Arthur J. Gallagher & Co. Financial Ratios — AJG Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	24.13	31.61	39.33	38.63	39.82	38.79	38.54	40.28	34.91	35.18	32.06	32.46	24.12	30.78	26.44
Return on Assets (%)	3.57	3.97	4.4	3.6	3.41	3.54	3.65	4.06	3.72	3.9	3.26	3.11	2.16	2.53	2.21
Return on Capital (%)	14.19	16.53	16.41	- -	- -	- -	- -	- -	- -	13.35	12.55	13.3	10.64	11.18	10.43
Return on Invested Capital (%)	9.38	10.44	11.08	- -	- -	- -	- -	- -	- -	9.64	9.98	9.12	8.74	6.79	5.83
Gross Margin (%)	36.38	36.32	33.25	30.26	29.89	28.21	27.64	28.02	32.15	35.8	36.25	42.07	42.16	42.22	42.58
EBITDA Margin (%)	16.75	17.14	16.4	14.2	14.3	14.55	14.37	14.97	17.14	22.86	23.18	26.51	25.39	27.04	26.38
Operating Margin (%)	11.36	11.57	10.78	8.6	8.11	8.37	8.19	8.91	10.48	14.84	16.29	19.49	18.47	19.75	18.33
Incremental Operating Margin (%)	2.74	12.79	7.75	3.82	5.11	13.33	6.35	15.6	65.7	-266.82	24.73	96.69	12.69	28.46	11.48
Pretax Margin (%)	9.73	9.73	9.15	6.3	5.44	5.87	5.76	6.92	8.79	12.42	11.88	15.52	11.77	16.23	13.42
Profit Margin (%)	6.75	7.74	8.45	6.56	6.62	6.99	7.71	9.15	9.39	11.68	11.05	13.03	9.63	12.66	10.72
Net Income to Common Margin (%)	6.75	7.74	8.45	6.56	6.62	6.99	7.71	9.15	9.39	11.68	11.05	13.03	9.63	12.66	10.72
Effective Tax Rate (%)	30.65	20.51	2.2	- -	- -	- -	- -	- -	- -	1.47	2.06	15.9	18.48	21.55	19.67
Dvd Payout Ratio (%)	101.18	104.82	60.75	63.45	61.11	58.69	51.17	42.02	42.09	38.71	39.07	38.42	49.27	35.5	44.11
Sustainable Growth Rate (%)	-0.28	-1.52	15.44	14.12	15.49	16.02	18.82	23.36	20.21	21.56	19.53	19.99	12.23	19.86	14.78

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	685	854	1,456	2,393	2,454	2,848	3,133	3,610	4,948	4,866	6,593	6,415	8,317	13,485	13,485
ST Debt	10	129	630	268	382	704	441	519	791	279	473	552	959	425	866
LT Debt	675	725	825	2,125	2,072	2,145	2,692	3,091	4,157	4,587	6,120	5,863	7,358	13,060	12,619
Total Debt/EBITDA	1.92	1.98	2.79	3.64	3.18	3.45	3.49	3.48	4.05	3.04	3.46	2.83	3.25	4.32	3.67
Net Debt/EBITDA	1.1	1.28	2.22	3.16	2.56	2.79	2.73	2.9	3.28	2.42	3.09	2.37	2.74	-0.59	3.15
Total Debt/EBIT	2.83	2.93	4.25	6.01	5.61	5.99	6.13	5.85	6.63	4.68	4.93	3.85	4.47	5.91	5.28
Net Debt/EBIT	1.62	1.89	3.38	5.22	4.51	4.84	4.79	4.87	5.37	3.73	4.4	3.23	3.76	-0.8	4.53
EBITDA to Interest Expense	8.76	10.05	10.41	7.38	7.49	7.53	7.23	7.49	6.79	8.16	8.42	8.82	8.61	8.2	5.76
EBITDA-CapEx/Interest Expense	7.64	8.86	8.54	6.47	6.53	5.54	7.23	7.49	6.79	8.16	8.42	8.82	8.61	8.2	5.76
