Arthur J. Gallagher & Co. (AJG)

Insurance Agents, Brokers & Service

Latest Price

$228.11

TTM P/E

37.83

Normalized P/E

40.54

Div Yield

1.18%

Book Value

92.54

P/B Ratio

2.47

Valuation metrics

EPS: $5.74

Book value / share: $90.74

Formula: √(22.5 × EPS × BVPS)

Graham Number

$108.26

53% downside

Norm. op. income: $1.5B (median of 7yr)

Tax rate: 17%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$0.60

100% downside

Base FCF: $1.8B (median of recent 5yr)

Growth: 9%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$120.69

47% downside

EPS: $5.74

Target P/E: 41×

Formula: EPS × P/E

P/E Fair Value

$235.34

+3% upside

92.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	19.82M	$4.55B	7.73%	+515.1K	2026-06-30
FMR LLC	18.65M	$4.28B	7.27%	+4.02M	2026-06-30
Vanguard Capital Management LLC	16.78M	$3.85B	6.55%	+77.3K	2026-06-30
JPMorgan Chase & Co	14.36M	$3.26B	5.60%	-5.96M	2026-06-30
Capital World Investors	12.51M	$2.87B	4.88%	-1.31M	2026-06-30
Vanguard Portfolio Management LLC	12.45M	$2.86B	4.86%	+35.4K	2026-06-30
State Street Corp	11.30M	$2.60B	4.41%	+329.9K	2026-06-30
Dodge & Cox	9.36M	$2.15B	3.65%	+2.01M	2026-06-30
Norges Bank	6.73M	$1.54B	2.63%	-704.9K	2026-06-30
Geode Capital Management, LLC	6.30M	$1.45B	2.46%	+55.2K	2026-06-30