Pricing Log in Create free account
Friday 6 November 2026 Export MRSH’s income statement to Excel — free account

Marsh

MRSH Financial Insurance Brokers

Marsh’s revenue for fiscal 2025 (year ended December 2025) was $27.0 billion, up 10.3% from fiscal 2024.

Revenue
+8.06%
EPS
+11.8%
Free cash flow
−30.5%
Total debt
+3.12%

Quarter to September 2026, against a year earlier

208.57 1.81 −0.86%
Market cap
$99.6B
P/E
24.8×
Fwd P/E
23.3×
Dividend yield
1.81%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Risk and Insurance Services
  • Consulting

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 16.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 3 — — 1 3 1 2 2 —
Insider Ownership 0.20%

Capital & Financial Ratios $m

Size
Market Cap 99,590.00
Revenue ttm 28,459.00
Net income ttm 4,123.00
Free cash flow ttm 4,154.00
Net debt Q 4,774.00
Valuation
P/E 24.83
Forward P/E 23.30
Price / sales 3.49
Forward P/S Powerpack
Price / FCF 23.90
Price / book 6.66
Financial health
Current ratio Q 1.09
Debt / equity Q 1.27
Interest coverage Q 4.90
Growth
Revenue growth Q +8.06% (above 0%: growing)
Operating income growth Q +3.85% (above 0%: growing)
EPS, this year +7.58%
EPS, next year A +9.30%
Revenue, next year A +6.52%
EPS, past 5 yrs +16.43% (at or above 15%: strong)
EPS, next 5 yrs A +8.88%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 36.08%
10-year low 10-year high
P/S against its own 10 years 56.40%
10-year low 10-year high
P/B against its own 10 years 53.61%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.81%
Annual rate
3.78
Payout ratio
45.2%
Growth, 2018–26
+11.5%/yr
  1. 1.58 ’18
  2. 1.74 ’19 +10
  3. 1.84 ’20 +6
  4. 2.00 ’21 +9
  5. 2.25 ’22 +13
  6. 2.60 ’23 +16
  7. 3.05 ’24 +17
  8. 3.43 ’25 +12
  9. 3.78 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14,152 13,674 14,160 14,115
Receivables 6,418 7,156 7,670 8,548
Inventory — — — —
Other 1,178 1,287 1,370 1,444
21,748 22,117 23,200 24,107
2023 2024 2025 Q'26
Payables 3,403 3,402 3,652 4,054
ST’ Debt — — — —
Other 10,794 11,276 11,473 12,273
19,795 19,518 21,060 22,109

Compound Annual Growth %

10y 5y 3y
Sales 7.66% 9.39% 9.20%
Cash Flow 10.86% 9.37% 15.16%
Earnings 10.03% 15.59% 10.90%
Book Value 8.78% 10.59% 12.53%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.96 Actual 2.03

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.97 2.12 Beat by 0.15
Q1 FY26 3.21 3.29 Beat by 0.08
Q2 FY26 2.88 2.96 Beat by 0.08
Q3 FY26 1.96 2.03 Beat by 0.07
Q4 FY26 2.20 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.36 2.63 1.69 — —
’25 2.79 2.45 1.51 1.68 8.43
’24 2.82 2.27 1.51 1.59 8.18
’23 2.47 2.07 1.47 1.52 7.53
’22 2.10 1.91 1.08 0.93 6.04
’21 1.91 1.60 1.05 1.57 6.13
’20 1.48 1.12 0.62 0.73 3.94
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 7,597 7,404 6,863 — —
’25 7,061 6,974 6,351 6,595 26,981
’24 6,473 6,221 5,697 6,067 24,458
’23 5,924 5,876 5,382 5,554 22,736
’22 5,549 5,379 4,770 5,022 20,720
’21 5,083 5,017 4,583 5,137 19,820
’20 4,651 4,189 3,968 4,416 17,224
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (688) 1,523 1,478 — —
’25 (622) 1,671 2,082 2,161 5,292
’24 (781) 1,215 1,912 1,956 4,302
’23 (819) 1,484 1,810 1,783 4,258
’22 (702) 1,282 1,383 1,502 3,465
’21 (408) 1,158 1,324 1,442 3,516
’20 (638) 1,216 1,421 1,383 3,382
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (750) 1,451 1,397 — —
’25 (677) 1,612 2,010 2,056 5,001
’24 (868) 1,135 1,839 1,880 3,986
’23 (903) 1,383 1,699 1,663 3,842
’22 (824) 1,165 1,255 1,399 2,995
’21 (477) 1,076 1,207 1,304 3,110
’20 (756) 1,134 1,343 1,313 3,034
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 19.0% a year for ten years. It grew 11.2% a year over the last ten.

