Aon vs Marsh McLennan
Marsh McLennan is the larger business, with $26.98bn of revenue in fiscal 2025 against $17.18bn for Aon (1.6 times as much). Marsh McLennan grew faster (10.3% against 9.4%). Aon kept more of each dollar of sales as profit: a net margin of 21.5% against 15.4%. Marsh McLennan carries less debt relative to equity (127.9% against 164.9%).
| Latest fiscal year | AonAON, 2025 | Marsh McLennanMRSH, 2025 |
|---|---|---|
| Revenue | $17.18bn | $26.98bn |
| Revenue growth | 9.4% | 10.3% |
| Net income | $3.69bn | $4.16bn |
| Operating margin | 25.3% | 23.1% |
| Net margin | 21.5% | 15.4% |
| Return on equity | 47.8% | 28.8% |
| Free cash flow | $3.22bn | $5.00bn |
| Cash | $1.20bn | $2.69bn |
| Total debt | $15.42bn | $19.59bn |
| Debt to equity | 164.9% | 127.9% |
| Dividend per share | $2.91 | $3.43 |
| Dividend yield | 0.9% | 1.8% |
| Share buybacks | $1.00bn | $2.01bn |
| Employees | 60,000 | 95,000 |
| Market value | $70.14bn | $96.62bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 69 (Moderate) | 77 (Strong) |
| Insider trades, 12 months | 7 buys, 11 sales | 0 buys, 13 sales |