AJG
Arthur J. Gallagher & Co.
AJG has the edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
AJG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
AJG's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like AJG.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
AJG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $277 | — |
| Cheap | 30x | $195 | -30% |
| Fair | 38x | $250 | -9.7% |
| Current | 42x | $277 | — |
| Expensive | 51x | $332 | +20% |
Historical ranges are pointers, not guarantees.
AJG has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
AJG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for AJG, with profitability improving.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
AJG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.41 | +120% |
| Q3 2026 | $6.54 | +4.5% |
| Q2 2026 | $6.03 | -8.8% |
| Q1 2026 | $6.18 | -4.6% |
| Q4 2025 | $5.74 | -12% |
| Q3 2025 | $6.26 | +20% |
| Q2 2025 | $6.61 | +29% |
| Q1 2025 | $6.48 | +32% |
| Q4 2024 | $6.50 | +47% |
AJG has the edge over BLK on earnings, with more consistent year-over-year improvement.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
AJG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4B | +18% |
| Q2 2026 | $4B | +24% |
| Q1 2026 | $4.8B | +28% |
| Q4 2025 | $3.6B | +34% |
| Q3 2025 | $3.4B | +20% |
| Q2 2025 | $3.2B | +16% |
| Q1 2025 | $3.7B | +14% |
| Q4 2024 | $2.7B | +12% |
AJG's revenue has grown year over year for 16 quarters in a row: $4B last quarter, up 18% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +2.6 points |
| Q2 2026 | 10% | -4.3 points |
| Q1 2026 | 22% | -1.5 points |
| Q4 2025 | 5% | -7.3 points |
| Q3 2025 | 10% | -4.1 points |
| Q2 2025 | 15% | +1.5 points |
| Q1 2025 | 23% | -0.3 points |
| Q4 2024 | 12% | +16 points |
AJG's operating margin was 13% last quarter, up 2.6 points from the same quarter a year ago.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over AJG on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK has the edge over AJG on profitability, with a higher operating margin.
AJG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +87% |
| Q2 2026 | -$41M | +$424.5M |
| Q1 2026 | $921M | +9.2% |
| Q4 2025 | $713.4M | +2.5% |
| Q3 2025 | $693.5M | -23% |
| Q2 2025 | -$465.5M | -631% |
| Q1 2025 | $843.6M | +11% |
| Q4 2024 | $695.7M | +7.4% |
AJG has the edge over BLK on cash flow, with more consistent year-over-year improvement.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
AJG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | +100K shares |
| 3 years | +19% | +41M shares |
| 5 years | +24% | +49.7M shares |
| Available history | +38% | +70.7M shares |
AJG has 257M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100M |
| Q2 2026 | $170M |
| Q1 2026 | $310M |
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over AJG on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
AJG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.6x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.8x | Elevated |
| Q3 2025 | 3.8x | Elevated |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -1.3x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
AJG's net debt is about 3.2 years of its operating earnings (EBITDA), down from 3.8 years a year ago. Net leverage isn't a meaningful measure for financial services companies like AJG.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has the edge over AJG on leverage, with a lower net debt burden relative to earnings.
AJG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.3 | Neutral |
| Stochastic | 85.8 | Overbought |
AJG's weekly RSI is 63 (neutral) and its Stochastic is 86 (overbought).
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
AJG PE vs Financial Services Sector
| Metric | AJG | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 226% above |
| PE % | 66 | 63 | 3 pts above |
AJG is trading at 42x earnings, a 226% premium to the Financial Services sector's median of 13x.
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK has the edge over AJG on valuation relative to its sector.
AJG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $256.0 | 8.3% above |
| 20 week MA | $253.9 | 9.2% above |
| 50 week MA | $237.6 | 17% above |
| 100 week MA | $271.8 | 2% above |
| 200 week MA | $256.1 | 8.3% above |
AJG is in an uptrend: it's above all five of its weekly moving averages, and 8.3% above its 200-week average.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK is in an uptrend: it's above all five of its weekly moving averages, and 33% above its 200-week average.
AJG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $94.8 | $123.4 | +30% |
| 2021 | $123.4 | $166.5 | +35% |
| 2022 | $166.5 | $188.4 | +13% |
| 2023 | $188.4 | $224.9 | +19% |
| 2024 | $224.9 | $286.5 | +27% |
| 2025 | $286.5 | $261.5 | -8.7% |
| 2026 YTD | $261.5 | $277.3 | +6% |
AJG has finished higher in five of the last six years. It's up 6% so far in 2026.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over AJG on returns for 2026, with the stronger performance.