AON vs ERIE: Aon and Erie Indemnity 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 4.9 times Erie Indemnity.
- Erie Indemnity grew revenue faster over the last year (+2.8% vs +2.2%).
- Aon keeps more of each dollar of revenue as operating profit (26.5% vs 17.9%).
- On earnings, Aon is the cheaper stock (15.3x vs 21.3x).
- Erie Indemnity's price assumes faster free cash flow growth: about 6% 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 | ERIE |
|---|---|---|
| Market cap | $59.6B | $12.2B |
| Share price | $273.47 | $222.04 |
| Revenue (last fiscal year) | $17.2B | $4.1B |
| Free cash flow (last fiscal year) | $3.2B | $571M |
| Revenue growth, last year | +2.2% | +2.8% |
| Revenue growth per year, last 5 fiscal years | +9.0% | +11.5% |
| Operating margin | 26.5% | 17.9% |
| Net margin | 22.3% | 14.0% |
| Return on equity | 40.8% | 23.4% |
| P/E (trailing) | 15.3x | 21.3x |
| Price / free cash flow | 18.5x | 21.3x |
| EV / EBITDA | 12.1x | — |
| FCF growth the price implies | 4.0% | 5.8% |
| Dividend yield | 1.1% | 2.4% |
| Debt / equity | 4.55x | 0.44x |
| Fundamental grade | C | C |
| Superinvestors holding it | 13 | 2 |
| Insider purchases, last 12 months | 7 | 10 |
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% |
Erie Indemnity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $254M | 12.1% |
| 2022 | $2.8B | $299M | 13.2% |
| 2023 | $3.3B | $289M | 15.9% |
| 2024 | $3.8B | $486M | 17.8% |
| 2025 | $4.1B | $571M | 17.6% |
Where the revenue comes from
Aon · by segments, 2025
Risk Capital$11.3B66%
Human Capital$5.9B34%
Erie Indemnity · by products, 2025
Management fee revenue - policy issuance and renewal services$3.1B77%
Administrative services reimbursement revenue$837M21%
Management fee revenue - administrative services$74M2%
Service agreement revenue$25M1%
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 Erie Indemnity?
Aon (AON), at $59.6B against $12.2B.
Is AON or ERIE cheaper?
By trailing P/E, Aon (15.3x) is cheaper than Erie Indemnity (21.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, AON or ERIE?
Erie Indemnity: revenue grew +2.8% 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.