Marsh & McLennan (MRSH)
Market Price (10/2/2026): $170.47 | Market Cap: $81.8 BilSector: Financials | Industry: Insurance Brokers
Marsh & McLennan (MRSH)
Market Price (10/2/2026): $170.47Market Cap: $81.8 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 5.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 5.1 Bil, FCF LTM is 4.8 Bil Stock buyback supportStock Buyback 3Y Total is 5.0 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Sustainable Finance, Fintech & Digital Payments, and Cybersecurity. Themes include ESG Investing & Green Bonds, Show more. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -85% | Key risksMRSH key risks include [1] significant financial exposure from errors and omissions claims inherent in its professional services business. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 5.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 5.1 Bil, FCF LTM is 4.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.0 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Sustainable Finance, Fintech & Digital Payments, and Cybersecurity. Themes include ESG Investing & Green Bonds, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -85% |
| Key risksMRSH key risks include [1] significant financial exposure from errors and omissions claims inherent in its professional services business. |
Qualitative Assessment
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Marsh & McLennan (MRSH) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong fiscal Q2 2026 Earnings Outperformance. Marsh & McLennan reported adjusted earnings per share (EPS) of $2.96 for fiscal Q2 2026, exceeding the consensus analyst estimate of $2.89 by $0.07. The company's revenue also climbed by 6.2% year-over-year to $7.28 billion, surpassing analyst expectations. This robust performance in the quarter ending June 30, 2026, demonstrated solid operational execution and contributed significantly to investor confidence.
2. Enhanced Shareholder Returns through Dividend Increase and Share Repurchases. Marsh & McLennan's commitment to returning capital to shareholders was evident with a 10% increase in its quarterly dividend to $0.990 per share, declared on July 8, 2026. Additionally, the company repurchased 4.5 million shares for $750 million during fiscal Q2 2026, further signaling a positive outlook and enhancing shareholder value.
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Marsh & McLennan (MRSH) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong fiscal Q2 2026 Earnings Outperformance. Marsh & McLennan reported adjusted earnings per share (EPS) of $2.96 for fiscal Q2 2026, exceeding the consensus analyst estimate of $2.89 by $0.07. The company's revenue also climbed by 6.2% year-over-year to $7.28 billion, surpassing analyst expectations. This robust performance in the quarter ending June 30, 2026, demonstrated solid operational execution and contributed significantly to investor confidence.
2. Enhanced Shareholder Returns through Dividend Increase and Share Repurchases. Marsh & McLennan's commitment to returning capital to shareholders was evident with a 10% increase in its quarterly dividend to $0.990 per share, declared on July 8, 2026. Additionally, the company repurchased 4.5 million shares for $750 million during fiscal Q2 2026, further signaling a positive outlook and enhancing shareholder value.
3. Robust Growth in Consulting Services Segment. The company's Consulting segment experienced significant growth in fiscal Q2 2026, with revenue jumping 10%, or 8% on an underlying basis, to $2.6 billion. Marsh Management Consulting revenue notably rose 15% with 13% underlying growth, highlighting strong demand for its advisory services. This segment's strong performance was a key driver for the overall positive financial results.
4. Upgraded Analyst Price Targets Reflecting Positive Outlook. Several financial analysts raised their price targets for MRSH during the period. For instance, UBS Group increased its target from $212.00 to $216.00 with a "buy" rating in July 2026, and JPMorgan Chase & Co. raised its price target from $212.00 to $215.00 in October 2026, maintaining an "overweight" rating. These upward revisions in price targets, despite a mixed overall sentiment, contributed to the stock's positive trend.
5. Favorable Industry Dynamics Supporting Demand for Insurance and Consulting Services. The broader insurance brokerage market continued to benefit from steady demand for commercial insurance, employee benefits, cyber coverage, and specialty products. This macroeconomic tailwind, coupled with the industry's stable earnings and pricing power, provided a supportive environment for Marsh & McLennan's operations, even amid concerns over softer commercial insurance pricing and rising operating costs.
