Marsh & McLennan Companies, Inc. MRSH
NYSEInsurance brokersFinancials to Jun 30, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 2.1 | 1.1 |
| Securities | 0.0 | 0.0 |
| Restricted cash | 0.6 | 0.6 |
| Debt | 19.6 | 20.6 |
| Net cash | -17.5 | -19.4 |
| Equity | 15.1 | 15.2 |
- Debt / EBITDA
- 2.96×
- Debt / equity
- 1.35×
- Leases (6/30/26)
- $1.8B
- Diluted shares
- 482M
- Book value / share
- $31.50
- Price / book
- 5.4×
- Net cash / share
- −$40.35
- Market cap
- $81.3B
- Enterprise value
- $100.8B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 6.2% | -5.9 pts | |
| Operating margin | 25.6% | -0.6 pts | |
| FCF margin | 19.6% | -3.5 pts | |
| Capex / revenue | 1.0% | +0.1 pts | |
| Marsh Risk revenue growth | +4% | – | |
| Marsh Re revenue growth | -2% | – | |
| Career revenue growth | +2% | – | |
| Fiduciary interest revenue · 12/31/25 | $403M | -19% | |
| Gross margin | – | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About MRSH
Marsh earns fees and commissions by helping clients insure risks, arrange reinsurance, manage benefits and investments, and solve business problems. Risk and Insurance Services supplied about 64% of FY2025 segment revenue; Consulting supplied about 36%.
- Service Field Network
Large global broker/advisor footprint (people + local offices) supports placement execution, specialty expertise, and client service at scale.
- Switching Costs General
Broker knowledge of client exposures and complex renewal programs creates relationship friction.
- Data Workflow Lockin
Mercer's proprietary survey data, analytics, and decision-support tools can embed in client HR decision processes, increasing switching friction and supporting differentiated advice.
- Oct 2, 2026
Marsh acquired Accel Holdings, extending its Iowa distribution, agribusiness expertise and retirement advice; the price was not disclosed.
- Sep 28, 2026
Marsh launched Archer to establish and operate life and annuity reinsurance vehicles, combining group capabilities in a new service with adoption still unproven.
- Sep 25, 2026
Marsh joined the Credit Suisse Greensill settlement reported by UBS and IAG, reducing a major legal uncertainty; financial terms and any further charge remain undisclosed.
- Sep 16, 2026
Marsh named Matt Stadler to become Marsh Agency CEO on January 1, 2027, with David Eslick continuing as chairman; the transition tests continuity in the acquisition-led business.
- Sep 1, 2026
Mercer adopted the Marsh People and Investments brand, linking its benefits, investment and workforce services more closely with the group.
Ownership
Go deeper on MRSH
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 25.21 | 27.02 | 29.26 | 32.59 | 33.64 | 38.64 | 41.03 | 45.56 | 49.31 | 54.62 | 57.98 | +9.0%/yr | |
| Cash flow | 3.83 | 3.65 | 4.75 | 4.62 | 6.61 | 6.85 | 6.86 | 8.53 | 8.67 | 10.71 | 10.54 | +12.1%/yr | |
| Earnings | 3.37 | 2.87 | 3.23 | 3.41 | 3.94 | 6.13 | 6.04 | 7.53 | 8.19 | 8.42 | 8.26 | +10.7%/yr | |
| Free cash flow | 3.35 | 3.07 | 4.14 | 3.80 | 5.93 | 6.06 | 5.93 | 7.70 | 8.04 | 10.12 | 9.89 | +13.1%/yr | |
| Capex | 0.48 | 0.58 | 0.61 | 0.82 | 0.68 | 0.79 | 0.93 | 0.83 | 0.64 | 0.59 | 0.65 | +2.2%/yr | |
| Dividends | 1.30 | 1.43 | 1.58 | 1.74 | 1.84 | 2.00 | 2.25 | 2.60 | 3.05 | 3.44 | 3.67 | +11.4%/yr | |
| Book value | 11.82 | 14.18 | 14.70 | 15.25 | 17.78 | 21.46 | 20.83 | 24.43 | 26.90 | 30.57 | 31.50 | +11.1%/yr | |
| Diluted shares (M) | 524 | 519 | 511 | 511 | 512 | 513 | 505 | 499 | 496 | 494 | 482 | -0.7%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 13.2 | 14.0 | 15.0 | 16.7 | 17.2 | 19.8 | 20.7 | 22.7 | 24.5 | 27.0 | 27.9 | +8.3%/yr | |
