Marsh & McLennan Companies, Inc.

MRSH · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$90,348	$104,506	$93,598	$82,575	$88,127	$59,202	$56,373	$40,354	$41,753	$35,079	$29,444	$31,196	$26,550	$18,752	$17,138	$14,764	$11,526	$12,475	$14,267	$16,832	$17,087	$17,305	$25,525	$25,000	$29,552	$31,824	$25,164	$14,961	$12,186	$7,540	$6,477	$5,834	$5,961	$6,584	$5,961	$5,688	$5,597	$4,057	$3,692	$4,479	$2,950
Enterprise value	$109,325	$124,163	$105,855	$94,834	$99,750	$70,848	$69,592	$45,184	$46,118	$38,940	$32,573	$32,704	$27,272	$19,019	$17,680	$15,341	$13,074	$14,430	$15,998	$19,714	$20,609	$21,236	$28,217	$27,888	$32,106	$34,268	$28,224	$18,175	$13,239	$8,091	$7,131	$6,351	$6,313	$6,831	$5,940	$5,770	$5,657	$4,214	$3,505	$4,319	$2,790
P/E (TTM) at period end	21.72×	25.74×	24.92×	27.07×	28.04×	29.37×	32.36×	24.46×	27.98×	19.84×	18.41×	21.29×	19.56×	15.95×	17.26×	17.49×	50.77×	–	5.76×	17.00×	42.29×	46.02×	16.57×	18.31×	30.34×	26.95×	34.66×	18.79×	28.08×	16.43×	16.08×	15.70×	17.93×	24.97×	19.51×	18.71×	18.98×	13.69×	12.22×	18.42×	18.11×
P/S (TTM) at period end	3.35×	4.27×	4.12×	3.99×	4.45×	3.44×	3.39×	2.70×	2.98×	2.66×	2.28×	2.41×	2.17×	1.57×	1.49×	1.40×	1.17×	1.16×	1.28×	1.41×	1.47×	1.47×	2.20×	2.39×	2.99×	3.09×	2.75×	2.08×	2.03×	1.71×	1.65×	1.70×	1.88×	2.24×	2.14×	2.09×	2.31×	1.79×	1.72×	2.48×	2.16×
P/B at period end	5.98×	7.83×	7.68×	7.85×	8.00×	6.50×	7.23×	5.37×	5.67×	5.67×	4.52×	4.42×	3.36×	2.87×	2.91×	2.32×	1.98×	2.18×	1.82×	2.89×	3.19×	3.42×	4.68×	4.98×	5.71×	6.09×	6.03×	4.09×	3.77×	3.99×	3.89×	3.99×	4.37×	5.97×	5.76×	5.24×	6.41×	5.37×	4.66×	7.01×	5.73×
EV / EBITDA (TTM)	16.60×	20.07×	18.73×	20.35×	21.25×	20.50×	23.12×	14.71×	15.54×	14.22×	13.04×	12.56×	11.54×	9.03×	9.28×	12.47×	12.05×	14.27×	14.25×	13.73×	19.08×	20.11×	9.77×	10.59×	14.06×	12.85×	14.87×	10.74×	13.28×	9.46×	8.59×	8.03×	8.86×	10.46×	9.72×	9.13×	9.45×	–	–	–	–
EV / Sales (TTM)	4.05×	5.08×	4.66×	4.58×	5.03×	4.11×	4.18×	3.02×	3.29×	2.95×	2.53×	2.53×	2.22×	1.59×	1.53×	1.45×	1.33×	1.34×	1.43×	1.65×	1.77×	1.81×	2.44×	2.67×	3.25×	3.32×	3.08×	2.53×	2.20×	1.84×	1.81×	1.85×	2.00×	2.33×	2.14×	2.12×	2.33×	1.85×	1.63×	2.39×	2.04×
Returns
Return on equity	27.5%	30.4%	30.8%	29.0%	28.5%	22.1%	22.4%	22.0%	20.3%	28.6%	24.6%	20.8%	17.2%	18.0%	16.9%	13.3%	3.9%	(1.3%)	31.6%	17.0%	7.5%	7.4%	28.3%	27.2%	18.8%	22.6%	17.4%	21.8%	13.4%	24.3%	24.2%	25.4%	24.3%	23.9%	29.5%	28.0%	33.8%	39.2%	38.2%	38.1%	31.6%
Return on invested capital	14.0%	13.2%	16.3%	14.2%	14.4%	10.8%	9.3%	16.6%	12.9%	17.5%	16.1%	19.2%	16.8%	18.0%	17.0%	9.1%	9.7%	6.8%	5.5%	7.4%	4.4%	2.7%	20.5%	18.7%	14.2%	17.5%	11.8%	12.6%	11.4%	20.1%	18.6%	20.5%	20.5%	23.4%	28.5%	26.0%	31.1%	32.4%	48.5%	48.7%	43.5%
Dividend yield	1.9%	1.4%	1.4%	1.4%	1.2%	1.6%	1.6%	2.0%	1.8%	1.9%	2.1%	1.9%	2.0%	2.7%	2.8%	3.1%	3.7%	3.3%	2.9%	2.2%	2.1%	3.9%	2.5%	2.4%	1.9%	1.6%	1.8%	2.5%	2.5%	3.2%	3.4%	3.5%	3.3%	2.9%	3.2%	3.3%	3.2%	–	–	–	–
Financial health
Current ratio	1.10×	1.13×	1.10×	1.06×	1.24×	1.24×	1.06×	1.21×	1.31×	1.20×	1.36×	1.50×	1.65×	1.67×	1.51×	1.70×	1.33×	1.41×	1.56×	1.05×	1.21×	1.03×	0.95×	0.95×	0.96×	0.88×	0.76×	0.65×	1.08×	1.12×	1.07×	1.04×	1.18×	1.24×	1.41×	1.44×	1.46×	1.26×	1.33×	1.25×	1.40×
Debt / equity	1.30×	1.50×	1.10×	1.09×	0.99×	1.24×	1.53×	0.78×	0.75×	0.78×	0.68×	0.48×	0.37×	0.45×	0.50×	0.48×	0.62×	0.63×	0.49×	0.85×	1.03×	1.05×	0.62×	0.68×	0.60×	0.51×	0.84×	1.05×	0.46×	0.45×	0.59×	0.56×	0.50×	0.56×	0.32×	0.36×	0.40×	0.54×	0.20×	0.18×	0.14×
Effective tax rate	23.6%	24.9%	24.4%	24.4%	24.6%	26.7%	27.3%	25.6%	42.9%	27.6%	29.1%	28.5%	30.1%	29.0%	30.1%	26.5%	3.8%	22.9%	30.3%	31.8%	33.6%	59.7%	33.0%	35.0%	37.7%	38.5%	41.9%	39.0%	39.3%	31.3%	38.0%	39.5%	40.5%	41.5%	42.0%	42.5%	43.0%	42.6%	46.7%	51.5%	50.6%
Share count
Diluted shares outstanding	494	496	499	505	513	512	511	511	519	524	536	553	558	552	551	544	524	515	542	557	543	535	548	557	573	568	544	528	502	441	443	442	440	432	440	438	431	433	448	442	434

