27/20223.5%3.4%5.9%
10/28/20212.2%-2.0%0.4%
7/29/2021-0.1%-0.6%3.0%
4/29/20213.0%5.7%4.2%
1/28/2021-0.1%0.7%5.9%
10/29/20200.7%6.6%12.0%
7/30/20202.8%0.9%0.5%
SUMMARY STATS   
# Positive121518
# Negative1296
Median Positive2.5%3.4%5.8%
Median Negative-1.1%-2.2%-6.5%
Max Positive6.2%7.0%14.3%
Max Negative-6.0%-8.0%-7.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/17/202610-K
09/30/202511/10/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/18/202510-K
09/30/202410/29/202410-Q
06/30/202407/26/202410-Q
03/31/202405/01/202410-Q
12/31/202302/09/202410-K
09/30/202310/27/202310-Q
06/30/202308/04/202310-Q
03/31/202305/08/202310-Q
12/31/202202/10/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/17/202610-K
09/30/202511/10/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/18/202510-K
09/30/202410/29/202410-Q
06/30/202407/26/202410-Q
03/31/202405/01/202410-Q
12/31/202302/09/202410-K
09/30/202310/27/202310-Q
06/30/202308/04/202310-Q
03/31/202305/08/202310-Q
12/31/202202/10/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/06/202210-Q
12/31/202102/18/202210-K
09/30/202110/29/202110-Q
06/30/202107/30/202110-Q
03/31/202104/30/202110-Q
12/31/202002/08/202110-K
09/30/202010/30/202010-Q
06/30/202007/31/202010-Q
03/31/202005/05/202010-Q
12/31/201902/07/202010-K
09/30/201910/25/201910-Q
06/30/201907/26/201910-Q

Insider Activity

Updated 6/24/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cary, Richard CController, CAODirectSell6022026206.003,000618,0009,850,814Form
2Hudson, Scott RVice PresidentDirectSell3092026227.573,800864,76619,552,814Form
3Mead, Christopher EVICE PRESIDENTDirectSell3092026227.124,000908,4724,384,679Form
4Gallagher, J Patrick JRCEODirectSell3042026230.3127,4506,322,06422,214,729Form
5Mead, Christopher EVICE PRESIDENTDirectSell12292025258.114,0001,032,4404,472,203Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Cary, Richard CController, CAODirectSell6022026206.003,000618,0009,850,814Form
2Hudson, Scott RVice PresidentDirectSell3092026227.573,800864,76619,552,814Form
3Mead, Christopher EVICE PRESIDENTDirectSell3092026227.124,000908,4724,384,679Form
4Gallagher, J Patrick JRCEODirectSell3042026230.3127,4506,322,06422,214,729Form
5Mead, Christopher EVICE PRESIDENTDirectSell12292025258.114,0001,032,4404,472,203Form
6Howell, Douglas KVP & Chief Financial OfficerDirectSell12292025258.055,0001,290,24224,715,048Form
7Bay, Walter DGeneral CounselDirectSell12232025255.0015,8504,041,75020,284,995Form
8Mead, Christopher EVICE PRESIDENTDirectSell11252025250.741,250313,4254,344,505Form
9Cary, Richard CController, CAODirectSell11202025261.006,0001,566,00013,224,293Form
10Pesch, Michael RobertVice PresidentDirectBuy11032025247.124,000988,48810,341,726Form
11Howell, Douglas KVP & Chief Financial OfficerDirectSell9232025299.548,0002,396,34430,186,972Form
12Howell, Douglas KVP & Chief Financial OfficerDirectSell9232025299.276,0001,795,59132,553,090Form
13Howell, Douglas KVP & Chief Financial OfficerDirectSell9112025299.783,000899,33434,407,546Form
14Hudson, Scott RVice PresidentDirectSell9092025297.6012,8553,825,68825,570,059Form
15Cary, Richard CController, CAODirectSell8222025306.004,0001,224,00017,340,343Form
16Pesch, Michael RobertPresidentChildBuy6202025318.375918,78418,784Form
Core Cache Last Updated: 6/30/2026