Aon plc (AON)
Forward P/E is 16.25x against a peer median of 16.12x, a ratio of 1.01x — in the middle of the 0.90–1.15 fairly priced band — with trailing P/E 17.11x and PEG 1.51. Latest-quarter revenue grew 2.2% year over year (PRIMARY, EDGAR), below the cluster median, but growth is still positive and the PEG is not above 2, so the label stays FAIRLY PRICED. Delivered demand check: the Insurance brokers group's median growth was 7.8% year over year — demand rising, and Aon grew more slowly than that median.
What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 14.51x or below (0.90x the peer median) while revenue growth recovers toward the 7.8% cluster median. Move to OVERVALUED if the forward P/E rises above about 18.54x (1.15x the peer median), or if revenue growth falls to 0% or below year over year while the multiple stays above the peer median.
Aon, a large insurance broker, trades at about 16 times next year's expected earnings, almost exactly the same as similar brokers. Its sales grew only 2.2%, slower than its peers, but it is not charging a premium for that slower growth. The shares look fairly priced.
Both lines start at 100 on 2020-09-01. Over the full window Aon plc returned +49.27% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Aon plc: -34.2% (2025-03-03 to 2026-10-02). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 16.25x against a peer median of 16.12x, a ratio of 1.01x — in the middle of the 0.90–1.15 fairly priced band — with trailing P/E 17.11x and PEG 1.51. Latest-quarter revenue grew 2.2% year over year (PRIMARY, EDGAR), below the cluster median, but growth is still positive and the PEG is not above 2, so the label stays FAIRLY PRICED. Delivered demand check: the Insurance brokers group's median growth was 7.8% year over year — demand rising, and Aon grew more slowly than that median. The company’s forward P/E is 16.2× against a peer median of 16.1×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Insurance brokers group's median latest-quarter revenue growth was 7.8% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +2.2% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Aon plc (AON) | $313.48 | 16.2× | 17.1× |
| AJG | $261.48 | 18.7× | 43.4× |
| MRSH | $191.09 | 17.0× | 22.9× |
| WTW | $320.97 | 15.3× | 19.7× |
| BRO | $66.61 | 14.2× | 21.0× |
| ERIE | $246.23 | — | 22.3× |
| Peer median | 16.1× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $4.2B | — | $551M | 2.58 | $483M |
| Q/E Mar 2026 2026-03-31 | $5.0B | — | $1.2B | 5.63 | $363M |
| Q/E Dec 2025 2025-12-31 | $4.3B | — | $1.7B | — | $1.3B |
| Q/E Sep 2025 2025-09-30 | $4.0B | — | $458M | 2.11 | $1.1B |
| Q/E Jun 2025 2025-06-30 | $4.2B | — | $579M | 2.66 | $732M |
| Q/E Mar 2025 2025-03-31 | $4.7B | — | $965M | 4.43 | $84M |
| Q/E Dec 2024 2024-12-31 | $4.1B | — | $716M | — | $1.1B |
| Q/E Sep 2024 2024-09-30 | $3.7B | — | $343M | 1.57 | $951M |
| Q/E Jun 2024 2024-06-30 | $3.8B | — | $524M | 2.46 | $460M |
| Q/E Mar 2024 2024-03-31 | $4.1B | — | $1.1B | 5.35 | $261M |
| Q/E Dec 2023 2023-12-31 | $3.4B | — | $498M | — | $1.2B |
| Q/E Sep 2023 2023-09-30 | $3.0B | — | $456M | 2.23 | $985M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Aon plc |
| Chief executive | Greg Case (source: https://en.wikipedia.org/wiki/Aon_plc) |
| Sector | Financials — Insurance Brokers — advises clients on risk and insurance and places insurance on their behalf |
| Share price (Oct 28, 2026) | $313.48 |
| Market value (market cap) | $64.2B — share price times shares outstanding of 212,125,434 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $17.6B |
| Net income, last twelve months | $3.9B |
| Free cash flow, last twelve months | $3.2B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +49.27% vs +118.28% |
| Worst peak-to-trough fall | -34.2% (2025-03-03 to 2026-10-02) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000315293.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000315293.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/AON/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.