AJG vs CRVL: How Arthur J. Gallagher and CorVel Corporation Compare (2026)

Same yardstick, side by side (as of August 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.

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. AJG reported roughly 28% total revenue growth in Q1 2026, blending about 5% organic growth with large contributions from acquisitions including AssuredPartners. The stock's trailing P/E in the mid-30s to around 40x sits well above the broader insurance industry average, a premium the market has historically assigned to its consistency. Forward multiples look lower on expected earnings growth, but the shares clearly price in continued execution.

CRVL. CorVel's fiscal year ends March 31, so the trailing figures above are fiscal 2026, with the first quarter of fiscal 2027 due in early August 2026. The trailing P/E near ~28x is a sharp step down from the premium multiple the stock carried through 2025, when shares traded as high as ~$94 against a 52-week low near ~$45. That reset happened while earnings grew, so the story now hinges on whether mid-single-digit revenue growth plus margin leverage and share repurchases is enough to re-rate the multiple.

Headline figures (approximate, July 2026): AJG shows market cap ~$56 billion, revenue (ttm) ~$13 billion, q1 2026 revenue ~$4.76 billion, q1 2026 adjusted eps ~$4.47; CRVL shows revenue (ttm, fy2026) ~$959M (+7% YoY), diluted eps (fy2026) ~$2.14 (+17% YoY), net income (fy2026) ~$110M (+16% YoY), operating margin (fy2026) ~14.9% (up ~1.4pp).

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.