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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%
Market cap
$89.0B
P/E
22.4×
Fwd P/E
19.2×
Dividend yield
2.01%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 18.91
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — 3 — — 1 3 1 2 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 89,020.00
Revenue 28,459.00
Net Income 4,123.00
Free Cash Flow 4,154.00
Net Debt 4,774.00
Current Ratio 1.09
Debt/Equity 1.27
P/E ratio 22.41
Fwd P/E 19.20
P/S ratio 3.15
P/B ratio 5.81
Past 5Y EPS Growth 16.43% (at or above 15%: strong)
This Y EPS Growth 7.28%
Next Y EPS Growth 9.36%
Next Y revenue growth 5.83%
Next 5Y EPS Growth 8.77%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 24.92%
10-year low 10-year high
P/S against its own 10 years 37.82%
10-year low 10-year high
P/B against its own 10 years 28.75%
10-year low 10-year high

Dividends

Payout Ratio 0.45
Annual Dividend Rate 3.78
Annual Dividend Yield 2.01%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.78
0.90
0.90
0.99
0.99
2025 3.43
0.82
0.82
0.90
0.90
2024 3.05
0.71
0.71
0.82
0.82
2023 2.60
0.59
0.59
0.71
0.71
2022 2.25
0.54
0.54
0.59
0.59
2021 2.00
0.47
0.47
0.54
0.54
2020 1.84
0.46
0.46
0.47
0.47
2019 1.74
0.42
0.42
0.46
0.46
2018 1.58
0.38
0.38
0.42
0.42
2017 1.43
0.34
0.34
0.38
0.38
2016 1.30
0.31
0.31
0.34
0.34
predictions special payouts not included in total or ratios

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%

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.

EPS $

Mar Jun Sep Dec Year
’26 2.36 2.63 1.70 — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 50.81 66.75 74.30 77.85 74.33 106.95 142.80 151.86 188.31 174.18

Analyst estimates 2026–2028

Powerpack
High 69.77 86.54 89.59 113.94 120.97 175.12 183.14 202.81 235.50 248.00
People
People Employees 60,000 65,000 65,000 76,000 76,000 83,000 85,000 85,000 90,000 95,000
Revenue/emp, $m 0.22 0.22 0.23 0.22 0.23 0.24 0.24 0.27 0.27 0.28
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
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 2,480 2,643 2,244 2,439 2,793 4,208 4,082 5,026 5,480 5,539
EBT margin, % 18.77 18.85 15.01 14.65 16.22 21.23 19.70 22.11 22.41 20.53
Net income 1,795 1,512 1,670 1,773 2,046 3,174 3,087 3,802 4,117 4,234
Depreciation 438 481 494 647 741 747 719 713 746 910
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
Earnings 3.41 2.91 3.26 3.44 3.98 6.20 6.11 7.60 8.26 8.48
Cash flow 3.87 3.69 4.80 4.67 6.68 6.93 6.94 8.62 8.74 10.78
Capex (0.48) (0.57) (0.61) (0.83) (0.69) (0.80) (0.94) (0.84) (0.64) (0.59)
Free cash flow 3.39 3.12 4.18 3.83 6.00 6.13 6.00 7.78 8.10 10.19
Book value 12.08 14.51 14.99 15.70 18.30 22.13 21.54 25.04 27.51 31.19
Shares, m 519 513 506 506 506 507 499 494 492 491
Valuation, ×
Valuation, × P/E 19.90 27.63 24.46 32.29 29.40 28.08 27.21 25.02 25.78 21.88
P/S 2.67 2.94 2.70 3.39 3.44 4.45 4.00 4.13 4.27 3.38
P/B 5.62 5.54 5.32 7.10 6.39 7.85 7.71 7.59 7.72 5.95
EV/Sales 2.93 3.23 3.00 3.96 3.94 4.91 3.96 4.03 4.51 3.53
EV/FCF 22.01 28.31 21.16 34.00 22.38 31.29 27.36 23.85 27.66 19.05
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
Capex (249) (294) (311) (421) (348) (406) (470) (416) (316) (291)
Free cash flow 1,758 1,599 2,117 1,940 3,034 3,110 2,995 3,842 3,986 5,001
Balance, $m
Balance, $m Working capital 802 1,300 1,010 389 1,599 1,610 1,127 1,953 2,599 2,140
Total debt 4,495 5,225 5,510 10,741 10,796 10,933 11,227 11,844 19,428 18,320
Net debt 3,469 4,020 4,444 9,586 8,707 9,181 (875) (2,308) 5,754 4,160
Shareholders’ equity 6,272 7,442 7,584 7,943 9,260 11,222 10,749 12,370 13,535 15,315
Returns, %
Returns, % ROA 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
ROE 27.47 21.76 21.96 22.44 23.44 30.69 27.76 32.49 31.35 28.84
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 16 Oct 2026

