MARSH & MCLENNAN COMPANIES, INC. MRSH

Financials SIC 6411 - Insurance Agents, Brokers & Service NAICS Finance and Insurance › Insurance Carriers and Related Activities › Agencies, Brokerages, and Other Insurance Related Activities › Insurance Agencies and Brokerages derived NYSE

Last close 197.48 2026-10-23
Market cap $94.24B 2026-06-30 share count
52-week range 156.60 - 200.32

Valuation FY2025 figures against the last close

P/S3.5x
P/E23.4x
P/FCF18.8x
EV/EBITDA16.9x
Dividend yield1.8%
Diluted EPS8.43

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other
  • United Kingdom
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 13.3B (49.3%) 49% United States Other, FY2025: 9.9B (36.6%) 37% Other United Kingdom, FY2025: 3.8B (14.1%) 14% United Kingdom FY2024 United States, FY2024: 11.7B (47.6%) 48% Other, FY2024: 9.3B (37.8%) 38% United Kingdom, FY2024: 3.6B (14.7%) 15% FY2023 United States, FY2023: 10.9B (47.9%) 48% Other, FY2023: 8.3B (36.5%) 36% United Kingdom, FY2023: 3.6B (15.6%) 16%
Region FY2025FY2024FY2023
United States $13.34B $11.67B $10.92B
Other $9.90B $9.26B $8.32B
United Kingdom $3.82B $3.60B $3.56B

As the company reported it, from the “Segment Information (Geographic Area) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 8.488.267.606.116.203.983.443.262.913.41
EPS, diluted 8.438.187.536.046.133.943.413.232.873.38
Shares, diluted (wtd. avg.) 494.0M496.0M499.0M505.0M513.0M512.0M511.0M511.0M519.0M524.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 10B 20B 30B Revenue, FY2016: 13.2B Net income, FY2016: 1.8B Revenue, FY2017: 14B Net income, FY2017: 1.5B Revenue, FY2018: 14.9B Net income, FY2018: 1.6B Revenue, FY2019: 16.7B Net income, FY2019: 1.7B Revenue, FY2020: 17.2B Net income, FY2020: 2B Revenue, FY2021: 19.8B Net income, FY2021: 3.1B Revenue, FY2022: 20.7B Net income, FY2022: 3B Revenue, FY2023: 22.7B Net income, FY2023: 3.8B Revenue, FY2024: 24.5B Net income, FY2024: 4.1B Revenue, FY2025: 27B Net income, FY2025: 4.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $13.21B $14.02B $14.95B $16.65B $17.22B $19.82B $20.72B $22.74B $24.46B $26.98B
Gross profit — — — — — — — — — —
Net income $1.77B $1.49B $1.65B $1.74B $2.02B $3.14B $3.05B $3.76B $4.06B $4.16B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6411

TickerCompanyMarket capP/ERevenue growth
AJG Arthur J. Gallagher & Co. $68.70B 46.7x 20.7%
AON Aon plc $64.38B 17.8x 9.4%
WTW WILLIS TOWERS WATSON PLC $30.18B 20.0x -2.3%
BRO BROWN & BROWN, INC. $24.42B 23.1x 22.8%
EQH Equitable Holdings, Inc. $14.40B — -6.1%
ACT Enact Holdings, Inc. $6.58B 10.6x 2.8%
ARX Accelerant Holdings $4.32B — 51.5%
CRVL CORVEL CORP $4.24B 39.2x 7.0%