American International Group vs Marsh McLennan
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KIRA’s take AI analyst
I put American International Group and Marsh McLennan side by side, using each one’s latest annual report. Here is what stands out:
- Marsh McLennan is the larger business, with $27.0B of revenue in fiscal 2025 against $26.8B for American International Group.
- Marsh McLennan grew revenue faster (10.3%, against −1.8%).
- Marsh McLennan earned a higher return on the capital invested in it (15.0%, against 9.3%).
- Investors pay more for each dollar of Marsh McLennan’s earnings: a P/E of 23.3x against 14.8x for American International Group.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
American International Group
AIG
2/7
Net debt / EBITDAShare count change
Marsh McLennan
MRSH
5/7
Revenue growth5-year growthNet marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | AIG FY25 | MRSH FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | $93.3B |
| Revenue | $26.8B | $27.0B |
| Free cash flow | — | $5.0B |
| Net income | $3.1B | $4.2B |
| Growth | ||
| Revenue growth | −1.8% | 10.3% |
| 5-year growth | −9.4% | 9.4% |
| Share count change | −13.2% | −0.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 23.1% |
| Net margin | 11.6% | 15.4% |
| FCF margin | — | 18.5% |
| Return on capital | 9.3% | 15.0% |
| Return on equity | 7.4% | 28.8% |
| Balance sheet | ||
| Net debt | −$3.3B | $16.9B |
| Net debt / EBITDA | −0.4x | 2.6x |
| Dividends and buybacks | $6.8B | $3.7B |
| Valuation & quality | ||
| P/E | 14.8x | 23.3x |
| Piotroski F-score | — | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.