Aon (AON)
Market Price (2/24/2026): $315.32 | Market Cap: $67.9 BilSector: Financials | Industry: Insurance Brokers
Aon (AON)
Market Price (2/24/2026): $315.32Market Cap: $67.9 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4% | Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -62% | Key risksAON key risks include [1] cyberattacks and data breaches that could compromise its brand as a trusted manager of sensitive client information and [2] a failure to attract and retain the top talent that is the foundation of its professional services model. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 3.5 Bil, FCF LTM is 3.2 Bil | ||
| Low stock price volatilityVol 12M is 24% | ||
| Megatrend and thematic driversMegatrends include Cybersecurity, Digital Health & Telemedicine, Aging Population & Chronic Disease, AI in Financial Services, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 3.5 Bil, FCF LTM is 3.2 Bil |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Digital Health & Telemedicine, Aging Population & Chronic Disease, AI in Financial Services, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -62% |
| Key risksAON key risks include [1] cyberattacks and data breaches that could compromise its brand as a trusted manager of sensitive client information and [2] a failure to attract and retain the top talent that is the foundation of its professional services model. |
Qualitative Assessment
AI Analysis | Feedback
Aon (AON) stock has lost about 5% since 10/31/2025 because of the following key factors:
1. Revenue Miss in Q4 2025 Earnings.
Aon reported its fourth-quarter and full-year 2025 results on January 30, 2026. While the company surpassed adjusted earnings per share (EPS) expectations with $4.85 against a forecast of $4.75, it missed revenue estimates, reporting $4.3 billion compared to a projected $4.38 billion. Despite some positive aspects like increased organic revenue growth and improved operating margin, the revenue shortfall likely contributed to investor concerns regarding top-line growth.
2. Significant Decline Following Ukraine War-Risk Insurance Announcement.
A substantial portion of the stock's loss occurred on February 9, 2026, when Aon's shares plummeted 9.27% after the announcement of a new $25 million war-risk insurance facility in Ukraine. This initiative, a partnership with KNIAZHA VIENNA INSURANCE GROUP and the U.S. International Development Finance Corporation, became effective on February 1, 2026. Analysts indicated that investors reacted with skepticism about the long-term strategic value versus short-term earnings stability, highlighting concerns about politically sensitive investments and geopolitical volatility.
Show more
1. Revenue Miss in Q4 2025 Earnings.
Aon reported its fourth-quarter and full-year 2025 results on January 30, 2026. While the company surpassed adjusted earnings per share (EPS) expectations with $4.85 against a forecast of $4.75, it missed revenue estimates, reporting $4.3 billion compared to a projected $4.38 billion. Despite some positive aspects like increased organic revenue growth and improved operating margin, the revenue shortfall likely contributed to investor concerns regarding top-line growth.
2. Significant Decline Following Ukraine War-Risk Insurance Announcement.
A substantial portion of the stock's loss occurred on February 9, 2026, when Aon's shares plummeted 9.27% after the announcement of a new $25 million war-risk insurance facility in Ukraine. This initiative, a partnership with KNIAZHA VIENNA INSURANCE GROUP and the U.S. International Development Finance Corporation, became effective on February 1, 2026. Analysts indicated that investors reacted with skepticism about the long-term strategic value versus short-term earnings stability, highlighting concerns about politically sensitive investments and geopolitical volatility.
