Also trades as: MMC (NYSE) · $vol 522M · MHM.L (LSE) · $vol 5M · MSN.DE (XETRA) · $vol 0M

$190.67

-4.05 (-2.08%)

Weekly Expected Move ±3.4%

$184 $191 $198 $204 $211

NYSE · Financial Services · Insurance - Brokers · Tech Score Strong Buy · Power 73 · $91.0B mcap · 475M float · 0.539% daily turnover · Short 42% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $497.8M held by 382 funds, 73 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

43.9 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 13.3%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale ★

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. MRSH shows a Weak competitive edge (43.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 13.3% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$197

Low

$198

Avg Target

$200

High

Based on 2 analysts since Oct 15, 2026 earnings

Analyst Recommendations

Strong Buy: 1Buy: 10Hold: 22Sell: 1Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$202.00

Analysts6

Consensus Change History

Date	Field	From	To
2026-01-14	_new_coverage	None	ADDED

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-19	Mizuho Securities	—	$190	$200	+10	+6.2%	$188.35
2026-10-16	Wells Fargo	—	$188	$197	+9	+5.6%	$186.54
2026-10-07	Mizuho Securities	—	$201	$190	-11	+10.6%	$171.75
2026-10-06	UBS	—	$216	$222	+6	+30.3%	$170.43
2026-08-25	BMO Capital	—	Initiated	$203	—	+4.3%	$194.67
2026-08-19	Morgan Stanley	—	$180	$200	+20	+7.3%	$186.37
2026-07-27	UBS	—	$212	$216	+4	+17.0%	$184.62
2026-07-22	Mizuho Securities	Yaron Kinar	$197	$201	+4	+10.7%	$181.59
2026-07-22	Wells Fargo	—	Initiated	$188	—	+3.5%	$181.59
2026-07-21	Morgan Stanley	—	$175	$180	+5	-1.2%	$182.22
2026-07-10	Evercore ISI	—	Initiated	$234	—	+30.1%	$179.91
2026-07-09	Mizuho Securities	—	$193	$197	+4	+10.0%	$179.05
2026-07-08	UBS	—	$203	$212	+9	+19.7%	$177.18
2026-07-06	Morgan Stanley	—	Initiated	$175	—	-2.0%	$178.54
2026-06-09	UBS	Brian Meredith	$180	$203	+23	+24.9%	$162.52
2026-05-26	Piper Sandler	—	Initiated	$182	—	+10.9%	$164.11
2026-05-21	UBS	—	Initiated	$180	—	+10.2%	$163.38
2026-04-13	Mizuho Securities	—	$213	$193	-20	+12.3%	$171.93
2026-02-17	Raymond James	Strong Buy	Initiated	$225	—	+29.3%	$174.06
2026-02-02	Cantor Fitzgerald	—	Initiated	$212	—	+11.3%	$190.46
2026-02-02	Mizuho Securities	—	Initiated	$213	—	+13.2%	$188.19

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. MRSH receives an overall rating of B+. Strongest factors: ROE (5/5), ROA (5/5). Areas of concern: D/E (2/5), P/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-10-01	B	B+
2026-09-02	B+	B
2026-07-20	A-	B+
2026-07-16	B+	A-
2026-07-14	A-	B+
2026-07-10	B+	A-
2026-07-08	A-	B+
2026-07-01	B+	A-
2026-06-24	B	B+
2026-04-30	B+	B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 50 Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

—

Value

Momentum

—

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. MRSH scores highest in Safety (100/100) and lowest in Balance Sheet (35/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-I Score

9.22

Safe Zone

Piotroski F-Score

4/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

—

Ohlson O-Score

-7.73

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

A-

Score: 65.9/100

Earnings Quality

100/100

OCF/NI: 1.11x

Accruals: -0.7%

The Altman-I Score is adapted for insurance companies, emphasizing return on equity, tangible net worth, and cash reserves alongside the standard equity and earnings components. MRSH scores 9.22, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. MRSH scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. MRSH's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. MRSH receives an estimated rating of A- (score: 65.9/100). The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). MRSH's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

22.75x

PEG

-1024609173864696.38x

P/S

3.20x

P/B

6.19x

P/FCF

19.57x

P/OCF

18.17x

EV/EBITDA

16.90x

EV/Revenue

3.58x

EV/EBIT

19.96x

EV/FCF

24.51x

Earnings Yield

4.97%

FCF Yield

5.11%

Shareholder Yield

5.70%

Graham Number

$76.26

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 22.8x earnings, MRSH commands a growth premium. Graham's intrinsic value formula yields $76.26 per share, 150% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.752

