AON
Aon plc$316.06
+1.90%Live · FMPMay 29, 2026
Market cap
$67.5B
52w range
304.59 – 381.00
P / E
—
EPS
—
Volume
2.02M
Revenue · FY
$17.18B
+9.45% YoY
Ratios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +44.74% | +48.10% | +48.40% | +47.24% | +47.70% | +47.34% | +47.02% | +47.47% | +48.49% |
| Operating margin | +17.14% | +29.40% | +28.30% | +24.43% | +25.28% | +25.65% | +26.34% | +25.93% | +26.41% |
| EBITDA margin | +21.15% | +30.66% | +29.22% | +31.44% | +31.13% | +30.52% | +30.75% | +31.27% | +31.45% |
| EBIT margin | +18.48% | +28.54% | +27.31% | +27.07% | +25.50% | +25.94% | +27.09% | +26.74% | +26.48% |
| Pre-tax margin | +15.84% | +25.29% | +23.69% | +22.05% | +27.70% | +24.90% | +23.91% | +24.65% | +24.04% |
| Net margin | +10.29% | +20.75% | +19.17% | +16.91% | +21.51% | +18.79% | +18.86% | +18.84% | +18.81% |
| Cost structure | |||||||||
| Cost of revenue / sales | +55.26% | +51.90% | +51.60% | +52.76% | +52.30% | +53.21% | +52.77% | +51.60% | +52.38% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +20.84% | +13.94% | +13.92% | +12.83% | +9.09% | +12.25% | +12.04% | +12.13% | +12.28% |
| Effective tax rate | +32.26% | +16.16% | +17.07% | +21.43% | +21.20% | +20.13% | +20.08% | +20.19% | +20.61% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +108.38% | -603.50% | -345.55% | +41.28% | +38.70% | +66.38% | +67.56% | +67.62% | +67.67% |
| Return on assets (ROA) | +3.93% | +7.92% | +7.55% | +5.42% | +7.28% | +6.72% | +6.71% | +6.73% | +6.51% |
| Return on capital (ROC) | +18.05% | +32.62% | +33.53% | +15.77% | +16.66% | +20.22% | +20.27% | +20.58% | +20.99% |
| Return on invested capital (ROIC) | +10.84% | +23.02% | +22.71% | +10.91% | +14.17% | +14.81% | +14.51% | +14.95% | +14.94% |
| Asset turnover | +38.19% | +38.16% | +39.39% | +32.06% | +33.83% | +35.77% | +35.59% | +35.71% | +34.59% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.29% | +20.75% | +19.17% | +16.91% | +21.51% | +18.79% | +18.86% | +18.84% | +18.81% |
| Asset turnover (× revenue / assets) | +38.19% | +38.16% | +39.39% | +32.06% | +33.83% | +35.77% | +35.59% | +35.71% | +34.59% |
| Equity multiplier (× assets / equity) | +2757.17% | -7623.31% | -4576.68% | +761.51% | +531.88% | +987.50% | +1006.60% | +1004.84% | +1040.15% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.38 | 0.38 | 0.39 | 0.32 | 0.34 | 0.36 | 0.36 | 0.36 | 0.35 |
| Fixed-asset turnover | 9.27 | 9.93 | 10.18 | 11.57 | 12.46 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 3.87 | 4.01 | 4.07 | 1.42 | 4.08 | — | — | — | — |
| Payables turnover | 3.07 | 3.06 | 3.05 | 2.85 | 3.14 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 94.21 | 90.94 | 89.75 | 257.93 | 89.42 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 118.74 | 119.13 | 119.62 | 128.01 | 116.22 | — | — | — | — |
| Cash conversion cycle | -24.54 | -28.20 | -29.87 | 129.92 | -26.81 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.74 | 1.24 | 1.34 | 1.14 | 0.94 | 1.12 | 1.19 | 1.13 | 1.13 |
| FCF / Net income | 1.63 | 1.17 | 1.24 | 1.06 | 0.87 | 1.06 | 1.07 | 1.04 | 1.09 |
| FCF margin | +16.77% | +24.22% | +23.80% | +17.94% | +18.73% | +20.01% | +20.20% | +19.58% | +20.54% |
| OCF margin | +17.90% | +25.80% | +25.68% | +19.33% | +20.26% | +21.14% | +22.40% | +21.32% | +21.25% |
| CapEx / Revenue | +1.12% | +1.57% | +1.88% | +1.39% | +1.53% | +1.60% | +1.60% | +1.61% | +1.60% |
| CapEx / D&A | 0.42 | 0.74 | 0.98 | 0.32 | 0.27 | — | — | — | — |
