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Marsh McLennan key statistics and ratios

In fiscal 2025, Marsh McLennan had return on equity of 28.8%, an operating margin of 23.1%, debt equal to 127.9% of equity and a current ratio of 1.10. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin18.4%18.9%18.5%16.1%17.8%21.8%20.7%23.2%23.8%23.1%21.4%
Net margin13.4%10.6%11.0%10.5%11.7%15.9%14.7%16.5%16.6%15.4%14.2%
Free-cash-flow margin13.3%11.3%14.1%11.7%17.6%15.7%14.5%16.9%16.3%18.5%14.6%
Return on equity28.2%21.8%22.0%22.4%23.4%30.7%27.8%32.5%31.3%28.8%26.7%
Return on assets9.7%7.7%7.9%6.6%6.3%8.2%6.9%8.2%7.8%7.2%6.8%
Asset turnover0.730.730.710.630.530.510.470.490.470.470.48
Current ratio1.201.301.211.061.241.241.061.101.131.101.09
Debt to equity76.6%73.7%80.9%165.8%127.8%97.7%109.4%108.8%147.4%127.9%137.7%
Interest cover (operating income ÷ interest)12.9x11.2x9.5x5.1x6.0x9.7x9.1x9.1x8.3x6.5x6.3x
Effective tax rate27.6%42.9%25.6%27.3%26.7%24.6%24.4%24.4%24.9%23.6%23.3%
Capital spending as % of revenue1.9%2.2%2.1%2.5%2.0%2.0%2.3%1.8%1.3%1.1%1.1%
Free cash flow ÷ net income99.2%106.6%128.1%111.4%150.5%99.0%98.2%102.3%98.2%120.2%102.8%
Dividends ÷ net income38.6%49.6%48.9%51.1%46.8%32.6%37.3%34.6%37.3%40.8%44.5%
Dividends and buybacks ÷ free cash flow84.5%103.1%70.1%70.9%31.1%70.3%103.1%63.7%60.5%74.2%116.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: AON vs MRSHAJG vs MRSHMRSH vs WTW

More: Insurance Brokers stocks compared, Financials sector, rankings of US companies

Figures from Marsh McLennan's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Marsh McLennan.