NYSE: MRSH · Insurance Brokers
Marsh McLennan
Marsh & McLennan Companies, based in New York and branded simply as Marsh since January 2026, is a global professional services firm in risk, strategy and people with about 95,000 colleagues. Its Risk and Insurance Services segment ($17,265 million of 2025 revenue) includes Marsh Risk — which describes itself as the world’s leading insurance broker and risk advisor ($14,366 million, including Marsh McLennan Agency) — and reinsurance broker Guy Carpenter ($2,496 million); its Consulting segment ($9,794 million) comprises Mercer (wealth, health and career, $6,190 million) and Marsh Management Consulting, formerly Oliver Wyman ($3,604 million). 2025 revenue rose 10% to $26,981 million and net income was $4,160 million. It acquired McGriff Insurance Services in November 2024, its largest recent deal, and settled the Australian Greensill litigation in 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 30, 2026 12:54 (SEC EDGAR) · Source 10-K filed: February 9, 2026
Built on10-K FY2025 · filed 2026-02-0910-Q (quarter ended 2026-09-30) · filed 2026-10-15Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 9.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 23.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +6.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.27x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 24.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.54
Higher than 60% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 64% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 63% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 66% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 32% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$206.11close on 2026-11-04
Market cap$99.96B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 24.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 17.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.7%
At FY2025 year-end: 22.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.9x
Book value at FY2025 year-end
At FY2025 year-end: 16.2x
EBITDA for FY2025
At FY2025 year-end: 5.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$6.35B → $6.86B (vs. a year earlier)↑ +8.1%$6.35B → $6.86B (vs. a year earlier)
- Operating margin18.4% → 17.7% (vs. a year earlier)↓ −0.7 pts18.4% → 17.7% (vs. a year earlier)
- Net income$747M → $808M (vs. a year earlier)↑ +8.2%$747M → $808M (vs. a year earlier)
- Diluted EPS$1.51 → $1.69 (vs. a year earlier)↑ +11.9%$1.51 → $1.69 (vs. a year earlier)
- Cash$1.7B → $1.84B (vs. previous quarter-end)↑ +8.4%$1.7B → $1.84B (vs. previous quarter-end)
- Long-term debt$19.54B → $18.91B (vs. previous quarter-end)↓ −3.2%$19.54B → $18.91B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 15, 2026.
Key changes
Q3 revenue $6.9B, up 8%. Source sentence
Consolidated revenue in the third quarter of 2026 was $6.9 billion, an increase of 8% compared with the third quarter of 2025, or 5% on an underlying basis.
Adjusted EPS up 10% to $2.03. Source sentence
Adjusted earnings per share increased 10% to $2.03.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- MARSH & MCLENNAN COMPANIES, INC.
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MRSH
- Industry
- Insurance Brokers
- CIK
- 62709
- Website
- https://www.marsh.com/ ↗
Workforce (as of FY2025 year-end)
Employees
95,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 25–30 days after quarter end (Jan 29, 2026; Jan 30, 2025; Jan 25, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 15–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 15, 2026 (+15 days) | Oct 15, 2026 10-Q (+15 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 21, 2026 (+21 days) | Jul 21, 2026 10-Q (+21 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 16, 2026 (+16 days) | Apr 16, 2026 10-Q (+16 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 9, 2026 10-K (+40 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 16, 2025 (+16 days) | Oct 16, 2025 10-Q (+16 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 17, 2025 (+17 days) | Jul 17, 2025 10-Q (+17 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 17, 2025 (+17 days) | Apr 17, 2025 10-Q (+17 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 10, 2025 10-K (+41 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 17, 2024 (+17 days) | Oct 17, 2024 10-Q (+17 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 18, 2024 (+18 days) | Jul 18, 2024 10-Q (+18 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 18, 2024 (+18 days) | Apr 18, 2024 10-Q (+18 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 25, 2024 (+25 days) | Feb 12, 2024 10-K (+43 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Risk and Insurance Services
Marsh Risk
Insurance broking, risk consulting, program management and alternative risk financing; includes Marsh McLennan Agency for U.S. middle-market clients.
Risk and Insurance Services
Guy Carpenter
Reinsurance and capital strategies for insurers.
