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Held by 1,242 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 37% of free cash flow, leaving room to grow it and fund buybacks. Last year: $667.0M dividends + $0 buybacks = $667.0M returned on $1.78B FCF.
1 consecutive years of dividend increases · 6%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~5.0% on $12.74B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.94B 100.0% | $11.55B 100.0% | $10.07B 100.0% | $8.55B 100.0% | $8.21B 100.0% | $7.00B 100.0% | $7.20B 100.0% | $6.93B 100.0% | $6.16B 100.0% | $5.59B 100.0% |
| Cost of Revenue | — | — | — | $22.9M 0.3% | $1.17B 14.3% | $882.1M 12.6% | $1.35B 18.8% | $1.82B 26.2% | $1.64B 26.6% | $1.41B 25.2% |
| Total Operating Expenses | $2.26B 16.2% | $1.75B 15.2% | $1.69B 16.8% | $1.33B 15.6% | $1.07B 13.1% | $906.5M 12.9% | $1.07B 14.9% | $903.7M 13.0% | $829.1M 13.5% | $776.3M 13.9% |
| Interest Expense | $639.0M 4.6% | $381.0M 3.3% | $297.0M 2.9% | $256.9M 3.0% | $226.1M 2.8% | $196.4M 2.8% | $179.8M 2.5% | $138.4M 2.0% | $124.1M 2.0% | $109.8M 2.0% |
| Pretax Income | $1.87B 13.4% | $1.88B 16.2% | $1.19B 11.8% | $1.33B 15.5% | $975.1M 11.9% | $870.9M 12.4% | $626.1M 8.7% | $479.4M 6.9% | $359.8M 5.8% | $333.6M 6.0% |
| Income Tax Expense | $368.0M 2.6% | $404.0M 3.5% | $219.0M 2.2% | $211.0M 2.5% | $20.1M 0.2% | $12.8M 0.2% | -$89.7M -1.2% | -$196.5M -2.8% | -$157.1M -2.6% | -$96.7M -1.7% |
| Net Income | $1.49B 10.7% | $1.46B 12.7% | $970.0M 9.6% | $1.11B 13.0% | $906.8M 11.0% | $818.8M 11.7% | $668.8M 9.3% | $633.5M 9.1% | $481.3M 7.8% | $396.8M 7.1% |
| Per Share | ||||||||||
| EPS (Basic) | $5.83 | $6.63 | $4.51 | $5.30 | $4.47 | $4.29 | $3.60 | $3.47 | $2.67 | $2.23 |
| EPS (Diluted) | $5.74 | $6.50 | $4.42 | $5.19 | $4.37 | $4.20 | $3.52 | $3.40 | $2.64 | $2.22 |
| Weighted Avg Shares (Basic) | 256.1M | 220.5M | 214.9M | 210.3M | 202.7M | 191.0M | 186.0M | 182.7M | 180.1M | 177.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 11 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MRSH | $89.0B | 22.1× | 16.1× | 3.3× | 10.3% | — | 15.4% | 27.2% | 11.9% | 2.6× | 1,444 |
| AJG | $65.3B | 44.4× | — | 4.7× | 20.7% | — | 10.7% | 6.4% | 4.1% | — | 1,242 |
| AON | $62.1B | 17.2× | 16.8× | 3.6× | 9.4% | — | 21.5% | 39.5% | 15.0% | 3.1× | 1,212 |
| WTW | $28.8B | 19.1× | 13.0× | 3.0× | -2.2% | — | 16.5% | 20.1% | 11.2% | 1.3× | 667 |
| BRO | $23.2B | 22.0× | — | 3.9× | 22.8% | — | 17.9% | 8.4% | 5.2% | — | 777 |
| ACT | $6.4B | 10.2× | — | 5.2× | 2.8% | — | 54.6% | 12.6% | 11.1% | — | 242 |
| BWIN | $4.5B | — | 21.7× | 3.0× | 8.3% | — | -2.2% | -5.6% | -5.5% | -0.6× | 226 |
| CRVL | $4.1B | 37.5× | — | 4.2× | 7.0% | 24.3% | 11.5% | 28.0% | 28.0% | — | 279 |
| LIFE | $2.5B | 31.8× | 31.0× | 6.5× | 52.0% | 98.3% | 18.4% | -295% | -295% | -1.2× | 72 |
| TWFG | $1.4B | 47.2× | 21.7× | 5.4× | 22.0% | — | 16.6% | 49.4% | 47.1% | -2.8× | 80 |
| GSHD | $1.1B | 43.9× | 15.7× | 3.0× | 16.2% | — | 7.6% | -29.1% | 14.1% | 3.0× | 224 |
