MARSH & MCLENNAN COS (MRSH) Fundamental Analysis & Valuation

NYSE:MRSH • US5717481023

170.88 USD
-3.09 (-1.78%)
At close: Mar 12, 2026
170.88 USD
0 (0%)
After Hours: 3/12/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This MRSH fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Overall MRSH gets a fundamental rating of 5 out of 10. We evaluated MRSH against 149 industry peers in the Insurance industry. While MRSH has a great profitability rating, there are some minor concerns on its financial health. MRSH is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

7

1. MRSH Profitability Analysis

1.1 Basic Checks

  • MRSH had positive earnings in the past year.
  • MRSH had a positive operating cash flow in the past year.
  • MRSH had positive earnings in each of the past 5 years.
  • Each year in the past 5 years MRSH had a positive operating cash flow.
MRSH Yearly Net Income VS EBIT VS OCF VS FCFMRSH Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

1.2 Ratios

  • The Return On Assets of MRSH (7.09%) is better than 89.93% of its industry peers.
  • MRSH has a better Return On Equity (27.55%) than 93.29% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 13.54%, MRSH belongs to the top of the industry, outperforming 96.64% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for MRSH is in line with the industry average of 15.25%.
Industry RankSector Rank
ROA 7.09%
ROE 27.55%
ROIC 13.54%
ROA(3y)7.36%
ROA(5y)7.63%
ROE(3y)29.6%
ROE(5y)29.27%
ROIC(3y)13.75%
ROIC(5y)13.37%
MRSH Yearly ROA, ROE, ROICMRSH Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

1.3 Margins

  • MRSH has a better Profit Margin (15.42%) than 78.52% of its industry peers.
  • In the last couple of years the Profit Margin of MRSH has grown nicely.
  • MRSH's Operating Margin of 24.93% is amongst the best of the industry. MRSH outperforms 83.22% of its industry peers.
  • MRSH's Operating Margin has improved in the last couple of years.
Industry RankSector Rank
OM 24.93%
PM (TTM) 15.42%
GM N/A
OM growth 3Y3.15%
OM growth 5Y5.3%
PM growth 3Y1.56%
PM growth 5Y5.67%
GM growth 3YN/A
GM growth 5YN/A
MRSH Yearly Profit, Operating, Gross MarginsMRSH Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15 20 25

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6

2. MRSH Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so MRSH is still creating some value.
  • MRSH has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for MRSH has been reduced compared to 5 years ago.
  • Compared to 1 year ago, MRSH has an improved debt to assets ratio.
MRSH Yearly Shares OutstandingMRSH Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
MRSH Yearly Total Debt VS Total AssetsMRSH Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • MRSH has an Altman-Z score of 2.70. This is not the best score and indicates that MRSH is in the grey zone with still only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.70, MRSH belongs to the top of the industry, outperforming 94.63% of the companies in the same industry.
  • The Debt to FCF ratio of MRSH is 3.92, which is a good value as it means it would take MRSH, 3.92 years of fcf income to pay off all of its debts.
  • MRSH has a Debt to FCF ratio of 3.92. This is comparable to the rest of the industry: MRSH outperforms 40.94% of its industry peers.
  • MRSH has a Debt/Equity ratio of 1.21. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of MRSH (1.21) is worse than 89.93% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.21
Debt/FCF 3.92
Altman-Z 2.7
ROIC/WACC1.74
WACC7.8%
MRSH Yearly LT Debt VS Equity VS FCFMRSH Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.3 Liquidity

  • MRSH has a Current Ratio of 1.10. This is a normal value and indicates that MRSH is financially healthy and should not expect problems in meeting its short term obligations.
  • MRSH has a Current ratio of 1.10. This is amongst the best in the industry. MRSH outperforms 81.21% of its industry peers.
  • A Quick Ratio of 1.10 indicates that MRSH should not have too much problems paying its short term obligations.
  • The Quick ratio of MRSH (1.10) is better than 81.21% of its industry peers.
Industry RankSector Rank
Current Ratio 1.1
Quick Ratio 1.1
MRSH Yearly Current Assets VS Current LiabilitesMRSH Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. MRSH Growth Analysis

3.1 Past

  • MRSH shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10.80%, which is quite good.
  • MRSH shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 14.43% yearly.
  • The Revenue has grown by 10.32% in the past year. This is quite good.
  • Measured over the past years, MRSH shows a quite strong growth in Revenue. The Revenue has been growing by 9.39% on average per year.
EPS 1Y (TTM)10.8%
EPS 3Y12.54%
EPS 5Y14.43%
EPS Q2Q%13.37%
Revenue 1Y (TTM)10.32%
Revenue growth 3Y9.2%
Revenue growth 5Y9.39%
Sales Q2Q%8.7%

