Arthur J. Gallagher & Co.

Financials Insurance Brokers Rolling Meadows, Illinois Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2017
                
$6.2B
                    
                    +10.1%
                    
                    Net income
                    FY2025
                
$1.5B
                    
                    +2.1%
                    
                    Total assets
                    FY2025
                
$70.7B
                    ROA +2.1%
                    
                    P44
                    
                    +10.0%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    
                    -25.3%

18 yrs · FY2008–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $70.7B

Total liabilities $47.3B

Shareholders equity $23.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	—	—	—	—	—	—	—	—	11.1%	9.8%
Accounts Receivable	—	—	—	—	—	—	—	—	35.0%	33.0%
Prepaid Expenses	—	—	—	—	—	—	—	—	1.5%	1.4%
Other Current Assets	—	—	—	—	—	—	—	—	11.5%	11.3%
Total Current Assets	—	—	—	—	—	—	—	—	83.9%	78.9%
Property,Plant and Equipment	—	—	—	—	—	—	—	—	6.7%	6.7%
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	—	—	—	—	—	—	—	—	67.6%	67.3%
Intangible Assets	—	—	—	—	—	—	—	—	26.7%	29.1%
Deferred Tax Assets	—	—	—	—	—	—	—	—	14.7%	14.2%
Other Noncurrent Assets	—	—	—	—	—	—	—	—	9.2%	9.0%
Total Assets	—	—	—	—	—	—	—	—	242.1%	205.4%
Liabilities
Accounts Payable	—	—	—	—	—	—	—	—	—	—
Accrued Liabilities	—	—	—	—	—	—	—	—	79.8%	82.4%
Deferred Revenue	—	—	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	4.7%	10.3%
Operating Lease Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	—	—	—	—	—	—	—	—	79.8%	82.4%
Long Term Debt	—	—	—	—	—	—	—	—	43.7%	38.3%
Deferred Revenue Noncurrent	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	—	—	—	—	—	—	—	—	18.3%	19.3%
Total Liabilities	—	—	—	—	—	—	—	—	141.8%	140.0%
Equity
Common Stock	—	—	—	—	—	—	—	—	2.9%	3.2%
Additional Paid In Capital	—	—	—	—	—	—	—	—	55.0%	58.4%
Retained Earnings	—	—	—	—	—	—	—	—	17.8%	16.4%
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	-9.1%	-13.6%
Noncontrolling Interest	—	—	—	—	—	—	—	—	1.0%	1.1%
Total Stockholders Equity	—	—	—	—	—	—	—	—	66.6%	64.3%
Total Liabilitiesand Equity	—	—	—	—	—	—	—	—	209.4%	205.4%

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $6.2B

Operating income Not reported

Net income $1.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Expenses Cost of Revenue	—	—	—	—	—	—	—	—	26.6%	25.2%
Expenses Depreciation and Amortization	—	—	—	—	—	—	—	—	6.3%	6.3%
Expenses Share Based Compensation	—	—	—	—	—	—	—	—	0.3%	0.3%
Expenses Operating Expenses	—	—	—	—	—	—	—	—	13.5%	13.9%
Other Income Expense Interest Expense	—	—	—	—	—	—	—	—	2.0%	2.0%
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	0.0%	0.1%
Other Income Expense Income Before Tax	—	—	—	—	—	—	—	—	5.8%	6.0%
Income Tax Income Tax Expense	—	—	—	—	—	—	—	—	-2.6%	-1.7%
net Income net Income	—	—	—	—	—	—	—	—	7.8%	7.1%
net Income Comprehensive Income	—	—	—	—	—	—	—	—	11.1%	2.8%
Earnings Per Share Basic Eps	—	—	—	—	—	—	—	—	0.0%	0.0%
Earnings Per Share Diluted Eps	—	—	—	—	—	—	—	—	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	—	—	—	—	—	—	—	—	2.9%	3.2%
Earnings Per Share Weighted Average Shares Diluted	—	—	—	—	—	—	—	—	2.9%	3.2%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $1.9B

Investing cash flow $-15.9B

Financing cash flow $1.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	—	—	—	—	—	—	—	—	7.8%	7.1%
Operating Activities Depreciation and Amortization	—	—	—	—	—	—	—	—	6.3%	6.3%
Operating Activities Stock Based Compensation	—	—	—	—	—	—	—	—	0.3%	0.3%
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	3.6%	3.0%
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—	—	—	—	0.0%	0.3%
Operating Activities net Cash From Operating Activities	—	—	—	—	—	—	—	—	13.9%	11.6%
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	2.1%	3.9%
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	0.1%	0.6%
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	-8.3%	-8.7%
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	—	5.6%	5.8%
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	4.9%	0.9%
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	4.6%	4.9%
Financing Activities Proceeds From Stock Issuance	—	—	—	—	—	—	—	—	1.0%	0.8%
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	-0.8%	-0.2%
Cash Reconciliation net Change In Cash	—	—	—	—	—	—	—	—	6.0%	0.8%
Cash Reconciliation Cash At Beginning of Period	—	—	—	—	—	—	—	—	37.4%	34.6%
Cash Reconciliation Cash At End of Period	—	—	—	—	—	—	—	—	37.4%	34.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	+73.4%	+74.8%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	—	—	—	—	—	—	—	—	+7.8%	+7.1%
FCF margin	—	—	—	—	—	—	—	—	+11.8%	+7.7%
Growth
Revenue CAGR (3y)	—	—	—	—	—	—	—	—	+10.0%	+20.7%
Returns
ROE	+6.4%	+7.3%	+9.0%	+12.2%	+10.7%	+13.2%	+13.0%	+14.1%	+11.7%	+11.0%
ROA	+2.1%	+2.3%	+1.9%	+2.9%	+2.7%	+3.7%	+3.4%	+3.9%	+3.2%	+3.5%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.06x	1.51x	1.03x	1.04x	1.06x	1.10x	1.02x	1.06x	1.05x	0.96x
Quick ratio	0.20x	0.65x	0.15x	0.04x	0.73x	0.70x	0.68x	0.71x	0.58x	0.52x
Leverage
D/E	2.03x	2.19x	3.79x	3.25x	2.91x	2.60x	2.80x	2.61x	2.13x	2.18x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	—	—	—	—	—	—	—	—	0.41x	0.49x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

Price against fundamentals

AJG $306 · 2025-09-29 · 351d old · FY2025

Market cap $78.3B

P/E 52.40x

P/S —

P/B 3.36x

EV $89.6B

EV/EBITDA —

FCF yield +2.3%

Dividend yield +0.9%

Notes

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