Marsh & McLennan Companies, Inc. (MRSH) Key Metrics
MRSH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $89.88B
- Enterprise value
- $118.05B
- P/E (TTM)
- 22.5 10-yr median 26.7
- Forward P/E
- 15.0
- PEG ratio
- 1.50
- Price / sales
- 3.2 10-yr median 3.4
- Price / book
- 5.4 10-yr median 6.9
- EV / EBITDA
- 16.3 10-yr median 17.3
- Dividend yield
- 2.10% $3.96 a year
- Beta
- 0.58
MRSH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMRSH valuation Price multiples at each fiscal year-end price.
MRSH returns How much profit the business earns on the capital it uses.
MRSH per-share figures Results divided by the shares outstanding at year-end.
MRSH financial health Debt, liquidity and how easily interest is covered.
MRSH efficiency & capital use Working capital cycle and where the cash goes.
MRSH valuation history
MRSH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MRSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MRSH cash returned to shareholders
MRSH price vs earnings per share
MRSH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $90.90B | $105.36B | $94.55B | $83.57B | $89.17B | $59.90B | $56.93B | $40.75B | $42.24B | $35.42B |
| Enterprise value | $109.67B | $124.82B | $106.62B | $95.60B | $100.58B | $71.39B | $70.00B | $45.51B | $46.52B | $39.20B |
| P/E ratio | 21.9 | 25.9 | 25.2 | 27.4 | 28.4 | 29.7 | 32.7 | 24.7 | 28.3 | 20.0 |
| Price / sales | 3.4 | 4.3 | 4.2 | 4.0 | 4.5 | 3.5 | 3.4 | 2.7 | 3.0 | 2.7 |
| Price / book | 6.0 | 7.9 | 7.8 | 7.9 | 8.1 | 6.6 | 7.3 | 5.4 | 5.7 | 5.7 |
| Price / free cash flow | 18.2 | 26.4 | 24.6 | 27.9 | 28.7 | 19.7 | 29.3 | 19.3 | 26.6 | 20.2 |
| Price / operating cash flow | 17.2 | 24.5 | 22.2 | 24.1 | 25.4 | 17.7 | 24.1 | 16.8 | 22.3 | 17.6 |
| EV / sales | 4.1 | 5.1 | 4.7 | 4.6 | 5.1 | 4.1 | 4.2 | 3.0 | 3.3 | 3.0 |
| EV / EBITDA | 14.8 | 18.0 | 16.9 | 18.1 | 18.6 | 17.6 | 19.4 | 15.0 | 13.8 | 12.6 |
| EV / free cash flow | 21.9 | 31.3 | 27.8 | 31.9 | 32.3 | 23.5 | 36.1 | 21.5 | 29.2 | 22.3 |
| Earnings yield | 4.6% | 3.9% | 4.0% | 3.6% | 3.5% | 3.4% | 3.1% | 4.0% | 3.5% | 5.0% |
| Free cash flow yield | 5.5% | 3.8% | 4.1% | 3.6% | 3.5% | 5.1% | 3.4% | 5.2% | 3.8% | 5.0% |
| Dividend yield | 1.9% | 1.4% | 1.4% | 1.4% | 1.2% | 1.6% | 1.5% | 2.0% | 1.8% | 1.9% |
| Shareholder yield (dividends + buybacks) | 4.1% | 2.3% | 2.6% | 3.7% | 2.5% | 1.6% | 2.6% | 3.8% | 4.0% | 4.3% |
| Share price at fiscal year-end | $185.52 | $212.41 | $189.47 | $165.48 | $173.82 | $117.00 | $111.41 | $79.75 | $81.39 | $67.59 |
| Per share | ||||||||||
| Revenue per share | $55.06 | $49.31 | $45.56 | $41.03 | $38.64 | $33.64 | $32.59 | $29.26 | $27.02 | $25.21 |
| Earnings per share | $8.49 | $8.19 | $7.53 | $6.04 | $6.13 | $3.94 | $3.41 | $3.23 | $2.87 | $3.37 |
| Operating cash flow per share | $10.80 | $8.67 | $8.53 | $6.86 | $6.85 | $6.61 | $4.62 | $4.75 | $3.65 | $3.83 |
| Free cash flow per share | $10.21 | $8.04 | $7.70 | $5.93 | $6.06 | $5.93 | $3.80 | $4.14 | $3.07 | $3.35 |
| Cash per share | $5.48 | $4.83 | $6.73 | $2.86 | $3.42 | $4.08 | $2.26 | $2.09 | $2.32 | $1.96 |
| Book value per share | $30.82 | $26.90 | $24.43 | $20.83 | $21.46 | $17.78 | $15.25 | $14.70 | $14.18 | $11.82 |
| Tangible book value per share | −$29.49 | −$29.81 | −$15.37 | −$17.35 | −$15.82 | −$17.80 | −$18.89 | −$6.90 | −$5.79 | −$6.30 |
| Dividends per share | $3.47 | $3.05 | $2.60 | $2.25 | $2.00 | $1.84 | $1.72 | $1.58 | $1.43 | $1.30 |
| Capex per share | $0.59 | $0.64 | $0.83 | $0.93 | $0.79 | $0.68 | $0.82 | $0.61 | $0.58 | $0.48 |
