Financials · Insurance Brokers · US stock · price as of 16 Oct 2026
Key indicators
Price
$292.55
52-week range
$266.33 – $381.47
Market cap
$62.6B
P/E (trailing)
16.1×
EV / EBITDA
16.4×
Free-cash-flow yield
5.2%
Dividend yield
1.1%
Revenue (last 12 months)
$17.6B
Revenue growth (3y a year)
11.2%
Operating margin
26.5%
Return on invested capital
15.6%
Net debt / EBITDA
2.9×
Fair value
Blended fair value$401.98 range $367 – $450
Versus priceFair+37% to fair value
Peer multiples
$238.60
Fundamentals-adjusted multiple
$461.52
10-year DCF (market-scaled)
$505.82
Earnings power value (floor, not blended)
$153.67
Model uncertainty
Medium
X-Ray Score
50/ 100 · High confidence · ahead of 49% of sector peers
Valuation59
Growth60
Profitability46
Financial health33
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Aon is a professional services firm that advises organisations on risk, retirement, health and human capital. It acts as an insurance and reinsurance broker, helping clients place cover with insurers, and it also provides consulting on pensions, employee benefits, data and analytics. Its customers are corporations, institutions and public bodies in many countries, and it works through teams organised around commercial risk, reinsurance, health solutions and wealth.
Revenue consists mainly of fees and commissions for placing insurance and for advice. It was $17.6 billion over the last twelve months, with growth of 11.2% a year across the last three years. The operating margin is 26.5%, and the business earns a profit of 16% on the capital invested in it. Net debt is 2.9 times EBITDA. The dividend yield is 1.1%.
StocksXray gives Aon plc an X-Ray Score of 50 out of 100 (high confidence), ahead of 49% of the S&P 500 stocks in its sector. Its strongest lens is growth (60) and its weakest is financial health (33).
Our fair value blend is $401.98 (range $366.81 to $449.51). At $292.55 the stock trades 27% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Aon plc (AON)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$289.16
$290.93
$284.23
$353.72
$350.40
$292.55
Market cap
$65.4B
$62.0B
$58.3B
$75.2B
$76.1B
$62.6B
P/E
52.1×
24.0×
22.7×
28.3×
20.6×
16.1×
EV / revenue
6.1×
5.8×
5.1×
5.8×
5.2×
4.3×
EV / EBITDA
35.4×
19.6×
18.1×
23.7×
20.4×
16.4×
Price / free cash flow
32.0×
20.5×
18.3×
26.7×
23.6×
19.3×
Free-cash-flow yield
3.1%
4.9%
5.5%
3.7%
4.2%
5.2%
Price / book
61.6×
–
–
12.3×
8.1×
6.5×
Dividend yield
0.69%
0.75%
0.85%
0.75%
0.83%
1.07%
Fundamentals checklist ● 3 Good · ● 7 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash0.7%Bad
Free-cash-flow yield5.2%Average
Risk models
Altman Z score0.9×Bad
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)11.9%Average
Free-cash-flow growth (3y)2.1%Bad
Revenue growth (3y)11.2%Good
Growth consistency100%Good
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA2.9×Bad
Interest cover6.2×Bad
Valuation
Fair value vs price1.4×Good
EBIT / EV yield6.1%Average
Profitability
Return on invested capital15.6%Average
Operating margin26.5%Average
XStocksXray
Aon plc (AON)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,193
12,479
13,376
15,698
17,181
17,577
Gross profit
–
–
–
–
–
–
Operating income
2,090
3,669
3,785
3,835
4,344
4,654
Net income
1,255
2,589
2,564
2,654
3,695
3,914
Diluted EPS ($)
5.55
12.14
12.51
12.49
17.02
18.14
Free cash flow
2,045
3,023
3,183
2,817
3,218
3,248
Gross margin
–
–
–
–
–
–
Operating margin
17.1%
29.4%
28.3%
24.4%
25.3%
26.5%
Net margin
10.3%
20.7%
19.2%
16.9%
21.5%
22.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
31,917
32,704
33,959
48,965
50,784
53,347
Cash
544
690
778
1,085
1,195
1,062
Total debt
9,392
10,770
11,199
17,016
15,249
14,967
Equity
1,061
-529
-826
6,121
9,352
9,598
Dividend per share ($)
1.99
2.19
2.41
2.64
2.91
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.