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Aon AON

Aon scores excellent on business quality (8.3 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$273.47Oct 9, 2026
Business qualityExcellent
Next earningsOct 29, 2026, before the open
Insiders, 90 daysBuying

Why it matters

  1. What Aon does

    Aon places commercial insurance and reinsurance, and designs retirement and health benefits for corporate clients. Corporations and large institutions pay recurring advisory and brokerage fees for managing complex global risk portfolios.

  2. What it does best

    Aon extracts elite capital returns from a massive brokerage network, delivering an ROE of 42.6% that places it in the top decile of its sector. This return stems from deep advisory integration that makes switching insurance brokers painful for large corporate clients.

  3. The main risk

    With debt-to-equity sitting at 1.6, leverage is elevated compared to asset-light peers. If interest rates remain sticky or earnings soften, debt-servicing obligations on its $15.2B total debt stack will consume more free cash flow.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margins sit at 28.7% and FCF margin is strong at 18.5%. Profitability is expanding as higher-margin risk analytics scale across its global brokerage footprint.

MoatStrong

Aon locks in enterprise clients through mission-critical risk advisory and global broker scale. Its ROE sits in the top decile of the sector at 42.6%, reflecting pricing power that rivals struggle to duplicate.

GrowthSteady

Revenue grew 9.4% to $17.6B, continuing a steady multi-year expansion from $11.1B in 2020. Growth is stable but moderate compared to tech-sector peers.

Financial healthStrong

Total debt of $15.2B outweighs cash of $10.2B, leaving net debt at $5.1B. Interest coverage of 6.7x handles obligations safely, while free cash flow hit $3.2B: getting steadily stronger.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 insider bought $6.5M on the open market.

Our sealed record on AON

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is AON a good business?

Aon scores excellent on the Cluenex quality check (8.3 of 10), measured against its own industry. Profitability is strong, moat strong, growth steady and financial health strong.

Are insiders buying AON?

In the last 90 days of SEC Form 4 filings: 1 insider bought $6.5M on the open market.

When does AON report earnings?

Oct 29, 2026, before the open.

For members

See AON today

  • Today's verdict on AON, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Aon (AON)”, https://cluenex.com/stocks/aon/, data as of Oct 10, 2026.