| Operating income | 2.4 | 2.7 | 2.8 | 2.7 | 3.1 | 4.3 | 4.3 | 5.3 | 5.8 | 6.2 | 6.0 | +11.0%/yr | |
| Net income | 1.8 | 1.5 | 1.7 | 1.7 | 2.0 | 3.1 | 3.1 | 3.8 | 4.1 | 4.2 | 4.0 | +10.0%/yr | |
| Free cash flow | 1.8 | 1.6 | 2.1 | 1.9 | 3.0 | 3.1 | 3.0 | 3.8 | 4.0 | 5.0 | 4.8 | +12.3%/yr | |
| Buybacks | 0.8 | 0.9 | 0.7 | 0.5 | 0.0 | 1.2 | 2.0 | 1.2 | 0.9 | 2.0 | 2.9 | +10.8%/yr | |
| Dividends | 0.7 | 0.7 | 0.8 | 0.9 | 0.9 | 1.0 | 1.1 | 1.3 | 1.5 | 1.7 | 1.8 | +10.7%/yr | |
| Net cash | -3.9 | -4.5 | -4.9 | -11.0 | -9.5 | -9.5 | -10.4 | -10.6 | -18.0 | -17.5 | -19.4 | −$13.5B | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 18.4 | 18.9 | 18.5 | 16.1 | 17.8 | 21.8 | 20.7 | 23.2 | 23.8 | 23.1 | 21.6 | +4.7 pts | |
| Net margin | 13.4 | 10.6 | 11.0 | 10.5 | 11.7 | 15.9 | 14.7 | 16.5 | 16.6 | 15.4 | 14.2 | +2.0 pts | |
| FCF margin | 13.3 | 11.3 | 14.1 | 11.7 | 17.6 | 15.7 | 14.5 | 16.9 | 16.3 | 18.5 | 17.1 | +5.3 pts | |
| ROIC | 18.2 | 17.0 | 16.8 | 10.8 | 12.5 | 15.9 | 15.5 | 17.6 | 14.1 | 14.5 | 13.2 | -3.7 pts | |
| Return on equity | 28.6 | 20.2 | 22.0 | 22.4 | 22.1 | 28.5 | 29.0 | 30.8 | 30.4 | 27.5 | 26.2 | -1.0 pts | |
| Stock pay % of revenue | 0.8 | 1.1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 | 1.6 | 1.5 | 1.5 | 1.5 | +0.6 pts | |
| Capex % of revenue | 1.9 | 2.2 | 2.1 | 2.5 | 2.0 | 2.0 | 2.3 | 1.8 | 1.3 | 1.1 | 1.1 | -0.8 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Risk and Insurance Services63.8%2 claims
- Consulting36.2%1 claim
Moat claims
- Applies to
- Risk and Insurance Services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Large global broker/advisor footprint (people + local offices) supports placement execution, specialty expertise, and client service at scale.
Marsh Risk grew underlying revenue 4% in Q2 2026 while Guy Carpenter declined 2%; broad client reach remains useful, but results do not show a widening edge.
- Marsh Risk revenue growth+4%
- Marsh Re revenue growth-2%
- Fiduciary interest revenue$403M-19%
- Talent attrition among senior producers and specialists
- Digital/direct distribution and alternative placement channels
- Regulatory constraints on intermediary activities in key jurisdictions
- FilingMarsh & McLennan Companies, Inc. Form 10-Q (quarter ended June 30, 2026)Jul 21, 2026
- Applies to
- Risk and Insurance Services
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Broker knowledge of client exposures and complex renewal programs creates relationship friction. Higher renewal revenue supports continuity, but it is not a measured retention rate and does not prove contractual lock-in.
Marsh Risk grew underlying revenue 4% in Q2 2026 despite softer insurance rates; renewal demand supports relationship friction, while no numerical retention rate is disclosed.
- Marsh Risk revenue growth+4%
- Marsh Re revenue growth-2%
- Increased use of standardized procurement/RFP processes for brokers
- Transparency requirements and fee/commission pressure
- Client insourcing of risk analytics or use of alternative platforms
- FilingMarsh & McLennan Companies, Inc. Form 10-Q (quarter ended June 30, 2026)Jul 21, 2026
- Applies to
- Consulting
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Mercer's proprietary survey data, analytics, and decision-support tools can embed in client HR decision processes, increasing switching friction and supporting differentiated advice.
Career grew underlying revenue 2% in Q2 2026. The August Compa alliance places Mercer data inside daily workflows, but adoption and renewal figures have not been disclosed.
