AJG vs ERIE: Arthur J Gallagher & and Erie Indemnity 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 5.1 times Erie Indemnity.
- Arthur J Gallagher & grew revenue faster over the last year (+24.2% vs +2.8%).
- Erie Indemnity keeps more of each dollar of revenue as operating profit (17.9% vs 12.6%).
- On earnings, Erie Indemnity is the cheaper stock (21.3x vs 39.2x).
- Arthur J Gallagher &'s price assumes faster free cash flow growth: about 12% a year, against 6% for Erie Indemnity (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 | ERIE |
|---|---|---|
| Market cap | $62.3B | $12.2B |
| Share price | $232.70 | $222.04 |
| Revenue (last fiscal year) | $13.9B | $4.1B |
| Free cash flow (last fiscal year) | $1.8B | $571M |
| Revenue growth, last year | +24.2% | +2.8% |
| Revenue growth per year, last 5 fiscal years | +14.2% | +11.5% |
| Operating margin | 12.6% | 17.9% |
| Net margin | 10.0% | 14.0% |
| Return on equity | 6.6% | 23.4% |
| P/E (trailing) | 39.2x | 21.3x |
| Price / free cash flow | 34.9x | 21.3x |
| EV / EBITDA | 18.6x | — |
| FCF growth the price implies | 12.3% | 5.8% |
| Dividend yield | 1.1% | 2.4% |
| Debt / equity | 2.45x | 0.44x |
| Fundamental grade | D | C |
| Superinvestors holding it | 9 | 2 |
| Insider purchases, last 12 months | 10 | 10 |
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% |
Erie Indemnity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $254M | 12.1% |
| 2022 | $2.8B | $299M | 13.2% |
| 2023 | $3.3B | $289M | 15.9% |
| 2024 | $3.8B | $486M | 17.8% |
| 2025 | $4.1B | $571M | 17.6% |
Where the revenue comes from
Arthur J Gallagher & · by segments, 2025
Brokerage$12.2B87%
Risk Management$1.7B13%
Corporate$1M0%
Erie Indemnity · by products, 2025
Management fee revenue - policy issuance and renewal services$3.1B77%
Administrative services reimbursement revenue$837M21%
Management fee revenue - administrative services$74M2%
Service agreement revenue$25M1%
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 Erie Indemnity?
Arthur J Gallagher & (AJG), at $62.3B against $12.2B.
Is AJG or ERIE cheaper?
By trailing P/E, Erie Indemnity (21.3x) is cheaper than Arthur J Gallagher & (39.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AJG or ERIE?
Arthur J Gallagher &: revenue grew +24.2% over the last year, against +2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.