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 $28.46B and net income of $4.04B for the fiscal year ended 2026-09-30. This page shows 1 annual period 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 |
|---|---|
| Revenue | $28.46B |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | $6.09B |
| Net income | $4.04B |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $5.37B |
| Income tax expense | $1.25B |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-09-30 |
|---|---|
| Cash & equivalents | $1.84B |
| Total assets | $59.81B |
| Current assets | $24.11B |
| Total liabilities | Unavailable |
| Current liabilities | $22.11B |
| Total equity incl. NCI | $14.91B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | Unavailable |
| Accounts receivable | $8.55B |
| Goodwill | $24.61B |
| Long-term debt | $18.89B |
| Accounts payable | Unavailable |
Cash flow
| Metric | 2026-09-30 |
|---|---|
| Operating cash flow | $4.47B |
| Capital expenditures | $320.00M |
| Investing cash flow | -$1.02B |
| Financing cash flow | -$3.81B |
| Net change in cash | -$397.00M |
| Stock-based compensation | $418.00M |
| Common dividends paid | $1.80B |
| Common share repurchases | $3.03B |
| Depreciation & amortization | $359.00M |
Derived
| Metric | 2026-09-30 |
|---|---|
| Free cash flow | $4.15B |
| Gross margin | Unavailable |
| Operating margin | 21.4% |
| FCF margin | 14.6% |
| SBC / revenue | 1.5% |
| Current ratio | 1.09x |
| Revenue YoY growth | 7.6% |
| Net margin | 14.2% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 1.1% |
| Long-term debt / equity | 1.27x |
| Effective tax rate | 23.3% |
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.