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Marsh McLennan

MRSH NYSE Insurance Brokers Financials FY2016–FY2025

Marsh McLennan's revenue rose 10.3% to $27.0 billion in fiscal 2025. Its operating margin was 23.1%, down from 23.8% a year earlier. Free cash flow was $5.0 billion, up 25.5%. It paid out $3.7 billion in dividends and buybacks, 74% of free cash flow. The diluted share count fell 0.4%.

Last close · Oct 23, 2026

$197.48

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$27.0B
10.3% vs prior year
Operating margin Operating income as a share of revenue.
23.1%
0.7 pts
Net income Profit after all expenses, interest and tax.
$4.2B
2.5%
Free cash flow Cash from operations minus capital spending.
$5.0B
25.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.0%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$94.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.6x
On $8.36 EPS (TTM)

What Marsh McLennan does

Marsh McLennan, which in January 2026 shortened its brand name to Marsh, is an insurance broker and consulting firm working with clients in 130 countries. As a broker it helps businesses, governments and individuals buy insurance and manage their risks, and it helps insurance companies buy reinsurance, which is insurance for insurers. Its consultants advise employers on employee health plans, retirement plans and pay, manage investments, and advise companies on strategy, brands and economics.

It has two segments. Risk and Insurance Services, made up of Marsh Risk and the reinsurance broker Guy Carpenter, brought in about 64% of revenue in 2025. It is paid mainly through commissions and fees, and also earns interest on client money it holds, such as premiums. Consulting, made up of Mercer and Marsh Management Consulting, which includes Oliver Wyman, Lippincott and NERA, brought in about 36%, from client fees, insurance commissions and fees based on assets it manages. Mercer managed about $692 billion in assets at the end of 2025. It competes with other insurance brokers, insurers that sell directly, banks, consulting firms and online platforms.

The company has annual revenue of about $27 billion and more than 95,000 employees. It grows partly by buying other firms, including McGriff Insurance Services, which it bought in November 2024 for $7.75 billion.

Legal name
MARSH & MCLENNAN COMPANIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 9, 2026
Accession · CIK
0000062709-26-000022
0000062709

Revenue and margins

Marsh McLennan had $27.0B of revenue in fiscal 2025, up 10.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $5.0B in fiscal 2025, 18.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Marsh McLennan returned $3.7B to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Marsh McLennan yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$16.9B and divides by 494.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.6x · peers 21.6x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Marsh McLennan can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.8B$1.4B$3.4B$2.4B$2.7B
Debt incl. finance leases $11.0B$11.8B$13.5B$19.9B$19.6B
Net debt / EBITDA 1.8x2.2x1.8x2.8x2.6x
Debt / equity 1.0x1.1x1.1x1.5x1.3x
Interest coverage 9.7x9.1x9.1x8.3x6.5x
Current ratio 1.2x1.1x1.1x1.1x1.1x
Quick ratio 1.2x1.1x1.1x1.1x1.1x
Total assets $44.0B$44.1B$48.0B$56.5B$58.7B
Total liabilities $23.2B$33.4B$35.7B$42.9B$43.4B
Shareholders' equity $11.2B$10.7B$12.4B$13.5B$15.3B
Net debt (− = net cash) $9.2B$10.3B$10.1B$17.5B$16.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$18.9M