Consulting
Mercer
Wealth ($2,819M), health ($2,284M) and career ($1,087M) consulting and outsourcing.
Consulting
Marsh Management Consulting
Management, economic and brand consulting (formerly Oliver Wyman).
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Insurance broking
Global insurance broking
U.S. share
—
Not disclosedWorldwide share
World’s leading insurance broker
Company-disclosed“Marsh Risk is the world's leading insurance broker and risk advisor”
07
Recent strategic focusSite analysis
Recent developments.
Greensill resolved
Settlements with White Oak (May 2025), Greensill Bank (June 2026) and Credit Suisse (September 2026) conclude Marsh’s involvement in the Australian proceedings.
Source: Form 10-Q (quarter ended 2026-09-30)
Rebrand
Brand changed to Marsh on January 14, 2026, with Marsh Risk and Marsh Management Consulting.
Source: Form 10-K (FY2025)
Leadership
Mark McGivney appointed EVP and Chief Operating Officer effective April 15, 2026; Nick Studer to succeed Martin South at Marsh Risk.
Source: Form 8-K (2026-04-14) — Item 5.02
Capex ÷ D&A (FY2025)
0.81x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$291M ÷ $361M = 0.81x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$10.53B
Latest year: $652M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $348M in FY2020 to $291M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$26.98B
As reported in the 10-K
Revenue CAGR (5 years)
+9.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($26,981M ÷ $17,224M) ^ (1÷5) − 1 = 9.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
23.1%▲favorable
+5.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$6,223M ÷ $26,981M × 100 = 23.1%
ROE (FY2025)
28.8%▲favorable
6-year average: 28.8%
As reported in the 10-K
P/B (FY2025 end)
5.88x
formulafiscal year-end closing price ÷ book value per share
e.g.$185.52 ÷ $31.58 = 5.88x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
16.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($89,977M + $19,587M − $2,687M) ÷ ($6,223M + $361M) = 16.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +9.4% a year over 5 years (strong growth)
From $17.22B in FY2020 to $26.98B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 17.8% → 23.1%
How much operating profit is left per $100 of revenue. It moved +5.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 26.1% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 28.8% over 6 years (latest: 28.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- McGriff Insurance Services
07 · what it does
Key activities
- Risk and Insurance Services: Marsh Risk (incl. Marsh McLennan Agency), Guy Carpenter
- Consulting: Mercer, Marsh Management Consulting
06 · what it draws on
Key resources
- About 95,000 colleagues
- Global broking and consulting network
- Client relationships and data
02 · why customers buy
Value propositions
- Insurance and reinsurance brokerage and risk advice (Marsh, Guy Carpenter) and consulting (Mercer, Oliver Wyman).
04 · how it keeps them
Customer relationships
- Insurance placements and ongoing consulting relationships.
03 · how it reaches them
Channels
- Its own colleagues serving businesses, governments and individuals worldwide.
01 · who it serves
Customer segments
- Businesses, governments and institutions worldwide
- Insurers and reinsurers (Guy Carpenter)
- Employers and pension plans (Mercer)
09 · where money goes
Cost structure
FY2025, share of revenue ($26.98B)
- Other operating costs (incl. cost of goods sold)76.9%
Operating profit left: 23.1% of revenue. Depreciation & amortization (inside the costs above): $361M. Capital spending: $291M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Marsh Risk $14,366M (2025)
- Guy Carpenter $2,496M
- Mercer $6,190M
- Marsh Management Consulting $3,604M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns commissions and fees for placing insurance and reinsurance and advising clients on risk, and fees for consulting on wealth, health, careers and management strategy; also earns interest on fiduciary funds.
01 what it draws on
Inputs & resources
- About 95,000 colleagues
- Global broking and consulting network
- Client relationships and data
02 what it does
Activities
- Risk and Insurance Services: Marsh Risk (incl. Marsh McLennan Agency), Guy Carpenter
- Consulting: Mercer, Marsh Management Consulting
03 who it serves
Customers
- Businesses, governments and institutions worldwide
- Insurers and reinsurers (Guy Carpenter)
- Employers and pension plans (Mercer)
04 how money comes in
How it earns
- Marsh Risk $14,366M (2025)
- Guy Carpenter $2,496M
- Mercer $6,190M
- Marsh Management Consulting $3,604M
- Fiduciary interest income $403M
How the business makes money
- Rebranded from Marsh McLennan to Marsh on January 14, 2026; Oliver Wyman became Marsh Management Consulting.