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Stock Movement Drivers
Fundamental Drivers
The 4.3% change in MRSH stock from 6/30/2026 to 10/1/2026 was primarily driven by a 2.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 164.77 | 171.85 | 4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,517 | 27,947 | 1.6% |
| Net Income Margin (%) | 14.3% | 14.2% | -0.2% |
| P/E Multiple | 20.3 | 20.7 | 2.0% |
| Shares Outstanding (Mil) | 484 | 480 | 0.8% |
| Cumulative Contribution | 4.3% |
Market Drivers
6/30/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| MRSH | 4.3% | |
| Market (SPY) | 2.3% | -24.6% |
| Sector (XLF) | -0.3% | 38.6% |
Fundamental Drivers
The 0.7% change in MRSH stock from 3/31/2026 to 10/1/2026 was primarily driven by a 3.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 170.60 | 171.85 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,981 | 27,947 | 3.6% |
| Net Income Margin (%) | 15.4% | 14.2% | -7.6% |
| P/E Multiple | 20.0 | 20.7 | 3.6% |
| Shares Outstanding (Mil) | 488 | 480 | 1.7% |
| Cumulative Contribution | 0.7% |
Market Drivers
3/31/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| MRSH | 0.7% | |
| Market (SPY) | 17.8% | -28.2% |
| Sector (XLF) | 8.7% | 37.5% |
Fundamental Drivers
The -12.5% change in MRSH stock from 9/30/2025 to 10/1/2026 was primarily driven by a -11.5% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 196.33 | 171.85 | -12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,799 | 27,947 | 8.3% |
| Net Income Margin (%) | 16.0% | 14.2% | -11.0% |
| P/E Multiple | 23.4 | 20.7 | -11.5% |
| Shares Outstanding (Mil) | 492 | 480 | 2.5% |
| Cumulative Contribution | -12.5% |
Market Drivers
9/30/2025 to 10/1/2026| Return | Correlation | |
|---|---|---|
| MRSH | -12.5% | |
| Market (SPY) | 15.6% | -14.5% |
| Sector (XLF) | 0.4% | 40.4% |
Fundamental Drivers
The -4.5% change in MRSH stock from 9/30/2023 to 10/1/2026 was primarily driven by a -23.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 179.98 | 171.85 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,592 | 27,947 | 29.4% |
| Net Income Margin (%) | 15.2% | 14.2% | -6.3% |
| P/E Multiple | 27.1 | 20.7 | -23.7% |
| Shares Outstanding (Mil) | 495 | 480 | 3.1% |
| Cumulative Contribution | -4.5% |
Market Drivers
9/30/2023 to 10/1/2026| Return | Correlation | |
|---|---|---|
| MRSH | -4.5% | |
| Market (SPY) | 84.9% | 15.3% |
| Sector (XLF) | 68.2% | 44.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MRSH Return | 51% | -3% | 16% | 14% | -11% | -7% | 60% |
| Peers Return | 41% | -7% | 16% | 26% | -9% | -19% | 40% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| MRSH Win Rate | 75% | 42% | 67% | 67% | 58% | 44% | |
| Peers Win Rate | 67% | 40% | 55% | 70% | 50% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MRSH Max Drawdown | -8% | -19% | -12% | -10% | -27% | -17% | |
| Peers Max Drawdown | -13% | -26% | -16% | -15% | -29% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AON, AJG, WTW, BRO, ACN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)
How Low Can It Go
| Event | MRSH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.4% | -6.7% |
| % Gain to Breakeven | 12.9% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.1% | -24.5% |
| % Gain to Breakeven | 15.1% | 32.4% |
| Time to Breakeven | 50 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.3% | -33.7% |
| % Gain to Breakeven | 54.5% | 50.9% |
| Time to Breakeven | 134 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.6% | -12.2% |
| % Gain to Breakeven | 13.1% | 13.9% |
| Time to Breakeven | 150 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -13.7% | -17.9% |
| % Gain to Breakeven | 15.9% | 21.8% |
| Time to Breakeven | 18 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -16.8% | -15.4% |
| % Gain to Breakeven | 20.2% | 18.2% |
| Time to Breakeven | 88 days | 125 days |
In The Past
Marsh & McLennan's stock fell -7.9% during the 2025 US Tariff Shock. Such a loss loss requires a 8.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MRSH | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -35.3% | -33.7% |
| % Gain to Breakeven | 54.5% | 50.9% |
| Time to Breakeven | 134 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -30.4% | -53.4% |
| % Gain to Breakeven | 43.6% | 114.4% |
| Time to Breakeven | 220 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.2% | -8.6% |
