VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Aon plc vs Paychex, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Aon plc

AON · New York Stock Exchange

Market cap (USD)$75.9B
Gross margin (TTM)43.7%
Operating margin (TTM)24.8%
Net margin (TTM)16%
SectorFinancials
IndustryInsurance - Brokers
CountryIE
Data as of2025-12-31
Moat score
70/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Aon plc's moat claims, evidence, and risks.

View AON analysis

Paychex, Inc.

PAYX · NASDAQ Global Select Market

Market cap (USD)$39.4B
Gross margin (TTM)73.4%
Operating margin (TTM)37.1%
Net margin (TTM)26.5%
SectorIndustrials
IndustryStaffing & Employment Services
CountryUS
Data as of2026-01-04
Moat score
66/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Paychex, Inc.'s moat claims, evidence, and risks.

View PAYX analysis

Comparison highlights

  • Moat score gap: Aon plc leads (70 / 100 vs 66 / 100 for Paychex, Inc.).
  • Segment focus: Aon plc has 2 segments (67% in Risk Capital); Paychex, Inc. has 3 segments (73% in Management Solutions).
  • Moat breadth: Aon plc has 6 moat types across 3 domains; Paychex, Inc. has 7 across 4.

Primary market context

Aon plc

Risk Capital

Market

Large-account commercial insurance & reinsurance brokerage and risk advisory

Geography

Global

Customer

Enterprises, insurers, reinsurers

Role

Intermediary/advisor

Revenue share

67%

Paychex, Inc.

Management Solutions

Market

Payroll processing and integrated HCM solutions for SMB and mid-market employers

Geography

United States (primarily)

Customer

Employers (SMB and mid-market)

Role

HCM SaaS + outsourced payroll/HR service provider

Revenue share

73%

Side-by-side metrics

Aon plc
Paychex, Inc.
Ticker / Exchange
AON - New York Stock Exchange
PAYX - NASDAQ Global Select Market
Market cap (USD)
$75.9B
$39.4B
Gross margin (TTM)
43.7%
73.4%
Operating margin (TTM)
24.8%
37.1%
Net margin (TTM)
16%
26.5%
Sector
Financials
Industrials
Industry
Insurance - Brokers
Staffing & Employment Services
HQ country
IE
US
Primary segment
Risk Capital
Management Solutions
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
66 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Financial
Last update
2025-12-31
2026-01-04

Moat coverage

Shared moat types

Data Workflow LockinSwitching Costs GeneralService Field NetworkCompliance Advantage

Aon plc strengths

Brand TrustScale Economies Unit Cost

Paychex, Inc. strengths

Suite BundlingUnderwriting Risk PoolingFloat Prepayment

Segment mix

Aon plc segments

Full profile >

Risk Capital

Oligopoly

67%

Human Capital

Oligopoly

33.2%

Paychex, Inc. segments

Full profile >

Management Solutions

Oligopoly

73%

PEO and Insurance Solutions

Competitive

24.1%

Client funds float (interest on funds held for clients)

Oligopoly

2.9%

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.