AON vs CRVL: Aon and CorVel compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Aon is the larger company, worth $59.6B, about 15.3 times CorVel.
- CorVel grew revenue faster over the last year (+10.7% vs +2.2%).
- On earnings, Aon is the cheaper stock (15.3x vs 37.2x).
- CorVel's price assumes faster free cash flow growth: about 12% a year, against 4% for Aon (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AON | CRVL |
|---|---|---|
| Market cap | $59.6B | $3.9B |
| Share price | $273.47 | $77.16 |
| Revenue (last fiscal year) | $17.2B | $959M |
| Free cash flow (last fiscal year) | $3.2B | $110M |
| Revenue growth, last year | +2.2% | +10.7% |
| Revenue growth per year, last 5 fiscal years | +9.0% | +10.4% |
| Operating margin | 26.5% | — |
| Net margin | 22.3% | 11.7% |
| Return on equity | 40.8% | 28.2% |
| P/E (trailing) | 15.3x | 37.2x |
| Price / free cash flow | 18.5x | 42.4x |
| EV / EBITDA | 12.1x | 20.3x |
| FCF growth the price implies | 4.0% | 12.4% |
| Dividend yield | 1.1% | — |
| Debt / equity | 4.55x | 0.69x |
| Fundamental grade | C | C |
| Superinvestors holding it | 13 | 2 |
| Insider purchases, last 12 months | 7 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Aon
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.2B | $2.0B | 17.1% |
| 2022 | $12.5B | $3.0B | 29.4% |
| 2023 | $13.4B | $3.2B | 28.3% |
| 2024 | $15.7B | $2.8B | 24.4% |
| 2025 | $17.2B | $3.2B | 25.3% |
CorVel
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $646M | $37M | — |
| 2023 | $719M | $56M | — |
| 2024 | $795M | $70M | — |
| 2025 | $896M | $92M | — |
| 2026 | $959M | $110M | — |
Where the revenue comes from
Aon · by segments, 2025
Risk Capital$11.3B66%
Human Capital$5.9B34%
CorVel · by products, 2026
Patient Management Services$597M62%
Network Solutions Services$362M38%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AON in InvestinglyQuestions
Which is bigger, Aon or CorVel?
Aon (AON), at $59.6B against $3.9B.
Is AON or CRVL cheaper?
By trailing P/E, Aon (15.3x) is cheaper than CorVel (37.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AON or CRVL?
CorVel: revenue grew +10.7% over the last year, against +2.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.