Aon plc
$338.31
+4.89 (+1.47%) · delayed · Nov 13, 2026
Five-year price
52w $266.33 to $382.34
- Market cap
- $71.8B
- Enterprise value
- $85.8B
- P/E
- 19.9×
- 24.2× on 3y avg EPS
- EV / EBIT
- 19.8×
- FCF yield
- 4.5%
- ROIC
- 14.6%
- Debt / equity
- 1.63
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 21.5%
- ●ROE > 15% (5y avg)5y avg ROE 67.1%
- ●Stable operating marginsMargin volatility 4.3% (σ, 5y)
- ●Earnings convert to cashFCF / net income 119% (5y avg)
- ●Growing revenueRevenue CAGR 5y 9.2%
- ●Shrinking share countDiluted shares -6.9% over 5y
Value
0
- ○P/E below 15P/E 19.9
- ○EV/EBIT below 12EV/EBIT 19.8
- ○FCF yield above 6%FCF yield 4.5%
- ○Price below Graham NumberGraham Number $129.93
- ○P/B below 3P/B 7.7
Safety
40
- ○Debt / equity below 0.5D/E 1.63
- ●Debt payable in < 4 yrs of earningsNet debt $14.1B
- ○Interest coverage > 8xCoverage 5.3x
- ○Current ratio > 1.5Current ratio 1.11
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $17.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.11
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 191%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 24.2
- ○P/E × P/B ≤ 22.5Product 185.4
Valuation lab
What do you have to believe?
At $338.31, the market is pricing in about 9.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $14.1B · 212M shares · 5y revenue CAGR 9.2%
Intrinsic value
$324.62
Price
$338.31
Premium paid
4%
What the price implies
The market is paying for 9.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9,409 | 9,998 | 10,770 | 11,013 | 11,066 | 12,193 | 12,479 | 13,376 | 15,698 | 17,181 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,811 | 1,065 | 1,544 | 2,169 | 2,781 | 2,090 | 3,669 | 3,785 | 3,835 | 4,344 |
| Operating margin | 19.2% | 10.7% | 14.3% | 19.7% | 25.1% | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
| Pre-tax income | 1,401 | 685 | 1,246 | 1,870 | 2,466 | 1,931 | 3,156 | 3,169 | 3,462 | 4,759 |
| Income tax | 148 | 250 | 146 | 297 | 448 | 623 | 510 | 541 | 742 | 1,009 |
| Net income | 1,430 | 1,263 | 1,174 | 1,532 | 1,969 | 1,255 | 2,589 | 2,564 | 2,654 | 3,695 |
| EPS (diluted) | 5.16 | 4.70 | 4.59 | 6.37 | 8.45 | 5.55 | 12.14 | 12.51 | 12.49 | 17.02 |
| Diluted shares | 270 | 261 | 247 | 241 | 233 | 226 | 213 | 205 | 213 | 217 |
Who owns it