Marsh McLennan vs Willis Towers Watson
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The short version
- Marsh McLennan is the larger business, with $27.0B of revenue in fiscal 2025 against $9.7B for Willis Towers Watson, about 2.8 times as much.
- Marsh McLennan grew revenue faster (10.3%, against −2.2%).
- Marsh McLennan turned more of its sales into free cash flow (18.5% FCF margin, against 15.9%).
- Marsh McLennan earned a higher return on the capital invested in it (15.0%, against 12.8%).
- Investors pay more for each dollar of Marsh McLennan’s earnings: a P/E of 23.6x against 20.1x for Willis Towers Watson.
| Latest fiscal year | MRSH · FY25 | WTW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $94.6B | $30.6B |
| Revenue | $27.0B | $9.7B |
| Free cash flow | $5.0B | $1.5B |
| Net income | $4.2B | $1.6B |
| Growth | ||
| Revenue growth | 10.3% | −2.2% |
| 5-year growth | 9.4% | 2.4% |
| Share count change | −0.4% | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.1% | 23.0% |
| Net margin | 15.4% | 16.5% |
| FCF margin | 18.5% | 15.9% |
| Return on capital | 15.0% | 12.8% |
| Return on equity | 28.8% | 20.2% |
| Balance sheet | ||
| Net debt | $16.9B | $6.5B |
| Net debt / EBITDA | 2.6x | 2.5x |
| Dividends and buybacks | $3.7B | $2.0B |
| Valuation & quality | ||
| P/E | 23.6x | 20.1x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
MRSH $13.2B
WTW $7.9B
FY17
MRSH $14.0B
WTW $8.2B
FY18
MRSH $15.0B
WTW $8.5B
FY19
MRSH $16.7B
WTW $8.4B
FY20
MRSH $17.2B
WTW $8.6B
FY21
MRSH $19.8B
WTW $9.0B
FY22
MRSH $20.7B
WTW $8.9B
FY23
MRSH $22.7B
WTW $9.5B
FY24
MRSH $24.5B
WTW $9.9B
FY25
MRSH $27.0B
WTW $9.7B
MRSH
WTW
Operating margin
FY16
MRSH 18.4%
WTW 4.4%
FY17
MRSH 18.9%
WTW 6.3%
FY18
MRSH 18.5%
WTW 9.5%
FY19
MRSH 16.1%
WTW 12.6%
FY20
MRSH 17.8%
WTW 10.0%
FY21
MRSH 21.8%
WTW 24.5%
FY22
MRSH 20.7%
WTW 13.3%
FY23
MRSH 23.2%
WTW 14.4%
FY24
MRSH 23.8%
WTW 6.3%
FY25
MRSH 23.1%
WTW 23.0%
MRSH
WTW
Free cash flow
FY16
MRSH $1.8B
WTW $715M
FY17
MRSH $1.6B
WTW $562M
FY18
MRSH $2.1B
WTW $1.0B
FY19
MRSH $1.9B
WTW $1.0B
FY20
MRSH $3.0B
WTW $1.7B
FY21
MRSH $3.1B
WTW $2.0B
FY22
MRSH $3.0B
WTW $746M
FY23
MRSH $3.8B
WTW $1.1B
FY24
MRSH $4.0B
WTW $1.3B
FY25
MRSH $5.0B
WTW $1.5B
MRSH
WTW
Return on capital
FY16
MRSH 17.9%
WTW —
FY17
MRSH 13.9%
WTW —
FY18
MRSH 16.9%
WTW 4.5%
FY19
MRSH 11.9%
WTW 5.2%
FY20
MRSH 11.5%
WTW 3.8%
FY21
MRSH 16.5%
WTW 11.0%
FY22
MRSH 15.6%
WTW 6.5%
FY23
MRSH 18.4%
WTW 7.3%
FY24
MRSH 16.3%
WTW 2.1%
FY25
MRSH 15.0%
WTW 12.8%
MRSH
WTW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.