| WDH | $363M | 50.5× | 5.5× | 0.6× | 49.8% | — | 14.2% | 11.0% | 10.9% | -1.1× | 39 |
Peers = companies sharing AJG's sector (Insurance Agents, Brokers & Service) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 72th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 6% against ROIC 4% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 26.2 | 18.8 | 12.6 | 14.3 | 0.3 | — | — | — |
| Income Tax | -2.8 | -1.2 | 0.2 | 0.2 | 2.5 | 2.2 | 3.5 | 2.6 |
| Net Income | 9.1 | 9.3 | 11.7 | 11.0 | 13.0 | 9.6 | 12.7 | 10.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AJG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 74.8% | not reported | 7.1% |
| FY2017 | 73.4% | not reported | 7.8% |
| FY2018 | 73.8% | not reported | 9.1% |
| FY2019 | 81.2% | not reported | 9.3% |
| FY2020 | 87.4% | not reported | 11.7% |
| FY2021 | 85.7% | not reported | 11.0% |
| FY2022 | 99.7% | not reported | 13.0% |
| FY2023 | not reported | not reported | 9.6% |
| FY2024 | not reported | not reported | 12.7% |
| FY2025 | not reported | not reported | 10.7% |
Leverage and buybacks account for 2 points of the 6% return on equity in FY2025. The business earns 4% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Converts 1.45x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 37% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Leverage is not measurable this way for a insurer.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $254.88, free cash flow must compound 16.78%/yr for 10 years. It has done 9.21%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 62.3% | 16.8% |
| FY2021 | −26.0% | 16.8% |
| FY2022 | −4.5% | 16.8% |
| FY2023 | 52.2% | 16.8% |
| FY2024 | 32.8% | 16.8% |
| FY2025 | −26.9% | 16.8% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.49B | $1.49B |
| Share-based comp | $49M | $1.54B |
| Other non-cash & working capital | $387M | $1.93B |
| Operating cash flow | $1.93B | $1.93B |
| Capex | −$145M | $1.78B |
| Free cash flow | $1.78B | $1.78B |
| FCF after SBC | $1.74B | $1.74B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -2.7% | not reported | not reported |
| FY2021 | 17.2% | not reported | not reported |
| FY2022 | 4.2% | not reported | not reported |
| FY2023 | 17.8% | 30.1% | 12.3 points |
| FY2024 | 14.7% | 2.9% | -11.8 points |
| FY2025 | 20.7% | 32.8% | 12.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | not reported | not reported | not reported | not reported |
| FY2020 | not reported | not reported | not reported | not reported |
| FY2021 | not reported | not reported | not reported | not reported |
| FY2022 | 124.3 days | not reported | not reported | not reported |
| FY2023 | 137.2 days | not reported | not reported | not reported |
| FY2024 | 123.1 days | not reported | not reported | not reported |
| FY2025 | 135.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.7 percent |
| FY2020 | -4.4 percent |
| FY2021 | -1.5 percent |
| FY2022 | -0.7 percent |
| FY2023 | -2.1 percent |
| FY2024 | -1.7 percent |
| FY2025 | -0.6 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.