AJG vs AON: Arthur J Gallagher & and Aon compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Arthur J Gallagher & is the larger company, worth $62.3B, close to Aon's $59.6B.
- Arthur J Gallagher & grew revenue faster over the last year (+24.2% vs +2.2%).
- Aon keeps more of each dollar of revenue as operating profit (26.5% vs 12.6%).
- On earnings, Aon is the cheaper stock (15.3x vs 39.2x).
- Arthur J Gallagher &'s price assumes faster free cash flow growth: about 12% a year, against 4% for Aon (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AJG | AON |
|---|---|---|
| Market cap | $62.3B | $59.6B |
| Share price | $232.70 | $273.47 |
| Revenue (last fiscal year) | $13.9B | $17.2B |
| Free cash flow (last fiscal year) | $1.8B | $3.2B |
| Revenue growth, last year | +24.2% | +2.2% |
| Revenue growth per year, last 5 fiscal years | +14.2% | +9.0% |
| Operating margin | 12.6% | 26.5% |
| Net margin | 10.0% | 22.3% |
| Return on equity | 6.6% | 40.8% |
| P/E (trailing) | 39.2x | 15.3x |
| Price / free cash flow | 34.9x | 18.5x |
| EV / EBITDA | 18.6x | 12.1x |
| FCF growth the price implies | 12.3% | 4.0% |
| Dividend yield | 1.1% | 1.1% |
| Debt / equity | 2.45x | 4.55x |
| Fundamental grade | D | C |
| Superinvestors holding it | 9 | 13 |
| Insider purchases, last 12 months | 10 | 7 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Arthur J Gallagher &
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.2B | $1.3B | 11.9% |
| 2022 | $8.6B | $1.2B | 15.5% |
| 2023 | $10.1B | $1.8B | 11.8% |
| 2024 | $11.6B | $2.4B | 16.2% |
| 2025 | $13.9B | $1.8B | 13.4% |
Aon
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.2B | $2.0B | 17.1% |
| 2022 | $12.5B | $3.0B | 29.4% |
| 2023 | $13.4B | $3.2B | 28.3% |
| 2024 | $15.7B | $2.8B | 24.4% |
| 2025 | $17.2B | $3.2B | 25.3% |
Where the revenue comes from
Arthur J Gallagher & · by segments, 2025
Brokerage$12.2B87%
Risk Management$1.7B13%
Corporate$1M0%
Aon · by segments, 2025
Risk Capital$11.3B66%
Human Capital$5.9B34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AJG in InvestinglyQuestions
Which is bigger, Arthur J Gallagher & or Aon?
Arthur J Gallagher & (AJG), at $62.3B against $59.6B.
Is AJG or AON cheaper?
By trailing P/E, Aon (15.3x) is cheaper than Arthur J Gallagher & (39.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AJG or AON?
Arthur J Gallagher &: revenue grew +24.2% over the last year, against +2.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.