NYSE · Financial Services

Aon plc

AON · Insurance Brokers

$313.92

▲ 2.41 (0.77%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Aon plc at $313.92.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 47.7%

Operating Margin 27.4%

Net Income Margin 21.5%

Fin. Health C

Years to Pay Off Debt 4.3 yrs

Working Capital vs Long-Term Debt -$12.1B

Working Capital $2.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 7.17x

Cash Flow A

Free Cash Flow $3.2B

CapEx % of Net Income 7.1%

Owner Earnings $4.9B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $67.0B

Enterprise Value $80.9B

P/E (TTM) 18.46

Dividend Yield 0.96%

Exchange NYSE

Key Margins

Gross Profit 47.7%

Operating Margin 27.4%

Net Margin 21.5%

Company Info

Sector Financial Services

Industry Insurance Brokers

Employees 60000

Country Ireland

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Aon plc at $313.92.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $313.92, the stock trades at a 142% premium to its Graham Number of $129.49. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Aon plc

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	47.7% ▲	47.2%	48.4%	48.1%	N/A
Operating Margin %	27.4% ▲	26.9%	29.3%	29.4%	N/A
Net Income %	21.5% ▲	16.9%	19.2%	20.7%	N/A
Diluted EPS	17.02 ▲	12.49	12.51	12.14	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$50.8B	$49.0B	$34.0B	$32.7B	N/A
Total Debt	$16.1B ↓	$17.9B	$12.0B	$11.7B	N/A
Working Capital	$2.5B ▲	$437M	$53M	$417M	N/A
Years to Pay Debt	4.35	6.74	4.69	4.51	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.2B ▲	$2.8B	$3.2B	$3.0B	N/A
Owner Earnings	$4.9B	$3.6B	$3.1B	$3.0B	N/A
CapEx % of Net Income	7.1%	8.2%	9.8%	7.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	195,694	-643	-35,055	7,110
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,617,000	4,939,000	4,114,000	3,782,000
Total Unusual Items	923,000	-3,000	-205,000	44,000
Total Unusual Items Excluding Goodwill	923,000	-3,000	-205,000	44,000
Net Income From Continuing Operation Net Minority Interest	3,695,000	2,654,000	2,564,000	2,589,000
Reconciled Depreciation	966,000	686,000	256,000	264,000
Reconciled Cost Of Revenue	8,985,000	8,283,000	6,902,000	6,477,000
EBITDA	6,540,000	4,936,000	3,909,000	3,826,000
EBIT	5,574,000	4,250,000	3,653,000	3,562,000
Net Interest Income	-796,000	-721,000	-453,000	-388,000
Interest Expense	815,000	788,000	484,000	406,000
Interest Income	19,000	67,000	31,000	18,000
Normalized Income	2,967,694	2,656,357	2,733,945	2,552,110
Net Income From Continuing And Discontinued Operation	3,695,000	2,654,000	2,564,000	2,589,000
Total Expenses	12,472,000	11,474,000	9,456,000	8,810,000
Rent Expense Supplemental	337,000	325,000	294,000	289,000
Total Operating Income As Reported	4,344,000	3,835,000	3,785,000	3,669,000
Diluted Average Shares	217,100	212,500	205,000	213,200
Basic Average Shares	215,900	211,400	203,500	211,700
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,695,000	2,654,000	2,564,000	2,589,000
Net Income Common Stockholders	3,695,000	2,654,000	2,564,000	2,589,000
Net Income	3,695,000	2,654,000	2,564,000	2,589,000
Minority Interests	-55,000	-66,000	-64,000	-57,000
Net Income Including Noncontrolling Interests	3,750,000	2,720,000	2,628,000	2,646,000
Net Income Continuous Operations	3,750,000	2,720,000	2,628,000	2,646,000
Tax Provision	1,009,000	742,000	541,000	510,000
Pretax Income	4,759,000	3,462,000	3,169,000	3,156,000
Other Income Expense	846,000	-41,000	-298,000	-125,000
Other Non Operating Income Expenses	-87,000	-48,000	-98,000	-179,000
Special Income Charges	944,000	25,000	-131,000	54,000
Gain On Sale Of Business	1,309,000	421,000	4,000	54,000
Other Special Charges		7,000
Restructuring And Mergern Acquisition	365,000	389,000	135,000	0
Earnings From Equity Interest	10,000	10,000	5,000	10,000
Gain On Sale Of Security	-21,000	-28,000	-74,000	-10,000
Net Non Operating Interest Income Expense	-796,000	-721,000	-453,000	-388,000
Interest Expense Non Operating	815,000	788,000	484,000	406,000
Interest Income Non Operating	19,000	67,000	31,000	18,000
Operating Income	4,709,000	4,224,000	3,920,000	3,669,000
Operating Expense	3,487,000	3,191,000	2,554,000	2,333,000
Other Operating Expenses	568,000	539,000	534,000	509,000
Depreciation Amortization Depletion Income Statement	966,000	686,000	256,000	264,000
Depreciation And Amortization In Income Statement	966,000	686,000	256,000	264,000
Amortization	778,000	503,000	89,000	113,000
