Stocks · Financial Services · Insurance - Brokers
Marsh & McLennan Companies, Inc. MRSH
$170.43 +0.22% Close, Oct 5, 2026 · NYSE · Market cap $81.15B
Weak trend
Next earnings report: Oct 15, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Earnings beat analyst estimates in each of the last 14 quarters (average surprise over the last four: +4.1%).
- The shares trade at 20.8× trailing earnings, lower than 95% of the company's own readings over the past five years.
- Net debt is 3.6× EBITDA, a high level of leverage.
PromtFinance scores
Each score is a percentile within the Financial Services sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
Growth21Very weak
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 44%
- EPS growth (TTM, YoY)Bottom 28%
- FCF growth (TTM, YoY)Bottom 35%
- Revenue growth, 3-year CAGRBottom 27%
- Revenue growth accelerationBottom 39%
Quality65Positive
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 11%
- Gross marginBottom 16%
- Operating marginBottom 49%
- Cash conversion (OCF / net income)Top 42%
- Accruals (lower is better)Top 28%
- Net debt / EBITDA (lower is better)Bottom 32%
- Interest coverTop 18%
Value55Neutral
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 41%
- Free-cash-flow yieldBottom 39%
- EBITDA / enterprise valueBottom 45%
- Sales / enterprise valueBottom 41%
- P/E vs own 5-year history (lower is better)Top 7%
Momentum16Very weak
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 20%
- 6-month returnBottom 18%
- 1-year return vs S&P 500Bottom 19%
- Distance from 52-week highBottom 27%
- Trend checklist (0–4)Bottom 27%
Revisions66Positive
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 46%
- Consecutive EPS beatsTop 2%
- Share of analysts rating BuyBottom 26%
- Upside to consensus price targetTop 39%
Stability38Weak
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 37%
- Maximum drawdown, 3 yearsBottom 34%
- Beta vs S&P 500 (lower is better)Top 29%
- Net debt / EBITDA (lower is better)Bottom 32%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 9.9% | 8.3% | ↓ |
| EPS growth (YoY) | -2.0% | -1.9% | ↑ |
| Gross margin | 42.6% | 42.4% | ↓ |
| Operating margin | 23.6% | 21.6% | ↓ |
| FCF margin | 18.0% | 17.1% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 8.3% | 9.9% | ↓ | Top 44% |
| EPS growth (TTM, YoY) | -1.9% | -2.0% | ↑ | Bottom 28% |
| Gross margin | 42.4% | 42.6% | ↓ | Bottom 16% |
| Operating margin | 21.6% | 23.6% | ↓ | Bottom 49% |
| Net margin | 14.2% | 16.0% | ↓ | — |
| Free-cash-flow margin | 17.1% | 18.0% | ↓ | — |
| Return on invested capital | 11.4% | — | Top 11% | |
| Revenue growth, 3-year CAGR | 9.2% | — | Bottom 27% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.28×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -1.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 1.4%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -2.6 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 3.59×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 6.3×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 2.18%
- Net buyback yield (TTM)
- 3.32%
- Shareholder yield
- 5.50%
- Share count change, 1 year
- -2.2%
- Share count change, 3-year CAGR
- -1.0%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 21, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 14
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +4.1%
- Average 2-day reaction, last 8
- -0.5%
- Positive 20 days after report
- 3 of 8
Analysts
- Consensus price target
- $203.43
- Target vs current price
- +19.4%
- Analysts with a rating
- 34
- Share rating Buy or Strong Buy
- 32%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 21, 2026 | +2.8% | -0.3% | +0.7% | +1.2% | — |
| Apr 16, 2026 | +2.2% | +4.4% | +0.3% | -9.0% | +3.8% |
| Jan 29, 2026 | +7.6% | +5.5% | +6.5% | +4.0% | -4.5% |
| Oct 16, 2025 | +3.9% | -8.5% | -7.1% | -10.3% | -8.9% |
| Jul 17, 2025 | +1.9% | -0.4% | -1.0% | -1.2% | -2.8% |
| Apr 17, 2025 | +1.3% | -4.9% | -5.3% | -1.8% | -8.8% |
| Jan 30, 2025 | +6.3% | +0.7% | +2.8% | +7.0% | -0.0% |