| % Gain to Breakeven | 26.8% | 9.5% |
| Time to Breakeven | 326 days | 47 days |
In The Past
Marsh & McLennan's stock fell -7.9% during the 2025 US Tariff Shock. Such a loss loss requires a 8.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Marsh & McLennan (MRSH)
Marsh & McLennan Companies, Inc. (MRSH) is a global professional services firm that delivers expert advice and solutions across critical areas such as risk, strategy, and people. The company operates through two primary segments, each addressing distinct client needs with specialized offerings.
Its Risk and Insurance Services segment focuses on helping clients manage and mitigate various risks. This involves providing comprehensive risk management advice, facilitating risk transfer through insurance and reinsurance broking, and offering solutions for risk control and mitigation. Additionally, this segment provides services like catastrophe and financial modeling, related advisory services, and insurance program management. Its diverse client base includes businesses, public entities, insurance companies, associations, professional services organizations, and private clients.
The Consulting segment delivers a wide range of human capital and management consulting services. Key offerings within this segment include health, wealth, and career consulting services and products, aimed at optimizing workforce performance and well-being. Furthermore, it provides specialized management, economic, and brand consulting services, assisting organizations with strategic decision-making, market analysis, and brand development to enhance overall business performance.
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It's like a global professional services firm, similar to Deloitte or Accenture, but with a strong focus on corporate risk, insurance, and HR strategy.
Imagine if a leading management consulting firm like McKinsey also ran a massive global insurance brokerage and risk advisory business.
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- Risk Management Services: Provides advice, transfer solutions, and control/mitigation strategies for various risks.
- Insurance and Reinsurance Broking: Facilitates the placement of insurance and reinsurance coverage for clients.
- Catastrophe and Financial Modeling: Offers analytical services to assess and model financial and catastrophic risks.
- Insurance Program Management: Manages comprehensive insurance programs for businesses, public entities, and other organizations.
- Health, Wealth, and Career Consulting: Delivers consulting services and products related to employee benefits, retirement planning, and talent management.
- Specialized Management, Economic, and Brand Consulting: Provides expert advice on various management challenges, economic analysis, and brand strategy.
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Marsh & McLennan (MRSH) primarily provides professional services to other companies and organizations worldwide.
Due to the confidential nature of its client relationships in risk, insurance, and consulting services, Marsh & McLennan does not publicly disclose the names of its specific major customers. Its client base is diverse and global.
However, based on the company's description, its services are provided to a wide range of entities, including:
- Businesses
- Public entities
- Insurance companies
- Associations
- Professional services organizations
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John Q. Doyle, President and Chief Executive Officer
John Q. Doyle has served as President and Chief Executive Officer of Marsh McLennan since January 1, 2023. He joined Marsh McLennan in 2016 as President of Marsh, the firm’s global insurance broker and risk advisor, and subsequently led Marsh as President and CEO from 2017 to 2021. Prior to his current role, he was Group President and Chief Operating Officer, responsible for the strategy and operational objectives of the company's four global businesses. Doyle has over 40 years of leadership experience in professional and financial services. He began his career at AIG, where he spent nearly three decades and held several executive-level positions, including Chief Executive Officer of AIG Commercial Insurance, President and CEO of AIG Property and Casualty in the US, and President of National Union Fire Insurance Company and American Home Assurance Company.
