Question 1

What is Aon's P/B ratio?

Accepted Answer

Aon (AON) P/B ratio is 7.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Aon?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Aon specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

Aon's P/B ratio of 7.7× is below its own 5-year average of 101.2× and above the sector median of 1.7×. That places the current reading at the 10th 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/B ratio range?

Accepted Answer

In the available daily series, Aon (AON) P/B ratio has ranged from a low of 1.4× in 2005 to a high of 1085.5× in 2023. The 5-year average is 101.2× and the 5-year median is 12.2×.

Question 7

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

Accepted Answer

Aon (AON) P/B ratio at the end of 2025 was 8.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$9.35B	8.1×	-4.6×	Dec 31, 2025
2024	$77.8B	$6.12B	12.7×	—	Dec 31, 2024
2023	$58.3B	-$826M	—	—	Dec 31, 2023
2022	$62.3B	-$529M	—	—	Dec 31, 2022
2021	$65.9B	$1.06B	62.1×	+48.3×	Dec 31, 2021
2020	$48.4B	$3.5B	13.9×	-0.6×	Dec 31, 2020
2019	$48.9B	$3.38B	14.5×	+6.0×	Dec 31, 2019
2018	$35.2B	$4.15B	8.5×	+1.1×	Dec 31, 2018
2017	$33.7B	$4.58B	7.3×	+1.9×	Dec 31, 2017
2016	$29.6B	$5.48B	5.4×	+1.3×	Dec 31, 2016
2015	$25.4B	$6.11B	4.2×	+0.0×	Dec 31, 2015
2014	$27.2B	$6.57B	4.1×	+1.0×	Dec 31, 2014
2013	$25.7B	$8.15B	3.2×	+0.9×	Dec 31, 2013
2012	$17.9B	$7.76B	2.3×	+0.4×	Dec 31, 2012
2011	$15.5B	$8.08B	1.9×	+0.0×	Dec 31, 2011
2010	$15.7B	$8.25B	1.9×	-0.1×	Dec 31, 2010
2009	$10.6B	$5.38B	2.0×	-0.5×	Dec 31, 2009
2008	$13B	$5.31B	2.4×	+0.1×	Dec 31, 2008
2007	$14.5B	$6.22B	2.3×	+0.3×	Dec 31, 2007
2006	$10.6B	$5.22B	2.0×	-0.2×	Dec 31, 2006
2005	$11.7B	$5.3B	2.2×	+0.7×	Dec 31, 2005
2004	$7.66B	$5.1B	1.5×	-0.2×	Dec 31, 2004
2003	$7.63B	$4.5B	1.7×	+0.2×	Dec 31, 2003
2002	$5.94B	$3.9B	1.5×	—	Dec 31, 2002


AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
First Financial (THFF)	1.1×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

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

P/B Ratio daily chart for Aon (AON)

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

About P/B Ratio at Aon (AON)

Aon P/B Ratio by Year

Aon P/B Ratio 2025: 8.1×

Aon P/B Ratio 2024: 12.7×

Aon P/B Ratio 2021: 62.1×

Aon P/B Ratio 2020: 13.9×

Aon P/B Ratio 2019: 14.5×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Aon (AON) Key Financials