Marsh & McLennan Companies (MRSH) — Company Research
Last Updated: 10 Nov 2026
Marsh & McLennan Companies, which now trades simply as Marsh under the NYSE ticker MRSH (changed from MMC on 14 Jan 2026), is the world's largest insurance broker and risk adviser by revenue. It earns commissions and fees placing insurance and reinsurance for clients in 130 countries, and runs a large consulting arm covering benefits, investments and management consulting. FY2025 revenue was $26,981m, with adjusted EPS of $9.75. This report sets out the numbers from company filings. For live prices see ChartsView Live Charts, and for macro releases that move insurance and rate-sensitive stocks see the Economic Calendar.
1. Company Snapshot
| Field | Value |
|---|---|
| Legal name / brand | Marsh & McLennan Companies, Inc. (brand: Marsh) |
| Ticker / exchange | MRSH, New York Stock Exchange (ticker changed from MMC on 14 Jan 2026) |
| Headquarters | 1166 Avenue of the Americas, New York, NY |
| CEO / Leadership | John Q. Doyle, President & CEO; Mark McGivney, EVP, COO & CFO (from 15 Apr 2026) |
| Employees | More than 95,000 (31 Dec 2025, FY2025 10-K) |
| Market cap | ~$97.2bn ($204.37 close on 9 Nov 2026 × 475.5m shares per Q3 2026 10-Q cover) |
| FY2025 Revenue | $26,981m (+10% reported, +4% underlying) |
| FY2025 net income / EPS | GAAP diluted EPS $8.43; adjusted EPS $9.75 |
| Latest quarter | Q3 2026: revenue $6,863m (+8%), adjusted EPS $2.03 (+10%) |
| Dividend | $0.99 per quarter (raised 10% in Jul 2026), $3.96 annualised |
| Fiscal year end | 31 December |
2. Bull Case vs Bear Case
Bull Case
- Scale leader in a fee-based industry: FY2025 revenue of $26,981m is well above Aon ($17,181m) and Gallagher ($13,942m), and broking earns commissions without taking underwriting risk.
- Consulting is accelerating: Q3 2026 Consulting revenue rose 8% underlying, with Management Consulting (Oliver Wyman) up 14%, offsetting softer insurance pricing.
- Strong cash generation and capital returns: FY2025 operating cash flow was $5,292m against capex of $291m, funding $1,699m of dividends and $2,012m of buybacks; the dividend was raised 10% in Jul 2026.
- Cost programme getting bigger: the Thrive programme's annual savings target was raised to about $600m (from $400m) at Q3 2026 results.
- Greensill overhang removed: the company says settlements in 2026 conclude the Greensill proceedings, with no further charges expected.
Bear Case
- Softening insurance prices: management cited commercial rates down around 5% in Q3 2026, and Reinsurance revenue fell 6% in the quarter.
- Lower interest rates cut fiduciary income: interest earned on client money held in trust ($100m in Q3 2026) falls as rates fall.
- Higher debt after McGriff: long-term debt rose from $11,844m at end-2023 to $18,889m at 30 Sep 2026, and a further €1.2bn of notes was issued in Oct 2026.
- Cash flow weaker in 2026: nine-month 2026 operating cash flow was $2,313m against $3,131m a year earlier, hit by receivables growth and Greensill settlement payments.
3. Business Segments
Marsh reports two segments. From Q3 2026 its businesses were renamed under the single Marsh brand: Marsh became Risk, Guy Carpenter became Reinsurance, Mercer became People and Investments, and Oliver Wyman Group became Marsh Management Consulting. The split below uses Q3 2026 revenue of $6,863m (Q3 is seasonally light for reinsurance, which renews heavily in January).
| Segment | % of revenue (Q3 2026) | What it is |
|---|---|---|
| Risk & Insurance Services: Risk (formerly Marsh) | ~54% ($3,726m) | Insurance broking and risk advice for companies, public bodies and individuals; includes Marsh Agency (formerly Marsh McLennan Agency) for US mid-market clients |
| Risk & Insurance Services: Reinsurance (formerly Guy Carpenter) | ~5% ($374m) | Reinsurance broking and capital advice for insurers |
| Risk & Insurance Services: fiduciary interest | ~1.5% ($100m) | Interest earned on premiums and claims money held for clients |
| Consulting: People and Investments (formerly Mercer) | ~24% ($1,672m) | Health & benefits, investments & retirement, workforce & rewards consulting |
| Consulting: Management Consulting (Oliver Wyman) | ~15% ($1,013m) | Strategy, operations and risk consulting |
Segment figures exceed the group total by $22m because of corporate eliminations.
