Aon plc
AONAon thrives by helping large organizations navigate risk in an increasingly uncertain world.
Because the world is not getting simpler, and Aon gets paid every time risk needs managing.
Business Model
Advisory plus brokerage
Aon advises companies on risk and then places insurance policies with carriers for a commission or fee.
Economic Engine
High-margin fee revenue
With operating margins of 25.3 percent and low capital needs, much of its revenue turns into profit.
Long-Term Lens
Complexity tailwind
The key question is whether global risk keeps rising faster than pricing pressure and competition.
BinaPrint Snapshot
Style
Build
Fitness
Strong
Updated Mar 8, 2026
On this page
Company Story
How do Aon plc's business model and economics hold up on a closer read?
Start with the business itself, then go one layer deeper into the model, the economics, and the long-term case.
“Aon is a high-margin, cash-generating risk advisor with durable corporate relationships that could compound steadily for decades as the world gets more complex.”
What does Aon plc actually do?
Aon helps companies understand their risks and buy the right insurance and financial protection.
- Advises corporations on property, casualty, cyber, and other insurance needs
- Helps manage employee benefits and health programs
- Provides consulting on retirement plans and pension risk
Why it matters
Risk is unavoidable
Every large company faces legal, climate, cyber, and workforce risks, and they need expert help to navigate them.
How does Aon plc make money?
Aon earns fees and commissions when it advises clients and places insurance policies with carriers.
- Takes a percentage commission on insurance premiums it places
- Charges consulting fees for benefits and retirement advisory
- Builds long-term contracts with large corporate clients
Economic clue
Strong margins
A 47.7 percent gross margin and 25.3 percent operating margin show pricing power and efficient operations.
Why do long-term investors keep Aon plc on the radar?
Aon sits at the center of global risk flows, earning steady fees as the world becomes more complex.
- Revenue has grown about 9.0 percent per year on average over five years
- Earnings per share have grown about 32.3 percent per year on average over five years
- Margins have been expanding, improving profitability over time
Investor takeaway
Compounding machine
Consistent revenue growth plus expanding margins can drive powerful long-term earnings growth.
Based on company financial statements.
What Could Change The Story
- Proved it would move the profile toward Venture.
- Matured would move the profile toward Vault.
Benchmark Comparison
How has Aon plc performed against common long-term benchmarks?
Once the business case is clear, compare the stock against broad market and alternative long-term baselines.
$1,463
+46.3% total return
$1,753
+75.3% total return
$2,975
+197.5% total return
$1,393
+39.3% total return
| Asset | Total Return | Dollar Value |
|---|---|---|
| AON | +46.3% | $1,463 |
| S&P 500 | +75.3% | $1,753 |
| Gold | +197.5% | $2,975 |
| Bitcoin | +39.3% | $1,393 |
From Mar 5, 2021 to Mar 6, 2026. Historical price data based on company financial statements and market indices. Each card uses the same starting amount so the comparison stays apples-to-apples.
Investor Fit
How a first-time investor could frame Aon plc
Before going deeper, decide what kind of business this is, what it tends to suit, and what deserves monitoring over time.
This Can Fit If You Want
- A steady compounder tied to global economic activity
- A high-margin service business with low capital intensity
- Exposure to long-term growth in risk management and insurance demand
Be Careful If You Expect
- Rapid double-digit revenue growth every year
- A high dividend payout, since it currently pays no dividend
- Immunity from insurance pricing cycles
What To Watch Over Time
- Whether revenue keeps growing around high single digits over many years
- If operating margins stay above 25 percent or begin to compress
- How management uses cash, especially buybacks versus acquisitions
BinaPrint Position
Where does Aon plc sit on the BinaPrint map right now?
Test whether business quality and financial profile match the company's stated narrative.
Advanced BinaPrint details
Open the axes, investor fit, and risk framing behind this profile.
Key Metrics
Which metrics matter most for Aon plc right now?
Three durable business metrics that matter more than day-to-day price moves.