- Paid dividends of $3.43 per share in 2025; quarterly rate $0.90 from February 2026.
- E&O liability was $379M at end-2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Marsh McLennan advises governments and follows trade sanctions.
Government as customer
Government health programs
Changes to programs like Medicaid could affect consulting for government clients.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Trade & export rules
Sanctions and anti-corruption laws
Subject to trade sanctions laws for countries such as Russia, Iran and North Korea.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government funding & tax credits
Green energy tax credits
Purchased green energy income tax credits to reduce income taxes in 2024–2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Risk and Insurance Services
17,265 (64%)Consulting
9,794 (36%)
Source: Form 10-K (FY2025) Segment revenue; total segments $27,059M before corporate eliminations; consolidated revenue $26,981M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
McGriff Insurance Services
Acquired in November 2024 to expand Marsh McLennan Agency’s U.S. middle-market broking.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Businesses, governments, institutions and individuals worldwide.
Named by the company
No customer concentration is disclosed.
Suppliers
Insurance and reinsurance carriers (placement markets).
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Marsh competes with global, regional and local brokers, managing general agents, private-equity-backed brokers, and with consulting, outsourcing and insurance firms; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2025 peer group for executive compensation from the 2026 proxy statement.
- Aonsite ↗
- WTW (Willis Towers Watson)site ↗
- Arthur J. Gallaghersite ↗
- American International Group (AIG)site ↗
- Chubbsite ↗
- Travelerssite ↗
- Automatic Data Processingsite ↗
- Accenturesite ↗
- S&P Globalsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 17,224 | 19,820 | 20,720 | 22,736 | 24,458 | 26,981 |
| Operating income | 3,066 | 4,312 | 4,280 | 5,282 | 5,817 | 6,223 |
| Pretax income | 2,793 | 4,208 | 4,082 | 5,026 | 5,480 | 5,539 |
| Net income (attributable) | 2,016 | 3,143 | 3,050 | 3,756 | 4,060 | 4,160 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 15.1% | 4.5% | 9.7% | 7.6% | 10.3% |
| Operating margincalcoperating income ÷ revenue × 100 | 17.8% | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 11.7% | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
| Balance sheet ($M) | ||||||
| Total assets | 33,049 | 44,010 | 44,114 | 48,030 | 56,481 | 58,710 |
| Total equity | 9,260 | 11,222 | 10,749 | 12,370 | 13,535 | 15,315 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 11,830 | 10,967 | 11,763 | 13,463 | 19,947 | 19,587 |
| Equity ratio | 28.0% | 25.5% | 24.4% | 25.8% | 24.0% | 26.1% |
| ROE | 21.8% | 30.7% | 27.8% | 32.5% | 31.3% | 28.8% |
| Cash flow ($M) | ||||||
| Operating CF | 3,382 | 3,516 | 3,465 | 4,258 | 4,302 | 5,292 |
| Investing CF | -793 | -1,164 | -850 | -1,417 | -8,821 | -845 |
| Financing CF | -925 | -1,297 | -1,046 | -1,119 | 4,455 | -4,634 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,034 | 3,110 | 2,995 | 3,842 | 3,986 | 5,001 |
| Cash and equivalents | 2,089 | 1,752 | 1,442 | 3,358 | 2,398 | 2,687 |
| Per share & other | ||||||
| EPS ($) | 3.94 | 6.13 | 6.04 | 7.53 | 8.18 | 8.43 |
| BVPS ($) | 18.23 | 22.27 | 21.72 | 25.14 | 27.57 | 31.58 |
| Dividend per share ($) | 1.84 | — | 2.25 | 2.60 | 3.05 | 3.43 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 46.7% | — | 37.3% | 34.5% | 37.3% | 40.7% |
| P/E (x) | 29.7 | 28.4 | 27.4 | 25.2 | 26.0 | 22.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 18.2 | 19.1 | 19.8 | 18.3 | 19.7 | 16.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 6.42 | 7.81 | 7.62 | 7.54 | 7.71 | 5.88 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $6.86B+8.1% | $1.22B+3.8% | $808M+8.2% | $1.69 |
| 2026-06-30 | $7.4B+6.2% | $1.9B+3.8% | $1.27B+4.5% | $2.63 |
| 2026-03-31 | $7.6B+7.6% | $1.75B-12.5% | $1.15B-17.0% | $2.36 |
