MARSH & MCLENNAN COMPANIES, INC. MRSH
Last close
185.74
2026-09-04
Market cap
$88.64B
2026-06-30 share count
52-week range
156.60 - 198.49
Valuation FY2025 figures against the last close
P/S3.3x
P/E22.0x
P/FCF17.7x
EV/EBITDA16.0x
Dividend yield1.9%
Diluted EPS8.43
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B |
| Total operating expenses | $20.76B | $18.64B | $17.45B | $16.44B | $15.51B | $14.16B | $13.97B | $12.19B | $11.37B | $10.78B |
| Operating income | $6.22B | $5.82B | $5.28B | $4.28B | $4.31B | $3.07B | $2.68B | $2.76B | $2.65B | $2.43B |
| Interest expense | $960.0M | $700.0M | $578.0M | $469.0M | $444.0M | $515.0M | $524.0M | $290.0M | $237.0M | $189.0M |
| Pre-tax income | $5.54B | $5.48B | $5.03B | $4.08B | $4.21B | $2.79B | $2.44B | $2.24B | $2.64B | $2.48B |
| Income tax | $1.30B | $1.36B | $1.22B | $995.0M | $1.03B | $747.0M | $666.0M | $574.0M | $1.13B | $685.0M |
| Net income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B |
| EPS, basic | 8.48 | 8.26 | 7.60 | 6.11 | 6.20 | 3.98 | 3.44 | 3.26 | 2.91 | 3.41 |
| EPS, diluted | 8.43 | 8.18 | 7.53 | 6.04 | 6.13 | 3.94 | 3.41 | 3.23 | 2.87 | 3.38 |
| Shares, diluted (wtd. avg.) | $494.0M | $496.0M | $499.0M | $505.0M | $513.0M | $512.0M | $511.0M | $511.0M | $519.0M | $524.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.69B | $2.40B | $3.36B | $12.10B | $11.37B | $10.67B | $8.50B | $6.07B | $1.21B | $1.03B |
| Receivables | $7.67B | $7.16B | $6.42B | $5.85B | $5.59B | $5.33B | $5.24B | $4.32B | $4.13B | $3.64B |
| Total current assets | $23.20B | $22.12B | $21.75B | $18.96B | $8.26B | $8.15B | $7.07B | $5.93B | $5.56B | $4.88B |
| Property, plant and equipment | $829.0M | $859.0M | $882.0M | $871.0M | $847.0M | $856.0M | $858.0M | $701.0M | $712.0M | $725.0M |
| Goodwill | $24.34B | $23.31B | $17.23B | $16.25B | $16.32B | $15.52B | $14.67B | $9.60B | $9.09B | $8.37B |
| Other intangibles | $4.75B | $4.82B | $2.63B | $2.54B | $2.81B | $2.70B | $2.77B | $1.44B | $1.27B | $1.13B |
| Total assets | $58.71B | $56.48B | $48.03B | $44.11B | $44.01B | $33.05B | $31.36B | $21.58B | $20.43B | $18.19B |
| Accounts payable | $3.65B | $3.40B | $3.40B | $3.28B | $3.17B | $3.05B | $2.75B | $2.23B | $2.08B | $1.97B |
| Short-term debt | $1.27B | $519.0M | $1.62B | $268.0M | $17.0M | $517.0M | $1.22B | $314.0M | $262.0M | $262.0M |
| Total current liabilities | $21.06B | $19.52B | $19.80B | $17.83B | $6.65B | $6.56B | $6.68B | $4.92B | $4.26B | $4.08B |
| Long-term debt | $18.32B | $19.43B | $11.84B | $11.23B | $10.93B | $10.80B | $10.74B | $5.51B | — | — |
| Retained earnings | $27.77B | $25.31B | $22.76B | $20.30B | $18.39B | $16.27B | $15.20B | $14.35B | $13.14B | $12.39B |
| Total equity | $15.31B | $13.54B | $12.37B | $10.75B | $11.22B | $9.26B | $7.94B | $7.58B | $7.44B | $6.27B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.29B | $4.30B | $4.26B | $3.46B | $3.52B | $3.38B | $2.36B | $2.43B | $1.89B | $2.01B |
| Depreciation and amortisation | $361.0M | $369.0M | $370.0M | $381.0M | $747.0M | $741.0M | $647.0M | $494.0M | $481.0M | $438.0M |
| Stock-based compensation | $394.0M | $368.0M | $363.0M | $367.0M | $348.0M | $290.0M | $252.0M | $193.0M | $149.0M | $109.0M |
| Capital expenditure | $291.0M | $316.0M | $416.0M | $470.0M | $406.0M | $348.0M | $421.0M | $314.0M | $302.0M | $253.0M |
| Investing cash flow | -$845.0M | -$8.82B | -$1.42B | -$850.0M | -$1.16B | -$793.0M | -$4.39B | -$1.09B | -$956.0M | -$1.06B |
| Financing cash flow | -$4.63B | $4.46B | -$1.12B | -$1.05B | -$1.30B | -$925.0M | $4.33B | -$1.31B | -$1.01B | -$1.07B |
| Dividends paid | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943.0M | $890.0M | $807.0M | $740.0M | $682.0M |
| Buybacks | $2.01B | $900.0M | $1.15B | $1.95B | $1.16B | $0 | $485.0M | $675.0M | $900.0M | $800.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000062709-26-000022.
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