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AON

NYSE · USD
Aon plc
Financial Services · Insurance - Brokers
CEO Gregory C. Case Employees 60,000 R&D / revenue 0.0%
Last price
$292.55+2.00%last session
Market cap
$62.1B
P/E (TTM)
16.0x
From 52w high
−23.5%
From 52w low
+9.8%
1-year return
−13.9%
RSI 14 · vs SMA200
53.5 · −10.5%
IS score
50.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AON   SPY   XLF (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107AON 86

Score DNA

Each bar is a 0-100 score within the scored universe
69
Profitability
65
Growth
50
Value
77
Momentum
100
Risk (safety)
69
Quality
42
Balance sheet
64
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Insider buying
Warnings
None of the computed warning flags fires for AON (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Beta 0.663 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
6
$6.55M bought
Form 144 notices (12m): 8, $9.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+10
141 new holders, 115 closed
1,261 filers hold 90.5% · 467 added, 455 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+191
1,163 funds adding shares
972 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
47.5%
20-day avg 39.7%, 50-day avg 45.7%
Latest 7.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$17.2B
Revenue growth YoY+9.4%
Gross margin47.7%
Operating income$4.3B
Operating margin25.3%
Net income$3.7B
Net margin21.5%
EPS (diluted)$17.02
Cash flow
Operating cash flow$3.5B
Capital expenditure$263.0M
Free cash flow$3.2B
FCF conversion (FCF / OCF)92.4%
Stock-based compensation$0
FCF less SBC$3.2B
Buybacks$1.0B
Dividends$629.0M
Balance sheet & returns
Cash & short-term investments$2.8B
Total debt$15.9B
Net debt$13.1B
Shareholders' equity$9.5B
Goodwill & intangibles$21.5B
Debt / equity1.64
ROE (TTM)42.6%
ROIC (TTM)13.2%
Operating margin by fiscal year
17.1%FY202129.4%FY202228.3%FY202324.4%FY202426.0%FY2025
Revenue $12.2B (FY2021) to $17.2B (FY2025), a 9.0% CAGR.

Valuation

P/E (TTM)16.0x
EV / EBITDA11.4x
Price / sales3.53x
Price / FCF19.1x
FCF yield5.23%
Buyback yield1.61%
SBC / revenue1.8%
Price / book6.47x
Forward P/E FY202615.8x
Forward P/E FY202714.4x
Forward P/E FY202812.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $376.00 across 16 analysts last quarter is theirs, not ours.

AON vs industry median

33 companies in Insurance - Brokers
Gross margin 83.1% 36.9% Operating margin 27.2% 9.6% Net margin 22.3% 5.5% ROIC 13.2% 8.7%
AON (TTM)Industry median Asset turnover 0.33 vs industry 0.60 · financial leverage 5.52

Earnings delivery

Next report 2026-10-28 · consensus EPS $3.30
67%
beat rate, 8 of 12 quarters
+1.9%
median EPS surprise
5
longest beat streak
+5-4-4-5+10+4-6+3+5+2+2+0
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-27 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AON Aon plc $62.1B16.0x42.6%22.3%+9.4% −13.9%
AJG Arthur J. Gallagher & Co. $65.3B41.8x6.7%8.1%+26.3% −8.8%
MMC Marsh & McLennan Companies, $89.8B21.8x26.9%11.8%+7.6% −5.9%
WLTW Willis Towers Watson Public $24.7B14.3x19.8%9.3%+6.7% —
BRO Brown & Brown, Inc. $23.2B19.2x10.0%17.2%+39.6% −20.4%
ALL The Allstate Corporation $62.7B4.9x46.1%17.6%+5.4% +27.8%
AFL Aflac Incorporated $60.2B12.9x16.9%20.2%+11.6% —
MET MetLife, Inc. $64.0B19.2x13.2%3.9%+9.0% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-09-22Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-09-17Other Events; Exhibits
2026-09-11Other Events; Exhibits
2026-08-31Material Agreement; Regulation FD; Exhibits
2026-08-17Officer/Director Change; Exhibits
2026-07-29Earnings Release; Exhibits

