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Marsh McLennan (MRSH) stock

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NYSE: MRSH NYSE Insurance Brokers Next results ~January 28, 2027

C+ Fundamentals grade

Marsh McLennan is a US-listed company in the insurance brokers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$130–$270 across our lower- and higher-growth cases (3.1%–13.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 6% above our base value.

Price used: $203.42, November 3, 2026

Marsh McLennan valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Marsh McLennan files

Where Marsh McLennan stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $28.5bn, up 7.6% on a year earlier, slower than 8.3% a quarter earlier. Free-cash-flow margin fell to 14.6% from 18.2% a year earlier. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $169 a share, against a share price of $190. At that price, our model says the market is pricing in about 9.9% a year of cash-flow growth for five years, faster than the 7.5% a year revenue growth it has delivered.

Source: 10-Q filed October 15, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Marsh McLennan's trailing-twelve-month revenue grew 7.6% year on year, with a free-cash-flow margin of 14.6%. Where it stands out: change in share count of -2.0% ranks 2 of 12 insurance brokers companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$130–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 7.6% (-0.7pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 9 insiders sold $20M of stock over the past 365 days and none bought (70% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 31.6% ranks 4 of 5 insurance brokers companies we cover (median 24.9%).

Latest results: FY2026 Q3

Filed October 15, 2026
Earnings per share
$2.03 against an average estimate of $1.97: beat by 3.2%
Revenue
$6.86bn, up 8.1% on a year earlier
Share reaction
+5.6% in the first session after the results on October 15, 2026, against -0.8% for the S&P 500
Next report
October 15, 2026; average EPS estimate $2.22

Marsh McLennan's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week+6.7%
  • 1 month+19.6%
  • This year+13.1%
  • 1 year+17.4%
  • 5 years+36.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$28.5B
Operating margin
21.4%
Net margin
14.2%
EPS (TTM, diluted)
$8.34

Growth

Revenue growth
+7.6%
Change in growth rate
−0.7 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$4.2B
FCF margin
14.6%
Stock pay % of revenue
1.5%

Earnings

Last results
October 15, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Marsh McLennan valuation models and calculator

What the price is pricing in

The share price implies about 8.2% a year of cash-flow growth for five years.That is close to the 7.5% a year revenue growth Marsh McLennan has delivered.

  • Priced in8.2%
  • Last 12 months7.6%
  • 3 years a year8.6%
  • 5 years a year7.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($203.42, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$190
Price used
$203.42close November 3, 2026
Implied change
▼ 6%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Marsh McLennan's free cash flow after stock-based pay with after-tax interest added back ($4.9B, FY2026 Q3 TTM), growing 5.7% and 6.9% in the next two years (forecasts, guidance and its record), then back to 8.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$270 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Marsh McLennan's free cash flow after stock-based pay ( $4.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Marsh McLennan as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.52 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$130–$270 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$180–$260 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$240 ~$170–$360 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$200 ~$160–$270 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$7.2 ~$10–$110 Left out: out of range vs price (0.03x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$240 ~$190–$320 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$210 ~$190–$240 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Marsh McLennan with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −20%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $108$161$232$325$446$603
8.5% $73$112$162$229$315$427
10% $52$82$121$172$238$322

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$57.05$70.02$69.92$99.52$106.34$160.39$154.86$179.87$204.59$181.55$205.38
Market value$29.9bn$36.3bn$35.7bn$50.9bn$54.4bn$82.3bn$78.2bn$89.8bn$101.5bn$89.7bn$99.6bn
+ Net debt (− = net cash)$3.8bn$4.3bn$5.1bn$12.0bn$9.7bn$9.2bn$10.3bn$10.1bn$17.5bn$16.9bn$18.7bn
Enterprise value$33.7bn$40.6bn$40.8bn$62.9bn$64.2bn$91.5bn$88.5bn$99.9bn$119.0bn$106.6bn$118.2bn
Multiples
Price / sales 2.3x2.6x2.4x3.1x3.2x4.2x3.8x3.9x4.1x3.3x3.5x
Price / earnings 16.9x24.4x21.7x29.2x27.0x26.2x25.6x23.9x25.0x21.6x24.6x
Price / free cash flow 17.0x22.8x16.9x26.2x17.9x26.5x26.1x23.4x25.5x17.9x24.0x
EV / EBITDA 11.7x13.0x12.5x18.9x16.9x18.1x19.0x17.7x19.2x16.2x18.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard Marsh McLennan's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 7.2% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 21.4%; its worst year was 16.8%.