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$28,459	$26,981	$24,458	$22,736	$20,720	$19,820	$17,224	$16,652	$14,950	$14,024	$13,211	$12,893	$12,951	$12,261	$11,924	$11,526	$10,550	$9,831	$10,730	$11,177	$11,921	$11,652	$11,761	$11,588	$10,440	$9,869	$10,308	$9,157	$7,190	$6,009	$4,404	$3,937	$3,435	$3,163	$2,937	$2,779	$2,723	$2,428	$2,272	$2,147	$1,804	$1,368
Cost of revenue	($16,287)	($15,577)	($13,996)	($13,099)	($12,071)	($11,425)	($10,129)	($9,734)	($8,605)	($8,085)	($7,694)	($7,334)	($7,515)	($7,226)	($7,134)	($6,969)	($6,465)	–	–	–	($7,113)	($3,811)	($3,486)	($9,092)	($8,166)	($7,932)	($8,131)	($7,259)	($5,498)	($5,012)	($3,549)	($3,107)	($2,644)	($2,451)	($2,284)	($2,168)	($2,091)	($1,829)	($1,676)	($1,527)	($1,268)	($1,015)
Gross profit	$12,172	$11,404	$10,462	$9,637	$8,649	$8,395	$7,095	$6,918	$6,345	$5,939	$5,517	$5,559	$5,436	$5,035	$4,790	$4,557	$4,085	–	–	–	$4,808	$7,841	$8,275	$2,496	$2,274	$1,937	$2,177	$1,898	$1,692	$997	$855	$830	$791	$713	$653	$611	$632	$599	$596	$620	$536	$352
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($16,287)	($15,577)	($13,996)	($13,099)	($12,071)	($11,425)	($10,129)	($9,734)	($8,605)	($8,085)	($7,694)	($7,334)	($7,515)	($7,226)	($7,134)	($6,969)	($6,465)	($6,182)	($6,830)	($10,331)	($9,392)	($9,492)	($6,706)	($9,048)	($8,114)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($6,085)	($5,181)	($4,645)	($4,355)	($4,369)	($4,083)	($4,029)	($4,241)	($3,584)	($3,284)	($3,086)	($3,375)	($3,135)	($2,958)	($2,961)	($2,919)	($3,146)	–	–	–	($3,860)	($7,251)	($7,675)	–	–	($174)	$2	($431)	($272)	($199)	($140)	($135)	($121)	($120)	($112)	($113)	($105)	($89)	($81)	($70)	($56)	($39)
Total costs and expenses	($22,372)	($20,758)	($18,641)	($17,454)	($16,440)	($15,508)	($14,158)	($13,975)	($12,189)	($11,369)	($10,780)	($10,709)	($10,650)	($10,184)	($10,095)	($9,888)	($9,611)	($9,053)	($10,051)	($10,420)	($10,973)	($11,062)	($11,161)	($9,092)	($8,166)	($8,106)	($8,129)	($7,690)	($5,770)	($5,211)	($3,689)	($3,242)	($2,765)	($2,571)	($2,396)	($2,281)	($2,196)	($1,918)	($1,757)	($1,597)	($1,324)	($1,054)
Operating income	$6,087	$6,223	$5,817	$5,282	$4,280	$4,312	$3,066	$2,677	$2,761	$2,655	$2,431	$2,184	$2,301	$2,077	$1,829	$1,638	$939	$778	$679	$757	$948	$590	$600	$2,496	$2,274	$1,763	$2,179	$1,467	$1,420	$798	$715	$695	$670	$593	$541	$498	$527	$510	$515	$550	$480	$313
Earnings
EBITDA	$6,446	$6,584	$6,186	$5,652	$4,661	$4,694	$3,456	$3,010	$3,072	$2,967	$2,739	$2,498	$2,603	$2,363	$2,106	$1,905	$1,230	$1,085	$1,011	$1,123	$1,436	$1,080	$1,056	$2,887	$2,633	$2,283	$2,667	$1,898	$1,692	$997	$855	$830	$791	$713	$653	$611	$632	$599	–	–	–	–