4. Business Model & Moat
How it makes money. Most Risk & Insurance Services revenue is commission paid as a share of the premiums clients place, plus fees for advice. Revenue therefore tracks both the number of clients and the price of insurance. Consulting earns fees for advice and assets under management (People and Investments), and project fees (Management Consulting).
Why scale matters. Broking is capital-light: the company does not carry underwriting risk. Bigger brokers see more of the market, place larger and more complex risks, and spread technology and compliance costs across more revenue. Adjusted operating margin was 27.1% in FY2025.
The moat. Relationships with large multinational clients, a global network across 130 countries, and data on placements across the market are hard to copy. Clients also tend to renew because changing broker on complex programmes is costly. The risks are price cycles, which move revenue, and competition from Aon, Gallagher, WTW and others for both clients and staff.
5. Financial Health
All figures from Marsh's earnings releases and 10-K / 10-Q filings, cross-checked against SEC XBRL data.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | $19,820m | +15% | $6.13 | $6.17 | $2.00 | $10,933m |
| FY2022 | $20,720m | +4.5% | $6.04 | $6.85 | $2.25 | $11,227m |
| FY2023 | $22,736m | +9.7% | $7.53 | $7.99 | $2.60 | $11,844m |
| FY2024 | $24,458m | +7.6% | $8.18 | $8.95† | $3.05 | $19,428m |
| FY2025 | $26,981m | +10.3% | $8.43 | $9.75† | $3.43 | $18,320m |
† From Q1 2025 the company changed its adjusted EPS definition to exclude amortisation of acquired intangibles and certain net benefit credits. FY2024 is shown on the new basis ($8.80 as first reported). FY2021–FY2023 are on the old basis, so the column is not fully like-for-like. The FY2024 debt jump reflects borrowing for the $7.75bn McGriff Insurance Services acquisition.
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q3 2026 | $6,863m | $2.03 | $1.69 |
| Q2 2026 | $7,404m | $2.96 | $2.63 |
| Q1 2026 | $7,597m‡ | $3.29 | $2.36 |
| Q4 2025 | $6,595m | $2.12 | $1.68 |
| Q3 2025 | $6,351m | $1.85 | $1.51 |
| Q2 2025 | $6,974m | $2.72 | $2.45 |
| FY2025 total | $26,981m | $9.75 | $8.43 |
‡ Q1 2026 revenue derived as first-half revenue of $15,001m less Q2 revenue of $7,404m. GAAP EPS in 2026 includes $569m of Greensill litigation charges (net of insurance) over the first nine months.
Cash flow. FY2025 operating cash flow was $5,292m and capital expenditure $291m, giving free cash flow of $5,001m. Depreciation and amortisation totalled $910m ($361m on fixed assets and software plus $549m amortisation of acquired intangibles). Over the first nine months of 2026, operating cash flow was $2,313m (9M 2025: $3,131m) and capex $215m.
Balance sheet (30 Sep 2026). Cash and equivalents of $1,842m (excluding $12,273m of fiduciary cash held for clients), short-term debt of $1,644m (mostly commercial paper) and long-term debt of $18,889m. Total equity was $14,910m. On 27 Oct 2026 the company issued €600m of 4.250% notes due 2032 and €600m of 4.625% notes due 2036.
6. Valuation Snapshot
Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Share price | $204.37 (close 9 Nov 2026) |
| Market cap | ~$97.2bn ($204.37 × 475.5m shares) |
| Trailing P/E (GAAP) | ~24.4x (last four quarters GAAP EPS $8.36, which includes Greensill charges); ~19.7x on last-four-quarter adjusted EPS of $10.40 |
| P/E (forward) | n/m — management guides to “solid adjusted EPS growth” in 2026 without a number, and ChartsView does not use analyst estimates |
| P/S (TTM) | ~3.4x (market cap ~$97.2bn / revenue for the last four quarters $28,459m) |
| P/FCF | ~19.4x (market cap ~$97.2bn / FY2025 FCF $5,001m; FCF = operating CF $5,292m − capex $291m per FY2025 cash flow statement). On the last four quarters (FCF ~$4,154m) it is ~23.4x |
| Enterprise value | ~$115.9bn (market cap ~$97.2bn + total debt $20,533m [short-term $1,644m + long-term $18,889m] − cash $1,842m, per 30 Sep 2026 balance sheet; fiduciary cash excluded) |
| EV/EBITDA (TTM) | ~16.6x (EV ~$115.9bn / EBITDA ~$7,000m; EBITDA = last-four-quarter operating income $6,087m + total D&A $913m including intangible amortisation). Excluding the $569m of 2026 Greensill charges, ~15.3x |
| Dividend yield | ~1.9% ($3.96 annualised / $204.37) |
| 52-week high | $214.00 (5 Nov 2026) |
| 52-week low | $156.60 (3 Jun 2026) |
| Short interest (% of float) | ~1.34% (6.35m shares, 30 Sep 2026 settlement, MarketBeat) |
| Days to cover | ~1.9 days (MarketBeat, 30 Sep 2026 settlement) |
7. What Are They Building
One brand. Through 2026 the company moved all its businesses to the Marsh name and ticker. Management says Guy Carpenter and Mercer moved ahead of schedule. The aim is to sell the whole firm to clients rather than separate brands.