7 insiders

Of sales under plans

68%

$12.9M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 John Q DoylePresident and CEO Sold plan 16,656 $188.51 $3.1M Form 4
Sep 2, 2026 Katherine BrennanSVP and General Counsel Sold 1,197 $187.90 $0.2M Form 4
Aug 6, 2026 John Jude JonesChief Marketing Officer Sold 6,500 $191.96 $1.2M Form 4
Jul 29, 2026 Paul BeswickSVP, Chief Information Officer Sold plan 713 $198.00 $0.1M Form 4
Jul 28, 2026 Martin SouthChief Client Officer Sold 7,100 $189.99 $1.3M Form 4
Jul 23, 2026 Lloyd M YatesDirector Sold 12,000 $175.65 $2.1M Form 4
Jun 2, 2026 John Q DoylePresident and CEO Sold plan 16,656 $161.71 $2.7M Form 4
Mar 11, 2026 John Jude JonesChief Marketing Officer Sold 2,362 $173.61 $0.4M Form 4
Mar 4, 2026 John Q DoylePresident and CEO Sold plan 16,655 $183.30 $3.1M Form 4
Mar 3, 2026 Nicholas Mark StuderPresident and CEO of OWG Sold 3,837 $184.03 $0.7M Form 4
Dec 1, 2025 John Q DoylePresident and CEO Sold plan 21,079 $182.22 $3.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 85 / 85 / 8
Accruals ratio −1.1%−0.5%−2.0%
Altman Z'' 2.912.792.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Marsh McLennan MRSH $94.6B 10.3% 23.1% 18.5% 15.0% 23.6x 5
Aon AON $64.9B 9.5% 25.3% 18.7% 15.6% 16.7x 4 Compare →
Arthur J. Gallagher AJG $68.8B 20.7% — 12.8% 9.9% 44.5x 3 Compare →
Willis Towers Watson WTW $30.6B −2.2% 23.0% 15.9% 12.8% 20.1x 7 Compare →
Brown & Brown BRO $24.4B 22.8% — 23.4% 9.1% 23.0x 4 Compare →

