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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…
$182.18
+$0.03 (+0.02%)
EOD Jul 17, 2026
23.06% operating margin is above average. ROIC at 13.63%.
Revenue grew 10.3%, still solid.
Even for strong businesses, today's 23x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
22.8x earnings, 18.0x 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%
Continue Research
At a P/E of 22.8 and a price-to-free-cash-flow of 18.0, Marsh & McLennan Companies (MRSH) trades around a two-stage DCF intrinsic value of about $235.01 per share, so at $182.18 the stock looks around fair value (29.0% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Marsh & McLennan Companies scores 77/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 2.0%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $235.01 per share for MRSH, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $176.26. At today's $182.18, that puts the stock about 29.0% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Marsh & McLennan Companies scores 77 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 21.7% operating margin and a 12.6% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Marsh & McLennan Companies pays a regular dividend of about $3.57 per share per year (typically in quarterly installments), a yield of roughly 2.0% at the current price. That is a payout ratio of about 44.2% of earnings, so the dividend is well covered. Marsh & McLennan Companies has grown the dividend at roughly 13.4% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For MRSH's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. MRSH currently trades around its estimated intrinsic value and scores 77/100 on quality (solid). It also yields about 2.0%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.