# Aon plc Class A (AON) — Stock CV

Aon plc is a $58.7B financial services company. Revenue grew 4.9% over the last year, and it keeps 22¢ of every dollar of sales as profit. It trades at 14.8× earnings — near the lowest of its own history.

> Aon is a leading global provider of insurance and reinsurance brokerage and human resources solutions. Its operations are tilted toward its brokerage operations.

## Identity

- **Ticker**: AON
- **Sector**: Financial Services
- **Industry**: Insurance Agents, Brokers & Service
- **Headquarters**: DUBLIN 2, L2
- **Employees**: 60 000
- **Website**: https://www.aon.com
- **Market cap**: $58.7B
- **Last price**: $276.68
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $17.6B
- **Net income**: $3.91B
- **Free cash flow**: $3.25B
- **Net debt**: $12.5B
- **P/E**: 14.8
- **Revenue growth (YoY)**: 4.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 62 |
| Profitability | 95 |
| Health | 45 |
| Quality | 76 |
| Moat | 81 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +4.9% YoY
- [x] Profitable — $3.91B TTM
- [x] Profit growing — +11.9% YoY
- [x] Generates cash — $3.25B TTM
- [x] Debt under control — ~3.8y of cash flow to repay
- [x] Established company — $58.7B market cap
- [x] Not printing shares — -6.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 1.2 — distress
- [x] Pays a dividend — yield 1.13%
- [x] Valuation not extreme — P/E 14.8

## Experience (career milestones)

- **Q3 2026** — 6 open-market insider purchases: ~20K shares bought by insiders
- **FY2025** — Best year on record: $3.69B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $11.6B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2010** — Aon acquired Hewitt Associates for $4.9 billion
- **2008** — Aon acquired reinsurance intermediary and capital advisor Benfield Group Limited for $1.75 billion
- **2001** — Also that year, Endurance Specialty, a Bermuda-based underwriting operation that Aon helped to establish in November…
- **1996** — Aon purchased insurance broker Bain Hogg, the largest insurance brokerage in Britain and the 11th largest…
- **1987** — The holding company was renamed Aon, derived from aon, a Gaelic word meaning "one"
- **1982** — Founded in Chicago by Patrick Ryan, Aon was created in 1982 when the Ryan Insurance Group merged with the Combined…
- **1982** — After 10 years of stagnation under Clement Stone Jr., the elder Stone, then 79, resumed control until the…
- **1976** — The company bought the insurance brokerage units of the Esmark conglomerate
- **1939** — He bought American Casualty Insurance Co. of Dallas, Texas
- **1918** — Clement Stone's mother bought a small Detroit insurance agency

## Strengths

- High gross margin (48.6%)
- Strongly profitable — 22.3% net margin
- Strong cash conversion — FCF is 18.5% of revenue
- Interest covered 6.9× by operating earnings
- High returns on invested capital (ROIC 16.9%)

## Watch-outs

- Altman Z-Score 1.18 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.2B | $1.25B | $2.04B |
| FY2022 | $12.5B | $2.59B | $3.02B |
| FY2023 | $13.4B | $2.56B | $3.18B |
| FY2024 | $15.7B | $2.65B | $2.82B |
| FY2025 | $17.2B | $3.69B | $3.22B |

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Source: https://stockcv.com/AON — derived from company filings; may be delayed or incomplete. Information, not investment advice.