Aon plc (AON) Key Metrics
AON valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $62.06B
- Enterprise value
- $74.34B
- P/E (TTM)
- 16.1 10-yr median 26.8
- Forward P/E
- 13.5
- PEG ratio
- 2.21
- Price / sales
- 3.5 10-yr median 4.5
- Price / book
- 6.2 10-yr median 10.2
- EV / EBITDA
- 11.0 10-yr median 18.4
- Dividend yield
- 1.12% $3.28 a year
- Beta
- 0.69
AON key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAON valuation Price multiples at each fiscal year-end price.
AON returns How much profit the business earns on the capital it uses.
AON per-share figures Results divided by the shares outstanding at year-end.
AON financial health Debt, liquidity and how easily interest is covered.
AON efficiency & capital use Working capital cycle and where the cash goes.
AON valuation history
AON returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AON cash returned to shareholders
AON price vs earnings per share
AON key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $76.40B | $76.32B | $59.66B | $63.99B | $67.96B | $49.25B | $50.11B | $35.90B | $34.93B | $30.15B |
| Enterprise value | $90.13B | $82.59B | $70.54B | $74.52B | $77.54B | $56.98B | $57.76B | $41.49B | $39.77B | $35.77B |
| P/E ratio | 20.7 | 28.8 | 23.3 | 24.7 | 54.1 | 25.0 | 32.7 | 31.7 | 28.5 | 21.6 |
| Price / sales | 4.4 | 4.9 | 4.5 | 5.1 | 5.6 | 4.5 | 4.6 | 3.3 | 3.5 | 3.2 |
| Price / book | 8.0 | 11.9 | — | — | 58.7 | 13.7 | 14.5 | 8.5 | 7.5 | 5.4 |
| Price / free cash flow | 23.7 | 27.1 | 18.7 | 21.2 | 33.2 | 18.6 | 31.1 | 24.8 | 63.4 | 14.3 |
| Price / operating cash flow | 21.9 | 25.1 | 17.4 | 19.9 | 31.1 | 17.7 | 27.3 | 21.3 | 47.6 | 13.0 |
| EV / sales | 5.2 | 5.3 | 5.3 | 6.0 | 6.4 | 5.1 | 5.2 | 3.9 | 4.0 | 3.8 |
| EV / EBITDA | 16.9 | 16.7 | 18.6 | 19.5 | 30.1 | 17.7 | 21.1 | 18.1 | 21.4 | 17.9 |
| EV / free cash flow | 28.0 | 29.3 | 22.2 | 24.7 | 37.9 | 21.6 | 35.9 | 28.7 | 72.2 | 17.0 |
| Earnings yield | 4.8% | 3.5% | 4.3% | 4.0% | 1.8% | 4.0% | 3.1% | 3.2% | 3.5% | 4.6% |
| Free cash flow yield | 4.2% | 3.7% | 5.3% | 4.7% | 3.0% | 5.4% | 3.2% | 4.0% | 1.6% | 7.0% |
| Dividend yield | 0.8% | 0.7% | 0.8% | 0.7% | 0.7% | 0.8% | 0.8% | 1.1% | 1.0% | 1.1% |
| Shareholder yield (dividends + buybacks) | 2.1% | 2.0% | 5.3% | 5.7% | 5.9% | 4.4% | 4.7% | 5.2% | 7.9% | 5.3% |
| Share price at fiscal year-end | $352.88 | $359.16 | $291.02 | $300.14 | $300.56 | $211.27 | $208.29 | $145.36 | $134.00 | $111.53 |
| Per share | ||||||||||
| Revenue per share | $79.36 | $73.87 | $65.25 | $58.53 | $53.93 | $47.47 | $45.77 | $43.60 | $38.35 | $34.81 |
| Earnings per share | $17.07 | $12.49 | $12.51 | $12.14 | $5.55 | $8.45 | $6.37 | $4.59 | $4.70 | $5.16 |
| Operating cash flow per share | $16.08 | $14.28 | $16.76 | $15.10 | $9.65 | $11.94 | $7.63 | $6.83 | $2.82 | $8.61 |
| Free cash flow per share | $14.86 | $13.26 | $15.53 | $14.18 | $9.04 | $11.33 | $6.69 | $5.85 | $2.11 | $7.78 |
| Cash per share | $12.92 | $54.70 | $5.60 | $5.36 | $3.70 | $5.11 | $3.86 | $3.35 | $4.93 | $2.65 |
| Book value per share | $44.10 | $30.26 | −$3.62 | −$2.01 | $5.12 | $15.37 | $14.33 | $17.08 | $17.83 | $20.47 |
| Tangible book value per share | −$55.32 | −$73.16 | −$45.80 | −$43.00 | −$34.36 | −$24.55 | −$22.86 | −$20.65 | −$20.88 | −$20.12 |
| Dividends per share | $2.91 | $2.64 | $2.39 | $2.17 | $1.98 | $1.77 | $1.70 | $1.55 | $1.40 | $1.28 |
| Capex per share | $1.21 | $1.03 | $1.23 | $0.92 | $0.61 | $0.60 | $0.94 | $0.97 | $0.70 | $0.82 |
| Debt per share | $76.36 | $84.20 | $58.69 | $54.77 | $46.10 | $38.29 | $35.62 | $25.96 | $23.47 | $23.46 |
