NYSE: MRSH
Marsh McLennan
Financials · Insurance Agents, Brokers & Service
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$81.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $34.8B |
| FY2017, ended Dec 31, 2017 | $41.3B |
| FY2018, ended Dec 31, 2018 | $40.3B |
| FY2019, ended Dec 31, 2019 | $56.1B |
| FY2020, ended Dec 31, 2020 | $59.5B |
| FY2021, ended Dec 31, 2021 | $87.4B |
| FY2022, ended Dec 31, 2022 | $81.8B |
| FY2023, ended Dec 31, 2023 | $93.2B |
| FY2024, ended Dec 31, 2024 | $104B |
| FY2025, ended Dec 31, 2025 | $89.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $81.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$28.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.2B |
| FY2017, ended Dec 31, 2017 | $14.0B |
| FY2018, ended Dec 31, 2018 | $14.9B |
| FY2019, ended Dec 31, 2019 | $16.7B |
| FY2020, ended Dec 31, 2020 | $17.2B |
| FY2021, ended Dec 31, 2021 | $19.8B |
| FY2022, ended Dec 31, 2022 | $20.7B |
| FY2023, ended Dec 31, 2023 | $22.7B |
| FY2024, ended Dec 31, 2024 | $24.5B |
| FY2025, ended Dec 31, 2025 | $27.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $28.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.77B | $1.75B |
| FY2017, ended Dec 31, 2017 | $1.49B | $1.59B |
| FY2018, ended Dec 31, 2018 | $1.65B | $2.11B |
| FY2019, ended Dec 31, 2019 | $1.74B | $1.94B |
| FY2020, ended Dec 31, 2020 | $2.02B | $3.03B |
| FY2021, ended Dec 31, 2021 | $3.14B | $3.11B |
| FY2022, ended Dec 31, 2022 | $3.05B | $3.00B |
| FY2023, ended Dec 31, 2023 | $3.76B | $3.84B |
| FY2024, ended Dec 31, 2024 | $4.06B | $3.99B |
| FY2025, ended Dec 31, 2025 | $4.16B | $5.00B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.04B | $4.15B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.84B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.03B |
| FY2017, ended Dec 31, 2017 | $1.21B |
| FY2018, ended Dec 31, 2018 | $1.07B |
| FY2019, ended Dec 31, 2019 | $1.16B |
| FY2020, ended Dec 31, 2020 | $2.09B |
| FY2021, ended Dec 31, 2021 | $1.75B |
| FY2022, ended Dec 31, 2022 | $1.44B |
| FY2023, ended Dec 31, 2023 | $3.36B |
| FY2024, ended Dec 31, 2024 | $2.40B |
| FY2025, ended Dec 31, 2025 | $2.69B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.84B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$20.5B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.81B |
| FY2017, ended Dec 31, 2017 | $5.49B |
| FY2018, ended Dec 31, 2018 | $6.14B |
| FY2019, ended Dec 31, 2019 | $13.2B |
| FY2020, ended Dec 31, 2020 | $11.8B |
| FY2021, ended Dec 31, 2021 | $11.0B |
| FY2022, ended Dec 31, 2022 | $11.8B |
| FY2023, ended Dec 31, 2023 | $13.5B |
| FY2024, ended Dec 31, 2024 | $19.9B |
| FY2025, ended Dec 31, 2025 | $19.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $20.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 7.7% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.476M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 515M |
| FY2017, ended Dec 31, 2017 | 508M |
| FY2018, ended Dec 31, 2018 | 505M |
| FY2019, ended Dec 31, 2019 | 504M |
| FY2020, ended Dec 31, 2020 | 508M |
| FY2021, ended Dec 31, 2021 | 503M |
| FY2022, ended Dec 31, 2022 | 495M |
| FY2023, ended Dec 31, 2023 | 492M |
| FY2024, ended Dec 31, 2024 | 491M |
| FY2025, ended Dec 31, 2025 | 484M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 476M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $2.61B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $800M | $109M |
| FY2017, ended Dec 31, 2017 | $900M | $149M |
| FY2018, ended Dec 31, 2018 | $675M | $193M |
| FY2019, ended Dec 31, 2019 | $485M | $252M |
| FY2020, ended Dec 31, 2020 | $0 | $290M |
| FY2021, ended Dec 31, 2021 | $1.16B | $348M |
| FY2022, ended Dec 31, 2022 | $1.95B | $367M |
| FY2023, ended Dec 31, 2023 | $1.15B | $363M |
| FY2024, ended Dec 31, 2024 | $900M | $368M |
| FY2025, ended Dec 31, 2025 | $2.01B | $394M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.03B | $418M |
Revenue (TTM)
$28.5B
+7.6% YoY
Net income (TTM)
$4.04B
−2.1% YoY
Cash
$1.84B
−26.6% YoY
Total debt
$20.5B
+4.9% YoY
Valuation
At current price- Market Cap
- $95.4B
- P/E
- 23.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.4×
- Price / Book
- 6.4×
- EV / EBITDA
- 17.7×
Growth
Trailing 12 months- Revenue (TTM)
- $28.5B
- Revenue Growth YoY
- 7.6%
- Revenue CAGR 3Y
- 9.2%
- Revenue CAGR 5Y
- 9.4%
- EPS Growth YoY
- 0.2%
- Net Income Growth YoY
- −2.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 21.4%
- Net Margin
- 14.2%
- FCF Margin
- 14.6%
- Return on Equity
- 26.7%
Earnings
Trailing 12 months- Net Income
- $4.04B
- EPS (diluted)
- $8.36
- EBITDA
- $6.45B
- Operating Income
- $6.09B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.84B
- Total Debt
- $20.5B
- Net Debt
- $18.7B
- Total Assets
- $59.8B
- Total Liabilities
- $44.9B
- Shareholders' Equity
- $14.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $4.47B
- Capital Expenditure
- $320M
- Free Cash Flow
- $4.15B
Dividends and risk
Last 12 months- Dividend Yield
- 1.9%
- Dividend / Share
- $3.78
- Beta (5Y)
- 0.59
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 7.6% year over year, at $28.5B.
