Arthur J. Gallagher vs Ryan Specialty
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The short version
- Arthur J. Gallagher is the larger business, with $13.9B of revenue in fiscal 2025 against $3.1B for Ryan Specialty, about 4.6 times as much.
- Ryan Specialty grew revenue faster (21.3%, against 20.7%).
- Ryan Specialty turned more of its sales into free cash flow (21.0% FCF margin, against 12.8%).
- Arthur J. Gallagher earned a higher return on the capital invested in it (9.9%, against 8.7%).
| Latest fiscal year | AJG · FY25 | RYAN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.8B | — |
| Revenue | $13.9B | $3.1B |
| Free cash flow | $1.8B | $641M |
| Net income | $1.5B | $63.4M |
| Growth | ||
| Revenue growth | 20.7% | 21.3% |
| 5-year growth | 14.8% | 24.5% |
| Share count change | 16.2% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 16.2% |
| Net margin | 10.7% | 2.1% |
| FCF margin | 12.8% | 21.0% |
| Return on capital | 9.9% | 8.7% |
| Return on equity | 6.9% | 9.9% |
| Balance sheet | ||
| Net debt | $12.1B | $3.2B |
| Net debt / EBITDA | 3.3x | 4.1x |
| Dividends and buybacks | $667M | $62.3M |
| Valuation & quality | ||
| P/E | 44.5x | — |
| Piotroski F-score | 3 | — |
Revenue
FY16
AJG $5.6B
RYAN —
FY17
AJG $6.2B
RYAN —
FY18
AJG $6.9B
RYAN —
FY19
AJG $7.2B
RYAN $765M
FY20
AJG $7.0B
RYAN $1.0B
FY21
AJG $8.2B
RYAN $1.4B
FY22
AJG $8.6B
RYAN $1.7B
FY23
AJG $10.1B
RYAN $2.1B
FY24
AJG $11.6B
RYAN $2.5B
FY25
AJG $13.9B
RYAN $3.1B
AJG
RYAN
Operating margin
FY16
AJG —
RYAN —
FY17
AJG —
RYAN —
FY18
AJG —
RYAN —
FY19
AJG —
RYAN 13.2%
FY20
AJG —
RYAN 15.6%
FY21
AJG —
RYAN 13.0%
FY22
AJG —
RYAN 16.8%
FY23
AJG —
RYAN 17.3%
FY24
AJG —
RYAN 17.0%
FY25
AJG —
RYAN 16.2%
AJG
RYAN
Free cash flow
FY16
AJG $432M
RYAN —
FY17
AJG $725M
RYAN —
FY18
AJG $641M
RYAN —
FY19
AJG $1.1B
RYAN $149M
FY20
AJG $1.7B
RYAN $130M
FY21
AJG $1.3B
RYAN −$69.7M
FY22
AJG $1.2B
RYAN $328M
FY23
AJG $1.8B
RYAN $477M
FY24
AJG $2.4B
RYAN $515M
FY25
AJG $1.8B
RYAN $641M
AJG
RYAN
Return on capital
FY16
AJG 12.1%
RYAN —
FY17
AJG 12.5%
RYAN —
FY18
AJG 14.9%
RYAN —
FY19
AJG 16.8%
RYAN —
FY20
AJG 19.3%
RYAN —
FY21
AJG 16.7%
RYAN —
FY22
AJG 15.5%
RYAN 18.5%
FY23
AJG 12.5%
RYAN 15.0%
FY24
AJG 22.2%
RYAN 12.1%
FY25
AJG 9.9%
RYAN 8.7%
AJG
RYAN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.