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References in this report to "we", "us" and "our" are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or "Marsh"), unless the context otherwise requires. Effective January 14, 2026, we updated our brand name from Marsh McLennan to Marsh and the brand names of our Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectiv…
$164.11
$1.01 (-0.61%)
Price from 12 days ago
23.06% operating margin is above average. ROIC at 13.63%.
Revenue grew 10.3%, still solid.
Even for strong businesses, today's 21x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
20.5x earnings, 16.2x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$27.52B
▲ +10.3% YoY
Net Income (TTM)
$3.92B
▲ +2.5% YoY
Op. Margin
21.70%
▼ -0.7pp YoY
ROIC
12.63%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4.93B
▲ +25.5% YoY
Op. Cash Flow (TTM)
$5.23B
▲ +23.0% YoY
Net Debt
$20.84B
Cash & Equiv.
$1.61B
5Y CAGR: +9.4%
5Y CAGR: +10.5%
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