Marsh McLennan
MRSH NYSE· Insurance Brokers
Last close · Oct 26, 2026
$194.72
KIRA · Stoqly’s AI analyst, in plain words
- Marsh McLennan had $27.0B of revenue in fiscal 2025, up 10.3% on the year before. Over five years, revenue changed +9.4% a year on average.
- Its operating margin was 23.1%, down 0.7 pts: of every 100 in sales, about 23 is left after running the business.
- Marsh McLennan made $4.2B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 10.7% a year.
- Free cash flow was $5.0B in fiscal 2025, 18.5% of revenue.
- Marsh McLennan returned $3.7B to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count fell 0.4%.
- Marsh McLennan owes $16.9B more than it holds in cash, about 2.6 years of operating profit.
Market cap
$93.3B
P/E
23.3x
Revenue
$27.0B
Net income
$4.2B
Free cash flow
$5.0B
Operating margin
23.1%
Marsh McLennan in 30 seconds · fiscal 2025
Are sales growing?
+10.3%
Yes. Sales grew 10.3% last year.
Does it make a profit?
15.4%
Yes. It keeps 15.4% of every sale as profit.
Does profit turn into cash?
18.5%
Yes. 18.5% of sales ends up as free cash.
Is debt under control?
2.6x
Keep an eye on it. Repaying its debt would take 2.6 years of operating profit.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
23.3x
One share costs 23.3 times its yearly profit per share. Typical for its sector: 13.7x.
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.
Biggest risks, in its own words
- Claims over errors, omissions or breaches of duty to clients, which can leave it with large uninsured costs.
- Competition, including the risk that clients bypass brokers and buy insurance directly.
- Falling insurance premiums, which could slow growth in its broking revenue.
- New rules or lawsuits over how brokers are paid, or claims of conflicts of interest or anti-competitive behavior.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 9, 2026
- Legal name
- MARSH & MCLENNAN COMPANIES, INC.
- CIK
- 0000062709
Marsh McLennan · MRSH
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $19.8B | $20.7B | $22.7B | $24.5B | $27.0B |
| Revenue growth | 15.1% | 4.5% | 9.7% | 7.6% | 10.3% |
| Operating margin | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% |
| Net income | $3.1B | $3.1B | $3.8B | $4.1B | $4.2B |
| Net margin | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
| Diluted EPS | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 |
| Cash | |||||
| Cash from operations | $3.5B | $3.5B | $4.3B | $4.3B | $5.3B |
| Capital expenditure | $406M | $470M | $416M | $316M | $291M |
| Free cash flow | $3.1B | $3.0B | $3.8B | $4.0B | $5.0B |
| FCF margin | 15.7% | 14.5% | 16.9% | 16.3% | 18.5% |
| Dividends paid | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Share buybacks | $1.2B | $2.0B | $1.2B | $900M | $2.0B |
| Share count change | 0.2% | −1.6% | −1.2% | −0.6% | −0.4% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $11.2B | $10.7B | $12.4B | $13.5B | $15.3B |
| Net debt / EBITDA | 1.8x | 2.2x | 1.8x | 2.8x | 2.6x |
| Current ratio | 1.2x | 1.1x | 1.1x | 1.1x | 1.1x |
| Interest coverage | 9.7x | 9.1x | 9.1x | 8.3x | 6.5x |
| Returns and quality | |||||
| Return on capital | 16.5% | 15.6% | 18.4% | 16.3% | 15.0% |
| Return on equity | 30.7% | 27.8% | 32.5% | 31.4% | 28.8% |
| Piotroski F-score | 6 | 5 | 7 | 5 | 5 |
| Altman Z'' | 2.8 | 2.7 | 2.9 | 2.8 | 2.9 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$18.9M
7 insiders
Of sales under plans
68%
$12.9M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Marsh McLennan · MRSH
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Marsh McLennan MRSH | $93.3B | 10.3% | 23.1% | 18.5% | 15.0% | 23.3x | 5 |
| Aon AON | $64.6B | 9.5% | 25.3% | 18.7% | 15.6% | 16.7x | 4 |
| Arthur J. Gallagher AJG | $68.5B | 20.7% | — | 12.8% | 9.9% | 44.2x | 3 |
| Willis Towers Watson WTW | $30.5B | −2.2% | 23.0% | 15.9% | 12.8% | 20.1x | 7 |
| Brown & Brown BRO | $23.7B | 22.8% | — | 23.4% | 9.1% | 22.4x | 4 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $194.72 a share, the company is worth $93.3B: 23.3 times its earnings of the last four quarters.
Marsh McLennan grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 3 of 4.
Source: SEC EDGAR XBRL filings (CIK 0000062709). Data updated October 23, 2026. For information only — not investment advice. Check the original filings before relying on any figure.