AJG vs ARX: Arthur J Gallagher & and Accelerant Holdings 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, about 11.7 times Accelerant Holdings.
- Accelerant Holdings grew revenue faster over the last year (+62.9% vs +24.2%).
- Arthur J Gallagher & keeps more of each dollar of revenue as operating profit (12.6% vs -110.8%).
- Arthur J Gallagher &'s price assumes faster free cash flow growth: about 12% a year, against -0% for Accelerant Holdings (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 | ARX |
|---|---|---|
| Market cap | $62.3B | $5.3B |
| Share price | $232.70 | $19.80 |
| Revenue (last fiscal year) | $13.9B | $913M |
| Free cash flow (last fiscal year) | $1.8B | $404M |
| Revenue growth, last year | +24.2% | +62.9% |
| Revenue growth per year, last 5 fiscal years | +14.2% | +62.9% |
| Operating margin | 12.6% | -110.8% |
| Net margin | 10.0% | -119.3% |
| Return on equity | 6.6% | -190.5% |
| P/E (trailing) | 39.2x | — |
| Price / free cash flow | 34.9x | 13.2x |
| EV / EBITDA | 18.6x | — |
| FCF growth the price implies | 12.3% | -0.48% |
| Dividend yield | 1.1% | — |
| Debt / equity | 2.45x | 11.4x |
| Fundamental grade | D | D |
| Superinvestors holding it | 9 | 1 |
| Insider purchases, last 12 months | 10 | 4 |
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% |
Accelerant Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $344M | $257M | -12.8% |
| 2024 | $603M | $751M | 5.3% |
| 2025 | $913M | $404M | -144.8% |
Where the revenue comes from
Arthur J Gallagher & · by segments, 2025
Brokerage$12.2B87%
Risk Management$1.7B13%
Corporate$1M0%
Accelerant Holdings · by segments, 2025
Underwriting$431M42%
Exchange Services$335M33%
MGA Operations$249M25%
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 Accelerant Holdings?
Arthur J Gallagher & (AJG), at $62.3B against $5.3B.
Which grows faster, AJG or ARX?
Accelerant Holdings: revenue grew +62.9% over the last year, against +24.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.