Marsh & Mclennan Companies, Inc. (MRSH)

Financials · Insurance Brokers · US stock · S&P 500 component

$199.27 ▲ +8.71 (4.57%)

At close 22 Oct 2026 · USD · Volume 3,065,179

Compare with AJG

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$224 +12.5% to fair value

$112fair band $191–$272$336

Day's range

$191.72 – $199.59

52-week range

$156.60 – $199.59

About Marsh & Mclennan Companies, Inc.

Risk, strategy and people are the themes of the advice Marsh McLennan gives its clients. Its Marsh unit brokers insurance and manages risk for companies, Guy Carpenter arranges reinsurance, Mercer consults on pensions, health benefits and workforce matters, and Oliver Wyman provides management consulting. The business is organised into a risk and insurance services segment and a consulting segment, serving corporations, governments and institutions around the world.

Revenue comes from fees for advice and commissions on insurance placed for clients. Sales were $28.5 billion over the last twelve months, having grown at 9.2% a year over the last three years. The operating margin is 21.4%, and the business earns a profit of 13% on the capital invested in it. Net debt is 3.4 times EBITDA. It pays a dividend with a yield of 1.9%. On the site's X-Ray Score it receives 50 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $156.60 – $199.59Volume 3,065,179Daily, split-adjusted

Vitals

Market cap$95.5B

52-week range$156.60 – $199.59

Volume (last day)3,065,179

P/E (TTM)23.9

EBIT / EV yield5.2%

Free-cash-flow yield4.4%

Dividend yield1.9%

Revenue (TTM)$28.5B

Net income (TTM)$4.0B

Operating margin21.4%

Return on capital12.6%

Debt incl. leases$23.9B

Cash & securities$1.8B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$224middle half of models $206 – $245

Fair +12.5% to fair value

Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $199

Undervalued < $191Fair $191 – $272Overvalued > $272

P/E multiple

$202

P/B multiple

$217

P/S multiple

$223

EV/EBITDA multiple

$200

EV/EBIT multiple

$205

EV/revenue multiple

$215

10-year DCF, EBITDA exit

$255

5-year DCF, EBITDA exit

$244

10-year DCF, revenue exit

$256

5-year DCF, revenue exit

$246

10-year DCF, growth exit

$211

5-year DCF, growth exit

$194

Dividend discount, stable

$253

Dividend discount, multi-stage · not used

$486

Earnings power value

$218

Growth the price implies

9.7%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 44 The price is not above fair value $224 fair value Debt looks manageable 3.4× EBITDA Revenue has been growing 9.2% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

45/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield5.2%

Free-cash-flow yield4.4%

Fair value vs price1.1×

Growth Fair

63/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)9.2%

EPS growth (3y)11.8%

Growth consistency100%

Profitability Fair

53/100

Returns on capital are typical for its sector.

See the numbers →

Return on invested capital12.6%

Operating margin21.4%

Financial health Weak

35/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA3.4×

Interest cover6.3×

Dividends Fair

59/100

Dividend is typical for its sector.

See the numbers →

Dividend yield1.9%

Dividends vs free cash flow44%

Dividend growth14.3%

Quarterly results: last 6 quarters

+12.1%

Jun '25

+11.5%

Sep '25

+8.7%

Dec '25

+7.6%

Mar '26

+6.2%

Jun '26

+8.1%

Sep '26

Revenue against the same quarter a year earlier. Latest quarter revenue $6.9B, diluted EPS $1.69.

Compare with peers

BRO Brown & Brown, Inc.54 AON Aon plc48 AJG Arthur J. Gallagher &...46 WTW Willis Towers Watson P...37

Other Insurance Brokers companies by X-Ray Score.

SWOT analysis: Marsh & Mclennan Companies, Inc.

Strengthsinside the company

No standout strength in the figures we track.

Weaknessesinside the company

No clear weakness in the figures we track.

Opportunitiesvaluation and setting

Dividends use only 44% of free cash flow, which leaves room to raise them.
Our Market Compass rates the backdrop for Financials as favourable.
Price momentum is strong on the weekly and monthly signals (trends can reverse).

Threatsvaluation and setting

No specific threat is flagged by our checks; general market and interest-rate risk still applies.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare MRSH with peers and sector

Medians of 4 Insurance Brokers peers and of 70 Financials stocks in our universe. Largest peers (X-Ray Score): AJG 46, AON 48, WTW 37, BRO 54.

