Marsh & Mclennan Companies, Inc. (MRSH)
Financials · Insurance Brokers · US stock · S&P 500 component
$188.35
▲ +1.81 (0.97%)
Fair valueFair
$205 +8.6% to fair value
$102fair band $143–$266$307
Day's range
$186.53 – $189.96
52-week range
$154.82 – $197.34
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 2.0%. On the site's X-Ray Score it receives 50 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $154.82 – $197.34Volume 2,765,800Daily, split-adjusted
Vitals
Market cap$90.2B
52-week range$154.82 – $197.34
Volume (last day)2,765,800
P/E (TTM)22.6
EBIT / EV yield5.4%
Free-cash-flow yield4.6%
Dividend yield2.0%
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 like Apple). 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
$205model spread $187 – $227
Fair
+8.6% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $188
Undervalued < $143Fair $143 – $266Overvalued > $266
10-year DCF (market-scaled)
$256
Peer multiples
$114
Earnings power floor (not blended)
$94
Fundamentals-adjusted multiple
$243
Growth the price implies
8.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (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
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.
Valuation
Weak
45/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.4%
Free-cash-flow yield4.6%
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
60/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.0%
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.53 AON Aon plc50 WTW Willis Towers Watson P...43 AJG Arthur J. Gallagher &...38Other Insurance Brokers companies by X-Ray Score.
Fundamentals checklist
● 1 Good · ● 9 Average · ● 5 BadCash 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 priceAverage
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
9 bullish · 1 neutral · 2 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 177.5 | Bullish |
| EMA 10 | 179.2 | Bullish |
| SMA 20 | 173.7 | Bullish |
| EMA 20 | 177.1 | Bullish |
| SMA 50 | 180.5 | Bullish |
| EMA 50 | 177.7 | Bullish |
| SMA 100 | 176.3 | Bullish |
| EMA 100 | 177.2 | Bullish |
| SMA 200 | 174.7 | Bullish |
| EMA 200 | 178.5 | Bullish |
Oscillators (daily)
| RSI (14) | 71.85 | Bearish |
| MACD (12, 26) | 1.26 | Bullish |
| Momentum (12) | 10.96 | Bullish |
| Stochastic %K (14) | 89.14 | Bearish |
| Williams %R (14) | -10.86 | Bearish |
| CCI (20) | 228.7 | Bearish |
Pivot points (classic, last session)
S3 183.2 | S2 184.9 | S1 186.6 | Pivot 188.3 | R1 190.0 | R2 191.7 | R3 193.5 |
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
2.01%
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.
MRSH SEC filings
15 Oct 2026
10-QSEC EDGAR
Quarterly report
15 Oct 2026
8-KSEC EDGAR
Results of operations
21 Jul 2026
10-QSEC EDGAR
Quarterly report
21 Jul 2026
8-KSEC EDGAR
Results of operations
4 Jun 2026
8-KSEC EDGAR
Entered a material agreement
22 May 2026
8-KSEC EDGAR
Shareholder vote results
16 Apr 2026
10-QSEC EDGAR
Quarterly report
16 Apr 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.