Marsh McLennan (MRSH) stock
Financials · Insurance Brokers
Marsh McLennan (MRSH) is an Insurance Brokers company in the Financials sector, headquartered in New York City, New York. As of October 23, 2026, MRSH closed at $197.48, a market capitalization of $93.90 billion, the 129th largest company in the S&P 500. Over the last twelve months it generated $28.46 billion in revenue (+8% year over year) and $4.77 billion in free cash flow. The stock trades at 23.6x trailing earnings and 17.2x forward earnings.
- 1-year total return: +7.3% (dividends reinvested)
- 5-year return: +4.8% a year
- 52-week range: $156.60 – $200.33
- Gross margin 44.5%, operating margin 18.4%
- Dividend yield: 2.01%, 16 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 21st largest of 76 Financials stocks in the S&P 500
MRSH price chart
1Y price change: +5.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| MRSH | +16.6% | +8.8% | +7.3% | +3.7% | +4.8% | +13.7% | +10.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
MRSH key statistics
- Market cap
- $93.9B
- #129 in S&P 500
- P/E (TTM)
- 23.6x
- Forward P/E
- 17.2x
- EPS (TTM)
- $8.36
- Revenue (TTM)
- $28.5B
- +8%
- Free cash flow
- $4.8B
- Gross margin
- 44.5%
- Operating margin
- 18.4%
- Return on equity
- 27.2%
- Dividend yield
- 2.01%
- 52-week range
- $156.60 – $200.33
- Beta
- 0.58
- Price / sales
- 3.3x
- EV / EBITDA
- 14.5x
- Debt / equity
- 1.50x
- Employees
- 95,000
MRSH report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth8.1%C
- Gross margin44.5%B
- Operating margin18.4%C
- FCF margin16.8%B
- Return on equity27.2%A
- Net debt / EBITDA2.6xD
- Forward P/E17.2xB
- PEG ratio1.7xC
- Shareholder yield4.1%B
- Share count change / yr-0.7%B
Marsh financials
Revenue went from $13.2B in fiscal 2016 to $27.0B in fiscal 2025, growing 8.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2B | $14.0B | $14.9B | $16.7B | $17.2B | $19.8B | $20.7B | $22.7B | $24.5B | $27.0B |
| Operating income | $2.4B | $2.7B | $2.8B | $2.7B | $3.1B | $4.3B | $4.3B | $5.3B | $5.8B | $6.2B |
| Net income | $1.8B | $1.5B | $1.6B | $1.7B | $2.0B | $3.1B | $3.0B | $3.8B | $4.1B | $4.2B |
| EPS (diluted) | $3.38 | $2.87 | $3.23 | $3.41 | $3.94 | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 |
| Free cash flow | $1.8B | $1.6B | $2.1B | $1.9B | $3.0B | $3.1B | $3.0B | $3.8B | $4.0B | $5.0B |
| Buybacks | $800.0M | $900.0M | $675.0M | $485.0M | $0 | $1.2B | $1.9B | $1.1B | $900.0M | $2.0B |
| Dividends paid | $682.0M | $740.0M | $807.0M | $890.0M | $943.0M | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Diluted shares | 524.0M | 519.0M | 511.0M | 511.0M | 512.0M | 513.0M | 505.0M | 499.0M | 496.0M | 494.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into MRSH?
A reverse DCF asks what growth the current price requires. With an enterprise value of $114.4B and $4.8B of trailing free cash flow, Marsh needs to grow free cash flow about 15.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 10.5% a year over the last five years.
P/E ratio history
Current 23.4x vs. median 28.8x (10th–90th percentile 22.8x–34.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
MRSH dividend
- Dividend yield
- 2.01%
- Annual dividend
- $3.96
- Years of increases
- 16
- 5-yr dividend growth
- 13.3%
- per year
- Payout ratio
- 44%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
MRSH analyst price targets
21 analysts' average 12-month target is $205.38 (+4% vs. $197.48). Targets range from $180.00 to $228.00. 30% rate it a buy.
MRSH earnings
Next report: January 28, 2027. Marsh has beaten EPS estimates 8 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 15, 2026 | $1.97 | $2.03 | +3.2% |
| Jul 21, 2026 | $2.89 | $2.96 | +2.3% |
| Apr 16, 2026 | $3.22 | $3.29 | +2.1% |
| Jan 29, 2026 | $1.97 | $2.12 | +7.5% |
| Oct 16, 2025 | $1.78 | $1.85 | +4.1% |
| Jul 17, 2025 | $2.66 | $2.72 | +2.1% |
| Apr 17, 2025 | $3.00 | $3.06 | +2.1% |
| Jan 30, 2025 | $1.76 | $1.87 | +6.0% |
Stocks like MRSH
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 AJG Arthur J. Gallagher | -1.08% | -4% | $68.7B | 44.5x | Compare |
 AON Aon | -1.07% | -11% | $64.4B | 16.7x | Compare |
 WTW Willis Towers Watson Public Lim | -2.16% | -1% | $30.2B | 20.1x | Compare |
 BRO Brown & Brown | -2.04% | -17% | $24.4B | 23.0x | Compare |
 ERIE Erie Indemnity | -1.28% | -20% | $13.3B | 23.0x | Compare |
 BRK-B Berkshire Hathaway | -0.87% | +11% | $1.2T | 13.6x | Compare |
 JPM JP Morgan Chase | -1.47% | +15% | $880.5B | 13.9x | Compare |
 V Visa | -1.55% | +19% | $765.8B | 34.7x | Compare |
MRSH news
- Marsh & McLennan Companies (MRSH) Retained on Investment Bench Following Full Position Exit · Oct 21, 2026
- Marsh Announces Pricing of €1.2 Billion Senior Notes Offering · Oct 20, 2026
- Aging Populations Are Straining Retirement Systems Worldwide, According to the 2026 Marsh CFA Institute Global Pension Index · Oct 20, 2026
- Saudi Reinsurance Stock And Insurance Peers Tied To Saudi Security Risk · Oct 19, 2026
- Marsh & McLennan: 3 Key Takeaways for Long-Term Investors · Oct 19, 2026
MRSH stock FAQ
What is MRSH's market cap?
Marsh McLennan's market capitalization is $93.90 billion as of October 23, 2026, ranking 129th in the S&P 500.
What is MRSH's P/E ratio?
MRSH trades at a trailing price-to-earnings ratio of 23.6x and a forward P/E of 17.2x. Its median P/E over the period we track is 28.8x.
Does MRSH pay a dividend?
Yes. Marsh McLennan pays $3.96 per share a year, a 2.01% yield. It has raised its dividend 16 years in a row. Dividends grew 13.3% a year over the last five years.
How much has MRSH stock returned?
Including reinvested dividends, MRSH returned +7.3% over one year, +4.8% a year over five years, +13.7% a year over ten years through October 23, 2026.
Is MRSH stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Marsh McLennan must grow free cash flow about 15% a year for the next decade. Its free cash flow grew 11% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the MRSH price target?
21 analysts cover MRSH with an average 12-month price target of $205.38, +4% from the current price. 30% of them rate it a buy.
When does MRSH report earnings?
Marsh McLennan is expected to report earnings on January 28, 2027. It has beaten EPS estimates 8 quarters in a row.
How many employees does Marsh McLennan have?
Marsh McLennan has about 95,000 full-time employees, or $299,568 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology