Aon plc (AON)
Financials · Insurance Brokers · US stock · S&P 500 component
$306.80
▲ +12.45 (4.23%)
Fair valueFair
$354 +15.4% to fair value
$177fair band $301–$429$531
Day's range
$296.01 – $306.95
52-week range
$266.33 – $382.34
About Aon plc
Aon is a professional services firm that advises organisations on risk, retirement, health and human capital. It acts as an insurance and reinsurance broker, helping clients place cover with insurers, and it also provides consulting on pensions, employee benefits, data and analytics. Its customers are corporations, institutions and public bodies in many countries, and it works through teams organised around commercial risk, reinsurance, health solutions and wealth.
Revenue consists mainly of fees and commissions for placing insurance and for advice. It was $17.6 billion over the last twelve months, with growth of 11.2% a year across the last three years. The operating margin is 26.5%, and the business earns a profit of 16% on the capital invested in it. Net debt is 2.9 times EBITDA. The dividend yield is 1.0%. On the site's X-Ray Score it receives 48 out of 100.
Price chart
52-wk range $266.33 – $382.34Volume 1,636,445Daily, split-adjusted
Vitals
Market cap$65.6B
52-week range$266.33 – $382.34
Volume (last day)1,636,445
P/E (TTM)16.9
EBIT / EV yield5.9%
Free-cash-flow yield4.9%
Dividend yield1.0%
Revenue (TTM)$17.6B
Net income (TTM)$3.9B
Operating margin26.5%
Return on capital15.6%
Debt incl. leases$15.0B
Cash & securities$1.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$354middle half of models $335 – $388
Fair
+15.4% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $307
Undervalued < $301Fair $301 – $429Overvalued > $429
P/E multiple
$333
P/B multiple
$433
P/S multiple
$341
EV/EBITDA multiple
$327
EV/EBIT multiple
$352
EV/revenue multiple
$336
10-year DCF, EBITDA exit
$393
5-year DCF, EBITDA exit
$380
10-year DCF, revenue exit
$396
5-year DCF, revenue exit
$382
10-year DCF, growth exit
$349
5-year DCF, growth exit
$330
Dividend discount, stable
$201
Dividend discount, multi-stage
$395
Earnings power value
$362
Growth the price implies
7.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
52/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.9%
Free-cash-flow yield4.9%
Fair value vs price1.2×
Growth
Fair
60/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)11.2%
EPS growth (3y)11.9%
Growth consistency100%
Profitability
Weak
46/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital15.6%
Operating margin26.5%
Financial health
Weak
33/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA2.9×
Interest cover6.2×
Dividends
Fair
55/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow21%
Dividend growth10.8%
Quarterly results: last 6 quarters
+16.2%
Mar '25
+10.5%
Jun '25
+7.4%
Sep '25
+3.7%
Dec '25
+6.4%
Mar '26
+2.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.2B, diluted EPS $2.58.
Compare with peers
BRO Brown & Brown, Inc.54 MRSH Marsh & Mclennan Compa...50 AJG Arthur J. Gallagher &...46 WTW Willis Towers Watson P...37Other Insurance Brokers companies by X-Ray Score.
SWOT analysis: Aon plc
Strengthsinside the company
- Return on invested capital is 15.6%, against a median of 10.2% for industry peers.
- Revenue has grown 11.2% a year over three years (median 13.4% for industry peers).
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Altman Z-score of 0.9 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Dividends use only 21% of free cash flow, which leaves room to raise them.
- Trades at 16.8x earnings, 24% below the 22.1x median of industry peers.
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AON with peers and sector
Medians of 4 Insurance Brokers peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): MRSH 50, AJG 46, WTW 37, BRO 54.