  • Discipline 19 / 20

    The diluted share count fell 5.6% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (92 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.49 +8% $28.7bn +7%
Next $11.46 +9% $30.1bn +5%

Next year's EPS estimate has moved +0.5% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 4 analysts raised Marsh McLennan's forecast and 7 cut it.

Consensus EPS forecast Marsh McLennan, last 90 days
$10.00 $10.50 $11.00 $11.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.45 Current fiscal year, 60 days ago: $10.45 Current fiscal year, 30 days ago: $10.45 Current fiscal year, 7 days ago: $10.48 Current fiscal year, Now: $10.49 $10.49 Next fiscal year, 90 days ago: $11.41 Next fiscal year, 60 days ago: $11.41 Next fiscal year, 30 days ago: $11.41 Next fiscal year, 7 days ago: $11.45 Next fiscal year, Now: $11.46 $11.46

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.45$11.41
60 days ago $10.45$11.41
30 days ago $10.45$11.41
7 days ago $10.48$11.45
Now $10.49$11.46

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.97 $2.03 +3.2%
Jun 2026 $2.89 $2.96 +2.3%
Mar 2026 $3.22 $3.29 +2.1%
Dec 2025 $1.97 $2.12 +7.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 15, 2026

No numeric guidance in Marsh McLennan's latest earnings release (filed October 15, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Marsh McLennan's revenue by +5.7% next year and +6.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.7%, weight 70%) and the company's own record (+8.1%, weight 30%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy730%
Hold1565%
Sell14%

Monthly trend

  1. Oct 2026251523
  2. Sep 2026251523
  3. Aug 2026251523
  4. Jul 2026251523

Counts of recommendations published by analysts covering Marsh McLennan, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.4%
of tradable shares
Days to cover
2.2
at average volume
Short interest, 1 month
+15%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.1%
of shares
Employees
95,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +17.8%

$174.33 on October 31, 2025 to $205.38

ThenNowEffect
Revenue (last 12 months) $25.8bn $27.9bn +8.3%
Net margin 16.0% 14.2% −11.0%
P/E multiple 20.9x 25.2x +20.5%
Share count 495m 489m +1.4%

Biggest factor: p/e multiple.

Last 3 years +11.6%

$184.10 on November 3, 2023 to $205.38

ThenNowEffect
Revenue (last 12 months) $21.6bn $27.9bn +29.4%
Net margin 15.2% 14.2% −6.3%
P/E multiple 28.1x 25.2x −10.3%
Share count 501m 489m +2.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MRSH+51%−4%+16%+14%−11%+13%
Industry peers (median)+6%−27%+21%+27%−21%−2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MRSH75%42%67%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MRSH−8%−19%−12%−10%−27%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 36% from February 18, 2020 to March 23, 2020. Getting back needed a 56% gain, reached on August 5, 2020, 135 days after the low.

