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Arthur J. Gallagher AJG Adjustment for Amortization

Segments

By segment

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Brokerage$271M+32.8%
Risk Management$7M+16.7%
Corporate$0—

Other financials

Income statement

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Revenue$4.8B+27.7%
Gross profit$2.0B+16.3%
Net income$822.0M+16.8%
EPS (diluted)$3.16+16.2%

Balance sheet

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Cash & equivalents$1.4B-91.5%
Total debt$14.0B+5.7%
Total equity$23.8B+6.5%
Total assets$78.3B+5.7%

Cash flow

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Operating cash flow$957.0M+9.7%
CapEx$36.0M+28.6%
Free cash flow$921.0M+9.1%

Valuation

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Market cap$55.98B-31.7%
Enterprise value$68.58B-12.7%
P/E34.7×-17.9×
P/S3.7×-3.1×

Profitability

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Gross margin99.7%+14.0pp
Net margin10.8%-2.2pp
FCF margin21%-0.1pp

Returns & leverage

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Return on equity7%-2.3pp
Debt / equity0.6×0.0×
Current ratio1.1×-0.4×

Questions, answered.

What does adjustment for amortization mean?
This represents specific adjustments made to amortization expenses, often related to intangible assets acquired through business combinations or share-based compensation. It is used to provide a clearer view of core operational performance by removing non-cash accounting charges. Investors use this to assess the underlying cash-generating capability of the business.