Note
Net margin of 14.2% over the last 12 months.
Note
Free cash flow of $4.15B, 14.6% of revenue.
Strength
Share count is down 2.9% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 15, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 9, 2026 · Read the filing on EDGAR
- Revenue rose 10% to $27.0 billion (4% underlying). Operating income rose 7% to $6.2 billion, and diluted EPS rose 3% to $8.43.
- Higher interest costs from the McGriff acquisition debt held back earnings growth. Interest expense rose $260 million to $960 million.
- A new three-year cost program, Thrive, is expected to cost about $500 million and save about $400 million a year. $150 million was spent in 2025.
- Buybacks rose to $2.0 billion and the buyback authorization was raised to $6 billion. Cash from operations rose to $5.3 billion.
Business momentum
Improving
“Consolidated operating income increased $406 million, or 7% to $6.2 billion in 2025, compared to $5.8 billion in 2024, reflecting a 10% increase in revenue and an 11% increase in expenses.”
Outlook
Neutral
“Total annualized savings are expected to be approximately $400 million.”
Financial stress
Low
“The Company provided $5.3 billion of cash from operations in 2025 compared to $4.3 billion in 2024.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Steady growth across all businesses
“Consolidated revenue increased 4% on an underlying basis and 6% from acquisitions.”
Strong cash generation and shareholder returns
“In 2025, the Company repurchased 10.1 million shares of its common stock for $2.0 billion.”
Stable investment-grade credit ratings
“The Company carries a Stable outlook with S&P, Moody's and Fitch.”
Concerns
Interest costs rose sharply after the McGriff deal
“Interest expense increased $260 million in 2025 due to debt raised to fund the McGriff acquisition.”
Profit margin fell in the insurance broking segment
“Operating income margin 26.8 % 28.4 % 28.0 %”
Ongoing McGriff integration and retention costs
“The Company expects to recognize costs of approximately $250 million, primarily retention incentives over the next 2 years related to the McGriff acquisition.”
New risks since the previous report
Thrive restructuring may not deliver promised savings
“We cannot guarantee that we will achieve the targeted savings.”
Softening insurance prices hurting broker commissions
“the property and casualty insurance market has seen softer pricing recently, which may continue to impact profitability.”
Lower interest rates cutting income on client funds held
“Interest earned on fiduciary funds decreased $94 million to $403 million in 2025, compared to $497 million in 2024, due to lower average interest rates compared to the prior year.”
Clients may use AI to push down consulting fees
“client demand for cost savings through the use of AI and automation”
Biggest risks named
- Economic slowdown and geopolitical conflict
- Softening insurance premium rates
- Large uninsured errors-and-omissions claims
- Cyberattacks and AI and data-privacy regulation
- Integrating acquisitions and delivering Thrive savings
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 15, 2026 | Pro | |||
| 10-K | Feb 9, 2026 | 64 | Improving | None | |
| 10-K | Feb 10, 2025 | 63 | Improving | 1 minor | |
| 10-K | Feb 12, 2024 | 72 | Strong improvement | None | |
| 10-K | Feb 13, 2023 | 65 | Improving | 2 minor | |
| 10-K | Feb 16, 2022 | 68 | Strong improvement | 2 minor | |
| 10-K | Feb 17, 2021 | 69 | Improving | 1 medium | |
| 10-K | Feb 20, 2020 | 67 | Improving | None | |
| 10-K | Feb 21, 2019 | 59 | Improving | 1 medium2 minor | |
| 10-K | Feb 22, 2018 | 62 | Improving | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 15, 2026. View filings on SEC EDGAR