# Marsh & McLennan Companies, Inc. (MRSH)

> Source: Nexqual · https://nexqual.com/MRSH · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Marsh & McLennan Companies, Inc. (MRSH), nexqual.com/MRSH" · informational, not investment advice.

**Price:** USD 199.27 (+4.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 190.56 · day 191.72–199.59 · 52w 156.6–199.59 · market cap $95.1B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $28.5B, net income $4.04B (14.2% margin), free cash flow $4.15B (SEC filings).
- Valuation: P/E 23.5x (avg 24.4x at the last 3 fiscal year-ends), EV/EBITDA 17.4x, net debt $17.1B.
- 6 of 80 tracked superinvestors hold MRSH (13F, Q2 2026): 0 new, 2 added, 3 reduced, 1 unchanged.
- Analysts: Hold (mean 2.70 on a 1–5 scale) (23 analysts), mean target USD 205.38 (range 180–228).
- Total return with dividends: 1Y +8.3% vs S&P 500 +14.9%; 5Y +27.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-15, EPS estimate USD 2.21, revenue estimate $6.91B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.8B | $20.7B | $22.7B | $24.5B | $27.0B | $28.5B |
| Operating income | $4.31B | $4.28B | $5.28B | $5.82B | $6.22B | $6.09B |
| Net income | $3.14B | $3.05B | $3.76B | $4.06B | $4.16B | $4.04B |
| EPS (diluted) | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 | — |
| Free cash flow | $3.11B | $3.00B | $3.84B | $3.99B | $5.00B | $4.15B |
| Operating margin | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% | 21.4% |
| Net margin | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% | 14.2% |
| Revenue growth | +15.1% | +4.5% | +9.7% | +7.6% | +10.3% | — |
| Cash + short-term investments | $1.75B | $1.44B | $3.36B | $2.40B | $2.69B | — |
| Total debt | $10.9B | $11.5B | $13.5B | $19.9B | $19.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 23.5x · P/S 3.3x · EV/EBITDA 17.4x · EV/Sales 3.9x · P/FCF 22.9x · P/B 6.4x · FCF yield 4.37% · Earnings yield 4.25% · Dividend yield (paid, TTM) 1.89% · Buyback yield (TTM) 3.18% · Net debt $17.1B · EV $112B
P/E at fiscal year-ends: Dec 2025 22.0x, Dec 2024 25.9x, Dec 2023 25.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold MRSH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Jensen Investment Management |  | 3.98% | $164M | Reduced -14.4% |
| Torray Funds |  | 2.08% | $15.4M | Reduced -1.7% |
| Bill Nygren | Oakmark Funds | 1.93% | $1.45B | Added +68.1% |
| Thomas Gayner | Markel Group | 0.97% | $127M | Unchanged |
| First Pacific Advisors |  | 0.25% | $20.2M | Added +11.5% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $200K | Reduced -7.7% |

## Analysts
Consensus Hold (mean 2.70 on a 1–5 scale), 23 analysts; mean target USD 205.38 (low 180, high 228).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target raised | Overweight | $215 → $218 |
| 2026-10-19 | Mizuho | Target raised | Neutral | $190 → $200 |
| 2026-10-19 | Keefe, Bruyette & Woods | Target raised | Market Perform | $186 → $201 |
| 2026-10-16 | Citigroup | Target raised | Neutral | $200 → $203 |
| 2026-10-16 | Wells Fargo | Target raised | Equal-Weight | $183 → $197 |
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $188 → $183 |
| 2026-10-07 | Mizuho | Target lowered | Neutral | $201 → $190 |
| 2026-10-06 | Morgan Stanley | Target lowered | Equal-Weight | $200 → $180 |
| 2026-10-06 | UBS | Target raised | Buy | $216 → $222 |
| 2026-10-01 | JP Morgan | Target raised | Overweight | $212 → $215 |
| 2026-08-19 | Morgan Stanley | Target raised | Equal-Weight | $180 → $200 |
| 2026-07-27 | UBS | Target raised | Buy | $212 → $216 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.3% | +27.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.3% | +4.9% |
| Volatility (annualized) | 25.8% | 19.9% |
| Max drawdown | -16.7% (Feb 2026→Jun 2026) | -32.5% (Mar 2025→May 2026) |

## Peers (Insurance Brokers)
AJG (Arthur J. Gallagher & Co.) USD 270.98 +4.88% · AON (Aon plc) USD 306.8 +4.23% · WTW (Willis Towers Watson Public Lim) USD 332.18 +4.58% · BRO (Brown & Brown, Inc.) USD 74.49 +5.61% · ERIE (Erie Indemnity Company) USD 256.8 +5.19% · RYAN (Ryan Specialty Holdings, Inc.) USD 44.49 +5.28%

## More
Full page: https://nexqual.com/MRSH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Risk and Insurance Services | $4.20B | 61.2% | +7.5% | $745.0M | 17.7% |
| Consulting | $2.69B | 39.1% | +8.9% | $563.0M | 21.0% |
| Total revenue | $6.86B | 100% | — | $1.22B | 17.7% |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investments & Retirement | $762.0M | 11.1% | +8.1% |
| Health & Benefits | $578.0M | 8.4% | +4.1% |
| Workforce & Rewards | $332.0M | 4.8% | +4.1% |
| Total revenue | $6.86B | 100% | — |
The lines above cover 24.4% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $13.34B | 49.5% | +14.3% |
| Other Geographic Areas | $9.90B | 36.7% | +6.9% |
| UNITED KINGDOM | $3.82B | 14.1% | +6.1% |
| Total revenue | $26.98B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.21 | $2.23 | -0.5% | $6.91B | 21 |
| Next quarter (ends 2027-03-31) | $3.58 | $3.56 | +0.3% | $7.96B | 19 |
| Current fiscal year (ends 2026-12-31) | $10.48 | $10.42 | +0.6% | $28.72B | 22 |
| Next fiscal year (ends 2027-12-31) | $11.45 | $11.36 | +0.8% | $30.10B | 23 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.2% | ±5.2% |
| 2026-12-18 | 56 | 22.7% | ±7.1% |
| 2027-01-15 | 84 | 22.2% | ±8.6% |
| 2027-03-19 | 147 | 23.7% | ±12.0% |
| 2027-04-16 | 175 | 24.3% | ±13.4% |