Saturday 17 October 2026
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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. In the quarter to September 2026, revenue grew 8.06%, EPS grew 12.2%, free cash flow fell 9.99% and total debt rose 3.12%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three.
188.35
1.81
+0.97%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
19.90 | 27.63 | 24.46 | 32.29 | 29.40 | 28.08 | 27.21 | 25.02 | 25.78 | 21.88 |
Piotroski F-Score |
6 | 6 | 6 | 4 | 6 | 6 | 5 | 7 | 5 | 6 |
P/S ratio |
2.67 | 2.94 | 2.70 | 3.39 | 3.44 | 4.45 | 4.00 | 4.13 | 4.27 | 3.38 |
P/FCF ratio |
20.04 | 25.79 | 19.06 | 29.06 | 19.51 | 28.34 | 27.65 | 24.45 | 26.22 | 18.21 |
P/Operating CF |
39.36 | 54.56 | 36.39 | 52.69 | 42.81 | 61.11 | 55.14 | 52.69 | 53.43 | 42.15 |
P/B ratio |
5.62 | 5.54 | 5.32 | 7.10 | 6.39 | 7.85 | 7.71 | 7.59 | 7.72 | 5.95 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
2.93 | 3.23 | 3.00 | 3.96 | 3.94 | 4.91 | 3.96 | 4.03 | 4.51 | 3.53 |
EV/EBITDA |
13.49 | 14.43 | 13.76 | 19.84 | 17.84 | 19.23 | 16.39 | 15.29 | 16.80 | 13.35 |
EV/Operating CF |
19.28 | 23.91 | 18.45 | 27.94 | 20.08 | 27.68 | 23.65 | 21.52 | 25.63 | 18.00 |
EV/FCF |
22.01 | 28.31 | 21.16 | 34.00 | 22.38 | 31.29 | 27.36 | 23.85 | 27.66 | 19.05 |
Quick Ratio |
1.14 | 1.25 | 1.09 | 0.96 | 1.13 | 1.10 | 1.01 | 1.04 | 1.07 | 1.04 |
Current Ratio |
1.20 | 1.31 | 1.21 | 1.06 | 1.24 | 1.24 | 1.06 | 1.10 | 1.13 | 1.10 |
Net Debt/EBITDA |
1.21 | 1.28 | 1.37 | 2.88 | 2.29 | 1.81 | (0.17) | (0.38) | 0.88 | 0.58 |
Debt/Assets |
24.71% | 25.58% | 25.54% | 34.25% | 32.67% | 31.79% | 25.45% | 24.66% | 34.40% | 31.20% |
Debt/Equity |
0.72 | 0.70 | 0.73 | 1.35 | 1.17 | 0.97 | 1.04 | 0.96 | 1.44 | 1.20 |
Asset Turnover |
0.73 | 0.73 | 0.71 | 0.63 | 0.53 | 0.59 | 0.53 | 0.49 | 0.47 | 0.47 |
Operating CF/Net income |
1.14 | 1.27 | 1.47 | 1.36 | 1.68 | 1.12 | 1.14 | 1.13 | 1.06 | 1.27 |
Capex/Depreciation |
(0.57) | (0.61) | (0.63) | (0.65) | (0.47) | (0.54) | (0.65) | (0.58) | (0.42) | (0.32) |
Interest Coverage |
12.86 | 11.20 | 9.52 | 5.11 | 5.95 | 9.71 | 9.13 | 9.14 | 8.31 | 6.48 |
| 27.47% | 21.76% | 21.96% | 22.44% | 23.44% | 30.69% | 27.76% | 32.49% | 31.35% | 28.84% | |
| 9.71% | 7.73% | 7.86% | 6.58% | 6.26% | 9.32% | 7.77% | 8.15% | 7.77% | 7.22% | |
ROIC |
15.60% | 14.48% | 14.35% | 9.54% | 10.67% | 13.21% | 27.09% | 32.81% | 18.85% | 19.97% |
Return on Tangible Assets |
115.78% | 74.16% | 96.43% | 139.70% | 82.12% | 127.92% | 152.65% | 132.49% | 117.41% | 140.11% |
Average Days of Receivables |
100.65 | 107.57 | 105.40 | 114.77 | 112.87 | 102.87 | 103.09 | 103.03 | 106.79 | 103.76 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
58.24% | 57.65% | 57.56% | 58.46% | 58.81% | 57.64% | 58.26% | 57.61% | 57.22% | 57.73% |
Intangible Assets out of Total Assets |
0.52 | 0.51 | 0.51 | 0.56 | 0.55 | 0.56 | 0.43 | 0.41 | 0.50 | 0.50 |
Share Based Compensation of Revenue |