Implied
19.0%
10 years, reported
11.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,211 14,024 14,950 16,652 17,224 19,820 20,720 22,736 24,458 26,981 28,459 +8.3% 28,739 30,138 31,668 +5.5%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 2,480 2,643 2,244 2,439 2,793 4,208 4,082 5,026 5,480 5,539 5,372 +9.3%
EBT margin, % 18.77 18.85 15.01 14.65 16.22 21.23 19.70 22.11 22.41 20.53 18.88 +1.8 pt
Net income 1,795 1,512 1,670 1,773 2,046 3,174 3,087 3,802 4,117 4,234 4,123 +10.0%
Per share, $
Per share, $ Revenue 25.45 27.34 29.55 32.91 34.04 39.09 41.52 46.02 49.71 54.95 59.79 +8.9%
Earnings 3.41 2.91 3.26 3.44 3.98 6.20 6.11 7.60 8.26 8.48 8.40 +10.7%
Cash flow 3.87 3.69 4.80 4.67 6.68 6.93 6.94 8.62 8.74 10.78 9.40 +12.1%
Capex (0.48) (0.57) (0.61) (0.83) (0.69) (0.80) (0.94) (0.84) (0.64) (0.59) (0.67) +2.4%
Free cash flow 3.39 3.12 4.18 3.83 6.00 6.13 6.00 7.78 8.10 10.19 8.73 +13.0%
Book value 12.08 14.51 14.99 15.70 18.30 22.13 21.54 25.04 27.51 31.19 31.32 +11.1%
Shares, m 519 513 506 506 506 507 499 494 492 491 483 (0.6%)
Valuation, ×
Valuation, × P/E 19.90 27.63 24.46 32.29 29.40 28.08 27.21 25.02 25.78 21.88 24.83 26.2
P/S 2.67 2.94 2.70 3.39 3.44 4.45 4.00 4.13 4.27 3.38 3.49 3.5
P/B 5.62 5.54 5.32 7.10 6.39 7.85 7.71 7.59 7.72 5.95 6.66 6.7
EV/Sales 2.93 3.23 3.00 3.96 3.94 4.91 3.96 4.03 4.51 3.53 — 3.8
EV/FCF 22.01 28.31 21.16 34.00 22.38 31.29 27.36 23.85 27.66 19.05 — 25.7
Cash, $m
Cash, $m Operating cash flow 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302 5,292 4,474 +11.4%
Capex (249) (294) (311) (421) (348) (406) (470) (416) (316) (291) (320) +1.7%
Free cash flow 1,758 1,599 2,117 1,940 3,034 3,110 2,995 3,842 3,986 5,001 4,154 +12.3%
Balance, $m
Balance, $m Working capital 802 1,300 1,010 389 1,599 1,610 1,127 1,953 2,599 2,140 1,998 +11.5%
Net debt 3,469 4,020 4,444 9,586 8,707 9,181 (875) (2,308) 5,754 4,160 4,774 +2.0%
Shareholders’ equity 6,272 7,442 7,584 7,943 9,260 11,222 10,749 12,370 13,535 15,315 14,910 +10.4%
Returns, %
Returns, % ROA 9.71 7.73 7.86 6.58 6.26 9.32 7.77 8.15 7.77 7.22 6.82 (2.5) pt
ROIC 15.60 14.48 14.35 9.54 10.67 13.21 27.09 32.81 18.85 19.97 19.33 +4.4 pt
ROE 27.47 21.76 21.96 22.44 23.44 30.69 27.76 32.49 31.35 28.84 26.70 +1.4 pt
People
People Employees 60,000 65,000 65,000 76,000 76,000 83,000 85,000 85,000 90,000 95,000 — +5.2%
Revenue/emp, $m 0.22 0.22 0.23 0.22 0.23 0.24 0.24 0.27 0.27 0.28 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Marsh is a professional-services company founded in 1905 and headquartered in New York City. John Q. Doyle is President and Chief Executive Officer. It advises clients in risk, reinsurance and capital, people and investments, and management consulting across 130 countries.

