InsiderStreet Equity Research

Produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation for any investor. Do not rely on it for any investment decision.

Last Close

$188.35

2026-Oct-18

Market Cap

$89.9B

Volume

2.8M

52-Wk High

$198.49

52-Wk Low

$156.60

Trailing PE

22.4

P/S

3.16

Gross Margin

42.8%

Net Margin

14.2%

ROE

27%

ROIC

12%

Piotroski

7/9

Altman Z

2.7

Marsh & McLennan Companies, Inc. (MRSH) functions as a leading professional services organization, delivering expert guidance and innovative solutions to clients across the vital domains of risk management, strategic planning, and human capital. Based in New York City, the firm maintains a substantial global workforce, employing approximately 65,000 full-time professionals. This entity serves as the parent company for several prominent advisory and consulting brands. These include Marsh, renowned for its insurance brokerage services; Guy Carpenter, a specialist in risk and reinsurance; Mercer, which provides comprehensive human resources and investment-related financial advice; and Oliver Wyman Group, an influential management and economic consultancy. Marsh & McLennan structures its operations into two core business segments. The "Risk and Insurance Services" division encompasses activities such as risk management, along with comprehensive insurance and reinsurance brokerage and services. The "Consulting" division offers a broad spectrum of services, including health, retirement, talent, and investment consulting, as well as specialized advice in management, economics, and brand strategy. The Risk and Insurance Services segment's operations are primarily conducted through Marsh and Guy Carpenter, while Mercer and Oliver Wyman Group are the key contributors to the Consulting segment's offerings.

SectorFinancial ServicesIndustryInsurance - BrokersExchangeNYSEMarket Cap$89.9BEmployees95,000 (SEC-filed)CEOJohn Q. DoyleIPO1987-12-30CountryUS

1166 Avenue of the Americas, New York City, NY 10036-2774 · Tel 212 345 5000 · corporate.marsh.com

INSIDERSTREET SCORE50 / 100Street mean $199.67 (9 analysts, last qtr) — their number, not ours

INSIDER CONSENSUS SIGNALROUTINE SELLING — LOW SIGNAL$12M sold / 6 mo, zero open-market buys

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INSIDERSTREET
SCORE50of 100

Score Breakdown

Profitability	59/100
Quality	62/100
Earnings Quality	70/100
Balance Sheet	35/100
Value	51/100
Risk (safety)	100/100
Overall	50.1/100

Each component is a diagnostic reading on its own 0-100 scale. The overall score is computed separately from the underlying financials and is not the average of the rows above — components are not equally weighted and three of them (Momentum, Value, Risk) are derived partly from price rather than from the business.

Peer Comparison — IS Score

Symbol	IS Score
AJG	52
AON	50
WLTW	51
BRO	60
ICE	59
HOOD	31
MRSH	50

IS Score Trend — quarterly

4 quarters, 25 Q4 to 26 Q3. Peak 51 in 25 Q4, latest 50 — -1 since. Fell in 0 of the last 3 quarters. Dashed line marks 40 on the 0-100 scale.

BUSINESS QUALITY50 / 100IS Score 50.1 / 100 · -0.6 from peak of 51

Fundamental factor model, quarterly. Measures how the business is doing - not where the price is going.

PRICE STRUCTUREBULLISHTechnical Score 86 / 100 · Power +72 · 21 of 22 indicator votes bullish

Vote share across trend, momentum, volume, volatility and pattern families. Describes where the price is, not where it is going.

Both readings sit above the midpoint — business quality at 50 and price structure at 86 out of 100 — so they are not in conflict. The fundamentals and the tape are saying the same thing, which is the case in which either one alone would have been enough.

Trigger	Where it stands now	What it would mean
IS Score reaches 55 and holds two consecutive quarters	now 50.1	would move us up one band

We publish these so the view can be shown to be wrong. If none of them move and our reading does, we owe you an explanation.

