TakeoverPE & activists

AONAon plc

Insurance Agents, Brokers & Service · $86.8B market cap · 60,000 employees

0.1×

Less likely than average to be taken private

Top 77% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    2 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $24M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    94% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    3% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    87% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    24% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $286K · 36th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.8 per 10K words · 52nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    2.9× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $86.8B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $76K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 8, 2020DEFM14A—$1.089.5%
May 11, 2020PREM14AAon plc$187.409.5%

Key numbers

Revenue
$17.2BFY2021: $12.2BFY2022: $12.5BFY2023: $13.4BFY2024: $15.7BFY2025: $17.2B
9.4% YoY
Operating margin
25.3%FY2021: 17.1%FY2022: 29.4%FY2023: 28.3%FY2024: 24.4%FY2025: 25.3%
3.5% YoY
EBITDA
$4.5BFY2021: $2.3BFY2022: $3.8BFY2023: $4.0BFY2024: $4.0BFY2025: $4.5B
13% YoY
Net debt / EBITDA
2.9×
$13.2B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$12.2B$12.5B$13.4B$15.7B$17.2B 9.4% FY2021: $12.2BFY2022: $12.5BFY2023: $13.4BFY2024: $15.7BFY2025: $17.2B
Operating income$2.1B$3.7B$3.8B$3.8B$4.3B 13% FY2021: $2.1BFY2022: $3.7BFY2023: $3.8BFY2024: $3.8BFY2025: $4.3B
Net income$1.3B$2.6B$2.6B$2.7B$3.7B 39% FY2021: $1.3BFY2022: $2.6BFY2023: $2.6BFY2024: $2.7BFY2025: $3.7B
Operating cash flow$2.2B$3.2B$3.4B$3.0B$3.5B 15% FY2021: $2.2BFY2022: $3.2BFY2023: $3.4BFY2024: $3.0BFY2025: $3.5B
Capex$137M$196M$252M$218M$263M 21% FY2021: $137MFY2022: $196MFY2023: $252MFY2024: $218MFY2025: $263M
Stock-based comp$449M$397M$438M$474M$432M 8.9% FY2021: $449MFY2022: $397MFY2023: $438MFY2024: $474MFY2025: $432M
Dividends$447M$463M$489M$562M$629M 12% FY2021: $447MFY2022: $463MFY2023: $489MFY2024: $562MFY2025: $629M

13D filers

None on file.

Insider trading

+$76Knet buying by insiders, open market, last 12 months
Bought $8M · 7 tradesSold $8M · 11 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$74M$82M174203
FY2024$26M$47M175177
FY2023$24M$27M141135
FY2022$20M$19M144121
FY2021$20M$101M143135