EBIT to Interest Expense	5.94	6.78	6.84	4.47	4.24	4.33	4.12	4.46	4.15	5.3	5.91	6.49	6.26	5.99	4
Interest Expense	41	43	50	89	103	110	124	138	180	196	226	257	297	381	639
Common Equity/Total Assets	13.33	11.88	10.64	8.4	8.72	9.53	9.41	10.67	10.64	11.49	9.27	9.84	8.27	8.15	8.58
Long-Term Debt/Equity (%)	54.28	43.71	39.56	64.29	56.17	58.66	62.61	67.65	79.7	73.59	71.49	63.8	68.04	64.72	54.05
Long-Term Debt/Capital (%)	52.63	48.66	37.75	64.21	59.96	53.59	58.52	57	58.57	61.34	62.86	57.28	58.27	69.66	64.47
Long-Term Debt/Total Assets (%)	15.06	13.55	12.03	21.23	18.99	18.67	18.05	18.93	21.17	20.54	18.35	15.29	14.26	20.33	17.86
Total Debt/Equity (%)	55.08	51.49	69.79	72.4	66.53	77.91	72.87	79.01	94.86	78.06	77.02	69.8	76.9	66.82	57.76
Total Debt/Capital (%)	53.41	57.32	66.6	72.31	71.02	71.17	68.11	66.57	69.71	65.07	67.72	62.67	65.87	71.93	68.89
Total Debt/Total Assets (%)	15.28	15.96	21.22	23.91	22.49	24.79	21.01	22.1	25.2	21.79	19.77	16.72	16.11	20.99	19.08
Net Debt to Equity	31.67	33.28	55.5	62.89	53.5	62.99	57.02	65.72	76.73	62.25	68.7	58.5	64.66	-9.07	49.57
Net Debt/Capital (%)	39.72	46.46	61.32	69.4	66.34	66.62	62.57	62.35	61.64	56.95	63.01	56.61	60	-48.67	63.67
EBITDA	358	432	521	657	771	826	897	1,036	1,220	1,603	1,903	2,266	2,557	3,125	3,678
EBITDA-CapEx	312	381	428	575	672	608	897	1,036	1,220	1,603	1,903	2,266	2,557	3,125	3,678
Operating Income (Loss)	242	292	343	398	437	476	511	617	746	1,040	1,337	1,667	1,860	2,282	2,556

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.14	0.13	0.09	0.09	0.11	0.12	0.1	0.08	0.07	0.07	0.02	0.03	0.03	0.51	0.04
Current Ratio	1.06	1.03	0.88	1.05	1.01	0.96	1.08	1.06	1.02	1.1	1.06	1.04	1.03	1.51	1.06
Quick Ratio	0.64	0.59	0.52	0.56	0.6	0.59	0.77	0.78	0.73	0.75	0.76	0.17	0.15	0.65	0.2
CFO/Avg Current Liab	0.16	0.15	0.13	0.13	0.18	0.15	0.15	0.11	0.14	0.19	0.1	0.07	0.08	0.09	0.06
Common Equity/Total Assets	13.33	11.88	10.64	8.4	8.72	9.53	9.41	10.67	10.64	11.49	9.27	9.84	8.27	8.15	8.58
Long-Term Debt/Equity (%)	54.28	43.71	39.56	64.29	56.17	58.66	62.61	67.65	79.7	73.59	71.49	63.8	68.04	64.72	54.05
Long-Term Debt/Capital (%)	52.63	48.66	37.75	64.21	59.96	53.59	58.52	57	58.57	61.34	62.86	57.28	58.27	69.66	64.47
Long-Term Debt/Total Assets (%)	15.06	13.55	12.03	21.23	18.99	18.67	18.05	18.93	21.17	20.54	18.35	15.29	14.26	20.33	17.86
Total Debt/Equity (%)	55.08	51.49	69.79	72.4	66.53	77.91	72.87	79.01	94.86	78.06	77.02	69.8	76.9	66.82	57.76
