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Aon plc key statistics and ratios

In fiscal 2025, Aon plc had return on equity of 47.8%, an operating margin of 25.3%, debt equal to 164.9% of equity and a current ratio of 1.11. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin13.4%14.6%14.1%13.9%14.1%16.3%16.7%19.2%10.7%14.3%19.7%25.1%17.1%29.4%28.3%24.4%25.3%26.3%
Net margin9.8%8.3%8.7%8.6%9.4%11.6%14.6%14.8%12.3%10.5%13.9%17.8%10.3%20.7%19.2%16.9%21.5%22.2%
Free-cash-flow margin4.7%7.1%6.9%10.0%12.9%12.9%19.1%23.1%5.5%13.4%14.6%23.9%16.8%24.2%23.8%17.9%18.7%18.5%
Return on equity13.9%10.4%12.0%12.5%14.0%19.0%22.0%24.3%23.1%24.4%40.7%57.3%55.1%——100.2%47.8%40.4%
Return on assets3.3%2.7%3.3%3.3%3.7%4.7%4.9%5.2%4.7%4.3%5.5%6.4%3.9%8.0%7.7%6.4%7.4%6.8%
Asset turnover0.330.330.390.380.390.400.330.350.380.410.390.360.380.390.400.380.340.30
Current ratio1.111.121.131.071.061.051.041.051.071.081.061.071.001.021.001.021.111.58
Debt to equity37.3%54.6%55.6%53.7%53.9%84.9%95.0%115.3%117.7%152.9%220.6%224.2%896.1%——281.1%164.9%277.6%
Interest cover (operating income ÷ interest)8.4x6.8x6.5x7.0x8.0x7.7x5.8x6.4x3.8x5.6x7.1x8.3x6.5x9.0x7.8x4.9x5.3x6.2x
Effective tax rate——27.2%26.1%25.4%18.9%12.3%10.6%36.5%11.7%15.9%18.2%32.3%16.2%17.1%21.4%21.2%21.7%
Capital spending as % of revenue1.8%2.1%2.1%2.3%1.9%2.1%2.1%1.7%1.8%2.2%2.0%1.3%1.1%1.6%1.9%1.4%1.5%1.7%
Free cash flow ÷ net income48.2%85.4%79.4%115.8%136.9%111.4%130.6%155.4%44.9%127.5%105.1%134.2%162.9%116.8%124.1%106.1%87.1%83.1%
Dividends ÷ net income22.1%24.8%20.4%20.5%19.0%19.5%23.3%24.7%29.7%33.7%26.8%20.9%35.6%17.9%19.1%21.2%17.0%17.1%
Dividends and buybacks ÷ free cash flow209.7%70.5%132.3%115.6%86.2%162.1%103.5%73.8%501.5%128.1%147.2%82.3%195.1%121.3%100.2%55.4%50.6%61.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $65.1bn
Short-term assets $39.9bnLonger-term assets $25.3bn
What it owes, and who funded it · $65.0bn
Short-term liabilities $25.2bnLonger-term liabilities $29.8bnShareholders' equity $10.1bn
  • Short-term assets cover short-term liabilities $39.9bn of assets due within a year against $25.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $39.9bn short-term assets against $29.8bn of longer-dated liabilities.
  • More cash than debt $2.0bn of cash against $28.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 278% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 823% to 278% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.6bn of operating cash flow against $28.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.6bn against $755m of interest.

From Aon plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

Moderate moat

How hard Aon's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 5.4% of total assets over 10 years.

  • Durability 13 / 20

    Operating margin has been a median 23.6%; its worst year was 9.5%.

  • Discipline 17 / 20

    The diluted share count fell 5.9% over five years; stock-based pay has been a median 3.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: AJG vs AONAON vs MRSHAON vs WTW

More: Insurance Brokers stocks compared, Financials sector, rankings of US companies

Figures from Aon plc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Aon plc.