0.83% | 1.06% | 1.29% | 1.51% | 1.68% | 1.76% | 1.77% | 1.60% | 1.50% | 1.46% |
Graham Net Nets |
(0.20) | (0.18) | (0.20) | (0.29) | (0.26) | (0.17) | (0.17) | (0.15) | (0.20) | (0.22) |
Graham Number |
30.45 | 30.82 | 33.16 | 34.91 | 40.48 | 55.52 | 54.37 | 65.44 | 71.42 | 77.14 |
Earnings Yield |
5.02% | 3.62% | 4.09% | 3.10% | 3.40% | 3.56% | 3.68% | 4.00% | 3.88% | 4.57% |
Free Cash Flow Yield |
4.99% | 3.88% | 5.25% | 3.44% | 5.12% | 3.53% | 3.62% | 4.09% | 3.81% | 5.49% |
Revenue per Share |
25.45 | 27.34 | 29.55 | 32.91 | 34.04 | 39.09 | 41.52 | 46.02 | 49.71 | 54.95 |
Operating CF per Share |
3.87 | 3.69 | 4.80 | 4.67 | 6.68 | 6.93 | 6.94 | 8.62 | 8.74 | 10.78 |
Capex per Share |
(0.48) | (0.57) | (0.61) | (0.83) | (0.69) | (0.80) | (0.94) | (0.84) | (0.64) | (0.59) |
Free Cash Flow per Share |
3.39 | 3.12 | 4.18 | 3.83 | 6.00 | 6.13 | 6.00 | 7.78 | 8.10 | 10.19 |
Cash per Share |
1.98 | 2.35 | 2.11 | 2.28 | 4.13 | 3.46 | 24.25 | 28.65 | 27.79 | 28.84 |
Shareholders Equity per Share |
12.08 | 14.51 | 14.99 | 15.70 | 18.30 | 22.13 | 21.54 | 25.04 | 27.51 | 31.19 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
12.08 | 14.51 | 14.99 | 15.70 | 18.30 | 22.13 | 21.54 | 25.04 | 27.51 | 31.19 |
Free Cash Flow |
1,758.00 | 1,599.00 | 2,117.00 | 1,940.00 | 3,034.00 | 3,110.00 | 2,995.00 | 3,842.00 | 3,986.00 | 5,001.00 |
Working Capital |
802.00 | 1,300.00 | 1,010.00 | 389.00 | 1,599.00 | 1,610.00 | 1,127.00 | 1,953.00 | 2,599.00 | 2,140.00 |
Capital Expenditures |
(249.00) | (294.00) | (311.00) | (421.00) | (348.00) | (406.00) | (470.00) | (416.00) | (316.00) | (291.00) |
Net Current Asset Value |
(7,034.00) | (7,425.00) | (8,060.00) | (16,346.00) | (15,634.00) | (14,902.00) | (14,406.00) | (13,912.00) | (20,829.00) | (20,195.00) |
EV/EBIT |
15.92 | 17.05 | 16.23 | 24.64 | 22.15 | 22.57 | 19.15 | 17.35 | 18.95 | 15.31 |
Capex to Sales |
0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 |
Price to Operating Income |
14.49 | 15.53 | 14.62 | 21.06 | 19.31 | 20.44 | 19.35 | 17.79 | 17.97 | 14.64 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.60 | 0.68 | 0.70 | 0.75 | 0.87 | 0.88 | 0.83 | 0.81 | 0.87 | 1.10 |
Cash ROIC |
14.91% | 11.53% | 14.95% | 9.78% | 13.70% | 13.01% | 8.79% | 10.01% | 8.55% | 10.46% |
Accounts Receivable Turnover |
3.71 | 3.61 | 3.54 | 3.49 | 3.26 | 3.63 | 3.62 | 3.71 | 3.60 | 3.64 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
3,557.00 | 3,888.00 | 4,225.00 | 4,776.50 | 5,281.00 | 5,456.00 | 5,719.00 | 6,135.00 | 6,787.00 | 7,413.00 |
Average Payables |
1,927.50 | 2,026.00 | 2,158.50 | 2,490.00 | 2,898.00 | 3,107.50 | 3,221.50 | 3,340.50 | 3,402.50 | 3,527.00 |
Average Assets |
18,203.00 | 19,309.50 | 21,003.50 | 26,467.50 | 32,203.00 | 33,718.50 | 39,251.00 | 46,072.00 | 52,255.50 | 57,595.50 |
Average Common Equity |
6,437.00 | 6,857.00 | 7,513.00 | 7,763.50 | 8,601.50 | 10,241.00 | 10,985.50 | 11,559.50 | 12,952.50 | 14,425.00 |
Columns are period end dates · fundamentals updated 16 Oct 2026