3.2 Future

  • Based on estimates for the next years, MRSH will show a quite strong growth in Earnings Per Share. The EPS will grow by 8.75% on average per year.
  • The Revenue is expected to grow by 3.66% on average over the next years.
EPS Next Y8.68%
EPS Next 2Y8.91%
EPS Next 3Y8.62%
EPS Next 5Y8.75%
Revenue Next Year5.05%
Revenue Next 2Y5.1%
Revenue Next 3Y5.12%
Revenue Next 5Y3.66%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
MRSH Yearly Revenue VS EstimatesMRSH Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
MRSH Yearly EPS VS EstimatesMRSH Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10

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2

4. MRSH Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 17.53, which indicates a rather expensive current valuation of MRSH.
  • 71.14% of the companies in the same industry are cheaper than MRSH, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 25.71, MRSH is valued a bit cheaper.
  • The Price/Forward Earnings ratio is 16.13, which indicates a correct valuation of MRSH.
  • MRSH's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. MRSH is more expensive than 68.46% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 23.82, MRSH is valued a bit cheaper.
Industry RankSector Rank
PE 17.53
Fwd PE 16.13
MRSH Price Earnings VS Forward Price EarningsMRSH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • MRSH's Enterprise Value to EBITDA ratio is in line with the industry average.
  • 62.42% of the companies in the same industry are cheaper than MRSH, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 16.54
EV/EBITDA 13.24
MRSH Per share dataMRSH EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MRSH does not grow enough to justify the current Price/Earnings ratio.
  • The decent profitability rating of MRSH may justify a higher PE ratio.
PEG (NY)2.02
PEG (5Y)1.21
EPS Next 2Y8.91%
EPS Next 3Y8.62%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. MRSH Dividend Analysis

5.1 Amount

  • MRSH has a Yearly Dividend Yield of 1.95%.
  • Compared to an average industry Dividend Yield of 2.89, MRSH has a dividend in line with its industry peers.
  • MRSH's Dividend Yield is comparable with the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 1.95%

5.2 History

  • On average, the dividend of MRSH grows each year by 13.29%, which is quite nice.
  • MRSH has been paying a dividend for over 5 years, so it has already some track record.
Dividend Growth(5Y)13.29%
Div Incr YearsN/A
Div Non Decr YearsN/A
MRSH Yearly Dividends per shareMRSH Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 40.84% of the earnings are spent on dividend by MRSH. This is a bit on the high side, but may be sustainable.
  • The dividend of MRSH is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP40.84%
EPS Next 2Y8.91%
EPS Next 3Y8.62%
MRSH Yearly Income VS Free CF VS DividendMRSH Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B
MRSH Dividend Payout.MRSH Dividend Payout, showing the Payout Ratio.MRSH Dividend Payout.PayoutRetained Earnings

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MRSH Fundamentals: All Metrics, Ratios and Statistics

MARSH & MCLENNAN COS

NYSE:MRSH (3/12/2026, 8:04:00 PM)

After market: 170.88 0 (0%)