Charts ten years each

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 $89.0B 22.4× 19.2× +8.06% (above 0%: growing) +12.23% (above 0%: growing) −9.99% (below 0%: shrinking) 100.00% 17.70%
AJG Arthur J. Gallagher & Co. $64.1B 41.6× 23.0× +24.24% (above 0%: growing) −11.89% (below 0%: shrinking) +91.16% (above 0%: growing) 41.79% 14.54% Compare
AON Aon plc $60.8B 16.0× 21.1× +2.19% (above 0%: growing) −3.73% (below 0%: shrinking) −34.02% (below 0%: shrinking) 46.51% 21.55% Compare
WTW Willis Towers Watson Public Limited Company $28.8B 19.3× 15.3× +9.07% (above 0%: growing) −27.25% (below 0%: shrinking) +42.76% (above 0%: growing) 100.00% 14.76% Compare
BRO Brown & Brown, Inc. $22.8B 19.3× 17.6× +30.43% (above 0%: growing) +8.86% (above 0%: growing) +6.75% (above 0%: growing) 50.00% 28.82% Compare
ERIE Erie Indemnity Company $11.1B 19.7× 18.0× +2.80% (above 0%: growing) +3.20% (above 0%: growing) +10.22% (above 0%: growing) 18.73% 18.73% 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
ARX Accelerant Holdings $4.3B — (loss-making) 143× +62.89% (above 0%: growing) +620.00% (above 0%: growing) −139.56% (below 0%: shrinking) 100.00% 30.96% Compare
CRVL CorVel Corp. $4.1B 35.4× — +10.74% (above 0%: growing) +18.87% (above 0%: growing) +8.94% (above 0%: growing) 26.08% 16.67% Compare
Median of peers $16.9B 19.5× 19.6× +17.49% +3.20% +9.58% 44.15% 17.70%

All 22 Insurance Brokers stocks →

MRSH metrics, ten years each

Marsh (MRSH) key facts

  • Strength: Marsh’s revenue for fiscal 2025 (year ended December 2025) was $27.0 billion, up 10.3% from fiscal 2024.
  • Strength: Net income was $4.2 billion, or $8.48 per share (basic), a net margin of 15.4%.
  • Marsh (MRSH) is an Insurance Brokers company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, MRSH traded at $188.35, a market capitalization of $89.0 billion.
  • At that price the stock trades at 22.4× trailing-twelve-month earnings and 3.2× sales; its P/E is higher than 25% of its own readings over the past ten years.
  • Marsh pays an annual dividend of $3.78 per share, a yield of 2.01%, with a payout ratio of 45.2%.
  • Return on equity was 28.8% and debt-to-equity 1.27.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 16, 2026.

Financial Analysis (summary)

Updated

Marsh reported revenue of $27.0 billion in FY2025, with operating income of $6.2 billion in FY2025 and net income of $4.2 billion in FY2025. Revenue was $7.4 billion in Q2 FY2026, while operating income was $1.9 billion in Q2 FY2026 and net income was $1.3 billion in Q2 FY2026.

Revenue was $27.9 billion in TTM to Q2 FY2026, up 8.33% in TTM to Q2 FY2026 against TTM to Q2 FY2025. Net income was $4.1 billion in TTM to Q2 FY2026, down −3.05% in TTM to Q2 FY2026 against TTM to Q2 FY2025. Net debt was $5.0 billion in Q2 FY2026.

Marsh (MRSH) Latest News

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stockrow.com/MRSH · Data as of Oct 16, 2026 · For information only; not investment advice. · © 2026 stockrow.com