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Friday 6 November 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.
- Revenue
- +8.06%
- EPS
- +11.8%
- Free cash flow
- −30.5%
- Total debt
- +3.12%
Quarter to September 2026, against a year earlier
204.43
5.00
−2.39%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.88 | 25.78 | 25.02 | 27.21 | 28.08 | 29.40 | 32.29 | 24.46 | 27.63 | 19.90 |
Piotroski F-Score |
6 | 5 | 7 | 5 | 6 | 6 | 4 | 6 | 6 | 6 |
P/S ratio |
3.38 | 4.27 | 4.13 | 4.00 | 4.45 | 3.44 | 3.39 | 2.70 | 2.94 | 2.67 |
P/FCF ratio |
18.21 | 26.22 | 24.45 | 27.65 | 28.34 | 19.51 | 29.06 | 19.06 | 25.79 | 20.04 |
P/Operating CF |
42.15 | 53.43 | 52.69 | 55.14 | 61.11 | 42.81 | 52.69 | 36.39 | 54.56 | 39.36 |
P/B ratio |
5.95 | 7.72 | 7.59 | 7.71 | 7.85 | 6.39 | 7.10 | 5.32 | 5.54 | 5.62 |
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 |
3.53 | 4.51 | 4.03 | 3.96 | 4.91 | 3.94 | 3.96 | 3.00 | 3.23 | 2.93 |
EV/EBITDA |
13.35 | 16.80 | 15.29 | 16.39 | 19.23 | 17.84 | 19.84 | 13.76 | 14.43 | 13.49 |
EV/Operating CF |
18.00 | 25.63 | 21.52 | 23.65 | 27.68 | 20.08 | 27.94 | 18.45 | 23.91 | 19.28 |
EV/FCF |
19.05 | 27.66 | 23.85 | 27.36 | 31.29 | 22.38 | 34.00 | 21.16 | 28.31 | 22.01 |
Quick Ratio |
1.04 | 1.07 | 1.04 | 1.01 | 1.10 | 1.13 | 0.96 | 1.09 | 1.25 | 1.14 |
Current Ratio |
1.10 | 1.13 | 1.10 | 1.06 | 1.24 | 1.24 | 1.06 | 1.21 | 1.31 | 1.20 |
Net Debt/EBITDA |
0.58 | 0.88 | (0.38) | (0.17) | 1.81 | 2.29 | 2.88 | 1.37 | 1.28 | 1.21 |
Debt/Assets |
31.20% | 34.40% | 24.66% | 25.45% | 31.79% | 32.67% | 34.25% | 25.54% | 25.58% | 24.71% |
Debt/Equity |
1.20 | 1.44 | 0.96 | 1.04 | 0.97 | 1.17 | 1.35 | 0.73 | 0.70 | 0.72 |
Asset Turnover |
0.47 | 0.47 | 0.49 | 0.53 | 0.59 | 0.53 | 0.63 | 0.71 | 0.73 | 0.73 |
Operating CF/Net income |
1.27 | 1.06 | 1.13 | 1.14 | 1.12 | 1.68 | 1.36 | 1.47 | 1.27 | 1.14 |
Capex/Depreciation |
(0.32) | (0.42) | (0.58) | (0.65) | (0.54) | (0.47) | (0.65) | (0.63) | (0.61) | (0.57) |
Interest Coverage |
6.48 | 8.31 | 9.14 | 9.13 | 9.71 | 5.95 | 5.11 | 9.52 | 11.20 | 12.86 |
| 28.84% | 31.35% | 32.49% | 27.76% | 30.69% | 23.44% | 22.44% | 21.96% | 21.76% | 27.47% | |
| 7.22% | 7.77% | 8.15% | 7.77% | 9.32% | 6.26% | 6.58% | 7.86% | 7.73% | 9.71% | |
ROIC |
19.97% | 18.85% | 32.81% | 27.09% | 13.21% | 10.67% | 9.54% | 14.35% | 14.48% | 15.60% |
Return on Tangible Assets |
140.11% | 117.41% | 132.49% | 152.65% | 127.92% | 82.12% | 139.70% | 96.43% | 74.16% | 115.78% |
Average Days of Receivables |
103.76 | 106.79 | 103.03 | 103.09 | 102.87 | 112.87 | 114.77 | 105.40 | 107.57 | 100.65 |
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 |
57.73% | 57.22% | 57.61% | 58.26% | 57.64% | 58.81% | 58.46% | 57.56% | 57.65% | 58.24% |
Intangible Assets out of Total Assets |
0.50 | 0.50 | 0.41 | 0.43 | 0.56 | 0.55 | 0.56 | 0.51 | 0.51 | 0.52 |
Share Based Compensation of Revenue |
1.46% | 1.50% | 1.60% | 1.77% | 1.76% | 1.68% | 1.51% | 1.29% | 1.06% | 0.83% |
