Aon Plc (AON) is overvalued and Marsh (MRSH) is overvalued.
Both trade above our estimate of their intrinsic value. AON is the closer of the two: -56%, against -75% for MRSH.
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 2.50x, the multiple a 25.7% return on equity justifies, blended with earnings, values the shares at $96.90; the price of $170.01 is 75% above that value.
Leak Score 48/100 on 10 of 12 signals
| Metric | AON | MRSH |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $286.10 | $170.01 |
| Intrinsic value | $183.57 | $96.90 |
| Margin of safety | -56% | -75% |
| Leak Score | 59/100 (3/12) | 48/100 (10/12) |
| Market cap | $60.7B | $81.1B |
| Revenue growth, 5 years | 9.3% | 9.4% |
| Operating margin | 28.5% | 24.3% |
| Net margin | 22.3% | 14.2% |
| Return on equity | 44.9% | 25.7% |
| Debt to equity | 1.65 | 1.47 |
| P/E | 15.8x | 20.8x |
| Forward P/E | 13.9x | 14.9x |
| P/B | 6.3x | 5.3x |
| Dividend yield | 1.1% | 2.2% |