Context

Shares outstanding212,125,434
Free float99.0%
Institutional ownership90.5%
Beta0.66
Dividend yield1.07%
Last dividend$0.82 on 2026-11-02
50 / 200-day average$312.92 / $328.26
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AON sits among 14 scored companies in Insurance - Brokers (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAONIndustry medianIndustry percentileSector median
P/E (TTM) 15.9x 26.9x
0th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.32 1.32
50th		 1.04
Price / sales 3.5x 3.3x
62nd		 2.5x
Price / book 6.4x 4.5x
73rd		 1.3x
Price / tangible book —
Price / free cash flow 19.1x 19.1x
50th		 11.8x
Price / operating cash flow 17.6x 17.6x
50th		 11.7x
Enterprise value $76.7B $4.4B
92nd		 $3.4B
EV / sales 4.4x 3.9x
69th		 6.0x
EV / EBITDA 11.4x 12.9x
33rd		 13.0x
EV / EBIT 13.1x 16.5x
9th		 15.5x
EV / free cash flow 23.6x 23.6x
50th		 15.9x
Earnings yield 6.3% 3.3%
100th		 7.9%
FCF yield 5.2% 5.1%
54th		 6.3%
Operating cash flow yield 5.7% 5.4%
54th		 7.8%
Graham number (per share) $135.93 $37.36
89th		 $50.71

Profitability (TTM)

MeasureAONIndustry medianIndustry percentileSector median
Gross margin 83.1% 56.4%
92nd		 71.9%
EBITDA margin 38.3% 25.0%
92nd		 37.9%
Operating margin 27.2% 18.6%
85th		 23.3%
EBIT margin 33.2% 17.4%
92nd		 23.3%
Net margin 22.3% 9.4%
100th		 18.7%
NOPAT margin 21.3% 15.8%
77th		 18.7%
FCF margin 18.5% 15.0%
77th		 23.3%
Operating cash flow margin 20.1% 16.5%
69th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 3.0% 5.4%
25th		 20.1%
Stock comp / revenue 1.8% 1.5%
58th		 0.7%
Effective tax rate 21.7% 21.4%
62nd		 21.0%

Returns on capital

MeasureAONIndustry medianIndustry percentileSector median
ROE (on average equity) 44.7% 13.5%
100th		 11.9%
ROA 7.3% 3.7%
77th		 1.4%
ROIC 15.4% 11.7%
85th		 7.8%
ROCE 22.3% 12.7%
77th		 5.8%
Return on tangible assets 10.9% 7.4%
69th		 2.0%
Cash ROIC (OCF / invested capital) 14.5% 14.0%
55th		 11.4%
Gross profitability (GP / assets) 27.4% 24.6%
54th		 10.3%
ROIC, 3-yr average 13.0% 6.8%
78th		 7.1%
ROIC, 5-yr average 20.3% 9.8%
75th		 7.3%
ROE, 5-yr average 890.0% 12.7%
100th		 10.7%
Incremental ROIC -351.8% -10.9%
9th		 8.4%

Growth

MeasureAONIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.9% 15.2%
30th		 7.1%
Revenue growth (QoQ) -15.7% 2.5%
8th		 2.8%
Revenue CAGR, 3 yr 10.9% 14.7%
44th		 10.8%
Revenue CAGR, 5 yr 8.4% 11.3%
38th		 11.3%
Gross profit CAGR, 3 yr 32.7% 12.5%
78th		 18.0%
Operating income CAGR, 3 yr 6.9% 19.4%
25th		 8.8%
Net income growth (TTM YoY) 50.4% 18.9%
78th		 24.7%
Net income CAGR, 3 yr 13.5% 18.1%
33rd		 9.4%
EPS growth (TTM YoY) 52.3% 21.2%
67th		 25.1%
EPS CAGR, 3 yr 12.0% 18.3%
33rd		 7.3%
EPS CAGR, 5 yr 14.7% 7.2%
86th		 4.2%
FCF growth (TTM YoY) 11.5% 15.9%
22nd		 15.9%
FCF CAGR, 3 yr 3.3% 27.5%
0th		 8.5%
Operating cash flow CAGR, 3 yr 3.1% 19.2%
0th		 8.4%
Book value CAGR, 3 yr 422.8% 24.5%
100th		 8.9%
Dividend CAGR, 3 yr 1.7% 2.6%
14th		 1.9%
Sustainable growth rate 37.2% 11.7%
100th		 8.3%

Margin history & stability

MeasureAONIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 59.4% 52.6%
78th		 63.4%
Operating margin, 3-yr average 25.6% 16.3%
89th		 21.4%
Net margin, 3-yr average 18.6% 8.7%
89th		 16.5%
FCF margin, 3-yr average 18.8% 15.7%
78th		 28.2%
Revenue stability (0-1) 0.92 0.90
70th		 0.86
Earnings stability (0-1) 0.68 0.75
40th		 0.37
Margin stability (0-1) 0.71 0.81
40th		 0.81

Liquidity (latest quarter)

MeasureAONIndustry medianIndustry percentileSector median
Cash & short-term investments $1.3B $176.4M
77th		 $145.5M
Net cash (− = net debt) −$14.6B −$490.1M
8th		 −$676.0M
Working capital $888.0M $392.0M
62nd		 $86.3M
Current ratio 1.03 1.19
0th		 1.19
Quick ratio 1.03 1.19
0th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.05 0.23
8th		 0.55
Defensive interval (days) 722 days 554 days
69th		 417 days

Leverage & solvency (latest quarter)

MeasureAONIndustry medianIndustry percentileSector median
Total debt $15.9B $1.2B
92nd		 $1.2B
Debt / equity 1.64 1.19
82nd		 0.81
Net debt / equity 1.51 0.90
82nd		 0.66
Debt / assets 29.8% 30.8%
46th		 33.5%
Debt / capital 62.2% 53.6%
82nd		 44.6%
Debt / EBITDA 2.36 2.91
25th		 3.20
Net debt / EBITDA 2.17 2.17
50th		 2.19
Interest coverage (EBIT / interest) 149.6x 4.6x
83rd		 2.9x
Cash interest coverage 90.5x 5.1x
83rd		 3.7x
Debt payback (years of OCF) 4.5 yrs 4.2 yrs
67th		 3.7 yrs
Liabilities / assets 81.8% 75.4%
77th		 86.2%
IS credit model rating A — —
Implied credit spread (bps) 150 200
31st		 175

Efficiency

MeasureAONIndustry medianIndustry percentileSector median
Asset turnover 0.33 0.64
23rd		 0.15
Fixed asset turnover 11.63 12.77
33rd		 11.68
Inventory turnover —
Receivables turnover 3.4 7.6
8th		 8.2
Days sales outstanding 106 days 50 days
92nd		 43 days
Days inventory outstanding —
Days payables outstanding 280 days 39 days
92nd		 39 days
Cash conversion cycle (days) −174 days 20 days
8th		 0 days
Capex / revenue 1.6% 1.2%
58th		 0.2%
Capex / depreciation 0.32 0.29
58th		 0.13
Operating expense ratio 95.2% 23.0%
100th		 38.9%

Cash flow & earnings quality

MeasureAONIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.90 1.82
0th		 1.28
FCF / net income 0.83 1.78
0th		 1.15
FCF / operating cash flow 92.0% 92.4%
45th		 98.5%
Capex / operating cash flow 8.0% 7.6%
55th		 0.6%
Accruals ratio 0.7% -4.5%
100th		 -2.0%
Sloan accruals ratio -1.4% -1.7%
54th		 -0.6%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureAONIndustry medianIndustry percentileSector median
Dividend yield 1.1% 1.0%
54th		 2.3%
Dividend per share (TTM) $3.13 $0.30
85th		 $1.03
Payout ratio (dividends / net income) 16.8% 39.5%
18th		 30.0%
Dividends / FCF 20.3% 15.1%
58th		 49.0%
Dividend growth (YoY) 10.9% 13.1%
43rd		 6.4%
Buyback yield 2.6% 2.8%
46th		 1.7%
Shareholder yield (dividends + buybacks) 3.6% 4.3%
46th		 5.2%
Share count change (YoY) -1.2% -2.0%
73rd		 -0.3%
Buybacks, last 5 years $5.8B $288.0M
92nd		 $85.3M

Scores & forensic checks

MeasureAONIndustry medianIndustry percentileSector median
IS score 50 52
31st		 53
IS profitability 69 55
92nd		 59
IS growth 65 60
60th		 57
IS value 50 47
62nd		 77
IS momentum 77 83
30th		 76
IS risk (safety) 100 100
31st		 65
IS quality 69 68
54th		 71
IS balance sheet 42 43
31st		 51
IS earnings quality 64 64
46th		 74
IS cash flow 59 69
23rd		 71
Piotroski F-score (0-9) 8 6
92nd		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −6.82 −7.08
54th		 −6.00
IS credit score 74 66
69th		 68

