MARSH & MCLENNAN COMPANIES, INC.
MRSH· NYSE· Insurance Agents, Brokers & Service
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 18.5%
- ROIC, 5 yr avg
- 15.6%
- Revenue, 5 yr CAGR
- +9.4%
We record prices for the companies we cover; MRSH is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 494.0M
- Revenue
- $27.0B
- Free cash flow
- $5.0B
- Owner earnings
- $4.6B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 23.1%
- Net
- 15.4%
- Free cash flow
- 18.5%
- Owner earnings
- 17.1%
- Stock pay
- 1.5%
Returns
- ROIC, FY2025
- 14.8%
- ROIC, 5 yr avg
- 15.6%
- ROE, FY2025
- 27.2%
- ROE, 5 yr avg
- 28.8%
Growth (CAGR)
- Revenue, 3 yr
- 9.2%
- Revenue, 5 yr
- 9.4%
- Revenue, 9 yr
- 8.3%
- Diluted EPS, 3 yr
- 11.8%
- Diluted EPS, 5 yr
- 16.4%
- Diluted EPS, 9 yr
- 10.7%
- Free cash flow, 3 yr
- 18.6%
- Free cash flow, 5 yr
- 10.5%
- Free cash flow, 9 yr
- 12.3%
Financial health · FY2025
- Cash and investments
- $2.7B
- Total debt
- $19.6B
- Net debt
- $16.9B
- Debt/Equity
- 1.3x
- Debt/FCF
- 3.9x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 40.8%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -0.7%
Financials: ten years from the 10-Ks
Revenue
$27.0B
+8.3% a year over 9 years
FY2016FY2025
Margins
Operating23.1%Net15.4%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$5.0BOwner earnings$4.6B
Free cash flow +12.3% a year
FY2016FY2025
Diluted shares
494.0M
-5.7% over 9 years, net buybacks
FY2016FY2025
Return on invested capital
14.8%
FY2025
FY2016FY2025
Net debt (below zero)
-$16.9B
$16.9B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $13.2B | $14.0B | $14.9B | $16.7B | $17.2B | $19.8B | $20.7B | $22.7B | $24.5B | $27.0B |
| Revenue growth | – | 6.2% | 6.6% | 11.4% | 3.4% | 15.1% | 4.5% | 9.7% | 7.6% | 10.3% |
| 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 income | $1.8B | $1.5B | $1.6B | $1.7B | $2.0B | $3.1B | $3.0B | $3.8B | $4.1B | $4.2B |
| Net margin | 13.4% | 10.6% | 11.0% | 10.5% | 11.7% | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
| Diluted EPS | $3.38 | $2.87 | $3.23 | $3.41 | $3.94 | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 |
| Return on invested capital? | – | – | 16.2% | 9.8% | 11.8% | 15.9% | 15.4% | 17.8% | 14.1% | 14.8% |
| Cash | ||||||||||
| Operating cash flow | $2.0B | $1.9B | $2.4B | $2.4B | $3.4B | $3.5B | $3.5B | $4.3B | $4.3B | $5.3B |
| Capital expenditure | $253.0M | $302.0M | $314.0M | $421.0M | $348.0M | $406.0M | $470.0M | $416.0M | $316.0M | $291.0M |
| Free cash flow | $1.8B | $1.6B | $2.1B | $1.9B | $3.0B | $3.1B | $3.0B | $3.8B | $4.0B | $5.0B |
| Stock-based compensation | $109.0M | $149.0M | $193.0M | $252.0M | $290.0M | $348.0M | $367.0M | $363.0M | $368.0M | $394.0M |
| Owner earnings? | $1.6B | $1.4B | $1.9B | $1.7B | $2.7B | $2.8B | $2.6B | $3.5B | $3.6B | $4.6B |
| Free cash flow per share | $3.35 | $3.07 | $4.14 | $3.80 | $5.93 | $6.06 | $5.93 | $7.70 | $8.04 | $10.12 |
| Capital allocation | ||||||||||
| Dividends paid | $682.0M | $740.0M | $807.0M | $890.0M | $943.0M | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Share repurchases | $800.0M | $900.0M | $675.0M | $485.0M | $0 | $1.2B | $1.9B | $1.1B | $900.0M | $2.0B |
| Diluted shares | 524.0M | 519.0M | 511.0M | 511.0M | 512.0M | 513.0M | 505.0M | 499.0M | 496.0M | 494.0M |
| Share count change? | -2.2% | -1.0% | -1.5% | 0.0% | 0.2% | 0.2% | -1.6% | -1.2% | -0.6% | -0.4% |
| Balance sheet | ||||||||||
| Cash and equivalents | $1.0B | $1.2B | $1.1B | $1.2B | $2.1B | $1.8B | $1.4B | $3.4B | $2.4B | $2.7B |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | – | – | $6.1B | $13.2B | $11.8B | $11.0B | $11.8B | $13.5B | $19.9B | $19.6B |
| Net debt | – | – | $5.1B | $12.0B | $9.7B | $9.2B | $10.3B | $10.1B | $17.5B | $16.9B |
| Shareholders' equity | $6.3B | $7.4B | $7.6B | $7.9B | $9.3B | $11.2B | $10.7B | $12.4B | $13.5B | $15.3B |
Latest filings
| 2026-10-15 | 10-Q | Quarterly report |
| 2026-10-15 | 8-K | Earnings release |
| 2026-07-21 | 10-Q | Quarterly report |
| 2026-07-21 | 8-K | Earnings release |
| 2026-04-16 | 10-Q | Quarterly report |
| 2026-04-16 | 8-K | Earnings release |
| 2026-03-31 | DEF 14A | Proxy statement |
| 2026-02-09 | 10-K | Annual report |
| 2026-01-29 | 8-K | Earnings release |
| 2025-10-16 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
