Aon plcAON
NYSE•Financial Services•Insurance Brokers
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.
Aon plc (AON) reported trailing twelve months revenue of $17.49B as of March 2026, a 6.9% increase year-over-year. Quarterly revenue reached $5.03B, reflecting continued top-line momentum.
Aon plc generated $3.94B in TTM net income, with quarterly EBITDA of $1.76B. The operating margin expanded from 30.9% to 34.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (34.1%) and net margin (24.1%) indicates moderate non-operating costs. Net margin has improved from 20.4% a year ago, signaling stronger bottom-line efficiency.
AON trades at a P/E of 18.2x (in line with broad market averages) and a P/S of 4.1x. The price-to-book ratio of 7.3x indicates a significant premium over book value.
The company generated $363.00M in free cash flow over the trailing twelve months, a 332.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $51.43B in total assets with $13.54B in long-term debt against $9.83B in stockholders equity for a debt-to-equity ratio of 1.4. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~24.3%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 38.7% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~23.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~25.8% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 1.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.