Show more
Stock Movement Drivers
Fundamental Drivers
The -7.0% change in AON stock from 10/31/2025 to 2/23/2026 was primarily driven by a -31.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 339.21 | 315.31 | -7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,028 | 17,181 | 0.9% |
| Net Income Margin (%) | 16.0% | 21.5% | 34.7% |
| P/E Multiple | 26.9 | 18.4 | -31.8% |
| Shares Outstanding (Mil) | 216 | 215 | 0.2% |
| Cumulative Contribution | -7.0% |
Market Drivers
10/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| AON | -7.0% | |
| Market (SPY) | 0.0% | -5.6% |
| Sector (XLF) | -3.1% | 33.2% |
Fundamental Drivers
The -10.8% change in AON stock from 7/31/2025 to 2/23/2026 was primarily driven by a -37.4% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 353.43 | 315.31 | -10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,752 | 17,181 | 2.6% |
| Net Income Margin (%) | 15.5% | 21.5% | 38.4% |
| P/E Multiple | 29.4 | 18.4 | -37.4% |
| Shares Outstanding (Mil) | 216 | 215 | 0.4% |
| Cumulative Contribution | -10.8% |
Market Drivers
7/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| AON | -10.8% | |
| Market (SPY) | 8.3% | -2.7% |
| Sector (XLF) | -2.8% | 33.2% |
Fundamental Drivers
The -14.1% change in AON stock from 1/31/2025 to 2/23/2026 was primarily driven by a -43.9% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 367.00 | 315.31 | -14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,926 | 17,181 | 15.1% |
| Net Income Margin (%) | 16.3% | 21.5% | 31.8% |
| P/E Multiple | 32.8 | 18.4 | -43.9% |
| Shares Outstanding (Mil) | 217 | 215 | 1.0% |
| Cumulative Contribution | -14.1% |
Market Drivers
1/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| AON | -14.1% | |
| Market (SPY) | 14.4% | 25.7% |
| Sector (XLF) | -0.4% | 45.3% |
Fundamental Drivers
The 1.4% change in AON stock from 1/31/2023 to 2/23/2026 was primarily driven by a 38.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 310.98 | 315.31 | 1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,429 | 17,181 | 38.2% |
| Net Income Margin (%) | 22.5% | 21.5% | -4.4% |
| P/E Multiple | 23.5 | 18.4 | -21.7% |
| Shares Outstanding (Mil) | 211 | 215 | -2.0% |
| Cumulative Contribution | 1.4% |
Market Drivers
1/31/2023 to 2/23/2026| Return | Correlation | |
|---|---|---|
| AON | 1.4% | |
| Market (SPY) | 74.1% | 27.0% |
| Sector (XLF) | 45.1% | 42.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AON Return | 43% | 1% | -2% | 24% | -1% | -8% | 60% |
| Peers Return | 26% | 7% | 17% | 36% | -14% | -12% | 61% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| AON Win Rate | 67% | 42% | 50% | 75% | 42% | 0% | |
| Peers Win Rate | 65% | 48% | 48% | 67% | 48% | 0% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AON Max Drawdown | -4% | -17% | -5% | -5% | -9% | -12% | |
| Peers Max Drawdown | -11% | -18% | -13% | -1% | -20% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTW, AJG, BRO, RYAN, ERIE. See AON Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/23/2026 (YTD)
How Low Can It Go
| Event | AON | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -25.5% | -25.4% |
| % Gain to Breakeven | 34.2% | 34.1% |
| Time to Breakeven | 327 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -16.1% | -33.9% |
| % Gain to Breakeven | 19.2% | 51.3% |
| Time to Breakeven | 94 days | 148 days |
Compare to WTW, AJG, BRO, RYAN, ERIE
In The Past
Aon's stock fell -25.5% during the 2022 Inflation Shock from a high on 4/11/2022. A -25.5% loss requires a 34.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aon (AON)
Aon plc, a professional services firm, provides advice and solutions to clients focused on risk, retirement, and health worldwide. It offers commercial risk solutions, including retail brokerage, cyber, and global risk consulting solutions, as well as acts as a captives management; and health solutions, such as health and benefits brokerages, and health care exchanges. The company also provides treaty and facultative reinsurance, as well as insurance-linked securities, capital raising, strategic advice, restructuring, and mergers and acquisitions services; and corporate finance advisory services and capital markets solutions products. In addition, it offers strategic design consulting services on their retirement programs, actuarial services, and risk management services; advice services on developing and maintaining investment programs across a range of plan types, including defined benefit plans, defined contribution plans, endowments, and foundations for public and private companies, and other institutions; and advice and solutions that help clients in risk, health, and wealth through commercial risk, reinsurance, health, and wealth solutions. Further, the company offers CoverWallet; Affinity; Aon Inpoint; CoverWallet; and ReView services. Aon plc was founded in 1919 and is headquartered in Dublin, Ireland.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Aon:
- Aon is like a Deloitte or Accenture for corporate risk management, insurance brokerage, and employee benefits.