Total Debt/Capital (%)	53.41	57.32	66.6	72.31	71.02	71.17	68.11	66.57	69.71	65.07	67.72	62.67	65.87	71.93	68.89
Total Debt/Total Assets (%)	15.28	15.96	21.22	23.91	22.49	24.79	21.01	22.1	25.2	21.79	19.77	16.72	16.11	20.99	19.08
CFO/Total Liabilities	8.77	9.29	7.8	6.51	9.5	8.29	8.05	6.5	8.26	11.23	5.62	4.77	4.98	5.86	4.08
CFO/CapEx	6.19	6.73	3.98	5.36	6.93	2.98	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.05	2.07	2.04	2.13	2.02	2.07	1.78	1.86	1.8	1.96	1.69	1.61	1.36	1.78	1.72

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	4.16	2.37	2.67	3.36	3.37	3.17	2.11	1.55	1.39	1.18	0.9	1.17	3.01	3.01	3.07
Days Sales Outstanding	87.81	153.75	136.89	108.53	108.18	114.98	173.21	235.65	263.42	308.67	404.35	312.99	121.36	121.34	118.74
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.95	0.93	1.07	1.35	1.37	1.39	1.13	0.93	0.8	0.64	0.48	0.3	0.62	- -	- -
Accounts Payable Turnover Days	385.96	391.33	341.77	270.26	265.53	262.85	322.34	392.77	456.68	573.14	754.25	1,199.07	585.72	- -	- -
Cash Conversion Cycle	-298.15	-237.59	-204.88	-161.73	-157.35	-147.87	-149.13	-157.12	-193.26	-264.47	-349.89	-886.09	-464.36	121.34	118.74
Inventory to Cash Days	87.81	153.75	136.89	108.53	108.18	114.98	173.21	235.65	263.42	308.67	404.35	312.99	121.36	121.34	118.74
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	3,734	4,193	6,049	7,196	7,051	9,226	11,395	13,468	17,712	23,628	34,389	39,656	48,334	62,589	66,289
- Cash & Cash Equivalents	291	302	298	314	480	546	681	607	605	665	403	738	972	14,987	1,396
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	76	50	59	64	71	60	46	52	47	40	26	26
+ Total Debt	685	854	1,456	2,393	2,454	2,848	3,133	3,610	4,948	4,866	6,593	6,415	8,317	13,485	13,485
Enterprise Value	4,128	4,745	7,206	9,351	9,075	11,588	13,911	16,542	22,115	27,875	40,631	45,379	55,720	61,113	78,404
Total Capital	1,283	1,490	2,186	3,309	3,455	4,002	4,600	5,424	7,097	7,477	9,735	10,236	12,627	18,747	19,574
Total Debt/Capital (%)	53.41	57.32	66.6	72.31	71.02	71.17	68.11	66.57	69.71	65.07	67.72	62.67	65.87	71.93	68.89
Total Debt / EV	0.17	0.18	0.2	0.26	0.27	0.25	0.23	0.22	0.22	0.17	0.16	0.14	0.15	0.22	0.17
EV/Sales	1.93	1.88	2.27	2.02	1.68	2.04	2.23	2.39	3.11	3.98	4.95	5.31	5.53	5.29	5.62
EV/EBITDA	11.54	10.98	13.82	14.23	11.77	14.02	15.5	15.96	18.12	17.39	21.35	20.02	21.79	19.56	21.32
EV/EBIT	17.03	16.27	21.02	23.49	20.76	24.37	27.2	26.8	29.65	26.8	30.39	27.22	29.96	26.78	30.67
