Marsh McLennan

MRSH · NYSE · Financials · Financials, fiscal 2016 to 2025

MRSH · Last close · October 26, 2026

$194.72

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%.

Read our report: Marsh McLennan's revenue rose 8% to $6.9 billion as a legal settlement cut its margin

MARSH & MCLENNAN COMPANIES, INC. Latest fiscal year ended December 31, 2025 10-K filed February 9, 2026 · 0000062709-26-000022 Updated October 23, 2026

Revenue

$27.0B

10.3%

Operating margin

23.1%

0.7 pts

Net income

$4.2B

2.5%

Free cash flow

$5.0B

25.5%

Return on capital

15.0%

1.3 pts

Market cap

$93.3B

Oct 26 close

P/E

23.3x

On $8.36 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

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.
Failing to protect client data or keep up with changes in technology, including AI.

From Marsh McLennan's annual report on Form 10-K, filed February 9, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.7% a year and net income 10.0% a year, as buybacks cut the share count by 6%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Marsh McLennan yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Marsh McLennan's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Marsh McLennan's fiscal 2025 free cash flow of $5.0B, net cash of −$16.9B at December 31, 2025 and 494 million diluted shares, from its filings. The scenarios are fitted to Marsh McLennan: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Insurance Brokers); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Marsh McLennan's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 8% discount rate. Base: growth of 9% then 6% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 14% then 8.5% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $194.72
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Marsh McLennan's earnings per share of $8.36 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.3×, the middle of Marsh McLennan's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Aon, Arthur J. Gallagher, Willis Towers Watson, Brown & Brown.

Earnings growth in the years ahead (% a year) Starts at Marsh McLennan's revenue growth over the last 3 years, 9.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $194.72
Value at this multiple, against the last close: —
Marsh McLennan's P/E at the last close: 23.3×

