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.
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Marsh (MRSH) Free cash flow margin
Marsh's free cash flow margin over the twelve months to 30 September 2026 was 14.6%, down 3.9 percentage points from fiscal 2025 (18.5%). Over the past ten years it has ranged from 11.4% (fiscal 2017) to 18.5% (fiscal 2025) — the current reading is the highest in ten years. That is above the Insurance Brokers industry median of 3.89% and in line with the Financial sector median of 14.7%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 18.5% | 2.24 |
| FY2024 | 16.3% | (0.60) |
| FY2023 | 16.9% | 2.45 |
| FY2022 | 14.5% | (1.24) |
| FY2021 | 15.7% | (1.92) |
| FY2020 | 17.6% | 5.96 |
| FY2019 | 11.7% | (2.51) |
| FY2018 | 14.2% | 2.76 |
| FY2017 | 11.4% | (1.91) |
| FY2016 | 13.3% | 1.17 |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| BRO Brown & Brown, Inc. compare | 21.3% |
| AON Aon plc compare | 18.5% |
| WTW Willis Towers Watson Public Limited Company compare | 16.7% |
| MRSH Marsh | 14.6% |
| AJG Arthur J. Gallagher & Co. compare | 14.5% |
| ERIE Erie Indemnity Company compare | 13.4% |
| CRVL CorVel Corp. compare | 11.6% |
| BWIN Baldwin Insurance Group, Inc. compare | 2.52% |
| ARX Accelerant Holdings compare | 0.16% |
| Insurance Brokers industry median | 3.89% |
| Financial sector median | 14.7% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on MRSH
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement