Aon
AON NYSE· Insurance Brokers
Last close · Oct 27, 2026
$302.50
KIRA · Stoqly’s AI analyst, in plain words
- Aon had $17.2B of revenue in fiscal 2025, up 9.5% on the year before. Over five years, revenue changed +9.2% a year on average.
- Its operating margin was 25.3%, up 0.9 pts: of every 100 in sales, about 25 is left after running the business.
- Aon made $3.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 14.2% a year.
- Free cash flow was $3.2B in fiscal 2025, 18.7% of revenue.
- Aon returned $1.6B to shareholders in fiscal 2025, 51% of free cash flow. The diluted share count rose 2.2%.
- Aon owes $12.5B more than it holds in cash, about 2.8 years of operating profit.
Market cap
$64.7B
P/E
16.7x
Revenue
$17.2B
Net income
$3.7B
Free cash flow
$3.2B
Operating margin
25.3%
Aon in 30 seconds · fiscal 2025
Are sales growing?
+9.5%
Yes. Sales grew 9.5% last year.
Does it make a profit?
21.5%
Yes. It keeps 21.5% of every sale as profit.
Does profit turn into cash?
18.7%
Yes. 18.7% of sales ends up as free cash.
Is debt under control?
2.8x
Keep an eye on it. Repaying its debt would take 2.8 years of operating profit.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
16.7x
One share costs 16.7 times its yearly profit per share. Typical for its sector: 13.7x.
What Aon does
Aon is a professional services firm that helps companies manage risk and workforce costs. Its main business is insurance and reinsurance brokerage: it advises clients on what coverage to buy and places it with insurers. It also sells consulting on health benefits, pensions, retirement plans and investments. It serves clients in more than 120 countries. Aon has two segments. Risk Capital covers commercial insurance brokerage, reinsurance and related advice, and Human Capital covers health, benefits, talent and retirement services. In 2025 total revenue was $17,181 million, including $11,290 million from Risk Capital and $5,907 million from Human Capital before certain eliminations between its own units. It earns money mainly from commissions, fees from clients, and fees from insurers for services it provides to them. Aon names Marsh McLennan, Willis Towers Watson, Arthur J Gallagher and Lockton among its competitors. At the end of 2025 it had about 60,000 employees.
Biggest risks, in its own words
- Commission income that rises and falls with insurance and reinsurance market cycles it does not control.
- Competition from other brokers, consultants, and insurers that sell directly to clients.
- Claims from clients over errors and omissions in its advice and services.
- Handling large amounts of client money held in transit between clients and insurers.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Legal name
- Aon plc
- CIK
- 0000315293
Aon · AON
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Revenue growth | 10.2% | 2.4% | 7.2% | 17.4% | 9.5% |
| Operating margin | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
| Net income | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B |
| Net margin | 10.3% | 20.8% | 19.2% | 16.9% | 21.5% |
| Diluted EPS | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 |
| Cash | |||||
| Cash from operations | $2.2B | $3.2B | $3.4B | $3.0B | $3.5B |
| Capital expenditure | $137M | $196M | $252M | $218M | $263M |
| Free cash flow | $2.0B | $3.0B | $3.2B | $2.8B | $3.2B |
| FCF margin | 16.8% | 24.2% | 23.8% | 17.9% | 18.7% |
| Dividends paid | $447M | $463M | $489M | $562M | $629M |
| Share buybacks | $3.5B | $3.2B | $2.7B | $1.0B | $1.0B |
| Share count change | −3.0% | −5.7% | −3.9% | 3.7% | 2.2% |
| Debt and strength | |||||
| Cash and short-term investments | $836M | $1.1B | $1.1B | $1.3B | $2.8B |
| Debt incl. finance leases | $9.5B | $10.8B | $11.2B | $17.0B | $15.2B |
| Shareholders' equity | $1.1B | −$529M | −$826M | $6.1B | $9.4B |
| Net debt / EBITDA | 3.8x | 2.5x | 2.6x | 3.9x | 2.8x |
| Current ratio | 1.0x | 1.0x | 1.0x | 1.0x | 1.1x |
| Interest coverage | 6.5x | 9.0x | 7.8x | 4.9x | 5.3x |
| Returns and quality | |||||
| Return on capital | 14.2% | 32.3% | 33.8% | 19.2% | 15.6% |
| Return on equity | 55.1% | — | — | 100.3% | 47.8% |
| Piotroski F-score | 5 | 7 | 5 | 5 | 4 |
| Altman Z'' | 0.3 | 0.6 | 0.4 | 0.6 | 1.1 |
Insiders bought, 12 months
$7.8M
1 insider
Insiders sold, 12 months
$7.8M
1 insider
Of sales under plans
43%
$3.3M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Aon · AON
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Aon AON | $64.7B | 9.5% | 25.3% | 18.7% | 15.6% | 16.7x | 4 |
| Arthur J. Gallagher AJG | $66.5B | 20.7% | — | 12.8% | 9.9% | 43.0x | 3 |
| Marsh McLennan MRSH | $91.3B | 10.3% | 23.1% | 18.5% | 15.0% | 22.8x | 5 |
| Willis Towers Watson WTW | $30.0B | −2.2% | 23.0% | 15.9% | 12.8% | 19.8x | 7 |
| Brown & Brown BRO | $22.6B | 22.8% | — | 23.4% | 9.1% | 21.3x | 4 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $302.50 a share, the company is worth $64.7B: 16.7 times its earnings of the last four quarters.
Aon grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 0 of 4.
Source: SEC EDGAR XBRL filings (CIK 0000315293). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.