Mark McGivney, Senior Vice President and Chief Financial Officer
Mark McGivney has been the Senior Vice President and Chief Financial Officer of Marsh McLennan since January 1, 2016. He joined Marsh McLennan in 2007. Before his current role, he served as Chief Financial Officer of Marsh and Chief Financial Officer and Chief Operating Officer of Mercer. His prior experience includes senior finance roles at The Hanover Insurance Group, where he was SVP Finance, Treasurer, and CFO of Property/Casualty business from 1997 to 2007. He also worked in investment banking at Merrill Lynch and Salomon Brothers and was a Certified Public Accountant with Price Waterhouse.
Dean Klisura, President and Chief Executive Officer, Guy Carpenter, and Vice Chair, Marsh McLennan
Dean Klisura is President and Chief Executive Officer of Guy Carpenter, a Marsh business, and Vice Chair of Marsh McLennan, a role he assumed effective January 1, 2022, having previously served as President of Guy Carpenter. He joined the company in 1993. Prior to joining Guy Carpenter in 2020, he held a number of executive roles at Marsh (now Marsh Risk), including President of Global Placement, Specialties and Advisory Services. Klisura began his career with Chubb.
Martine Ferland, President and Chief Executive Officer of Mercer, and Vice Chair, Marsh McLennan
Martine Ferland is President and Chief Executive Officer of Mercer, a global leader in health, wealth, and career consulting, and also serves as Vice Chair of Marsh McLennan. She was named Mercer's President and CEO in 2019. Prior to this, she served as Mercer's Group President, responsible for leading Regions and Global Business Solutions, and as President of Mercer's Europe and Pacific Region. Before joining Mercer in 2011, Ferland spent 25 years with Willis Towers Watson (and its predecessor firms), holding various leadership positions in North America and Asia.
Paul Beswick, Senior Vice President and Chief Information and Operations Officer
Paul Beswick is the Senior Vice President and Chief Information and Operations Officer of Marsh McLennan. He oversees Business and Client Services, which integrates the firm's Operations, Technology, Innovation, and Data teams globally. Before his current role, Paul held various positions at Oliver Wyman, a Marsh McLennan business, including Chief Information Officer, Deputy CIO, and Global Head of Oliver Wyman Labs and the Digital Practice, where he worked for over two decades across diverse sectors.
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- Macroeconomic and Geopolitical Risks: The company faces significant risks from ongoing global economic uncertainty, including inflation, recessionary pressures, and currency volatility. Geopolitical tensions, such as the war in Ukraine and conflicts in the Middle East, contribute to this instability, potentially reducing demand for Marsh & McLennan's services and impacting its revenue across its Risk and Insurance Services and Consulting segments.
- Cybersecurity and Data Protection Risks: Marsh & McLennan is exposed to increasing and more sophisticated cyberattacks and IT disruptions. Given its role in handling sensitive client data, a failure to maintain robust cybersecurity measures could lead to data breaches, significant financial losses, and severe reputational damage. The rapid integration of technologies like AI further escalates these digital risks.
- Regulatory Compliance Risks: Operating as a global professional services firm, Marsh & McLennan is subject to a complex and constantly evolving landscape of regulations across numerous international jurisdictions. Non-compliance with these extensive regulations, which include trade sanctions and anti-corruption laws, could result in substantial legal penalties and harm to the company's reputation.
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The clear emerging threat for Marsh & McLennan is the accelerating adoption and sophistication of **artificial intelligence (AI) and automation** across professional services, particularly in the risk, insurance, and consulting sectors.
This threat manifests in several ways:
- Disintermediation: AI-powered platforms and tools can automate tasks traditionally performed by human brokers or consultants, such as data analysis, risk assessment, policy comparison, and generation of routine advice. This could reduce the need for human intermediaries in certain segments of their business.
