Arthur J. Gallagher & Co (AJG) is overvalued and Aon Plc (AON) is overvalued.
Both trade above our estimate of their intrinsic value. AON is the closer of the two: -56%, against -209% for AJG.
Values as of the 22 Sept 2026 close.
Book value at 0.70x, the multiple a 6.7% return on equity justifies, blended with earnings, values the shares at $74.47; the price of $230.45 is 209% above that value.
Leak Score 41/100 on 8 of 12 signals
Book value at 2.50x, the multiple a 44.9% return on equity justifies, blended with earnings, values the shares at $183.57; the price of $286.10 is 56% above that value.
Leak Score 59/100 on 3 of 12 signals
| Metric | AJG | AON |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $230.45 | $286.10 |
| Intrinsic value | $74.47 | $183.57 |
| Margin of safety | -209% | -56% |
| Leak Score | 41/100 (8/12) | 59/100 (3/12) |
| Market cap | $59.1B | $60.7B |
| Revenue growth, 5 years | 15.3% | 9.3% |
| Operating margin | 17.1% | 28.5% |
| Net margin | 10.0% | 22.3% |
| Return on equity | 6.7% | 44.9% |
| Debt to equity | 0.59 | 1.65 |
| P/E | 38.1x | 15.8x |
| Forward P/E | 15.4x | 13.9x |
| P/B | 2.5x | 6.3x |
| Dividend yield | 1.2% | 1.1% |