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Profile & Fundamentals

Marsh Profile & Fundamentals

Name: Marsh financial chart data preview
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Company and Market Context

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

Official website

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

Updated 2026-09-13

Market Cap: USD 82.8B
P/E: 20.8x
Revenue (Q2 26): USD 7.4B
Profit (Q2 26): USD 1.3B
Dividend Yield: 1.5%
Revenue (FY 25): USD 27.0B
Shares in public float: 476.3M
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

Ownership

Shares Outstanding

Shares outstanding

Annual reported shares outstanding. Values in shares.

Top holders

BlackRock Inc42,061,676 shares · 8.81% · Reported 2026-03-31
Vanguard Capital Management, LLC31,467,674 shares · 6.59% · Reported 2026-03-31
State Street Corp22,070,945 shares · 4.63% · Reported 2026-03-31
Capital Group Wash Mutual Invtrs Comp20,274,269 shares · 4.25% · Reported 2026-06-30
American Funds Washington Mutual A20,274,269 shares · 4.25% · Reported 2026-06-30
Capital World Investors18,122,340 shares · 3.80% · Reported 2026-06-30
Wellington Management Company LLP16,975,238 shares · 3.56% · Reported 2026-06-30

View more holders (8)

Capital Research & Mgmt Co - Division 315,729,457 shares · 3.30% · Reported 2026-06-30
Vanguard MStar Total Stk Mkt Idx Invest15,344,297 shares · 3.22% · Reported 2026-07-31
Geode Capital Management, LLC13,404,172 shares · 2.81% · Reported 2026-03-31
CI Private Wealth LLC12,847,045 shares · 2.69% · Reported 2026-06-30
Vanguard 500 Index Investor12,645,192 shares · 2.65% · Reported 2026-07-31
Vanguard Portfolio Management, LLC12,427,946 shares · 2.60% · Reported 2026-03-31
T. Rowe Price Associates, Inc.10,976,286 shares · 2.30% · Reported 2026-03-31
Capital Research Global Investors10,973,649 shares · 2.30% · Reported 2026-06-30

Earnings, Profitability & Valuation

Earnings & Revenue

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.

Revenue, Net Income, and Free Cash Flow

Revenue
Free cash flow
Net income

Annual reported financial results, converted using the statement's recorded USD conversion. Missing values are omitted. Values in USD.

Valuation

Historical P/E Ratio

Published P/E

Published valuation snapshots. Trailing four-quarter earnings where available; annual earnings otherwise. Non-positive earnings are omitted. Values in times earnings.

Profitability & Margins

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.

Profitability Margins

Gross margin
Operating margin
Net margin
Free cash flow margin

Annual gross, operating, net income and free cash flow divided by revenue for matching reporting dates. Values in percent.

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Reported Data Tables — chart preview

The following tables contain the same values as the financial charts above. Monetary values are USD; margins are percentages. Missing inputs are not estimated. Use is subject to the iPulse AI Terms of Service and applicable source rights.

Source: eodhd. Statement snapshots with chart transformations and ratios calculated by iPulse AI. Snapshot retrieved 2026-09-15.

Annual earnings and profitability
Period end	Revenue	Free cash flow	Net income	Gross margin	Operating margin	Net margin	Free cash flow margin
2016-12-31	13,211,000,000	1,754,000,000	1,768,000,000	41.76	18.4	13.38	13.28
2017-12-31	14,024,000,000	1,591,000,000	1,492,000,000	42.35	18.93	10.64	11.34
2018-12-31	14,950,000,000	2,114,000,000	1,650,000,000	42.44	18.47	11.04	14.14
2019-12-31	16,652,000,000	1,940,000,000	1,742,000,000	41.54	16.08	10.46	11.65
2020-12-31	17,224,000,000	3,034,000,000	2,016,000,000	41.19	17.8	11.7	17.61
2021-12-31	19,820,000,000	3,110,000,000	3,143,000,000	42.36	21.76	15.86	15.69
2022-12-31	20,720,000,000	2,995,000,000	3,050,000,000	41.74	20.66	14.72	14.45
2023-12-31	22,736,000,000	3,842,000,000	3,756,000,000	42.39	23.23	16.52	16.9
2024-12-31	24,458,000,000	3,986,000,000	4,060,000,000	42.78	23.78	16.6	16.3
2025-12-31	26,981,000,000	5,001,000,000	4,160,000,000	42.27	23.06	15.42	18.54

Published valuation snapshots
Period end	P/E (times earnings)	Earnings basis
2025-12-31	21.85	Trailing four quarters
2024-12-31	25.95	Trailing four quarters
2023-12-31	25.12	Trailing four quarters
2022-12-31	27.18	Annual net income
2021-12-31	28.26	Annual net income

Shares outstanding — chart values
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	484,000,000

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Earnings, Profitability & Valuation
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Capital Expenditure & R&D
- Capital allocation AI review
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Balance Sheet
- Balance sheet AI review
- Assets, debt and equity
- Capital structure
- Liquidity and leverage
- Retained earnings
Dividends & Actions
- Cash dividends paid
- Dividend indicators
- Buybacks and issuance
- Combined shareholder returns
- Available corporate actions
Company Events
- Dated insider transactions
- Material company activity

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