Price behaviour

52-week range
$155.53 – $205.38
From 52-week high
0.0%
vs 50-day average
+12.8%
vs 200-day average
+17.0%
Volatility (1 year)
26%
Beta vs S&P 500
-0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.4%
After a week
5 up, 7 down
typical move ±4.2%
After a month
7 up, 4 down
typical move ±4.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 15, 2026 +5.6% −0.8% +11.7% —
July 21, 2026 −3.4% +0.7% +6.1% +4.5%
April 16, 2026 +0.5% +1.5% −0.5% −7.9%
January 29, 2026 +6.2% −0.5% +5.8% +5.2%
October 16, 2025 −7.0% −0.1% −7.7% −10.3%
July 17, 2025 +0.1% +0.5% −1.3% −1.8%
April 17, 2025 −8.3% −2.2% −5.2% +0.2%
January 30, 2025 −0.7% 0.0% +3.4% +9.6%
October 17, 2024 −1.4% +0.4% −2.4% −2.5%
July 18, 2024 −1.8% −1.4% −1.7% +0.9%
April 18, 2024 +2.4% −1.1% +1.9% +6.2%
January 25, 2024 −2.9% +0.4% −2.5% +2.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Marsh McLennan’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Marsh McLennan in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Marsh McLennan
$22B $24B $26B $28B $30B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $22.7B Revenue (TTM), FY24 Q1: $23.3B Revenue (TTM), FY24 Q2: $23.6B Revenue (TTM), FY24 Q3: $23.9B Revenue (TTM), FY24 Q4: $24.5B Revenue (TTM), FY25 Q1: $25B Revenue (TTM), FY25 Q2: $25.8B Revenue (TTM), FY25 Q3: $26.5B Revenue (TTM), FY25 Q4: $27B Revenue (TTM), FY26 Q1: $27.5B Revenue (TTM), FY26 Q2: $27.9B Revenue (TTM), FY26 Q3: $28.5B $28.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $22.7B
FY24 Q1 $23.3B
FY24 Q2 $23.6B
FY24 Q3 $23.9B
FY24 Q4 $24.5B
FY25 Q1 $25B
FY25 Q2 $25.8B
FY25 Q3 $26.5B
FY25 Q4 $27B
FY26 Q1 $27.5B
FY26 Q2 $27.9B
FY26 Q3 $28.5B
Revenue growth, TTM YoY Marsh McLennan
7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.7% Revenue growth, TTM YoY, FY24 Q1: 10.4% Revenue growth, TTM YoY, FY24 Q2: 9.4% Revenue growth, TTM YoY, FY24 Q3: 7.8% Revenue growth, TTM YoY, FY24 Q4: 7.6% Revenue growth, TTM YoY, FY25 Q1: 7.6% Revenue growth, TTM YoY, FY25 Q2: 9.2% Revenue growth, TTM YoY, FY25 Q3: 10.5% Revenue growth, TTM YoY, FY25 Q4: 10.3% Revenue growth, TTM YoY, FY26 Q1: 9.9% Revenue growth, TTM YoY, FY26 Q2: 8.3% Revenue growth, TTM YoY, FY26 Q3: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.7%
FY24 Q1 10.4%
FY24 Q2 9.4%
FY24 Q3 7.8%
FY24 Q4 7.6%
FY25 Q1 7.6%
FY25 Q2 9.2%
FY25 Q3 10.5%
FY25 Q4 10.3%
FY26 Q1 9.9%
FY26 Q2 8.3%
FY26 Q3 7.6%
Operating margin (TTM) Marsh McLennan
21% 22% 23% 24% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 23.2% Operating margin (TTM), FY24 Q1: 23.5% Operating margin (TTM), FY24 Q2: 24.0% Operating margin (TTM), FY24 Q3: 24.1% Operating margin (TTM), FY24 Q4: 23.8% Operating margin (TTM), FY25 Q1: 23.5% Operating margin (TTM), FY25 Q2: 23.6% Operating margin (TTM), FY25 Q3: 23.2% Operating margin (TTM), FY25 Q4: 23.1% Operating margin (TTM), FY26 Q1: 21.7% Operating margin (TTM), FY26 Q2: 21.6% Operating margin (TTM), FY26 Q3: 21.4% 21.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 23.2%
FY24 Q1 23.5%
FY24 Q2 24.0%
FY24 Q3 24.1%
FY24 Q4 23.8%
FY25 Q1 23.5%
FY25 Q2 23.6%
FY25 Q3 23.2%
FY25 Q4 23.1%
FY26 Q1 21.7%
FY26 Q2 21.6%
FY26 Q3 21.4%
FCF margin (TTM) Marsh McLennan
14% 15% 16% 17% 18% 19% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.9% FCF margin (TTM), FY24 Q1: 16.7% FCF margin (TTM), FY24 Q2: 15.4% FCF margin (TTM), FY24 Q3: 15.7% FCF margin (TTM), FY24 Q4: 16.3% FCF margin (TTM), FY25 Q1: 16.7% FCF margin (TTM), FY25 Q2: 18.0% FCF margin (TTM), FY25 Q3: 18.2% FCF margin (TTM), FY25 Q4: 18.5% FCF margin (TTM), FY26 Q1: 17.9% FCF margin (TTM), FY26 Q2: 17.1% FCF margin (TTM), FY26 Q3: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.9%
FY24 Q1 16.7%
FY24 Q2 15.4%
FY24 Q3 15.7%
FY24 Q4 16.3%
FY25 Q1 16.7%
FY25 Q2 18.0%
FY25 Q3 18.2%
FY25 Q4 18.5%
FY26 Q1 17.9%
FY26 Q2 17.1%
FY26 Q3 14.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Marsh McLennan took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $27B
  2. Other operating costs $20.8B · 76.9%
  3. Operating income $6.2B · 23.1%
  4. Income tax $1.3B · 4.8%
  5. Interest and other $758M · 2.8%
  6. Net income $4.2B · 15.4%

