VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Stock Comparison

Aon plc vs Xero Limited

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)$75.2B
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

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryNZ
Data as of2026-01-02
Moat score
71/ 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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

  • Moat score gap: Xero Limited leads (71 / 100 vs 70 / 100 for Aon plc).
  • Segment focus: Aon plc has 2 segments (67% in Risk Capital); Xero Limited has 2 segments.
  • Moat breadth: Aon plc has 6 moat types across 3 domains; Xero Limited has 7 across 3.

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%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

Aon plc
Xero Limited
Ticker / Exchange
AON - New York Stock Exchange
XRO - Australian Securities Exchange
Market cap (USD)
$75.2B
n/a
Gross margin (TTM)
43.7%
n/a
Operating margin (TTM)
24.8%
n/a
Net margin (TTM)
16%
n/a
Sector
Financials
Technology
Industry
Insurance - Brokers
n/a
HQ country
IE
NZ
Primary segment
Risk Capital
Core Accounting Subscription Platform
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
71 / 100
Moat domains
Demand, Supply, Legal
Demand, Network, Financial
Last update
2025-12-31
2026-01-02

Moat coverage

Shared moat types

Data Workflow LockinSwitching Costs General

Aon plc strengths

Service Field NetworkBrand TrustCompliance AdvantageScale Economies Unit Cost

Xero Limited strengths

Two Sided NetworkBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

Segment mix

Aon plc segments

Full profile >

Risk Capital

Oligopoly

67%

Human Capital

Oligopoly

33.2%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

Competitive

n/a

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.