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MRSH

Marsh & McLennan Companies, Inc.
$190.56
-0.37% Oct 21 close
FinancialsS&P 500 CompareTechnicals
1M3M6M1Y2Y
-16%-8%0%+9%+17%Oct 2025Oct 2026Apr 2026
MRSHSPY
1W
+6.8%
1M
+11.0%
3M
+9.5%
6M
+9.8%
YTD
+5.0%
1Y
+3.1%

Live chart

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What they do

Marsh & McLennan Companies, Inc., a professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide. The company operates through Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment offers risk management services, such as risk management, insurance broking, insurance program management, risk consulting.

Financial Services · Insurance Brokers

For information only · Important disclosures

Grades vs sector

Momentum
26th percentile in sector
D+
12-1 return: -2.6%
Percentile within its GICS sector across the S&P 1500.
Growth
35th percentile in sector
C-
Revenue growth (YoY): +8.1%
Percentile within its GICS sector across the S&P 1500.
Value
22nd percentile in sector
D
Forward E/P: 6.1% · EBITDA/EV: 7.1%
Percentile within its GICS sector across the S&P 1500.
Profitability
58th percentile in sector
B-
Profit margin: +14.2% · Return on equity: +27.2%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
 Momentum Top 15
ranked 367 of 499 · 12-month momentum -3.9%
 Momentum Blend
Not in the current book
 New Highs Growth
Outside this model's universe or screens
 Coteau Long Book
Not in the current book

News

More news
Marsh & McLennan Companies (MRSH) Retained on Investment Bench Following Full Position Exit
Insider Monkey · Oct 21
Marsh Prices 1.2 Billion Euros of Senior Notes Due 2032, 2036
MT Newswires · Oct 20
Marsh Announces Pricing of €1.2 Billion Senior Notes Offering
Business Wire · Oct 20
Marsh Stocks Rise 5.40% With JPMorgan's $218 Target in Focus
GuruFocus.com · Oct 20
Aging Populations Are Straining Retirement Systems Worldwide, According to the 2026 Marsh CFA Institute Global Pension Index
Business Wire · Oct 20

Key stats

Market value$90.9B
P/E (last 12 months)22.8
P/E (next 12 months, estimated)16.6
52-week range$156.60 – $198.49
Revenue growth (latest quarter vs a year ago)+8.1%
Dividend yield2.07%
Analyst consensusHold (21)
Average analyst price target$205.38 (+8%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans undervalued
Model read-out from the numbers below, not advice. Score +1 (DCF counts double).
▲DCF (base case)above the price by 24%
▼Forward P/E vs sector16.6x vs median 10.2x
•Piotroski F-score6/9
•Net debt / EBITDA2.8x
•Analyst target+8% (21 analysts)

Discounted cash flow

Bear
$120
-37%
growth 4% · disc. 8.2% · term. 2.0%
Base
$236
+24%
growth 9% · disc. 7.2% · term. 2.5%
Bull
$438
+130%
growth 12% · disc. 6.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 5% a year for 10 years.
Implied
+5%/yr
FCF, last 3 yrs
+19%/yr
FCF, last 5 yrs
+11%/yr
Revenue, last 3 yrs
+9%/yr
Revenue, last 5 yrs
+9%/yr
Same inputs as the DCF above: trailing free cash flow 4.2B, 7.2% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-09-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.58 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Financials

P/E (trailing)
sector median 13.0× · 83rd pct
 22.8×
pricier
Forward P/E
sector median 10.2× · 88th pct
 16.6×
pricier
EV / EBITDA
sector median 10.9× · 81st pct
 16.9×
pricier
Price / sales
sector median 2.8× · 57th pct
 3.2×
pricier
Price / book
sector median 1.6×
 –
FCF yield
sector median 8.2% · 19th pct
 4.6%
pricier

Forward EPS $11.46 vs trailing $8.36 (+37% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO
$223.0M
as of 2018-09-30
vs a year ago
–
YoY
× TTM revenue
0.01×
coverage
18-03
18-06
18-09

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin
–
Operating margin
21.4%
FCF margin
14.6%
Net margin
14.2%
Return on equity
–
Return on invested capital
32.5%
Net debt / EBITDA
2.8×
Current ratio
1.1×
Interest cover
6.3×
Cash conversion (OCF/NI)
1.1×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✓ Asset turnover improved

Analysts

Mean target
$205
+8%
Analysts
21
Hold
Range
$180–$228
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$27.0B$4.2B$5.0B
2024$24.5B$4.1B$4.0B
2023$22.7B$3.8B$3.8B
2022$20.7B$3.0B$3.0B
2021$19.8B$3.1B$3.1B
2020$17.2B$2.0B$3.0B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +9.2%.

Earnings

Next report: 2027-01-28 · before open · EPS est 2.21
25-0125-0425-0725-1026-0126-0426-0726-100.003.29
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-10-151.972.03+3.2%
2026-07-212.892.96+2.3%
2026-04-163.223.29+2.1%
2026-01-291.972.12+7.4%
2025-10-161.781.85+4.1%
2025-07-172.662.72+2.1%
2025-04-173.003.06+2.1%
2025-01-301.761.87+6.0%

Quarterly revenue

QuarterRevenueYoY
2026-06-30$7.4B+6.2%
2026-03-31$7.6B–
2025-12-31$6.6B–
2025-09-30$6.4B–
2025-06-30$7.0B–
Rating changes
Reiterated
2026-10-20 · JP Morgan reiterated Overweight on MRSH
Reiterated
2026-10-19 · Mizuho reiterated Neutral on MRSH
Reiterated
2026-10-19 · Keefe, Bruyette & Woods reiterated Market Perform on MRSH
Reiterated
2026-10-16 · Citigroup reiterated Neutral on MRSH
Reiterated
2026-10-16 · Wells Fargo reiterated Equal-Weight on MRSH
Reiterated
2026-10-12 · Wells Fargo reiterated Equal-Weight on MRSH

Third-party analyst actions, not Coteau's views. All rating changes

Recent dividends

2026-10-01: $0.990 · 2026-07-23: $0.990 · 2026-04-09: $0.900 · 2026-01-29: $0.900 · 2025-10-02: $0.900 · 2025-07-24: $0.900 · 2025-04-03: $0.815 · 2025-01-30: $0.815
Insider trades
Doyle John Q
President and CEO · 2026-09-02
Sell
$3.1M
Brennan Katherine
SVP and General Counsel · 2026-09-02
Sell
$224.9K
Jones John Jude
Chief Marketing Officer · 2026-08-06
Sell
$1.2M
Beswick Paul
SVP, Chief Information Officer · 2026-07-29
Sell
$141.2K
South Martin
Chief Client Officer · 2026-07-28
Sell
$1.3M
Yates Lloyd M
Director · 2026-07-23
Sell
$2.1M
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Stats refreshed 2026-10-21 18:06:56 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

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Beta 0.9 · Oct 21, 2026