Per share

MeasureAONIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $18.24 $1.20
100th		 $3.36
Book value per share $45.02 $7.64
85th		 $28.13
Tangible book per share −$55.34 −$14.22
0th		 $21.49
Revenue per share $81.91 $24.83
92nd		 $17.62
FCF per share $15.14 $2.86
92nd		 $1.99
Operating cash flow per share $16.45 $3.60
92nd		 $2.45
Cash per share $5.90 $2.69
92nd		 $1.75

Size (TTM)

MeasureAONIndustry medianIndustry percentileSector median
Market cap $62.1B $3.4B
85th		 $2.5B
Revenue $17.6B $1.5B
92nd		 $1.0B
EBITDA $6.7B $149.9M
100th		 $269.3M
Net income $3.9B $75.3M
92nd		 $168.0M
Free cash flow $3.2B $105.5M
92nd		 $160.0M
Total assets $53.3B $3.5B
85th		 $8.5B
Shareholders' equity $9.7B $492.8M
77th		 $1.5B
Employees 60,000 8,057
85th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-02Knight Lester B
Director
 Open-market buy 1,739$325.63$566,271144,739
2026-09-02Knight Lester B
Director
 Open-market buy 5,097$326.53$1.7M149,836
2026-09-02Knight Lester B
Director
 Open-market buy 7,212$327.52$2.4M157,048
2026-09-02Knight Lester B
Director
 Open-market buy 4,145$328.34$1.4M161,193
2026-09-02Knight Lester B
Director
 Open-market buy 1,440$329.69$474,754162,633
2026-09-02Knight Lester B
Director
 Open-market buy 367$330.51$121,297163,000
2026-08-26Virani Nadin
Interim CFO
 — 893——0
2026-07-28Zeidel Darren
General Counsel
 Open-market sale 700$376.00$263,20012,704
2026-07-28Zeidel Darren
General Counsel
 Open-market sale 725$378.00$274,05011,979
2026-07-28Zeidel Darren
General Counsel
 Open-market sale 475$380.00$180,50011,504
2026-07-17Zeidel Darren
General Counsel
 Open-market sale 625$370.00$231,25014,729
2026-07-17Zeidel Darren
General Counsel
 Open-market sale 650$372.00$241,80014,079

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
GiftDisposed11,438—
Open-market buyAcquired620,000$6.5M
Open-market saleDisposed74,450$1.7M
Option exerciseAcquired13,975—
Option exerciseDisposed13,975—
Tax withholdingDisposed124,643$1.5M
—Disposed2893—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 29,056 shares · $9.9M
FiledFilerShares proposedEst. proceeds
2026-07-28Zeidel Darren1,900$717,750
2026-07-17Zeidel Darren1,950$725,500
2026-07-07Zeidel Darren600$216,000
2026-06-04Goltermann Lori5,766$1.9M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 14 trades (2 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-04-06Michael McCaulHouseSale$15,001 - $50,0002026-05-11
2026-04-06Michael T. McCaulHouseSale$15,001 - $50,0002026-05-11
2026-03-25Michael McCaulHouseSale$15,001 - $50,0002026-04-10
2024-01-22Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-02-14
2024-01-22Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-02-13
2024-01-22Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-02-13
2023-10-17Tommy TubervilleSenatePurchase$1,001 - $15,0002023-11-16
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.15,716,429$5.2B7.41%
VANGUARD CAPITAL MANAGEMENT LLC13,603,465$4.5B6.41%
Capital World Investors11,711,650$3.9B5.52%
JPMORGAN CHASE & CO11,101,423$3.6B5.23%
STATE STREET CORP9,416,039$3.1B4.44%
DODGE & COX8,593,144$2.9B4.05%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/7,615,397$2.6B3.59%
VANGUARD PORTFOLIO MANAGEMENT LLC7,202,991$2.4B3.40%
GEODE CAPITAL MANAGEMENT, LLC5,180,553$1.7B2.44%
MORGAN STANLEY4,854,232$1.6B2.29%
Bank of New York Mellon Corp3,172,618$1.1B1.50%
PRICE T ROWE ASSOCIATES INC /MD/3,136,640$1.0B1.48%
NORGES BANK2,796,760$927.7M1.32%
Mitsubishi UFJ Asset Management Co., Ltd.2,753,913$913.4M1.30%
Independent Franchise Partners LLP2,646,943$878.0M1.25%