| Shares outstanding | 216.5M | 212.5M | 205.0M | 213.2M | 226.1M | 233.1M | 240.6M | 247.0M | 260.7M | 270.3M |
| Change in shares outstanding | +1.9% | +3.7% | −3.8% | −5.7% | −3.0% | −3.1% | −2.6% | −5.3% | −3.6% | −4.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 46.3% | 93.3% | — | — | 52.9% | 56.0% | 40.0% | 25.6% | 24.1% | 23.9% |
| Return on invested capital (ROIC) | 19.0% | 26.4% | 31.0% | 29.5% | 12.8% | 20.3% | 17.5% | 14.1% | 6.6% | 14.4% |
| Return on assets (ROA) | 7.4% | 6.4% | 7.7% | 8.0% | 3.9% | 6.4% | 5.5% | 4.3% | 4.7% | 5.2% |
| Return on tangible assets | 12.6% | 9.8% | 10.1% | 10.8% | 5.5% | 8.6% | 7.5% | 6.6% | 7.7% | 8.9% |
| Free cash flow margin | 18.7% | 17.9% | 23.8% | 24.2% | 16.8% | 23.9% | 14.6% | 13.4% | 5.5% | 22.4% |
| Income quality (OCF / net income) | 0.94 | 1.14 | 1.34 | 1.24 | 1.74 | 1.41 | 1.20 | 1.49 | 0.60 | 1.67 |
| Financial health | ||||||||||
| Total debt | $16.53B | $17.89B | $12.03B | $11.68B | $10.42B | $8.93B | $8.57B | $6.41B | $6.12B | $6.34B |
| Cash & short-term investments | $2.80B | $11.62B | $1.15B | $1.14B | $836.0M | $1.19B | $928.0M | $828.0M | $1.28B | $716.0M |
| Net debt | $13.73B | $6.27B | $10.88B | $10.54B | $9.59B | $7.73B | $7.64B | $5.58B | $4.83B | $5.62B |
| Debt / equity | 1.73 | 2.78 | — | — | 9.00 | 2.49 | 2.48 | 1.52 | 1.32 | 1.15 |
| Debt / assets | 0.33 | 0.37 | 0.35 | 0.36 | 0.33 | 0.28 | 0.29 | 0.24 | 0.23 | 0.24 |
| Net debt / EBITDA | 2.57 | 1.27 | 2.88 | 2.75 | 3.72 | 2.41 | 2.79 | 2.44 | 2.60 | 2.81 |
| Current ratio | 1.11 | 1.02 | 1.00 | 1.02 | 1.00 | 1.07 | 1.06 | 1.08 | 1.07 | 1.05 |
| Quick ratio | 1.11 | 1.02 | 1.00 | 0.24 | 0.24 | 0.28 | 0.30 | 0.32 | 0.32 | 0.29 |
| Interest coverage | 5.3 | 4.9 | 7.8 | 9.0 | 6.5 | 8.3 | 7.1 | 5.6 | 3.8 | 6.4 |
| Working capital | $2.55B | $437.0M | $53.0M | $417.0M | −$41.0M | $1.25B | $905.0M | $1.08B | $922.0M | $651.0M |
| Invested capital | $23.28B | $12.70B | $10.14B | $10.11B | $10.74B | $11.32B | $11.09B | $9.80B | $9.48B | $11.16B |
| Tangible asset value | −$11.98B | −$15.55B | −$9.39B | −$9.17B | −$7.77B | −$5.72B | −$5.50B | −$5.10B | −$5.44B | −$5.44B |
| Net current asset value | −$15.46B | −$19.10B | −$13.00B | −$12.41B | −$11.74B | −$9.85B | −$9.48B | −$7.83B | −$7.76B | −$7.94B |
| Graham number | $130.14 | $92.21 | — | — | $25.29 | $54.05 | $45.32 | $42.01 | $43.43 | $48.77 |
| Graham net-net per share | −$162.96 | −$106.63 | −$151.65 | −$101.83 | −$90.14 | −$77.49 | −$69.46 | −$57.20 | −$51.31 | −$51.68 |
| Capital allocation | ||||||||||
| Dividends paid | $629.0M | $562.0M | $489.0M | $463.0M | $447.0M | $412.0M | $410.0M | $382.0M | $364.0M | $345.0M |
| Share buybacks (net) | $1.00B | $1.00B | $2.70B | $3.20B | $3.54B | $1.76B | $1.96B | $1.47B | $2.40B | $1.26B |
| Dividend payout ratio | 17.0% | 21.2% | 19.1% | 17.9% | 35.6% | 20.9% | 26.8% | 33.7% | 29.7% | 24.7% |
| Dividends + buybacks / free cash flow | 50.6% | 55.4% | 100.2% | 121.3% | 195.1% | 82.3% | 147.2% | 128.1% | 501.5% | 76.1% |
| Capex / revenue | 1.5% | 1.4% | 1.9% | 1.6% | 1.1% | 1.3% | 2.0% | 2.2% | 1.8% | 2.4% |
| Capex / operating cash flow | 7.6% | 7.2% | 7.3% | 6.1% | 6.3% | 5.1% | 12.3% | 14.2% | 24.9% | 9.5% |
| Capex / depreciation | 0.27 | 0.32 | 0.98 | 0.74 | 0.42 | 0.34 | 0.40 | 0.31 | 0.21 | 0.70 |
| Stock-based compensation / revenue | 2.5% | 3.0% | 3.3% | 3.2% | 3.7% | 2.8% | 2.9% | 3.1% | 3.2% | 3.5% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| SG&A / revenue | 9.1% | 12.8% | 15.6% | 13.9% | 20.8% | 13.6% | 15.6% | 17.4% | 17.1% | 16.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 162.5 | 167.2 | 87.3 | 91.5 | 94.5 | 105.0 | 100.8 | 93.3 | 88.1 | 94.3 |