- Career revenue growth+2%
- Commoditization of HR analytics and benchmarking data
- Client adoption of enterprise HR SaaS platforms with built-in analytics
- Data privacy regulation limiting data collection and reuse
Profile change log
- Oct 6, 2026 · business change
Guy Carpenter became Marsh Re, keeping its leadership and client teams while offering broader group capabilities; the change does not itself prove higher client retention.
- Oct 6, 2026 · business change
Marsh acquired Accel Holdings, extending its Iowa distribution, agribusiness expertise and retirement advice; the price was not disclosed.
- Oct 6, 2026 · business change
Marsh launched Archer to establish and operate life and annuity reinsurance vehicles, combining group capabilities in a new service with adoption still unproven.
- Oct 6, 2026 · business change
Marsh joined the Credit Suisse Greensill settlement reported by UBS and IAG, reducing a major legal uncertainty; financial terms and any further charge remain undisclosed.
- Oct 6, 2026 · business change
Marsh named Matt Stadler to become Marsh Agency CEO on January 1, 2027, with David Eslick continuing as chairman; the transition tests continuity in the acquisition-led business.
- Oct 6, 2026 · business change
Mercer adopted the Marsh People and Investments brand, linking its benefits, investment and workforce services more closely with the group.
- Oct 6, 2026 · business change
Mercer and Compa combined compensation data with an AI agent, bringing benchmarking into enterprise pay decisions; adoption is not yet reported.
- Oct 6, 2026 · business change
Marsh and other parties settled with Greensill Bank; the settlement cost was included in the existing provision, while Credit Suisse claims remained open.
- Oct 6, 2026 · business change
Marsh recorded a $425 million gross Greensill liability and legal expenses, reducing Q1 profit and exposing the cost of placement errors.
- Oct 6, 2026 · business change
Marsh completed its $7.75 billion McGriff acquisition, expanding middle-market distribution while increasing debt and integration work.
- Oct 6, 2026 · analyst revision
The three moat claims remain stable: brokerage renewal demand and Mercer workflow tools support advantages, but no client-retention or tool-adoption figures prove they are widening.
- Oct 6, 2026 · method change
Segment revenue weights now use FY2025 rather than one quarter. Profit weights are omitted because segment profits exclude corporate costs.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global insurance and reinsurance brokerage
Fees and commissions for placing commercial insurance and reinsurance, risk advice, analytics and related placement services. Insurance premiums and underwriting profits are outside this market.
- Marsh
- Aon
- Arthur J. Gallagher
- WTW
- Brown & Brown
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| MRSH | 69 | – | 21.6% | |
| Industry median | 4 | 64 | – | – |
| Sector median | 49 | 73 | 61.3% | 34.1% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Commercial activity and payroll expand insured exposures and demand for risk advice; slower growth limits demand. Multinational brokers also face currency translation: it can change reported revenue while local client activity stays the same.
- Cyber, climate and liability risks make program design and reinsurance advice more complex, favoring specialist teams.
- Regional agency acquisitions extend local distribution; global placement still concentrates in a few large firms.
- Interest rates affect fiduciary interest revenue. Brokerage does not take the insurer underwriting risk, but falling insurance premiums can reduce commissions.
- Commercial insurance renewal rates fell 6% globally in Q2 2026 in Marsh’s client portfolio. Marsh Re reports a roughly 7% contraction in the H1 reinsurance premium base; softer pricing can reduce commissions even when clients renew.
- Producers can move to competing brokers and take relationships with them; buyers can tender or divide programs.
- Professional errors and placement disputes can generate large legal losses that exceed insurance recoveries.
- Privacy, licensing, sanctions and compensation rules can raise operating costs; direct platforms can compete for simpler risks.
- Debt-funded consolidation raises integration costs and pressure to retain local producers. Falling policy rates and lower fiduciary yields can make debt repayment harder even when client retention stays strong.
Bulls & bears
Can Marsh sustain renewal-led organic growth and cash generation as insurance prices soften, without acquisitions and legal losses consuming the benefit?
Arguments
What to watch
- 1Marsh Risk and Marsh Re underlying revenue growth
- 2Career underlying revenue growth and Mercer workflow-product adoption
- 3Operating cash flow, acquisition payments and Greensill settlement charges
Next check: Q3 2026 results on October 15, 2026: check brokerage growth, fiduciary interest and the final Greensill settlement expense.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 69/100 by <a href="https://www.findmymoat.com/stocks/XNYS:MRSH">Find My Moat</a> (as of September 2026)Request update
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