AJG vs CRVL: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of November 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AJG and CRVL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AJG and CRVL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Arthur J. Gallagher & Co. is a global insurance brokerage, risk management, and consulting firm, ranking as the third-largest publicly traded insurance broker behind Marsh & McLennan and Aon. Its Brokerage segment places property, casualty, employee benefits, wholesale, and reinsurance coverage for businesses and institutions, earning commissions and fees, while its Risk Management segment (Gallagher Bassett) handles third-party claims administration. The company runs an asset-light, fee-and-commission model that generates strong free cash flow, and it has built a decades-long track record of growing by acquiring smaller regional brokers and folding them into its platform.

Full AJG guide

CorVel Corporation is a Nasdaq-listed provider of workers' compensation claims management and healthcare cost-containment services. It runs two reporting segments: Patient Management, which handles third-party claims administration, case management, and return-to-work services for self-insured employers and carriers, and Network Solutions, which covers medical bill review, PPO network access, pharmacy management, and, through the CERIS brand, payment integrity for commercial health payers. The company layers artificial intelligence, machine learning, and natural language processing over its proprietary CareMC platform (recently extended with a tool called CorVel Connected) to flag billing errors, route care, and compress the cost of an episode.

Full CRVL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AJG drivers: Acquisition-led compounding; AssuredPartners integration and synergies.
• CRVL drivers: CERIS and commercial payment integrity; Bookings momentum and multiyear payer contracts.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most cited concern is valuation, as AJG often trades at a large premium to the broader insurance sector and to some peers, leaving little room for disappointment. For CRVL, the core end market is the central risk: workers' compensation claim frequency has trended down for years as workplaces automate and get safer, and soft premium rates squeeze what carriers and employers will pay for managed-care services.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AJG if you believe its drivers more; CRVL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AJG and CRVL guides.

AJG. The gap between ~42 times trailing GAAP earnings and ~17 times forward adjusted earnings is mostly acquisition accounting: amortization of acquired intangibles and integration costs from AssuredPartners depress GAAP profit far more than the adjusted figure management guides to. On the forward basis the stock is cheaper than it has been for much of the past several years, after a flat 2026 and a ~10% decline over twelve months. The October 29, 2026 report, with consensus near $2.99 of adjusted EPS, is the next read on whether organic growth and synergies hold up against softer property pricing.

CRVL. CorVel's fiscal year ends March 31, so the trailing figures run through the June 2026 quarter, with fiscal Q2 2027 due November 3, 2026. The trailing P/E near 36 is well above the ~28 the stock carried in mid-2026, after shares rose about 34% in three months on re-accelerating growth, though still below the premium it held through 2025. The 52-week range of roughly $45 to $83 shows how far sentiment has swung while earnings kept growing.

Headline figures (approximate, October 2026): AJG shows market cap ~$65 billion at ~$253 per share, revenue (ttm) ~$15.1 billion, up ~31% year over year in the June 2026 quarter, q2 2026 revenue ~$4.0 billion, q2 2026 adjusted eps ~$2.84 vs ~$2.81 expected; CRVL shows revenue (ttm to jun 30, 2026) ~$984M; FQ1 2027 ~$260M (+11% YoY), diluted eps (ttm / fq1 2027) ~$2.24 / $0.63 (+21% YoY), net income (ttm) ~$115M; FQ1 2027 ~$32.2M (+18% YoY), operating margin (ttm) ~16.7% (FY2026 ~14.9%).

AJG and CRVL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AJG and CRVL exposure against your real portfolio. It is not an investment adviser.