Thrive and Business Client Services. Thrive is a three-year programme launched in Q3 2025. Its expected cost was raised to about $750m and its annual savings target to about $600m; $310m had been spent by 30 Sep 2026. A new Business Client Services unit, led by CIO Paul Beswick, centralises operations, data, AI and analytics.
AI and digital placement. Tools include Marsh Risk Companion for risk-scenario modelling and Broker Workbench, which management says has cut some UK wholesale placement times from weeks to hours. Stratus Exchange offers up to $10bn of property capacity for data centres. Oliver Wyman joined Anthropic's Claude Partner Network in Aug 2026.
Acquisitions. After the $7.75bn McGriff deal, the company keeps buying smaller brokers into Marsh Agency (Accel Holdings and Triton Insurance Agency in Oct–Nov 2026) and completed the purchase of Madrid private-markets manager AltamarCAM on 4 Nov 2026, taking combined private-markets assets to about $75bn. Nine-month 2026 acquisition spending was $550m.
8. Competitive Landscape
| Peer | Market cap (Nov 2026) | Key 2025 metric |
|---|---|---|
| Aon (AON) | ~$71.2bn ($335.77 close 9 Nov 2026 × 212.2m shares) | FY2025 revenue $17,181m (FY2025 10-K, SEC XBRL) |
| Arthur J. Gallagher (AJG) | ~$72.0bn ($280.60 × 256.4m shares) | FY2025 revenue from contracts with customers $13,942m (FY2025 10-K, SEC XBRL) |
| Willis Towers Watson (WTW) | ~$30.2bn ($327.01 × 92.2m shares) | FY2025 revenue $9,708m (FY2025 10-K, SEC XBRL) |
| Brown & Brown (BRO) | ~$23.6bn ($71.00 × 331.7m shares) | FY2025 revenue $5,902m (FY2025 10-K, SEC XBRL) |
Marsh, at ~$97.2bn market cap and $26,981m of FY2025 revenue, is the largest of the group. Market caps are ChartsView calculations from 9 Nov 2026 closing prices and share counts on each company's latest 10-Q cover.
9. Leadership & Insider Activity
John Q. Doyle is President & CEO. Mark McGivney became EVP, COO & CFO on 15 Apr 2026, and Nick Studer succeeded Martin South as CEO of Marsh Risk from 1 Apr 2026. No open-market insider purchases were found in 2026 Form 4 filings. Sales below are mostly under pre-arranged Rule 10b5-1 plans. Annual equity grants on 24 Feb 2026 (Doyle: 217,501 options and 59,510 RSUs) are not shown.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Paul Beswick (SVP, CIO) | 05 Nov 2026 | Sale | 713 | $212.77 | ~$0.15m | 10b5-1 |
| Patrick Tomlinson (CEO, People & Investments) | 02 Nov 2026 | Option exercise; shares withheld (code F) | 1,775 withheld | $203.47 | ~$0.36m | Not a plan sale |
| Dean Klisura (CEO, Marsh Re) | 23 Oct 2026 | Sale | 4,194 | $200.00 | ~$0.84m | 10b5-1 |
| Stacy Mills (VP & Controller) | 23 Oct 2026 | Sale | 1,215 | $200.00 | ~$0.24m | 10b5-1 |
| John Q. Doyle (CEO) | 02 Sep 2026 | Option exercise and sale | 16,656 | $188.51 | ~$3.14m | 10b5-1 |
| John Jude Jones (CMO) | 06 Aug 2026 | Sale | 6,500 | $191.96 | ~$1.25m | Not flagged |
| Martin South (Chief Client Officer) | 28 Jul 2026 | Sale | 7,100 | $189.99 | ~$1.35m | Not flagged |
| Lloyd Yates (Director) | 23 Jul 2026 | Sale | 12,000 | $175.65 | ~$2.11m | Not flagged |
Source: SEC Form 4 filings. Doyle also sold 16,656 shares at $161.71 on 2 Jun 2026 and 16,655 at $183.30 on 4 Mar 2026 under his 10b5-1 plan.