| Oct 17, 2024 | +1.2% | -0.4% | -1.9% | -1.0% | -6.4% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 21, 2026 | $2.96 | $2.88 | +2.8% | $7.40B |
| Apr 16, 2026 | $3.29 | $3.22 | +2.2% | $7.60B |
| Jan 29, 2026 | $2.12 | $1.97 | +7.6% | $6.59B |
| Oct 16, 2025 | $1.85 | $1.78 | +3.9% | $6.35B |
| Jul 17, 2025 | $2.72 | $2.67 | +1.9% | $6.97B |
| Apr 17, 2025 | $3.06 | $3.02 | +1.3% | $7.06B |
| Jan 30, 2025 | $1.87 | $1.76 | +6.3% | $6.07B |
| Oct 17, 2024 | $1.63 | $1.61 | +1.2% | $5.70B |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 20.8× | 26.9× | 5th | Bottom 41% |
| P/E (forward) | 16.3× | — | — | — |
| EV / EBITDA | 17.7× | — | — | Bottom 45% |
| EV / Sales | 3.64× | — | — | Bottom 41% |
| Free-cash-flow yield | 5.87% | — | — | Bottom 39% |
| Earnings yield | 4.80% | — | — | Bottom 41% |
P/E over the past five years
Range 20.3× – 31.8× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -14.6%
- Earnings per share growth (TTM)
- -1.9%
- Change in P/E multiple
- -12.3%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✓ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -0.7%
- 200-day average slope (20 days)
- -0.5%
- Distance from 50-day average
- -7.2%
- Distance from 200-day average
- -3.7%
- RSI (14)
- 36.2
- Relative volume
- 0.74×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 24.0%
- Volatility vs own 5-year history
- 69th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.38
- Correlation with S&P 500
- 0.28
- Current drawdown from 1-year high
- -17.7%
- Maximum drawdown, 3 years
- -35.6%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Apr 3, 2025 | Jun 3, 2026 | -35.6% | 292 days | Not yet recovered |
| Apr 21, 2022 | Jun 16, 2022 | -19.2% | 39 days | 211 days (Apr 20, 2023) |
| Dec 29, 2021 | Jan 27, 2022 | -15.3% | 20 days | 57 days (Apr 20, 2022) |
| Oct 12, 2020 | Oct 29, 2020 | -11.7% | 13 days | 25 days (Dec 4, 2020) |
| Nov 27, 2024 | Jan 6, 2025 | -10.6% | 25 days | 33 days (Feb 25, 2025) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $81.15B
- P/E (TTM)
- 20.8
- EPS, diluted (TTM)
- $8.18
- Revenue (TTM)
- $27.95B
- Dividend yield
- 1.64%
- 52-week range
- $156.60 – $207.83
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $19.82B | $20.72B | $22.74B | $24.46B | $26.98B |
| Gross profit | $8.39B | $8.65B | $9.64B | $10.46B | $11.40B |
| Operating income | $4.31B | $4.28B | $5.28B | $5.82B | $6.22B |
| Net income | $3.14B | $3.05B | $3.76B | $4.06B | $4.16B |
| EPS (diluted) | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.70B | $6.07B | $7.06B | $6.97B | $6.35B | $6.59B | $7.60B | $7.40B |
| Net income | $747.0M | $788.0M | $1.38B | $1.21B | $747.0M | $821.0M | $1.15B | $1.27B |
| EPS (diluted) | $1.51 | $1.59 | $2.79 | $2.45 | $1.51 | $1.68 | $2.36 | $2.63 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $3.52B | $3.46B | $4.26B | $4.30B | $5.29B |
| Capital expenditure | -$406.0M | -$470.0M | -$416.0M | -$316.0M | -$291.0M |
| Free cash flow | $3.11B | $3.00B | $3.84B | $3.99B | $5.00B |
| Dividends paid | -$1.03B | -$1.14B | -$1.30B | -$1.51B | -$1.70B |
| Net share buybacks | -$998.0M | -$1.82B | -$951.0M | -$636.0M | -$1.76B |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $1.70B
- Total assets
- $59.68B
- Total liabilities
- $44.25B
- Total debt
- $22.38B
- Net debt
- $20.68B
- Shareholders’ equity
- $15.18B
As of Jun 30, 2026 (filed Jul 21, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Oct 1, 2026 | $0.99 | Nov 13, 2026 |
| Apr 9, 2026 | $0.90 | May 15, 2026 |
| Jan 29, 2026 | $0.90 | Feb 13, 2026 |
| Oct 2, 2025 | $0.90 | Nov 14, 2025 |
| Jul 24, 2025 | $0.90 | Aug 15, 2025 |
| Apr 3, 2025 | $0.82 | May 15, 2025 |
| Jan 30, 2025 | $0.82 | Feb 14, 2025 |
| Oct 4, 2024 | $0.82 | Nov 15, 2024 |
Short interest
- Shares sold short
- 5,868,686
- Days to cover
- 2.77
- Change vs previous report
- -11.4%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Jul 1, 2002
- 2-for-1
- Jun 29, 1998
- 3-for-2
- Jun 30, 1997
- 2-for-1
- May 15, 1986
- 2-for-1
- Nov 12, 1980
- 2-for-1