Friday 6 November 2026 Export MRSH’s income statement to Excel — free account

Marsh

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

207.34 2.09 −1.00%

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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 Segments Valuation Filings

Marsh (MRSH) valuation and DCF model

What the price implies · reverse DCF

At $207.34 the price implies 18.9% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 11.2% a year over the last ten years, 13.2% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 26.8% over ten years; the price implies 45.5% for good.

In December 2017 the price assumed 19.5% a year; Marsh went on to grow the dividend a share 15.5% a year to FY2025.

Price implies: 18.9%
Last 5 years, reported: 13.2%
Last 10 years, reported: 11.2%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 18.9% a year for ten years; $207.34; today’s price
Its base case: 11.2% a year for five years, then 6.7%; $99.50; 52.0% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Marsh’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Dividends

Dividend a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 18.9% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Current price ($)

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (−4.1%, 16.3%, 14.8%)

How the model ends

Margin of safety (%)

Against Marsh’s own cost of capital: risk-free 4.3% + beta 0.52 × equity premium 4.5% = 6.6% cost of equity; weighted, 6.6%.

Use 6.6%

Base case value per share $99.50 ten years discounted, and what follows

Current price $207.34 market price per share

Below today’s price 52.0% downside at the base case’s assumptions

How we got there$39.94 10 years of dividends+$59.56 terminal value=$99.50 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Brokers).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	24.83×	24.94×	26.66×	7% below	22.14×	12% above
P/FCF	23.90×	24.09×	24.22×	1% below	22.32×	7% above
P/B	6.66×	7.13×	6.78×	2% below	3.02×	120% above
EV/EBITDA	—	16.21×	16.04×	—	3.38×	—
EV/Sales	—	4.19×	3.80×	—	3.90×	—

P/E P/FCF P/B EV/EBITDA EV/Sales

MRSH trades at 24.83× P/E, against a 10-year average of 26.66× (range 21.88×–32.29×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $222.60 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.