Aon plc (AON) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Insurance - Brokers
EV/EBITDA
↓
15.32
↓-28% vs avg
5yr avg: 21.34
30Y Low6.0·High32.2
P/FCF
↓
20.52
↓-17% vs avg
5yr avg: 24.80
30Y Low5.6·High63.4
P/B Ratio
↓
6.99
↓-73% vs avg
5yr avg: 26.19
30Y Low1.2·High58.7
ROE
↓
46.3%
↑-80% vs avg
5yr avg: 225.7%
30Y Low3%·High93%
Debt/EBITDA
↓
3.11
↓-10% vs avg
5yr avg: 3.47
30Y Low0.8·High4.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AON Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Aon plc trades at 18.1x earnings, 40% below its 5-year average of 30.3x, sitting at the 33rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a premium of 35%. On a free-cash-flow basis, the stock trades at 20.5x P/FCF, 17% below the 5-year average of 24.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $66.0B | $76.4B | $76.3B | $59.7B | $64.0B | $68.0B | $49.2B | $50.1B | $35.9B | $34.9B | $30.1B |
| Enterprise Value | $81.4B | $91.7B | $93.1B | $70.9B | $75.0B | $77.8B | $57.3B | $57.9B | $41.7B | $40.3B | $36.1B |
| P/E Ratio → | 18.11 | 20.73 | 28.76 | 23.26 | 24.72 | 54.15 | 25.00 | 32.70 | 31.67 | 28.51 | 21.61 |
| P/S Ratio | 3.84 | 4.45 | 4.86 | 4.46 | 5.13 | 5.57 | 4.45 | 4.55 | 3.33 | 3.49 | 3.20 |
| P/B Ratio | 6.99 | 8.00 | 11.87 | — | — | 58.68 | 13.74 | 14.53 | 8.51 | 7.52 | 5.45 |
| P/FCF | 20.52 | 23.74 | 27.09 | 18.74 | 21.17 | 33.23 | 18.64 | 31.13 | 24.83 | 63.40 | 14.33 |
| P/OCF | 18.97 | 21.95 | 25.15 | 17.37 | 19.88 | 31.14 | 17.70 | 27.31 | 21.30 | 47.59 | 12.96 |
P/E links to full P/E history page with 30-year chart
AON EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Aon plc's enterprise value stands at 15.3x EBITDA, 28% below its 5-year average of 21.3x. The Financial Services sector median is 11.4x, placing the stock at a 34% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.34 | 5.93 | 5.30 | 6.01 | 6.38 | 5.18 | 5.26 | 3.87 | 4.03 | 3.83 |
| EV / EBITDA | 15.32 | 17.28 | 20.60 | 17.55 | 19.06 | 32.22 | 17.94 | 21.18 | 18.01 | 20.60 | 16.93 |
| EV / EBIT | 18.73 | 20.93 | 21.91 | 19.41 | 21.05 | 34.55 | 20.46 | 26.59 | 27.34 | 41.67 | 21.43 |
| EV / FCF | — | 28.51 | 33.06 | 22.28 | 24.80 | 38.06 | 21.68 | 35.96 | 28.81 | 73.13 | 17.14 |
AON Profitability
Margins and return-on-capital ratios measuring operating efficiency
Aon plc earns an operating margin of 25.3%, above the Financial Services sector average of 21.2%. Operating margins have compressed from 28.3% to 25.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 46.3% is exceptionally high — well above the sector median of 9.4%. ROIC of 13.5% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.7% | 47.7% | 47.2% | 48.4% | 48.1% | 44.7% | 46.6% | 45.0% | 43.3% | 40.0% | 41.4% |
| Operating Margin | 25.3% | 25.3% | 24.4% | 28.3% | 29.4% | 17.1% | 25.1% | 19.7% | 14.3% | 10.7% | 19.2% |
| Net Profit Margin | 21.5% | 21.5% | 16.9% | 19.2% | 20.7% | 10.3% | 17.8% | 13.9% | 10.5% | 12.3% | 14.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 46.3% | 46.3% | 93.3% | — | 710.3% | 52.9% | 56.0% | 40.0% | 25.6% | 24.1% | 23.9% |
| ROA | 7.4% | 7.4% | 6.4% | 7.7% | 8.0% | 3.9% | 6.4% | 5.5% | 4.3% | 4.7% | 5.2% |
| ROIC | 13.5% | 13.5% | 17.0% | 26.9% | 25.5% | 13.8% | 18.3% | 15.3% | 11.6% | 7.4% | 11.8% |
| ROCE | 16.2% | 16.2% | 20.0% | 30.6% | 29.1% | 15.2% | 19.5% | 16.1% | 11.7% | 7.8% | 12.9% |
AON Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Aon plc carries a Debt/EBITDA ratio of 3.1x, which is moderately leveraged (25% below the sector average of 4.1x). Net debt stands at $15.3B ($16.5B total debt minus $1.2B cash). Interest coverage of 5.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.73 | 1.73 | 2.78 | — | — | 9.00 | 2.49 | 2.48 | 1.52 | 1.32 | 1.15 |
| Debt / EBITDA | 3.11 | 3.11 | 3.96 | 2.98 | 2.97 | 4.31 | 2.79 | 3.14 | 2.77 | 3.13 | 2.98 |