170.88

-3.09 (-1.78%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)01-29
Earnings (Next)04-15
Inst Owners92.07%
Inst Owner ChangeN/A
Ins Owners0.06%
Ins Owner Change21.23%
Market Cap82.73B
Revenue(TTM)26.98B
Net Income(TTM)4.16B
Analysts69.33
Price Target212.17 (24.16%)
Short Float %1.15%
Short Ratio1.45
Dividend
Industry RankSector Rank
Dividend Yield 1.95%
Yearly Dividend3.48
Dividend Growth(5Y)13.29%
DP40.84%
Div Incr YearsN/A
Div Non Decr YearsN/A
Ex-Date04-09
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)3.53%
Min EPS beat(2)1.65%
Max EPS beat(2)5.41%
EPS beat(4)3
Avg EPS beat(4)1.69%
Min EPS beat(4)-0.63%
Max EPS beat(4)5.41%
EPS beat(8)5
Avg EPS beat(8)1.23%
EPS beat(12)9
Avg EPS beat(12)1.4%
EPS beat(16)12
Avg EPS beat(16)1.55%
Revenue beat(2)0
Avg Revenue beat(2)-1.39%
Min Revenue beat(2)-1.52%
Max Revenue beat(2)-1.26%
Revenue beat(4)0
Avg Revenue beat(4)-1.58%
Min Revenue beat(4)-2.27%
Max Revenue beat(4)-1.26%
Revenue beat(8)1
Avg Revenue beat(8)-1.54%
Revenue beat(12)2
Avg Revenue beat(12)-1.16%
Revenue beat(16)2
Avg Revenue beat(16)-1.56%
PT rev (1m)-1.12%
PT rev (3m)N/A
EPS NQ rev (1m)-0.28%
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)N/A
Revenue NQ rev (1m)-0.08%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 17.53
Fwd PE 16.13
P/S 3.07
P/FCF 16.54
P/OCF 15.63
P/B 5.48
P/tB N/A
EV/EBITDA 13.24
EPS(TTM)9.75
EY5.71%
EPS(NY)10.6
Fwd EY6.2%
FCF(TTM)10.33
FCFY6.05%
OCF(TTM)10.93
OCFY6.4%
SpS55.73
BVpS31.19
TBVpS-28.88
PEG (NY)2.02
PEG (5Y)1.21
Graham Number82.72
Profitability
Industry RankSector Rank
ROA 7.09%
ROE 27.55%
ROCE 17.86%
ROIC 13.54%
ROICexc 14.58%
ROICexgc 86.69%
OM 24.93%
PM (TTM) 15.42%
GM N/A
FCFM 18.54%
ROA(3y)7.36%
ROA(5y)7.63%
ROE(3y)29.6%
ROE(5y)29.27%
ROIC(3y)13.75%
ROIC(5y)13.37%
ROICexc(3y)15.07%
ROICexc(5y)14.48%
ROICexgc(3y)81.39%
ROICexgc(5y)70.36%
ROCE(3y)18.15%
ROCE(5y)17.65%
ROICexgc growth 3Y13.73%
ROICexgc growth 5Y16.37%
ROICexc growth 3Y0.51%
ROICexc growth 5Y7.2%
OM growth 3Y3.15%
OM growth 5Y5.3%
PM growth 3Y1.56%
PM growth 5Y5.67%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.46
Health
Industry RankSector Rank
Debt/Equity 1.21
Debt/FCF 3.92
Debt/EBITDA 2.4
Cap/Depr 31.98%
Cap/Sales 1.08%
Interest Coverage 7.6
Cash Conversion 69.3%
Profit Quality 120.22%
Current Ratio 1.1
Quick Ratio 1.1
Altman-Z 2.7
F-Score6
WACC7.8%
ROIC/WACC1.74
Cap/Depr(3y)45.02%
Cap/Depr(5y)50.96%
Cap/Sales(3y)1.43%
Cap/Sales(5y)1.72%
Profit Quality(3y)106.74%
Profit Quality(5y)103.48%
High Growth Momentum
Growth
EPS 1Y (TTM)10.8%
EPS 3Y12.54%
EPS 5Y14.43%
EPS Q2Q%13.37%
EPS Next Y8.68%
EPS Next 2Y8.91%
EPS Next 3Y8.62%
EPS Next 5Y8.75%
Revenue 1Y (TTM)10.32%
Revenue growth 3Y9.2%
Revenue growth 5Y9.39%
Sales Q2Q%8.7%
Revenue Next Year5.05%
Revenue Next 2Y5.1%
Revenue Next 3Y5.12%
Revenue Next 5Y3.66%
EBIT growth 1Y8.36%
EBIT growth 3Y12.64%
EBIT growth 5Y15.19%
EBIT Next Year20.39%
EBIT Next 3Y10.47%
EBIT Next 5Y6.79%
FCF growth 1Y25.46%
FCF growth 3Y18.64%
FCF growth 5Y10.51%
OCF growth 1Y23.01%
OCF growth 3Y15.16%
OCF growth 5Y9.37%

MARSH & MCLENNAN COS / MRSH FAQ

Can you provide the ChartMill fundamental rating for MARSH & MCLENNAN COS?

ChartMill assigns a fundamental rating of 5 / 10 to MRSH.


What is the valuation status for MRSH stock?

ChartMill assigns a valuation rating of 2 / 10 to MARSH & MCLENNAN COS (MRSH). This can be considered as Overvalued.


What is the profitability of MRSH stock?

MARSH & MCLENNAN COS (MRSH) has a profitability rating of 7 / 10.


Can you provide the PE and PB ratios for MRSH stock?

The Price/Earnings (PE) ratio for MARSH & MCLENNAN COS (MRSH) is 17.53 and the Price/Book (PB) ratio is 5.48.


Can you provide the expected EPS growth for MRSH stock?

The Earnings per Share (EPS) of MARSH & MCLENNAN COS (MRSH) is expected to grow by 8.68% in the next year.