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Held by 1,188 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $296.05 today, the market must believe free cash flow compounds 10.9%/yr for a decade (off $3.1B normalized FCF).
The market's 10.9% is more optimistic than its 9-yr track record.
2-stage DCF · 0.22B shares · net debt $14.1B
mean 21.8% · volatility σ 66% · implied rate exceeded in 5/9 yrs
Central path = implied 10.9%/yr growth; shaded band = ±1σ (66%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 838 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JPM | $941.8B | 17.4× | — | 5.2× | 2.8% | — | 31.3% | 15.7% | 13.4% | — | 4,823 |
| V | $694.5B | — | — | 17.4× | 11.3% | — | 50.1% | 52.9% | 31.8% | — | 4,229 |
| MA | $512.0B | 34.3× | — | 15.6× | 16.4% | — | 45.6% | 193% | 56.0% | — | 3,430 |
| BAC | $419.6B | 15.3× | — | 3.7× | 6.8% | — | 27.0% | 10.1% | 4.9% | — | 3,337 |
| GS | $282.1B | 18.5× | — | — | — | — | — | 13.7% | 3.6% | — | 2,857 |
| WFC | $268.7B | 13.9× | — | — | — | — | — | 11.8% | 5.7% | — | 2,691 |
| AXP | $213.5B | 20.2× | — | 5.2× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| TYFG | $191.9B | 14.2× | — | 11135.5× | 10.2% | — | 79.3% | 8.7% | 8.7% | — | 1 |
| SCHW | $188.8B | 22.5× | — | 7.9× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 2,225 |
| HDB | $173.4B | 21.8× | — | 6.8× | 15.2% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $169.2B | — | — | — | — | — | — | — | — | — | 660 |
| BLK | $163.4B | 29.9× | — | 6.8× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| GLD | $134.4B | — | — | — | — | — | — | — | — | — | 3,072 |
| CB | $133.7B | 13.3× | — | 2.3× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| PGR | $126.8B | 11.3× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 37.3% | — | 1,685 |
| SPGI | $120.7B | 27.6× | 17.3× | 7.9× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| HOOD | $97.6B | 53.6× | — | 21.8× | 51.6% | — | 42.1% | 20.6% | 20.6% | — | 1,230 |
| CME | $97.5B | 24.3× | — | 15.0× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| USB | $96.4B | 13.0× | — | 3.4× | 4.4% | — | 26.4% | 11.6% | 9.2% | — | 1,901 |
| BX | $93.9B | 32.4× | — | 6.5× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $91.9B | 14.0× | — | 4.0× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| AMUB | $89.8B | — | — | — | — | — | — | — | — | — | 7 |
| KKR | $87.5B | — | — | 4.5× | -11.0% | — | 12.2% | 7.7% | 7.7% | — | 1,216 |
| ICE | $86.9B | 26.6× | 20.6× | 6.9× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| MRSH | $84.7B | 20.7× | 15.4× | 3.1× | 10.3% | — | 15.4% | 27.2% | 11.9% | 3.0× | 1,471 |
| AON | $63.9B | 17.4× | 17.2× | 3.7× | 9.4% | — | 21.5% | 39.5% | 15.0% | 3.4× | 1,188 |
Peers = companies sharing AON's sector (Financial Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.18B 100.0% | $15.70B 100.0% | $13.38B 100.0% | $12.48B 100.0% | $12.19B 100.0% | $11.07B 100.0% | $11.01B 100.0% | $10.77B 100.0% | $10.00B 100.0% | $9.41B 100.0% |
| Total Operating Expenses | $12.84B 74.7% | $11.86B 75.6% | $9.59B 71.7% | $8.81B 70.6% | $10.10B 82.9% | $8.29B 74.9% | $8.84B 80.3% | $9.23B 85.7% | $8.93B 89.3% | $7.60B 80.8% |
| Operating Income | $4.34B 25.3% | $3.83B 24.4% | $3.79B 28.3% | $3.67B 29.4% | $2.09B 17.1% | $2.78B 25.1% | $2.17B 19.7% | $1.54B 14.3% | $1.06B 10.7% | $1.81B 19.2% |
| Interest Expense | $815.0M 4.7% | $788.0M 5.0% | $484.0M 3.6% | $406.0M 3.3% | $322.0M 2.6% | $334.0M 3.0% | $307.0M 2.8% | $278.0M 2.6% | $282.0M 2.8% | $282.0M 3.0% |
| Other Income (Expense), net | $1.21B 7.0% | $348.0M 2.2% | -$163.0M -1.2% | -$125.0M -1.0% | $152.0M 1.2% | $13.0M 0.1% | $0 0.0% | -$25.0M -0.2% | -$125.0M -1.3% | -$137.0M -1.5% |
| Pretax Income | $4.76B 27.7% | $3.46B 22.1% | $3.17B 23.7% | $3.16B 25.3% | $1.93B 15.8% | $2.47B 22.3% | $1.87B 17.0% | $1.25B 11.6% | $685.0M 6.9% | $1.40B 14.9% |
| Income Tax Expense | $1.01B 5.9% | $742.0M 4.7% | $541.0M 4.0% | $510.0M 4.1% | $623.0M 5.1% | $448.0M 4.0% | $297.0M 2.7% | $146.0M 1.4% | $250.0M 2.5% | $148.0M 1.6% |
| Net Income | $3.69B 21.5% | $2.65B 16.9% | $2.56B 19.2% | $2.59B 20.7% | $1.25B 10.3% | $1.97B 17.8% | $1.53B 13.9% | $1.17B 10.9% | $1.26B 12.6% | $1.43B 15.2% |
| Per Share | ||||||||||
| EPS (Basic) | $17.11 | $12.55 | $12.60 | $12.23 | $5.59 | $8.49 | $6.42 | $4.62 | $4.74 | $5.21 |
| EPS (Diluted) | $17.02 | $12.49 | $12.51 | $12.14 | $5.55 | $8.45 | $6.37 | $4.59 | $4.70 | $5.16 |
| Weighted Avg Shares (Basic) | 215.9M | 211.4M | 203.5M | 211.7M | 224.7M | 231.9M | 238.6M | 245.2M | 258.5M | 268.1M |
| Weighted Avg Shares (Diluted) | 217.1M | 212.5M | 205.0M | 213.2M | 226.1M | 233.1M | 240.6M | 247.0M | 260.7M | 270.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
6/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 20% of free cash flow, leaving room to grow it and fund buybacks. Last year: $629M dividends + $0 buybacks = $629M returned on $3.2B FCF.
9 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.2B covers the $589M due within a year 2.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.3% on $15.2B of debt.
Cash of $1.2B fully covers short-term debt of $589M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
Where each multiple sits in its own 14-yr range · 36th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 14.3 | 19.7 | 25.1 | 17.1 | 29.4 | 28.3 | 24.4 | 25.3 |
| Income Tax | 1.4 | 2.7 | 4.0 | 5.1 | 4.1 | 4.0 | 4.7 | 5.9 |
| Net Income | 10.9 | 13.9 | 17.8 | 10.3 | 20.7 | 19.2 | 16.9 | 21.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AON: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.