- Aon is like the Goldman Sachs for corporate risk and human capital solutions.
AI Analysis | Feedback
Risk Solutions
- Commercial Risk Brokerage: Aon advises businesses on risk management and arranges tailored insurance coverage for various exposures, including property, liability, and cyber risks.
- Reinsurance Solutions: Aon assists insurance companies in managing their own risk portfolios by facilitating the placement of reinsurance coverage with other insurers globally.
Health Solutions
- Health & Benefits Brokerage and Consulting: Aon helps organizations design, implement, and manage comprehensive employee health, welfare, and benefits programs to attract and retain talent.
Wealth Solutions
- Retirement & Investment Consulting: Aon provides consulting services to institutional clients regarding pension plans, defined contribution plans, and broader investment strategies.
AI Analysis | Feedback
Aon plc (symbol: AON)
Aon primarily sells its services to other companies (B2B) rather than directly to individuals. As a global professional services firm providing a broad range of risk, retirement, and health solutions, Aon serves a highly diversified client base across virtually all industries and geographies worldwide. Due to the expansive and diversified nature of its client portfolio, Aon does not have a small number of identifiable "major customers" that account for a significant portion (e.g., 10% or more) of its revenues. Publicly available information, such as their annual reports (10-K), confirms this diversification, stating that no single client accounts for a material portion of their total revenues. Therefore, it is not possible to list specific customer companies by name and symbol as they do not have such concentrated customer relationships that are publicly disclosed. Instead, Aon's customers include a vast number of organizations across various sectors, such as:- Large multinational corporations across diverse industries (e.g., manufacturing, technology, financial services, retail)
- Mid-sized businesses seeking risk management, human capital, and health solutions
- Public sector entities, government organizations, and non-profit organizations
AI Analysis | Feedback
nullAI Analysis | Feedback
```htmlGreg Case, Chief Executive Officer
Greg Case is the President and Chief Executive Officer of Aon, having joined the company in 2005. Before his time at Aon, he was involved with McKinsey & Company, where he served on the Governing Shareholder Council and led the Global Insurance and Financial Services Practice. His prior experience also includes working for the investment banking firm of Piper, Jaffray and Hopwood, and at the Federal Reserve Bank.
Edmund Reese, Executive Vice President and Chief Financial Officer (effective July 29, 2024)
Edmund Reese will assume the role of Executive Vice President and Chief Financial Officer at Aon, effective July 29, 2024, succeeding Christa Davies. He brings over 25 years of financial leadership from large public companies in the financial services, payments, and technology sectors. Most recently, he served as the CFO of Broadridge Financial Solutions since 2020. Prior to that, Reese held significant roles at American Express, including Senior Vice President and CFO of its largest business unit, Global Consumer Services Group, and also led Investor Relations and served as CFO of Global Business Services. His earlier career included positions as CFO of the US advisory group at Merrill Lynch and CFO of the corporate client group and stock plan services at Citigroup Smith Barney.
Eric Andersen, Strategic Advisor to the President and Chief Executive Officer
Eric Andersen serves as Strategic Advisor to the President and Chief Executive Officer of Aon, having transitioned from his role as President through June 2026. He joined Aon in 1997 through the acquisition of Minet and has held numerous leadership positions during his extensive career at the company, including Chief Executive Officer of Aon Benfield and Chief Executive Officer of Aon Risk Solutions Americas.