NI / EBT

Interest Burden

1.054

EBT / EBIT

EBIT Margin

0.179

EBIT / Rev

Asset Turnover

0.476

Rev / Assets

Equity Multiplier

4.075

Assets / Equity

ROE

27.5%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. MRSH's ROE of 27.5% is driven by financial leverage (equity multiplier: 4.08x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$71.71

Price/Value

2.37x

Margin of Safety

-136.71%

Premium

136.71%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with MRSH's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. MRSH trades at a 137% premium to its adjusted intrinsic value of $71.71, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 22.8x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 207 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$190.72

Median 1Y

$189.92

5th Pctile

$117.21

95th Pctile

$307.99

Ann. Volatility

27.7%

Analyst Target

$202.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Daniel Glaser CEO, ident and CEO,	$1,400,000	$5,250,130	$17,011,341
Companies, CEO, Marsh arsh	$941,667	$2,325,197	$7,401,281
McLennan Inc.	$883,333	$2,000,211	$6,929,455
Companies, Mark C. Chief Financial Officer, Marsh Inc. President and Executive Consulting Group LLC Vice General Counsel, McLennan	$800,000	$1,125,008	$5,210,829
Marsh McLennan Inc. President	$750,000	$875,120	$4,426,106

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

95,000

+5.6% YoY

Revenue / Employee

$284,011

Rev: $26,981,000,000

Profit / Employee

$43,789

NI: $4,160,000,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
ROE	5.4%	13.5%	21.3%	27.5%	27.54%
ROA	1.4%	3.4%	5.4%	6.8%	6.76%
ROIC	2.8%	6.4%	10.4%	13.3%	13.29%
ROCE	3.4%	4.6%	10.0%	13.5%	13.53%
Gross Margin	40.3%	45.6%	44.1%	40.6%	40.58%
Operating Margin	18.5%	23.1%	25.6%	17.7%	17.70%
Net Margin	12.4%	15.1%	17.1%	11.8%	11.77%
EBITDA Margin	22.8%	20.8%	19.3%	22.0%	22.03%
FCF Margin	31.2%	9.2%	12.8%	14.6%	14.60%
OCF Margin	32.8%	10.4%	13.9%	15.7%	15.72%
ROIC Economic	snapshot only				12.82%
Cash ROA	snapshot only				7.48%
Cash ROIC	snapshot only				12.72%
CROIC	snapshot only				11.81%
NOPAT Margin	snapshot only				16.42%
Pretax Margin	snapshot only				18.88%
R&D / Revenue	snapshot only				0.00%
SGA / Revenue	snapshot only				0.00%
SBC / Revenue	snapshot only				1.39%

Valuation

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
P/E Ratio	110.72	42.64	24.95	20.12	22.751
P/S Ratio	13.78	5.91	3.74	2.86	3.201
P/B Ratio	6.02	5.76	5.31	5.54	6.191
P/FCF	44.21	64.21	29.26	19.57	19.573
P/OCF	42.07	56.93	26.93	18.17	18.173
EV/EBITDA	72.87	33.93	22.46	16.90	16.896
EV/Revenue	16.63	7.38	4.69	3.58	3.577
EV/EBIT	85.88	39.99	26.55	19.96	19.964
EV/FCF	53.34	80.17	36.76	24.51	24.505
Earnings Yield	0.9%	2.3%	4.0%	5.0%	4.97%
FCF Yield	2.3%	1.6%	3.4%	5.1%	5.11%
EV/OCF	snapshot only				22.753
EV/Gross Profit	snapshot only				8.363
Acquirers Multiple	snapshot only				16.723
Shareholder Yield	snapshot only				5.70%
Graham Number	snapshot only				$76.26

Leverage & Solvency

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Current Ratio	1.10	11.46	1.14	1.09	1.090
Quick Ratio	1.10	11.46	1.14	1.09	1.090
Debt/Equity	1.42	1.54	1.47	1.52	1.522
Net Debt/Equity	1.24	1.43	1.36	1.40	1.396
Debt/Assets	0.37	0.38	0.38	0.37	0.373
Debt/EBITDA	14.25	7.28	4.96	3.71	3.707
Net Debt/EBITDA	12.47	6.75	4.58	3.40	3.401
Interest Coverage	5.43	5.51	5.27	5.24	5.240
Equity Multiplier	3.89	4.02	3.93	4.08	4.075
Cash Ratio	snapshot only				0.083
Debt Service Coverage	snapshot only				6.192
Cash to Debt	snapshot only				0.082
FCF to Debt	snapshot only				0.186
Defensive Interval	snapshot only				623.2 days

