Arthur J Gallagher & (AJG)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $61.0B, Arthur J Gallagher &'s free cash flow of $1.8B (fiscal 2025) would need to grow about 12% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Arthur J Gallagher &'s SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from AJG's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Arthur J Gallagher &'s 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.2B | $8.6B | $10.1B | $11.6B | $13.9B |
| Net income | $907M | $1.1B | $970M | $1.5B | $1.5B |
| Free cash flow | $1.3B | $1.2B | $1.8B | $2.4B | $1.8B |
| EPS (diluted) | $4.37 | $5.19 | $4.42 | $6.50 | $5.74 |
| Operating margin | 11.9% | 15.5% | 11.8% | 16.2% | 13.4% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own AJG
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dodge & Cox Dodge & Cox |
Added | $2.1B | 1.1% | Q2 2026 |
| Boykin Curry Eagle Capital Management |
Added | $1.1B | 3.4% | Q2 2026 |
| Steven Romick First Pacific Advisors |
Added | $307M | 3.8% | Q2 2026 |
| Glenn Greenberg Brave Warrior Advisors |
New position | $295M | 6.4% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Added | $187M | 1.3% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $52M | 0.12% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $39M | 0.01% | Q2 2026 |
| John Rogers Ariel Investments |
Trimmed | $4M | 0.04% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $310,838 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Arthur J Gallagher &'s executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 30, 2026 | Ro Khanna |
0 | $216.15 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $216.15 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $216.89 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $216.89 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $211.69 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $211.69 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $216.17 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $216.17 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $245.62 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $245.62 | — |
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In the full deep dive
Questions
What growth does Arthur J Gallagher &'s stock price imply?
At a market value of $61.0B, Arthur J Gallagher & would need its free cash flow to grow about 12% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 17% a year.
Are Arthur J Gallagher & insiders buying the stock?
10 open-market insider purchases of AJG in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Arthur J Gallagher &?
9 of the superinvestors Investingly tracks hold AJG in their latest 13F, including Dodge & Cox, Boykin Curry, Steven Romick.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.