Arthur J. Gallagher (AJG)
Market Price (8/15/2026): $251.28 | Market Cap: $64.5 BilSector: Financials | Industry: Insurance Brokers
Arthur J. Gallagher (AJG)
Market Price (8/15/2026): $251.28Market Cap: $64.5 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.4 Bil, FCF LTM is 2.3 Bil Low stock price volatilityVol 12M is 30% 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 -55%, 3Y Excs Rtn is -59% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 41x Key risksAJG key risks include challenges tied to its aggressive acquisition strategy, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 2.4 Bil, FCF LTM is 2.3 Bil |
| Low stock price volatilityVol 12M is 30% |
| 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 -55%, 3Y Excs Rtn is -59% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 41x |
| 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 gained about 20% since 4/30/2026 because of the following key factors:
1. Robust Fiscal Q2 2026 Financial Performance.
Arthur J. Gallagher reported strong financial results for fiscal Q2 2026, which ended June 30, 2026. The company exceeded analyst expectations with adjusted earnings per share (EPS) of $2.84, beating the consensus estimate by $0.02 to $0.03. Combined Brokerage and Risk Management segments achieved a 24% year-over-year revenue growth, including a 6% organic growth rate. This marked the 25th consecutive quarter of double-digit adjusted EBITAC growth. The Risk Management segment also saw its adjusted EBITAC margin improve by 140 basis points to 22.3%.
2. Strategic Acquisitions and Strong Pipeline.
The company continued its aggressive acquisition strategy, completing seven tuck-in acquisitions during fiscal Q2 2026, which are expected to add approximately $63 million in annualized revenue. Furthermore, Arthur J. Gallagher highlighted a robust pipeline of over 30 signed or pending deals, representing about $500 million in potential annualized revenue. The ongoing integration of AssuredPartners also contributed to margin expansion, generating $222 million of EBITA in fiscal Q2 2026, with projected synergies of $160 million on an annualized run rate by the end of 2026.
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Arthur J. Gallagher (AJG) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Robust Fiscal Q2 2026 Financial Performance.
Arthur J. Gallagher reported strong financial results for fiscal Q2 2026, which ended June 30, 2026. The company exceeded analyst expectations with adjusted earnings per share (EPS) of $2.84, beating the consensus estimate by $0.02 to $0.03. Combined Brokerage and Risk Management segments achieved a 24% year-over-year revenue growth, including a 6% organic growth rate. This marked the 25th consecutive quarter of double-digit adjusted EBITAC growth. The Risk Management segment also saw its adjusted EBITAC margin improve by 140 basis points to 22.3%.
2. Strategic Acquisitions and Strong Pipeline.
The company continued its aggressive acquisition strategy, completing seven tuck-in acquisitions during fiscal Q2 2026, which are expected to add approximately $63 million in annualized revenue. Furthermore, Arthur J. Gallagher highlighted a robust pipeline of over 30 signed or pending deals, representing about $500 million in potential annualized revenue. The ongoing integration of AssuredPartners also contributed to margin expansion, generating $222 million of EBITA in fiscal Q2 2026, with projected synergies of $160 million on an annualized run rate by the end of 2026.
3. Positive Analyst Sentiment and Increased Price Targets.
Analysts maintained a "Moderate Buy" to "Strong Buy" consensus rating for AJG throughout the period. Several firms, including UBS Group, RBC Capital, and Piper Sandler, raised their price targets for the stock in July 2026. For instance, UBS increased its target from $250.00 to $291.00, and RBC Capital raised its target from $260 to $300. The average analyst price target as of July 31, 2026, stood between $272.72 and $286.83, suggesting an upside from the prevailing stock price.
4. Significant Share Repurchase Program.
Arthur J. Gallagher actively returned value to shareholders through share repurchases. During fiscal Q2 2026, the company repurchased approximately 850,000 to 900,000 shares, totaling $170 million. This ongoing program contributed to supporting the per-share value of the stock.
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Stock Movement Drivers
Fundamental Drivers
The 22.1% change in AJG stock from 4/30/2026 to 8/14/2026 was primarily driven by a 16.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 205.72 | 251.21 | 22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,943 | 15,755 | 13.0% |
| Net Income Margin (%) | 10.7% | 10.0% | -7.1% |
| P/E Multiple | 35.3 | 41.1 | 16.4% |
| Shares Outstanding (Mil) | 257 | 257 | 0.0% |
| Cumulative Contribution | 22.1% |
Market Drivers
4/30/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| AJG | 22.1% | |
| Market (SPY) | 8.0% | -39.1% |
| Sector (XLF) | 11.6% | 34.2% |
Fundamental Drivers
The 1.4% change in AJG stock from 1/31/2026 to 8/14/2026 was primarily driven by a 20.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 247.79 | 251.21 | 1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,031 | 15,755 | 20.9% |
| Net Income Margin (%) | 12.3% | 10.0% | -19.0% |
| P/E Multiple | 39.7 | 41.1 | 3.6% |
| Shares Outstanding (Mil) | 257 | 257 | 0.0% |
| Cumulative Contribution | 1.4% |
Market Drivers
1/31/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| AJG | 1.4% | |
| Market (SPY) | 12.5% | -18.2% |
| Sector (XLF) | 9.4% | 37.9% |
Fundamental Drivers
The -11.6% change in AJG stock from 7/31/2025 to 8/14/2026 was primarily driven by a -23.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 284.05 | 251.21 | -11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,025 | 15,755 | 31.0% |
| Net Income Margin (%) | 13.0% | 10.0% | -23.1% |
| P/E Multiple | 46.4 | 41.1 | -11.5% |
| Shares Outstanding (Mil) | 255 | 257 | -0.7% |
| Cumulative Contribution | -11.6% |
Market Drivers
7/31/2025 to 8/14/2026| Return | Correlation | |
|---|---|---|
| AJG | -11.6% | |
| Market (SPY) | 23.9% | -13.2% |
| Sector (XLF) | 12.4% | 38.0% |
Fundamental Drivers
The 20.3% change in AJG stock from 7/31/2023 to 8/14/2026 was primarily driven by a 78.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.75 | 251.21 | 20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,823 | 15,755 | 78.6% |
| Net Income Margin (%) | 13.2% | 10.0% | -24.3% |
| P/E Multiple | 38.2 | 41.1 | 7.5% |
| Shares Outstanding (Mil) | 213 | 257 | -17.1% |
| Cumulative Contribution | 20.3% |
Market Drivers
7/31/2023 to 8/14/2026| Return | Correlation | |
|---|---|---|
| AJG | 20.3% | |
| Market (SPY) | 75.6% | 13.5% |
| Sector (XLF) | 72.0% | 42.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AJG Return | 39% | 12% | 21% | 27% | -8% | -1% | 117% |
| Peers Return | 38% | -3% | 7% | 38% | -9% | -5% | 71% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| AJG Win Rate | 67% | 58% | 58% | 67% | 58% | 38% | |
| Peers Win Rate | 75% | 40% | 48% | 75% | 50% | 34% | |
| S&P 500 Win Rate | 75% | 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 8/14/2026 (YTD)
How Low Can It Go
| Event | AJG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.4% | -24.5% |
| % Gain to Breakeven | 11.6% | 32.4% |
| Time to Breakeven | 50 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.0% | -33.7% |
| % Gain to Breakeven | 58.7% | 50.9% |
| Time to Breakeven | 200 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.7% | -12.2% |
| % Gain to Breakeven | 29.4% | 13.9% |
| Time to Breakeven | 95 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -19.5% | -6.8% |
| % Gain to Breakeven | 24.2% | 7.3% |
| Time to Breakeven | 64 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -11.0% | -17.9% |
| % Gain to Breakeven | 12.4% | 21.8% |
| Time to Breakeven | 18 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.1% | -53.4% |
| % Gain to Breakeven | 59.0% | 114.4% |
| Time to Breakeven | 148 days | 1085 days |
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
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| Event | AJG | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -37.0% | -33.7% |
| % Gain to Breakeven | 58.7% | 50.9% |
| Time to Breakeven | 200 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.7% | -12.2% |
| % Gain to Breakeven | 29.4% | 13.9% |
| Time to Breakeven | 95 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.1% | -53.4% |
| % Gain to Breakeven | 59.0% | 114.4% |
| Time to Breakeven | 148 days | 1085 days |
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)
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.
```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.
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- 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.
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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.
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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).
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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.
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- 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:
- 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.
