Comparison

Arthur J. Gallagher & Co. (AJG) vs BROWN & BROWN, INC. (BRO)

The same filed metrics for both companies, side by side.

What each names as a risk in its own annual report, how each is priced against its own history, and the tracked managers whose latest 13F reports a position in both.

Financials

AJG

Arthur J. Gallagher & Co.

Insurance Brokers

Revenue, FY25: $13.94B
Net income: $1.49B
Operating cash flow: $1.93B
Free cash flow: -
Net margin: 10.72%
Operating margin: -
Gross margin: -

BRO

BROWN & BROWN, INC.

Insurance Brokers

Revenue, FY25: $5.9B
Net income: $1.05B
Operating cash flow: $1.45B
Free cash flow: $1.38B
Net margin: 17.86%
Operating margin: -
Gross margin: -

Head-to-head

Filed growth, quality and valuation, read against each company’s own history rather than against the other side.

Metric	AJG	BRO
Revenue growth, latest filed year	+20.66%	+22.83%
Piotroski F-score	5 of 8	3 of 8
P/E against its own history	about normal	30.10% below

What each says it is exposed to

From Item 1A of each company’s most recent 10-K.

AJG

Cybersecurity
Data privacy
Litigation
Tax
Export controls
Inflation

And 16 more.

BRO

Cybersecurity
Goodwill impairment
Debt covenants
Currency moves
Data privacy
Litigation

And 13 more.

Tracked managers holding both

Joel Greenblatt Gotham Asset Management 0.12% · 0.18%
Baillie Gifford Baillie Gifford & Co 0.04% · 0.01%

Updated Sep 10, 2026 · the newer of the two companies' filings