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Arthur J. Gallagher

AJG NYSE Insurance Brokers Financials FY2016–FY2025

Arthur J. Gallagher's revenue rose 20.7% to $13.9 billion in fiscal 2025. Its net margin was 10.7%, down from 12.7% a year earlier. Free cash flow was $1.8 billion, down 26.9%. It paid out $667 million in dividends and buybacks, 37% of free cash flow. The diluted share count rose 16.1%.

Last close · Oct 23, 2026

$268.04

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$13.9B
20.7% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.5B
2.1%
Free cash flow Cash from operations minus capital spending.
$1.8B
26.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.9%
12.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$68.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
44.5x
On $6.03 EPS (TTM)

What Arthur J. Gallagher does

No business description yet.

Legal name
ARTHUR J. GALLAGHER & CO.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-008662
0000354190

Revenue and margins

Arthur J. Gallagher had $13.9B of revenue in fiscal 2025, up 20.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 11.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.8B in fiscal 2025, 12.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Arthur J. Gallagher returned $667M to shareholders in fiscal 2025, 37% of free cash flow. The diluted share count rose 16.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Arthur J. Gallagher yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$12.1B and divides by 256.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 44.5x · peers 21.6x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Arthur J. Gallagher can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $403M$738M$971M$15.0B$1.4B
Debt incl. finance leases $268M$327M$694M$223M$13.5B
Net debt / EBITDA −0.1x−0.2x−0.1x−4.8x3.3x
Debt / equity 0.0x0.0x0.1x0.0x0.6x
Interest coverage 5.3x6.2x5.0x5.9x3.9x
Current ratio 1.1x1.0x1.0x1.5x1.1x
Quick ratio 1.1x1.0x1.0x1.5x1.1x
Total assets $33.2B$38.4B$51.6B$64.3B$70.7B
Total liabilities $24.8B$29.2B$40.8B$44.1B$47.3B
Shareholders' equity $8.5B$9.1B$10.8B$20.2B$23.3B
Net debt (− = net cash) −$135M−$412M−$277M−$14.8B$12.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$23.0M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Richard C CaryController, CAO Sold 1,000 $252.86 $0.3M Form 4
Sep 2, 2026 Scott R HudsonVice President Sold 12,000 $264.13 $3.2M Form 4
Aug 24, 2026 Walter D. BayGeneral Counsel Sold 12,000 $270.08 $3.2M Form 4
Aug 19, 2026 Christopher E MeadVice President Sold 3,500 $257.03 $0.9M Form 4
Jun 2, 2026 Richard C CaryController, CAO Sold 3,000 $206.00 $0.6M Form 4
Mar 6, 2026 Scott R HudsonVice President Sold 3,800 $227.57 $0.9M Form 4
Mar 5, 2026 Christopher E MeadVice President Sold 4,000 $227.12 $0.9M Form 4
Mar 2, 2026 Gallagher J Patrick JrCEO, Director Sold 27,450 $230.31 $6.3M Form 4
Dec 23, 2025 Christopher E MeadVice President Sold 4,000 $258.11 $1.0M Form 4
Dec 22, 2025 Douglas K HowellVP & Chief Financial Officer Sold 5,000 $258.05 $1.3M Form 4
Dec 19, 2025 Walter D. BayGeneral Counsel Sold 15,850 $255.00 $4.0M Form 4
Nov 21, 2025 Christopher E MeadVice President Sold 1,250 $250.74 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 4 / 86 / 83 / 8
Accruals ratio −2.4%−1.9%−0.7%
Altman Z'' 0.862.491.20

