Aon (AON)财务
NYSE · Financial Services · Insurance - Brokers · 员工60,000人 · CEO Gregory C. Case
- 股价
- $321.67 +0.01%
- 市值
- $682亿
- 企业价值
- $950亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-01-29 EPS预期 $4.90
营收(TTM)$177亿+3.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)27.0%+2.2 百分点 对比去年同期营业利润 $47.8亿
净利润(TTM)$39.3亿+44.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)$32.7亿+7.4% 对比去年同期资本支出 $3.08亿
稀释EPS(TTM)$18.27+46.4% 对比去年同期最近4个季度之和
净现金-$135亿+17.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $682亿 EV $950亿
- 营收
- $177亿 过去12个月
- 营收增速
- +4% FY2026年一致预期
- 净利润率
- 22.2% 净利润 / 营收,TTM
- P/E
- 17.5× 预期 17.5×(FY2026)
- P/S
- 3.9× 股价 / 营收,TTM
- EV / EBITDA
- 14.1× TTM
- 自由现金流
- $32.7亿 过去12个月
- 净利润
- $39.3亿 过去12个月
- 营收预期
- $179亿 FY2026年一致预期
- 盈利
- 2027-01-29 营收预期 $45.3亿
- 股息
- $3.13 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-28):营收超预期0.6%,EPS 超预期1.8%营收$41亿,预期$40.8亿(+0.6%);EPS $3.36,预期$3.30(+1.8%)。
- 营收增长放缓:同比2.6%Q3 '26营收$41亿,此前四个季度的平均值为4.9%。
- 营业利润率27.0%(TTM),较去年同期+2.2 百分点营收增长3.8%,营业利润增长13.0%。
- 资本支出占营收的1.7%(去年为1.4%)最近4个季度投入$3.08亿(同比+26.2%)。自由现金流$32.7亿,相当于净利润的83.1%。
- 股东回报$20.2亿 = 自由现金流的61.9%回购$13.5亿(去年为$9.5亿),股息$6.72亿,股权激励$3.08亿(TTM)。
- 稀释股数一年内减少1.7%Q3 '26稀释股数2.13亿,一年前为2.17亿。
- 净债务 $135亿现金 + 短期投资 $153亿,含租赁债务 $288亿;一年前净债务 $163亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $41亿 | $40亿 | +2.6% |
| 毛利率 | 44.5% | 43.5% | +1.0 百分点 |
| 营业利润 | $8.09亿 | $8.16亿 | -0.9% |
| 营业利润率 | 19.7% | 20.4% | -0.7 百分点 |
| 净利润 | $4.76亿 | $4.58亿 | +3.9% |
| 稀释EPS | $2.23 | $2.11 | +5.7% |
| 经营现金流 | $11.9亿 | $11.5亿 | +3.7% |
| 资本支出 | $9400万 | $6900万 | +36.2% |
| 自由现金流 | $11亿 | $10.8亿 | +1.7% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1.04亿 | $1.06亿 | -1.9% |
实际 vs 一致预期
2026-10-28| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $41亿 | $40.8亿 | +0.6% |
| EPS(一致预期口径) | $3.36 | $3.30 | +1.8% |
来自2026-10-28发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Risk Capital Segment | $26.8亿 | +6.2% | 65.4% | $119亿 | – | |
| Human Capital Segment | $14.2亿 | -3.7% | 34.6% | $58亿 | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $21.4亿 | +2.5% | 57.5% | $83.2亿 | -0.5% | |
| Europe, Middle East, And Africa | $6.06亿 | +9.2% | 16.3% | $35.2亿 | +14.0% | |
| United Kingdom | $5.26亿 | +0.2% | 14.2% | $23.1亿 | +6.8% | |
| Asia Pacific | $4.03亿 | -1.7% | 10.8% | $16.8亿 | -1.9% | |
| IRELAND | $4600万 | +9.5% | 1.2% | $1.98亿 | +14.5% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Risk Capital Segment | – | – | $6.08亿 | +3.9% | – | – | $37亿 |
| Human Capital Segment | – | – | $3.46亿 | +4.2% | – | – | $15.1亿 |
| Corporate And Eliminations | – | – | -$1.45亿 | -43.6% | – | – | -$5.63亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $35.7亿
- 资本支出
- -$3.08亿
- 股票回购
- -$13.5亿
- 股息
- -$6.72亿
- 收购
- $21.1亿
- 债务净发行
- $103亿
- 股权激励费用
- $3.08亿
- 自由现金流
- $32.7亿
- 股东回报 / FCF
- 61.9%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 17.5× | 30.1× | 20.6× – 53.8× |
| EV / EBITDA | 14.1× | 20.7× | 17.1× – 30.0× |
| EV / 营收 | 5.4× | 5.8× | 5.3× – 6.3× |
| 股价 / FCF | 20.9× | 24.6× | 18.6× – 33.0× |
| 股价 / 净资产 | 6.8× | 28.1× 5年中的3年 | 8.1× – 63.7× |
| FCF收益率 | 4.8% | 4.2% | 3.0% – 5.4% |
| 投入资本回报率 | 9.0% | 15.8% | 9.9% – 22.9% |
| 净资产收益率 | 40.4% | -119.7% | -489.4% – 118.3% |
分析师
一致目标价 $361.30 (+12.3%)
区间 $317.00 – $423.00 · 评级 Hold
强烈买入0
买入18
持有19
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $179亿 | +4.2% | $18.41 | +8.1% | 17.5× | 14 |
| FY2027 | $217亿 | +21.2% | $20.25 | +10.0% | 15.9× | 13 |
| FY2028 | $230亿 | +5.9% | $23.37 | +15.4% | 13.8× | 5 |
| FY2029 | $237亿 | +3.1% | $25.65 | +9.8% | 12.5× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Aon plc在近期10-Q / 10-K文件中标记的全部246项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $25.4亿 | $24亿 | +5.7% | $28.6亿 | $29.1亿 | -1.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $47.8亿 | $42.8亿 | +11.7% | $42.1亿 | $38亿 | +10.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $8300万 | $7400万 | +12.2% | $7400万 | $7500万 | -1.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $500万 | $400万 | +25.0% | $1000万 | $700万 | +42.9% |
| Accrued Income Taxes, Current | $2.39亿 | $1.27亿 | +88.2% | $3.09亿 | $2.6亿 | +18.8% |
| Accrued Income Taxes, Noncurrent | $10.9亿 | $9.79亿 | +10.8% | $10.1亿 | $8.85亿 | +14.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $16.5亿2025-12-31 | $15.1亿 | +9.0% | $16.5亿 | $15.1亿 | +9.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$39.1亿 | -$39.2亿 | +0.3% | -$38.4亿 | -$47.5亿 | +19.0% |
| Additional Paid in Capital, Common Stock | $136亿 | $134亿 | +1.8% | $134亿 | $132亿 | +2.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10万 | 0 | – | 02023-12-31 | 80万 | -100.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.04亿 | $1.06亿 | -1.9% | $4.32亿 | $4.74亿 | -8.9% |
| Assets | $651亿 | $516亿 | +26.1% | $508亿 | $490亿 | +3.7% |
| Assets for Plan Benefits, Defined Benefit Plan | $6.02亿 | $5.88亿 | +2.4% | $6.03亿 | $5.56亿 | +8.5% |
| Assets, Current | $399亿 | $266亿 | +50.1% | $258亿 | $234亿 | +10.0% |
| Business Combination, Contingent Consideration, Liability, Current | $4500万 | $7000万 | -35.7% | $2800万 | $9300万 | -69.9% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $1.2亿 | $1.21亿 | -0.8% | $9900万 | $1.04亿 | -4.8% |
| Cash and Cash Equivalents, at Carrying Value | $20.2亿 | $11亿 | +84.2% | $12亿 | $10.9亿 | +10.1% |
| Cash, Cash Equivalents, and Short-term Investments | $153亿 | – | – | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $105亿 | $95.2亿 | +10.0% | $85.7亿 | $83.3亿 | +2.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $14.1亿 | $1.96亿 | +618.4% | $2.4亿 | $6.11亿 | -60.7% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.82 | $0.75 | +10.1% | $2.91 | $2.64 | +10.2% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 5亿 | 5亿 | 0.0% | 5亿 | 5亿 | 0.0% |
| Common Stock, Shares, Issued | 2.12亿 | 2.15亿 | -1.4% | 2.15亿 | 2.16亿 | -0.7% |
| Common Stock, Value, Issued | $200万 | $200万 | 0.0% | $200万 | $200万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.57亿 | $3.86亿 | +44.3% | $46亿 | $22.8亿 | +101.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $3.52亿 | $3.2亿 | +10.0% | $4.5亿 | $4.24亿 | +6.1% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $2.15亿 | $1.9亿 | +13.2% | $2.08亿 | $2.07亿 | +0.5% |
| Contract with Customer, Liability, Current | $2.62亿 | $2.86亿 | -8.4% | $2.59亿 | $2.8亿 | -7.5% |
