Professional services company providing insurance brokerage, risk advisory, reinsurance, benefits, and management consulting services.MoreShow less
Profile & Fundamentals
Marsh (MRSH.NYSE) Profile & Fundamentals
Review Marsh reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Marsh: Company Profile & Ownership
Marsh & McLennan Companies, Inc., a professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide. The company operates through Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment offers risk management services, such as risk management, insurance broking, insurance program management, risk consulting, analytical modeling, and alternative risk financing services. This segment also offers insurance and reinsurance broking, strategic advisory and actuarial services, and analytics solutions. It serves businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment provides health, wealth and career advice, solutions and products; and specialized management, strategic, economic, and brand consulting services. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.
Company profile record
Marsh & McLennan Companies, Inc.
Common Stock · Financials · Insurance Brokers
Company
- Company / asset
- Marsh & McLennan Companies, Inc.
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Insurance Brokers
- HQ
- 🇺🇸 United States
- Head office
- 1166 Avenue of the Americas, New York, NY, United States, 10036-2774
Leadership & scale
- Chief executive
- Mr. John Quinlan Doyle
- CEO year born
- 1964
- Full-time employees
- 95K
- Fiscal year end
- December
- IPO date
- 1987-12-30
Fundamentals snapshot
- Market Cap
- USD 99.1B
- P/E
- 24.5x
- Revenue (Q3 26)
- USD 6.9B
- Profit (Q3 26)
- USD 808.0M
- Dividend Yield
- 1.3%
- Revenue (FY 25)
- USD 27.0B
- Shares in public float
- 474.6M
- Insider ownership
- 0.08%
Reporting & identifiers
- Symbol
- MRSH.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US5717481023
- Asset ID
- equity_af927f7d-479d-5a15-add5-300b7912bba0
Marsh: Ownership
Shares Outstanding
Latest: 479.0M | Max: 517.0M | Min: 479.0M
Latest reported ownership snapshot
Float Shares
99.08%
474.6M latest reported shares
Insider Ownership
0.08%
Latest reported insider stake
Short Float
0.01%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 517,000,000 |
| 2018-01-01 | 509,000,000 |
| 2019-01-01 | 510,000,000 |
| 2020-01-01 | 513,000,000 |
| 2021-01-01 | 511,000,000 |
| 2022-01-01 | 501,000,000 |
| 2023-01-01 | 498,000,000 |
| 2024-01-01 | 496,000,000 |
| 2025-01-01 | 490,000,000 |
| 2026-01-01 | 479,000,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 39,502,046 | 8.31% | 2026-06-30 |
| Vanguard Capital Management, LLC | 31,472,575 | 6.62% | 2026-06-30 |
| State Street Corp | 22,401,676 | 4.71% | 2026-06-30 |
| American Funds Washington Mutual A | 20,274,269 | 4.26% | 2026-09-30 |
| Capital World Investors | 18,122,340 | 3.81% | 2026-06-30 |
| Wellington Management Company LLP | 16,975,238 | 3.57% | 2026-06-30 |
| Capital Research & Mgmt Co - Division 3 | 15,729,457 | 3.31% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 15,156,175 | 3.19% | 2026-09-30 |
| Geode Capital Management, LLC | 13,510,274 | 2.84% | 2026-06-30 |
| T. Rowe Price Associates, Inc. | 13,438,662 | 2.83% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 12,570,512 | 2.64% | 2026-06-30 |
| Vanguard 500 Index Investor | 12,531,819 | 2.64% | 2026-09-30 |
| Capital Research Global Investors | 10,973,649 | 2.31% | 2026-06-30 |
| Harris Associates L.P. | 8,687,496 | 1.83% | 2026-06-30 |
| Artisan Partners Limited Partnership | 7,269,246 | 1.53% | 2026-06-30 |
Marsh: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The enterprise displays exceptional top-line revenue durability, advancing from $27.0 billion in 2025 to $27.9 billion over trailing twelve-month periods. While reported headline net income showed temporary quarterly volatility due to compensation timing and a $425 million legal provision related to Greensill exposures, underlying organic demand remained sound. Non-discretionary insurance broking renewals across core commercial lines continue to provide highly predictable, recurring fee revenue. More importantly, cash generation remains immaculate. Trailing free cash flow reached $4.77 billion, demonstrating cash conversion well above reported net income. Because the company collects upfront brokerage commissions and earns pure-margin interest on escrowed client funds without paying insurance claims, underlying cash generation reliably insulates the business from cyclical economic shocks.