Lori Goltermann, Chief Executive Officer, Regions and North America
Lori Goltermann is the CEO of Regions and North America at Aon, with a career spanning over three decades at the firm, which she joined in 1993. Her previous roles at Aon include CEO of Aon's U.S. Commercial Risk and Health Solutions businesses, CEO of the U.S. Health Solutions practice, and leading the Private Equity Mergers & Acquisitions Practice.
Darren Zeidel, Executive Vice President, General Counsel and Company Secretary
Darren Zeidel is the Executive Vice President, General Counsel and Company Secretary of Aon, a position he assumed in 2019. He joined Aon in 2012 and has held various leadership roles within the legal team. Notably, as Global Chief Counsel for Aon Hewitt, he played a leading role in the divestiture of the outsourcing business. Before joining Aon, Zeidel worked at Honeywell in various general counsel roles within its aerospace strategic business unit and at Honeywell UOP. He began his legal career as an associate in the Mergers & Acquisitions group at Skadden, Arps, Slate, Meagher & Flom LLP.
```AI Analysis | Feedback
Aon plc (AON), a global professional services firm, faces several key business risks, with a strong emphasis on interconnected threats in a volatile global environment.
The three most significant risks to Aon's business are:
- Cyberattacks and Data Breaches: Consistently ranked as the top global risk in Aon's own surveys, cyberattacks and data breaches pose a critical threat. This risk encompasses computer crime, hacking, viruses, and malicious codes, and is closely linked to potential damage to Aon's brand and reputation, especially given its role in managing sensitive client information and providing risk solutions.
- Business Interruption: This risk regularly appears among the top concerns for businesses, including Aon. The interconnected nature of modern operations means that disruptions, whether from cyber incidents, natural catastrophes, or other events, can have widespread and simultaneous impacts across industries and companies, directly affecting Aon's ability to deliver its services.
- Failure to Attract or Retain Top Talent: As a professional services firm, Aon's success is heavily reliant on its human capital. Chronic employee shortages, a widening skills gap, and workers' demands for better work/life balance make it vital for Aon to maintain competitive employee value propositions and well-being strategies. While its ranking might fluctuate, Aon emphasizes that human capital challenges are deeply connected to every aspect of business resilience, especially as AI transforms the workforce.
AI Analysis | Feedback
nullAI Analysis | Feedback
Aon plc (AON) operates primarily through two main segments: Risk Capital and Human Capital, which encompass Commercial Risk, Reinsurance, Health, and Wealth solutions.
Here are the addressable market sizes for Aon's main products and services:
- Commercial Risk Solutions: The global commercial insurance market size was valued at USD 922.5 billion in 2024 and is projected to reach USD 1,684.0 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2025-2033. North America held the largest share of this market in 2024.
- Reinsurance Solutions: The global reinsurance market size was valued at approximately USD 581.3 billion in 2024 and is expected to reach USD 1,165.7 billion by 2033, growing at a CAGR of 8.04% during 2025-2033. North America was the largest market for reinsurance, contributing over 44% of revenue share in 2024.
- Health Solutions: The global benefits consulting service market size reached approximately USD 45 billion in 2023 and is projected to grow to USD 74 billion by 2032, with a CAGR of 6.2%. Another estimate for the global Benefits Consulting Service market places its current value at USD 102 billion, projected to reach USD 172.2 billion by 2030. North America holds the largest share, with a market size of approximately USD 20 billion in 2023.