| 2025-12-31 † | $6.6B+8.7% | $1.22B+6.7% | $821M+4.2% | — |
| 2025-09-30 | $6.35B | $1.17B | $747M | $1.51 |
| 2025-06-30 | $6.97B | $1.83B | $1.21B | $2.45 |
| 2025-03-31 | $7.06B | $2.01B | $1.38B | $2.79 |
| 2024-12-31 † | $6.07B | $1.14B | $788M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
13.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$6,223M × (1 − 24.5%) ÷ $34,192M × 100 = 13.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.17%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $89.98B ÷ ($89.98B + $19.59B) = 82.1%
e.g.Debt weight: $19.59B ÷ ($89.98B + $19.59B) = 17.9%
e.g.WACC: 7.9% × 82.1% + 4.9% × (1 − 24.5%) × 17.9% = 7.17%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.0%–8.7% and ROIC − WACC runs +5.1 to +7.8 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.17% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.54 (price-derived adjusted beta, but correlation with the market is low (R² 0.05), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.92%
- Cost of debt
- 4.90%
- Tax rate
- 24.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 82% : 18%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.17%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.54 (price-derived adjusted beta. Raw β 0.31, R² 0.05, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.314 + 0.33 = 0.540
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.54 × 5.5% = 7.9%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.2% − 4.3%
Past FCF growth (FY2020–FY2025)
+10.5%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+9.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $5B (operating CF − capex); enterprise value $116.86B = market cap $99.96B (latest close, 2026-11-04) + debt $19.59B − cash and short-term investments $2.69B; r = WACC of 7.2% using this page’s default assumptions (β 0.54, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$116.3B
FCF $5B ÷ (7.2% − 2.9%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.2% | 6.2% | 7.2% | 8.2% | 9.2% |
|---|---|---|---|---|---|
| 0% | 0.82x | 0.69x | 0.59x | 0.52x | 0.47x |
| 2% | 1.34x | 1.02x | 0.82x | 0.69x | 0.59x |
| 4% | 3.57x | 1.95x | 1.34x | 1.02x | 0.82x |
| 6% | — | 21.40x | 3.57x | 1.95x | 1.34x |
| 8% | — | — | — | 21.40x | 3.57x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.23x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 112%
Most profit comes from core operations.
- ✓
Days sales outstanding: 113 → 100 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,292M ÷ $4,160M = 1.27x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$6,223M ÷ $5,539M × 100 = 112%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($7,156M + $7,670M) ÷ 2 ÷ $26,981M × 365 = 100 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 92.0%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 8.0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 165 of 416
- Beta (adjusted)
- 0.54
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 39% of covered companies have more
above 1 = swings more than the market
- 439.0M shares reported by 1,501 13F filers ÷ 477.2M shares outstanding on 2026-07-16. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-31 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-16)
19
Strengths & weaknessesSite analysis
Strengths
1. Market leadership
Marsh Risk is the world’s leading insurance broker and risk advisor.
Evidence: Form 10-K (FY2025)
2. Steady growth
Revenue rose every year from $17,224M (2020) to $26,981M (2025).
Evidence: Form 10-K (FY2025)
3. Diversification
Consulting contributed $9,794M of 2025 segment revenue alongside broking.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Higher debt after McGriff
Interest-bearing debt rose from $13.5B (2023) to about $19.6B (2025).
Evidence: Form 10-K (FY2025)
2. E&O exposure
Greensill settlements produced charges ($569M net of insurance in the 2026 nine-month period).
Evidence: Form 10-Q (quarter ended 2026-09-30)
3. Interest-rate sensitivity
Fiduciary interest income fell from $497M (2024) to $403M (2025).