Institutional ownership by quarter

2023-092026-0690.5%
% of shares held by 13F filers
2023-092026-061,261
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,26190.5%141467455115
2026-03-311,25187.5%142482413147
2025-12-311,27788.2%16242147393
2025-09-301,23586.7%12547639785
2025-06-301,21590.5%107432464133
2025-03-311,25790.2%17046839167
2024-12-311,17489.7%14341440083
2024-09-301,13088.8%13140437379
2024-06-301,09387.9%13639136898
2024-03-311,06980.1%13535240795
2023-12-311,04579.7%12233639688
2023-09-301,02881.1%10235637164

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-16SCHEDULE 13G/AJPMORGAN CHASE & CO.6.7%14,312,078
2026-07-16SCHEDULE 13GJPMORGAN CHASE & CO5.6%12,173,339
2026-04-29SCHEDULE 13GVanguard Capital Management7.3%15,687,441
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.9B
VTSAX0.08%$1.9B
VSMPX0.08%$1.9B
VTI0.08%$1.9B
VFINX0.09%$1.5B
VFFSX0.09%$1.5B

Share structure

Shares outstanding212,125,434
Float209,951,992
Free float99.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$12.2B$12.5B$13.4B$15.7B$17.2B
Cost of revenue$6.7B$6.5B$6.9B$8.3B$9.0B
Gross profit$5.5B$6.0B$6.5B$7.4B$8.2B
R&D$0$0$0$0$0
SG&A$2.5B$1.7B$1.9B$2.0B$1.6B
Operating income$2.1B$3.7B$3.8B$3.8B$4.3B
EBITDA$2.6B$3.8B$3.9B$4.9B$5.3B
Pretax income$1.9B$3.2B$3.2B$3.5B$4.8B
Income tax$623.0M$510.0M$541.0M$742.0M$1.0B
Net income$1.3B$2.6B$2.6B$2.7B$3.7B
EPS, diluted$5.55$12.14$12.51$12.49$17.02
Diluted shares226.1M213.2M205.0M212.5M216.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$836.0M$1.1B$1.1B$11.6B$2.8B
Receivables$3.1B$3.1B$3.3B$11.1B$4.2B
Inventory$0$0$0$0$0
Total current assets$19.0B$20.7B$21.7B$23.4B$25.8B
PP&E, net$1.3B$1.3B$1.3B$1.4B$1.4B
Goodwill & intangibles$8.9B$8.7B$8.6B$22.0B$21.5B
Total assets$31.9B$32.7B$34.0B$49.0B$50.8B
Accounts payable$2.2B$2.1B$2.3B$2.9B$2.9B
Total current liabilities$19.1B$20.3B$21.7B$23.0B$23.2B
Long-term debt$8.2B$9.8B$10.0B$16.3B$15.3B
Total liabilities$30.8B$33.1B$34.7B$42.5B$41.2B
Shareholders' equity$1.2B−$429.0M−$742.0M$6.4B$9.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.3B$2.6B$2.6B$2.7B$3.7B
Depreciation & amortization$326.0M$264.0M$256.0M$686.0M$966.0M
Stock-based compensation$449.0M$397.0M$438.0M$474.0M$0
Change in working capital$230.0M$48.0M$462.0M−$63.0M−$192.0M
Operating cash flow$2.2B$3.2B$3.4B$3.0B$3.5B
Capital expenditure−$137.0M−$196.0M−$252.0M−$218.0M−$263.0M
Free cash flow$2.0B$3.0B$3.2B$2.8B$3.2B
Investing cash flow$49.0M−$449.0M−$188.0M−$2.8B$286.0M
Net debt issued / repaid$1.8B$1.4B$367.0M$2.4B−$1.9B
Buybacks−$3.5B−$3.2B−$2.7B−$1.0B−$1.0B
Dividends paid−$447.0M−$463.0M−$489.0M−$562.0M−$629.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin44.7%48.1%48.4%47.2%55.9%
Operating margin17.1%29.4%28.3%24.4%26.0%
Net margin10.3%20.7%19.2%16.9%21.5%
FCF margin16.8%24.2%23.8%17.9%18.7%
ROE55.1%973.3%-378.5%100.2%47.8%
ROIC13.3%30.7%31.2%24.3%15.3%
ROA3.9%8.0%7.7%6.4%7.4%
Debt / equity9.82-22.07-14.572.921.77
Interest coverage7.0x8.8x7.5x5.4x6.8x
Current ratio1.001.021.001.021.11
Revenue growth+10.2%+2.3%+7.2%+17.4%+9.4%
EPS growth−33.5%+118.0%+2.6%−4.2%+40.4%
P/E at year end51.3x23.7x22.6x29.3x20.7x
EV / EBITDA at year end28.7x18.8x17.6x17.0x13.8x
FCF yield at year end3.17%4.93%5.50%3.62%4.21%
Dividend payout35.6%17.9%19.1%21.2%17.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Risk Capital Segment———$10.5B$11.3B
Commercial Risk Solutions$6.6B$6.7B$7.0B——
Human Capital Segment———$5.2B$5.9B
Reinsurance$2.0B$2.2B$2.5B——
Health$2.2B$2.2B$2.4B——
Wealth Solutions$1.4B$1.4B$1.4B——