9.0% average over 5 years
32.3% average over 5 years
47.7% gross margin
| Metric | Value | Context |
|---|---|---|
| Revenue Growth | 9.0% average over 5 years | Shows whether the business has been expanding fast enough to create more long-term value. |
| EPS Growth | 32.3% average over 5 years | Shows whether earnings per share are compounding for owners over time. |
| Margin Quality | 47.7% gross margin | Shows how much room the business has to fund growth, absorb shocks, and stay profitable. |
Based on company financial statements.
Fundamentals
What do Aon plc's fundamentals say right now?
Core financial markers that explain how the business is performing beneath the stock price.
18.7% ROIC
47.7% gross margin
18.7% FCF margin
Stable to shrinking
| Metric | Value | Interpretation |
|---|---|---|
| Capital Efficiency | 18.7% ROIC | The business is currently showing good capital efficiency. |
| Profitability | 47.7% gross margin | Healthy gross margins give the company room to invest, price competitively, and absorb shocks. |
| Cash Generation | 18.7% FCF margin | Free cash flow margin shows how much real cash the business keeps after funding operations and investment. |
| Ownership Trend | Stable to shrinking | The company is not currently diluting owners and may be buying back shares instead. |
Based on company financial statements.
Included In Funds
Which ETFs and funds currently hold Aon plc?
Aon plc currently appears in these ETF and fund proxies.
SPY
SPDR S&P 500 ETF Trust
IWB
iShares Russell 1000 ETF
Questions & Answers
What questions come up most often about Aon plc?
Company-specific questions readers often ask about Aon plc.
Each entry answers a direct question about the business, the long-term thesis, or the risks that matter over time.
Aon advises companies on risk and helps them purchase insurance and manage employee benefits and retirement plans.
Decision Framing
Secondary context after the long-term thesis
Shorter-horizon context and comparison tools, after the core long-term read.
Shorter-horizon price moves, two-sided debate, and comparison tools live here so the page stays anchored on business quality, durability, and BinaPrint fit first.
Investment Thesis
Bull vs Bear
Two-sided framing before any decision.
Current argument weight is balanced.
Bull case
What can work
Rising global complexity, from cyber threats to climate change, increases demand for sophisticated risk advice and insurance placement, directly benefiting Aon’s core services.
Large multinational clients prefer brokers with global reach and integrated data capabilities, giving Aon scale advantages that smaller firms struggle to match.
High operating margins of 25.3 percent provide room to invest in technology and talent while still generating strong profits.
A five-year average earnings per share growth of 32.3 percent shows management has historically turned steady revenue growth into much faster profit growth.
Bear case
What can break
Insurance carriers or large corporate clients could push for lower commissions, compressing Aon’s 25.3 percent operating margin over time.
Technology platforms could automate parts of brokerage and risk analysis, reducing the need for human intermediaries.
A prolonged global recession could shrink insurance premiums and corporate spending on consulting, slowing revenue growth below its 9.0 percent five-year average.
Regulatory changes in major markets could restrict broker compensation structures, directly reducing profitability.
Risk Radar
Key Risks
Where downside pressure can build.
Insurance pricing cycle risk, if global premiums stagnate or fall, commission-based revenue growth could slow below the recent 9.0 percent five-year average.
Margin compression risk, operating margin is 25.3 percent and even a 3 to 5 point decline would meaningfully reduce earnings power.
Client concentration in large multinationals, loss of a few major accounts could dent growth in a given year.
Sizing matters
Risks should be read as scenario inputs, not certainties. Position size and time horizon determine how much of this downside profile is acceptable.
Market Snapshot
Tactical context after the core long-term read.
- Price
- $340.60
- Daily move
- +0.54%
Peer Set
A compact peer list for side-by-side context.
- AJAJGArthur J. Gallagher & Co.$58.7B
- APOApollo Global Management, Inc.$63.1B
- BKThe Bank of New York Mellon Corporation$80.4B
- TBBNSThe Bank of Nova Scotia$89.2B
- CICMCanadian Imperial Bank of Commerce$92.2B
- IGINGING Groep N.V.$76.3B
- MFMFGMizuho Financial Group, Inc.$99.5B
- MMMMCMarsh & McLennan Companies, Inc.$89.8B
+2 additional peers
Next Actions
Explore planning scenarios or keep browsing similar companies.