AON
Aon plc
AON offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
BLK
BlackRock, Inc.
BLK has a slight edge over AON overall, supported by stronger fundamentals and lower modeled downside.
AON Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
AON's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like AON.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
AON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $333 | — |
| Current | 18x | $333 | — |
| Cheap | 23x | $423 | +27% |
| Fair | 27x | $500 | +50% |
| Expensive | 34x | $616 | +85% |
Historical ranges are pointers, not guarantees.
AON has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
AON Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for AON, but weaker profitability.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
AON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.21 | +5.2% |
| Q3 2026 | $18.26 | +48% |
| Q2 2026 | $18.14 | +54% |
| Q1 2026 | $18.22 | +57% |
| Q4 2025 | $17.02 | +36% |
| Q3 2025 | $12.31 | +3.6% |
| Q2 2025 | $11.77 | -6.1% |
| Q1 2025 | $11.57 | -9.5% |
| Q4 2024 | $12.49 | -0.2% |
AON has the edge over BLK on earnings, with more consistent year-over-year improvement.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
AON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.1B | +2.6% |
| Q2 2026 | $4.2B | +2.2% |
| Q1 2026 | $5B | +6.4% |
| Q4 2025 | $4.3B | +3.7% |
| Q3 2025 | $4B | +7.4% |
| Q2 2025 | $4.2B | +11% |
| Q1 2025 | $4.7B | +16% |
| Q4 2024 | $4.1B | +23% |
AON's revenue has grown year over year for 16 quarters in a row: $4.1B last quarter, up 2.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -0.7 points |
| Q2 2026 | 22% | +0.9 points |
| Q1 2026 | 34% | +3.2 points |
| Q4 2025 | 28% | +1.8 points |
| Q3 2025 | 20% | +3.7 points |
| Q2 2025 | 21% | +3.2 points |
| Q1 2025 | 31% | -5.1 points |
| Q4 2024 | 26% | +3.2 points |
AON's operating margin was 20% last quarter, down 0.7 points from the same quarter a year ago.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over AON on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK has the edge over AON on profitability, with a higher operating margin.
AON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +1.7% |
| Q2 2026 | $483M | -34% |
| Q1 2026 | $363M | +332% |
| Q4 2025 | $1.3B | +16% |
| Q3 2025 | $1.1B | +13% |
| Q2 2025 | $732M | +59% |
| Q1 2025 | $84M | -68% |
| Q4 2024 | $1.1B | -5.5% |
AON's free cash flow was $3.3B over the past year, up 7.4% from the year before. Free cash flow isn't a meaningful measure for financial services companies like AON.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
AON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -900K shares |
| 1 year | -1.7% | -3.7M shares |
| 3 years | +4.1% | +8.4M shares |
| 5 years | -5.5% | -12.4M shares |
| Available history | -11% | -27.6M shares |
AON has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $600M |
| Q1 2026 | $500M |
| Q4 2025 | $250M |
| Q3 2025 | $250M |
| Q2 2025 | $250M |
| Q1 2025 | $250M |
| Q4 2024 | $200M |
AON spent $1.4B buying back its own shares over the past year, up 42% from the year before.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
AON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 2.9x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 3.1x | Elevated |
| Q3 2025 | 3.6x | Elevated |
| Q2 2025 | 3.9x | Elevated |
| Q1 2025 | 4.2x | High |
| Q4 2024 | 4.0x | Elevated |
AON's net debt is about 5.4 years of its operating earnings (EBITDA), up from 3.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like AON.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has the edge over AON on leverage, with a lower net debt burden relative to earnings.
AON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.2 | Neutral |
| Stochastic | 62.2 | Neutral |
AON's weekly RSI is 54 (neutral) and its Stochastic is 62 (neutral).
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
AON PE vs Financial Services Sector
| Metric | AON | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 40% above |
| PE % | 5 | 63 | 58 pts below |
AON has the edge over BLK on valuation relative to its sector.
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
AON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $300.9 | 11% above |
| 20 week MA | $327.8 | 1.7% above |
| 50 week MA | $329.9 | 1.1% above |
| 100 week MA | $347.4 | 4% below |
| 200 week MA | $335.2 | 0.5% below |
AON has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 0.5% below its 200-week average.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over AON on trend strength, trading above more of its moving averages.
AON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $207.5 | $210.6 | +1.5% |
| 2021 | $210.6 | $292.4 | +39% |
| 2022 | $292.4 | $300.6 | +2.8% |
| 2023 | $300.6 | $291.0 | -3.2% |
| 2024 | $291.0 | $360.4 | +24% |
| 2025 | $360.4 | $356.7 | -1% |
| 2026 YTD | $356.7 | $333.4 | -6.5% |
AON has finished higher in four of the last six years. It's down 6.5% so far in 2026.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over AON on returns for 2026, with the stronger performance.