Aon (AON)
Financials · $60.3B market cap · SEC CIK 0000315293
fundamentals score out of 100
Next reports on Oct 29, 2026, before the open, with analysts expecting $3.41 in earnings per share.
The case for AON
- Earns 43% back on shareholder equity.
- 22% of revenue drops through to net profit.
- Earnings per share up 51.8%.
- Reasonably priced at 15.4× earnings.
- A PEG of 0.30: a P/E of 15.4× is low for EPS growing 52%.
- Moves less than the market (beta 0.64).
The case against
- Near the bottom of its 52-week range, 25% below the high. Falling prices usually have a reason; find it first.
- Weakest against its peers: revenue growth of +4.9% is slower than 82% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 48 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 66 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 75 |
| Momentumhow the price has behaved lately | 19 |
| Stabilityhow violently it moves, what it owes and what it pays you | 70 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 15.4× |
|---|---|
| Price / book | 7.38× |
| Price / sales | 3.4× |
| Revenue growth (YoY) | +4.9% |
| EPS growth (YoY) | +51.8% |
| Gross margin | 49% |
| Operating margin | 33% |
| Net margin | 22% |
| Return on equity | 43% |
| Debt / equity | 1.56× |
| Current ratio | 1.03 |
| Dividend yield | 0.75% |
| Beta | 0.64 |
| 52-week range | $290.70 – $382.34 |
| Position in that range | 0% of the way up |
| 3-month return | -8.5% |
| 1-year return | -17.2% |
Five years of financials, as filed
Pulled from Aon's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.2B | $15.7B | $13.4B | $12.5B | $12.2B |
| Operating income | $4.3B | $3.8B | $3.8B | $3.7B | $2.1B |
| Net income | $3.7B | $2.7B | $2.6B | $2.6B | $1.3B |
| Operating cash flow | $3.5B | $3.0B | $3.4B | $3.2B | $2.2B |
| Capital expenditure | $263M | $218M | $252M | $196M | $137M |
| Total assets | $50.8B | $49.0B | $34.0B | $32.7B | $31.9B |
| Total liabilities | $41.2B | $42.5B | $34.7B | $33.1B | $30.8B |
| Shareholder equity | $9.4B | $6.1B | -$826M | -$529M | $1.1B |
| Cash | $1.2B | $1.1B | $778M | $690M | $544M |
| Long-term debt | $14.7B | $16.3B | $10.0B | $9.8B | $8.2B |
| Free cash flow | $3.2B | $2.8B | $3.2B | $3.0B | $2.0B |
| Operating margin | 25.3% | 24.4% | 28.3% | 29.4% | 17.1% |
| Net margin | 21.5% | 16.9% | 19.2% | 20.7% | 10.3% |
| Diluted shares | 217M | 213M | 205M | 213M | 226M |
Share count is down 4.0% over 4 years. Buybacks have been shrinking the pie.
What Aon says it does
OVERVIEW Aon plc (which may be referred to as "Aon," the "Company," "we," "us," or "our") is a leading global professional services firm. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. With clients around the world facing growing uncertainty and volatility, we remain focused on accelerating our Aon United strategy to serve clients as one globally connected firm and driving innovation to address unmet and evolving client need. We serve clients in more than 120 countries across all market segments and nearly every industry. This diversification of our client base helps provide our firm with stability in different economic scenarios that could affect specific industries, customer segments, or geographies. We…
Risk factors AON lists in its 10-K
- Risks Related to Technology, Cybersecurity, and Data Protection
- Risks Related to Being an Irish-incorporated Company
- An overall decline in economic and business activity could have a material adverse effect on the financial condition and results of operations of our business
- We face significant competitive pressures from traditional and non-traditional competitors that could affect our business
- If we are unable to effectively develop and implement innovative strategies, efficiencies and new solutions for our clients, our reputation, ability to compete effectively and financial condition may be adversely affected
- If our clients are not satisfied with our services, we may face additional cost, loss of profit opportunities, damage to our reputation, or legal liability
- Damage to our reputation could have a material adverse effect on our business
- Revenues from commission arrangements may fluctuate due to many factors, including cyclical or permanent changes in the insurance and reinsurance markets outside of our control
- We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows
- Changes in interest rates and deterioration of credit quality could reduce the value of our cash balances and investment portfolios and adversely affect our financial condition or results
- Our pension obligations and value of our pension assets could adversely affect our shareholders’ equity, net income, cash flow, and liquidity
- We have debt outstanding that could adversely affect our financial flexibility
- A decline in the credit ratings of our senior debt and commercial paper may adversely affect our borrowing costs, access to capital, and financial flexibility
- Changes in our accounting estimates and assumptions could negatively affect our financial position and results of operations