Revenue by region · FY2025

UNITED STATES$8.3B · 53%
Europe, Middle East, And Africa$3.2B · 20%
UNITED KINGDOM$2.2B · 14%
Asia Pacific$1.7B · 11%
IRELAND$185.0M · 1%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $3.30 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$17.9B$17.6B – $18.2B$18.55$17.80 – $18.811415.8x
2027$21.5B$20.9B – $22.1B$20.30$19.11 – $20.961214.4x
2028$22.7B$20.7B – $23.6B$23.47$20.27 – $29.42512.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$3.80$3.81+0.3%$4.3B$4.2B−0.7%
2026-05-01$6.37$6.48+1.7%$5.0B$5.0B+1.2%
2026-01-30$4.75$4.85+2.1%$4.4B$4.3B−1.8%
2025-10-31$2.91$3.05+4.8%$4.0B$4.0B+1.0%
2025-07-25$3.40$3.49+2.6%$4.2B$4.2B−0.3%
2025-04-25$6.01$5.67−5.7%$4.9B$4.7B−2.9%
2025-01-31$4.25$4.42+4.0%$4.2B$4.1B−1.3%
2024-10-25$2.48$2.72+9.7%$3.7B$3.7B+0.9%
2024-07-26$3.08$2.93−4.9%$3.7B$3.8B+0.6%
2024-04-26$5.91$5.66−4.2%$4.1B$4.1B−1.6%
2024-02-02$4.07$3.89−4.4%$3.4B$3.4B+0.6%
2023-10-27$2.21$2.32+5.0%$2.9B$3.0B+2.3%
2023-07-28$2.84$2.76−2.8%$3.2B$3.2B+0.2%
2023-04-28$5.32$5.17−2.8%$3.8B$3.9B+0.7%
2023-02-03$3.65$3.89+6.6%$3.1B$3.1B−0.1%
2022-10-28$1.99$2.02+1.5%$2.8B$2.7B−4.0%
2022-07-29$2.56$2.63+2.7%$3.0B$3.0B−1.0%
2022-04-29$4.81$4.83+0.4%$3.7B$3.7B−1.5%
2022-02-04$3.35$3.71+10.7%$3.2B$3.1B−2.3%
2021-10-29$1.67$1.74+4.2%$2.6B$2.7B+4.0%
2021-07-30$1.80$2.29+27.2%$2.7B$2.9B+7.2%
2021-04-30$4.05$4.28+5.7%$3.3B$3.5B+5.3%
2021-02-05$2.46$2.62+6.5%$2.8B$3.0B+7.0%
2020-10-30$1.49$1.53+2.7%$7.9B$2.4B−69.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.906-220.606-290.507-060.707-130.507-201.107-270.408-030.308-100.308-170.308-241.108-31
Week ofNotionalSharesTrades
2026-08-31$1.1B3,402,07191,482
2026-08-24$319.3M900,25935,457
2026-08-17$324.3M925,81745,171
2026-08-10$311.4M876,78240,620
2026-08-03$409.6M1,145,74448,244
2026-07-27$1.1B3,114,02775,119

