Arthur J. Gallagher & Co. (AJG) Key Metrics
AJG valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $65.34B
- Enterprise value
- $71.59B
- P/E (TTM)
- 42.3 10-yr median 32.9
- Forward P/E
- 16.3
- PEG ratio
- 0.71
- Price / sales
- 4.3 10-yr median 3.9
- Price / book
- 2.6 10-yr median 3.3
- EV / EBITDA
- 18.8 10-yr median 18.9
- Dividend yield
- 1.10% $2.80 a year
- Beta
- 0.55
AJG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAJG valuation Price multiples at each fiscal year-end price.
AJG returns How much profit the business earns on the capital it uses.
AJG per-share figures Results divided by the shares outstanding at year-end.
AJG financial health Debt, liquidity and how easily interest is covered.
AJG efficiency & capital use Working capital cycle and where the cash goes.
AJG valuation history
AJG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AJG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AJG cash returned to shareholders
AJG price vs earnings per share
AJG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $67.37B | $63.55B | $49.32B | $40.48B | $35.17B | $24.12B | $18.10B | $13.72B | $11.52B | $9.27B |
| Enterprise value | $79.98B | $62.05B | $56.66B | $46.16B | $41.36B | $28.32B | $22.45B | $16.72B | $13.98B | $11.57B |
| P/E ratio | 45.1 | 43.4 | 50.9 | 36.3 | 38.8 | 29.5 | 27.1 | 21.7 | 23.9 | 23.4 |
| Price / sales | 4.8 | 5.5 | 4.9 | 4.7 | 4.3 | 3.4 | 2.5 | 2.0 | 1.8 | 1.6 |
| Price / book | 2.9 | 3.2 | 4.6 | 4.4 | 4.1 | 3.9 | 3.5 | 3.0 | 2.8 | 2.6 |
| Price / free cash flow | 37.7 | 26.0 | 26.8 | 20.8 | 22.3 | 14.6 | 18.5 | 21.4 | 15.9 | 22.9 |
| Price / operating cash flow | 34.9 | 24.6 | 24.3 | 19.0 | 20.6 | 13.8 | 16.2 | 17.9 | 13.5 | 14.9 |
| EV / sales | 5.7 | 5.4 | 5.6 | 5.4 | 5.0 | 4.0 | 3.2 | 2.4 | 2.2 | 2.0 |
| EV / EBITDA | 21.8 | 20.0 | 26.0 | 19.6 | 20.3 | 18.1 | 17.5 | 16.1 | 16.1 | 14.6 |
| EV / free cash flow | 44.8 | 25.4 | 30.8 | 23.8 | 26.3 | 17.1 | 22.9 | 26.1 | 19.3 | 28.6 |
| Earnings yield | 2.2% | 2.3% | 2.0% | 2.8% | 2.6% | 3.4% | 3.7% | 4.6% | 4.2% | 4.3% |
| Free cash flow yield | 2.6% | 3.8% | 3.7% | 4.8% | 4.5% | 6.9% | 5.4% | 4.7% | 6.3% | 4.4% |
| Dividend yield | 1.0% | 0.8% | 1.0% | 1.1% | 1.1% | 1.4% | 1.8% | 2.2% | 2.5% | 2.9% |
| Shareholder yield (dividends + buybacks) | 1.0% | 0.8% | 1.0% | 1.1% | 1.1% | 1.4% | 1.8% | 2.3% | 2.6% | 4.0% |
| Share price at fiscal year-end | $258.79 | $283.85 | $224.88 | $188.54 | $169.67 | $123.71 | $95.23 | $73.70 | $63.28 | $51.96 |
| Per share | ||||||||||
| Revenue per share | $53.55 | $51.61 | $45.93 | $39.83 | $39.60 | $35.92 | $37.45 | $37.19 | $34.29 | $31.84 |
| Earnings per share | $5.74 | $6.53 | $4.42 | $5.19 | $4.37 | $4.20 | $3.52 | $3.40 | $2.64 | $2.22 |
| Operating cash flow per share | $7.41 | $11.54 | $9.26 | $9.90 | $8.22 | $8.99 | $5.89 | $4.11 | $4.69 | $3.49 |
| Free cash flow per share | $6.86 | $10.90 | $8.38 | $9.05 | $7.60 | $8.48 | $5.16 | $3.44 | $3.98 | $2.27 |
| Cash per share | $5.36 | $66.94 | $4.43 | $3.44 | $1.94 | $3.41 | $3.18 | $3.26 | $3.74 | $3.06 |
| Book value per share | $89.58 | $90.01 | $49.13 | $42.59 | $41.04 | $31.72 | $27.12 | $24.17 | $22.54 | $20.16 |
| Tangible book value per share | −$38.24 | $14.98 | −$24.32 | −$17.32 | −$19.84 | −$12.00 | −$14.63 | −$10.20 | −$9.54 | −$10.08 |
| Dividends per share | $2.56 | $2.35 | $2.16 | $2.00 | $1.89 | $1.78 | $1.69 | $1.62 | $1.55 | $1.53 |
| Capex per share | $0.56 | $0.63 | $0.88 | $0.85 | $0.62 | $0.51 | $0.73 | $0.67 | $0.71 | $1.22 |
| Debt per share | $53.77 | $60.23 | $37.93 | $29.88 | $31.80 | $24.95 | $26.03 | $19.39 | $17.20 | $15.97 |