- Wealth Solutions: The broader global wealth management market was valued at USD 1.25 trillion in 2020 and is projected to reach USD 3.43 trillion by 2030. More specifically, the global WealthTech Solutions market was over USD 7.86 billion in 2025 and is projected to reach USD 32.64 billion by 2035. North America is expected to hold the largest revenue share in the WealthTech Solutions market.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Aon (AON) Over the Next 2-3 Years:
Aon (AON) anticipates future revenue growth will be driven by several key strategic initiatives and market opportunities, as outlined in recent earnings reports and investor communications. The company consistently reaffirms its commitment to achieving mid-single-digit or greater organic revenue growth over the next few years. Here are 3-5 expected drivers:- Aon United Strategy and Integrated Solutions: Aon's "Aon United" strategy is a core driver, focusing on addressing complex client needs at the intersection of Risk Capital and Human Capital. This integrated approach, powered by Aon Business Services (ABS), aims to deepen client relationships by providing actionable insights and innovative solutions, leading to new business wins and strong client retention. The company highlights its ability to meet fast-evolving client needs and transform the client experience, which is expected to drive sustainable top-line growth.
- Expansion in Middle Market and New Business Generation: Aon is actively expanding its presence and capturing demand in the middle market segment. The acquisition of NFP is explicitly mentioned as enabling Aon to unlock this fast-growing market, enhancing distribution, and further accelerating the Aon United strategy. This expansion, coupled with a focus on winning new business and deepening relationships with existing clients through data-led solutions, is a significant contributor to organic revenue growth. New business contributed 5 points to organic revenue growth in Q3 2025.
- Growth in Data Center Insurance and Emerging Risks: Aon is actively capitalizing on the burgeoning demand for data center construction and related insurance. The company projects over $10 billion in new premium volume from data center insurance by 2026, indicating this as a substantial driver of future growth. More broadly, Aon is developing new capabilities for emerging risks, such as those related to AI and supply chain volatility, which are expected to create new demand categories and innovative capital solutions for clients.
- Leveraging Data & Analytics and Aon Business Services (ABS): Aon emphasizes its investments in data capabilities and analytics to enable smarter and faster decisions for clients. Aon Business Services (ABS) is a key enabler of this, driving scale benefits and operational efficiency, which in turn supports revenue growth and margin expansion. The company's analytic capabilities provide predictive insights, helping clients manage risk and benefits budgets, and are experiencing high demand.
- Strategic Capital Allocation and Tuck-in Acquisitions: While not a direct driver of *organic* revenue, Aon's disciplined capital allocation strategy, including targeted tuck-in acquisitions, is expected to contribute to overall revenue growth. The company's increased capital flexibility, partly from the divestiture of its NFP wealth business, allows for strategic investments that can further enhance growth prospects. Furthermore, Aon expects double-digit free cash flow growth over the 2023-2026 period, which provides capital for these growth-oriented investments.
AI Analysis | Feedback
Aon Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In November 2020, Aon's board authorized a new $5 billion share buyback program, supplementing an existing program that had approximately $1.1 billion remaining as of September 30, 2020.
- An additional $7.5 billion share repurchase authorization was announced in February 2022, increasing the total authorization to approximately $9.2 billion.
- As of September 30, 2025, approximately $1.6 billion remained authorized for share repurchases under the program. Aon repurchased 0.7 million shares for approximately $250 million in the three months ended September 30, 2025, and 2.0 million shares for approximately $750 million in the nine months ended September 30, 2025.
Share Issuance
- In connection with the acquisition of NFP, completed in April 2024, approximately $6 billion of the purchase price was funded by Aon stock.
- Proceeds from the issuance of shares amounted to $60 million for the nine months ended September 30, 2025.
- The Ireland Reorganization in 2020 involved the issuance of approximately 231 million Class A ordinary shares of Aon plc.
Outbound Investments
- Aon acquired NFP for $13.4 billion, with the transaction announced in December 2023 and completed in April 2024. This strategic investment aimed to expand Aon's presence in the US mid-market and wholesale segment.
- The proposed merger with Willis Towers Watson, announced in 2020, was terminated in July 2021, resulting in Aon paying a $1 billion termination fee.
- Aon made four acquisitions in 2024, including the technology assets and intellectual property of Humn.ai in March 2024 to enhance its commercial fleet proposition.