This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Site Convergence Score3 of 4top 4% of 29,420 symbols

Sources Aligned— of 3independent disclosures

Congress (180d)2 buys2026-06-02

Insider Buys (180d)0none disclosed

ETF Funds (30d)1164 up / 974 downnet +190 funds

Institutions Added (13F)1,507managers opening or increasing

Congressional and insider figures are disclosed purchases in the trailing 180 days; ETF figures are COUNTS OF FUNDS whose holding changed in 30 days, not dollars. Coincidence of separate disclosures, not coordination. An absent source means nothing qualifying was disclosed in its window.

Insider	Role	Date	Type	Shares	Value	Post-Txn Owned
Brennan Katherine	SVP and General Counsel	2026-09-02	EXERCISE	1,197	$0.10M	8,527
Brennan Katherine	SVP and General Counsel	2026-09-02	SELL	1,197	$0.22M	7,330
Brennan Katherine	SVP and General Counsel	2026-09-02	EXERCISE	1,197	$0.10M	0
Doyle John Q	President and CEO	2026-09-02	EXERCISE	16,656	$1.22M	133,467
Doyle John Q	President and CEO	2026-09-02	SELL	16,656	$3.14M	116,811
Doyle John Q	President and CEO	2026-09-02	EXERCISE	16,656	$1.22M	16,656
Schapiro Morton O	director	2026-08-15	A-Award	219	—	91,138
Yates Lloyd M	director	2026-08-15	A-Award	224	—	12,680

6-mo decomposition (Form 4)	Txns	Shares	Value	Signal weight
S — Open-market sales	9	67,020	$12.4M	Counted
M — Exercises (paired A/D)	15	175,788	$2.5M	None — mechanics
F — Tax withholding	11	69,365	$12.9M	None — compensation
P — Open-market purchases	0	0	$0	Counted — none occurred

Monthly Net Insider Flow (000 shares)

Net of acquisitions minus dispositions, all Form 4 types.

Signal Summary

SignalRoutine Selling — Low Signal

Open-Market Sells$12.4M9 txns / 6 mo

Open-Market Buys$0.0M0 txns / 6 mo

ClusterNone active3+ insiders / 21 days

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Filed	Filer	Shares registered	Est. proceeds
2026-09-02	Doyle John Q	16,656	$3.1M
2026-09-02	Brennan Katherine	1,197	$0.2M
2026-08-06	Jones John Jude	6,500	$1.2M
2026-07-29	Beswick Paul	713	$0.1M
Trailing 12 mo	11 filings	123,472	$23M

Filed	Form	Reporting person	% of class	Shares
2026-04-30	SCHEDULE 13G	Vanguard Capital Management	7.52%	36.4M sh
2026-03-27	SCHEDULE 13G/A	The Vanguard Group	—	exit/reporting change

Member	Chamber	Trade	Size band	Traded	Disclosed
Kevin Hern	House	SELL	$50,001 - $100,000	2026-09-23	2026-10-14
Kevin Hern	House	SELL	$50,001 - $100,000	2026-09-23	2026-10-13
Kevin Hern	House	SELL	$50,001 - $100,000	2026-09-17	2026-10-14
Tina Smith	Senate	SELL	$50,001 - $100,000	2026-01-27	2026-01-30

House 12-Mo20 trades3 purchases

Senate 12-Mo1 trades0 purchases

CoverageSTOCK Act filings30-45 day disclosure lag

13F Filers (last complete Q)0

13F Shares0M0.0% of shares out

New / Closed0 / 0positions, QoQ

Increased / Reduced0 / 0positions, QoQ

Put/Call (13F)—option positions

Free Float99.9%477M sh

2.8 · Largest Reporting 13F Managers

Manager	Shares	Value
Ninety One Uk Ltd	5.6M	$962M
Davenport & Co Llc	608,732	$104M
Ninety One North America, Inc.	401,969	$69M
Birch Hill Investment Advisors Llc	394,139	$67M
Fjarde Ap-Fonden /Fourth Swedish N	307,521	$53M
Vontobel Holding Ltd.	296,160	$51M

EDGAR 13F holdings as of 2026-09-30; filer values normalized to dollars.