| Net Debt / Equity | — | 1.61 | 2.61 | — | — | 8.53 | 2.24 | 2.26 | 1.36 | 1.15 | 1.07 |
| Net Debt / EBITDA | 2.89 | 2.89 | 3.72 | 2.78 | 2.79 | 4.09 | 2.52 | 2.85 | 2.49 | 2.74 | 2.78 |
| Debt / FCF | — | 4.77 | 5.97 | 3.54 | 3.63 | 4.83 | 3.04 | 4.83 | 3.98 | 9.73 | 2.81 |
| Interest Coverage | 5.38 | 5.38 | 5.39 | 7.55 | 8.77 | 7.00 | 8.38 | 7.09 | 5.48 | 3.43 | 5.97 |
AON Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.11x means Aon plc can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.00x to 1.11x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.02 | 1.00 | 1.02 | 1.00 | 1.07 | 1.06 | 1.08 | 1.07 | 1.05 |
| Quick Ratio | 1.11 | 1.11 | 1.02 | 1.00 | 1.02 | 1.00 | 1.07 | 1.06 | 1.08 | 1.07 | 1.05 |
| Cash Ratio | 0.12 | 0.12 | 0.51 | 0.05 | 0.06 | 0.04 | 0.07 | 0.06 | 0.06 | 0.10 | 0.06 |
| Asset Turnover | — | 0.34 | 0.32 | 0.39 | 0.38 | 0.38 | 0.34 | 0.37 | 0.41 | 0.38 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
AON Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Aon plc returns 2.5% to shareholders annually — split between a 0.9% dividend yield and 1.5% buyback yield. The payout ratio of 17.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 0.8% | 0.7% | 0.8% | 0.7% | 0.7% | 0.8% | 0.8% | 1.1% | 1.0% | 1.1% |
| Payout Ratio | 17.0% | 17.0% | 21.2% | 19.1% | 17.9% | 35.6% | 20.9% | 26.8% | 33.7% | 29.7% | 24.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 4.8% | 3.5% | 4.3% | 4.0% | 1.8% | 4.0% | 3.1% | 3.2% | 3.5% | 4.6% |
| FCF Yield | 4.9% | 4.2% | 3.7% | 5.3% | 4.7% | 3.0% | 5.4% | 3.2% | 4.0% | 1.6% | 7.0% |
| Buyback Yield | 1.5% | 1.3% | 1.3% | 4.5% | 5.0% | 5.2% | 3.6% | 3.9% | 4.1% | 6.9% | 4.2% |
| Total Shareholder Yield | 2.5% | 2.1% | 2.0% | 5.3% | 5.7% | 5.9% | 4.4% | 4.7% | 5.2% | 7.9% | 5.3% |
| Shares Outstanding | — | $217M | $213M | $205M | $213M | $226M | $233M | $241M | $247M | $261M | $270M |
Peer Comparison
Compare AON with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AONYou | $66B | 18.1 | 15.3 | 20.5 | 47.7% | 25.3% | 46.3% | 13.5% | 3.1 |
 MMC | $85B | 21.3 | 16.0 | 21.4 | 42.8% | 23.8% | 31.3% | 15.2% | 3.3 |
 WTW | $24B | 15.5 | 10.4 | 15.4 | 42.1% | 23.0% | 20.0% | 14.0% | 2.6 |
 AJG | $51B | 34.2 | 17.2 | 28.4 | 54.8% | 18.3% | 6.9% | 7.0% | 3.8 |
 BRO | $19B | 17.9 | 12.7 | 13.9 | 87.7% | 28.5% | 11.1% | 8.7% | 3.8 |
 HIG | $37B | 10.0 | 7.9 | 6.4 | 46.1% | 16.8% | 21.7% | 16.3% | 0.8 |
 ERIE | $10B | 20.1 | 12.0 | 17.3 | 15.8% | 17.7% | 26.2% | 29.5% | — |
 RLI | $5B | 11.2 | 8.7 | 7.4 | 29.8% | 27.5% | 24.4% | 22.8% | 0.2 |
 RYAN | $4B | 62.5 | 7.9 | 6.6 | 90.6% | 20.5% | 5.4% | 10.8% | 3.9 |
 ACGL | $34B | 8.1 | 6.9 | 5.5 | 37.2% | 25.0% | 19.5% | 15.4% | 0.5 |
 BLK | $167B | 25.6 | 20.7 | 35.4 | 49.4% | 37.1% | 14.1% | 9.9% | 1.8 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAON — Frequently Asked Questions
Quick answers to the most common questions about buying AON stock.
What is Aon plc's P/E ratio?
Aon plc's current P/E ratio is 18.1x. The historical average is 23.8x. This places it at the 33th percentile of its historical range.
What is Aon plc's EV/EBITDA?
Aon plc's current EV/EBITDA is 15.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
What is Aon plc's ROE?
Aon plc's return on equity (ROE) is 46.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 22.5%.
Is AON stock overvalued?
Based on historical data, Aon plc is trading at a P/E of 18.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Aon plc's dividend yield?
Aon plc's current dividend yield is 0.94% with a payout ratio of 17.0%.
What are Aon plc's profit margins?
Aon plc has 47.7% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Aon plc have?
Aon plc's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.