NYSE: AJG
Arthur J. Gallagher
Financials · Insurance Agents, Brokers & Service
52-week range
$190.75$277.45
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$58.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.28B |
| FY2017, ended Dec 31, 2017 | $11.5B |
| FY2018, ended Dec 31, 2018 | $13.6B |
| FY2019, ended Dec 31, 2019 | $17.9B |
| FY2020, ended Dec 31, 2020 | $24.0B |
| FY2021, ended Dec 31, 2021 | $35.4B |
| FY2022, ended Dec 31, 2022 | $40.0B |
| FY2023, ended Dec 31, 2023 | $48.8B |
| FY2024, ended Dec 31, 2024 | $72.3B |
| FY2025, ended Dec 31, 2025 | $66.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $58.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$15.8B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.68B |
| FY2017, ended Dec 31, 2017 | $6.25B |
| FY2018, ended Dec 31, 2018 | $6.93B |
| FY2019, ended Dec 31, 2019 | $7.20B |
| FY2020, ended Dec 31, 2020 | $7.00B |
| FY2021, ended Dec 31, 2021 | $8.21B |
| FY2022, ended Dec 31, 2022 | $8.55B |
| FY2023, ended Dec 31, 2023 | $10.1B |
| FY2024, ended Dec 31, 2024 | $11.6B |
| FY2025, ended Dec 31, 2025 | $13.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $15.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $397M | $432M |
| FY2017, ended Dec 31, 2017 | $481M | $725M |
| FY2018, ended Dec 31, 2018 | $634M | $641M |
| FY2019, ended Dec 31, 2019 | $669M | $1.05B |
| FY2020, ended Dec 31, 2020 | $819M | $1.71B |
| FY2021, ended Dec 31, 2021 | $907M | $1.26B |
| FY2022, ended Dec 31, 2022 | $1.11B | $1.21B |
| FY2023, ended Dec 31, 2023 | $970M | $1.84B |
| FY2024, ended Dec 31, 2024 | $1.46B | $2.44B |
| FY2025, ended Dec 31, 2025 | $1.49B | $1.78B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.57B | $2.29B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.39B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $546M |
| FY2017, ended Dec 31, 2017 | $681M |
| FY2018, ended Dec 31, 2018 | $607M |
| FY2019, ended Dec 31, 2019 | $605M |
| FY2020, ended Dec 31, 2020 | $665M |
| FY2021, ended Dec 31, 2021 | $403M |
| FY2022, ended Dec 31, 2022 | $738M |
| FY2023, ended Dec 31, 2023 | $971M |
| FY2024, ended Dec 31, 2024 | $15.0B |
| FY2025, ended Dec 31, 2025 | $1.40B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.39B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.5B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $605M |
| FY2017, ended Dec 31, 2017 | $310M |
| FY2018, ended Dec 31, 2018 | $385M |
| FY2019, ended Dec 31, 2019 | $639M |
| FY2020, ended Dec 31, 2020 | $94.6M |
| FY2021, ended Dec 31, 2021 | $268M |
| FY2022, ended Dec 31, 2022 | $327M |
| FY2023, ended Dec 31, 2023 | $694M |
| FY2024, ended Dec 31, 2024 | $223M |
| FY2025, ended Dec 31, 2025 | $13.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 43.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.256M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 179M |
| FY2017, ended Dec 31, 2017 | 181M |
| FY2018, ended Dec 31, 2018 | 184M |
| FY2019, ended Dec 31, 2019 | 188M |
| FY2020, ended Dec 31, 2020 | 194M |
| FY2021, ended Dec 31, 2021 | 209M |
| FY2022, ended Dec 31, 2022 | 212M |
| FY2023, ended Dec 31, 2023 | 217M |
| FY2024, ended Dec 31, 2024 | 255M |
| FY2025, ended Dec 31, 2025 | 257M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 256M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $277M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $101M | $14.7M | $45.6M | $91.6M |
| FY2017, ended Dec 31, 2017 | $17.7M | $17.3M | $60.4M | $60.6M |
| FY2018, ended Dec 31, 2018 | $11.3M | $13.7M | $81.9M | $61.6M |
| FY2019, ended Dec 31, 2019 | — | $14.0M | $101M | $168M |
| FY2020, ended Dec 31, 2020 | — | $13.6M | $112M | $309M |
| FY2021, ended Dec 31, 2021 | — | $13.4M | $1.55B | $251M |
| FY2022, ended Dec 31, 2022 | — | $24.4M | $123M | $166M |
| FY2023, ended Dec 31, 2023 | — | $31.0M | $120M | $526M |
| FY2024, ended Dec 31, 2024 | — | $42.0M | $8.51B | $141M |
| FY2025, ended Dec 31, 2025 | — | $49.0M | $1.50B | $30.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $65.0M | $212M | — |
Revenue (TTM)
$15.8B
+26.3% YoY
Net income (TTM)
$1.57B
−4.6% YoY
Cash
$1.39B
−90.3% YoY
Total debt
$13.5B
+5.8% YoY
Valuation
At current price- Market Cap
- $70.8B
- P/E
- 45.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.5×
- Price / Book
- 3.0×
- EV / EBITDA
- 25.0×
Growth
Trailing 12 months- Revenue (TTM)
- $15.8B
- Revenue Growth YoY
- 26.3%
- Revenue CAGR 3Y
- 17.7%
- Revenue CAGR 5Y
- 14.8%
- EPS Growth YoY
- −8.8%
- Net Income Growth YoY
- −4.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 12.6%
- Net Margin
- 10.0%
- FCF Margin
- 14.5%
- Return on Equity
- 6.7%
Earnings
Trailing 12 months- Net Income
- $1.57B
- EPS (diluted)
- $6.03
- EBITDA
- $3.32B
- Operating Income
- $1.98B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.39B
- Total Debt
- $13.5B
- Net Debt
- $12.1B
- Total Assets
- $81.8B
- Total Liabilities
- $58.1B
- Shareholders' Equity
- $23.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.45B
- Capital Expenditure
- $164M
- Free Cash Flow
- $2.29B
Dividends and risk
Last 12 months- Dividend Yield
- 1.0%
- Dividend / Share
- $2.75
- Beta (5Y)
- 0.54
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 26.3% over the last year, to $15.8B.