| Shares outstanding | 260.3M | 223.9M | 219.3M | 214.7M | 207.3M | 195.0M | 190.1M | 186.2M | 182.1M | 178.4M |
| Change in shares outstanding | +16.3% | +2.1% | +2.1% | +3.6% | +6.3% | +2.6% | +2.1% | +2.2% | +2.1% | +3.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.9% | 9.5% | 9.7% | 12.6% | 12.3% | 14.4% | 13.9% | 14.7% | 12.5% | 11.0% |
| Return on invested capital (ROIC) | 7.5% | 9.7% | 9.2% | 10.0% | 11.5% | 9.9% | 8.8% | 8.8% | 8.2% | 8.3% |
| Return on assets (ROA) | 2.2% | 2.5% | 2.2% | 3.1% | 3.3% | 3.9% | 3.7% | 4.3% | 3.9% | 3.5% |
| Return on tangible assets | 4.0% | 3.1% | 2.7% | 4.4% | 4.4% | 5.9% | 5.7% | 6.4% | 6.8% | 6.5% |
| Free cash flow margin | 12.8% | 21.1% | 18.2% | 22.7% | 19.2% | 23.6% | 13.8% | 9.3% | 11.6% | 7.1% |
| Income quality (OCF / net income) | 1.29 | 1.77 | 2.10 | 1.91 | 1.88 | 2.14 | 1.67 | 1.21 | 1.77 | 1.57 |
| Financial health | ||||||||||
| Total debt | $14.00B | $13.49B | $8.32B | $6.42B | $6.59B | $4.87B | $4.95B | $3.61B | $3.13B | $2.85B |
| Cash & short-term investments | $1.40B | $14.99B | $971.5M | $738.4M | $402.6M | $664.6M | $604.8M | $607.2M | $681.2M | $545.5M |
| Net debt | $12.60B | −$1.50B | $7.35B | $5.68B | $6.19B | $4.20B | $4.34B | $3.00B | $2.45B | $2.30B |
| Debt / equity | 0.60 | 0.67 | 0.77 | 0.70 | 0.77 | 0.79 | 0.96 | 0.80 | 0.76 | 0.79 |
| Debt / assets | 0.20 | 0.21 | 0.16 | 0.17 | 0.20 | 0.22 | 0.25 | 0.22 | 0.24 | 0.25 |
| Net debt / EBITDA | 3.44 | −0.48 | 3.37 | 2.42 | 3.04 | 2.69 | 3.39 | 2.90 | 2.82 | 2.90 |
| Current ratio | 1.06 | 1.51 | 1.03 | 1.04 | 1.06 | 1.10 | 1.02 | 1.06 | 1.05 | 0.96 |
| Quick ratio | 1.06 | 1.51 | 0.16 | 0.83 | 0.81 | 0.81 | 0.80 | 0.84 | 0.72 | 0.66 |
| Interest coverage | 4.0 | 6.0 | 6.3 | 6.8 | 6.5 | 5.1 | 4.1 | 4.5 | 4.1 | 4.3 |
| Working capital | $1.84B | $14.85B | $1.05B | $946.6M | $935.4M | $989.2M | $196.5M | $425.1M | $258.3M | −$195.6M |
| Invested capital | $35.92B | $18.65B | $18.12B | $14.82B | $14.70B | $10.39B | $9.50B | $7.50B | $6.56B | $5.90B |
| Tangible asset value | −$9.93B | $3.38B | −$5.29B | −$3.67B | −$4.06B | −$2.29B | −$2.72B | −$1.83B | −$1.68B | −$1.74B |
| Net current asset value | −$12.96B | $37.7M | −$8.68B | −$6.88B | −$7.11B | −$4.97B | −$5.30B | −$3.65B | −$3.56B | −$3.42B |
| Graham number | $107.54 | $115.02 | $69.91 | $70.52 | $63.56 | $54.75 | $46.33 | $43.02 | $36.61 | $31.77 |
| Graham net-net per share | −$161.48 | −$116.87 | −$106.93 | −$111.48 | −$62.98 | −$45.18 | −$44.11 | −$33.94 | −$21.29 | −$26.86 |
| Capital allocation | ||||||||||
| Dividends paid | $667.0M | $525.4M | $473.6M | $429.5M | $392.0M | $347.4M | $321.1M | $301.8M | $282.7M | $272.2M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.3M | $17.7M | $101.0M |
| Dividend payout ratio | 44.6% | 35.9% | 48.8% | 38.5% | 43.2% | 42.4% | 48.0% | 47.6% | 58.7% | 68.6% |
| Dividends + buybacks / free cash flow | 37.4% | 21.5% | 25.8% | 22.1% | 24.9% | 21.0% | 32.8% | 48.9% | 41.4% | 92.3% |
| Capex / revenue | 1.0% | 1.2% | 1.9% | 2.1% | 1.6% | 1.4% | 1.9% | 1.8% | 2.1% | 3.8% |
| Capex / operating cash flow | 7.5% | 5.5% | 9.5% | 8.6% | 7.5% | 5.7% | 12.4% | 16.3% | 15.1% | 35.0% |
| Capex / depreciation | 0.13 | 0.17 | 0.28 | 0.30 | 0.23 | 0.18 | 0.29 | 0.30 | 0.33 | 0.62 |
| Stock-based compensation / revenue | 1.4% | 1.0% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| SG&A / revenue | 50.2% | 56.4% | 56.4% | 56.1% | 47.8% | 49.5% | 46.9% | 43.7% | 44.1% | 44.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 118.7 | 121.3 | 121.4 | 326.6 | 428.7 | 333.1 | 288.6 | 259.6 | 201.2 | 149.2 |