EV/Cash Flow to Firm	13.22	12.58	17.1	17.43	11.03	14.65	13.47	17.23	15.83	13.93	25.18	28.26	24.5	21.21	32.09
EV/Free Cash Flow to Firm	11.52	11.08	13.99	15.13	9.85	11.48	13.47	17.23	15.83	13.93	25.18	28.26	24.5	21.21	32.09
Diluted Market Cap	3,761	4,244	6,123	7,263	7,091	9,269	11,524	13,720	18,108	24,129	35,180	40,473	49,329	63,857	67,320
Diluted Enterprise Value	4,155	4,796	7,280	9,417	9,115	11,631	14,040	16,794	22,510	28,377	41,422	46,197	56,715	62,381	79,435
EV per Share	36.97	39.21	55.91	61.17	52.69	65.26	77.25	90.52	118.9	145.95	200.47	215.75	259.24	277.16	306.09
TTM Sales	2,135	2,520	3,180	4,626	5,392	5,680	6,246	6,924	7,120	7,009	8,209	8,551	10,072	11,555	13,942
TTM EBITDA	358	432	521	657	771	826	897	1,036	1,220	1,603	1,903	2,266	2,557	3,125	3,678
TTM Operating Income	242	292	343	398	437	476	511	617	746	1,040	1,337	1,667	1,860	2,282	2,556
TTM Cash Flow to Firm	312	377	421	537	823	791	1,032	960	1,397	2,001	1,614	1,606	2,274	2,882	2,443
TTM Free Cash Flow to Firm	358	428	515	618	922	1,009	1,032	960	1,397	2,001	1,614	1,606	2,274	2,882	2,443

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	11.4	10.77	13.14	14.02	9.03	10.69	13.49	17.93	15.2	13.35	25.27	29.12	24.28	24.72	34.88
EV/EBIT	17.03	16.27	21.02	23.49	20.76	24.37	27.2	26.8	29.65	26.8	30.39	27.22	29.96	26.78	30.67
Enterprise Value	4,128	4,745	7,206	9,351	9,075	11,588	13,911	16,542	22,115	27,875	40,631	45,379	55,720	61,113	78,404
Low Price	24.29	32.01	34.97	42.97	39.43	35.96	51.8	62.04	70.44	65.09	112.92	147.32	174.45	223.43	236.34
EV/Sales	1.93	1.88	2.27	2.02	1.68	2.04	2.23	2.39	3.11	3.98	4.95	5.31	5.53	5.29	5.62
EV/EBITDA	11.54	10.98	13.82	14.23	11.77	14.02	15.5	15.96	18.12	17.39	21.35	20.02	21.79	19.56	21.32
Price/Earnings	25.91	21.5	22.52	23.72	19.76	23.25	23.68	21.26	26.48	28.86	37.92	35.59	49.83	42.78	44.37
Price/Earnings Average	22.69	21.97	20.6	23.32	22.09	20.83	21.92	20.31	23.81	23.46	31.82	32.58	47.59	40.05	51.87
Price/Earnings High	26.34	23.73	23.27	24.92	23.94	23.42	25.19	22.8	26.75	30.12	38.27	38.04	56.28	47.74	60.22
Price/Earnings Low	18.82	19.87	16.78	21.65	19.03	16.09	19.38	17.9	19.59	15.18	25.24	27.81	38.65	33.68	40.52
Price/Book Value	6.25	6.59	8.29	8.56	7.41	8.43	8.12	7.73	8.48	9.21	11.13	10.51	11.32	11.95	10.93
Price/Book Value Average	5.47	6.73	7.58	8.42	8.29	7.55	7.52	7.38	7.62	7.49	9.34	9.62	10.81	11.19	12.78
Price/Book Value High	6.35	7.28	8.56	8.99	8.98	8.49	8.64	8.29	8.56	9.61	11.23	11.23	12.79	13.34	14.84