- Increased Competition and Pricing Pressure: New entrants, leveraging AI and automation, can offer more efficient, often lower-cost solutions for specific risk management, insurance broking, or consulting needs. This enables agile competitors to challenge established firms by delivering value more quickly and at a reduced expense.
- Client Self-Service and Internalization: As AI tools become more powerful and accessible, clients may increasingly use them to perform internal risk management functions, strategic planning analyses, or HR policy development. This reduces their reliance on external consulting and advisory services for tasks that can be automated or augmented by AI.
- Shift in Value Proposition: The core value of professional services firms is shifting from information asymmetry and manual analysis to higher-order strategic insight, complex problem-solving, and relationship management. Firms that fail to adapt their service models and integrate AI effectively risk falling behind those that can deliver a new blend of automated efficiency and human expertise.
This trend parallels the disruption seen in other industries, where new technologies fundamentally altered service delivery and cost structures, much like Netflix to Blockbuster or Uber to traditional taxis, by creating more efficient, accessible, and often more personalized alternatives.
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Marsh & McLennan Companies, Inc. (MRSH) operates in significant global addressable markets across its Risk and Insurance Services and Consulting segments.
Risk and Insurance Services
- Insurance Brokerage: The global insurance brokerage market was valued at approximately USD 287.40 billion in 2023 and is projected to reach USD 524.80 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2030. North America held a dominant share of 30.50% of the global revenue in 2023.
- Reinsurance: The global reinsurance market was valued at approximately USD 614.16 billion in 2024 and is poised to grow to USD 1571.04 billion by 2033, exhibiting a CAGR of 11% during the forecast period (2026–2033). North America is a mature reinsurance market and accounted for 34% of the market share.
- Risk Management Services: The global risk management market size was valued at USD 14.9 billion in 2024 and is projected to reach approximately USD 58.8 billion by 2034, growing at a CAGR of 15% between 2025 and 2034. North America dominated this market with over 42.0% revenue share in 2024.
Consulting Services
- Management Consulting: The global management consulting services market size was valued at USD 466.68 billion in 2024 and is projected to grow to USD 721.60 billion by 2032, exhibiting a CAGR of 5.63%. North America dominated the global management consulting services market with a market share of 33.51% in 2024.
- Health & Benefits Consulting: The global benefits consulting service market size reached approximately USD 45 billion in 2023 and is projected to grow to USD 74 billion by 2032, reflecting a CAGR of 6.2%. Additionally, the global healthcare consulting services market size was estimated at USD 28.19 billion in 2023 and is projected to reach USD 51.98 billion by 2030, with a CAGR of 9.33% from 2024 to 2030. North America holds the largest share of the benefits consulting service market, approximately USD 20 billion in 2023. For healthcare consulting services, North America accounted for 38.14% share in 2023.
- Wealth Management Consulting: The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030, growing at a CAGR of 10.7% from 2021 to 2030. North America dominated this market in 2020.
- Career (Human Capital) Consulting: The global human resource consulting services market is expected to reach a valuation of US$ 79.03 billion in 2025 and is forecast to reach USD 118.76 billion by 2031, at a 7.02% CAGR over 2026-2031. North America led with 39.88% of the human resource consulting market share in 2025.
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Marsh & McLennan (MRSH) is anticipated to drive future revenue growth over the next two to three years through several key strategies:
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Sustained Organic Growth: The company consistently forecasts mid-single-digit or better underlying revenue growth across both its Risk & Insurance Services and Consulting segments. This indicates continued strong demand for its core offerings, including insurance and reinsurance broking, risk management, and health, wealth, and career consulting services.
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Strategic Acquisitions: Marsh & McLennan has a proven track record of disciplined acquisitions to expand its scale, capabilities, and market reach. A recent significant example is the announced $7.75 billion acquisition of McGriff, which is expected to bolster its offerings and market presence.