Shares of revenue. Source: Marsh McLennan's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 13.2 14.0 15.0 16.7 17.2 19.8 20.7 22.7 24.5 27.0 28.5
EBITDA 2.9 3.1 3.3 3.3 3.8 5.1 4.7 5.7 6.2 6.6 6.4
Operating income 2.4 2.7 2.8 2.7 3.1 4.3 4.3 5.3 5.8 6.2 6.1
Net income 1.8 1.5 1.7 1.7 2.0 3.1 3.1 3.8 4.1 4.2 4.0
Diluted EPS $3.38 $2.87 $3.23 $3.41 $3.94 $6.13 $6.04 $7.53 $8.18 $8.43 $8.34
Growth (year on year)
Revenue — +6.2% +6.6% +11.4% +3.4% +15.1% +4.5% +9.7% +7.6% +10.3% +7.6%
EBITDA — +9.3% +3.8% +2.1% +14.5% +32.9% −7.9% +21.3% +9.4% +6.4% −1.0%
Operating income — +9.2% +4.0% −3.0% +14.5% +40.6% −0.7% +23.4% +10.1% +7.0% −1.0%
Net income — −15.6% +10.6% +5.6% +15.7% +55.9% −3.0% +23.1% +8.1% +2.5% −2.1%
Diluted EPS — −15.1% +12.5% +5.6% +15.5% +55.6% −1.5% +24.7% +8.6% +3.1% −0.1%
Margins
EBITDA margin 21.7% 22.4% 21.8% 20.0% 22.1% 25.5% 22.5% 24.9% 25.3% 24.4% 22.7%
Operating margin 18.4% 18.9% 18.5% 16.1% 17.8% 21.8% 20.7% 23.2% 23.8% 23.1% 21.4%
Net margin 13.4% 10.6% 11.0% 10.5% 11.7% 15.9% 14.7% 16.5% 16.6% 15.4% 14.2%
Free-cash-flow margin 13.3% 11.3% 14.1% 11.7% 17.6% 15.7% 14.5% 16.9% 16.3% 18.5% 14.6%
Cash flow
Cash from operations 2.0 1.9 2.4 2.4 3.4 3.5 3.5 4.3 4.3 5.3 4.5
Capital spending 0.3 0.3 0.3 0.4 0.3 0.4 0.5 0.4 0.3 0.3 0.3
Free cash flow 1.8 1.6 2.1 1.9 3.0 3.1 3.0 3.8 4.0 5.0 4.2
Stock-based pay 0.1 0.1 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4
Free cash flow after stock pay 1.6 1.4 1.9 1.7 2.7 2.8 2.6 3.5 3.6 4.6 3.7
Balance sheet
Cash 1.0 1.2 1.1 1.2 2.1 1.8 1.4 3.4 2.4 2.7 1.8
Total debt 4.8 5.5 6.1 13.2 11.8 11.0 11.8 13.5 19.9 19.6 20.5
Net debt (negative = net cash) 3.8 4.3 5.1 12.0 9.7 9.2 10.3 10.1 17.5 16.9 18.7
Diluted shares 524m 519m 511m 511m 512m 513m 505m 499m 496m 494m 485m
Returned to shareholders
Dividends 0.7 0.7 0.8 0.9 0.9 1.0 1.1 1.3 1.5 1.7 1.8
Buybacks 0.8 0.9 0.7 0.5 0.0 1.2 2.0 1.2 0.9 2.0 3.0
Total returned 1.5 1.6 1.5 1.4 0.9 2.2 3.1 2.4 2.4 3.7 4.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $59.8bn
Short-term assets $24.1bnLonger-term assets $35.7bn
What it owes, and who funded it · $37.0bn
Short-term liabilities $22.1bnShareholders' equity $14.9bn
  • Short-term assets cover short-term liabilities $24.1bn of assets due within a year against $22.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.8bn of cash against $20.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 138% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 95% to 138% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.5bn of operating cash flow against $20.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $6.1bn against $973m of interest.

