Aluminium gallium arsenide (also Aluminum gallium arsenide) (AlxGa1-xAs) is a semiconductor with very nearly the same lattice constant as GaAs, but a larger bandgap. The x in the formula above is a number between 0 and 1 - this indicates an arbitrary alloy between GaAs and AlAs.
The bandgap varies between 1.42 eV (GaAs) and 2.16 eV (AlAs). For x < 0.4, the bandgap is direct.
The formula AlGaAs should be considered an abbreviated form of the above, rather than any particular ratio.
External link
Extensive site on the physical properties of aluminium gallium arsenide (http://www.ioffe.ru/SVA/NSM/Semicond/AlGaAs/index.html)