Price/Book Value Low	4.54	6.09	6.17	7.81	7.14	5.83	6.65	6.51	6.27	4.85	7.4	8.21	8.78	9.41	9.98
Price/Tangible Book Value	-7.89	-6.72	-5.31	-3.75	-4.21	-5.3	-7.55	-7.36	-6.51	-10.3	-8.47	-10.8	-9.13	18.52	-6.68
Price/Tangible Book Value Average	-6.91	-6.87	-4.86	-3.68	-4.71	-4.75	-6.99	-7.03	-5.85	-8.37	-7.11	-9.89	-8.72	17.34	-7.8
Price/Tangible Book Value High	-8.02	-7.42	-5.49	-3.94	-5.1	-5.34	-8.03	-7.9	-6.57	-10.75	-8.55	-11.54	-10.31	20.66	-9.06
Price/Tangible Book Value Low	-5.73	-6.21	-3.96	-3.42	-4.06	-3.67	-6.18	-6.2	-4.81	-5.42	-5.64	-8.44	-7.08	14.58	-6.1
Price/Sales	1.75	1.66	1.9	1.56	1.31	1.62	1.82	1.95	2.49	3.37	4.19	4.64	4.8	5.42	4.75
Price/Sales Average	1.53	1.7	1.74	1.53	1.46	1.46	1.69	1.86	2.24	2.74	3.52	4.25	4.58	5.07	5.56
Price/Sales High	1.78	1.84	1.97	1.63	1.58	1.64	1.94	2.09	2.51	3.52	4.23	4.96	5.42	6.04	6.45
Price/Sales Low	1.27	1.54	1.42	1.42	1.26	1.12	1.49	1.64	1.84	1.77	2.79	3.62	3.72	4.26	4.34
Price/Cash Flow	13.15	12.23	16.24	16.48	10.28	14.2	13.34	17.6	14.87	13.08	24.7	28.53	23.79	24.23	34.35
Price/Cash Flow Average	11.51	12.49	14.86	16.2	11.49	12.73	12.35	16.81	13.37	10.63	20.73	26.11	22.72	22.69	40.15
Price/Cash Flow High	13.36	13.49	16.78	17.32	12.45	14.31	14.19	18.88	15.02	13.65	24.92	30.49	26.87	27.04	46.62
Price/Cash Flow Low	9.55	11.29	12.1	15.04	9.9	9.83	10.92	14.82	11	6.88	16.44	22.29	18.45	19.07	31.37
Price/Free Cash Flow Average	9.98	11	12.02	13.78	10.1	9.57	12.49	17.13	13.66	10.85	21.2	26.65	23.18	23.14	40.77
Price/Free Cash Flow High	11.59	11.89	13.57	14.73	10.94	10.76	14.35	19.23	15.36	13.94	25.5	31.12	27.42	27.58	47.34
Price/Free Cash Flow Low	8.28	9.95	9.79	12.79	8.7	7.4	11.04	15.1	11.24	7.03	16.82	22.75	18.83	19.46	31.85
EV/Sales Average	1.72	1.92	2.1	1.99	1.84	1.87	2.09	2.3	2.85	3.35	4.28	4.91	5.32	4.94	6.43
EV/Sales High	1.96	2.06	2.33	2.1	1.96	2.05	2.34	2.53	3.13	4.12	4.99	5.63	6.15	5.92	7.32
EV/Sales Low	1.46	1.76	1.78	1.89	1.63	1.54	1.9	2.08	2.46	2.38	3.55	4.29	4.46	4.14	5.21
EV/EBITDA Average	10.24	11.19	12.83	14.05	12.84	12.86	14.57	15.38	16.65	14.64	18.44	18.54	20.94	18.28	24.36
EV/EBITDA High	11.72	11.99	14.21	14.79	13.7	14.11	16.32	16.9	18.27	18.04	21.51	21.23	24.24	21.88	27.75
EV/EBITDA Low	8.69	10.24	10.86	13.28	11.43	10.59	13.2	13.91	14.34	10.41	15.3	16.2	17.55	15.29	19.75
EV/EBIT Average	15.11	16.58	19.52	23.19	22.66	22.35	25.55	25.82	27.25	22.55	26.25	25.21	28.79	25.03	35.06
