# Arthur J. Gallagher & Co. (AJG)

> Source: Nexqual · https://nexqual.com/AJG · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Arthur J. Gallagher & Co. (AJG), nexqual.com/AJG" · informational, not investment advice.

**Price:** USD 270.98 (+4.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 258.37 · day 257.52–271 · 52w 190.75–284.33 · market cap $69.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.8B, net income $1.57B (10.0% margin), free cash flow $2.29B (SEC filings).
- Valuation: P/E 44.2x, net debt $12.2B.
- 6 of 80 tracked superinvestors hold AJG (13F, Q2 2026): 2 new, 2 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $8.2M; 5 not under a Rule 10b5-1 plan ($8.2M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (23 analysts), mean target USD 283.33 (range 242–388).
- Total return with dividends: 1Y -3.0% vs S&P 500 +14.9%; 5Y +72.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.99, revenue estimate $3.99B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.21B | $8.55B | $10.1B | $11.6B | $13.9B | $15.8B |
| Gross profit | $7.04B | $8.53B | — | — | — | — |
| Net income | $907M | $1.11B | $970M | $1.46B | $1.49B | $1.57B |
| EPS (diluted) | $4.37 | $5.19 | $4.42 | $6.50 | $5.74 | — |
| Free cash flow | $1.26B | $1.21B | $1.84B | $2.44B | $1.78B | $2.29B |
| Gross margin | 85.7% | 99.7% | — | — | — | — |
| Net margin | 11.0% | 13.0% | 9.6% | 12.7% | 10.7% | 10.0% |
| Revenue growth | +17.2% | +4.2% | +17.8% | +14.7% | +20.7% | — |
| Cash + short-term investments | $403M | $738M | $971M | $15.0B | $1.40B | — |
| Total debt | $6.06B | $5.87B | $7.68B | $12.9B | $12.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 44.2x · P/S 4.4x · EV/Sales 5.2x · P/FCF 30.4x · P/B 2.9x · FCF yield 3.29% · Earnings yield 2.26% · Dividend yield (paid, TTM) 1.00% · Net debt $12.2B · EV $81.7B

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold AJG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Greenberg | Brave Warrior Advisors | 6.43% | $295M | New position |
| First Pacific Advisors |  | 3.85% | $307M | Added +244.7% |
| Dodge & Cox Funds | Dodge & Cox | 1.13% | $2.15B | Added +27.3% |
| Torray Funds |  | 0.81% | $6.0M | Reduced -9.5% |
| Mairs & Power | Mairs & Power Funds | 0.66% | $71.5M | New position |
| John Rogers | Ariel Investments | 0.04% | $4.3M | Reduced -5.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Cary Richard C | Controller, CAO | 1,000 | $253K | 2.1% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-09-02 | Hudson Scott R | Vice President | 12,000 | $3.2M | 11.7% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Bay Walter D. | General Counsel | 12,000 | $3.2M | 14.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-19 | Mead Christopher E | VICE PRESIDENT | 3,500 | $900K | 13.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-02 | Cary Richard C | Controller, CAO | 3,000 | $618K | 5.9% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 23 analysts; mean target USD 283.33 (low 242, high 388).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $291 → $284 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $292 → $271 |
| 2026-10-07 | Cantor Fitzgerald | Target lowered | Neutral | $300 → $280 |
| 2026-10-06 | Morgan Stanley | Target lowered | Overweight | $285 → $260 |
| 2026-09-25 | Morgan Stanley | Target lowered | Overweight | $290 → $285 |
| 2026-09-24 | RBC Capital | Target lowered | Outperform | $310 → $290 |
| 2026-09-24 | Wells Fargo | Target lowered | Overweight | $296 → $291 |
| 2026-09-16 | Mizuho | Target lowered | Outperform | $300 → $292 |
| 2026-08-19 | Morgan Stanley | Target raised | Overweight | $270 → $290 |
| 2026-08-17 | Argus Research | Target raised | Buy | $267 → $300 |
| 2026-08-04 | Citigroup | Target raised | Buy | $250 → $285 |
| 2026-08-03 | UBS | Target raised | Buy | $291 → $299 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.0% | +72.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.0% | +11.5% |
| Volatility (annualized) | 32.3% | 24.8% |
| Max drawdown | -31.6% (Oct 2025→May 2026) | -42.2% (May 2025→May 2026) |

## Peers (Insurance Brokers)
AON (Aon plc) USD 306.8 +4.23% · MRSH (Marsh) USD 199.27 +4.57% · WTW (Willis Towers Watson Public Lim) USD 332.18 +4.58% · BRO (Brown & Brown, Inc.) USD 74.49 +5.61% · ERIE (Erie Indemnity Company) USD 256.8 +5.19% · RYAN (Ryan Specialty Holdings, Inc.) USD 44.49 +5.28%

## More
Full page: https://nexqual.com/AJG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AJG's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/354190/000162828026008662/ajg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | LLC and BofA Securities | "Public Offering of Common Stock - On December 9, 2024, we entered into an Underwriting Agreement with Morgan Stanley & Co. LLC and BofA Securities, Inc., as representatives of the several underwriters listed thereto, pur…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Brokerage | $3.50B | 87.5% | +25.7% |
| Risk Management | $501.0M | 12.5% | +15.2% |
| Total revenue | $4.00B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.70B | 67.4% | +31.7% |
| United Kingdom | $716.0M | 17.9% | +6.7% |
| Other foreign | $242.0M | 6.0% | +33.0% |
| Australia | $182.0M | 4.5% | +16.7% |
| Canada | $105.0M | 2.6% | -1.9% |
| New Zealand | $60.0M | 1.5% | +3.4% |
| Total revenue | $4.00B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Clean energy-related - For 2026, this consists of operating results related to Gallagher's investments in new clean energy projects, primarily fusion and carbon sequestration projects."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.99 | $3.08 | -3.0% | $3.99B | 21 |
| Next quarter (ends 2026-12-31) | $2.80 | $2.80 | -0.1% | $3.85B | 20 |
| Current fiscal year (ends 2026-12-31) | $13.10 | $13.20 | -0.7% | $16.61B | 23 |
| Next fiscal year (ends 2027-12-31) | $14.81 | $14.87 | -0.4% | $18.07B | 23 |