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Global professional services firm broking commercial insurance and reinsurance and advising on HR/retirement.
Global professional services firm broking commercial insurance and reinsurance and advising on HR/retirement.
Is paid commissions by insurers and fees by clients for placing cover, advising on risk and running benefits, and takes no insurance risk itself. NFP, bought in 2024, added middle-market firms and wealth advice. A planned 2021 merger with Willis Towers Watson was called off after antitrust opposition. Its legal home is in Ireland.
Moat: narrow (scale, distribution, brand). Global placement network and specialty expertise are difficult for smaller brokers to match.
Headquarters: London, United Kingdom · Founded: 1919 · Employees: 60,000
Size Aon (AON) is a United States Financials company (Insurance Brokers/Services) with a market value of $71.0B, the 191st largest of 3,117 United States companies the cockpit tracks. Shares closed at $334.81 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against +28.1% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +7.6%); the operating margin is 28.6% (peer median 23.6%).
Valuation It trades at 7.03× book value against a peer median of 3.00× (most expensive of 6).
Price implies The share price implies a return on equity of about 38.0%; Aon delivers 43.6%, so the price asks less than the business earns today.
Credit Aon has 27 bonds outstanding ($28.1B), rated A- by the agencies and trading like BBB+ at a weighted spread of 91 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.7B | $17.3B | $15.7B | $13.4B | $12.5B |
| Revenue growth | — | +10% | +18% | +7% | — |
| Gross profit | $15.8B | $15.4B | $14.2B | $12.3B | $11.4B |
| EBITDA | $5.94B | $5.78B | $4.96B | $4.40B | $4.00B |
| Net income | $3.93B | $3.69B | $2.65B | $2.56B | $2.59B |
| Free cash flow | $3.27B | $3.22B | $2.82B | $3.18B | $3.02B |
| Capital expenditure | $308M | $263M | $218M | $252M | $196M |
| Total debt | $28.9B | $16.1B | $17.9B | $12.0B | $11.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Aon AON | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Willis Towers Watson WTW | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.8% | +13.1% | highest of 6 |
| 6-month return | +7.0% | +28.1% | lowest of 6 |
| Return on equity | 43.6% | 14.7% | highest of 6 |
| Price / book | 7.03× | 3.00× | most expensive of 6 |
| Trailing P/E | 18.3× | 22.8× | 2nd cheapest of 6 |
| ROE the price implies | 38.0% | 16.5% | most demanding of 6 |
| ROE delivered | 43.6% | 14.7% | highest of 6 |
| Bond spread | 91 bp | 93 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Aon AON | United States | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% | 43.6% |
| Arthur J. Gallagher & AJG | United States | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% | 7.2% |
| Assicurazioni Generali G.MI | Italy | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% | 14.7% |
| Marsh McLennan MRSH | United States | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% | 27.1% |
| Willis Towers Watson WTW | United States | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% | 20.2% |
| Brown & Brown BRO | United States | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% | 9.6% |
Aon has 27 bonds outstanding with $28.1B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.74%, a spread of 91 bp over government bonds.