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Side-by-side financial comparison of Aon plc (AON) and CORVEL CORP (CRVL). Click either name above to swap in a different company.

Aon plc is the larger business by last-quarter revenue ($4.3B vs $235.6M, roughly 18.2× CORVEL CORP). Aon plc runs the higher net margin — 39.4% vs 10.3%, a 29.1% gap on every dollar of revenue. On growth, Aon plc posted the faster year-over-year revenue change (3.7% vs 3.4%). Aon plc produced more free cash flow last quarter ($1.3B vs $35.2M). Over the past eight quarters, CORVEL CORP's revenue compounded faster (6.6% CAGR vs 2.8%).

Aon plc is a British-American professional services firm. The company operates two divisions: Risk Capital, which provides brokerage and consulting services for risk management and insurance and reinsurance, and Human Capital, which provides services for health insurance, retirement plans, pension plans, and talent advisory.

Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.

AON vs CRVL — Head-to-Head

Bigger by revenue
AON
AON
18.2× larger
AON
$4.3B
$235.6M
CRVL
Growing faster (revenue YoY)
AON
AON
+0.3% gap
AON
3.7%
3.4%
CRVL
Higher net margin
AON
AON
29.1% more per $
AON
39.4%
10.3%
CRVL
More free cash flow
AON
AON
$1.3B more FCF
AON
$1.3B
$35.2M
CRVL
Faster 2-yr revenue CAGR
CRVL
CRVL
Annualised
CRVL
6.6%
2.8%
AON

Income Statement — Q4 2025 vs Q4 2025

Metric
AON
AON
CRVL
CRVL
Revenue
$4.3B
$235.6M
Net Profit
$1.7B
$24.2M
Gross Margin
23.3%
Operating Margin
28.1%
13.7%
Net Margin
39.4%
10.3%
Revenue YoY
3.7%
3.4%
Net Profit YoY
136.5%
1.7%
EPS (diluted)
$7.82
$0.47

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
AON
AON
CRVL
CRVL
Q4 25
$4.3B
$235.6M
Q3 25
$4.0B
$239.6M
Q2 25
$4.2B
$234.7M
Q1 25
$4.7B
$231.5M
Q4 24
$4.1B
$228.0M
Q3 24
$3.7B
$224.4M
Q2 24
$3.8B
$211.7M
Q1 24
$4.1B
$207.2M
Net Profit
AON
AON
CRVL
CRVL
Q4 25
$1.7B
$24.2M
Q3 25
$458.0M
$27.9M
Q2 25
$579.0M
$27.2M
Q1 25
$965.0M
$26.4M
Q4 24
$716.0M
$23.8M
Q3 24
$343.0M
$23.4M
Q2 24
$524.0M
$21.6M
Q1 24
$1.1B
$19.5M
Gross Margin
AON
AON
CRVL
CRVL
Q4 25
23.3%
Q3 25
24.3%
Q2 25
24.2%
Q1 25
25.0%
Q4 24
23.2%
Q3 24
22.6%
Q2 24
22.7%
Q1 24
20.9%
Operating Margin
AON
AON
CRVL
CRVL
Q4 25
28.1%
13.7%
Q3 25
20.4%
15.0%
Q2 25
20.7%
15.0%
Q1 25
30.9%
14.4%
Q4 24
26.3%
13.5%
Q3 24
16.7%
12.8%
Q2 24
17.4%
13.2%
Q1 24
36.0%
10.9%
Net Margin
AON
AON
CRVL
CRVL
Q4 25
39.4%
10.3%
Q3 25
11.5%
11.6%
Q2 25
13.9%
11.6%
Q1 25
20.4%
11.4%
Q4 24
17.3%
10.4%
Q3 24
9.2%
10.4%
Q2 24
13.9%
10.2%
Q1 24
26.3%
9.4%
EPS (diluted)
AON
AON
CRVL
CRVL
Q4 25
$7.82
$0.47
Q3 25
$2.11
$0.54
Q2 25
$2.66
$0.52
Q1 25
$4.43
$-1.23
Q4 24
$3.11
$0.46
Q3 24
$1.57
$1.35
Q2 24
$2.46
$1.25
Q1 24
$5.35
$1.12

