AON vs WTW
Aon PLC and Willis Towers Watson PLC, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | AON | WTW |
|---|---|---|
| Revenue | $17.2B | $9.7B |
| Net income | $3.7B | $1.6B |
| Gross margin | · | · |
| Net margin | 21.8% | 16.6% |
| Return on equity | 47.8% | 20.2% |
| Diluted EPS | $17.02 | $16.26 |
| Dividend / share | $2.91 | $3.68 |
| Payout ratio | 17.0% | 22.3% |
| Free cash flow | $3.2B | $1.5B |
| Equity | $9.4B | $8.0B |
| Net debt / equity | 1.50× | 0.40× |
| Current ratio | 1.11× | 1.20× |
| Revenue CAGR 5y | 9.2% | 2.4% |
| Profit CAGR 5y | 13.4% | 10.0% |
AON bills 1.8× the revenue of WTW, and keeps more of each dollar of revenue as profit (21.8% against 16.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | AON | WTW |
|---|---|---|
| FY2025 | $17.2B | $9.7B |
| FY2024 | $15.7B | $9.9B |
| FY2023 | $13.4B | $9.5B |
| FY2022 | $12.5B | $8.9B |
| FY2021 | $12.2B | $9.0B |
| FY2020 | $11.1B | $8.6B |
| FY2019 | $11.0B | $8.4B |
| FY2018 | $10.8B | $8.5B |
| FY2017 | $10.0B | $8.2B |
| FY2016 | $9.4B | $7.9B |
Bottom line
| Fiscal year | AON | WTW |
|---|---|---|
| FY2025 | $3.7B | $1.6B |
| FY2024 | $2.7B | $-98.0M |
| FY2023 | $2.6B | $1.1B |
| FY2022 | $2.6B | $1.0B |
| FY2021 | $1.3B | $4.2B |
| FY2020 | $2.0B | $996.0M |
| FY2019 | $1.5B | $1.0B |
| FY2018 | $1.2B | $695.0M |
| FY2017 | $1.3B | $568.0M |
| FY2016 | $1.4B | $420.0M |
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$7,473,000,000 | AON |
| FY2024 | +$5,768,000,000 | AON |
| FY2023 | +$3,893,000,000 | AON |
| FY2022 | +$3,613,000,000 | AON |
| FY2021 | +$3,195,000,000 | AON |
| FY2020 | +$2,451,000,000 | AON |
| FY2019 | +$2,643,000,000 | AON |
| FY2018 | +$2,257,000,000 | AON |
| FY2017 | +$1,796,000,000 | AON |
| FY2016 | +$1,522,000,000 | AON |
| FY2015 | +$5,651,000,000 | AON |
| FY2014 | +$8,243,000,000 | AON |
| FY2013 | +$8,160,000,000 | AON |
| FY2012 | +$8,034,000,000 | AON |
| FY2011 | +$7,840,000,000 | AON |
| FY2010 | +$5,180,000,000 | AON |
| FY2009 | +$4,342,000,000 | AON |
| FY2008 | +$4,701,000,000 | AON |
AON has reported the higher revenue in every one of these 18 fiscal years. The gap has widened since the earliest year compared.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
18 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +5.2 pp | AON |
| FY2024 | +18.2 pp | AON |
| FY2023 | +8.4 pp | AON |
| FY2022 | +9.7 pp | AON |
| FY2021 | −36.3 pp | WTW |
| FY2020 | +6.4 pp | AON |
| FY2019 | +1.5 pp | AON |
| FY2018 | +2.5 pp | AON |
| FY2017 | +5.4 pp | AON |
| FY2016 | +9.6 pp | AON |
| FY2015 | +5.0 pp | AON |
| FY2014 | +2.1 pp | AON |
| FY2013 | −0.6 pp | WTW |
| FY2012 | +21.3 pp | AON |
| FY2011 | +2.6 pp | AON |
| FY2010 | −5.5 pp | WTW |
| FY2009 | −3.7 pp | WTW |
| FY2008 | +8.2 pp | AON |
The higher net margin has changed hands between AON and WTW over this period.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
WTW's net margin has been more volatile than AON's over the 18 comparable fiscal years — 10.9 percentage points of standard deviation against 4.4.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between AON and WTW over these 18 fiscal years — AON led in 14 and WTW in 4.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
AON's return on equity has been more volatile than WTW's over the 15 comparable fiscal years — 15.1 percentage points of standard deviation against 11.8.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between AON and WTW over these 15 fiscal years — AON led in 12 and WTW in 3.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.