Aon PLC AON

FinancialsInsuranceIreland

Last close 333.38 USD on Nov 2, 2026, −4.6% year to date

Quant rating

Quant rating B Rank 173 of 799 in Financials

Growth B 184 of 799
Valuation B 313 of 799
Quality A 12 of 799
Revisions C 363 of 799
Momentum D 580 of 799

Wall Street consensus Buy (2.43)Average target 363.39 USD +9.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 70.7B
Enterprise value: 83.6B
52-week range: 266.56 – 382.28
3-year range: 266.56 – 409.32
Dividend yield: 1.02%
Beta (5 years): 0.61
Shares outstanding: 212M
Next earnings: Jan 28, 2027

About the company

Aon plc is an Ireland-based professional services company, which is engaged in providing a range of risk capital and human capital solutions. The Company operates through two segments, which include Risk Capital and Human Capital. The Risk Capital segment supports clients through its commercial risk and reinsurance solution lines. Its commercial risk includes insurance and specialty brokerage, global risk consulting, captives management, and affinity programs. Its reinsurance includes treaty reinsurance, facultative reinsurance, strategy and technology group, and capital markets. The Human Capital segment supports clients through its health and wealth solution lines. Health includes consulting and brokerage, consumer benefits solutions, and talent advisory services. Wealth includes retirement consulting, pension administration, and investments consulting. Its commercial risk solutions include insurance and specialty brokerage, global risk consulting, captives management, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	17,181	15,698	13,376	12,479	12,193	–
Revenue growth	9.4%	17.4%	7.2%	2.3%	10.2%	9.2%
EPS (basic, normalized)	17.07	15.60	14.14	13.39	12.00	–
EPS growth	9.4%	10.3%	5.6%	11.6%	–	–
Gross margin	47.7%	47.2%	48.4%	48.1%	44.7%	47.2%
Net margin	21.5%	16.9%	19.2%	20.7%	10.3%	17.7%
ROE	47.9%	125.2%	−427.9%	−448.9%	119.1%	−116.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	15,316
Current ratio	1.58x
Long-term debt (mil)	26,319
Net debt (mil)	12,841
Total equity (mil)	10,101
Net debt / equity	1.27x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	17,181	+9.4%	4.9x	43.60	+38.2%	7.6x	17.07	+9.4%	19.5x
2026	17,942	+4.4%	4.7x	50.33	+15.4%	6.6x	18.56	+8.7%	18.0x
2027	21,295	+18.7%	3.9x	62.92	+25.0%	5.3x	20.31	+9.4%	16.4x
2028	22,611	+6.2%	3.7x	77.16	+22.6%	4.3x	23.30	+14.8%	14.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,942	0.0%	0.0%	−0.5%	18.56	−0.8%	−2.8%	−2.8%
2027	21,295	+2.0%	+11.8%	+11.0%	20.31	−0.3%	−4.8%	−5.0%
2028	22,611	+2.4%	+12.0%	+11.5%	23.30	−1.2%	−2.0%	−2.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,070	3,760	3,721	4,147	4,729	4,155	3,997	4,300	5,034	4,246
Sales mean (mil)	4,126	3,733	3,694	4,202	4,862	4,162	3,956	4,383	4,996	4,281
Surprise	−1.4%	+0.7%	+0.7%	−1.3%	−2.7%	−0.2%	+1.0%	−1.9%	+0.8%	−0.8%
EPS reported	5.66	2.93	2.72	4.42	5.67	3.49	3.05	4.85	6.48	3.81
EPS mean	5.91	3.08	2.48	4.25	6.02	3.40	2.91	4.73	6.40	3.80
Surprise	−4.3%	−4.9%	+9.8%	+4.1%	−5.9%	+2.6%	+4.8%	+2.5%	+1.3%	+0.2%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
AON Aon PLC	70.7B	47.9%	21.5%	7.00x	18.0x	16.4x	6.6x	5.3x
CB Chubb Limited	141.0B	14.4%	17.4%	1.93x	12.7x	12.5x	1.8x	1.6x
PGR The Progressive Corporation	135.6B	38.2%	12.9%	3.96x	12.7x	14.4x	4.0x	3.5x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
TRV The Travelers Companies, Inc.	81.7B	20.8%	12.8%	2.82x	10.8x	12.8x	2.6x	2.3x
AJG Arthur J. Gallagher & Co.	71.5B	12.8%	10.7%	2.97x	21.3x	18.8x	2.8x	2.6x
Mean		27.9%	15.1%	4.22x	15.8x	15.5x	4.0x	3.5x
Median		27.1%	14.2%	3.47x	15.3x	15.4x	3.4x	3.0x

