AON
Aon plc
AON offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JPM
JPMorgan Chase & Co.
JPM has the edge over AON overall, supported by stronger modeled upside and stronger fundamentals.
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.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
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 JPM in the historical PE scenario, which offers more potential upside but is not a forecast.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM's PE is in its expensive range at 14.4x. If earnings grow as analysts expect, today's price would be 13.7x next year's earnings.
AON Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for AON, but weaker profitability.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
JPM has the edge over AON on the outlook, with more favorable profitability expectations.
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 earned $18.26 per share over the past year, up 48% from the year before. Its recent earnings include one-off gains.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM's earnings per share have climbed steadily: $23.85 over the past year, up 18% from the year before, and higher year over year for 15 quarters in a row.
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.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM 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 has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM's free cash flow was −$84.2B over the past year, against −$120B the year before. Free cash flow isn't a meaningful measure for financial services companies like JPM.
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 213M diluted shares, down 1.7% from a year ago, with $1.4B in buybacks over the past year.
| 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.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has the edge over AON on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
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.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM 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).
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
AON PE vs Financial Services Sector
| Metric | AON | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 40% above |
| PE % | 5 | 63 | 58 pts below |
AON is trading at 18x earnings, a 40% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM has the edge over AON on valuation relative to its sector.
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.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM 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.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has the edge over AON on returns for 2026, with the stronger performance.