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Rising Demand for Specialized Advice: Global complexities, including heightened geopolitical and cyber risks, as well as evolving challenges in strategy and human capital, continue to drive client demand for Marsh & McLennan's expert advice and solutions. This persistent need for specialized guidance fuels growth in its advisory services.
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Innovation and Digital Solutions: Investments in emerging areas such as data analytics and digital solutions are expected to contribute to revenue growth. By innovating and enhancing its technological capabilities, Marsh & McLennan can offer new and more efficient services to clients.
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Operating Efficiencies and Margin Expansion: Programs like the "Thrive" initiative, designed to deliver approximately $400 million in savings over three years, are crucial. While primarily focused on cost reduction and margin expansion, these efficiencies free up capital for reinvestment in growth initiatives, enhance competitiveness, and support overall revenue momentum.
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Share Repurchases
- Marsh McLennan authorized a new $6 billion share repurchase program in November 2025, which supersedes any prior authorizations.
- In 2025, the company executed $2.0 billion in share repurchases, reducing the outstanding share count by 10.1 million shares.
- In 2022, Marsh McLennan completed $1.9 billion of share repurchases, which was the largest annual amount in its history at that time.
Share Issuance
- The number of shares outstanding has generally decreased over the last few years, from approximately 0.50 billion in 2021 to 487 million at the end of 2025, indicating that repurchases have offset any issuances.
Inbound Investments
- Norges Bank acquired a new stake in Marsh & McLennan Companies valued at approximately $1.33 billion in the second quarter of 2025.
- Capital World Investors increased its holdings in Marsh & McLennan Companies by 0.5% during the third quarter of 2025, with their stake valued at approximately $3.57 billion.
Outbound Investments
- Marsh McLennan completed 5 acquisitions in 2025 and 2 acquisitions in 2024.
- A significant outbound investment was the acquisition of McGriff for $7.75 billion in 2024.
- In 2023, Marsh McLennan acquired Trideo Systems, focusing on technology solutions for insurance and risk management, and The Graham Company, an insurance brokerage.
Capital Expenditures
- Marsh & McLennan's capital expenditures were $470 million in 2022, $416 million in 2023, and an estimated $316 million in 2024.
- Expected capital expenditures are $291 million for 2025, and forecasted to be $396.4 million for 2026.
- The company's "Thrive program," launched in 2025, includes investments in AI, digital infrastructure, and talent, and is expected to generate approximately $400 million in savings over three years.
Peer Outperformance in Insurance Brokers
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 5 | 26.6% | 69.2% | 134.7% | SPNT 161% · RNR 140% · RGA 135% |
| Investment Banking & Brokerage | 13 | -3.5% | 98.2% | 105.0% | IBKR 446% · SNEX 235% · GS 166% |
| Life & Health Insurance | 12 | 15.5% | 55.9% | 97.6% | JXN 531% · UNM 296% · FG 192% |