From Marsh McLennan's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$3B
Dividends (TTM)
$1.8B
Returned to shareholders
116%
of free cash flow
Buybacks, last 3 fiscal years
$4.1B
Diluted share count
−2.0%
year over year
Total shareholder yield
4.9%
dividends 1.8% + buybacks 3.1% of market value
Dividend payout ratio
45%
of net income paid out

Competitors: side by side with peers

Closest by revenue in insurance brokers
Last 12 months unless stated MRSH AON AJG WTW BRO ERIE Median
Revenue, last 12 months $28.5bn $17.7bn $15.8bn $10.3bn $6.9bn $4.1bn $1.6bn
Revenue growth, last 12 months 7.6% 3.8% 26.3% 4.8% 26.1% 2.0% 7.6%
Revenue growth, 3-year average 8.6% 10.4% 19.6% 3.4% 18.7% 9.4% 13.8%
Revenue growth, latest quarter 8.1% 2.6% 24.2% 7.5% 7.4% 0.3% 4.7%
Operating margin 21.4% 26.3% — 22.0% — 17.9% 9.4%
Operating margin, 3-year average 22.9% 24.9% — 16.2% — 17.7% 4.9%
Net margin 14.2% 22.2% 10.0% 15.2% 17.6% 14.0% 4.9%
Cash from operations / revenue 15.7% 20.2% 15.5% 19.3% 22.9% 16.8% 15.5%
Free-cash-flow margin 14.6% 18.5% 14.5% 17.0% 21.5% 13.4% 13.4%
Free-cash-flow margin, 3-year average 16.2% 18.5% 17.2% 14.0% 22.4% 13.5% 13.7%
Stock pay / revenue 1.5% 2.1% 0.4% 2.2% 1.3% — 1.4%
Change in share count −2.0% −1.3% 7.4% −4.3% 12.3% — 5.7%

Median of all 17 companies we cover in insurance brokers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 insurance brokers companies
Measure Company Peer median Rank
Revenue growth Growth 7.6% 7.6% 9 of 17
Change in growth rate Growth -0.7pp -0.7pp 9 of 17
Operating margin Profitability 21.4% 10.8% 4 of 14
Net margin Profitability 14.2% 4.9% 4 of 17
Free-cash-flow margin Cash generation 14.6% 17.0% 4 of 6
Stock pay as % of revenue Cash generation 1.5% 1.5% 9 of 16
Long-term debt as % of assets Balance sheet 31.6% 24.9% 4 of 5
Change in share count Balance sheet -2.0% 7.4% 2 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $13.3B 49.3% ▲ 14.3%
Other Geographic Areas $9.9B 36.6% ▲ 6.9%
United Kingdom $3.8B 14.1% ▲ 6.1%

From Marsh McLennan's 10-K filed February 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$73.2B
Institutions reporting
1,494
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
120 / 164