2.9 · Top ETF & Fund Ownership

Fund	Weight	Position
VITSX	0.1%	$2.6B
VTI	0.1%	$2.6B
VSMPX	0.1%	$2.6B
VTSAX	0.1%	$2.6B
VOO	0.1%	$2.1B
VFINX	0.1%	$2.1B

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Daily short-sale volume as % of volume reported in FINRA's short-sale file — a flow measure, not short interest; dashed = 50-day average.

Latest Session41.0%2026-10-15

20-Day Avg44.2%50-day 36.8%

TrendRising20d vs 50d

By Market CenterQ: 42% · N: 32% · B: 44%latest session

Weekly Notional ($B)

Where MRSH Trades in the Dark

ATS Venue (4-wk)	Shares	Avg trade
Incr Intelligent Cross Llc	3.4M	49 sh
Ubsa Ubs Ats	2.6M	55 sh
Bids Bids Ats	2.0M	496 sh
Sgmt Sigma X2	1.8M	46 sh
Ebxl Level Ats	1.8M	29 sh
Mlix Instinct X	1.7M	82 sh

Region	Revenue	Share
UNITED STATES	$13.3B	49%
Other Geographic Areas	$9.9B	37%
UNITED KINGDOM	$3.8B	14%

MRSH (live moat model)Peer median: AJG · AON · WLTW · BRO · ICE

Component scores from the live moat model. Peer median illustrative.

Moat score 30/100 — None; primary source Efficient Scale.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

3.8 · Employees (SEC filings)

Officer	Title
John Quinlan Doyle	President, Chief Executive Officer & Director
Martin C. South	Senior VP & Chief Client Officer
Dean Klisura	Vice Chair, President & CEO of Marsh Re
Mark Christopher McGivney	Executive VP, CFO & COO

Beat Rate—%0 of 0 quarters

Current Streak0longest 0

Avg EPS Surprise—%median —%

Surprise Trend—last 4 vs prior 4

Period	EPS est.	EPS actual	EPS surprise	Rev est. ($M)	Rev actual ($M)	Rev surprise

Announcement dates to . Consensus as it stood at each report. Revenue surprise shown where both estimate and actual are filed. A beat record is history, not a forecast.

Ratio	TTM	Trend
PROFITABILITY
ROE	27%
ROA	6.8%
ROIC	11.8%
Gross margin	42.8%
Operating margin	21.4%
Net margin	14.2%
EBITDA margin	21.1%
FCF margin	—
VALUATION
P/E	22.4
P/B	6.1
P/S	3.16
P/FCF	21.6
EV/EBITDA	18.4
EV/Revenue	3.9
Earnings yield	4.51%
FCF yield	4.62%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Ratio	TTM	Trend
LEVERAGE & SOLVENCY
Current ratio	1.09
Quick ratio	1.09
Debt / equity	1.52
Debt / assets	37.3%
Net debt / EBITDA	3.41
Interest coverage	—

Ratio	TTM	Trend
EFFICIENCY
Asset turnover	0.48
Receivables turnover	3.3
DSO (days)	110
DPO (days)	80
Cash conversion cycle	29
GROWTH (YoY)
Revenue growth	—
Net income growth	—
EPS growth	—
FCF growth	—
PER SHARE ($)
EPS (diluted, TTM)	8.49
Book value / share	31.32
Revenue / share	59.79
FCF / share	8.73
Cash / share	3.87
SHAREHOLDER RETURN & SCORES
Buyback yield	1.06%
Altman Z-Score	2.7
Piotroski F-Score	7/9
Beneish M-Score	—

Model	Score	Zone	Note
Piotroski F-Score	7 / 9	Strong
Altman Z-Score	2.7	Grey zone	Grey
Income quality	1.29	Cash-backed	OCF ÷ net income

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DuPont Decomposition (TTM)	Value
Tax burden	0.75
Interest burden	1.05
Operating margin	17.9%
Asset turnover	0.48×
Financial leverage	4.08×
= ROE	28%

Growth Quality (live)	Value
Revenue stability	—
Earnings stability	—
Earnings persistence	—
Revenue CAGR 3y	—
EPS CAGR 3y	—
FCF CAGR 3y	—