Amortization Of Intangibles Income Statement	778,000	503,000	89,000	113,000
Depreciation Income Statement	188,000	183,000	167,000	151,000
Selling General And Administration	1,953,000	1,966,000	1,764,000	1,560,000
General And Administrative Expense	1,953,000	1,966,000	1,764,000	1,560,000
Other Gand A	1,616,000	1,641,000	1,470,000	1,271,000
Rent And Landing Fees	337,000	325,000	294,000	289,000
Salaries And Wages		48,000	98,000	179,000	-21,000
Gross Profit	8,196,000	7,415,000	6,474,000	6,002,000
Cost Of Revenue	8,985,000	8,283,000	6,902,000	6,477,000
Total Revenue	17,181,000	15,698,000	13,376,000	12,479,000
Operating Revenue	17,197,000	15,726,000	13,388,000	12,496,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	214,500	216,000	198,600	205,400
Share Issued	214,500	216,000	198,600	205,400
Net Debt	14,054,000	15,931,000	10,421,000	10,080,000
Total Debt	16,071,000	17,892,000	12,032,000	11,677,000
Tangible Book Value	-12,172,000	-15,856,000	-9,474,000	-9,268,000
Invested Capital	24,601,000	23,137,000	10,373,000	10,241,000
Working Capital	2,548,000	437,000	53,000	417,000
Net Tangible Assets	-12,172,000	-15,856,000	-9,474,000	-9,268,000
Capital Lease Obligations	822,000	876,000	833,000	907,000
Common Stock Equity	9,352,000	6,121,000	-826,000	-529,000
Total Capitalization	24,012,000	22,386,000	9,169,000	9,296,000
Total Equity Gross Minority Interest	9,548,000	6,430,000	-742,000	-429,000
Minority Interest	196,000	309,000	84,000	100,000
Stockholders Equity	9,352,000	6,121,000	-826,000	-529,000
Gains Losses Not Affecting Retained Earnings	-3,843,000	-4,745,000	-4,373,000	-4,623,000
Other Equity Adjustments	-3,843,000	-4,745,000	-4,373,000	-4,623,000
Retained Earnings	-245,000	-2,309,000	-3,399,000	-2,772,000
Additional Paid In Capital	13,438,000	13,173,000	6,944,000	6,864,000
Capital Stock	2,000	2,000	2,000	2,000
Common Stock	2,000	2,000	2,000	2,000
Total Liabilities Net Minority Interest	41,236,000	42,535,000	34,701,000	33,133,000
Total Non Current Liabilities Net Minority Interest	18,010,000	19,540,000	13,050,000	12,827,000
Other Non Current Liabilities	181,000	168,000	145,000	95,000
Employee Benefits	1,084,000	1,127,000	1,225,000	1,255,000
Non Current Pension And Other Postretirement Benefit Plans	1,084,000	1,127,000	1,225,000	1,186,000
Tradeand Other Payables Non Current	1,074,000	946,000	886,000	795,000
Non Current Deferred Liabilities	370,000	349,000	148,000	136,000
Non Current Deferred Revenue	30,000	30,000	33,000	37,000
Non Current Deferred Taxes Liabilities	340,000	319,000	115,000	99,000
Long Term Debt And Capital Lease Obligation	15,301,000	16,950,000	10,646,000	10,546,000
Long Term Capital Lease Obligation	641,000	685,000	651,000	721,000
Long Term Debt	14,660,000	16,265,000	9,995,000	9,825,000
Current Liabilities	23,226,000	22,995,000	21,651,000	20,306,000
Other Current Liabilities	19,027,000	18,608,000	17,442,000	16,618,000
Current Deferred Liabilities	259,000	280,000	270,000	250,000
Current Deferred Revenue	259,000	280,000	270,000	250,000
Current Debt And Capital Lease Obligation	770,000	942,000	1,386,000	1,131,000
Current Capital Lease Obligation	181,000	191,000	182,000	186,000
Current Debt	589,000	751,000	1,204,000	945,000
Other Current Borrowings	589,000	751,000	1,204,000	945,000
Commercial Paper					665,000
Payables And Accrued Expenses	3,170,000	3,165,000	2,553,000	2,307,000
Payables	3,170,000	3,165,000	2,553,000	2,307,000
Total Tax Payable	309,000	260,000	291,000	193,000
Accounts Payable	2,861,000	2,905,000	2,262,000	2,114,000
Total Assets	50,784,000	48,965,000	33,959,000	32,704,000
Total Non Current Assets	25,010,000	25,533,000	12,255,000	11,981,000
Other Non Current Assets	274,000	611,000	140,000	112,000
Defined Pension Benefit	603,000	556,000	618,000	652,000
Non Current Deferred Assets	956,000	861,000	1,390,000	1,009,000
Non Current Deferred Taxes Assets	748,000	654,000	1,195,000	824,000
Non Current Accounts Receivable	82,000	90,000	100,000	109,000
Investments And Advances	192,000	90,000	45,000	60,000
Goodwill And Other Intangible Assets	21,524,000	21,977,000	8,648,000	8,739,000
Other Intangible Assets	5,727,000	6,743,000	234,000	447,000
Goodwill	15,797,000	15,234,000	8,414,000	8,292,000
Net PPE	1,379,000	1,348,000	1,314,000	1,300,000
Accumulated Depreciation	-1,645,000	-1,509,000	-1,498,000	-1,391,000
Gross PPE	3,024,000	2,857,000	2,812,000	2,691,000
Leases	491,000	437,000	430,000	409,000