| Debt per share | $43.77 | $44.08 | $30.93 | $26.68 | $25.66 | $26.52 | $27.84 | $11.40 | $10.57 | $9.17 |
| Shares outstanding | 490.0M | 496.0M | 499.0M | 505.0M | 513.0M | 512.0M | 511.0M | 511.0M | 519.0M | 524.0M |
| Change in shares outstanding | −1.2% | −0.6% | −1.2% | −1.6% | +0.2% | +0.2% | 0.0% | −1.5% | −1.0% | −2.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 29.3% | 31.8% | 33.1% | 28.3% | 31.3% | 23.9% | 22.8% | 22.2% | 22.0% | 27.8% |
| Return on invested capital (ROIC) | 14.3% | 15.3% | 17.1% | 14.4% | 15.1% | 10.8% | 11.7% | 17.2% | 14.0% | 18.0% |
| Return on assets (ROA) | 7.2% | 7.8% | 8.2% | 7.8% | 9.3% | 6.3% | 6.6% | 7.9% | 7.7% | 9.7% |
| Return on tangible assets | 14.3% | 14.3% | 13.3% | 12.3% | 20.6% | 13.6% | 12.6% | 15.7% | 14.8% | 20.3% |
| Free cash flow margin | 18.5% | 16.3% | 16.9% | 14.5% | 15.7% | 17.6% | 11.7% | 14.1% | 11.3% | 13.3% |
| Income quality (OCF / net income) | 1.27 | 1.06 | 1.13 | 1.14 | 1.12 | 1.68 | 1.36 | 1.47 | 1.27 | 1.14 |
| Financial health | ||||||||||
| Total debt | $21.45B | $21.86B | $15.44B | $13.47B | $13.16B | $13.58B | $14.22B | $5.82B | $5.49B | $4.81B |
| Cash & short-term investments | $2.69B | $2.40B | $3.36B | $1.44B | $1.75B | $2.09B | $1.16B | $1.07B | $1.21B | $1.03B |
| Net debt | $18.76B | $19.46B | $12.08B | $12.03B | $11.41B | $11.49B | $13.07B | $4.76B | $4.28B | $3.78B |
| Debt / equity | 1.42 | 1.64 | 1.27 | 1.28 | 1.20 | 1.49 | 1.83 | 0.78 | 0.75 | 0.78 |
| Debt / assets | 0.37 | 0.39 | 0.32 | 0.31 | 0.38 | 0.41 | 0.45 | 0.27 | 0.27 | 0.26 |
| Net debt / EBITDA | 2.54 | 2.81 | 1.91 | 2.28 | 2.11 | 2.84 | 3.62 | 1.57 | 1.27 | 1.22 |
| Current ratio | 1.10 | 1.13 | 1.10 | 1.06 | 1.24 | 1.24 | 1.06 | 1.21 | 1.31 | 1.20 |
| Quick ratio | 1.10 | 1.13 | 1.10 | 1.06 | 1.24 | 1.24 | 1.06 | 1.21 | 1.31 | 1.20 |
| Interest coverage | 6.5 | 8.3 | 9.1 | 9.1 | 9.7 | 6.0 | 5.1 | 9.5 | 11.2 | 12.9 |
| Working capital | $2.14B | $2.60B | $1.95B | $1.13B | $1.61B | $1.56B | $389.0M | $1.01B | $1.30B | $802.0M |
| Invested capital | $33.86B | $32.81B | $24.27B | $22.55B | $22.42B | $20.59B | $20.86B | $12.27B | $11.64B | $9.97B |
| Tangible asset value | −$14.23B | −$14.59B | −$7.49B | −$8.53B | −$7.91B | −$8.97B | −$9.54B | −$3.45B | −$2.92B | −$3.22B |
| Net current asset value | −$20.20B | −$20.83B | −$13.91B | −$14.41B | −$14.90B | −$15.67B | −$16.35B | −$8.06B | −$7.42B | −$7.03B |
| Graham number | $76.72 | $70.39 | $64.32 | $53.21 | $54.39 | $39.69 | $34.20 | $32.68 | $30.28 | $29.95 |
| Graham net-net per share | −$71.34 | −$70.93 | −$55.09 | −$54.52 | −$33.58 | −$34.58 | −$35.87 | −$18.96 | −$16.73 | −$15.57 |
| Capital allocation | ||||||||||
| Dividends paid | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943.0M | $880.0M | $807.0M | $740.0M | $682.0M |
| Share buybacks (net) | $2.01B | $900.0M | $1.15B | $1.95B | $1.16B | — | $574.0M | $742.0M | $949.0M | $839.0M |
| Dividend payout ratio | 40.8% | 37.3% | 34.6% | 37.3% | 32.6% | 46.8% | 50.5% | 48.9% | 49.6% | 38.6% |
| Dividends + buybacks / free cash flow | 74.2% | 60.5% | 63.7% | 103.1% | 70.3% | 31.1% | 74.9% | 73.3% | 106.2% | 86.7% |
| Capex / revenue | 1.1% | 1.3% | 1.8% | 2.3% | 2.0% | 2.0% | 2.5% | 2.1% | 2.2% | 1.9% |
| Capex / operating cash flow | 5.5% | 7.3% | 9.8% | 13.6% | 11.5% | 10.3% | 17.8% | 12.9% | 16.0% | 12.6% |
| Capex / depreciation | 0.32 | 0.42 | 0.58 | 0.65 | 0.54 | 0.47 | 0.65 | 0.64 | 0.63 | 0.58 |
| Stock-based compensation / revenue | 1.5% | 1.5% | 1.6% | 1.8% | 1.8% | 1.7% | 1.5% | 1.3% | 1.1% | 0.8% |