Buyback Yield1.06%

Dividend Yield2.01%

Total Shareholder Return3.23%cash yield

SBC / Revenue1.4%dilution pressure

Company	Mkt cap	P/E	ROE	Net margin	Rev growth	Piotroski	1-yr ret
AJG	$65.3B	41.8	7%	8.1%	+26.3%	7/9	-8.8%
AON	$62.1B	16.0	45%	13.0%	+4.9%	8/9	-13.9%
WLTW	$24.7B	14.3	20%	9.3%	+6.7%	6/9	—
BRO	$23.2B	19.2	10%	17.2%	+39.6%	7/9	-20.4%
ICE	$90.7B	22.7	14%	35.9%	-0.6%	8/9	+5.7%
HOOD	$88.9B	42.8	24%	42.9%	+38.3%	3/9	—
USB	$91.5B	11.4	13%	19.9%	+3.3%	8/9	—
PNC	$86.7B	11.6	13%	22.6%	+3.9%	4/9	—

1-yr returns computed from adjusted price history; peers without a tracked series show —.

Hold

34 Analysts

Str Sell (0)Sell (1)Hold (22)Buy (10)Str Buy (1)

Mean Target (qtr)$199.679 targets

Target vs. Price+6.0%last-quarter mean

Next Report2027-02-04street $2.20

Consensus estimates	Revenue mean	High / Low	EPS mean	High / Low	# EPS est.
FY2026	$28.65B	$28.79B / $28.56B	$10.46	$10.56 / $10.33	13
FY2027	$30.09B	$30.29B / $29.75B	$11.45	$11.65 / $10.95	14
FY2028	$31.69B	$32.76B / $30.67B	$12.57	$13.13 / $11.76	4

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Street Price Target — Trajectory

Window	Avg Target	vs. Price	# Targets
Last Month	$203.00	+7.8%	3
Last Quarter	$199.67	+6.0%	9
Last Year	$202.52	+7.5%	31
All Time	$202.94	+7.7%	70

Rolling mean of published targets vs. last close $188.35. Aggregated from StreetInsider, Benzinga.

Third-Party Composite Rating

B+

DCF

4/5

ROE

5/5

ROA

5/5

Debt/Eq

2/5

P/E

2/5

P/B

1/5

Independent quant composite as of 2026-10-16; components scored 1–5 (5 best). Shown for contrast with the InsiderStreet Score — methodologies differ.

Moving Average	Value	Distance	% Distance	Signal
SMA 20	$173.67	+14.68	+8.45%	Above
SMA 50	$181.06	+7.29	+4.03%	Above
SMA 200	$176.47	+11.88	+6.73%	Above
EMA 9	$179.68	+8.67	+4.83%	Above
EMA 21	$177.22	+11.13	+6.28%	Above
EMA 50	$178.19	+10.16	+5.70%	Above
EMA 200	$176.47	+11.88	+6.73%	Above

Series and readings from the nightly technical-indicator history — identical data to the site's ribbon chart. Supertrend segments colored by direction.

TECHNICAL VERDICTBULLISHPower Score +7221 of 22 indicator votes bullish

Family Scores (site weights)

Trend 30%100

Momentum 25%91

Volume 20%94

Volatility 10%67

Patterns 15%50

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Price vs SMA 20$173.67

Price vs SMA 50$181.06

Price vs SMA 200$176.47

EMA 9/21 Cross179.7/177.2

SMA 50/200Golden

ADX DirectionADX 28

Supertrend$176

Parabolic SAR$171

SMA Slope0.720

RSI71.2

Stochastic K/D88/89

StochRSI K/D100/100

Williams %R-11

CCI228

TSI vs Signal7.9

CMO42.4

ROC10.73%

OBV SignalAccum

Chaikin MF0.100

MFI73

Force Index6M

Elder Ray Bull12.69

RSI (14)30 oversold · 70 overbought

Stochastic %Kvs %D 89

Money Flowvolume-weighted RSI

ADXtrend strength · <20 weak

Williams %Rinverted scale

Level	Value	Level	Value
Pivot / R1 / R2	$186.26 / $191.32 / $196.10	S1 / S2	$181.48 / $176.42
Bollinger (20,2)	$162.63 – $184.71	Squeeze	Off
ATR (14)	$3.98 (2.1%)	Historical vol	21.3%

