AJG vs BRO
Arthur J. Gallagher & Co. and Brown & Brown, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | AJG | BRO |
|---|---|---|
| Revenue | $13.9B | $5.9B |
| Net income | $1.5B | $1.1B |
| Gross margin | · | · |
| Net margin | 10.8% | 18.1% |
| Return on equity | 6.9% | 11.1% |
| Diluted EPS | $5.74 | $3.16 |
| Dividend / share | $2.60 | $0.62 |
| Payout ratio | 44.6% | 18.3% |
| Free cash flow | · | $1.4B |
| Equity | $23.3B | · |
| Net debt / equity | 0.49× | 0.52× |
| Current ratio | 1.06× | 1.04× |
| Revenue CAGR 5y | 14.8% | 17.7% |
| Profit CAGR 5y | 12.8% | 17.0% |
AJG bills 2.4× the revenue of BRO, and BRO keeps more of each dollar of revenue as profit (18.1% against 10.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | AJG | BRO |
|---|---|---|
| FY2025 | $13.9B | $5.9B |
| FY2024 | $11.6B | $4.8B |
| FY2023 | $10.1B | $4.3B |
| FY2022 | $8.6B | $3.6B |
| FY2021 | $8.2B | $3.1B |
| FY2020 | $7.0B | $2.6B |
| FY2019 | $7.2B | $2.4B |
| FY2018 | $6.9B | $2.0B |
| FY2017 | $6.2B | $1.9B |
| FY2016 | $5.7B | $1.8B |
Bottom line
| Fiscal year | AJG | BRO |
|---|---|---|
| FY2025 | $1.5B | $1.1B |
| FY2024 | $1.5B | $993.0M |
| FY2023 | $970.0M | $871.0M |
| FY2022 | $1.1B | $672.0M |
| FY2021 | $906.8M | $587.1M |
| FY2020 | $818.8M | $480.5M |
| FY2019 | $668.8M | $398.5M |
| FY2018 | $633.5M | $344.3M |
| FY2017 | $481.3M | $399.6M |
| FY2016 | $396.8M | $257.5M |
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$8,040,000,000 | AJG |
| FY2024 | +$6,750,000,000 | AJG |
| FY2023 | +$5,815,000,000 | AJG |
| FY2022 | +$4,977,600,000 | AJG |
| FY2021 | +$5,158,000,000 | AJG |
| FY2020 | +$4,390,200,000 | AJG |
| FY2019 | +$4,802,829,000 | AJG |
| FY2018 | +$4,919,754,000 | AJG |
| FY2017 | +$4,367,653,000 | AJG |
| FY2016 | +$3,913,871,000 | AJG |
| FY2015 | +$3,731,891,000 | AJG |
| FY2014 | +$3,050,704,000 | AJG |
| FY2013 | +$1,816,321,000 | AJG |
| FY2012 | +$1,320,268,000 | AJG |
| FY2011 | +$1,121,158,000 | AJG |
| FY2010 | +$890,708,000 | AJG |
| FY2009 | +$761,423,000 | AJG |
| FY2008 | +$667,446,000 | AJG |
AJG has reported the higher revenue in every one of these 18 fiscal years. The gap has widened since the earliest year compared.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −7.3 pp | BRO |
| FY2024 | −8.1 pp | BRO |
| FY2023 | −10.9 pp | BRO |
| FY2022 | −5.8 pp | BRO |
| FY2021 | −7.6 pp | BRO |
| FY2020 | −6.1 pp | BRO |
| FY2019 | −6.7 pp | BRO |
| FY2018 | −7.3 pp | BRO |
| FY2017 | −13.0 pp | BRO |
| FY2016 | −7.0 pp | BRO |
| FY2015 | −7.4 pp | BRO |
| FY2014 | −6.1 pp | BRO |
| FY2013 | −7.0 pp | BRO |
| FY2012 | −7.6 pp | BRO |
| FY2011 | −9.4 pp | BRO |
| FY2010 | −7.3 pp | BRO |
| FY2009 | −8.4 pp | BRO |
| FY2008 | −12.3 pp | BRO |
BRO has kept the higher net margin in every one of these 18 fiscal years.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
AJG's net margin has been more volatile than BRO's over the 18 comparable fiscal years — 2.2 percentage points of standard deviation against 2.2.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
BRO led in net margin in every one of the 18 comparable fiscal years — a structural lead, not a recent swing.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
AJG's return on equity has been more volatile than BRO's over the 18 comparable fiscal years — 2.5 percentage points of standard deviation against 2.2.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between AJG and BRO over these 18 fiscal years — AJG led in 9 and BRO in 9.
18 of 18 comparable fiscal years — a year missing data on either side is not counted.