Efficiency & Turnover

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Asset Turnover	0.11	0.24	0.36	0.48	0.476
Inventory Turnover	—	—	—	—	—
Receivables Turnover	0.96	1.86	2.66	3.70	3.698
Payables Turnover	1.08	1.93	3.01	4.55	4.546
DSO	379	196	137	99	98.7 days
DIO	0	0	0	0	0.0 days
DPO	338	189	121	80	80.3 days
Cash Conversion Cycle	41	7	16	18	18.4 days
Fixed Asset Turnover	snapshot only				12.768
Cash Velocity	snapshot only				15.450
Capital Intensity	snapshot only				2.101

Growth Quality

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Revenue Stability	—	—	—	—	—
Earnings Stability	—	—	—	—	—
Margin Stability	—	—	—	—	—
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0	0
Earnings Persistence	—	—	—	—	—
Earnings Smoothness	—	—	—	—	—
ROE Trend	—	—	—	—	—
Gross Margin Trend	—	—	—	—	—
FCF Margin Trend	—	—	—	—	—
Sustainable Growth Rate	2.5%	7.4%	12.6%	15.3%	15.28%
Internal Growth Rate	0.6%	1.9%	3.3%	3.9%	3.90%

Cash Flow Quality

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
OCF/Net Income	2.63	0.75	0.93	1.11	1.107
FCF/OCF	0.95	0.89	0.92	0.93	0.928
FCF/Net Income	snapshot only				1.028
OCF/EBITDA	snapshot only				0.743
CapEx/Revenue	1.6%	1.2%	1.1%	1.1%	1.12%
CapEx/Depreciation	snapshot only				0.346
Accruals Ratio	-0.02	0.01	0.00	-0.01	-0.007
Sloan Accruals	snapshot only				0.015
Cash Flow Adequacy	snapshot only				2.112
Earnings Quality Score	snapshot only				1.000

Dividends & Buybacks

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Dividend Yield	0.5%	1.1%	1.6%	2.2%	1.98%
Dividend/Share	$0.91	$1.82	$2.73	$3.75	$3.78
Payout Ratio	54.1%	44.9%	40.9%	44.5%	44.49%
FCF Payout Ratio	21.6%	67.7%	48.0%	43.3%	43.28%
Total Payout Ratio	1.6%	1.3%	1.1%	1.1%	1.15%
Div. Increase Streak	0	0	0	0	0
Chowder Number	—	—	—	—	—
Buyback Yield	0.9%	1.9%	2.9%	3.5%	3.49%
Net Buyback Yield	0.9%	1.9%	2.9%	3.4%	3.44%
Total Shareholder Return	1.4%	3.0%	4.5%	5.7%	5.66%

DuPont Factors

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Tax Burden (NI/EBT)	0.78	0.75	0.75	0.75	0.752
Interest Burden (EBT/EBIT)	0.83	1.01	1.14	1.05	1.054
EBIT Margin	0.19	0.18	0.18	0.18	0.179
Asset Turnover	0.11	0.24	0.36	0.48	0.476
Equity Multiplier	3.89	4.02	3.93	4.08	4.075

Per Share

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
EPS (Diluted TTM)	$1.68	$4.05	$6.68	$8.44	$8.44
Book Value/Share	$30.82	$29.98	$31.37	$30.64	$31.32
Tangible Book/Share	$-28.54	$-29.45	$-28.25	$-30.15	$-30.15
Revenue/Share	$13.46	$29.20	$44.62	$59.41	$59.79
FCF/Share	$4.20	$2.69	$5.70	$8.67	$8.73
OCF/Share	$4.41	$3.03	$6.19	$9.34	$9.40
Cash/Share	$5.48	$3.31	$3.51	$3.85	$3.87
EBITDA/Share	$3.07	$6.35	$9.32	$12.58	$12.58
Debt/Share	$43.77	$46.20	$46.24	$46.62	$46.62
Net Debt/Share	$38.29	$42.88	$42.73	$42.78	$42.78

Academic Models

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Altman-I Score	—	—	—	—	9.217
Altman Z-Prime	snapshot only				4.283
Piotroski F-Score	4	3	3	4	4
Beneish M-Score	—	—	—	—	—
Ohlson O-Score	snapshot only				-7.735
Net-Net WC	snapshot only				$-43.40
EVA	snapshot only				$1155261169.02

Credit

Metric	Q4'25	Q1'26	Q2'26	Q3'26	Current
Credit Rating	snapshot only				A-
Credit Score	58.03	67.08	60.81	65.90	65.897
Credit Grade	snapshot only				7
Implied Spread (bps)	snapshot only				175.000
Industry Credit Rank	snapshot only				50
Sector Credit Rank	snapshot only				50

MRSH NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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