Metric	MRSH	Peers	Sector
X-Ray Score (out of 100)	50	47	50
Valuation	45	49	52
Growth	63	65	54
Profitability	53	47	48
Financial health	35	28	51
Dividends	59	57	54

Sector leaders: highest X-Ray Score in Financials

MRSH ranks #37 of 71 in Financials and #2 of 5 in Insurance Brokers by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 PGR Progressive Corp	69
#2 SCHW Schwab Charles Corp	68
#3 AMP Ameriprise Financial Inc	67
#4 AIZ Assurant, Inc.	66
#5 PYPL PayPal Holdings, Inc.	65
…
#37 MRSH Marsh & Mclennan Companies... (this stock)	50

Metric	MRSH	Peers	Sector
P/E ratio	23.6x	20.3x	13.7x
PEG ratio	2.01	1.73	1.15
Price / book	6.4x	3.5x	2.2x
Price / sales	3.4x	3.7x	3.1x
EV / EBITDA	18.3x	16.8x	10.7x
Price / free cash flow	23.0x	18.5x	16.8x
Dividend yield	1.9%	1.0%	1.9%
Gap to our fair value	+12.5%	+14.7%	+5.6%

Metric	MRSH	Peers	Sector
Price change, 1 month	+17.9%	+14.0%	+3.4%
Price change, 3 months	+14.5%	+13.1%	−0.3%
Price change, 6 months	+14.9%	+12.6%	+6.8%
Price change, 1 year	+7.6%	−6.4%	+14.9%

Metric	MRSH	Peers	Sector
Market value	$95.5B	$48.4B	$46.7B
Revenue (last 12 months)	$28.5B	$12.9B	$15.6B
EBITDA (last 12 months)	$6.4B	$3.1B	$4.4B
Net income (last 12 months)	$4.0B	$1.6B	$3.2B
Free cash flow (last 12 months)	$4.2B	$1.7B	$2.2B

Metric	MRSH	Peers	Sector
Revenue growth, last year	+10.3%	+15.1%	+6.8%
Revenue growth, 3 years a year	+9.2%	+14.5%	+8.1%
EPS growth, 3 years a year	+11.8%	+11.0%	+12.9%
Free cash flow growth, 3 years a year	+18.6%	–	+12.5%
Dividend growth	+14.3%	+13.3%	+5.2%

Metric	MRSH	Peers	Sector
Gross margin	–	–	54.1%
EBITDA margin	22.7%	25.8%	31.4%
Operating margin	21.4%	24.4%	29.3%
Net margin	14.2%	16.6%	22.1%
Return on invested capital	12.6%	11.0%	13.6%
Return on equity	27.1%	15.0%	15.3%

Metric	MRSH	Peers	Sector
Net debt / EBITDA	3.4x	3.0x	1.1x
Interest cover	6.3x	5.5x	50.0x
Current ratio	1.1x	1.1x	1.0x
Piotroski F-score (0 to 9)	6	6	7

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for MRSH

Each factor is rated by where MRSH stands among the 71 Financials stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 2 Good · 9 Average · 10 Bad of 21 Growth: 1 · 2 · 0 Profitability: 1 · 1 · 2 Financial strength: 0 · 2 · 2 Valuation: 0 · 1 · 4 Cash flow: 0 · 3 · 1 Efficiency: 0 · 0 · 1

