Marsh & McLennan Companies MRSH · USD
Financials · Insurance · US listing · 🇺🇸 United States
S&P 500
204.37
-0.22%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue, before interest expense
$26.98bn
FY2016FY2025
Net income
$4.16bn
FY2016FY2025
Total assets
$58.71bn
FY2016FY2025
Shareholders' equity
$15.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | $26.98bn | $24.46bn | $22.74bn | $20.72bn | $19.82bn | $17.22bn | $16.65bn | $14.95bn | $14.02bn | $13.21bn |
| Operating income | $6.22bn | $5.82bn | $5.28bn | $4.28bn | $4.31bn | $3.07bn | $2.68bn | $2.76bn | $2.65bn | $2.43bn |
| Net income | $4.16bn | $4.06bn | $3.76bn | $3.05bn | $3.14bn | $2.02bn | $1.74bn | $1.65bn | $1.49bn | $1.77bn |
| Diluted earnings per share | 8.49 | 8.19 | 7.54 | 6.09 | 6.15 | 3.93 | 3.42 | 3.24 | 2.89 | 3.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $58.71bn | $56.48bn | $48.03bn | $44.11bn | $34.39bn | $33.03bn | $31.32bn | $21.58bn | $20.43bn | $18.19bn |
| Cash and short-term investments | $2.69bn | $2.40bn | $3.36bn | $1.44bn | $1.75bn | $2.09bn | $1.16bn | $1.07bn | $1.21bn | $1.03bn |
| Total liabilities | $43.40bn | $42.95bn | $35.66bn | $33.37bn | $23.17bn | $23.79bn | $23.41bn | $13.99bn | $12.99bn | $11.92bn |
| Debt | $19.59bn | $19.95bn | $13.46bn | $11.49bn | $10.95bn | $11.31bn | $11.96bn | $5.82bn | $5.49bn | $4.81bn |
| Shareholders' equity | $15.10bn | $13.34bn | $12.19bn | $10.52bn | $11.01bn | $9.10bn | $7.79bn | $7.51bn | $7.36bn | $6.19bn |
| Shares outstanding | 490m | 496m | 498m | 501m | 511m | 513m | 510m | 509m | 517m | 521m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | $7.40bn | $7.60bn | $6.59bn | $6.35bn | $6.97bn | $7.06bn | $6.07bn | $5.70bn |
| Operating income | $1.90bn | $1.75bn | $1.22bn | $1.17bn | $1.83bn | $2.00bn | $1.14bn | $1.11bn |
| Net income | $1.27bn | $1.15bn | $821.0m | $747.0m | $1.21bn | $1.38bn | $788.0m | $747.0m |
| Diluted earnings per share | 2.62 | 2.37 | 1.68 | 1.52 | 2.47 | 2.82 | 1.59 | 1.51 |
| Total assets | $59.68bn | $58.55bn | $58.71bn | $58.78bn | $58.55bn | $57.02bn | $56.48bn | $49.86bn |
| Cash and short-term investments | $1.70bn | $1.61bn | $2.69bn | $2.51bn | $1.68bn | $1.60bn | $2.40bn | $1.80bn |
| Debt | $20.89bn | $20.93bn | $19.92bn | $19.91bn | $20.06bn | $20.86bn | $20.27bn | $13.16bn |
| Shareholders' equity | $15.18bn | $14.57bn | $15.10bn | $15.15bn | $15.77bn | $14.06bn | $13.34bn | $13.69bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% | 19.2% |
| Net margin | 15.4% | 16.6% | 16.5% | 14.7% | 15.9% | 11.7% |
| Return on equity | 27.5% | 30.4% | 30.8% | 29.0% | 28.5% | 22.1% |
| Return on assets | 7.1% | 7.2% | 7.8% | 6.9% | 9.1% | 6.1% |
| Revenue growth | 10.3% | 7.6% | 9.7% | 4.5% | 15.1% | 3.4% |
| Earnings growth | 2.5% | 8.1% | 23.1% | -3.0% | 55.9% | 15.7% |
| Current ratio | 1.10x | 1.13x | 1.10x | 1.06x | 1.24x | 1.24x |
| Debt to equity | 1.32x | 1.52x | 1.13x | 1.12x | 1.02x | 0.09x |
| Equity ratio | 25.7% | 23.6% | 25.4% | 23.8% | 32.0% | 27.6% |
| Interest coverage | 6.48x | 8.31x | 9.14x | 9.13x | 9.71x | 6.42x |
| Buybacks as a share of market value | 1.2% | 0.4% | 0.6% | 2.0% | 0.4% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.2% | 9.4% | 7.7% |
| Operating income | 13.3% | 15.2% | 9.9% |
| Net income | 10.9% | 15.6% | 10.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 23.4% | 22.8% | 22.0% | 20.6% |
| Net margin | 16.0% | 15.8% | 15.3% | 14.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.9 | 25.9 | 25.1 | 27.2 | 28.3 | 29.8 | 32.6 | 24.6 | 28.2 | 19.9 |
| Price to sales | 3.4 | 4.3 | 4.2 | 4.0 | 4.5 | 3.5 | 3.4 | 2.7 | 3.0 | 2.7 |
Market value over time
30 Jan 2026 to 9 Sept 2026, in USD
$92.21bn$85.59bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -12% | 12% | 15% | -3% | 46% | 2% | 42% | -3% | 20% | 26% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.78 | 3.43 | 3.05 | 2.60 | 2.25 | 2.00 | 1.84 | 1.74 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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