Arthur J. Gallagher vs Brown & Brown
Add, change or remove companies; up to four.
The short version
- Arthur J. Gallagher is the larger business, with $13.9B of revenue in fiscal 2025 against $5.9B for Brown & Brown, about 2.4 times as much.
- Brown & Brown grew revenue faster (22.8%, against 20.7%).
- Brown & Brown turned more of its sales into free cash flow (23.4% FCF margin, against 12.8%).
- Arthur J. Gallagher earned a higher return on the capital invested in it (9.9%, against 9.1%).
- Investors pay more for each dollar of Arthur J. Gallagher’s earnings: a P/E of 44.5x against 23.0x for Brown & Brown.
| Latest fiscal year | AJG · FY25 | BRO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.8B | $24.4B |
| Revenue | $13.9B | $5.9B |
| Free cash flow | $1.8B | $1.4B |
| Net income | $1.5B | $1.1B |
| Growth | ||
| Revenue growth | 20.7% | 22.8% |
| 5-year growth | 14.8% | 17.7% |
| Share count change | 16.2% | 10.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 10.7% | 17.9% |
| FCF margin | 12.8% | 23.4% |
| Return on capital | 9.9% | 9.1% |
| Return on equity | 6.9% | 11.1% |
| Balance sheet | ||
| Net debt | $12.1B | $6.5B |
| Net debt / EBITDA | 3.3x | 3.8x |
| Dividends and buybacks | $667M | $293M |
| Valuation & quality | ||
| P/E | 44.5x | 23.0x |
| Piotroski F-score | 3 | 4 |
Revenue
FY16
AJG $5.6B
BRO $1.8B
FY17
AJG $6.2B
BRO $1.9B
FY18
AJG $6.9B
BRO $2.0B
FY19
AJG $7.2B
BRO $2.4B
FY20
AJG $7.0B
BRO $2.6B
FY21
AJG $8.2B
BRO $3.1B
FY22
AJG $8.6B
BRO $3.6B
FY23
AJG $10.1B
BRO $4.3B
FY24
AJG $11.6B
BRO $4.8B
FY25
AJG $13.9B
BRO $5.9B
AJG
BRO
Operating margin
FY16
AJG —
BRO —
FY17
AJG —
BRO —
FY18
AJG —
BRO —
FY19
AJG —
BRO —
FY20
AJG —
BRO —
FY21
AJG —
BRO —
FY22
AJG —
BRO —
FY23
AJG —
BRO —
FY24
AJG —
BRO —
FY25
AJG —
BRO —
AJG
BRO
Free cash flow
FY16
AJG $432M
BRO $393M
FY17
AJG $725M
BRO $418M
FY18
AJG $641M
BRO $526M
FY19
AJG $1.1B
BRO $605M
FY20
AJG $1.7B
BRO $642M
FY21
AJG $1.3B
BRO $764M
FY22
AJG $1.2B
BRO $829M
FY23
AJG $1.8B
BRO $941M
FY24
AJG $2.4B
BRO $1.1B
FY25
AJG $1.8B
BRO $1.4B
AJG
BRO
Return on capital
FY16
AJG 12.1%
BRO 9.8%
FY17
AJG 12.5%
BRO 14.8%
FY18
AJG 14.9%
BRO 10.7%
FY19
AJG 16.8%
BRO 10.6%
FY20
AJG 19.3%
BRO 11.0%
FY21
AJG 16.7%
BRO 11.9%
FY22
AJG 15.5%
BRO 11.7%
FY23
AJG 12.5%
BRO 12.3%
FY24
AJG 22.2%
BRO 12.6%
FY25
AJG 9.9%
BRO 9.1%
AJG
BRO
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.