Capital Expenditures
- Aon consistently incurs capital expenditures, with quarterly averages ranging from $50 million to $70 million, signifying ongoing investments to support business growth.
- Capital expenditures are identified as one of the primary uses of Aon's liquidity, supporting operating expenses and investments.
- Aon's management aims for a double-digit free cash flow compound annual growth rate (CAGR) over the 2023-2026 period, partly driven by strategic investments and operational efficiency, which would include capital expenditures.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Aon Earnings Notes | 12/25/2025 | |
| How Low Can Aon Stock Really Go? | 10/17/2025 | |
| Aon vs Apollo Asset Management: Which Is A Better Investment? | 08/18/2025 | |
| Better Bet Than AON Stock: Pay Less Than Aon To Get More From MU, VSTÂ | 08/12/2025 | |
| Better Bet Than AON Stock: Pay Less Than Aon To Get More From SNEXÂ | 08/12/2025 | |
| Aon Total Shareholder Return (TSR): 25.2% in 2024 and 7.6% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Aon (AON) Operating Cash Flow Comparison | 02/17/2025 | |
| Aon (AON) Net Income Comparison | 02/15/2025 | |
| Aon (AON) Operating Income Comparison | 02/14/2025 | |
| ARTICLES | ||
| How Will Aon Stock React To Its Upcoming Earnings? | 10/30/2025 | |
| Stocks Trading At 52-Week Low | 10/30/2025 | |
| S&P 500 Stocks Trading At 52-Week Low | 10/29/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 239.05 |
| Mkt Cap | 25.8 |
| Rev LTM | 7,786 |
| Op Inc LTM | 2,412 |
| FCF LTM | 1,382 |
| FCF 3Y Avg | 1,176 |
| CFO LTM | 1,603 |
| CFO 3Y Avg | 1,412 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.1% |
| Rev Chg 3Y Avg | 16.3% |
| Rev Chg Q | 9.8% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 24.6% |
| Op Mgn 3Y Avg | 24.3% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 21.5% |
| FCF/Rev LTM | 18.7% |
| FCF/Rev 3Y Avg | 19.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.8 |
| P/S | 3.4 |
| P/EBIT | 12.2 |
| P/E | 20.4 |
| P/CFO | 17.8 |
| Total Yield | 5.9% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -11.1% |
| 3M Rtn | -10.9% |
| 6M Rtn | -27.3% |
| 12M Rtn | -31.8% |
| 3Y Rtn | 18.4% |
| 1M Excs Rtn | -9.6% |
| 3M Excs Rtn | -13.1% |
| 6M Excs Rtn | -34.3% |
| 12M Excs Rtn | -43.9% |
| 3Y Excs Rtn | -49.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk Capital | 9,524 | ||||
| Human Capital | 3,864 | ||||
| Corporate/Eliminations | -12 | -17 | -19 | -17 | -14 |
| Commercial Risk Solutions | 6,715 | 6,635 | 5,861 | 4,673 | |
| Health Solutions | 2,224 | 2,154 | 2,067 | 1,667 | |
| Reinsurance Solutions | 2,190 | 1,997 | 1,814 | 1,686 | |
| Wealth Solutions | 1,367 | 1,426 | 1,341 | ||
| Data and Analytic Services | 1,184 | ||||
| Retirement Solutions | 1,817 | ||||
| Total | 13,376 | 12,479 | 12,193 | 11,066 | 11,013 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk Capital | 2,946 | ||||
| Human Capital | 1,097 | ||||
| Corporate/Eliminations | -258 | ||||
| Total | 3,785 |
Price Behavior
Price Behavior
| Market Price | $315.31 | |
