Marsh & McLennan Companies, Inc. (MRSH)
Fair ValueFundamental
66
Price
$197.48
Market Cap
$90.94B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 19, 2026, shared with all users
Gallagher competes head-on for mid-market and large commercial insurance placements in the United States and, through Gallagher Re, for the reinsurance treaties Guy Carpenter places.
Brown & Brown fights Marsh McLennan Agency for the same American mid-market and small-business clients, buying up regional agencies in the same towns to win their commission income.
Aon is the closest match to Marsh McLennan across every line the group operates — commercial insurance broking for large corporations, reinsurance broking through Aon Reinsurance Solutions against Guy Carpenter, and health and retirement consulting against Mercer.
WTW bids for the same multinational corporate accounts in property and casualty broking and, with its benefits and actuarial practice, for the same pension and health advisory mandates that Mercer pursues.
Lockton is the largest privately held broker in the world and takes corporate risk and employee-benefit accounts directly from Marsh, pitching its independence to clients that dislike listed brokers.
Howden has grown into a global broker across Europe, Asia and Latin America and, with Howden Re, bids against Guy Carpenter for reinsurance and specialty placements.
Balance Sheet & Liquidity
Revenue
$28.46B
Trailing 12 months (through 9/30/2026)
Net Income
$4.04B
Trailing 12 months (through 9/30/2026)
Free Cash Flow
$5.00B
Total Equity
$15.31B
Total Liabilities
$43.40B
Current Ratio
1.09
Interest Coverage
6.26
Debt/EBITDA
3.63
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$168.25
Current Price
$197.48
Margin of Safety
-17.4%
Fair Value Range
$130.71 - $205.78
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
23.62
ROE
27.2%
P/B Ratio
6.30
P/FCF
22.61
Gross Margin
-
ROIC
12.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
12.8%
WACC
7.0%
ROIC − WACC
+5.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (18)
- EPS shows upward trend
- Price CAGR 10.19%
- ROIC 12.8%
- P/FCF 22.61
- Debt/equity ratio
- Operating margin 21.4%
- Positive free cash flow
- CapEx intensity
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- ROE 27.2%
- Revenue growth 5Y 9.4%
- PEG ratio 1.36
- Earnings quality (operating cash flow / net income) 1.11
- Share dilution -0.6%
- Piotroski F-Score 6/9
Failed (7)
- EPS CAGR 3.61%
- P/B ratio 6.30
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings surprise, average 1.6%
- Net margin trend 14.2% vs 15.6%
Unavailable (2)
- Gross margin –
- Dividend payout –
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. John Quinlan Doyle | President, CEO & Director | 61 |
| Mr. Mark Christopher McGivney | Executive VP, CFO & COO | 57 |
| Mr. Martin C. South | Senior VP & Chief Client Officer | 60 |
| Mr. Dean M. Klisura | Vice Chair, President & CEO of Marsh Re | 61 |
| Mr. Patrick Tomlinson | Vice Chair, President & CEO of Marsh People and Investments | 54 |
| Ms. Stacy M. Mills | VP, Controller & Chief Accounting Officer | 60 |
| Mr. Paul Beswick | Senior VP and Global Chief Information & Operations Officer | 50 |
| Mr. Jay H. Gelb C.F.A. | Head of Investor Relations of Marsh | - |
| Ms. Katherine J. Brennan | Senior VP & General Counsel | 46 |
| Mr. John Jones | Senior VP and Chief Marketing & Communications Officer | 53 |
Audit Risk
2
Board Risk
3
Compensation Risk
8
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-09
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-10-15
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-15
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much MRSH moves, measured on its daily prices.
More volatile than 25% of the tracked stocks (90-day volatility).
- Volatility 30d
- 23.4%
- Volatility 90d
- 26.7%
- Beta vs S&P 500 (1y)
- -0.38Correlation -0.19
- Max drawdown (12m)
- -17.1%
- ATR (14d, % of price)
- 2.14%
Earnings reactions
How MRSH moved around its past quarterly results.
Next earnings release
No upcoming release on the calendar.
What usually happens
- Over the last 12 releases the stock moved a median of 3.0% the next day, up or down.
- Next-day moves: up 5, down 7 (out of 12).
- Of the 4 releases that beat estimates, the stock fell the next day after 2.
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Oct 15, 2026 | Before the open | 1.97 | 2.03 | +3.2% | +2.5% | +4.6% | +6.8% |
| Jul 21, 2026 | Before the open | 2.96 | 2.96 | +0.1% | +2.5% | -0.3% | +0.7% |
| Apr 16, 2026 | Before the open | 3.29 | 3.29 | 0.0% | +1.9% | +4.4% | +0.3% |
| Jan 29, 2026 | Before the open | 2.01 | 2.12 | +5.4% | +2.4% | +5.5% | +6.5% |
| Oct 16, 2025 | Before the open | 1.82 | 1.85 | +1.7% | -4.9% | -8.5% | -7.1% |
| Jul 17, 2025 | Before the open | n/a | n/a | n/a | +1.4% | -0.4% | -1.0% |
| Apr 17, 2025 | Before the open | n/a | n/a | n/a | -5.4% | -4.9% | -5.3% |
| Jan 30, 2025 | Before the open | n/a | n/a | n/a | +1.9% | +0.7% | +2.8% |
| Oct 17, 2024 | Before the open | n/a | n/a | n/a | +0.9% | -0.4% | -1.9% |
| Jul 18, 2024 | Before the open | n/a | n/a | n/a | -1.3% | -1.5% | -1.4% |
| Apr 18, 2024 | Before the open | n/a | n/a | n/a | +4.2% | +2.1% | +1.7% |
| Jan 25, 2024 | Before the open | n/a | n/a | n/a | -3.6% | -3.8% | -2.4% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on MRSH and what the price did next.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for MRSH.