| Days of inventory on hand | — | — | 992.9 | 320.0 | 243.2 | 199.9 | 137.8 | 119.1 | 121.8 | 125.5 |
| Days payables outstanding | — | — | 665.6 | 1,199.1 | 754.2 | 573.1 | 456.7 | 392.8 | 322.3 | 262.8 |
| Cash conversion cycle (days) | — | — | 448.6 | -552.4 | -82.3 | -40.1 | -30.3 | -14.0 | 0.6 | 11.8 |
| Receivables turnover | 3.07 | 3.01 | 3.01 | 1.12 | 0.85 | 1.10 | 1.26 | 1.41 | 1.81 | 2.45 |
| Payables turnover | — | — | 0.55 | 0.30 | 0.48 | 0.64 | 0.80 | 0.93 | 1.13 | 1.39 |
| Inventory turnover | — | — | 0.37 | 1.14 | 1.50 | 1.83 | 2.65 | 3.06 | 3.00 | 2.91 |
| Asset turnover | 0.21 | 0.20 | 0.22 | 0.24 | 0.29 | 0.33 | 0.40 | 0.47 | 0.51 | 0.51 |
| Average receivables | $4.54B | $3.84B | $3.35B | $7.65B | $9.64B | $6.39B | $5.63B | $4.92B | $3.44B | $2.32B |
| Average payables | — | — | $10.63B | $16.27B | $10.82B | $7.07B | $6.04B | $5.36B | $3.99B | $2.94B |
| Average inventory | — | — | $15.85B | $4.34B | $3.49B | $2.46B | $1.82B | $1.63B | $1.51B | $1.40B |
| Intangibles / total assets | 47.1% | 26.1% | 31.2% | 33.5% | 37.8% | 38.2% | 40.4% | 39.2% | 45.3% | 47.0% |
Computed from AJG's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AJG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Arthur J. Gallagher traded at 45.1 times earnings, against a 10-year median of 32.9. Based on the latest twelve months, the trailing P/E is 42.3 and the forward P/E is 16.3. Arthur J. Gallagher earned a return on equity of 6.9% and a return on invested capital of 7.5% in fiscal 2025. It ended the year with $14.0 billion of debt and $1.4 billion in cash and short-term investments, net debt of $12.6 billion. It returned $667.0 million to shareholders: $667.0 million in dividends and $0 in share buybacks, 37% of free cash flow. The share count rose 45.9% from 178.4M to 260.3M over 9 years.
See the AJG income statement, the AJG chart for price history, or the AJG stock overview for the latest quote and news.
AJG key metrics FAQ
What is Arthur J. Gallagher's P/E ratio?
Arthur J. Gallagher's trailing P/E ratio is 42.3 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 16.3. At the end of fiscal 2025 it was 45.1, compared with a 10-year median of 32.9.
What is Arthur J. Gallagher's EV/EBITDA?
Arthur J. Gallagher's enterprise value was 21.8 times EBITDA at the end of fiscal 2025 (enterprise value $80.0 billion, EBITDA $3.7 billion); the current EV/EBITDA is 18.8.
What is Arthur J. Gallagher's return on equity?
Arthur J. Gallagher's return on equity (ROE) was 6.9% in fiscal 2025: net income of $1.5 billion on average shareholders' equity of $21.7 billion.
What is Arthur J. Gallagher's ROIC?
Arthur J. Gallagher's return on invested capital was 7.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Arthur J. Gallagher have?
Arthur J. Gallagher had total debt of $14.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.60 and $12.6 billion of net debt (3.44 times EBITDA).
What is Arthur J. Gallagher's dividend yield?
Arthur J. Gallagher's forward dividend yield is 1.10%. Arthur J. Gallagher paid $667.0 million in dividends in fiscal 2025 ($2.56 per share), a payout ratio of 44.6%.
What is Arthur J. Gallagher's free cash flow yield?
Arthur J. Gallagher generated $1.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.6% on its market value at year-end ($67.4 billion).
What is Arthur J. Gallagher's current ratio?
Arthur J. Gallagher's current ratio was 1.06 at the end of fiscal 2025: current assets were 1.06 times current liabilities.