Graham Net Nets |
(0.22) | (0.20) | (0.15) | (0.17) | (0.17) | (0.26) | (0.29) | (0.20) | (0.18) | (0.20) |
Graham Number |
77.14 | 71.42 | 65.44 | 54.37 | 55.52 | 40.48 | 34.91 | 33.16 | 30.82 | 30.45 |
Earnings Yield |
4.57% | 3.88% | 4.00% | 3.68% | 3.56% | 3.40% | 3.10% | 4.09% | 3.62% | 5.02% |
Free Cash Flow Yield |
5.49% | 3.81% | 4.09% | 3.62% | 3.53% | 5.12% | 3.44% | 5.25% | 3.88% | 4.99% |
Revenue per Share |
54.95 | 49.71 | 46.02 | 41.52 | 39.09 | 34.04 | 32.91 | 29.55 | 27.34 | 25.45 |
Operating CF per Share |
10.78 | 8.74 | 8.62 | 6.94 | 6.93 | 6.68 | 4.67 | 4.80 | 3.69 | 3.87 |
Capex per Share |
(0.59) | (0.64) | (0.84) | (0.94) | (0.80) | (0.69) | (0.83) | (0.61) | (0.57) | (0.48) |
Free Cash Flow per Share |
10.19 | 8.10 | 7.78 | 6.00 | 6.13 | 6.00 | 3.83 | 4.18 | 3.12 | 3.39 |
Cash per Share |
28.84 | 27.79 | 28.65 | 24.25 | 3.46 | 4.13 | 2.28 | 2.11 | 2.35 | 1.98 |
Shareholders Equity per Share |
31.19 | 27.51 | 25.04 | 21.54 | 22.13 | 18.30 | 15.70 | 14.99 | 14.51 | 12.08 |
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 |
31.19 | 27.51 | 25.04 | 21.54 | 22.13 | 18.30 | 15.70 | 14.99 | 14.51 | 12.08 |
Free Cash Flow |
5,001.00 | 3,986.00 | 3,842.00 | 2,995.00 | 3,110.00 | 3,034.00 | 1,940.00 | 2,117.00 | 1,599.00 | 1,758.00 |
Working Capital |
2,140.00 | 2,599.00 | 1,953.00 | 1,127.00 | 1,610.00 | 1,599.00 | 389.00 | 1,010.00 | 1,300.00 | 802.00 |
Capital Expenditures |
(291.00) | (316.00) | (416.00) | (470.00) | (406.00) | (348.00) | (421.00) | (311.00) | (294.00) | (249.00) |
Net Current Asset Value |
(20,195.00) | (20,829.00) | (13,912.00) | (14,406.00) | (14,902.00) | (15,634.00) | (16,346.00) | (8,060.00) | (7,425.00) | (7,034.00) |
EV/EBIT |
15.31 | 18.95 | 17.35 | 19.15 | 22.57 | 22.15 | 24.64 | 16.23 | 17.05 | 15.92 |
Capex to Sales |
0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
14.64 | 17.97 | 17.79 | 19.35 | 20.44 | 19.31 | 21.06 | 14.62 | 15.53 | 14.49 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.10 | 0.87 | 0.81 | 0.83 | 0.88 | 0.87 | 0.75 | 0.70 | 0.68 | 0.60 |
Cash ROIC |
10.46% | 8.55% | 10.01% | 8.79% | 13.01% | 13.70% | 9.78% | 14.95% | 11.53% | 14.91% |
Accounts Receivable Turnover |
3.64 | 3.60 | 3.71 | 3.62 | 3.63 | 3.26 | 3.49 | 3.54 | 3.61 | 3.71 |
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 |
7,413.00 | 6,787.00 | 6,135.00 | 5,719.00 | 5,456.00 | 5,281.00 | 4,776.50 | 4,225.00 | 3,888.00 | 3,557.00 |
Average Payables |
3,527.00 | 3,402.50 | 3,340.50 | 3,221.50 | 3,107.50 | 2,898.00 | 2,490.00 | 2,158.50 | 2,026.00 | 1,927.50 |
Average Assets |
57,595.50 | 52,255.50 | 46,072.00 | 39,251.00 | 33,718.50 | 32,203.00 | 26,467.50 | 21,003.50 | 19,309.50 | 18,203.00 |
Average Common Equity |
14,425.00 | 12,952.50 | 11,559.50 | 10,985.50 | 10,241.00 | 8,601.50 | 7,763.50 | 7,513.00 | 6,857.00 | 6,437.00 |
Columns are period end dates · fundamentals updated 2 Nov 2026