Latest Ratios: P/E Ratio 21.1x · EV/EBITDA 17.4x · ROE 46.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $77.1B | $76.4B | $76.3B | $59.7B | $64.0B | $68.0B | $49.2B | $50.1B | $35.9B | $34.9B | $30.1B |
| Enterprise Value | $92.4B | $91.7B | $93.1B | $70.9B | $75.0B | $77.8B | $57.3B | $57.9B | $41.7B | $40.3B | $36.1B |
| P/E Ratio → | 21.14 | 20.73 | 28.76 | 23.26 | 24.72 | 54.15 | 25.00 | 32.70 | 31.67 | 28.51 | 21.61 |
| P/S Ratio | 4.49 | 4.45 | 4.86 | 4.46 | 5.13 | 5.57 | 4.45 | 4.55 | 3.33 | 3.49 | 3.20 |
| P/B Ratio | 8.16 | 8.00 | 11.87 | — | — | 58.68 | 13.74 | 14.53 | 8.51 | 7.52 | 5.45 |
| P/FCF | 23.96 | 23.74 | 27.09 | 18.74 | 21.17 | 33.23 | 18.64 | 31.13 | 24.83 | 63.40 | 14.33 |
| P/OCF | 22.15 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 17.41 | 17.28 | 20.60 | 17.55 | 19.06 | 32.22 | 17.94 | 21.18 | 18.01 | 20.60 | 16.93 |
| EV / EBIT | 21.28 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 0.8% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 4.8% | 3.5% | 4.3% | 4.0% | 1.8% | 4.0% | 3.1% | 3.2% | 3.5% | 4.6% |
| FCF Yield | 4.2% | 4.2% | 3.7% | 5.3% | 4.7% | 3.0% | 5.4% | 3.2% | 4.0% | 1.6% | 7.0% |
| Buyback Yield | 1.3% | 1.3% | 1.3% | 4.5% | 5.0% | 5.2% | 3.6% | 3.9% | 4.1% | 6.9% | 4.2% |
| Total Shareholder Yield | 2.1% | 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 |
Integration and leverage volatility
As reported in recent financial filings, Aon trades at a P/B of 7.45, which appears to command a significant premium relative to peers like WTW and AJG, potentially reflecting market confidence in the Aon United model despite the underlying volatility in reported quarterly earnings and equity.
The elevated P/B multiple suggests that investors are pricing in long-term synergy benefits from the Aon Business Services platform rather than current period profitability. However, given the historical instability in ROE and the recent emergence of negative equity periods, this valuation may be vulnerable if the firm fails to demonstrate consistent, organic margin expansion.
Based on quarterly data, the combined ratio has exhibited extreme variance, swinging from a highly profitable 64.0% in 2024Q1 to a concerning 113.5% in 2026Q1, which suggests that underwriting profitability is currently subject to significant operational or claims-related disruptions that warrant further investigation by stakeholders.
The deterioration in the combined ratio to above 100% in the most recent quarter indicates a temporary loss of underwriting discipline or a spike in expense ratios that undermines the firm's core profitability. Investors should monitor whether this trend is a structural shift in cost management or merely a reflection of lumpy reinsurance renewal cycles.
According to the provided financial statements, the firm's D/E ratio has fluctuated significantly, reaching 1.54 in 2026Q1, which indicates that Aon maintains a high degree of financial leverage that may constrain its ability to navigate periods of market stress or fund future strategic acquisitions.
The reliance on debt to support capital allocation strategies, such as share repurchases, appears to have left the balance sheet in a vulnerable state. The historical volatility in equity levels suggests that the firm's capital adequacy is sensitive to non-operating adjustments, which may limit management's flexibility in a softening insurance market.
As noted in institutional research, the P/E ratio is frequently misapplied to Aon, as it fails to account for the significant impact of restructuring charges and pension accounting volatility that often distort the firm's true underlying earnings power and cash-generating capability.
Relying on P/E ignores the reality that Aon's reported net income is frequently influenced by non-cash accruals and one-time integration costs. Analysts should instead prioritize free cash flow per share and organic revenue growth to better assess the firm's core operational health and its ability to sustain shareholder returns.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AON stock.
Aon plc's current P/E ratio is 21.1x. The historical average is 23.8x. This places it at the 53th percentile of its historical range.
Aon plc's current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
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%.
Based on historical data, Aon plc is trading at a P/E of 21.1x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aon plc's current dividend yield is 0.81% with a payout ratio of 17.0%.
Aon plc has 47.7% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Aon plc's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.