| Contract with Customer, Liability, Noncurrent | $2600万 | $2900万 | -10.3% | $3000万 | $3000万 | 0.0% |
| Costs and Expenses | $32.9亿 | $31.8亿 | +3.5% | $128亿 | $119亿 | +8.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $11.5亿 | $10.5亿 | +9.2% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.73亿2025-12-31 | $1.91亿 | -9.4% | $1.73亿 | $1.91亿 | -9.4% |
| Debt, Current | $17.2亿 | $17.4亿 | -0.7% | $5.89亿 | $7.51亿 | -21.6% |
| Debt, Long-term and Short-term, Combined Amount | $152亿2025-12-31 | $170亿 | -10.4% | $152亿 | $170亿 | -10.4% |
| Deferred Income Tax Assets, Net | $8.84亿 | $8.55亿 | +3.4% | $7.48亿 | $6.54亿 | +14.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1.41亿 | -$3.11亿 | +54.7% |
| Deferred Income Tax Liabilities, Net | $3.5亿 | $3.61亿 | -3.0% | $3.4亿 | $3.19亿 | +6.6% |
| Deferred Income Taxes and Tax Credits | -$1.27亿 | $600万 | -2,216.7% | -$1.41亿 | -$3.11亿 | +54.7% |
| Deferred Tax Assets, Deferred Income | $3400万2025-12-31 | $3100万 | +9.7% | $3400万 | $3100万 | +9.7% |
| Deferred Tax Assets, Gross | $25.7亿2025-12-31 | $25.3亿 | +1.7% | $25.7亿 | $25.3亿 | +1.7% |
| Deferred Tax Assets, Net | $4.08亿2025-12-31 | $3.35亿 | +21.8% | $4.08亿 | $3.35亿 | +21.8% |
| Deferred Tax Assets, Net of Valuation Allowance | $22.6亿2025-12-31 | $23.3亿 | -2.7% | $22.6亿 | $23.3亿 | -2.7% |
| Deferred Tax Assets, Other | $5800万2025-12-31 | $5600万 | +3.6% | $5800万 | $5600万 | +3.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $3.25亿2025-12-31 | $3.59亿 | -9.5% | $3.25亿 | $3.59亿 | -9.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $1.66亿2025-12-31 | $1.76亿 | -5.7% | $1.66亿 | $1.76亿 | -5.7% |
| Deferred Tax Assets, Valuation Allowance | $3.06亿2025-12-31 | $2.02亿 | +51.5% | $3.06亿 | $2.02亿 | +51.5% |
| Deferred Tax Liabilities, Net | $18.6亿2025-12-31 | $19.9亿 | -6.8% | $18.6亿 | $19.9亿 | -6.8% |
| Deferred Tax Liabilities, Other | $6100万2025-12-31 | $5700万 | +7.0% | $6100万 | $5700万 | +7.0% |
| Deferred Tax Liabilities, Tax Deferred Income | $1.84亿2025-12-31 | $1.6亿 | +15.0% | $1.84亿 | $1.6亿 | +15.0% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $5500万2025-12-31 | $6600万 | -16.7% | $5500万 | $6600万 | -16.7% |
| Deferred Tax Liabilities, Unrealized Currency Transaction Gains | $4100万2025-12-31 | $3600万 | +13.9% | $4100万 | $3600万 | +13.9% |
| Defined Benefit Plan, Plan Assets, Contributions by Employer | $2800万 | $2600万 | +7.7% | – | – | – |
| Defined Contribution Plan, Cost | – | – | – | $2.31亿 | $2.12亿 | +9.0% |
| Depreciation | $4900万 | $4700万 | +4.3% | $1.88亿 | $1.83亿 | +2.7% |
| Derivative Asset | $3800万2026-03-31 | – | – | $4500万 | $4000万 | +12.5% |
| Derivative Liability | $3000万2026-03-31 | – | – | $2700万 | $1600万 | +68.8% |
| Disposal Group, Including Discontinued Operation, Assets, Current | $12.7亿2025-09-30 | $0 | – | $100万2024-12-31 | $3.54亿 | -99.7% |
| Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $0 | $3400万 | -100.0% | $0 | $100万 | -100.0% |
| Disposal Group, Including Discontinued Operation, Liabilities, Current | $1.66亿2025-09-30 | $0 | – | $02024-12-31 | $6900万 | -100.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01