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MARSH & MCLENNAN COMPANIES, INC. MRSH

NYSE · stock · Insurance Agents, Brokers & Service · website · IPO 1969-06-04 · LEI

MARSH & MCLENNAN COMPANIES, INC. statistics & valuation

Market cap$81.4B
P / E19.6×
P / S3.0×
P / B5.3×
P / FCF16.3×
Dividend yield2.09%
Net margin15.4%
Return on equity27.2%
FCF margin18.5%
Net debt$16.9B
Net debt / EBITDA2.6×
Enterprise value USD$98.3B
EV / EBITDA14.9×
Earnings yield EBIT/EV6.3%
Return on capital16.5%
Graham number -59.4%$76.68

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($76.68); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
13.40% 10.60% 11.00% 10.50% 11.70% 15.90% 14.70% 16.50% 16.60% 15.40% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
18.40% 18.90% 18.50% 16.10% 17.80% 21.80% 20.70% 23.20% 23.80% 23.10% 2016201720182019202020212022202320242025
Return on equity (%)
28.20% 20.00% 21.80% 21.90% 21.80% 28.00% 28.40% 30.40% 30.00% 27.20% 2016201720182019202020212022202320242025
Shares outstanding
524.0M 519.0M 511.0M 511.0M 512.0M 513.0M 505.0M 499.0M 496.0M 494.0M 2016201720182019202020212022202320242025
Net debt ($)
$4.76B $10.80B $9.22B $9.20B $10.05B $10.11B $17.55B $16.90B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
9.70% 7.30% 7.60% 5.60% 6.10% 7.10% 6.90% 7.80% 7.20% 7.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
13.30% 11.30% 14.10% 11.70% 17.60% 15.70% 14.50% 16.90% 16.30% 18.50% 2016201720182019202020212022202320242025
Debt / equity (×)
0.77× 1.51× 1.22× 0.98× 1.07× 1.09× 1.47× 1.28× 2016201720182019202020212022202320242025
EPS ($)
$3.38 $2.87 $3.23 $3.41 $3.94 $6.13 $6.04 $7.53 $8.18 $8.43 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

MARSH & MCLENNAN COMPANIES, INC. trades at about 22.4× earnings — below its 10-year norm (10-year range 20.1×–32.8×, median 27.3×).

20.1× 32.8×

Shaded band = 10-year range (20.1×–32.8×); dot = today's 22.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin23.1%23.8%23.2%20.7%21.8%17.8%16.1%18.5%18.9%18.4%
Net margin15.4%16.6%16.5%14.7%15.9%11.7%10.5%11.0%10.6%13.4%
FCF margin18.5%16.3%16.9%14.5%15.7%17.6%11.7%14.1%11.3%13.3%
Return on assets7.1%7.2%7.8%6.9%7.1%6.1%5.6%7.6%7.3%9.7%
Return on equity27.2%30.0%30.4%28.4%28.0%21.8%21.9%21.8%20.0%28.2%
Debt / equity1.28×1.47×1.09×1.07×0.98×1.22×1.51×0.77×——
Current ratio1.101.131.101.061.241.241.061.211.311.20

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.