Arthur J. Gallagher & Co. management check
AJG · Financials · Insurance Brokers · CEO Pat Gallagher
Filings as of
2 good · 4 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $92, against $93 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.47 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
Insiders are selling4 insiders sold $8.2m in the last six months and none bought.
- Watch
Are owners being diluted?
Stock pay 0.4% of revenueStock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Pat Gallagher. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 49 | 49 | |
| Pay for performance | 73 | 83 | |
| CEO cost | — | — | 67 |
| Skin in the game | — | — | 51 |
| Dilution | 98 | 69 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Insurance Brokers, by management score. Arthur J. Gallagher & Co. is 7th of 72 in its sector.
Pay versus performance
From the proxy statement filed March 23, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Pat Gallagher | $20.7m | $31.4m | $9.1m | $92 | $93 | — |
| 2024 | — | $17.4m | $49.4m | $6.6m | $127 | $122 | — |
| 2023 | — | $15.5m | $33.0m | $5.4m | $121 | $109 | — |
| 2022 | — | $14.2m | $23.2m | $5.0m | $112 | $98 | — |
| 2021 | — | $13.9m | $36.2m | $5.1m | $139 | $142 | — |
The board says pay is tied most to Adjusted EBITDAC” growth. Its other key measures: Adjusted EBITDAC growth, Adjusted Revenue growth, Adjusted EBITDAC per share growth.
Insiders and the CEO's stake
J Patrick Jr Gallagher (CEO) held 109,416.964 shares directly after their latest Form 4 on May 26, 2026.
4 insiders sold $8.2m in the last six months and none bought.
- SoldWalter D. BayGeneral Counsel$3.2mAug 24, 2026
- SoldScott R HudsonVice President$3.2mSep 2, 2026
- SoldChristopher E MeadVICE PRESIDENT$900kAug 19, 2026
- SoldRichard C CaryController, CAO$871kSep 15, 2026
Leadership and governance on file
- Aug 27, 2026Leadership change8-K 5.02
- Mar 12, 2026Leadership change8-K 5.02
- Jul 25, 2024Leadership change8-K 5.02
- Oct 26, 2023Leadership change8-K 5.02
- May 13, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 13, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.5bn returned to owners in buybacks and dividends, 42% of net income, and $159.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.2bn | $8.6bn | $10.1bn | $11.6bn | $13.9bn |
| Net income | $906.8m | $1.1bn | $970.0m | $1.5bn | $1.5bn |
| Stock-based pay | $13.4m | $24.4m | $31.0m | $42.0m | $49.0m |
| Buybacks | — | — | — | — | — |
| Dividends | $392.0m | $429.5m | $474.0m | $525.0m | $667.0m |
| Diluted shares | — | — | — | — | — |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.