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Arthur J. Gallagher AJG $68.8B 20.7% — 12.8% 9.9% 44.5x 3
Aon AON $64.9B 9.5% 25.3% 18.7% 15.6% 16.7x 4 Compare →
Willis Towers Watson WTW $30.6B −2.2% 23.0% 15.9% 12.8% 20.1x 7 Compare →
Marsh McLennan MRSH $94.6B 10.3% 23.1% 18.5% 15.0% 23.6x 5 Compare →
Brown & Brown BRO $24.4B 22.8% — 23.4% 9.1% 23.0x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.6B $6.2B $6.9B $7.2B $7.0B $8.2B $8.6B $10.1B $11.6B $13.9B
Gross profit $4.2B $4.5B $5.1B $5.8B $6.1B $7.0B $8.5B — — —
Interest expense $110M $124M $138M $180M $196M $226M $257M $297M $381M $639M
Pretax income $334M $360M $479M $626M $871M $975M $1.3B $1.2B $1.9B $1.9B
Income tax −$96.7M −$157M −$197M −$89.7M $12.8M $20.1M $211M $219M $404M $368M
Net income $397M $481M $634M $669M $819M $907M $1.1B $970M $1.5B $1.5B
Diluted EPS $2.22 $2.64 $3.40 $3.52 $4.20 $4.37 $5.19 $4.42 $6.50 $5.74
Diluted shares 0.18B 0.18B 0.18B 0.19B 0.19B 0.20B 0.21B 0.21B 0.22B 0.26B
Cash flow
Cash from operations $650M $854M $765M $1.2B $1.8B $1.4B $1.4B $2.0B $2.6B $1.9B
Capital expenditure $218M $129M $124M $139M $99.3M $129M $183M $194M $142M $145M
Free cash flow $432M $725M $641M $1.1B $1.7B $1.3B $1.2B $1.8B $2.4B $1.8B
Depreciation and amortization $351M $386M $419M $474M $562M $566M $600M $697M $843M $1.1B
Stock-based compensation $14.7M $17.3M $13.7M $14.0M $13.6M $13.4M $24.4M $31.0M $42.0M $49.0M
Acquisitions $327M $372M $792M $1.3B $398M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $101M $17.7M $11.3M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $272M $283M $302M $321M $347M $392M $430M $474M $525M $667M
Dividends and buybacks $373M $300M $313M $321M $347M $392M $430M $474M $525M $667M
Balance sheet
Cash and short-term investments $546M $681M $607M $605M $665M $403M $738M $971M $15.0B $1.4B
Total debt $605M $310M $385M $639M $94.6M $268M $327M $694M $223M $13.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.4B $7.3B $8.1B $9.1B $11.1B $17.7B $22.3B $32.1B $44.1B $34.4B
Current liabilities $4.6B $6.7B $7.7B $8.9B $10.1B $16.7B $21.3B $31.1B $29.3B $32.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $378M $412M $437M $467M $451M $501M $576M $726M $650M $789M
Total assets $13.5B $14.9B $16.3B $19.6B $22.3B $33.2B $38.4B $51.6B $64.3B $70.7B
Total liabilities $7.8B $10.6B $11.8B $14.4B $16.1B $24.8B $29.2B $40.8B $44.1B $47.3B
Shareholders' equity $3.6B $4.2B $4.5B $5.2B $6.2B $8.5B $9.1B $10.8B $20.2B $23.3B
Margins
Gross margin 74.8% 73.4% 73.8% 81.2% 87.4% 85.7% 99.7% — — —
EBITDA margin 14.2% 14.1% 15.0% 17.8% 23.3% 21.5% 25.5% 21.6% 26.8% 26.1%
Net margin 7.1% 7.8% 9.1% 9.3% 11.7% 11.1% 13.0% 9.6% 12.7% 10.7%
FCF margin 7.7% 11.8% 9.2% 14.6% 24.4% 15.4% 14.1% 18.3% 21.1% 12.8%
Returns
Return on capital 12.1% 12.5% 14.9% 16.8% 19.3% 16.7% 15.5% 12.5% 22.2% 9.9%
Return on capital employed 5.7% 5.7% 7.4% 8.3% 9.3% 8.4% 9.5% 7.9% 8.1% 6.9%
Return on equity 11.0% 12.3% 14.5% 13.9% 14.4% 12.3% 12.6% 9.7% 9.5% 6.9%
Return on assets 3.3% 3.4% 4.1% 3.7% 3.9% 3.3% 3.1% 2.2% 2.5% 2.2%
Growth
Revenue growth 3.8% 10.1% 12.6% 3.8% −2.7% 17.2% 4.2% 17.8% 14.7% 20.7%
Net income growth 11.2% 21.3% 31.6% 5.6% 22.4% 10.8% 22.9% −12.9% 50.8% 2.1%
EPS growth 7.8% 18.9% 28.8% 3.5% 19.3% 4.1% 18.8% −14.8% 47.1% −11.7%
FCF growth −26.5% 67.9% −11.6% 64.2% 62.3% −26.0% −4.5% 52.2% 32.8% −26.9%
Share count change 3.1% 1.4% 1.4% 1.8% 2.7% 6.1% 3.8% 2.2% 2.6% 16.2%
Financial health
Net debt / EBITDA 0.1x −0.4x −0.2x 0.0x −0.4x −0.1x −0.2x −0.1x −4.8x 3.3x
Debt / equity 0.2x 0.1x 0.1x 0.1x 0.0x 0.0x 0.0x 0.1x 0.0x 0.6x
Interest coverage 4.0x 3.9x 4.5x 4.5x 5.4x 5.3x 6.2x 5.0x 5.9x 3.9x
Current ratio 1.0x 1.1x 1.1x 1.0x 1.1x 1.1x 1.0x 1.0x 1.5x 1.1x
Quick ratio 1.0x 1.1x 1.1x 1.0x 1.1x 1.1x 1.0x 1.0x 1.5x 1.1x
Capital allocation
Capex / revenue 3.9% 2.1% 1.8% 1.9% 1.4% 1.6% 2.1% 1.9% 1.2% 1.0%
Stock comp / revenue 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.4% 0.4%
Payouts / FCF 86.4% 41.4% 48.9% 30.5% 20.3% 31.0% 35.6% 25.8% 21.5% 37.4%
Quality scores
Piotroski F-score 4.0 5.0 6.0 4.0 7.0 4.0 5.0 4.0 6.0 3.0
Altman Z'' 0.9 1.2 1.1 1.0 1.4 1.1 1.1 0.9 2.5 1.2
Accruals ratio −2.1% −2.6% −0.8% −2.9% −4.7% −1.8% −0.8% −2.4% −1.9% −0.7%

Source: SEC EDGAR XBRL filings (CIK 0000354190). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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