MARSH & MCLENNAN COMPANIES, INC.
$207.78
+2.09 (+1.02%) · delayed · Nov 13, 2026
Five-year price
52w $156.60 to $214.00
- Market cap
- $98.8B
- Enterprise value
- $115.7B
- P/E
- 24.6×
- 25.8× on 3y avg EPS
- EV / EBIT
- 18.6×
- FCF yield
- 5.1%
- ROIC
- 14.8%
- Debt / equity
- 1.28
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 15.6%
- ●ROE > 15% (5y avg)5y avg ROE 28.8%
- ●Stable operating marginsMargin volatility 1.1% (σ, 5y)
- ●Earnings convert to cashFCF / net income 104% (5y avg)
- ●Growing revenueRevenue CAGR 5y 9.4%
- ●Shrinking share countDiluted shares -3.5% over 5y
Value
0
- ○P/E below 15P/E 24.6
- ○EV/EBIT below 12EV/EBIT 18.6
- ○FCF yield above 6%FCF yield 5.1%
- ○Price below Graham NumberGraham Number $78.16
- ○P/B below 3P/B 6.5
Safety
20
- ○Debt / equity below 0.5D/E 1.28
- ○Debt payable in < 4 yrs of earningsNet debt $16.9B
- ○Interest coverage > 8xCoverage 6.5x
- ○Current ratio > 1.5Current ratio 1.10
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $27.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.10
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 155%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 25.8
- ○P/E × P/B ≤ 22.5Product 166.6
Valuation lab
What do you have to believe?
At $207.78, the market is pricing in about 7.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $16.9B · 476M shares · 5y revenue CAGR 9.4%
Intrinsic value
$235.48
Price
$207.78
Margin of safety
12%
What the price implies
The market is paying for 7.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13,211 | 14,024 | 14,950 | 16,652 | 17,224 | 19,820 | 20,720 | 22,736 | 24,458 | 26,981 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,431 | 2,655 | 2,761 | 2,677 | 3,066 | 4,312 | 4,280 | 5,282 | 5,817 | 6,223 |
| Operating margin | 18.4% | 18.9% | 18.5% | 16.1% | 17.8% | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% |
| Pre-tax income | 2,480 | 2,643 | 2,244 | 2,439 | 2,793 | 4,208 | 4,082 | 5,026 | 5,480 | 5,539 |
| Income tax | 685 | 1,133 | 574 | 666 | 747 | 1,034 | 995 | 1,224 | 1,363 | 1,305 |
| Net income | 1,768 | 1,492 | 1,650 | 1,742 | 2,016 | 3,143 | 3,050 | 3,756 | 4,060 | 4,160 |
| EPS (diluted) | 3.38 | 2.87 | 3.23 | 3.41 | 3.94 | 6.13 | 6.04 | 7.53 | 8.18 | 8.43 |
| Diluted shares | 524 | 519 | 511 | 511 | 512 | 513 | 505 | 499 | 496 | 494 |
Who owns it