Valuation, from the filing
| Public float | $107.42B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $221.89 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 25.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 4.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 7.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
25.8× earnings today, against a median of 25.4× across 10 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $107.42B | 25.8× | |
| 2024-06-30 | $103.59B | 25.5× | |
| 2023-06-30 | $92.85B | 24.7× | |
| 2022-06-30 | $77.42B | 25.4× | |
| 2021-06-30 | $53.82B | 17.1× | |
| 2020-06-30 | $53.82B | 26.7× | |
| 2019-06-28 | $50.44B | 29.0× | |
| 2018-06-29 | $40.26B | 24.4× | |
| 2017-06-30 | $39.35B | 26.4× | |
| 2016-06-30 | $35.47B | 20.1× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Insurance Agents, Brokers & Service filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 1.20x | 79th | |
| Operating margin | 23.1% | 79th | |
| Effective tax rate | 23.6% | 72th | |
| SBC / revenue | 1.5% | 30th | |
| Current ratio | 1.10x | 33th | |
| Net margin | 15.4% | 63th | |
| CapEx / revenue | 1.1% | 60th | |
| FCF margin | 18.5% | 60th | |
| Revenue YoY growth | 10.3% | 48th |
MARSH & MCLENNAN COMPANIES, INC. (MRSH) reported revenue of $6.86B and net income of $808.00M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from MARSH & MCLENNAN COMPANIES, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Insurance Agents, Brokers & Service.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.86B | $7.40B | $7.60B | $6.60B | $6.35B | $6.97B | $7.06B | $6.07B | $5.70B | $6.22B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $1.22B | $1.90B | $1.75B | $1.22B | $1.17B | $1.83B | $2.00B | $1.14B | $1.11B | $1.64B |
| Net income | $808.00M | $1.27B | $1.15B | $821.00M | $747.00M | $1.21B | $1.38B | $788.00M | $747.00M | $1.12B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 479.00M | shares 482.00M | shares 486.00M | Unavailable | shares 494.00M | shares 495.00M | shares 495.00M | Unavailable | shares 496.00M | shares 496.00M |
| Pretax income | $1.03B | $1.70B | $1.58B | $1.06B | $1.01B | $1.65B | $1.83B | $1.01B | $1.04B | $1.56B |
| Income tax expense | $221.00M | $411.00M | $395.00M | $222.00M | $253.00M | $415.00M | $415.00M | $208.00M | $283.00M | $425.00M |
| Diluted EPS | $1.69 | $2.63 | $2.36 | Unavailable | $1.51 | $2.45 | $2.79 | Unavailable | $1.51 | $2.27 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.84B | $1.70B | $1.61B | $2.69B | $2.51B | $1.68B | $1.60B | $2.40B | $1.80B | $1.65B |
| Total assets | $59.81B | $59.68B | $58.55B | $58.71B | $58.78B | $58.56B | $57.02B | $56.48B | $49.86B | $48.59B |
| Current assets | $24.11B | $24.33B | $23.24B | $23.20B | $23.70B | $23.33B | $22.46B | $22.12B | $22.29B | $22.02B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $22.11B | $21.36B | $20.90B | $21.06B | $21.10B | $19.40B | $19.78B | $19.52B | $19.60B | $18.86B |
| Total equity incl. NCI | $14.91B | $15.43B | $14.81B | $15.32B | $15.36B | $15.98B | $14.27B | $13.54B | $13.88B | $13.56B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $8.55B | $8.94B | $8.43B | $7.67B | $7.91B | $8.46B | $7.87B | $7.16B | $7.42B | $7.74B |
| Goodwill | $24.61B | $24.35B | $24.27B | $24.34B | $23.95B | $23.92B | $23.54B | $23.31B | $18.24B | $17.52B |
| Long-term debt | $18.89B | $18.89B | $18.90B | $18.32B | $18.32B | $18.96B | $18.86B | $19.43B | $12.33B | $12.28B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.48B | $1.52B | -$688.00M | $2.16B | $2.08B | $1.67B | -$622.00M | $1.96B | $1.91B | $1.22B |
| Capital expenditures | $81.00M | $72.00M | $62.00M | $105.00M | $72.00M | $59.00M | $55.00M | $76.00M | $73.00M | $80.00M |
| Investing cash flow | -$228.00M | -$161.00M | -$104.00M | -$523.00M | -$227.00M | -$121.00M | $26.00M | -$7.64B | -$393.00M | -$415.00M |
| Financing cash flow | -$1.08B | -$800.00M | $114.00M | -$2.05B | -$753.00M | -$1.70B | -$138.00M | $6.28B | -$1.44B | -$519.00M |
| Net change in cash | $212.00M | $548.00M | -$805.00M | -$352.00M | $964.00M | $365.00M | -$491.00M | -$47.00M | $571.00M | $240.00M |
| Stock-based compensation | $94.00M | $96.00M | $139.00M | $89.00M | $95.00M | $98.00M | $112.00M | $85.00M | $90.00M | $90.00M |
| Common dividends paid | $476.00M | $438.00M | $440.00M | $444.00M | $445.00M | $405.00M | $405.00M | $403.00M | $404.00M | $352.00M |
| Common share repurchases | $504.00M | $757.00M | $755.00M | $1.01B | $402.00M | $300.00M | $300.00M | $0 | $300.00M | $300.00M |
| Depreciation & amortization | $89.00M | $90.00M | $89.00M | $91.00M | $91.00M | $91.00M | $88.00M | $93.00M | $90.00M | $87.00M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $1.40B | $1.45B | -$750.00M | $2.06B | $2.01B | $1.61B | -$677.00M | $1.88B | $1.84B | $1.14B |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 17.7% | 25.6% | 23.1% | 18.5% | 18.4% | 26.2% | 28.4% | 18.8% | 19.4% | 26.4% |
| FCF margin | 20.4% | 19.6% | -9.9% | 31.2% | 31.6% | 23.1% | -9.6% | 31.0% | 32.3% | 18.2% |
| SBC / revenue | 1.4% | 1.3% | 1.8% | 1.3% | 1.5% | 1.4% | 1.6% | 1.4% | 1.6% | 1.4% |
| Current ratio | 1.09x | 1.14x | 1.11x | 1.10x | 1.12x | 1.20x | 1.14x | 1.13x | 1.14x | 1.17x |
| Revenue YoY growth | 8.1% | 6.2% | 7.6% | 8.7% | 11.5% | 12.1% | 9.1% | 9.2% | 5.9% | 5.9% |
| Net margin | 11.8% | 17.1% | 15.1% | 12.4% | 11.8% | 17.4% | 19.6% | 13.0% | 13.1% | 18.1% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 1.2% | 1.0% | 0.8% | 1.6% | 1.1% | 0.8% | 0.8% | 1.3% | 1.3% | 1.3% |
| Long-term debt / equity | 1.27x | 1.22x | 1.28x | 1.20x | Unavailable | Unavailable | Unavailable | 1.44x | Unavailable | Unavailable |
| Effective tax rate | 21.4% | 24.1% | 25.0% | 21.0% | 25.0% | 25.2% | 22.7% | 20.6% | 27.3% | 27.2% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MRSH in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.