Aon (AON)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $59.0B, Aon's free cash flow of $3.2B (fiscal 2025) would need to grow about 4% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Aon's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from AON's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Aon's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Net income | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B |
| Free cash flow | $2.0B | $3.0B | $3.2B | $2.8B | $3.2B |
| EPS (diluted) | $5.55 | $12.14 | $12.51 | $12.49 | $17.02 |
| Operating margin | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own AON
From each investor's latest 13F filing (what a 13F shows). 13 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dodge & Cox Dodge & Cox |
Added | $2.9B | 1.5% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $623M | 0.22% | Q2 2026 |
| Tom Steyer Farallon Capital Management LLC |
Trimmed | $459M | 2.1% | Q2 2026 |
| Andreas Halvorsen Viking Global Investors |
Added | $382M | 1.1% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $370M | 3.0% | Q2 2026 |
| Seth Klarman Baupost Group |
Trimmed | $228M | 4.2% | Q2 2026 |
| Steven Romick First Pacific Advisors |
Trimmed | $226M | 2.8% | Q2 2026 |
| Wallace Weitz Weitz Investment Management |
Held | $71M | 4.9% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $45M | 0.34% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $17M | 0.04% | Q2 2026 |
| Boykin Curry Eagle Capital Management |
Trimmed | $15M | 0.05% | Q2 2026 |
| Jay Petschek Corsair Capital Management |
Trimmed | $13M | 1.6% | Q2 2026 |
Insider buying
Open-market purchases by Aon's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Sep 2, 2026 | Lester B Knight Director |
7,212 | $327.52 | $2M |
| Sep 2, 2026 | Lester B Knight Director |
1,739 | $325.63 | $566,271 |
| Sep 2, 2026 | Lester B Knight Director |
5,097 | $326.53 | $2M |
| Sep 2, 2026 | Lester B Knight Director |
367 | $330.51 | $121,297 |
| Sep 2, 2026 | Lester B Knight Director |
4,145 | $328.34 | $1M |
| Sep 2, 2026 | Lester B Knight Director |
1,440 | $329.69 | $474,754 |
| Feb 10, 2026 | Lester B Knight |
4,000 | $319.24 | $1M |
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In the full deep dive
Questions
What growth does Aon's stock price imply?
At a market value of $59.0B, Aon would need its free cash flow to grow about 4% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 4% a year.
Are Aon insiders buying the stock?
7 open-market insider purchases of AON in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Aon?
13 of the superinvestors Investingly tracks hold AON in their latest 13F, including Dodge & Cox, Cliff Asness, Tom Steyer.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.