Arthur J. Gallagher & Co. AJG
Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that our major strength is our ability to deliver comprehensively structured insurance, reinsurance and risk management solutions, superior claim outcomes and comprehensive consulting services to our clients.
Our brokerage segment operations provide brokerage and consulting services to entities of all types, including commercial, nonprofit, public sector entities, insurance companies and insurance capital providers, and to a lesser extent, individuals, in the areas of insurance and reinsurance placements, risk of loss management, and management of employer sponsored benefit programs. Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, nonprofit, captive and public sector entities, and various other organizations that choose to self-insure property/casualty coverages or choose to use a third-party claims management organization rather than the claim services provided by an underwriting enterprise.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.94B | $11.55B | $10.07B | $8.55B | $8.21B | $7.00B | $7.20B | $6.93B | $6.25B | $5.68B |
| Cost of revenue | — | — | — | $22.9M | $1.17B | $882.1M | $1.35B | $1.82B | $1.64B | $1.41B |
| Gross profit | — | — | — | $8.53B | $7.04B | $6.12B | $5.84B | $5.12B | $4.61B | $4.27B |
| Total operating expenses | $2.26B | $1.75B | $1.69B | $1.33B | $1.07B | $906.5M | $1.07B | $903.7M | $829.1M | $776.3M |
| Interest expense | $639.0M | $381.0M | $297.0M | $256.9M | $226.1M | $196.4M | $179.8M | $138.4M | $124.1M | $109.8M |
| Pre-tax income | $1.87B | $1.88B | $1.19B | $1.33B | $975.1M | $870.9M | $626.1M | $479.4M | $359.8M | $333.6M |
| Income tax | $368.0M | $404.0M | $219.0M | $211.0M | $20.1M | $12.8M | $89.7M | $196.5M | $157.1M | $96.7M |
| Net income | $1.49B | $1.46B | $970.0M | $1.11B | $906.8M | $818.8M | $668.8M | $633.5M | $481.3M | $396.8M |
| EPS, basic | 5.83 | 6.63 | 4.51 | 5.30 | 4.47 | 4.29 | 3.60 | 3.47 | 2.67 | 2.23 |
| EPS, diluted | 5.74 | 6.50 | 4.42 | 5.19 | 4.37 | 4.20 | 3.52 | 3.40 | 2.64 | 2.22 |
| Shares, diluted (wtd. avg.) | $256.1M | $220.5M | $214.9M | $210.3M | $202.7M | $191.0M | $186.0M | $182.7M | $180.1M | $177.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.40B | $14.99B | $971.0M | $738.4M | $867.7M | $664.6M | $604.8M | $607.2M | $681.2M | $1.94B |
| Receivables | $5.17B | $3.90B | $3.79B | $2.91B | — | — | — | — | — | — |
| Total current assets | $34.36B | $44.11B | $32.12B | $22.29B | $17.67B | $11.12B | $9.12B | $8.12B | $7.27B | $4.42B |
| Property, plant and equipment | $789.0M | $650.0M | $726.4M | $576.2M | $500.8M | $450.7M | $467.4M | $436.9M | $412.2M | $377.6M |
| Goodwill | $22.59B | $12.27B | $11.48B | $9.49B | $8.67B | $6.13B | $5.62B | $4.63B | $4.16B | $3.75B |
| Other intangibles | $10.68B | $4.53B | $4.63B | $3.37B | $3.95B | $2.40B | $2.32B | $1.77B | $1.64B | $1.63B |
| Total assets | $70.67B | $64.25B | $51.62B | $38.36B | $33.24B | $22.33B | $19.63B | $16.33B | $14.91B | $13.53B |
| Short-term debt | $640.0M | $200.0M | $670.0M | $310.0M | $245.0M | $75.0M | $620.0M | $365.0M | $290.0M | $578.0M |
| Total current liabilities | $32.52B | $29.26B | $31.06B | $21.34B | $16.73B | $10.13B | $8.92B | $7.69B | $6.73B | $4.61B |
| Long-term debt | $12.10B | $12.73B | $7.01B | $5.56B | $5.81B | $4.27B | $3.82B | $3.09B | $2.69B | $2.14B |
| Total liabilities | $47.32B | $44.08B | $40.80B | $29.17B | $24.78B | $16.10B | $14.42B | $11.76B | $10.61B | $7.83B |
| Retained earnings | $5.81B | $4.99B | $4.05B | $3.56B | $2.88B | $2.37B | $1.90B | $1.56B | $1.22B | $916.4M |
| Total equity | $23.32B | $20.15B | $10.81B | $9.19B | $8.56B | $6.23B | $5.22B | $4.57B | $4.30B | $3.78B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.93B | $2.58B | $2.03B | $1.39B | $1.39B | $1.81B | $1.19B | $765.1M | $854.2M | $649.6M |
| Depreciation and amortisation | $1.12B | $843.0M | $697.0M | $599.6M | $566.3M | $562.4M | $474.4M | $419.0M | $385.8M | $350.8M |
| Stock-based compensation | $49.0M | $42.0M | $31.0M | $24.4M | $13.4M | $13.6M | $14.0M | $13.7M | $17.3M | $14.7M |
| Capital expenditure | $145.0M | $142.0M | $194.0M | $182.7M | $128.6M | $99.3M | $138.8M | $124.4M | $129.2M | $217.8M |
| Investing cash flow | -$15.88B | -$1.59B | -$3.29B | -$1.00B | -$3.43B | -$471.4M | -$1.45B | -$910.3M | -$511.0M | -$485.3M |
| Financing cash flow | $1.71B | $13.05B | $2.87B | $212.6M | $3.00B | -$505.1M | $638.4M | $162.0M | -$47.8M | -$11.6M |
| Dividends paid | $667.0M | $525.0M | $474.0M | $429.5M | $392.0M | $347.4M | $321.1M | $301.8M | $282.7M | $272.2M |
| Buybacks | — | — | — | — | — | — | — | $11.3M | $17.7M | $101.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-008662.
Others in SIC 6411
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MRSH | MARSH & MCLENNAN COMPANIES, INC. | $88.64B | 22.0x | 10.3% |
| AON | Aon plc | $68.54B | 19.0x | 9.4% |
| WTW | WILLIS TOWERS WATSON PLC | $31.09B | 20.6x | -2.3% |
| BRO | BROWN & BROWN, INC. | $23.90B | 22.6x | 22.8% |
| EQH | Equitable Holdings, Inc. | $14.46B | — | -6.1% |
| ACT | Enact Holdings, Inc. | $6.77B | 10.9x | 2.8% |
| NP | Neptune Insurance Holdings Inc. | $4.58B | — | 33.7% |
| ARX | Accelerant Holdings | $4.34B | — | 51.5% |