Interest income	$43	$48	$83	$78	$15	$2	$7	$39	$11	$9	$5	$13	$21	$18	$24	$28	$20	$17	$47	$95	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($973)	($960)	($700)	($578)	($469)	($444)	($515)	($524)	($290)	($237)	($189)	($163)	($165)	($167)	($181)	($199)	($233)	($241)	($220)	($266)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,372	$5,539	$5,480	$5,026	$4,082	$4,208	$2,793	$2,439	$2,244	$2,643	$2,480	$2,307	$2,057	$1,973	$1,696	$1,404	$769	$552	$494	$847	$1,219	$571	$402	$2,335	$2,133	$1,590	$1,955	$1,250	$1,305	$715	$668	$650	$632	$559	$519	$527	$529	$517	$516	$567	$501	$330
Income tax expense	($1,249)	($1,305)	($1,363)	($1,224)	($995)	($1,034)	($747)	($666)	($574)	($1,133)	($685)	($671)	($586)	($594)	($492)	($422)	($204)	($21)	($113)	($257)	($388)	($192)	($240)	($770)	($747)	($599)	($753)	($524)	($509)	($281)	($209)	($247)	($250)	($226)	($216)	($221)	($225)	($222)	($220)	($265)	($258)	($167)
Net income	$4,041	$4,160	$4,060	$3,756	$3,050	$3,143	$2,016	$1,742	$1,650	$1,492	$1,768	$1,599	$1,465	$1,357	$1,176	$993	$855	$227	($73)	$2,475	$990	$404	$376	$1,540	$1,365	$974	$1,181	$726	$796	$434	$459	$403	$372	$332	$264	$306	$304	$295	$296	$302	$243	$163
Per share
Diluted EPS (GAAP)	$8.36	$8.43	$8.18	$7.53	$6.04	$6.13	$3.94	$3.41	$3.23	$2.87	$3.38	$2.98	$2.65	$2.43	$2.13	$1.79	$1.55	$0.42	($0.14)	$4.45	$1.78	$0.74	$0.33	$2.81	$2.45	$1.70	$2.08	$1.33	$1.51	$0.80	$1.04	$0.91	$0.84	$0.75	$0.61	$0.70	$0.69	$0.68	$0.68	$0.67	$0.55	$0.38
Basic EPS (GAAP)	$8.40	$8.48	$8.26	$7.60	$6.11	$6.20	$3.98	$3.44	$3.26	$2.91	$3.41	$3.01	$2.69	$2.47	$2.16	$1.82	$1.56	$0.43	($0.13)	$4.49	$1.80	$0.75	$0.33	$2.89	$2.52	$1.77	$2.17	$1.38	$1.55	$0.81	$1.06	$0.92	$0.84	$0.75	$0.61	$0.70	$0.69	$0.68	$0.68	$0.67	$0.55	$0.38
Basic shares outstanding	482	491	492	494	499	507	506	506	506	513	519	531	545	549	544	542	540	522	514	539	549	538	526	533	541	550	544	526	512	490	435	438	442	440	432	440	438	431	433	448	442	434
Margins
Gross margin	42.8%	42.3%	42.8%	42.4%	41.7%	42.4%	41.2%	41.5%	42.4%	42.3%	41.8%	43.1%	42.0%	41.1%	40.2%	39.5%	38.7%	–	–	–	40.3%	67.3%	70.4%	21.5%	21.8%	19.6%	21.1%	20.7%	23.5%	16.6%	19.4%	21.1%	23.0%	22.5%	22.2%	22.0%	23.2%	24.7%	26.2%	28.9%	29.7%	25.8%
Operating margin	21.4%	23.1%	23.8%	23.2%	20.7%	21.8%	17.8%	16.1%	18.5%	18.9%	18.4%	16.9%	17.8%	16.9%	15.3%	14.2%	8.9%	7.9%	6.3%	6.8%	8.0%	5.1%	5.1%	21.5%	21.8%	17.9%	21.1%	16.0%	19.7%	13.3%	16.2%	17.6%	19.5%	18.7%	18.4%	17.9%	19.4%	21.0%	22.7%	25.6%	26.6%	22.9%
Net margin	14.2%	15.4%	16.6%	16.5%	14.7%	15.9%	11.7%	10.5%	11.0%	10.6%	13.4%	12.4%	11.3%	11.1%	9.9%	8.6%	8.1%	2.3%	(0.7%)	22.1%	8.3%	3.5%	3.2%	13.3%	13.1%	9.9%	11.5%	7.9%	11.1%	7.2%	10.4%	10.2%	10.8%	10.5%	9.0%	11.0%	11.2%	12.1%	13.0%	14.1%	13.5%	11.9%