Watch
Operating margin narrowed 4.1 pts in a year, to 12.6%.
Note
Free cash flow of $2.29B, 14.5% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K75Good news
75Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 18, 2025 · Read the filing on EDGAR
- Revenue rose 15% to $11.4 billion and net earnings rose 52% to $1.47 billion, helped by a much smaller earnout charge than in 2023.
- Agreed to buy AssuredPartners for $13.45 billion, funded by an $8.5 billion share sale (plus $1.28 billion more in January) and $5 billion of new bonds.
- Organic growth slowed to about 7.5% in brokerage and 8% in risk management, from 9% and 16% the year before.
- Year-end cash of about $15 billion, raised for the pending deal, more than covers roughly $13.3 billion of debt.
Business momentum
Strong improvement
“In our property/casualty brokerage operations, during the twelve-month period ended December 31, 2024, we saw continued strong customer retention, higher new business generation and increasing renewal premiums (premium rates and exposures).”
Outlook
Positive
“We believe increases in property/casualty rates will continue throughout 2025 due to rising loss costs, increased frequency of natural catastrophe and weather related losses, prior year reserve volatility and social inflation.”
Financial stress
Low
“We believe that we have sufficient capital and access to additional capital to meet our short- and long-term cash flow needs.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Earnings up sharply
“Net earnings attributable to controlling interests were $1,462.7 million and $969.5 million for 2024 and 2023, respectively.”
Strong operating cash flow
“Cash provided by operating activities was $2,582.9 million and $2,031.7 million for 2024 and 2023, respectively.”
Earnout charges reversed to a small gain
“During 2024 and 2023, we recognized $35.7 million of income and $300.7 million of expense, respectively, related to net adjustments in the estimated fair market values of earnout obligations”
Concerns
Organic growth slowing
“Organic change in fee revenues was 8% in 2024 and 16% in 2023.”
Rising interest costs on larger debt
“As of December 31, 2024, we had total consolidated debt outstanding of approximately $13.3 billion.”
Large earnout obligations still owed
“The aggregate amount of the maximum earnout obligations related to these acquisitions was $1,998.2 million, of which $1,302.0 million was recorded in our consolidated balance sheet”
New risks since the previous report
AssuredPartners deal may not close or deliver expected benefits
“There can be no assurance that the Transaction will be completed or that we will realize the expected benefits of the Transaction.”
Shareholder dilution from large share sales
“The issuance of any additional shares of common or of preferred stock or convertible securities could be substantially dilutive to holders of our common stock.”
California wildfires may pressure carriers and pricing
“first quarter 2025 insured losses are likely to be elevated due to the California wildfires and, may cause insurance and/or reinsurance carriers to increase property pricing upon renewal.”
Global minimum tax and new Bermuda tax from 2025
“Bermuda enacted a corporate tax regime for the first time in 2023, which has become effective starting 2025.”
Biggest risks named
- Closing and integrating the $13.45 billion AssuredPartners deal
- Reliance on acquisitions and insurance price cycles
- About $13.3 billion of debt plus share dilution
- IRS micro-captive probes and clean-coal tax credit exposure
- Cybersecurity, AI and global minimum tax changes
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 17, 2026 | Pro | |||
| 10-K | Feb 18, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 9, 2024 | 56 | Mixed | 1 medium | |
| 10-K | Feb 10, 2023 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 18, 2022 | 66 | Improving | 1 minor | |
| 10-K | Feb 8, 2021 | 63 | Improving | 1 medium1 minor | |
| 10-K | Feb 7, 2020 | 66 | Improving | 1 minor | |
| 10-K | Feb 8, 2019 | 73 | Strong improvement | 1 medium | |
| 10-K | Feb 12, 2018 | 66 | Improving | 1 minor | |
| 10-K | Feb 13, 2017 | 66 | Improving | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR