Aon Plc (AON) is overvalued and Brown & Brown Inc (BRO) is overvalued.
Both trade above our estimate of their intrinsic value. BRO is the closer of the two: -36%, against -56% for AON.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 44.9% return on equity justifies, blended with earnings, values the shares at $183.57; the price of $286.10 is 56% above that value.
Leak Score 59/100 on 3 of 12 signals
Book value at 1.25x, the multiple a 9.8% return on equity justifies, blended with earnings, values the shares at $45.92; the price of $62.44 is 36% above that value.
Leak Score 40/100 on 9 of 12 signals
| Metric | AON | BRO |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $286.10 | $62.44 |
| Intrinsic value | $183.57 | $45.92 |
| Margin of safety | -56% | -36% |
| Leak Score | 59/100 (3/12) | 40/100 (9/12) |
| Market cap | $60.7B | $20.9B |
| Revenue growth, 5 years | 9.3% | 17.7% |
| Operating margin | 28.5% | 29.5% |
| Net margin | 22.3% | 17.5% |
| Return on equity | 44.9% | 9.8% |
| Debt to equity | 1.65 | 0.64 |
| P/E | 15.8x | 19.7x |
| Forward P/E | 13.9x | 12.9x |
| P/B | 6.3x | 1.6x |
| Dividend yield | 1.1% | 1.1% |