| Property & Casualty Insurance | 25 | -0.4% | 66.9% | 76.1% | TRV 161% · ACGL 160% · UFCS 160% |
| Multi-Sector Holdings | 3 | 0.5% | 43.8% | 70.0% | BRK-B 82% · VOYA 70% · JEF 46% |
| Asset Management & Custody Banks | 24 | 10.2% | 59.5% | 67.2% | WT 347% · VCTR 273% · AAMI 264% |
| Multi-line Insurance | 8 | 4.0% | 63.4% | 54.9% | GNW 140% · L 93% · AIZ 82% |
| Commercial & Residential Mortgage Finance | 3 | -0.9% | 33.7% | 43.7% | ACT 154% · ESNT 44% · WD -65% |
| Diversified Banks | 7 | 9.3% | 116.2% | 41.0% | JPM 126% · C 112% · WFC 93% |
| Regional Banks | 89 | 16.4% | 79.9% | 39.4% | FBP 135% · OFG 126% · NIC 125% |
| Consumer Finance | 14 | 2.7% | 111.7% | 35.5% | ENVA 378% · EZPW 297% · FCFS 151% |
| Financial Exchanges & Data | 13 | -2.0% | 44.0% | 30.3% | VIRT 168% · CBOE 140% · CME 66% |
| Insurance Brokers ← | 8 | -25.3% | -10.5% | 19.6% | AJG 60% · ERIE 33% · WTW 29% |
| Specialized Finance | 3 | 6.8% | 38.3% | -12.0% | EFC 18% · CACC -12% · HASI -17% |
| Mortgage REITs | 9 | -18.7% | 4.0% | -14.1% | RITM 33% · AGNC 13% · NLY 10% |
| Transaction & Payment Processing Services | 17 | -3.5% | -9.0% | -45.4% | V 62% · MA 57% · CPAY 46% |
Latest Trefis Analyses
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|---|---|---|
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| Marsh & McLennan stock vs Brown & Brown stock: Which Is A Better Investment? | 08/05/2026 |
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Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 222.23 |
| Mkt Cap | 59.2 |
| Rev LTM | 16,666 |
| Op Inc LTM | 3,847 |
| FCF LTM | 2,766 |
| FCF 3Y Avg | 2,612 |
| CFO LTM | 2,990 |
| CFO 3Y Avg | 2,813 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 10.0% |
| Rev Chg Q | 7.6% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 7.8% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 22.5% |
| Op Mgn 3Y Avg | 22.6% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 18.6% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 17.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk and Insurance Services | 17,265 | 15,395 | 14,089 | 12,645 | 12,085 |
| Consulting | 9,794 | 9,133 | 8,709 | 8,139 | 7,789 |
| Corporate/Eliminations | -78 | -70 | -62 | -64 | -54 |
| Total | 26,981 | 24,458 | 22,736 | 20,720 | 19,820 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk and Insurance Services | 4,636 | 4,365 | 3,945 | 3,089 | 3,080 |
| Consulting | 1,896 | 1,770 | 1,666 | 1,553 | 1,504 |
| Corporate/Eliminations | -309 | -318 | -329 | -362 | -272 |
| Total | 6,223 | 5,817 | 5,282 | 4,280 | 4,312 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Risk and Insurance Services | 34,449 | 22,776 | 31,233 | 20,612 | 26,098 |
| Consulting | 11,461 | 10,032 | 10,731 | 9,571 | 9,722 |
| Corporate/Eliminations | 2,120 | 646 | 2,046 | 2,866 | -4,463 |
| Total | 48,030 | 33,454 | 44,010 | 33,049 | 31,357 |
Price Behavior
| Market Price | $171.85 | |
| Market Cap ($ Bil) | 82.5 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -15.2% | |
| 50 Days | 200 Days | |
| DMA Price | $182.94 | $174.99 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -6.1% | -1.8% |
| 3M | 1YR | |
| Volatility | 24.3% | 26.4% |
| Downside Capture | -1.76 | -25.02 |
| Upside Capture | -15.86 | -36.09 |
| Correlation (SPY) | -25.0% | -14.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.16 | 0.05 | -0.59 | -0.61 | -0.29 | 0.20 |
