Aon
AON · Insurance Brokers
$303.52
1.1%Willis Towers Watson
WTW · Insurance Brokers
$325.01
2.2%The short version
- Aon is the larger business, with $17.2B of revenue in fiscal 2025 against $9.7B for Willis Towers Watson, about 1.8 times as much.
- Aon grew revenue faster (9.5%, against −2.2%).
- Aon kept more of each dollar of sales as operating profit (25.3% operating margin, against 23.0% operating margin).
- Aon turned more of its sales into free cash flow (18.7% FCF margin, against 15.9% FCF margin).
- Aon earned a higher return on the capital invested in it (15.6%, against 12.8%).
- Investors pay more for each dollar of Willis Towers Watson’s earnings: a P/E of 20.1x against 16.7x for Aon.
| Latest fiscal year | AON · FY25 | WTW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $64.9B | $30.6B |
| Revenue | $17.2B | $9.7B |
| Free cash flow | $3.2B | $1.5B |
| Net income | $3.7B | $1.6B |
| Growth | ||
| Revenue growth | 9.5% | −2.2% |
| 5-year growth | 9.2% | 2.4% |
| Share count change | 2.2% | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 25.3% | 23.0% |
| Net margin | 21.5% | 16.5% |
| FCF margin | 18.7% | 15.9% |
| Return on capital | 15.6% | 12.8% |
| Return on equity | 47.8% | 20.2% |
| Balance sheet | ||
| Net debt | $12.5B | $6.5B |
| Net debt / EBITDA | 2.8x | 2.5x |
| Dividends and buybacks | $1.6B | $2.0B |
| Valuation & quality | ||
| P/E | 16.7x | 20.1x |
| Piotroski F-score | 4 | 7 |
FY16
AON $9.4B
WTW $7.9B
FY17
AON $10.0B
WTW $8.2B
FY18
AON $10.8B
WTW $8.5B
FY19
AON $11.0B
WTW $8.4B
FY20
AON $11.1B
WTW $8.6B
FY21
AON $12.2B
WTW $9.0B
FY22
AON $12.5B
WTW $8.9B
FY23
AON $13.4B
WTW $9.5B
FY24
AON $15.7B
WTW $9.9B
FY25
AON $17.2B
WTW $9.7B
AON
WTW
FY16
AON 19.3%
WTW 4.4%
FY17
AON 10.7%
WTW 6.3%
FY18
AON 14.3%
WTW 9.5%
FY19
AON 19.7%
WTW 12.6%
FY20
AON 25.1%
WTW 10.0%
FY21
AON 17.1%
WTW 24.5%
FY22
AON 29.4%
WTW 13.3%
FY23
AON 28.3%
WTW 14.4%
FY24
AON 24.4%
WTW 6.3%
FY25
AON 25.3%
WTW 23.0%
AON
WTW
FY16
AON $2.2B
WTW $715M
FY17
AON $551M
WTW $562M
FY18
AON $1.4B
WTW $1.0B
FY19
AON $1.6B
WTW $1.0B
FY20
AON $2.6B
WTW $1.7B
FY21
AON $2.0B
WTW $2.0B
FY22
AON $3.0B
WTW $746M
FY23
AON $3.2B
WTW $1.1B
FY24
AON $2.8B
WTW $1.3B
FY25
AON $3.2B
WTW $1.5B
AON
WTW
FY16
AON 15.1%
WTW —
FY17
AON 6.6%
WTW —
FY18
AON 14.4%
WTW 4.5%
FY19
AON 18.6%
WTW 5.2%
FY20
AON 22.6%
WTW 3.8%
FY21
AON 14.2%
WTW 11.0%
FY22
AON 32.3%
WTW 6.5%
FY23
AON 33.8%
WTW 7.3%
FY24
AON 19.2%
WTW 2.1%
FY25
AON 15.6%
WTW 12.8%
AON
WTW
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.