Its Risk and Insurance Services segment helps businesses, government entities, professional-service organizations and individuals understand risks, design insurance programs, place insurance with carriers, manage claims and consider alternatives to conventional insurance. Marsh Risk handles insurance broking, risk management, program management, risk consulting, analytical modeling and alternative-risk financing. Its Corporate business serves middle-market clients, including through Marsh McLennan Agency (MMA), while Commercial & Consumer serves clients with less complex risks. MMA also provides employee health and benefits, retirement, wealth-management and private-client insurance services.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Risk and Insurance Services 17,265 63.99%
Consulting 9,794 36.30%
Gross margin 100.00%
Operating margin 23.06%
Pre-tax margin 20.53%

Revenue by segment since 2016

Marsh vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRSH Marsh $99.6B 24.8× 23.3× +8.06% (above 0%: growing) +11.84% (above 0%: growing) −30.50% (below 0%: shrinking) 100.00% 17.70%
AJG Arthur J. Gallagher & Co. $73.9B 43.4× 38.3× +18.14% (above 0%: growing) +49.23% (above 0%: growing) +91.16% (above 0%: growing) 43.74% 17.18% Compare
AON Aon plc $73.1B 18.7× 22.9× +2.60% (above 0%: growing) +5.66% (above 0%: growing) +1.67% (above 0%: growing) 44.53% 19.73% Compare
WTW Willis Towers Watson Public Limited Company $31.0B 20.4× 18.8× +7.52% (above 0%: growing) +4.17% (above 0%: growing) +13.37% (above 0%: growing) 100.00% 17.44% Compare
BRO Brown & Brown, Inc. $24.7B 20.3× 20.5× +7.41% (above 0%: growing) +9.04% (above 0%: growing) +9.07% (above 0%: growing) 50.32% 24.35% Compare
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38% Compare
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%) Compare
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
Median of peers $19.0B 22.9× 21.8× +7.47% +9.04% +9.00% 44.14% 17.64%

All 23 Insurance Brokers stocks →

From the latest earnings call

Updated

  • John Doyle said Marsh raised Thrive’s annual savings target to $600 million as it identified additional opportunities in business and client services and technology.
  • Mark McGivney said Marsh continues to expect 2026 underlying revenue growth similar to 2025, margin expansion and solid adjusted EPS growth.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.57%
Held by the ten largest 47.05%
Holder Shares Stake Change
Vanguard 49.25m 10.30% +232.59k
Capital Group 45.71m 9.56% −213.89k
BlackRock 39.50m 8.26% −2.56m
State Street 22.40m 4.69% +330.73k
Wellington Management 16.98m 3.55% −395.47k
Geode Capital Management 13.51m 2.83% +106.10k
T. Rowe Price 13.46m 2.82% +2.46m
HARRIS ASSOCIATES L P 8.60m 1.80% +3.52m
UBS 8.20m 1.72% −1.70m
Artisan Partners Limited Partnership 7.27m 1.52% +2.39m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Marsh (MRSH) Latest News

4 Nov

Impact 3 ·

26 Oct

Impact 4 · · Zacks

21 Oct

Impact 3 · · Insider Monkey

20 Oct

Impact 3 · · Business Wire
Impact 3 · · Business Wire

19 Oct

Impact 4 · · The Motley Fool

16 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 3 · · Simply Wall St.

15 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat
Impact 4 · · Proactive Investors
Impact 4 · · InvestorsHub
Impact 4 · · Investing.com earnings
Impact 3 · · StockStory
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

14 Oct

Impact 4 · · Insider Monkey
Impact 4 · · Business Wire

13 Oct

Impact 3 · · StockStory
Impact 3 · · Business Wire

12 Oct

Impact 3 · · Zacks

11 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

MRSH metrics, ten years each

stockrow.com/MRSH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com