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Side-by-side financial comparison of Arthur J. Gallagher & Co. (AJG) and Defi Technologies, Inc. (DEFT). Click either name above to swap in a different company.

Arthur J. Gallagher & Co. is the larger business by last-quarter revenue ($3.6B vs $51.3M, roughly 70.7× Defi Technologies, Inc.).

Arthur J. Gallagher & Co. (Gallagher) is an American insurance brokerage and risk management services company based in Rolling Meadows, Illinois, a suburb of Chicago. The company provides insurance brokerage and risk management services, which primarily includes processing of workers compensation and automobile insurance claims via the company's adjusters.

Defi Technologies Inc. is a specialized fintech enterprise focused on the decentralized finance (DeFi) and Web3 space. It provides institutional and retail clients access to digital asset investment opportunities, develops blockchain infrastructure solutions, and manages portfolios of DeFi-related assets and early-stage Web3 startup stakes, serving markets across North America, Europe, and Asia Pacific.

AJG vs DEFT — Head-to-Head

Bigger by revenue
AJG
AJG
70.7× larger
AJG
$3.6B
$51.3M
DEFT

Income Statement — Q4 2025 vs Q3 2025

Metric
AJG
AJG
DEFT
DEFT
Revenue
$3.6B
$51.3M
Net Profit
$151.1M
Gross Margin
Operating Margin
5.0%
-3.1%
Net Margin
4.2%
Revenue YoY
33.6%
Net Profit YoY
-41.5%
EPS (diluted)
$0.58
$-0.01

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
AJG
AJG
DEFT
DEFT
Q4 25
$3.6B
Q3 25
$3.4B
$21.8M
Q2 25
$3.2B
Q1 25
$3.7B
Q4 24
$2.7B
Q3 24
$2.8B
Q2 24
$2.8B
Q1 24
$3.3B
Net Profit
AJG
AJG
DEFT
DEFT
Q4 25
$151.1M
Q3 25
$272.7M
Q2 25
$365.8M
Q1 25
$704.4M
Q4 24
$258.3M
Q3 24
$312.6M
Q2 24
$283.4M
Q1 24
$608.4M
Operating Margin
AJG
AJG
DEFT
DEFT
Q4 25
5.0%
Q3 25
10.3%
Q2 25
14.6%
Q1 25
23.4%
Q4 24
12.3%
Q3 24
14.4%
Q2 24
13.2%
Q1 24
23.7%
Net Margin
AJG
AJG
DEFT
DEFT
Q4 25
4.2%
Q3 25
8.1%
Q2 25
11.4%
Q1 25
18.9%
Q4 24
9.5%
Q3 24
11.1%
Q2 24
10.2%
Q1 24
18.7%
EPS (diluted)
AJG
AJG
DEFT
DEFT
Q4 25
$0.58
Q3 25
$1.04
$0.08
Q2 25
$1.40
Q1 25
$2.72
Q4 24
$1.10
Q3 24
$1.39
Q2 24
$1.27
Q1 24
$2.74

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
AJG
AJG
DEFT
DEFT
Cash + ST InvestmentsLiquidity on hand
Total DebtLower is stronger
$12.9B
Stockholders' EquityBook value
$23.3B
Total Assets
$70.7B
Debt / EquityLower = less leverage
0.55×

8-quarter trend — quarters aligned by calendar period.

Total Debt
AJG
AJG
DEFT
DEFT
Q4 25
$12.9B
Q3 25
Q2 25
Q1 25
Q4 24
$23.0M
Q3 24
Q2 24
Q1 24
Stockholders' Equity
AJG
AJG
DEFT
DEFT
Q4 25
$23.3B
Q3 25
$23.2B
Q2 25
$23.0B
Q1 25
$22.3B
Q4 24
$20.2B
Q3 24
$12.2B
Q2 24
$11.6B
Q1 24
$11.3B
Total Assets
AJG
AJG
DEFT
DEFT
Q4 25
$70.7B
Q3 25
$79.1B
Q2 25
$80.1B
Q1 25
$74.1B
Q4 24
$64.3B
Q3 24
$57.2B
Q2 24
$63.0B
Q1 24
$61.0B
Debt / Equity
AJG
AJG
DEFT
DEFT
Q4 25
0.55×
Q3 25
Q2 25
Q1 25
Q4 24
0.00×
Q3 24
Q2 24
Q1 24

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
AJG
AJG
DEFT
DEFT
Operating Cash FlowLast quarter
$753.0M
$-17.9M
Free Cash FlowOCF − Capex
$713.4M
FCF MarginFCF / Revenue
19.7%
Capex IntensityCapex / Revenue
1.1%
Cash ConversionOCF / Net Profit
4.98×
TTM Free Cash FlowTrailing 4 quarters
$1.8B

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
AJG
AJG
DEFT
DEFT
Q4 25
$753.0M
Q3 25
$731.3M
$-27.1M
Q2 25
$-426.1M
Q1 25
$871.8M
Q4 24
$739.3M
Q3 24
$934.8M
Q2 24
$119.5M
Q1 24
$789.3M
Free Cash Flow
AJG
AJG
DEFT
DEFT
Q4 25
$713.4M
Q3 25
$693.5M
Q2 25
$-465.5M
Q1 25
$843.6M
Q4 24
$695.7M
Q3 24
$898.0M
Q2 24
$87.7M
Q1 24
$759.6M
FCF Margin
AJG
AJG
DEFT
DEFT
Q4 25
19.7%
Q3 25
20.6%
Q2 25
-14.5%
Q1 25
22.6%
Q4 24
25.6%
Q3 24
32.0%
Q2 24
3.2%
Q1 24
23.3%
Capex Intensity
AJG
AJG
DEFT
DEFT
Q4 25
1.1%
Q3 25
1.1%
Q2 25
1.2%
Q1 25
0.8%
Q4 24
1.6%
Q3 24
1.3%
Q2 24
1.1%
Q1 24
0.9%
Cash Conversion
AJG
AJG
DEFT
DEFT
Q4 25
4.98×
Q3 25
2.68×
Q2 25
-1.16×
Q1 25
1.24×
Q4 24
2.86×
Q3 24
2.99×
Q2 24
0.42×
Q1 24
1.30×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AJG
AJG

Commissions$2.1B57%
Broker Fees$1.2B33%
Supplemental Revenue$131.7M4%
Investment Performance$121.8M3%
Contingent Revenue$83.0M2%

DEFT
DEFT

Revenues from realized and net change in unrealized gains (losses)$29.3M57%
Staking and lending income$16.8M33%
Management fees$4.4M9%
Research revenue$813.8K2%

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