AJG vs MRSH: Arthur J Gallagher & and Marsh & McLennan Companies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Marsh & McLennan Companies is the larger company, worth $89.6B, about 1.4 times Arthur J Gallagher &.
- Arthur J Gallagher & grew revenue faster over the last year (+24.2% vs +6.2%).
- Marsh & McLennan Companies keeps more of each dollar of revenue as operating profit (21.6% vs 12.6%).
- On earnings, Marsh & McLennan Companies is the cheaper stock (23.3x vs 39.2x).
- Arthur J Gallagher &'s price assumes faster free cash flow growth: about 12% a year, against 4% for Marsh & McLennan Companies (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 | MRSH |
|---|---|---|
| Market cap | $62.3B | $89.6B |
| Share price | $232.70 | $175.76 |
| Revenue (last fiscal year) | $13.9B | $27.0B |
| Free cash flow (last fiscal year) | $1.8B | $5.0B |
| Revenue growth, last year | +24.2% | +6.2% |
| Revenue growth per year, last 5 fiscal years | +14.2% | +8.0% |
| Operating margin | 12.6% | 21.6% |
| Net margin | 10.0% | 14.2% |
| Return on equity | 6.6% | 25.8% |
| P/E (trailing) | 39.2x | 23.3x |
| Price / free cash flow | 34.9x | 17.9x |
| EV / EBITDA | 18.6x | 16.2x |
| FCF growth the price implies | 12.3% | 3.6% |
| Dividend yield | 1.1% | 2.0% |
| Debt / equity | 2.45x | 2.87x |
| Fundamental grade | D | C |
| Superinvestors holding it | 9 | 9 |
| Insider purchases, last 12 months | 10 | 8 |
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% |
Marsh & McLennan Companies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.8B | $3.1B | 21.8% |
| 2022 | $20.7B | $3.0B | 20.7% |
| 2023 | $22.7B | $3.8B | 23.2% |
| 2024 | $24.5B | $4.0B | 23.8% |
| 2025 | $27.0B | $5.0B | 23.1% |
Where the revenue comes from
Arthur J Gallagher & · by segments, 2025
Brokerage$12.2B87%
Risk Management$1.7B13%
Corporate$1M0%
Marsh & McLennan Companies · by segments, 2025
Risk and Insurance Services$17.3B64%
Consulting$9.8B36%
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 Marsh & McLennan Companies?
Marsh & McLennan Companies (MRSH), at $89.6B against $62.3B.
Is AJG or MRSH cheaper?
By trailing P/E, Marsh & McLennan Companies (23.3x) is cheaper than Arthur J Gallagher & (39.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AJG or MRSH?
Arthur J Gallagher &: revenue grew +24.2% over the last year, against +6.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.