Top buyers and sellers, Q2 2026: 595 institutions bought and 824 sold ; the biggest buyer was Edgepoint Investment Group Inc (+3.8M shares) and the biggest seller FMR LLC (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.6B 39.5M 9.0% ▼ 6.1%
Vanguard Capital Management LLC $5.2B 31.5M 7.2% 0.0%
State Street Corp $3.7B 22.4M 5.1% ▲ 1.5%
Capital World Investors $3B 18.1M 4.1% ▲ 0.9%
Wellington Management Group LLP $2.8B 17.0M 3.9% ▼ 2.3%
Capital International Investors $2.6B 15.7M 3.6% ▲ 0.1%
Geode Capital Management, LLC $2.3B 13.5M 3.1% ▲ 0.8%
Price T Rowe Associates Inc $2.2B 13.4M 3.1% ▲ 22.4%
Vanguard Portfolio Management LLC $2.1B 12.6M 2.9% ▲ 1.1%
Capital Research Global Investors $1.8B 11.0M 2.5% ▼ 2.9%
Harris Associates L P $1.4B 8.7M 2.0% ▲ 68.1%
Artisan Partners Limited Partnership $1.2B 7.3M 1.7% ▲ 49.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Marsh McLennan's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $20M 13 trades by 9 insiders · 70% under pre-set plans
Net ▼ $20M net selling
Insider Date Trade Shares Price Value
Mills Stacy Vice President and Controller October 23, 2026 Sell pre-set plan 1,215 $200.00 $243,000
Klisura Dean Michael President & CEO, Marsh RE October 23, 2026 Sell pre-set plan 4,194 $200.00 $838,800
Doyle John Q President and CEO September 2, 2026 Sell pre-set plan 16,656 $188.51 $3.1M
Brennan Katherine SVP and General Counsel September 2, 2026 Sell 1,197 $187.90 $224,915
Jones John Jude Chief Marketing Officer August 6, 2026 Sell 6,500 $191.96 $1.2M
Beswick Paul SVP, Chief Information Officer July 29, 2026 Sell pre-set plan 713 $198.00 $141,174
South Martin Chief Client Officer July 28, 2026 Sell 7,100 $189.99 $1.3M
Yates Lloyd M Director July 23, 2026 Sell 12,000 $175.65 $2.1M
Doyle John Q President and CEO June 2, 2026 Sell pre-set plan 16,656 $161.71 $2.7M
Jones John Jude Chief Marketing Officer March 11, 2026 Sell 2,362 $173.61 $410,067
Doyle John Q President and CEO March 4, 2026 Sell pre-set plan 16,655 $183.30 $3.1M
Studer Nicholas Mark President and CEO of OWG March 3, 2026 Sell 3,837 $184.03 $706,123

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 6 sales of Marsh McLennan shares.

  • Kevin Hern(R-OK 1):Sale (full), $50,001 - $100,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $50,001 - $100,000, traded September 17, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded September 14, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 15, 2026
  • July 21, 2026
  • April 16, 2026
  • January 29, 2026
  • October 16, 2025
  • July 17, 2025

Recent SEC filings

Data status

When each part of this page on Marsh McLennan was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Marsh McLennan in brief

What does Marsh McLennan do?
Marsh McLennan is a US-listed company in the insurance brokers industry. Its financial year ends in December.
What is Marsh McLennan's stock ticker?
Marsh McLennan trades under the ticker MRSH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Marsh McLennan's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Marsh McLennan reported revenue of $28.5B, 7.6% higher than a year earlier, according to its SEC filings.
What is Marsh McLennan's free cash flow?
Marsh McLennan's free-cash-flow margin is 14.6% of revenue over the trailing twelve months, ranking 4 of the 6 insurance brokers companies we cover.
What is Marsh McLennan's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Marsh McLennan's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$130–$270 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Marsh McLennan's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Marsh McLennan buying back stock, and does it pay a dividend?
Marsh McLennan spent $3B on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is Marsh McLennan's market cap?
On November 2, 2026, Marsh McLennan's market capitalisation was about $99.6B, with a price-to-earnings ratio of 24.6 and net debt of $18.7B. Market figures come from third-party market data and may be delayed.
Does Marsh McLennan pay a dividend?
Yes: Marsh McLennan paid $1.8B in dividends over the trailing twelve months, a dividend yield of 1.84% and a payout ratio of 44.5%.
How much debt does Marsh McLennan have?
Marsh McLennan's debt-to-equity ratio is 137.7%, from its latest balance sheet (94.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Marsh McLennan's competitors?
In our Insurance Brokers peer group, the companies closest to Marsh McLennan are Aon plc, Arthur J. Gallagher & Co., Willis Towers Watson, Brown & Brown and Erie Indemnity. The side-by-side comparison below sets their revenue, margins and growth against Marsh McLennan's.
Are insiders buying or selling Marsh McLennan stock?
Over the last 12 months, Marsh McLennan's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Marsh McLennan's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Marsh McLennan announces its own schedule.