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
22.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.85%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
41%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.6%
(Operating CF − capex) ÷ market cap
1. Compounder
Consistent revenue and EPS growth with rising dividends.
- What has to hold
- Insurance pricing stays firm.
- The other side
- Pricing cycle could soften.
Evidence: Form 10-K (FY2025)
2. Scale in broking
World’s leading broker with Guy Carpenter and Mercer.
- What has to hold
- Scale advantages persist.
- The other side
- PE-backed competition.
Evidence: Form 10-K (FY2025)
FY2020 dividend per share is the sum of quarterly dividends paid in the FY2020 10-K ($1.84).
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.1x
$2.69B vs. $1.27B
Interest coverage (operating income ÷ interest expense)
6.5x
$6.22B vs. $960M
Free cash flow ÷ dividends paid
2.9x
$5B vs. $1.7B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -0.7% in FY2022 ($4.31B → $4.28B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring revenue
Revenue grew every year 2020–2025, including through 2020.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Marsh’s main recent matters were Greensill-related claims, now settled.
0 open matters · 1 settled or closed
Greensill litigation (Australia/U.K.)
SettledLawsuitMarsh Ltd., Marsh Pty Ltd.
Claims over trade credit insurance placed for Greensill were settled with White Oak (2025), Greensill Bank and Credit Suisse (2026); no further charges expected.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Claims, Lawsuits and Other Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Note on Claims, Lawsuits and Other Contingencies, reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Insurance pricing and economy
- Company disclosure (summarized from the 10-K)
- Commission revenue depends on insurance premium rates and client activity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Competition & technology shift
Competition and AI
- Company disclosure (summarized from the 10-K)
- Competes with global brokers, private-equity-backed brokers and consultants, including new entrants using generative AI.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Errors & omissions claims
- Company disclosure (summarized from the 10-K)
- E&O claims and regulatory investigations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Acquisition integration
- Company disclosure (summarized from the 10-K)
- Integrating McGriff and Cardano.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5FX & interest rates
Rates and currencies
- Company disclosure (summarized from the 10-K)
- Fiduciary income depends on interest rates; most pre-tax income is earned outside the U.S.
- Company’s stated mitigation
- We periodically use forward contracts and options to limit foreign currency exchange rate exposure on net income and cash flows for specific, clearly defined transactions arising in the ordinary course of business.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
Our increasing reliance on software-as-a-service ("SaaS") cloud solutions and other cloud-based vendors to support critical business operations also exposes us to risks associated with the availability, security, and resilience of these third-party platforms. These arrangements create dependencies on the vendors’ ability to maintain continuous service and protect against outages, disruptions or cyber incidents and on the sufficiency of their security controls and incident response. In addition, managing and integrating multiple cloud environments with our internal systems increases the risk of configuration errors or vulnerabilities that could be exploited.
We may not be able to fully realize the benefits of our Thrive program and Business Client Services.
In 2025, we launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency (the "Program"). Read more
As part of the Program we also created a new unit, Business Client Services ("BCS") to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics. As a part of these initiatives, we may optimize our global footprint, which involves inherent risks, including potential business disruptions or processing activities, loss of continuity or institutional knowledge, challenges in managing third-party providers and compliance with foreign regulatory requirements.
The Program will generate savings from process and automation efficiencies and optimization of our global operating model. Read more
However, actual total costs, savings and timing may differ from our estimates due to changes in the scope or assumptions underlying the Program and other operational improvements through BCS. We cannot guarantee that we will achieve the targeted savings. If we do not realize the expected cost savings, we may be unable to reinvest in planned growth or strategic initiatives. Moreover, unanticipated costs or unrealized savings in connection with the Program could adversely affect our consolidated financial statements.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 9, 2026 ↗ with the 10-K filed Feb 10, 2025 ↗.
25
What to watch going forwardSite analysis
- Organic growth in Marsh Risk and Mercer.
- Insurance pricing cycle.
- Integration of McGriff and Cardano.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 30, 2026 12:54 (SEC EDGAR) · Source 10-K filed: February 9, 2026
Built on10-K FY2025 · filed 2026-02-09Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Marsh McLennan’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.