Company	Last close	Earnings per share	P/E today
Arthur J. GallagherAJG	$266.79	$6.03	44.2×
Marsh McLennanMRSH	$194.72	$8.36	23.3×
Brown & BrownBRO	$71.08	$3.16	22.5×
Willis Towers WatsonWTW	$324.67	$16.16	20.1×
AonAON	$302.06	$18.13	16.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1.8	1.4	3.4	2.4	2.7
Debt incl. finance leases	11.0	11.8	13.5	19.9	19.6
Net debt (negative means net cash)	9.2	10.3	10.1	17.5	16.9
Net debt to EBITDA	1.8x	2.2x	1.8x	2.8x	2.6x
Debt to equity	1.0x	1.1x	1.1x	1.5x	1.3x
Interest coverage	9.7x	9.1x	9.1x	8.3x	6.5x
Current ratio	1.2x	1.1x	1.1x	1.1x	1.1x
Quick ratio	1.2x	1.1x	1.1x	1.1x	1.1x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Marsh McLennan shares on the open market, and 9 insiders sold $20.0 million, $14.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 23, 2026	Dean Michael KlisuraPresident & CEO, Marsh RE	Sold plan	4,194	$200.00	$838,800	Form 4
Oct 23, 2026	Stacy MillsVice President and Controller	Sold plan	1,215	$200.00	$243,000	Form 4
Sep 2, 2026	John Q DoylePresident and CEO	Sold plan	16,656	$188.51	$3.1 million	Form 4
Sep 2, 2026	Katherine BrennanSVP and General Counsel	Sold	1,197	$187.90	$224,916	Form 4
Aug 6, 2026	John Jude JonesChief Marketing Officer	Sold	6,500	$191.96	$1.2 million	Form 4
Jul 29, 2026	Paul BeswickSVP, Chief Information Officer	Sold plan	713	$198.00	$141,174	Form 4
Jul 28, 2026	Martin SouthChief Client Officer	Sold	7,100	$189.99	$1.3 million	Form 4
Jul 23, 2026	Lloyd M YatesDirector	Sold	12,000	$175.65	$2.1 million	Form 4
Jun 2, 2026	John Q DoylePresident and CEO	Sold plan	16,656	$161.71	$2.7 million	Form 4
Mar 11, 2026	John Jude JonesChief Marketing Officer	Sold	2,362	$173.61	$410,067	Form 4
Mar 4, 2026	John Q DoylePresident and CEO	Sold plan	16,655	$183.30	$3.1 million	Form 4
Mar 3, 2026	Nicholas Mark StuderPresident and CEO of OWG	Sold	3,837	$184.03	$706,123	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	7 of 8	5 of 8	5 of 8
Accruals ratio	−1.1%	−0.5%	−2.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Marsh McLennan side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Marsh McLennan	FY25	10.3%	23.1%	18.5%	15.0%	2.6x	5
Aon	FY25	9.4%	25.3%	18.7%	15.6%	2.8x	4	Compare
Arthur J. Gallagher	FY25	20.7%	—	12.8%	9.9%	3.3x	3	Compare
Willis Towers Watson	FY25	−2.2%	23.0%	15.9%	12.8%	2.5x	7	Compare
Brown & Brown	FY25	22.8%	—	23.4%	9.1%	3.8x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13.2	14.0	14.9	16.7	17.2	19.8	20.7	22.7	24.5	27.0
Revenue growth	—	6.2%	6.6%	11.4%	3.4%	15.1%	4.5%	9.7%	7.6%	10.3%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	2.4	2.7	2.8	2.7	3.1	4.3	4.3	5.3	5.8	6.2
Net income	1.8	1.5	1.6	1.7	2.0	3.1	3.0	3.8	4.1	4.2
Diluted EPS (US$)	3.38	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.18	8.43
Diluted shares (millions)	524	519	511	511	512	513	505	499	496	494
Cash flow
Cash from operations	2.0	1.9	2.4	2.4	3.4	3.5	3.5	4.3	4.3	5.3
Capital expenditure	0.3	0.3	0.3	0.4	0.3	0.4	0.5	0.4	0.3	0.3
Free cash flow	1.8	1.6	2.1	1.9	3.0	3.1	3.0	3.8	4.0	5.0
Dividends paid	0.7	0.7	0.8	0.9	0.9	1.0	1.1	1.3	1.5	1.7
Share buybacks	0.8	0.9	0.7	0.5	0.0	1.2	1.9	1.1	0.9	2.0
Acquisitions	0.8	0.7	0.9	4.2	0.6	0.9	0.6	1.0	8.5	0.7
Stock-based compensation	0.1	0.1	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.4
Balance sheet at fiscal year end
Cash and short-term investments	1.0	1.2	1.1	1.2	2.1	1.8	1.4	3.4	2.4	2.7
Debt incl. finance leases	4.8	5.5	6.1	13.2	11.8	11.0	11.8	13.5	19.9	19.6
Total assets	18.2	20.4	21.6	31.4	33.0	44.0	44.1	48.0	56.5	58.7
Total liabilities	11.9	13.0	14.0	23.4	23.8	23.2	33.4	35.7	42.9	43.4
Shareholders' equity	6.3	7.4	7.6	7.9	9.3	11.2	10.7	12.4	13.5	15.3
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	18.4%	18.9%	18.5%	16.1%	17.8%	21.8%	20.7%	23.2%	23.8%	23.1%
Net margin	13.4%	10.6%	11.0%	10.5%	11.7%	15.9%	14.7%	16.5%	16.6%	15.4%
Free cash flow margin	13.3%	11.3%	14.1%	11.7%	17.6%	15.7%	14.4%	16.9%	16.3%	18.5%
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 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%
Net debt to EBITDA	1.3x	1.4x	1.6x	3.6x	2.6x	1.8x	2.2x	1.8x	2.8x	2.6x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Marsh McLennan's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Marsh McLennan.