AJGArthur J. Gallagher & Co.
Insurance Agents, Brokers & Service
- Revenue
- $13.9B
- 21% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $70.8B
- Employees
- 72,000
- $194K revenue each
- Net debt / EBITDA
- —
- $12.8B net debt
- AI in 10-K
- 4.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo129% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo35% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo28% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$194K · 9th pctBottom quartile of its SIC industry
- Quiet on AINo4.6 per 10K words · 81st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$70.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$24M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $8.2B | $8.6B | $10.1B | $11.6B | $13.9B | 21% |
| Net income | $907M | $1.1B | $970M | $1.5B | $1.5B | 2.1% |
| Operating cash flow | $1.4B | $1.4B | $2.0B | $2.6B | $1.9B | 25% |
| Stock-based comp | $13M | $24M | $31M | $42M | $49M | 17% |
| Dividends | $392M | $430M | $474M | $525M | $667M | 27% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $988K · 4
- Open-market sells, 12 mo
- $25M · 13
- Net
- −$24M
Pay vs performance
No pay-versus-performance disclosure yet.