Construction In Progress	199,000	133,000	130,000	109,000
Other Properties	723,000	738,000	706,000	776,000
Machinery Furniture Equipment	1,611,000	1,549,000	1,546,000	1,397,000
Current Assets	25,774,000	23,432,000	21,704,000	20,723,000
Other Current Assets	190,000	157,000	137,000	108,000
Assets Held For Sale Current		1,000	354,000	0
Current Deferred Assets	450,000	424,000	370,000	355,000
Restricted Cash	7,378,000	17,566,000	16,307,000	15,900,000
Prepaid Assets	136,000	135,000	100,000	109,000
Receivables	14,822,000	3,846,000	3,289,000	3,109,000
Other Receivables	10,511,000	7,247,000
Taxes Receivable	102,000	43,000	35,000	74,000
Accounts Receivable	4,209,000	3,803,000	3,254,000	3,035,000
Allowance For Doubtful Accounts Receivable	-74,000	-75,000	-79,000	-76,000
Gross Accounts Receivable	4,283,000	3,878,000	3,333,000	3,111,000
Cash Cash Equivalents And Short Term Investments	2,798,000	11,623,000	1,147,000	1,142,000
Other Short Term Investments	1,603,000	10,538,000	369,000	452,000
Cash And Cash Equivalents	1,195,000	1,085,000	778,000	690,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,218,000	2,817,000	3,183,000	3,023,000
Repurchase Of Capital Stock	-1,000,000	-1,000,000	-2,700,000	-3,203,000
Repayment Of Debt	-1,850,000	-4,928,000	-350,000	-500,000
Issuance Of Debt	0	7,926,000	744,000	1,967,000
Issuance Of Capital Stock	70,000	79,000	72,000	58,000
Capital Expenditure	-263,000	-218,000	-252,000	-196,000
Interest Paid Supplemental Data	796,000	658,000	446,000	351,000
Income Tax Paid Supplemental Data		1,053,000	740,000	546,000	412,000
End Cash Position	8,573,000	8,333,000	7,722,000	7,076,000
Beginning Cash Position	8,333,000	7,722,000	7,076,000	6,645,000
Effect Of Exchange Rate Changes	678,000	-387,000	264,000	-549,000
Changes In Cash	-438,000	998,000	382,000	980,000
Financing Cash Flow	-4,205,000	796,000	-2,865,000	-1,790,000
Cash Flow From Continuing Financing Activities	-4,205,000	796,000	-2,865,000	-1,790,000
Net Other Financing Charges	-772,000	-128,000	-115,000	416,000
Proceeds From Stock Option Exercised					-130,000
Cash Dividends Paid	-629,000	-562,000	-489,000	-463,000
Common Stock Dividend Paid	-629,000	-562,000	-489,000	-463,000
Net Common Stock Issuance	-930,000	-921,000	-2,628,000	-3,145,000
Common Stock Payments	-1,000,000	-1,000,000	-2,700,000	-3,203,000
Common Stock Issuance	70,000	79,000	72,000	58,000
Net Issuance Payments Of Debt	-1,874,000	2,407,000	367,000	1,402,000
Net Short Term Debt Issuance	-24,000	-591,000	-27,000	-65,000
Net Long Term Debt Issuance	-1,850,000	2,998,000	394,000	1,467,000
Long Term Debt Payments	-1,850,000	-4,928,000	-350,000	-500,000
Long Term Debt Issuance	0	7,926,000	744,000	1,967,000
Investing Cash Flow	286,000	-2,833,000	-188,000	-449,000
Cash Flow From Continuing Investing Activities	286,000	-2,833,000	-188,000	-449,000
Net Investment Purchase And Sale	-1,406,000	191,000	94,000	-172,000
Sale Of Investment	145,000	363,000	161,000	110,000
Purchase Of Investment	-1,551,000	-172,000	-67,000	-282,000
Net Business Purchase And Sale	1,955,000	-2,806,000	-30,000	-81,000
Sale Of Business	2,349,000	700,000	5,000	81,000
Purchase Of Business	-394,000	-3,506,000	-35,000	-162,000
Capital Expenditure Reported	-263,000	-218,000	-252,000	-196,000
Operating Cash Flow	3,481,000	3,035,000	3,435,000	3,219,000
Cash Flow From Continuing Operating Activities	3,481,000	3,035,000	3,435,000	3,219,000
Change In Working Capital	-192,000	-63,000	462,000	48,000
Change In Other Working Capital	193,000	-161,000	538,000	166,000
Change In Other Current Liabilities	27,000	17,000	99,000	0
Change In Payables And Accrued Expense	-155,000	393,000	13,000	-22,000
Change In Receivables	-257,000	-312,000	-188,000	-96,000
Changes In Account Receivables				-96,000	-119,000
Other Non Cash Items	-133,000	-134,000	28,000	170,000
Stock Based Compensation	432,000	474,000	438,000	397,000
Deferred Tax	-141,000	-311,000	-373,000	-252,000
Deferred Income Tax	-141,000	-311,000	-373,000	-252,000
Depreciation Amortization Depletion	966,000	686,000	256,000	264,000
Depreciation And Amortization	966,000	686,000	256,000	264,000
Amortization Cash Flow	778,000	503,000	89,000	113,000
Amortization Of Intangibles	778,000	503,000	89,000	113,000
Depreciation	188,000	183,000	167,000	151,000
Operating Gains Losses	-1,201,000	-337,000	-4,000	-54,000
Gain Loss On Sale Of Business	-1,201,000	-337,000	-4,000	-54,000
Net Income From Continuing Operations	3,750,000	2,720,000	2,628,000	2,646,000