| Metric | AON | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 48 | 48 | 50 |
| Valuation | 52 | 46 | 52 |
| Growth | 60 | 66 | 54 |
| Profitability | 46 | 48 | 49 |
| Financial health | 33 | 29 | 51 |
| Dividends | 55 | 59 | 54 |
Sector leaders: highest X-Ray Score in Financials
AON ranks #45 of 71 in Financials and #3 of 5 in Insurance Brokers by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AON
Each factor is rated by where AON stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 10 Average · 8 Bad of 21
Growth: 2 · 1 · 0
Profitability: 1 · 3 · 0
Financial strength: 0 · 2 · 2
Valuation: 0 · 3 · 2
Cash flow: 0 · 1 · 3
Efficiency: 0 · 0 · 1
| Factor | AON | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +11.2% | Good beats 70% | +8.3% | – | – |
| Revenue growth, last year | +9.4% | Good beats 72% | +6.9% | +9.4% | ≈ In line |
| EPS growth, 3 years a year | +11.9% | Average beats 48% | +12.7% | – | – |
| Profitability | |||||
| Operating margin | 26.5% | Average beats 47% | 29.1% | 25.3% | ≈ In line |
| Net margin | 22.3% | Average beats 52% | 21.8% | 19.2% | ▲ Better |
| Return on invested capital | 15.6% | Average beats 60% | 13.5% | – | – |
| Return on equity | 40.8% | Good beats 94% | 15.7% | 43.4% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 2.9x | Bad beats 29% | 1.1x | 2.9x | ≈ In line |
| Interest cover | 6.2x | Bad beats 11% | 50.0x | 6.5x | ≈ In line |
| Current ratio | 1.03 | Average beats 41% | 1.05 | 1.02 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 55% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 16.8x | Average beats 38% | 13.8x | 24.7x | ▲ Better |
| Price / book | 6.8x | Bad beats 9% | 2.2x | 12.5x | ▲ Better |
| Price / sales | 3.7x | Average beats 38% | 3.1x | 4.9x | ▲ Better |
| EV / EBITDA | 17.0x | Bad beats 24% | 10.8x | 20.5x | ▲ Better |
| Free cash flow yield | 4.9% | Average beats 35% | 5.8% | 4.2% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 18.5% | Average beats 37% | 23.2% | 18.7% | ≈ In line |
| Cash from operations / net income | 0.90 | Bad beats 23% | 1.25 | 1.24 | ▼ Worse |
| Free cash flow growth, 3 years a year | +2.1% | Bad beats 33% | +12.7% | – | – |
| Accruals (lower is better) | +0.7% | Bad beats 15% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 111 days | Bad beats 13% | 53 days | 89 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 7 Average · ● 5 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 44/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Operating income | $2.1B | $3.7B | $3.8B | $3.8B | $4.3B |
| Net income | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B |
| Operating cash flow | $2.2B | $3.2B | $3.4B | $3.0B | $3.5B |
| Operating margin | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
| Free cash flow | $2.0B | $3.0B | $3.2B | $2.8B | $3.2B |
| Diluted EPS | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
6 bullish · 1 neutral · 9 bearish
Weekly
Strongly bearish
2 bullish · 1 neutral · 9 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 286.5 | Bullish |
| EMA 10 | 290.1 | Bullish |
| SMA 20 | 280.4 | Bullish |
| EMA 20 | 288.3 | Bullish |
| SMA 50 | 306.8 | Bearish |
| EMA 50 | 301.8 | Bullish |
| SMA 100 | 326.4 | Bearish |
| EMA 100 | 315.0 | Bearish |
| SMA 200 | 326.0 | Bearish |
| EMA 200 | 325.2 | Bearish |
Oscillators (daily)
| RSI (14) | 62.68 | Neutral |
| MACD (12, 26) | -1.51 | Bearish |
| Momentum (12) | 11.97 | Bullish |
| Stochastic %K (14) | 99.63 | Bearish |
| Williams %R (14) | -0.37 | Bearish |
| CCI (20) | 196.0 | Bearish |
Pivot points (classic, last session)
S3 288.6 | S2 292.3 | S1 299.6 | Pivot 303.3 | R1 310.5 | R2 314.2 | R3 321.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.13 USD
Yield on today's price
1.02%
Frequency
Quarterly
Next ex-dividend date
2 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.8200 |
| 0.8200 | |
| 0.8200 | |
| 0.7450 | |
| 0.7450 | |
| 0.7450 | |
| 0.7450 | |
| 0.6750 | |
| 0.6750 | |
| 0.6750 | |
| 0.6750 | |
| 0.6150 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AON
| ETF | Share of the fund |
|---|---|
| KIE SPDR S&P Insurance | 1.76% |
| BKDV BNY Mellon Dynamic Value | 1.53% |
| CGGO Capital Group Global Growth Equity | 1.46% |
| MFSV MFS Active Value | 1.33% |
| IYF iShares U.S. Financials | 1.14% |
| XLF Financial Select Sector SPDR | 0.93% |
| JEPI JPMorgan Equity Premium Income | 0.86% |
| CGBL Capital Group Core Balanced | 0.84% |
The eight funds with the largest weight in AON among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AON stock splits
AON has split its stock 3 times since 1994. The latest was a 3-for-2 split on 18 May 1999.
Full AON stock split history →AON SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.