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Insurance Brokers
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 9.6% | 132.3% | 139.6% | IBKR 499% · SNEX 245% · GS 186% |
| Reinsurance | 6 | 21.0% | 84.6% | 120.9% | SPNT 140% · MTG 134% · RGA 133% |
| Diversified Banks | 12 | 47.2% | 132.3% | 111.2% | CM 163% · JPM 157% · RY 147% |
| Life & Health Insurance | 19 | 21.1% | 60.5% | 95.8% | UNM 301% · FG 261% · MFC 178% |
| Property & Casualty Insurance | 42 | 13.9% | 76.5% | 68.2% | ASIC 2469900% · HRTG 400% · UVE 275% |
| Regional Banks | 264 | 34.7% | 84.5% | 66.8% | ESQ 419% · GCBC 385% · VBNK 290% |
| Multi-Sector Holdings | 5 | 4.5% | 18.7% | 66.8% | JEF 91% · BRK-B 75% · VOYA 67% |
| Multi-line Insurance | 9 | 18.5% | 82.7% | 63.1% | GNW 175% · L 107% · SLF 89% |
| Consumer Finance | 30 | 15.2% | 92.8% | 41.2% | ENVA 726% · EZPW 379% · FCFS 175% |
| Insurance Brokers ← | 15 | -10.4% | 11.5% | 33.9% | LIFE 604% · AJG 89% · ARX 86% |
| Financial Exchanges & Data | 15 | -6.0% | 10.9% | 33.5% | VIRT 176% · CBOE 149% · NDAQ 63% |
| Commercial & Residential Mortgage Finance | 13 | -24.3% | 33.7% | 23.5% | FNMA 460% · FMCC 445% · IOR 69% |
| Asset Management & Custody Banks | 83 | -6.2% | 21.2% | 23.4% | VCTR 295% · WT 291% · SII 262% |
| Specialized Finance | 3 | 22.9% | 52.3% | 4.3% | EFC 38% · CACC 4% · HASI -8% |
| Mortgage REITs | 34 | -4.1% | 12.8% | -8.6% | RITM 72% · DX 41% · NREF 38% |
| Transaction & Payment Processing Services | 15 | 0.5% | 1.6% | -43.0% | V 63% · MA 62% · CPAY 59% |
| Diversified Capital Markets | 21 | -33.7% | -10.8% | -46.9% | BTCS 467% · OPY 187% · LPLA 159% |
| Diversified Financial Services | 5 | -15.3% | 63.9% | -47.8% | FRHC 127% · EQH 88% · TMS -48% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 251.21 |
| Mkt Cap | 31.2 |
| Rev LTM | 10,102 |
| Op Inc LTM | 2,530 |
| FCF LTM | 1,689 |
| FCF 3Y Avg | 1,322 |
| CFO LTM | 1,923 |
| CFO 3Y Avg | 1,559 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.4% |
| Rev Chg 3Y Avg | 19.4% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 10.9% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 19.0% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 17.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Brokerage | 12,192 | 9,934 | 8,637 | 7,304 | 5,968 |
| Risk management | 1,749 | 1,605 | 1,433 | 1,223 | 1,101 |
| Corporate | 1 | 16 | 2 | 24 | 1,141 |
| Total | 13,942 | 11,555 | 10,072 | 8,551 | 8,209 |
| $ Mil | 2017 | 2016 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|
| Brokerage | 676 | 551 | 234 | ||
| Risk management | 98 | 92 | |||
| Corporate | -365 | -287 | |||
| Risk Management Services | 88 | 48 | 43 | ||
| Financial Services | -8 | -22 | |||
| Insurance Brokerage Services | 148 | 172 | |||
| Total | 409 | 357 | 322 | 188 | 193 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Brokerage | 2,043 | 1,678 | 1,163 | 1,197 | 1,008 |
| Risk management | 183 | 175 | 154 | 116 | 90 |
| Corporate | -732 | -390 | -347 | -199 | -191 |
| Total | 1,494 | 1,463 | 970 | 1,114 | 907 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Brokerage | 51,545 | 46,439 | 47,446 | 34,675 | 29,570 |
| Corporate | 16,846 | 16,154 | 2,521 | 2,541 | 2,633 |
| Risk management | 2,274 | 1,662 | 1,649 | 1,143 | 1,034 |
| Total | 70,665 | 64,255 | 51,616 | 38,358 | 33,236 |
Price Behavior
| Market Price | $251.21 | |
| Market Cap ($ Bil) | 64.6 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -18.4% | |
| 50 Days | 200 Days | |
| DMA Price | $239.94 | $232.37 |
| DMA Trend | down | up |
| Distance from DMA | 4.7% | 8.1% |
| 3M | 1YR | |
| Volatility | 33.4% | 30.0% |
| Downside Capture | -182.88 | -47.91 |
| Upside Capture | -39.36 | -53.39 |
| Correlation (SPY) | -36.8% | -14.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.78 | -0.99 | -1.03 | -0.44 | -0.30 | 0.22 |