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1547.5%
DateShort shareShort volumeTotal volume
2026-10-1547.5%531,8111,120,089
2026-10-1441.0%231,054563,888
2026-10-1323.3%178,536767,002
2026-10-1220.4%139,431682,136
2026-10-0930.0%221,241736,413
2026-10-0853.5%293,734548,823
2026-10-0748.0%299,221623,848
2026-10-0661.6%298,700485,100
2026-10-0539.1%249,400637,979
2026-10-0245.9%337,305735,189
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.5Jan+3.3Feb+0.8Mar+0.9Apr+0.5May+0.3Jun+1.3Jul+2.0Aug+0.1Sep+1.4Oct+4.0Nov-0.9Dec
MonthAvg returnUp yearsYears
Jan+0.5%65%20
Feb+3.3%65%20
Mar+0.8%62%21
Apr+0.9%70%20
May+0.5%55%20
Jun+0.3%40%20
Jul+1.3%55%20
Aug+2.0%65%20
Sep+0.1%45%20
Oct+1.4%55%20
Nov+4.0%85%20
Dec−0.9%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1453.5
MFI68.0
ADX42.9
Stochastic %K / %D84.5 / 67.8
Williams %R-0.7
CCI171
TSI / signal-25.9 / -37.3
Chaikin money flow-0.09
ATR$6.95
Bollinger width9.2%
Volume vs 20-day avg0.98x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$277.70 (+5.3%)
SMA 50$311.56 (−6.1%)
SMA 200$326.95 (−10.5%)
EMA 21$284.41 (+2.9%)
EMA 50$302.63 (−3.3%)
EMA 200$326.40 (−10.4%)
Bollinger upper$290.43 (+0.7%)
Bollinger lower$264.98 (+10.4%)
Parabolic SAR$269.80 (+8.4%)
Open the live chart, 110+ indicators

About Aon plc

Aon plc operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific. It operates through Risk Capital and Human Capital segments. The company offers commercial risk solutions comprising retail and insurance brokerage, specialty solutions, global risk consulting, captives management, and affinity programs; health solutions, such as consulting and brokerage, consumer benefits, and talent advisory services; and wealth solutions, including retirement consulting and investments. It also provides treaty and facultative reinsurance; strategy and technology group solutions; insurance-linked securities, capital raising, strategic advice, restructuring, and merger and acquisition services; and risk management products and solutions, capital market solutions, and corporate finance advisory services. In addition, the company offers strategic design advice and actuarial services; pension risk transfer and integrated pension administration; and investment advisory services on developing and maintaining investment programs across various plan types, including defined benefit plans, defined contribution plans, master trusts, and pooled employer plans for corporations, public pensions, endowments, and foundations. Aon plc was incorporated in 1979 and is headquartered in Dublin, Ireland.

https://www.aon.com

Key executives

NameTitlePayBorn
Gregory Clarence CasePresident, Chief Executive Officer & Executive Director$5.0M1963
Edmund J. ReeseSenior Advisor$3.4M1974
Mindy SimonExecutive VP & Global Chief Operating Officer$2.9M1977
Andrew MarcellDeputy CEO and Senior EVP of Risk Capital & Human Capital$2.4M1968
Lisa J. StevensExecutive VP & Chief Administrative Officer$2.2M1971
Darren ZeidelExecutive Vice President, General Counsel & Company Secretary$1.2M1972
David J. DeBrunnerSenior Vice President, Global Controller & Chief Accounting Officer—1966
Karen KissamSenior Vice President - H&B Local Practice Leader——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Gregory C. Case President and Chief Executive Officer2025$1.5M$71.2M$0$73.7M
Edmund Reese Executive Vice President and Chief Financial Officer2025$1.0M$7.5M$0$9.5M
Lisa Stevens Executive Vice President and Chief Administrative Officer2025$1.0M$6.9M$0$8.0M
Andy Marcell Executive Vice President and CEO of Global Solutions2025$1.0M$6.5M$0$7.6M
Mindy Simon Executive Vice President and Chief Operating Officer2025$875,000$3.4M$0$5.7M

Employees

50k201850k201950k202050k202150k202250k202360k202460k2025

Dividends

Ex-dateAmountPaid
2026-11-02$0.822026-11-13
2026-08-03$0.822026-08-14
2026-05-01$0.822026-05-15
2026-02-02$0.7452026-02-13
2025-11-03$0.7452025-11-14
2025-08-01$0.7452025-08-15
2025-05-01$0.7452025-05-15
2025-02-03$0.6752025-02-14

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage45
Intangibles76
Switching costs46
Network effect70
Efficient scale100
Our component scores (0-100) and overall 65.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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