EV/EBIT High	17.28	17.76	21.61	24.41	24.17	24.51	28.62	28.38	29.89	27.79	30.62	28.86	33.32	29.96	39.94
EV/EBIT Low	12.81	15.17	16.53	21.92	20.17	18.4	23.16	23.35	23.47	16.03	21.79	22.02	24.13	20.94	28.42
Last Price	33.44	34.65	46.93	47.08	40.94	51.96	63.28	73.7	95.23	123.71	169.67	188.54	224.88	283.85	258.79
High Price	33.99	38.24	48.49	49.46	49.59	52.34	67.32	79.03	96.2	129.12	171.21	201.51	254	316.72	351.23
Enterprise Value Average	3,663	4,835	6,691	9,229	9,907	10,628	13,068	15,938	20,324	23,454	35,100	42,022	53,544	57,120	89,602
Enterprise Value High	4,189	5,180	7,407	9,714	10,565	11,655	14,638	17,516	22,295	28,909	40,943	48,107	61,979	68,361	102,083
Enterprise Value Low	3,106	4,426	5,665	8,722	8,815	8,747	11,844	14,411	17,504	16,679	29,129	36,709	44,881	47,791	72,653

Shares Outstanding	115	126	134	165	177	178	181	184	188	194	208	212	217	250	257
Diluted Weighted Avg Shares	112	122	130	154	173	178	182	186	190	195	207	215	219	225	260
Basic Weighted Avg Shares	112	121	129	153	172	178	180	183	186	191	203	210	215	221	256
Revenue per Share	19.12	20.83	24.67	30.27	31.31	31.99	34.68	37.89	38.28	36.7	40.5	40.65	46.86	52.4	54.43
EBITDA per Share	3.2	3.57	4.05	4.3	4.48	4.65	4.98	5.67	6.56	8.39	9.39	10.78	11.9	14.17	14.36
Operating Income per Share	2.17	2.41	2.66	2.6	2.54	2.68	2.84	3.38	4.01	5.45	6.6	7.93	8.65	10.35	9.98
Basic EPS, GAAP	1.29	1.61	2.08	1.98	2.07	2.23	2.67	3.47	3.6	4.29	4.47	5.3	4.51	6.63	5.83
Basic EPS from Cont Ops	1.29	1.61	2.21	2.14	2.26	2.42	2.87	3.7	3.85	4.49	4.71	5.31	4.49	6.67	5.87
Diluted EPS, GAAP	1.28	1.59	2.06	1.97	2.06	2.22	2.64	3.4	3.52	4.2	4.37	5.19	4.42	6.5	5.74
Diluted EPS from Cont Ops	1.28	1.59	2.18	2.12	2.25	2.41	2.84	3.63	3.76	4.4	4.61	5.2	4.4	6.54	5.78
Dividend per Share	1.31	1.69	1.42	1.46	1.5	1.53	1.57	1.65	1.73	1.82	1.93	2.04	2.21	2.38	2.6
Cash Flow per Share	2.54	2.83	2.89	2.86	3.98	3.66	4.74	4.19	6.4	9.46	6.87	6.61	9.45	11.71	7.53
Free Cash Flow per Basic Share	2.13	2.41	2.16	2.32	3.41	2.43	4.74	4.19	6.4	9.46	6.87	6.61	9.45	11.71	7.53
Cash & Equivalents per Share	2.61	2.5	2.31	2.06	2.79	3.07	3.78	3.32	3.25	3.48	1.99	3.51	4.52	67.97	5.45
Book Value per Share	5.35	5.26	5.66	5.5	5.52	6.17	7.79	9.54	11.23	13.43	15.25	17.94	19.86	23.75	23.67
Tangible Book Value per Share	-4.24	-5.15	-8.83	-12.56	-9.72	-9.8	-8.38	-10.01	-14.63	-12.01	-20.03	-17.45	-24.63	15.33	-38.77

Arthur J. Gallagher & Co.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)