Question 1

What is Aon's P/FCF ratio?

Accepted Answer

Aon (AON) P/FCF ratio is 21.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Aon?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Aon specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Aon's P/FCF ratio high or low?

Accepted Answer

Aon's P/FCF ratio of 21.7× is below its own 5-year average of 25.2× and above the sector median of 12.0×. That places the current reading at the 22th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Aon (AON) P/FCF ratio has ranged from a low of 4.2× in 2003 to a high of 98.3× in 2012. The 5-year average is 25.2× and the 5-year median is 23.8×.

Question 7

What was Aon's P/FCF ratio in 2025?

Accepted Answer

Aon (AON) P/FCF ratio at the end of 2025 was 23.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Aon's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$75.9B	$3.22B	23.6×	-4.0×	Dec 31, 2025
2024	$77.8B	$2.82B	27.6×	+9.3×	Dec 31, 2024
2023	$58.3B	$3.18B	18.3×	-2.3×	Dec 31, 2023
2022	$62.3B	$3.02B	20.6×	-11.6×	Dec 31, 2022
2021	$65.9B	$2.05B	32.2×	+13.9×	Dec 31, 2021
2020	$48.4B	$2.64B	18.3×	-12.0×	Dec 31, 2020
2019	$48.9B	$1.61B	30.4×	+6.0×	Dec 31, 2019
2018	$35.2B	$1.45B	24.4×	-36.7×	Dec 31, 2018
2017	$33.7B	$551M	61.1×	+47.0×	Dec 31, 2017
2016	$29.6B	$2.1B	14.1×	-0.7×	Dec 31, 2016
2015	$25.4B	$1.72B	14.8×	-4.9×	Dec 31, 2015
2014	$27.2B	$1.39B	19.6×	+1.3×	Dec 31, 2014
2013	$25.7B	$1.4B	18.3×	+2.8×	Dec 31, 2013
2012	$17.9B	$1.15B	15.5×	-4.4×	Dec 31, 2012
2011	$15.5B	$777M	19.9×	-6.0×	Dec 31, 2011
2010	$15.7B	$607M	25.9×	-19.1×	Dec 31, 2010
2009	$10.6B	$235M	45.0×	+29.8×	Dec 31, 2009
2008	$13B	$856M	15.2×	+2.2×	Dec 31, 2008
2007	$14.5B	$1.12B	13.0×	-0.0×	Dec 31, 2007
2006	$10.6B	$816M	13.0×	-2.4×	Dec 31, 2006
2005	$11.7B	$760M	15.4×	+8.4×	Dec 31, 2005
2004	$7.66B	$1.1B	6.9×	+0.2×	Dec 31, 2004
2003	$7.63B	$1.13B	6.8×	+0.6×	Dec 31, 2003
2002	$5.94B	$964M	6.2×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Aon (AON) 2002-2026

P/FCF Ratio daily chart for Aon (AON)

Historical P/FCF Ratio for Aon (AON) from 2002 to 2025

About P/FCF Ratio at Aon (AON)

Aon P/FCF Ratio by Year

Aon P/FCF Ratio 2025: 23.6×

Aon P/FCF Ratio 2024: 27.6×

Aon P/FCF Ratio 2023: 18.3×

Aon P/FCF Ratio 2022: 20.6×

Aon P/FCF Ratio 2021: 32.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Aon (AON) Key Financials