10. Key Risks
- Insurance pricing cycle (Market): revenue depends on premium levels; falling commercial and reinsurance rates, as seen in 2026, slow growth.
- Errors & omissions litigation (Legal): the company carries significant uninsured exposure to professional liability and fiduciary claims; Greensill cost $569m net of insurance in 2026.
- Interest rates (Macro): lower rates reduce fiduciary interest income and can weigh on the investments business.
- Debt and credit rating (Financial): total debt of about $20.5bn at 30 Sep 2026, plus €1.2bn of new notes, limits flexibility if earnings weaken.
- Technology and AI disruption (Operational): failure to keep pace with digital placement and AI, or a cyber breach of client data, could cost clients; AI rules such as the EU AI Act add compliance cost.
- Talent and competition (Competitive): brokers compete hard for producers; losing teams to rivals can take clients with them.
- Restructuring execution (Operational): Thrive's cost has risen to about $750m; savings may arrive later or smaller than planned.
11. Recent Developments
- 04 Nov 2026 — AltamarCAM deal completed. The Madrid private-markets manager joins with about 280 staff; combined private-markets assets are about $75bn.
- 03 Nov 2026 — Marsh BrightPath launched. A global retirement solution covering about $116bn of assets.
- 02 Nov 2026 — Triton Insurance Agency acquired. A marine and yacht specialist in Newport, Rhode Island, added to Marsh Agency.
- 27 Oct 2026 — €1.2bn bond issue closed. Two €600m tranches at 4.250% (2032) and 4.625% (2036), priced on 20 Oct.
- 15 Oct 2026 — Q3 2026 results. Revenue $6,863m (+8%, +5% underlying), adjusted EPS $2.03 (+10%); Thrive savings target raised to about $600m; 2026 outlook for underlying growth similar to 2025 and margin expansion reiterated. The company also said its 2026 settlements with Greensill Bank and the Credit Suisse funds conclude the Greensill proceedings.
- 02 Oct 2026 — Accel Holdings acquired. An Iowa broker added to Marsh Agency.
- 16 Sep 2026 — Quarterly dividend declared. $0.99 per share, payable 13 Nov 2026.
12. Key Dates
- 13 Nov 2026 — $0.99 quarterly dividend payable (record date 1 Oct 2026).
- Expected Jan 2027 — next quarterly dividend declaration (date not yet announced).
- Expected late Jan 2027 — Q4 and FY2026 results; date not yet announced (FY2025 results were released on 29 Jan 2026). Management has said it will discuss 2027 then.
- Expected Apr 2027 — Q1 2027 results (date TBC).
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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
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13. Thesis Verdict
The central thesis. Marsh (MRSH, formerly MMC) is the largest insurance broker and risk adviser by revenue, earning commissions and fees for placing insurance and reinsurance, alongside a consulting arm covering benefits, investments and management consulting. FY2025 revenue rose 10% to $26,981m with adjusted EPS of $9.75, and Q3 2026 revenue grew 8% (5% underlying) with adjusted EPS up 10% to $2.03. Management guides to 2026 underlying growth similar to 2025, further margin expansion and solid adjusted EPS growth, helped by the expanded Thrive cost programme (about $600m of targeted annual savings) and fast growth in Management Consulting.
What would confirm or break it. Continued mid-single-digit underlying growth, margin gains from Thrive and a recovery in operating cash flow after the 2026 Greensill payments would support the case. Falling insurance and reinsurance prices, lower fiduciary interest income from rate cuts, fresh errors-and-omissions litigation or a heavier debt load after the McGriff deal and new euro bonds would undermine it.
Watchpoints
- ConfirmsSubsequent earnings and filings reinforcing the figures presented in this report.
- ConfirmsEvidence supporting the "Scale leader in a fee-based industry:" thesis continuing to build across subsequent filings.
- InvalidatesMaterialisation of the "Errors & omissions litigation (Legal):" risk, or any disclosure that fundamentally alters the capital-return or growth profile stated by management.
Diagnostic grid
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 10 Nov 2026.
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