Technical analysis

1M+24.0%
3M−7.1%
1Y−1.0%
3Y+6.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Aon PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	–	–	–	–	–	–
Other revenue	17,181	15,698	13,376	12,479	12,193	11,066
Total revenue	17,181	15,698	13,376	12,479	12,193	11,066
Losses, benefits and adjustments	–	–	–	–	–	–
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	2,467	2,505	2,101	2,069	3,039	1,967
Depreciation/amortization	966	686	256	264	326	413
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	8,095	8,342	7,230	6,423	6,596	5,887
Operating income	5,653	4,165	3,789	3,723	2,232	2,799
Net interest income (expense)	−807	−655	−522	−388	−322	−347
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−87.0	−48.0	−98.0	−179	21.0	13.0
Net income before taxes	4,759	3,462	3,169	3,156	1,931	2,465
Provision for taxes	1,009	742	541	510	623	448
Minority interest	−55.0	−66.0	−64.0	−57.0	−53.0	−49.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,695	2,654	2,564	2,589	1,255	1,968
Extraordinary items	–	–	–	–	–	1.0
Net income	3,695	2,654	2,564	2,589	1,255	1,969
Basic weighted average shares (mil)	216	211	204	212	225	232
Diluted weighted average shares (mil)	217	212	205	213	226	233
Basic EPS, normalized	17.07	15.60	14.14	13.39	12.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Aon PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	15,272	14,589	13,065	12,978	11,793	11,613
Prepaid expenses	136	135	100	109	137	111
Property, plant & equipment	1,379	1,357	1,314	1,300	1,378	1,599
Goodwill	15,797	15,234	8,414	8,292	8,434	8,666
Intangibles	5,727	6,743	234	447	492	640
Insurance receivables	–	–	–	–	–	–
Long-term investments	192	90.0	45.0	60.0	64.0	74.0
Note receivable	290	297	295	294	274	309
Other long-term assets	1,625	1,812	1,953	1,588	2,243	2,142
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	–	–	–	–	–	–
Total assets	50,784	48,965	33,959	32,704	31,917	32,114
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	2,861	2,905	2,262	2,114	2,192	2,016
Accrued expenses	181	176	159	163	194	204
Policy liabilities	–	–	–	–	–	–
Short-term debt	0	751	597	592	665	0
Current portion of long-term debt	589	15.0	630	376	518	478
Long-term debt	14,660	16,265	10,005	9,853	8,274	7,346
Minority interest	196	309	84.0	100	97.0	88.0
Other liabilities	22,945	22,423	21,048	20,035	18,916	18,487
Total liabilities	41,432	42,844	34,785	33,233	30,856	28,619
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	13,438	13,173	6,944	6,864	6,624	6,312
Retained earnings (accumulated deficit)	−245	−2,309	−3,399	−2,772	−1,694	1,042
Treasury stock	–	–	–	–	–	–
Other equity	−3,843	−4,745	−4,373	−4,623	−3,871	−3,861
Total equity	9,352	6,121	−826	−529	1,061	3,495
Total liabilities & shareholders' equity	50,784	48,965	33,959	32,704	31,917	32,114

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Aon PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,750	2,720	2,628	2,646	1,308	2,018
Depreciation, depletion & amortization	966	686	256	264	326	413
Deferred taxes	−141	−311	−373	−252	11.0	9.0
Non-cash items	−875	20.0	561	513	307	287
Changes in working capital	−219	−80.0	363	48.0	230	56.0
Cash from operations	3,481	3,035	3,435	3,219	2,182	2,783
Investing activities
Capital expenditures	−263	−218	−252	−196	−137	−141
Other investing cash flows	549	−2,615	64.0	−253	186	−538
Cash from investing	286	−2,833	−188	−449	49.0	−679
Financing activities
Financing cash flow items	−772	−128	−115	416	443	281
Cash dividends paid	−629	−562	−489	−463	−447	−412
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,804	1,486	−2,261	−1,743	−1,920	−1,641
Cash from financing	−4,205	796	−2,865	−1,790	−1,924	−1,772
Foreign exchange effects	678	−387	264	−549	−235	297
Net change in cash	240	611	646	431	72.0	629
Free cash flow	3,218	2,817	3,183	3,023	2,045	2,642

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.