Factor	MRSH	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+9.2%	Average beats 53%	+8.3%	–	–
Revenue growth, last year	+10.3%	Good beats 75%	+6.9%	+9.7%	≈ In line
EPS growth, 3 years a year	+11.8%	Average beats 46%	+12.7%	–	–
Profitability
Operating margin	21.4%	Bad beats 30%	29.1%	23.1%	≈ In line
Net margin	14.2%	Bad beats 30%	21.8%	15.9%	▼ Worse
Return on invested capital	12.6%	Average beats 47%	13.5%	–	–
Return on equity	27.1%	Good beats 82%	15.7%	28.4%	≈ In line
Financial strength
Net debt / EBITDA	3.4x	Bad beats 19%	1.1x	2.2x	▼ Worse
Interest cover	6.3x	Bad beats 14%	50.0x	9.1x	▼ Worse
Current ratio	1.09	Average beats 59%	1.05	1.10	≈ In line
Piotroski F-score	6 / 9	Average beats 38%	7 / 9	–	–
Valuation
P/E ratio	23.6x	Bad beats 23%	13.8x	25.9x	≈ In line
Price / book	6.4x	Bad beats 12%	2.2x	7.8x	▲ Better
Price / sales	3.4x	Average beats 45%	3.1x	4.2x	▲ Better
EV / EBITDA	18.3x	Bad beats 19%	10.8x	19.4x	≈ In line
Free cash flow yield	4.4%	Bad beats 31%	5.8%	3.8%	≈ In line
Cash flow
Free cash flow margin	14.6%	Bad beats 21%	23.2%	16.3%	▼ Worse
Cash from operations / net income	1.11	Average beats 37%	1.25	1.13	≈ In line
Free cash flow growth, 3 years a year	+18.6%	Average beats 65%	+12.7%	–	–
Accruals (lower is better)	−0.7%	Average beats 45%	−1.0%	–	–
Efficiency
Days sales outstanding	110 days	Bad beats 18%	53 days	103 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 2 Good · ● 8 Average · ● 5 Bad

Cash quality

Earnings backed by cashAverage

Free-cash-flow yieldBad

Risk models

Altman Z''Average

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Average

Free-cash-flow growth (3y)Average

Revenue growth (3y)Average

Growth consistencyGood

Balance sheet

Current ratioAverage

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldBad

Profitability

Return on invested capitalAverage

Operating marginBad

Each check is graded against the company's sector, not a fixed number. Checklist score 44/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$19.8B	$20.7B	$22.7B	$24.5B	$27.0B
Operating income	$4.3B	$4.3B	$5.3B	$5.8B	$6.2B
Net income	$3.1B	$3.1B	$3.8B	$4.1B	$4.2B
Operating cash flow	$3.5B	$3.5B	$4.3B	$4.3B	$5.3B
Operating margin	21.8%	20.7%	23.2%	23.8%	23.1%
Free cash flow	$3.1B	$3.0B	$3.8B	$4.0B	$5.0B
Diluted EPS	$6.13	$6.04	$7.53	$8.18	$8.43

Fiscal years, from SEC filings.

Technical summary

Daily

Bullish

12 bullish · 0 neutral · 4 bearish

Weekly

Strongly bullish

11 bullish · 1 neutral · 0 bearish

Monthly

Strongly bullish

6 bullish · 1 neutral · 1 bearish

Moving averages (daily)

SMA 10	185.2	Bullish
EMA 10	186.9	Bullish
SMA 20	178.2	Bullish
EMA 20	182.3	Bullish
SMA 50	180.7	Bullish
EMA 50	179.9	Bullish
SMA 100	177.6	Bullish
EMA 100	178.4	Bullish
SMA 200	174.9	Bullish
EMA 200	179.0	Bullish

Oscillators (daily)

RSI (14)	80.15	Bearish
MACD (12, 26)	4.29	Bullish
Momentum (12)	16.03	Bullish
Stochastic %K (14)	99.03	Bearish
Williams %R (14)	-0.97	Bearish
CCI (20)	170.8	Bearish

Pivot points (classic, last session)

186.3

189.0

194.1

Pivot

196.9

202.0

204.7

209.9

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

3.78 USD

Yield on today's price

1.90%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
1 Oct 2026	0.9900
23 Jul 2026	0.9900
9 Apr 2026	0.9000
29 Jan 2026	0.9000
2 Oct 2025	0.9000
24 Jul 2025	0.9000
3 Apr 2025	0.8150
30 Jan 2025	0.8150
4 Oct 2024	0.8150
25 Jul 2024	0.8150
3 Apr 2024	0.7100
24 Jan 2024	0.7100

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold MRSH

ETF	Share of the fund
FTCS First Trust Capital Strength	1.91%
KIE SPDR S&P Insurance	1.78%
MFSV MFS Active Value	1.41%
IYF iShares U.S. Financials	1.39%
XLF Financial Select Sector SPDR	1.06%
NULV Nuveen ESG Large-Cap Value	1.00%
VFH Vanguard Financials	0.94%
USMV iShares MSCI USA Min Vol Factor	0.91%

The eight funds with the largest weight in MRSH among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.