AONAon plc
Insurance Agents, Brokers & Service
- Revenue
- $17.2B
- 9.4% YoY
- Operating margin
- 25.3%
- 3.5% YoY
- EBITDA
- $4.5B
- 13% YoY
- Market cap
- $86.8B
- Employees
- 60,000
- $286K revenue each
- Net debt / EBITDA
- 2.9×
- $13.2B net debt
- AI in 10-K
- 1.8
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$24M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo94% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo87% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo24% of assetsOver 40% of assets
- Shareholder dissentYes39% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$286K · 36th pctBottom quartile of its SIC industry
- Quiet on AINo1.8 per 10K words · 52nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$86.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$76K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B | 9.4% |
| Operating income | $2.1B | $3.7B | $3.8B | $3.8B | $4.3B | 13% |
| Net income | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B | 39% |
| Operating cash flow | $2.2B | $3.2B | $3.4B | $3.0B | $3.5B | 15% |
| Capex | $137M | $196M | $252M | $218M | $263M | 21% |
| Stock-based comp | $449M | $397M | $438M | $474M | $432M | 8.9% |
| Dividends | $447M | $463M | $489M | $562M | $629M | 12% |
Deal filings
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $8M · 7
- Open-market sells, 12 mo
- $8M · 11
- Net
- $76K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $74M | $82M | 174 | 203 |
| FY2024 | $26M | $47M | 175 | 177 |
| FY2023 | $24M | $27M | 141 | 135 |
| FY2022 | $20M | $19M | 144 | 121 |
| FY2021 | $20M | $101M | 143 | 135 |