Aon (AON) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Aon

NYSE•Financial Services•Insurance Brokers

$330.16-3.22(-0.01%)After hours

Market Cap

$70.78B

P/E

18.0x

P/S

4.0x

P/B

7.0x

Aon plc operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific. It operates through Risk Capital and Human Capital segments. The company offers commercial risk solutions comprising retail and insurance brokerage, specialty solutions, global risk consulting, captives management, and affinity programs; health solutions, such as consulting and brokerage, consumer benefits, and talent advisory services; and wealth solutions, including retirement consulting and investments. It also provides treaty and facultative reinsurance; strategy and technology group solutions; insurance-linked securities, capital raising, strategic advice, restructuring, and merger and acquisition services; and risk management products and solutions, capital market solutions, and corporate finance advisory services. In addition, the company offers strategic design advice and actuarial services; pension risk transfer and integrated pension administration; and investment advisory services on developing and maintaining investment programs across various plan types, including defined benefit plans, defined contribution plans, master trusts, and pooled employer plans for corporations, public pensions, endowments, and foundations. Aon plc was incorporated in 1979 and is headquartered in Dublin, Ireland.

How this company scores

GoodMetricSide Score: 71/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability22/25

Growth19/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality23/25

Strengths

Strong marginsHigh ROERising earningsCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.0x5y range 17.6x – 52.4x

Currently below its 20-quarter median.

P/S · 4.0x5y range 4.0x – 5.7x

Currently near its 20-quarter median.

P/B · 7.0x5y range 7.0x – 1077.4x

Currently below its 14-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

D/E ratio of 2.6 is elevated and rising. Watch for further debt accumulation.

Price & Volume

Market Cap $70.78B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $17.68B
Q. Revenue: $4.10B
TTM EBITDA: $4.84B
TTM Op. Income: $4.65B
Q. Op. Income: $809.00M
TTM Net Income: $3.93B
Q. Net Income: $476.00M
EPS: $2.24
Shares Out.: $212.30M

$17.68B in TTM revenue grew 3.8% YoY, reaching $4.10B last quarter. TTM EBITDA of $4.84B and TTM operating income of $4.65B show growth is flowing through to the bottom line. TTM net income of $3.93B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 20.9%
Op. Margin: 19.7%
Net Margin: 11.6%

Op. margin of 19.7% is down 0.7% YoY — costs are rising relative to revenue. Net margin at 11.6% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.0x
P/S Ratio: 4.0x
P/B Ratio: 7.0x

At 18.0x P/E, the stock trades within typical market levels. P/S of 4.0x and P/B of 7.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $65.14B
Cash: $2.02B
Long-Term Debt: $26.32B
Book Value: $10.10B
D/E Ratio: 2.6
Debt/EBITDA: 30.7

With $65.14B in assets and $26.32B in long-term debt, D/E is 2.6and book value is $10.10B — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 37% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.19B
TTM Free Cash Flow: $3.27B
FCF Margin: 18.5%
FCF / Net Income: 0.8

TTM FCF of $3.27B on $1.19B in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 7% — an improving trend.