| SG&A / revenue | — | — | — | — | — | — | 58.5% | 57.6% | 57.7% | 58.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 100.3 | 101.3 | 98.5 | 100.7 | 100.5 | 111.9 | 104.7 | 103.2 | 101.2 | 94.0 |
| Days payables outstanding | 82.6 | 88.7 | 93.1 | 97.4 | 99.3 | 104.4 | 93.4 | 91.6 | 91.5 | 91.4 |
| Cash conversion cycle (days) | 17.6 | 12.6 | 5.4 | 3.3 | 1.2 | 7.5 | 11.3 | 11.6 | 9.7 | 2.6 |
| Receivables turnover | 3.64 | 3.60 | 3.71 | 3.62 | 3.63 | 3.26 | 3.49 | 3.54 | 3.61 | 3.88 |
| Payables turnover | 4.42 | 4.11 | 3.92 | 3.75 | 3.68 | 3.50 | 3.91 | 3.99 | 3.99 | 3.99 |
| Asset turnover | 0.47 | 0.47 | 0.49 | 0.53 | 0.59 | 0.54 | 0.63 | 0.71 | 0.73 | 0.73 |
| Average receivables | $7.41B | $6.79B | $6.13B | $5.72B | $5.46B | $5.28B | $4.78B | $4.22B | $3.89B | $3.40B |
| Average payables | $3.53B | $3.40B | $3.34B | $3.22B | $3.11B | $2.90B | $2.49B | $2.16B | $2.03B | $1.93B |
| Intangibles / total assets | 50.3% | 49.8% | 41.4% | 43.7% | 55.6% | 55.1% | 55.7% | 51.1% | 50.7% | 52.2% |
Computed from MRSH's annual financial statements (latest annual report filed February 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MRSH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Marsh McLennan traded at 21.9 times earnings, against a 10-year median of 26.7. Based on the latest twelve months, the trailing P/E is 22.5 and the forward P/E is 15.0. Marsh McLennan earned a return on equity of 29.3% and a return on invested capital of 14.3% in fiscal 2025. It ended the year with $21.4 billion of debt and $2.7 billion in cash and short-term investments, net debt of $18.8 billion. It returned $3.7 billion to shareholders: $1.7 billion in dividends and $2.0 billion in share buybacks, 74% of free cash flow. The share count fell 6.5% from 524.0M to 490.0M over 9 years.
See the MRSH income statement, the MRSH chart for price history, or the MRSH stock overview for the latest quote and news.
MRSH key metrics FAQ
What is Marsh McLennan's P/E ratio?
Marsh McLennan's trailing P/E ratio is 22.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.0. At the end of fiscal 2025 it was 21.9, compared with a 10-year median of 26.7.
What is Marsh McLennan's EV/EBITDA?
Marsh McLennan's enterprise value was 14.8 times EBITDA at the end of fiscal 2025 (enterprise value $109.7 billion, EBITDA $7.4 billion); the current EV/EBITDA is 16.3.
What is Marsh McLennan's return on equity?
Marsh McLennan's return on equity (ROE) was 29.3% in fiscal 2025: net income of $4.2 billion on average shareholders' equity of $14.2 billion.
What is Marsh McLennan's ROIC?
Marsh McLennan's return on invested capital was 14.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Marsh McLennan have?
Marsh McLennan had total debt of $21.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.42 and $18.8 billion of net debt (2.54 times EBITDA).
What is Marsh McLennan's dividend yield?
Marsh McLennan's forward dividend yield is 2.10%. Marsh McLennan paid $1.7 billion in dividends in fiscal 2025 ($3.47 per share), a payout ratio of 40.8%.
Does Marsh McLennan buy back its shares?
Yes. Marsh McLennan spent $2.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.2% over the year, to 490.0M..
What is Marsh McLennan's free cash flow yield?
Marsh McLennan generated $5.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.5% on its market value at year-end ($90.9 billion).
What is Marsh McLennan's current ratio?
Marsh McLennan's current ratio was 1.10 at the end of fiscal 2025: current assets were 1.10 times current liabilities.