| Up Beta | -4.25 | -1.52 | -1.65 | -0.47 | -0.26 | 0.33 |
| Down Beta | 0.95 | -0.18 | -0.24 | 0.04 | 0.09 | 0.27 |
| Up Capture | -119% | -38% | -47% | -36% | -25% | 3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 30 | 60 | 127 | 408 |
| Down Capture | -290% | -220% | -219% | -93% | -71% | 20% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 20 | 33 | 66 | 125 | 345 |
[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 | -14.0% | 30.0% | -0.49 | - |
| Sector ETF (XLF) | 11.6% | 14.5% | 0.53 | 38.4% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | -14.2% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | -15.2% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | -7.4% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 21.4% |
| Bitcoin (BTCUSD) | -48.7% | 42.8% | -1.44 | -0.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AJG | |
|---|---|---|---|---|
| AJG | 13.8% | 23.7% | 0.51 | - |
| Sector ETF (XLF) | 10.8% | 18.4% | 0.45 | 52.7% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 37.9% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | -3.2% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | -0.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 40.4% |
| Bitcoin (BTCUSD) | 8.2% | 52.8% | 0.34 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AJG | |
|---|---|---|---|---|
| AJG | 19.7% | 23.4% | 0.77 | - |
| Sector ETF (XLF) | 13.8% | 22.0% | 0.57 | 61.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 55.6% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 2.1% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 13.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 53.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -2.7% | -1.8% | |
| 4/30/2026 | 0.8% | -2.2% | -0.1% |
| 1/29/2026 | 1.4% | -1.3% | -6.7% |
| 10/30/2025 | -4.8% | -6.4% | -6.8% |
| 7/31/2025 | -1.1% | 1.0% | 5.4% |
| 5/1/2025 | 4.2% | 6.6% | 9.8% |
| 1/30/2025 | 0.9% | 7.0% | 14.3% |
| 10/24/2024 | -1.6% | -2.2% | 5.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 17 |
| # Negative | 13 | 10 | 6 |
| Median Positive | 2.2% | 4.1% | 5.9% |
| Median Negative | -1.2% | -2.1% | -6.5% |
| Max Positive | 6.2% | 7.0% | 14.3% |
| Max Negative | -6.0% | -8.0% | -7.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -2.7% | -1.8% | |
| 4/30/2026 | 0.8% | -2.2% | -0.1% |
| 1/29/2026 | 1.4% | -1.3% | -6.7% |
| 10/30/2025 | -4.8% | -6.4% | -6.8% |
| 7/31/2025 | -1.1% | 1.0% | 5.4% |
| 5/1/2025 | 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% |
| 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% |
| 10/27/2022 | 6.2% | 5.5% | 10.6% |
| 7/28/2022 | 1.7% | 0.2% | 6.6% |
| 4/28/2022 | -6.0% | -8.0% | -7.6% |
| 1/27/2022 | 3.5% | 3.4% | 5.9% |
| 10/28/2021 | 2.2% | -2.0% | 0.4% |
| 7/29/2021 | -0.1% | -0.6% | 3.0% |
| 4/29/2021 | 3.0% | 5.7% | 4.2% |
| 1/28/2021 | -0.1% | 0.7% | 5.9% |
| 10/29/2020 | 0.7% | 6.6% | 12.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 17 |
| # Negative | 13 | 10 | 6 |
| Median Positive | 2.2% | 4.1% | 5.9% |
| Median Negative | -1.2% | -2.1% | -6.5% |
| Max Positive | 6.2% | 7.0% | 14.3% |
| Max Negative | -6.0% | -8.0% | -7.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 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 |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/08/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/07/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Insider Activity
Updated 8/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cary, Richard C | Controller, CAO | Direct | Sell | 6022026 | 206.00 | 3,000 | 618,000 | 9,850,814 | Form |
| 2 | Hudson, Scott R | Vice President | Direct | Sell | 3092026 | 227.57 | 3,800 | 864,766 | 19,552,814 | Form |
| 3 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 3092026 | 227.12 | 4,000 | 908,472 | 4,384,679 | Form |
