Financials · Insurance Brokers · US stock · price as of 16 Oct 2026
Key indicators
Price
$188.35
52-week range
$154.82 – $197.34
Market cap
$90.2B
P/E (trailing)
22.6×
EV / EBITDA
17.1×
Free-cash-flow yield
4.6%
Dividend yield
2.0%
Revenue (last 12 months)
$28.5B
Revenue growth (3y a year)
9.2%
Operating margin
21.4%
Return on invested capital
12.6%
Net debt / EBITDA
3.4×
Fair value
Blended fair value$204.61 range $187 – $227
Versus priceFair+9% to fair value
Peer multiples
$114.45
Fundamentals-adjusted multiple
$243.22
10-year DCF (market-scaled)
$256.15
Earnings power value (floor, not blended)
$93.62
Model uncertainty
Medium
X-Ray Score
50/ 100 · High confidence · ahead of 46% of sector peers
Valuation45
Growth63
Profitability53
Financial health35
Dividends60
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Marsh & Mclennan Companies, Inc. an X-Ray Score of 50 out of 100 (high confidence), ahead of 46% of the S&P 500 stocks in its sector. Its strongest lens is growth (63) and its weakest is financial health (35).
Our fair value blend is $204.61 (range $186.93 to $227.02). At $188.35 the stock trades 8% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Marsh & Mclennan Companies, Inc. (MRSH)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$160.39
$154.86
$179.87
$204.59
$181.55
$188.35
Market cap
$82.3B
$78.2B
$89.8B
$101.5B
$89.7B
$90.2B
P/E
26.2×
25.6×
23.9×
25.0×
21.5×
22.6×
EV / revenue
4.6×
4.3×
4.4×
4.9×
4.0×
3.9×
EV / EBITDA
18.1×
19.0×
17.7×
19.3×
16.2×
17.2×
Price / free cash flow
26.5×
26.1×
23.4×
25.5×
17.9×
21.7×
Free-cash-flow yield
3.8%
3.8%
4.3%
3.9%
5.6%
4.6%
Price / book
7.3×
7.3×
7.3×
7.5×
5.9×
6.1×
Dividend yield
–
1.45%
1.45%
1.49%
1.89%
2.01%
Fundamentals checklist ● 1 Good · ● 9 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.7%Average
Free-cash-flow yield4.6%Bad
Risk models
Altman Z score2.8×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)11.8%Average
Free-cash-flow growth (3y)18.6%Average
Revenue growth (3y)9.2%Average
Growth consistency100%Good
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA3.4×Bad
Interest cover6.3×Bad
Valuation
Fair value vs price1.1×Average
EBIT / EV yield5.4%Bad
Profitability
Return on invested capital12.6%Average
Operating margin21.4%Bad
XStocksXray
Marsh & Mclennan Companies, Inc. (MRSH)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
19,820
20,720
22,736
24,458
26,981
28,459
Gross profit
–
–
–
–
–
–
Operating income
4,312
4,280
5,282
5,817
6,223
6,087
Net income
3,143
3,050
3,756
4,060
4,160
4,041
Diluted EPS ($)
6.13
6.04
7.53
8.18
8.43
8.33
Free cash flow
3,110
2,995
3,842
3,986
5,001
4,154
Gross margin
–
–
–
–
–
–
Operating margin
21.8%
20.7%
23.2%
23.8%
23.1%
21.4%
Net margin
15.9%
14.7%
16.5%
16.6%
15.4%
14.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
44,010
44,114
48,030
56,481
58,710
59,806
Cash
1,752
1,442
3,358
2,398
2,687
1,842
Total debt
10,967
11,763
13,463
19,947
19,587
22,133
Equity
11,222
10,749
12,370
13,535
15,315
14,910
Dividend per share ($)
–
2.25
2.60
3.05
3.43
3.78
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.