Aon (AON) stock
Financials · Insurance Brokers
Aon (AON) is an Insurance Brokers company in the Financials sector, headquartered in London, United Kingdom. As of October 23, 2026, AON closed at $303.52, a market capitalization of $64.38 billion, the 191st largest company in the S&P 500. Over the last twelve months it generated $17.58 billion in revenue (+2% year over year) and $3.25 billion in free cash flow. The stock trades at 16.7x trailing earnings and 15.0x forward earnings.
- 1-year total return: -10.6% (dividends reinvested)
- 5-year return: -0.4% a year
- 52-week range: $266.33 – $382.34
- Gross margin 48.2%, operating margin 23.5%
- Dividend yield: 1.08%, 14 straight years of increases
- FI Handbook report card: C+ across 10 metrics
- 31st largest of 76 Financials stocks in the S&P 500
AON price chart
1Y price change: -11.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| AON | +7.8% | -13.6% | -10.6% | -0.4% | -0.4% | +11.7% | +12.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
AON key statistics
- Market cap
- $64.4B
- #191 in S&P 500
- P/E (TTM)
- 16.7x
- Forward P/E
- 15.0x
- EPS (TTM)
- $18.14
- Revenue (TTM)
- $17.6B
- +2%
- Free cash flow
- $3.2B
- Gross margin
- 48.2%
- Operating margin
- 23.5%
- Return on equity
- 44.7%
- Dividend yield
- 1.08%
- 52-week range
- $266.33 – $382.34
- Beta
- 0.69
- Price / sales
- 3.7x
- EV / EBITDA
- 13.4x
- Debt / equity
- 1.63x
- Employees
- 60,000
AON report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth2.2%D
- Gross margin48.2%B
- Operating margin23.5%B
- FCF margin18.5%B
- Return on equity44.7%A
- Net debt / EBITDA2.5xD
- Forward P/E15.0xB
- PEG ratio2.2xD
- Shareholder yield1.1%D
- Share count change / yr-1.4%B
Aon financials
Revenue went from $9.4B in fiscal 2016 to $17.2B in fiscal 2025, growing 6.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4B | $10.0B | $10.8B | $11.0B | $11.1B | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Operating income | $1.8B | $1.1B | $1.5B | $2.2B | $2.8B | $2.1B | $3.7B | $3.8B | $3.8B | $4.3B |
| Net income | $1.4B | $1.3B | $1.2B | $1.5B | $2.0B | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B |
| EPS (diluted) | $5.16 | $4.70 | $4.59 | $6.37 | $8.45 | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 |
| Free cash flow | $2.2B | $551.0M | $1.4B | $1.6B | $2.6B | $2.0B | $3.0B | $3.2B | $2.8B | $3.2B |
| Buybacks | $1.3B | $2.4B | — | — | — | — | — | — | — | — |
| Dividends paid | $345.0M | $364.0M | $382.0M | $410.0M | $412.0M | $447.0M | $463.0M | $489.0M | $562.0M | $629.0M |
| Diluted shares | 270.3M | 260.7M | 247.0M | 240.6M | 233.1M | 226.1M | 213.2M | 205.0M | 212.5M | 217.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into AON?
A reverse DCF asks what growth the current price requires. With an enterprise value of $79.2B and $3.2B of trailing free cash flow, Aon needs to grow free cash flow about 15.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 4.0% a year over the last five years.
P/E ratio history
Current 17.8x vs. median 24.9x (10th–90th percentile 15.7x–38.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
AON dividend
- Dividend yield
- 1.08%
- Annual dividend
- $3.28
- Years of increases
- 14
- 5-yr dividend growth
- 4.0%
- per year
- Payout ratio
- 17%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
AON earnings
Next report: October 28, 2026. Aon has beaten EPS estimates 5 quarters in a row. Last quarter's revenue was $4.2B (+2% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $3.80 | $3.81 | +0.3% |
| May 1, 2026 | $6.35 | $6.48 | +2.0% |
| Jan 30, 2026 | $4.75 | $4.85 | +2.2% |
| Oct 31, 2025 | $2.91 | $3.05 | +4.7% |
| Jul 25, 2025 | $3.41 | $3.49 | +2.5% |
| Apr 25, 2025 | $6.04 | $5.67 | -6.1% |
| Jan 31, 2025 | $4.25 | $4.42 | +4.0% |
| Oct 25, 2024 | $2.47 | $2.72 | +10.0% |
Stocks like AON
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 MRSH Marsh | -0.90% | +7% | $93.9B | 23.6x | Compare |
 AJG Arthur J. Gallagher | -1.08% | -4% | $68.7B | 44.5x | Compare |
 WTW Willis Towers Watson Public Lim | -2.16% | -1% | $30.2B | 20.1x | Compare |
 BRO Brown & Brown | -2.04% | -17% | $24.4B | 23.0x | Compare |
 ERIE Erie Indemnity | -1.28% | -20% | $13.3B | 23.0x | Compare |
 BRK-B Berkshire Hathaway | -0.87% | +11% | $1.2T | 13.6x | Compare |
 JPM JP Morgan Chase | -1.47% | +15% | $880.5B | 13.9x | Compare |
 V Visa | -1.55% | +19% | $765.8B | 34.7x | Compare |
AON news
- Stay Ahead of the Game With Aon (AON) Q3 Earnings: Wall Street's Insights on Key Metrics · Oct 23, 2026
- Can AON Beat on Q3 Earnings Despite Weakness in Wealth Solutions? · Oct 23, 2026
- Aon (AON) Earnings Expected to Grow: Should You Buy? · Oct 21, 2026
- Cencora to Acquire American Oncology Network to Strengthen Support of Community Oncology · Oct 21, 2026
- Aon plc (AON) Underperforms Amid Scrutiny Over USI Deal Price Tag · Oct 20, 2026
AON stock FAQ
What is AON's market cap?
Aon's market capitalization is $64.38 billion as of October 23, 2026, ranking 191st in the S&P 500.
What is AON's P/E ratio?
AON trades at a trailing price-to-earnings ratio of 16.7x and a forward P/E of 15.0x. Its median P/E over the period we track is 24.9x.
Does AON pay a dividend?
Yes. Aon pays $3.28 per share a year, a 1.08% yield. It has raised its dividend 14 years in a row. Dividends grew 4.0% a year over the last five years.
How much has AON stock returned?
Including reinvested dividends, AON returned -10.6% over one year, -0.4% a year over five years, +11.7% a year over ten years through October 23, 2026.
Is AON stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Aon must grow free cash flow about 16% a year for the next decade. Its free cash flow grew 4% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does AON report earnings?
Aon is expected to report earnings on October 28, 2026. It has beaten EPS estimates 5 quarters in a row.
How many employees does Aon have?
Aon has about 60,000 full-time employees, or $292,950 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology