Aon plc — Earnings Quality Grade F
AON · Financial Services
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 89 days, change +1 days YoY
AR growth 10.7% vs revenue growth 9.4%
Revenue 9.4%, CFFO 14.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 20.6% is >2x revenue growth 9.4%
SG&A/Gross Profit = 23.8%, excellent (<30%)
Gross margin 47.7%, change +0.5pp. Stable
Cash Flow Quality
CFFO/NI = 0.94. Profits backed by cash
FCF $3.2B, FCF/NI = 0.87
Accruals ratio = 0.4%. Low accruals
Cash $2.8B covers only 17% of debt $16.1B
Balance Sheet Health
Goodwill+Intangibles $21.5B = 230% of equity. Over 50%
Debt/EBITDA = 2.5x. Healthy
Other assets -55.2% vs revenue 9.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.38 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Aon plc is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09