The enterprise displays exceptional top-line revenue durability, advancing from $27.0 billion in 2025 to $27.9 billion over trailing twelve-month periods. While reported headline net income showed temporary quarterly volatility due to compensation timing and a $425 million legal provision related to Greensill exposures, underlying organic demand remained sound. Non-discretionary insurance broking renewals across core commercial lines continue to provide highly predictable, recurring fee revenue. More importantly, cash generation remains immaculate. Trailing free cash flow reached $4.77 billion, demonstrating cash conversion well above reported net income. Because the company collects upfront brokerage commissions and earns pure-margin interest on escrowed client funds without paying insurance claims, underlying cash generation reliably insulates the business from cyclical economic shocks.
Revenue, Net Income, and Free Cash Flow
Latest: USD 27.0B | Max: USD 27.0B | Min: USD 1.5B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 22x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Operating profitability highlights eighteen consecutive years of adjusted margin expansion, with reported operating margin achieving 23.1% in 2025 and gross margin holding steady at 42.3%. While one-off legal expenses and acquisition amortization temporarily reduced GAAP net margin, underlying operating profitability continued to expand across both Risk & Insurance and Consulting divisions. Margin resilience during a softening commercial property pricing cycle confirms the firm's considerable pricing power. By capturing lucrative fiduciary investment yields in a 4% interest-rate regime and eliminating redundant corporate overhead through the Thrive restructuring program, the enterprise successfully counterbalances specialized wage inflation, structurally defending high-teens free cash flow margins across economic cycles.
Operating profitability highlights eighteen consecutive years of adjusted margin expansion, with reported operating margin achieving 23.1% in 2025 and gross margin holding steady at 42.3%. While one-off legal expenses and acquisition amortization temporarily reduced GAAP net margin, underlying operating profitability continued to expand across both Risk & Insurance and Consulting divisions. Margin resilience during a softening commercial property pricing cycle confirms the firm's considerable pricing power. By capturing lucrative fiduciary investment yields in a 4% interest-rate regime and eliminating redundant corporate overhead through the Thrive restructuring program, the enterprise successfully counterbalances specialized wage inflation, structurally defending high-teens free cash flow margins across economic cycles.
Profitability Margins
Latest: 42.3% | Max: 42.8% | Min: 10.5%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
42.3%
Gross profit / revenue
Operating Margin
23.1%
Operating income / revenue
Net Margin
15.4%
Net income / revenue
FCF Margin
18.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 13,211,000,000 | 1,768,000,000 | 1,754,000,000 |
| 2017-12-31 | 14,024,000,000 | 1,492,000,000 | 1,591,000,000 |
| 2018-12-31 | 14,950,000,000 | 1,650,000,000 | 2,114,000,000 |
| 2019-12-31 | 16,652,000,000 | 1,742,000,000 | 1,940,000,000 |
| 2020-12-31 | 17,224,000,000 | 2,016,000,000 | 3,034,000,000 |
| 2021-12-31 | 19,820,000,000 | 3,143,000,000 | 3,110,000,000 |
| 2022-12-31 | 20,720,000,000 | 3,050,000,000 | 2,995,000,000 |
| 2023-12-31 | 22,736,000,000 | 3,756,000,000 | 3,842,000,000 |
| 2024-12-31 | 24,458,000,000 | 4,060,000,000 | 3,986,000,000 |
| 2025-12-31 | 26,981,000,000 | 4,160,000,000 | 5,001,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 21.9 | Trailing four quarters |
| 2024-12-31 | 25.9 | Trailing four quarters |
| 2023-12-31 | 25.1 | Trailing four quarters |
| 2022-12-31 | 27.2 | Annual net income |
| 2021-12-31 | 28.3 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 41.76 | 18.4 | 13.38 | 13.28 |
| 2017-12-31 | 42.35 | 18.93 | 10.64 | 11.34 |
| 2018-12-31 | 42.44 | 18.47 | 11.04 | 14.14 |
| 2019-12-31 | 41.54 | 16.08 | 10.46 | 11.65 |
| 2020-12-31 | 41.19 | 17.8 | 11.7 | 17.61 |
| 2021-12-31 | 42.36 | 21.76 | 15.86 | 15.69 |
| 2022-12-31 | 41.74 | 20.66 | 14.72 | 14.45 |
| 2023-12-31 | 42.39 | 23.23 | 16.52 | 16.9 |
| 2024-12-31 | 42.78 | 23.78 | 16.6 | 16.3 |
| 2025-12-31 | 42.27 | 23.06 | 15.42 | 18.54 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-03.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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