| 4 | Gallagher, J Patrick JR | CEO | Direct | Sell | 3042026 | 230.31 | 27,450 | 6,322,064 | 22,214,729 | Form |
| 5 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 12292025 | 258.11 | 4,000 | 1,032,440 | 4,472,203 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cary, Richard C | Controller, CAO | Direct | Sell | 6022026 | 206.00 | 3,000 | 618,000 | 9,850,814 | Form |
| 2 | Hudson, Scott R | Vice President | Direct | Sell | 3092026 | 227.57 | 3,800 | 864,766 | 19,552,814 | Form |
| 3 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 3092026 | 227.12 | 4,000 | 908,472 | 4,384,679 | Form |
| 4 | Gallagher, J Patrick JR | CEO | Direct | Sell | 3042026 | 230.31 | 27,450 | 6,322,064 | 22,214,729 | Form |
| 5 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 12292025 | 258.11 | 4,000 | 1,032,440 | 4,472,203 | Form |
| 6 | Howell, Douglas K | VP & Chief Financial Officer | Direct | Sell | 12292025 | 258.05 | 5,000 | 1,290,242 | 24,715,048 | Form |
| 7 | Bay, Walter D | General Counsel | Direct | Sell | 12232025 | 255.00 | 15,850 | 4,041,750 | 20,284,995 | Form |
| 8 | Mead, Christopher E | VICE PRESIDENT | Direct | Sell | 11252025 | 250.74 | 1,250 | 313,425 | 4,344,505 | Form |
| 9 | Cary, Richard C | Controller, CAO | Direct | Sell | 11202025 | 261.00 | 6,000 | 1,566,000 | 13,224,293 | Form |
| 10 | Pesch, Michael Robert | Vice President | Direct | Buy | 11032025 | 247.12 | 4,000 | 988,488 | 10,341,726 | Form |
| 11 | Howell, Douglas K | VP & Chief Financial Officer | Direct | Sell | 9232025 | 299.54 | 8,000 | 2,396,344 | 30,186,972 | Form |
| 12 | Howell, Douglas K | VP & Chief Financial Officer | Direct | Sell | 9232025 | 299.27 | 6,000 | 1,795,591 | 32,553,090 | Form |
| 13 | Howell, Douglas K | VP & Chief Financial Officer | Direct | Sell | 9112025 | 299.78 | 3,000 | 899,334 | 34,407,546 | Form |
| 14 | Hudson, Scott R | Vice President | Direct | Sell | 9092025 | 297.60 | 12,855 | 3,825,688 | 25,570,059 | Form |
| 15 | Cary, Richard C | Controller, CAO | Direct | Sell | 8222025 | 306.00 | 4,000 | 1,224,000 | 17,340,343 | Form |
Investor Activity (13F)
Updated Aug 15, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BLS Capital Fondsmaeglerselskab A/S | $140.1 Mil | 4.8% | 11 | New | 13F |
| Bowie Capital Management, LLC | $95.1 Mil | 4.5% | 29 | ADD +91.3% | 13F |
| Central Securities Corp | $29.2 Mil | 2.4% | 30 | ADD +28.6% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $7.1 Mil | 2.3% | 42 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.7 Mil | 1.9% | 46 | ADD +323.2% | 13F |
| Jia Investment Alliance PTE. LTD. | $11.3 Mil | 1.2% | 24 | Hold | 13F |
| Unisphere Establishment | $137.7 Mil | 1.2% | 50 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BLS Capital Fondsmaeglerselskab A/S | $140.1 Mil | 4.8% | 11 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $7.1 Mil | 2.3% | 42 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.7 Mil | 1.9% | 46 | ADD +323.2% | 13F |
| Bowie Capital Management, LLC | $95.1 Mil | 4.5% | 29 | ADD +91.3% | 13F |
| Central Securities Corp | $29.2 Mil | 2.4% | 30 | ADD +28.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BLS Capital Fondsmaeglerselskab A/S | $140.1 Mil | 4.8% | 11 | New | 13F |
| Unisphere Establishment | $137.7 Mil | 1.2% | 50 | Hold | 13F |
| Bowie Capital Management, LLC | $95.1 Mil | 4.5% | 29 | ADD +91.3% | 13F |
| Central Securities Corp | $29.2 Mil | 2.4% | 30 | ADD +28.6% | 13F |
| Jia Investment Alliance PTE. LTD. | $11.3 Mil | 1.2% | 24 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.7 Mil | 1.9% | 46 | ADD +323.2% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $7.1 Mil | 2.3% | 42 | New | 13F |
Arthur J. Gallagher — Investor Video Playlist








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