| Market Cap ($ Bil) | 68.0 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -22.3% | |
| 50 Days | 200 Days | |
| DMA Price | $341.21 | $351.50 |
| DMA Trend | down | down |
| Distance from DMA | -7.6% | -10.3% |
| 3M | 1YR | |
| Volatility | 28.3% | 24.4% |
| Downside Capture | -0.08 | 32.39 |
| Upside Capture | -53.85 | 7.14 |
| Correlation (SPY) | -7.8% | 25.3% |
AON Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.10 | -0.17 | -0.10 | -0.05 | 0.34 | 0.39 |
| Up Beta | -0.43 | -0.60 | -0.31 | -0.04 | 0.36 | 0.41 |
| Down Beta | 0.92 | 0.46 | 0.17 | 0.09 | 0.42 | 0.40 |
| Up Capture | -80% | -42% | -7% | -9% | 13% | 11% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 10 | 21 | 31 | 60 | 127 | 395 |
| Down Capture | -95% | -52% | -28% | -14% | 38% | 63% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 19 | 29 | 64 | 123 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AON | |
|---|---|---|---|---|
| AON | -19.2% | 24.3% | -0.92 | - |
| Sector ETF (XLF) | -0.3% | 19.6% | -0.13 | 45.5% |
| Equity (SPY) | 12.8% | 19.4% | 0.50 | 25.8% |
| Gold (GLD) | 79.1% | 25.7% | 2.25 | -8.7% |
| Commodities (DBC) | 7.7% | 16.9% | 0.27 | -5.6% |
| Real Estate (VNQ) | 6.6% | 16.7% | 0.21 | 39.0% |
| Bitcoin (BTCUSD) | -30.9% | 44.9% | -0.69 | 7.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AON | |
|---|---|---|---|---|
| AON | 7.6% | 22.7% | 0.29 | - |
| Sector ETF (XLF) | 11.5% | 18.8% | 0.49 | 50.8% |
| Equity (SPY) | 13.2% | 17.0% | 0.61 | 45.3% |
| Gold (GLD) | 23.6% | 17.1% | 1.12 | 1.6% |
| Commodities (DBC) | 10.7% | 19.0% | 0.45 | 3.4% |
| Real Estate (VNQ) | 5.1% | 18.8% | 0.18 | 43.9% |
| Bitcoin (BTCUSD) | 6.7% | 57.1% | 0.34 | 18.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AON | |
|---|---|---|---|---|
| AON | 7.7% | 24.2% | 0.52 | - |
| Sector ETF (XLF) | 13.9% | 22.2% | 0.58 | 51.6% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 49.2% |
| Gold (GLD) | 15.1% | 15.6% | 0.81 | 2.9% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 7.9% |
| Real Estate (VNQ) | 6.9% | 20.7% | 0.30 | 47.4% |
| Bitcoin (BTCUSD) | 67.8% | 66.8% | 1.07 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/30/2026 | 2.0% | ||
| 10/31/2025 | 3.8% | 3.6% | 5.3% |
| 7/25/2025 | 4.6% | -0.3% | 5.4% |
| 4/25/2025 | -8.0% | -3.5% | -2.1% |
| 1/31/2025 | -0.4% | 3.6% | 10.2% |
| 10/25/2024 | 5.2% | 2.8% | 8.4% |
| 7/26/2024 | 8.0% | 9.9% | 12.9% |
| 4/26/2024 | -6.9% | -8.2% | -8.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 14 |
| # Negative | 14 | 13 | 9 |
| Median Positive | 4.9% | 3.7% | 8.3% |
| Median Negative | -2.3% | -3.5% | -5.5% |
| Max Positive | 8.0% | 10.2% | 13.6% |
| Max Negative | -9.3% | -9.7% | -11.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zeidel, Darren | General Counsel | Direct | Sell | 11072025 | 344.52 | 8,800 | 3,031,818 | 6,977,717 | Form |
| 2 | Knight, Lester B | Family Partnership | Buy | 2122026 | 319.24 | 4,000 | 1,276,956 | 45,651,191 | Form | |
| 3 | Zeidel, Darren | General Counsel | Direct | Sell | 2192026 | 325.79 | 5,040 | 1,641,982 | 6,598,583 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.