Question 1

What is Aon's EV/EBITDA ratio?

Accepted Answer

Aon (AON) EV/EBITDA ratio is 12.5× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Aon?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Aon specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is Aon's EV/EBITDA ratio high or low?

Accepted Answer

Aon's EV/EBITDA ratio of 12.5× is below its own 5-year average of 19.9× and above the sector median of 9.3×. That places the current reading at the 2th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Aon's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Aon (AON) EV/EBITDA ratio has ranged from a low of 0.3× in 2002 to a high of 37.1× in 2021. The 5-year average is 19.9× and the 5-year median is 18.3×.

Question 7

What was Aon's EV/EBITDA ratio in 2025?

Accepted Answer

Aon (AON) EV/EBITDA ratio at the end of 2025 was 13.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Aon's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$75.90B	$6.54B	13.7×	-3.3×	Dec 31, 2025
2024	$77.79B	$4.94B	17.0×	-0.7×	Dec 31, 2024
2023	$58.29B	$3.91B	17.7×	-1.3×	Dec 31, 2023
2022	$62.28B	$3.83B	19.0×	-10.2×	Dec 31, 2022
2021	$65.91B	$2.58B	29.3×	+11.8×	Dec 31, 2021
2020	$48.42B	$3.21B	17.5×	-3.1×	Dec 31, 2020
2019	$48.89B	$2.74B	20.6×	+2.8×	Dec 31, 2019
2018	$35.24B	$2.29B	17.8×	-2.9×	Dec 31, 2018
2017	$33.67B	$1.86B	20.7×	+4.8×	Dec 31, 2017
2016	$29.62B	$2.21B	15.9×	+3.7×	Dec 31, 2016
2015	$25.40B	$2.50B	12.2×	-0.1×	Dec 31, 2015
2014	$27.20B	$2.61B	12.3×	+0.0×	Dec 31, 2014
2013	$25.67B	$2.38B	12.3×	+2.7×	Dec 31, 2013
2012	$17.85B	$2.26B	9.5×	+1.0×	Dec 31, 2012
2011	$15.47B	$2.21B	8.6×	-3.8×	Dec 31, 2011
2010	$15.72B	$1.55B	12.4×	+3.3×	Dec 31, 2010
2009	$10.58B	$1.31B	9.1×	-1.9×	Dec 31, 2009
2008	$12.99B	$1.23B	11.0×	+2.0×	Dec 31, 2008
2007	$14.50B	$1.15B	9.0×	+3.5×	Dec 31, 2007
2006	$10.60B	$1.51B	5.5×	-0.5×	Dec 31, 2006
2005	$11.67B	$1.41B	6.0×	+3.3×	Dec 31, 2005
2004	$7.66B	$1.49B	2.8×	-0.8×	Dec 31, 2004
2003	$7.63B	$1.53B	3.5×	+3.2×	Dec 31, 2003
2002	$5.94B	$3.46B	0.3×	-6.0×	Dec 31, 2002
2001	$9.63B	$865.00M	6.3×	—	Dec 31, 2001


Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
KeyCorp (KEY)	-9.2×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for Aon (AON)

EV/EBITDA daily chart for Aon (AON)

Historical EV/EBITDA for Aon (AON) from 2001 to 2025

About EV/EBITDA at Aon (AON)

Aon EV/EBITDA by Year

Aon EV/EBITDA 2025: 13.7×

Aon EV/EBITDA 2024: 17.0×

Aon EV/EBITDA 2023: 17.7×

Aon EV/EBITDA 2022: 19.0×

Aon EV/EBITDA 2021: 29.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Aon (AON) Key Financials

EV/EBITDA daily chart for Aon (AON)

Historical EV/EBITDA for Aon (AON) from 2001 to 2025

About EV/EBITDA at Aon (AON)

Aon EV/EBITDA by Year

Aon EV/EBITDA 2025: 13.7×

Aon EV/EBITDA 2024: 17.0×

Aon EV/EBITDA 2023: 17.7×

Aon EV/EBITDA 2022: 19.0×

Aon EV/EBITDA 2021: 29.3×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Aon's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Aon?

+Is Aon's EV/EBITDA ratio high or low?

+What is Aon's historical EV/EBITDA ratio range?

+What was Aon's EV/EBITDA ratio in 2025?

+Why does Aon's EV/EBITDA ratio change over time?

Aon (AON) Key Financials