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
AON
AON
CRVL
CRVL
Cash + ST InvestmentsLiquidity on hand
$2.8B
$230.0M
Total DebtLower is stronger
$15.2B
Stockholders' EquityBook value
$9.4B
$375.7M
Total Assets
$50.8B
$644.8M
Debt / EquityLower = less leverage
1.63×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
AON
AON
CRVL
CRVL
Q4 25
$2.8B
$230.0M
Q3 25
$1.3B
$207.5M
Q2 25
$1.4B
$202.0M
Q1 25
$1.3B
$170.6M
Q4 24
$1.3B
$162.9M
Q3 24
$1.3B
$138.3M
Q2 24
$1.2B
$131.9M
Q1 24
$6.4B
$105.6M
Total Debt
AON
AON
CRVL
CRVL
Q4 25
$15.2B
Q3 25
Q2 25
Q1 25
Q4 24
$17.0B
Q3 24
Q2 24
Q1 24
Stockholders' Equity
AON
AON
CRVL
CRVL
Q4 25
$9.4B
$375.7M
Q3 25
$7.9B
$362.8M
Q2 25
$7.8B
$342.5M
Q1 25
$7.0B
$322.0M
Q4 24
$6.1B
$300.9M
Q3 24
$6.2B
$282.8M
Q2 24
$5.9B
$263.9M
Q1 24
$-133.0M
$247.6M
Total Assets
AON
AON
CRVL
CRVL
Q4 25
$50.8B
$644.8M
Q3 25
$51.6B
$611.7M
Q2 25
$54.0B
$597.4M
Q1 25
$50.3B
$546.0M
Q4 24
$49.0B
$538.8M
Q3 24
$49.9B
$518.6M
Q2 24
$51.5B
$486.2M
Q1 24
$40.8B
$454.7M
Debt / Equity
AON
AON
CRVL
CRVL
Q4 25
1.63×
Q3 25
Q2 25
Q1 25
Q4 24
2.78×
Q3 24
Q2 24
Q1 24

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
AON
AON
CRVL
CRVL
Operating Cash FlowLast quarter
$1.4B
$46.1M
Free Cash FlowOCF − Capex
$1.3B
$35.2M
FCF MarginFCF / Revenue
30.8%
14.9%
Capex IntensityCapex / Revenue
1.7%
4.7%
Cash ConversionOCF / Net Profit
0.83×
1.91×
TTM Free Cash FlowTrailing 4 quarters
$3.2B
$104.3M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
AON
AON
CRVL
CRVL
Q4 25
$1.4B
$46.1M
Q3 25
$1.1B
$25.0M
Q2 25
$796.0M
$55.0M
Q1 25
$140.0M
$22.9M
Q4 24
$1.2B
$41.6M
Q3 24
$1.0B
$22.3M
Q2 24
$513.0M
$40.4M
Q1 24
$309.0M
$15.2M
Free Cash Flow
AON
AON
CRVL
CRVL
Q4 25
$1.3B
$35.2M
Q3 25
$1.1B
$15.3M
Q2 25
$732.0M
$39.5M
Q1 25
$84.0M
$14.3M
Q4 24
$1.1B
$32.1M
Q3 24
$951.0M
$12.4M
Q2 24
$460.0M
$32.8M
Q1 24
$261.0M
$5.2M
FCF Margin
AON
AON
CRVL
CRVL
Q4 25
30.8%
14.9%
Q3 25
27.0%
6.4%
Q2 25
17.6%
16.8%
Q1 25
1.8%
6.2%
Q4 24
27.6%
14.1%
Q3 24
25.6%
5.5%
Q2 24
12.2%
15.5%
Q1 24
6.4%
2.5%
Capex Intensity
AON
AON
CRVL
CRVL
Q4 25
1.7%
4.7%
Q3 25
1.7%
4.1%
Q2 25
1.5%
6.6%
Q1 25
1.2%
3.7%
Q4 24
1.3%
4.2%
Q3 24
1.7%
4.4%
Q2 24
1.4%
3.6%
Q1 24
1.2%
4.8%
Cash Conversion
AON
AON
CRVL
CRVL
Q4 25
0.83×
1.91×
Q3 25
2.51×
0.90×
Q2 25
1.37×
2.02×
Q1 25
0.15×
0.87×
Q4 24
1.68×
1.75×
Q3 24
2.95×
0.95×
Q2 24
0.98×
1.87×
Q1 24
0.29×
0.78×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AON
AON

Commercial Risk Solutions$2.3B54%
Health Solutions$1.1B26%
Wealth Solutions$490.0M11%
Reinsurance Solutions$379.0M9%

CRVL
CRVL

Patient Management Services$146.1M62%
Network Solutions Services$89.6M38%

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