Marsh McLennan vs Willis Towers Watson
Marsh McLennan is the larger business, with $26.98bn of revenue in fiscal 2025 against $9.71bn for Willis Towers Watson (2.8 times as much). Marsh McLennan grew faster (10.3% against -2.2%). Willis Towers Watson kept more of each dollar of sales as profit: a net margin of 16.5% against 15.4%. Willis Towers Watson carries less debt relative to equity (121.4% against 127.9%).
| Latest fiscal year | Marsh McLennanMRSH, 2025 | Willis Towers WatsonWTW, 2025 |
|---|---|---|
| Revenue | $26.98bn | $9.71bn |
| Revenue growth | 10.3% | -2.2% |
| Net income | $4.16bn | $1.60bn |
| Operating margin | 23.1% | 23.0% |
| Net margin | 15.4% | 16.5% |
| Return on equity | 28.8% | 20.2% |
| Free cash flow | $5.00bn | $1.55bn |
| Cash | $2.69bn | $3.13bn |
| Total debt | $19.59bn | $9.69bn |
| Debt to equity | 127.9% | 121.4% |
| Dividend per share | $3.43 | $3.68 |
| Dividend yield | 1.8% | 1.2% |
| Share buybacks | $2.01bn | $1.65bn |
| Employees | 95,000 | 47,000 |
| Market value | $96.62bn | $30.64bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 77 (Strong) | 66 (Moderate) |
| Insider trades, 12 months | 0 buys, 13 sales | 4 buys, 2 sales |