| Days of inventory on hand | — | -5.9 | — | 853.4 | 763.2 | 791.9 | 663.2 | 591.8 | 581.0 | 642.7 |
| Days payables outstanding | 117.1 | 113.8 | 115.7 | 121.3 | 114.0 | 122.2 | 117.0 | 116.7 | 108.4 | 111.7 |
| Cash conversion cycle (days) | 45.4 | 47.4 | -28.4 | 823.5 | 743.7 | 774.7 | 647.0 | 568.4 | 560.7 | 625.3 |
| Receivables turnover | 2.25 | 2.18 | 4.18 | 3.99 | 3.86 | 3.48 | 3.62 | 3.91 | 4.14 | 3.87 |
| Payables turnover | 3.12 | 3.21 | 3.15 | 3.01 | 3.20 | 2.99 | 3.12 | 3.13 | 3.37 | 3.27 |
| Inventory turnover | — | — | — | 0.43 | 0.48 | 0.46 | 0.55 | 0.62 | 0.63 | 0.57 |
| Asset turnover | 0.34 | 0.38 | 0.40 | 0.39 | 0.38 | 0.36 | 0.39 | 0.41 | 0.38 | 0.35 |
| Average receivables | $7.65B | $7.19B | $3.20B | $3.13B | $3.16B | $3.18B | $3.04B | $2.75B | $2.41B | $2.43B |
| Average payables | $2.88B | $2.58B | $2.19B | $2.15B | $2.10B | $1.98B | $1.94B | $1.95B | $1.78B | $1.69B |
| Average inventory | — | −$135.0M | — | $15.14B | $14.09B | $12.81B | $11.00B | $9.90B | $9.55B | $9.71B |
| Intangibles / total assets | 42.4% | 44.9% | 25.5% | 26.7% | 28.0% | 29.0% | 30.4% | 35.3% | 38.7% | 41.2% |
Computed from AON's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AON valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Aon traded at 20.7 times earnings, against a 10-year median of 26.8. Based on the latest twelve months, the trailing P/E is 16.1 and the forward P/E is 13.5. Aon earned a return on equity of 46.3% and a return on invested capital of 19.0% in fiscal 2025. It ended the year with $16.5 billion of debt and $2.8 billion in cash and short-term investments, net debt of $13.7 billion. It returned $1.6 billion to shareholders: $629.0 million in dividends and $1.0 billion in share buybacks, 51% of free cash flow. The share count fell 19.9% from 270.3M to 216.5M over 9 years.
See the AON income statement, the AON chart for price history, or the AON stock overview for the latest quote and news.
AON key metrics FAQ
What is Aon's P/E ratio?
Aon's trailing P/E ratio is 16.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.5. At the end of fiscal 2025 it was 20.7, compared with a 10-year median of 26.8.
What is Aon's EV/EBITDA?
Aon's enterprise value was 16.9 times EBITDA at the end of fiscal 2025 (enterprise value $90.1 billion, EBITDA $5.3 billion); the current EV/EBITDA is 11.0.
What is Aon's return on equity?
Aon's return on equity (ROE) was 46.3% in fiscal 2025: net income of $3.7 billion on average shareholders' equity of $8.0 billion.
What is Aon's ROIC?
Aon's return on invested capital was 19.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Aon have?
Aon had total debt of $16.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.73 and $13.7 billion of net debt (2.57 times EBITDA).
What is Aon's dividend yield?
Aon's forward dividend yield is 1.12%. Aon paid $629.0 million in dividends in fiscal 2025 ($2.91 per share), a payout ratio of 17.0%.
Does Aon buy back its shares?
Yes. Aon spent $1.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed +1.9% over the year, to 216.5M..
What is Aon's free cash flow yield?
Aon generated $3.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.2% on its market value at year-end ($76.4 billion).
What is Aon's current ratio?
Aon's current ratio was 1.11 at the end of fiscal 2025: current assets were 1.11 times current liabilities.