Aon vs Brown & Brown
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The short version
- Aon is the larger business, with $17.2B of revenue in fiscal 2025 against $5.9B for Brown & Brown, about 2.9 times as much.
- Brown & Brown grew revenue faster (22.8%, against 9.5%).
- Brown & Brown turned more of its sales into free cash flow (23.4% FCF margin, against 18.7%).
- Aon earned a higher return on the capital invested in it (15.6%, against 9.1%).
- Investors pay more for each dollar of Brown & Brown’s earnings: a P/E of 23.0x against 16.7x for Aon.
| Latest fiscal year | AON · FY25 | BRO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $64.9B | $24.4B |
| Revenue | $17.2B | $5.9B |
| Free cash flow | $3.2B | $1.4B |
| Net income | $3.7B | $1.1B |
| Growth | ||
| Revenue growth | 9.5% | 22.8% |
| 5-year growth | 9.2% | 17.7% |
| Share count change | 2.2% | 10.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 25.3% | — |
| Net margin | 21.5% | 17.9% |
| FCF margin | 18.7% | 23.4% |
| Return on capital | 15.6% | 9.1% |
| Return on equity | 47.8% | 11.1% |
| Balance sheet | ||
| Net debt | $12.5B | $6.5B |
| Net debt / EBITDA | 2.8x | 3.8x |
| Dividends and buybacks | $1.6B | $293M |
| Valuation & quality | ||
| P/E | 16.7x | 23.0x |
| Piotroski F-score | 4 | 4 |
Revenue
FY16
AON $9.4B
BRO $1.8B
FY17
AON $10.0B
BRO $1.9B
FY18
AON $10.8B
BRO $2.0B
FY19
AON $11.0B
BRO $2.4B
FY20
AON $11.1B
BRO $2.6B
FY21
AON $12.2B
BRO $3.1B
FY22
AON $12.5B
BRO $3.6B
FY23
AON $13.4B
BRO $4.3B
FY24
AON $15.7B
BRO $4.8B
FY25
AON $17.2B
BRO $5.9B
AON
BRO
Operating margin
FY16
AON 19.3%
BRO —
FY17
AON 10.7%
BRO —
FY18
AON 14.3%
BRO —
FY19
AON 19.7%
BRO —
FY20
AON 25.1%
BRO —
FY21
AON 17.1%
BRO —
FY22
AON 29.4%
BRO —
FY23
AON 28.3%
BRO —
FY24
AON 24.4%
BRO —
FY25
AON 25.3%
BRO —
AON
BRO
Free cash flow
FY16
AON $2.2B
BRO $393M
FY17
AON $551M
BRO $418M
FY18
AON $1.4B
BRO $526M
FY19
AON $1.6B
BRO $605M
FY20
AON $2.6B
BRO $642M
FY21
AON $2.0B
BRO $764M
FY22
AON $3.0B
BRO $829M
FY23
AON $3.2B
BRO $941M
FY24
AON $2.8B
BRO $1.1B
FY25
AON $3.2B
BRO $1.4B
AON
BRO
Return on capital
FY16
AON 15.1%
BRO 9.8%
FY17
AON 6.6%
BRO 14.8%
FY18
AON 14.4%
BRO 10.7%
FY19
AON 18.6%
BRO 10.6%
FY20
AON 22.6%
BRO 11.0%
FY21
AON 14.2%
BRO 11.9%
FY22
AON 32.3%
BRO 11.7%
FY23
AON 33.8%
BRO 12.3%
FY24
AON 19.2%
BRO 12.6%
FY25
AON 15.6%
BRO 9.1%
AON
BRO
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.