Friday 6 November 2026 Export AON’s income statement to Excel — free account

Aon plc

Aon plc’s revenue for fiscal 2025 (year ended December 2025) was $17.2 billion, up 9.45% from fiscal 2024.

Revenue: +2.60%
EPS: +5.66%
Free cash flow: +1.67%
Total debt: +67.0%

Quarter to September 2026, against a year earlier

334.91 9.49 −2.76%

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Market cap: $73.1B
P/E: 18.7×
Fwd P/E: 22.9×
Dividend yield: 0.93%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Aon plc (AON) valuation and DCF model

What the price implies · reverse DCF

At $334.91 the price implies 28.2% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 9.8% a year over the last ten years, 10.4% over the last five. The price asks for about three times its ten-year rate. Return on equity averaged 63.7% over ten years; the price implies 47.8% for good.

In December 2017 the price assumed 27.0% a year; Aon plc went on to grow the dividend a share 36.4% a year to FY2025.

Price implies: 28.2%
Last 5 years, reported: 10.4%
Last 10 years, reported: 9.8%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 28.2% a year for ten years; $334.91; today’s price
Its base case: 9.8% a year for five years, then 5.9%; $75.09; 77.6% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Aon plc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Dividends

Dividend a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 28.2% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Current price ($)

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (−0.1%, 31.2%, 14.7%)

How the model ends

Margin of safety (%)

Against Aon plc’s own cost of capital: risk-free 4.3% + beta 0.62 × equity premium 4.5% = 7.1% cost of equity; weighted, 7.1%.

Use 7.1%

Base case value per share $75.09 ten years discounted, and what follows

Current price $334.91 market price per share

Below today’s price 77.6% downside at the base case’s assumptions

How we got there$30.86 10 years of dividends+$44.23 terminal value=$75.09 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Brokers).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	18.72×	22.99×	28.54×	34% below	22.14×	15% below
P/FCF	22.32×	22.47×	28.11×	21% below	22.32×	0% above
P/B	7.15×	19.85×	14.98×	52% below	3.02×	136% above
EV/EBITDA	—	20.94×	19.74×	—	3.38×	—
EV/Sales	—	5.68×	5.01×	—	3.90×	—

P/E P/FCF P/B EV/EBITDA EV/Sales

AON trades at 18.72× P/E, against a 10-year average of 28.54× (range 18.72×–53.29×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $510.68 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.