These metrics estimate what Aon plc is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$129.49

Margin of Safety

Market Cap ÷ Company Value

2.51

P/B Ratio

7.17

Warren's Owner Earnings

$4.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$17.2B

vs > $1.5B revenue

❌ Strong Financial Condition

1.11x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.96%

vs Uninterrupted dividends

✅ Earnings Growth

+40.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

18.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

7.17x P/B (P/E×P/B: 132.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-72.40

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$244.98

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	7.1%	8.2%	9.8%	7.6%	N/A
Repurchase of Capital Stock	-$1.0B	-$1.0B	-$2.7B	-$3.2B	N/A
Free Cash Flow	$3.2B ▲	$2.8B ▼	$3.2B ▲	$3.0B •	N/A •
Warren's Owner Earnings	$4.9B	$3.6B	$3.1B	$3.0B	N/A

Peers & Industry

No auto-detected peers for Insurance Brokers. You can manually compare AON against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

2.85%

Low — management has little skin in the game

Return on Equity (ROE)

39.5%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-10.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Gregory Clarence Case

President, CEO & Executive Director

Age 62

Pay: $4,972,698

0.135% of net income

Edmund Reese

Executive VP & Chief Financial Officer

Age 50

Pay: $3,379,666

0.091% of net income

Mindy Simon

Executive VP & Global Chief Operating Officer

Age 48

Pay: $2,914,264

0.079% of net income

Lori Goltermann

Vice Chairman

Age 58

Jay Demeusy

Vice Chairman of US Reinsurance Solutions Business

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.44%	20,171,049
Blackrock Inc.	7.60%	16,236,934
Capital World Investors	5.74%	12,252,904
State Street Corporation	4.31%	9,203,973
Massachusetts Financial Services Co.	4.00%	8,545,036
Dodge & Cox Inc.	3.68%	7,852,456
Morgan Stanley	2.61%	5,570,506
Geode Capital Management, LLC	2.41%	5,141,363

Risk Analysis

Beta (Market Risk)

0.71

Low volatility — more stable than the market

Short Interest

1.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.55x

Moderate leverage

Current Ratio

1.07x

Adequate liquidity

52-Week Price Range

Low: $304.59 Current: $313.92 High: $381.00

Currently at 12% of 52-week range

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