Marsh McLennan
MRSH stock analysis · Financials · Insurance Brokers
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.
View share-count filing ↗Reviewed cash-flow model
Reviewed operating-business exception limited to this annual period. Marsh is a risk, insurance-broking, reinsurance and consulting-services business. The FY2025 filing separately reports fiduciary cash with matching liabilities and classifies their movements in financing activities; those funds are not corporate liquidity. Operating cash flow and PP&E spending support the general business proxies, while fiduciary assets affect the accrual denominator. Consolidated FCF includes minority-owned operations; DCF and reverse DCF await a dated claim bridge. The MRSH name reflects the January 2026 rebranding identified in this annual filing. Business description ↗
DCF value
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Reverse DCF
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Relative valuation
69 sector peers · median 17.0×
How this is calculated ↗Historical multiples
7 annual observations · snapshot P/E 19.2× · -31.0% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Annual basis · read assumptions below
How this is calculated ↗Accrual quality
Annual basis · read assumptions below
How this is calculated ↗Fundamental momentum
Annual basis · read assumptions below
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | — | — | — |
| 10.0% | — | — | — |
| 12.0% | — | — | — |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-12-31 | 27B | 4.2B | 5.3B | 291M | 58.7B |
| 2024-12-31 | 24.5B | 4.1B | 4.3B | 316M | 56.5B |
| 2023-12-31 | 22.7B | 3.8B | 4.3B | 416M | 48B |
| 2022-12-31 | 20.7B | 3.1B | 3.5B | 470M | 44.1B |
| 2021-12-31 | 19.8B | 3.2B | 3.5B | 406M | 44B |
| 2020-12-31 | 17.2B | 2B | 3.4B | 348M | 33B |
| 2019-12-31 | 16.7B | 1.8B | 2.4B | 421M | 31.4B |
| 2018-12-31 | 15B | 1.7B | 2.4B | 314M | 21.6B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 27B | RevenueFromContractWithCustomerExcludingAssessedTax | 2026-02-09 |
| netIncome | 4.2B | ProfitLoss Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-09 |
| Parent/common earnings proxy | 4.2B | NetIncomeLoss | 2026-02-09 |
| cfo | 5.3B | NetCashProvidedByUsedInOperatingActivities | 2026-02-09 |
| capex | 291M | PaymentsToAcquirePropertyPlantAndEquipment | 2026-02-09 |
| operatingIncome | 6.2B | OperatingIncomeLoss | 2026-02-09 |
| assets | 58.7B | Assets | 2026-02-09 |
| equity | 15.3B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-09 |
| Parent book equity proxy | 15.1B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest − MinorityInterest Parent stockholders' equity derived by removing explicitly reported noncontrolling interests; preferred equity may remain included. | 2026-02-09 |
| debt | 19.6B | LongTermDebt | 2026-02-09 |
| shortDebt | — | Not reported under a supported tag | — |
| cash | 2.7B | CashAndCashEquivalentsAtCarryingValue | 2026-02-09 |
| shares | 494M | WeightedAverageNumberOfDilutedSharesOutstanding | 2026-02-09 |
| dividends | 1.7B | PaymentsOfDividendsCommonStock | 2026-02-09 |
| buybacks | 2B | PaymentsForRepurchaseOfCommonStock | 2026-02-09 |
| issuance | 250M | Reviewed manual correction Bounded FY2025-12-31 consolidated financing-statement extraction. Issuance of common stock from treasury shares: 250000000 USD [us-gaap:ProceedsFromIssuanceOrSaleOfEquity]. All 14 financing lines reconcile exactly to reported financing cash flow -4634000000 USD. Cash inflows from common shares, employee plans and option exercises are summed once as displayed on the statement; noncash compensation, withholding payments, preferred and noncontrolling interests are excluded. This review applies only to this issuer and fiscal period. Source limitation: issuance follows the separately reported common cash-inflow lines; it is not an independent verification of every gross equity transaction. | 2026-02-09 |