Marsh & McLennan Companies, Inc.MRSH
NYSE•Financial Services•Insurance Brokers
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.
Marsh (MRSH) reported trailing twelve months revenue of $27.52B as of March 2026, a 9.9% increase year-over-year. Quarterly revenue reached $7.60B, reflecting continued top-line momentum.
Marsh generated $3.92B in TTM net income, with quarterly EBITDA of $1.58B. The operating margin contracted from 28.4% to 23.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (23.1%) and net margin (15.1%) indicates moderate non-operating costs. Net margin has narrowed from 19.6% a year ago, reflecting increased costs or interest expense.
MRSH trades at a P/E of 21.6x (in line with broad market averages) and a P/S of 3.1x. The price-to-book ratio of 5.8x indicates a significant premium over book value.
The company reported negative free cash flow of $-750.00M, indicating cash consumption over the period. The balance sheet shows $58.55B in total assets with $18.90B in long-term debt against $14.57B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~22.4% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 28.3% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~16.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 1.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 2.0% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation