Aon vs Willis Towers Watson
Aon is the larger business, with $17.18bn of revenue in fiscal 2025 against $9.71bn for Willis Towers Watson (1.8 times as much). Aon grew faster (9.4% against -2.2%). Aon kept more of each dollar of sales as profit: a net margin of 21.5% against 16.5%. Willis Towers Watson carries less debt relative to equity (121.4% against 164.9%).
| Latest fiscal year | AonAON, 2025 | Willis Towers WatsonWTW, 2025 |
|---|---|---|
| Revenue | $17.18bn | $9.71bn |
| Revenue growth | 9.4% | -2.2% |
| Net income | $3.69bn | $1.60bn |
| Operating margin | 25.3% | 23.0% |
| Net margin | 21.5% | 16.5% |
| Return on equity | 47.8% | 20.2% |
| Free cash flow | $3.22bn | $1.55bn |
| Cash | $1.20bn | $3.13bn |
| Total debt | $15.42bn | $9.69bn |
| Debt to equity | 164.9% | 121.4% |
| Dividend per share | $2.91 | $3.68 |
| Dividend yield | 0.9% | 1.2% |
| Share buybacks | $1.00bn | $1.65bn |
| Employees | 60,000 | 47,000 |
| Market value | $70.14bn | $30.64bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 69 (Moderate) | 66 (Moderate) |
| Insider trades, 12 months | 7 buys, 11 sales | 4 buys, 2 sales |