Analyst consensus

Hold34 analysts

Bearish · 1 · Hold · 22 · Bullish · 11

Earnings history

	EPS	Estimate
Q4 2024	$1.87	$1.76	Beat
Q1 2025	$3.06	$3.02	Beat
Q2 2025	$2.72	$2.67	Beat
Q3 2025	$1.85	$1.78	Beat
Q4 2025	$2.12	$1.97	Beat
Q1 2026	$3.29	$3.22	Beat
Q2 2026	$2.96	$2.90	Beat
Q3 2026	$2.03	$1.97	Beat

Peers

Company overview

IPO dateDec 30, 1987

CEOJohn Q. Doyle

Employees95,000

SectorFinancial Services

IndustryInsurance - Brokers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.corporate.marsh.com

Marsh & McLennan Companies, Inc. (MRSH) functions as a leading professional services organization, delivering expert guidance and innovative solutions to clients across the vital domains of risk management, strategic planning, and human capital. Based in New York City, the firm maintains a substantial global workforce, employing approximately 65,000 full-time professionals. This entity serves as the parent company for several prominent advisory and consulting brands. These include Marsh, renowned for its insurance brokerage services; Guy Carpenter, a specialist in risk and reinsurance; Mercer, which provides comprehensive human resources and investment-related financial advice; and Oliver Wyman Group, an influential management and economic consultancy. Marsh & McLennan structures its operations into two core business segments. The "Risk and Insurance Services" division encompasses activities such as risk management, along with comprehensive insurance and reinsurance brokerage and services. The "Consulting" division offers a broad spectrum of services, including health, retirement, talent, and investment consulting, as well as specialized advice in management, economics, and brand strategy. The Risk and Insurance Services segment's operations are primarily conducted through Marsh and Guy Carpenter, while Mercer and Oliver Wyman Group are the key contributors to the Consulting segment's offerings.

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