MRSH EQUITY WEATHER (LIVE)PARTLY CLOUDY · +25

Trend+39

Momentum+70

Volume+37

Volatility-60

Breadth-23

MARKET REGIME (2026-10-16)NEUTRAL

VIX19.99Normal

Dow TheoryConfirmed Bearish

SPY / QQQ TSI7.2 / 4.7trend strength

Sector Strength46/100breadth average

Average sentiment of 225 stories, weekly buckets, −1 to +1.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Overall+25.2+30.7 vs industry

Trend+39.0+44.1 vs industry

Momentum+69.6+63.1 vs industry

Volume+37.0+37.0 vs industry

Reading	MRSH	Insurance - Brokers n=53	Financial Services n=24,134	All US symbols n=70,435
Overall	+25.2	-5.5	-16.3	-20.5
Trend	+39.0	-5.2	-12.5	-21.3
Momentum	+69.6	+6.5	-4.4	-15.8
Volume	+37.0	+0.0	+0.0	-3.8

Trend, momentum and volume are computed per company. Volatility and breadth are market-regime values shared by every symbol in the universe, so they are reported once under Market Regime rather than compared here - a company cannot differ from its sector on a constant.

Executive	Total comp	Structure
Daniel Glaser President and CEO,	$17.0M	56% equity+incentive
Companies, and CEO, Marsh	$7.4M	66% equity+incentive
McLennan Inc.	$6.9M	72% equity+incentive
Companies, Mark C. Chief Financial Officer,	$5.2M	52% equity+incentive
Marsh McLennan Inc. President	$4.4M	57% equity+incentive

Pillar (live disclosure scores)	Score
Environmental	56
Social	57
Governance	62
Composite ESG	58

Composite ESG Trend

Filed	8-K contents	Items
2026-10-15	Earnings Release; Exhibits	2.02,9.01
2026-07-21	Earnings Release; Exhibits	2.02,9.01
2026-06-04	Material Agreement; Termination of Agreement; Exhibits	1.01,1.02,9.01
2026-05-22	Shareholder Vote	5.07
2026-04-16	Earnings Release; Exhibits	2.02,9.01
2026-04-14	Officer/Director Change; Exhibits	5.02,9.01
2026-03-10	Departure/Election of Directors; Appointment of Officers	5.02
2026-02-25	Departure/Election of Directors; Appointment of Officers	5.02

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.

DISCLOSURES. This document is produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation tailored to any person. Data is sourced as of the dates shown and may no longer be current. InsiderStreet.ai is not a registered investment adviser or broker-dealer. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Do not make any investment decision based on this document. © 2026 InsiderStreet.ai — all rights reserved. Redistribution prohibited.

Data domain	Source	Coverage for this report
Price & volume	market_db.historical_prices	not present for this symbol
Fundamentals	income_statements_annual	not present for this symbol
Reported vs consensus	fact/earnings_calendar	24 rows · 2021-01-28 to 2026-10-15
Analyst estimates	dim/forward_estimates	3 rows · 2026-12-31 to 2028-12-31
Institutional ownership (13F)	holdings_db.institutional_ownership_summary	not present for this symbol
Insider transactions (Form 4)	edgar/form4	12 rows · 2026-08-14 to 2026-09-02
Proposed sales (Form 144)	edgar/form144	1 record
Beneficial ownership (13D/G)	edgar/13dg	2 rows · 2026-03-27 to 2026-04-30
Short-sale volume (FINRA)	edgar/short_volume_daily	60 rows · 2026-07-23 to 2026-10-15
Dark pool (ATS, tier 1)	edgar/darkpool_weekly	12 rows · 2026-06-15 to 2026-08-31
ETF & fund holding	etf_holdings_changelog (30d)	1 record
Peer set	stock_peers_dynamic	8 rows
Industry medians	industry_medians	1 record
Congressional trades	congress_db (House + Senate)	1 record
ESG	fact/esg_disclosures	1 record

Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.

Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.