Stories about Marsh McLennan

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.2B $14.0B $15.0B $16.7B $17.2B $19.8B $20.7B $22.7B $24.5B $27.0B
Operating income $2.4B $2.7B $2.8B $2.7B $3.1B $4.3B $4.3B $5.3B $5.8B $6.2B
Interest expense $189M $237M $290M $524M $515M $444M $469M $578M $700M $960M
Pretax income $2.5B $2.6B $2.2B $2.4B $2.8B $4.2B $4.1B $5.0B $5.5B $5.5B
Income tax $685M $1.1B $574M $666M $747M $1.0B $995M $1.2B $1.4B $1.3B
Net income $1.8B $1.5B $1.7B $1.7B $2.0B $3.1B $3.1B $3.8B $4.1B $4.2B
Diluted EPS $3.38 $2.87 $3.23 $3.41 $3.94 $6.13 $6.04 $7.53 $8.18 $8.43
Diluted shares 0.52B 0.52B 0.51B 0.51B 0.51B 0.51B 0.51B 0.50B 0.50B 0.49B
Cash flow
Cash from operations $2.0B $1.9B $2.4B $2.4B $3.4B $3.5B $3.5B $4.3B $4.3B $5.3B
Capital expenditure $253M $302M $314M $421M $348M $406M $470M $416M $316M $291M
Free cash flow $1.8B $1.6B $2.1B $1.9B $3.0B $3.1B $3.0B $3.8B $4.0B $5.0B
Depreciation and amortization $438M $481M $494M $647M $741M $747M $381M $370M $369M $361M
Stock-based compensation $109M $149M $193M $252M $290M $348M $367M $363M $368M $394M
Acquisitions $813M $655M $884M $4.2B $647M $859M $572M $976M $8.5B $652M
Share buybacks $800M $900M $675M $485M $0.0M $1.2B $2.0B $1.2B $900M $2.0B
Dividends paid $682M $740M $807M $890M $943M $1.0B $1.1B $1.3B $1.5B $1.7B
Dividends and buybacks $1.5B $1.6B $1.5B $1.4B $943M $2.2B $3.1B $2.4B $2.4B $3.7B
Balance sheet
Cash and short-term investments $1.0B $1.2B $1.1B $1.2B $2.1B $1.8B $1.4B $3.4B $2.4B $2.7B
Total debt $4.8B $5.5B $6.1B $13.2B $11.8B $11.0B $11.8B $13.5B $19.9B $19.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.9B $5.6B $5.9B $7.1B $8.2B $8.3B $19.0B $21.7B $22.1B $23.2B
Current liabilities $4.1B $4.3B $4.9B $6.7B $6.6B $6.7B $17.8B $19.8B $19.5B $21.1B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $725M $712M $701M $858M $856M $847M $871M $882M $859M $829M
Total assets $18.2B $20.4B $21.6B $31.4B $33.0B $44.0B $44.1B $48.0B $56.5B $58.7B
Total liabilities $11.9B $13.0B $14.0B $23.4B $23.8B $23.2B $33.4B $35.7B $42.9B $43.4B
Shareholders' equity $6.3B $7.4B $7.6B $7.9B $9.3B $11.2B $10.7B $12.4B $13.5B $15.3B
Margins
Operating margin 18.4% 18.9% 18.5% 16.1% 17.8% 21.8% 20.7% 23.2% 23.8% 23.1%
EBITDA margin 21.7% 22.4% 21.8% 20.0% 22.1% 25.5% 22.5% 24.9% 25.3% 24.4%
Net margin 13.4% 10.6% 11.0% 10.5% 11.7% 15.9% 14.7% 16.5% 16.6% 15.4%
FCF margin 13.3% 11.3% 14.1% 11.7% 17.6% 15.7% 14.5% 16.9% 16.3% 18.5%
Returns
Return on capital 17.9% 13.9% 16.9% 11.9% 11.5% 16.5% 15.6% 18.4% 16.3% 15.0%
Return on capital employed 17.0% 17.5% 16.8% 13.0% 12.0% 13.5% 13.5% 19.4% 17.8% 16.7%
Return on equity 27.5% 21.8% 22.0% 22.4% 23.4% 30.7% 27.8% 32.5% 31.4% 28.8%
Return on assets 9.7% 7.7% 7.9% 6.6% 6.3% 8.2% 6.9% 8.2% 7.8% 7.2%
Growth
Revenue growth — 6.2% 6.6% 11.4% 3.4% 15.1% 4.5% 9.7% 7.6% 10.3%
Net income growth 10.6% −15.6% 10.6% 5.6% 15.7% 55.9% −3.0% 23.2% 8.1% 2.5%
EPS growth 13.4% −15.1% 12.5% 5.6% 15.5% 55.6% −1.5% 24.7% 8.6% 3.1%
FCF growth 12.2% −9.3% 32.9% −8.2% 56.4% 2.5% −3.7% 28.3% 3.8% 25.5%
Share count change −2.2% −1.0% −1.5% 0.0% 0.2% 0.2% −1.6% −1.2% −0.6% −0.4%
Financial health
Net debt / EBITDA 1.3x 1.4x 1.6x 3.6x 2.6x 1.8x 2.2x 1.8x 2.8x 2.6x
Debt / equity 0.8x 0.7x 0.8x 1.7x 1.3x 1.0x 1.1x 1.1x 1.5x 1.3x
Interest coverage 12.9x 11.2x 9.5x 5.1x 6.0x 9.7x 9.1x 9.1x 8.3x 6.5x
Current ratio 1.2x 1.3x 1.2x 1.1x 1.2x 1.2x 1.1x 1.1x 1.1x 1.1x
Quick ratio 1.2x 1.3x 1.2x 1.1x 1.2x 1.2x 1.1x 1.1x 1.1x 1.1x
Capital allocation
Capex / revenue 1.9% 2.2% 2.1% 2.5% 2.0% 2.1% 2.3% 1.8% 1.3% 1.1%
Stock comp / revenue 0.8% 1.1% 1.3% 1.5% 1.7% 1.8% 1.8% 1.6% 1.5% 1.5%
Payouts / FCF 84.5% 103.1% 70.1% 70.9% 31.1% 70.3% 103.1% 63.7% 60.5% 74.2%
Quality scores
Piotroski F-score — 6.0 4.0 5.0 5.0 6.0 5.0 7.0 5.0 5.0
Altman Z'' 4.0 4.0 3.9 2.6 3.0 2.8 2.7 2.9 2.8 2.9
Accruals ratio −1.3% −2.1% −3.7% −2.3% −4.2% −1.0% −0.9% −1.1% −0.5% −2.0%

Source: SEC EDGAR XBRL filings (CIK 0000062709). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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