| Stock-based comp / Revenue | +3.68% | +3.18% | +3.27% | +3.02% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 5.55 | 12.14 | 12.51 | 12.49 | 17.02 | 19.15 | 21.41 | 23.82 | 24.80 |
| EPS · basic | 5.59 | 12.23 | 12.60 | 12.55 | 17.13 | 19.55 | 21.46 | 24.06 | 25.11 |
| Book value / share | 5.12 | -2.01 | -3.62 | 30.26 | 44.10 | 23.46 | 25.01 | 26.12 | 26.68 |
| Tangible BV / share | -34.36 | -43.00 | -45.80 | -73.16 | -55.32 | 23.46 | 25.01 | 26.12 | 26.68 |
| Sales / share | 53.93 | 58.53 | 65.25 | 73.87 | 79.36 | 82.88 | 89.58 | 93.72 | 95.98 |
| Operating CF / share | 9.65 | 15.10 | 16.76 | 14.28 | 16.08 | 17.52 | 20.07 | 19.98 | 20.40 |
| Free cash flow / share | 9.04 | 14.18 | 15.53 | 13.26 | 14.86 | 16.58 | 18.09 | 18.35 | 19.71 |
| Dividends / share | 1.98 | 2.17 | 2.39 | 2.64 | 2.91 | 2.94 | 3.21 | 3.45 | 3.55 |
| Payout ratio | +35.62% | +17.88% | +19.07% | +21.18% | +17.02% | +18.86% | +18.97% | +19.52% | +19.67% |
| Retention ratio | +64.38% | +82.12% | +80.93% | +78.82% | +82.98% | +81.14% | +81.03% | +80.48% | +80.33% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +2.35% | +7.19% | +17.36% | +9.45% | +4.97% | +6.59% | +6.00% | +1.67% | +6.85% |
| Gross profit · YoY | — | +10.03% | +7.86% | +14.54% | +10.53% | +4.17% | +5.87% | +7.01% | +3.84% | +7.93% |
| Profit | ||||||||||
| Operating income · YoY | — | +75.55% | +3.16% | +1.32% | +13.27% | +6.50% | +9.46% | +4.34% | +3.56% | +12.78% |
| EBITDA · YoY | — | +48.35% | +2.17% | +26.27% | +8.35% | +2.93% | +7.37% | +7.80% | +2.25% | +12.28% |
| Net income · YoY | — | +106.29% | -0.97% | +3.51% | +39.22% | -8.29% | +7.00% | +5.89% | +1.48% | +15.21% |
| Operating | ||||||||||
| EBIT · YoY | — | +58.10% | +2.55% | +16.34% | +3.11% | +6.77% | +11.29% | +4.65% | +0.65% | +11.76% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +118.74% | +3.05% | -0.16% | +36.27% | +12.53% | +11.79% | +11.25% | +4.13% | +20.58% |
| EPS · basic · YoY | — | +118.78% | +3.03% | -0.40% | +36.49% | +14.14% | +9.78% | +12.08% | +4.39% | +20.66% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $10.42B | $11.68B | $12.03B | $17.89B | $16.53B | $17.77B | $19.61B | $20B | $20.32B |
| Net debt | $9.88B | $10.99B | $11.25B | $16.81B | $15.34B | $16.58B | $18.32B | $18.67B | $18.93B |
| Net debt / EBITDA | 3.83 | 2.87 | 2.88 | 3.40 | 2.87 | 3.01 | 3.10 | 2.93 | 2.91 |
| Debt / equity | 9.00 | -27.22 | -16.22 | 2.78 | 1.73 | 3.48 | 3.65 | 3.52 | 3.53 |
| Debt / assets | +32.65% | +35.71% | +35.43% | +36.54% | +32.55% | +35.26% | +36.31% | +35.06% | +33.92% |
| Equity / assets | +3.63% | -1.31% | -2.18% | +13.13% | +18.80% | +10.13% | +9.93% | +9.95% | +9.61% |
| Coverage | |||||||||
| EBITDA / interest expense | 8.01 | 9.42 | 8.08 | 6.26 | 6.56 | 6.90 | 6.73 | 7.14 | 7.11 |
| Operating income / interest | 6.49 | 9.04 | 7.82 | 4.87 | 5.33 | 5.80 | 5.77 | 5.92 | 5.97 |
| Interest expense | $322M | $406M | $484M | $788M | $815M | $797.65M | $878.27M | $892.8M | $916.25M |
| Liquidity | |||||||||
| Current ratio | 1.00 | 1.02 | 1.00 | 1.02 | 1.11 | — | — | — | — |
| Quick ratio | 0.21 | 0.21 | 0.20 | 0.99 | 0.30 | — | — | — | — |
| Cash ratio | 0.03 | 0.03 | 0.04 | 0.05 | 0.05 | — | — | — | — |
| Working capital | -$41M | $417M | $53M | $437M | $2.55B | — | — | — | — |
| Working capital / revenue | -0.34% | +3.34% | +0.40% | +2.78% | +14.83% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).