| Up Beta | -1.62 | -0.30 | -1.32 | -0.68 | -0.48 | 0.29 |
| Down Beta | 0.76 | 0.53 | -0.79 | -0.80 | -0.06 | 0.26 |
| Up Capture | -28% | -22% | -20% | -31% | -20% | 2% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 31 | 61 | 122 | 395 |
| Down Capture | 160% | 79% | -49% | -83% | -38% | 30% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 23 | 33 | 65 | 130 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRSH | |
|---|---|---|---|---|
| MRSH | -12.5% | 26.3% | -0.54 | - |
| Sector ETF (XLF) | 0.5% | 14.8% | -0.19 | 40.4% |
| Equity (SPY) | 15.7% | 13.0% | 0.85 | -14.5% |
| Gold (GLD) | 7.7% | 29.6% | 0.25 | -16.9% |
| Commodities (DBC) | 43.7% | 20.8% | 1.64 | -3.3% |
| Real Estate (VNQ) | 1.2% | 13.6% | -0.16 | 23.4% |
| Bitcoin (BTCUSD) | -27.0% | 44.5% | -0.58 | -3.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRSH | |
|---|---|---|---|---|
| MRSH | 3.3% | 20.9% | 0.08 | - |
| Sector ETF (XLF) | 8.8% | 18.3% | 0.35 | 56.6% |
| Equity (SPY) | 13.0% | 17.2% | 0.57 | 43.9% |
| Gold (GLD) | 18.6% | 18.9% | 0.80 | -2.7% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 2.0% |
| Real Estate (VNQ) | 0.4% | 18.9% | -0.08 | 47.9% |
| Bitcoin (BTCUSD) | 13.2% | 52.3% | 0.43 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRSH | |
|---|---|---|---|---|
| MRSH | 11.7% | 21.2% | 0.49 | - |
| Sector ETF (XLF) | 12.7% | 22.1% | 0.52 | 63.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 59.1% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 1.6% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 15.3% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 55.4% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -0.3% | 1.2% | 2.9% |
| 4/16/2026 | 4.4% | 0.3% | -8.5% |
| 1/29/2026 | 6.0% | 7.0% | 5.3% |
| 10/16/2025 | -8.5% | -7.1% | -9.8% |
| 7/17/2025 | -0.4% | -1.0% | -1.9% |
| 4/17/2025 | -4.9% | -5.3% | 0.0% |
| 1/30/2025 | 1.1% | 3.2% | 8.9% |
| 10/17/2024 | -0.4% | -1.9% | -2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 18 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 2.3% | 1.7% | 5.0% |
| Median Negative | -2.7% | -1.9% | -7.5% |
| Max Positive | 6.0% | 7.0% | 13.2% |
| Max Negative | -8.5% | -7.1% | -12.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -0.3% | 1.2% | 2.9% |
| 4/16/2026 | 4.4% | 0.3% | -8.5% |
| 1/29/2026 | 6.0% | 7.0% | 5.3% |
| 10/16/2025 | -8.5% | -7.1% | -9.8% |
| 7/17/2025 | -0.4% | -1.0% | -1.9% |
| 4/17/2025 | -4.9% | -5.3% | 0.0% |
| 1/30/2025 | 1.1% | 3.2% | 8.9% |
| 10/17/2024 | -0.4% | -1.9% | -2.8% |
| 7/18/2024 | -1.5% | -1.4% | 0.6% |
| 4/18/2024 | 2.1% | 1.7% | 5.8% |
| 1/25/2024 | -3.8% | -2.4% | 2.5% |
| 10/19/2023 | 0.7% | -0.4% | 4.6% |
| 7/20/2023 | 1.0% | 2.9% | 1.1% |
| 4/20/2023 | 3.5% | 1.6% | 3.3% |
| 1/26/2023 | 1.4% | 1.3% | -6.5% |
| 10/20/2022 | -1.5% | -1.6% | 5.5% |
| 7/21/2022 | 3.0% | 3.4% | 13.2% |
| 4/21/2022 | 2.5% | -3.4% | -12.9% |
| 1/27/2022 | -4.3% | 0.5% | 1.0% |
| 10/21/2021 | 1.6% | 1.1% | 1.0% |
| 7/22/2021 | 2.5% | 2.1% | 8.5% |
| 4/27/2021 | 3.9% | 6.4% | 7.4% |
| 1/28/2021 | 1.1% | 3.7% | 7.5% |
| 10/29/2020 | -4.3% | 1.4% | 6.4% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 18 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 2.3% | 1.7% | 5.0% |
| Median Negative | -2.7% | -1.9% | -7.5% |
| Max Positive | 6.0% | 7.0% | 13.2% |
| Max Negative | -8.5% | -7.1% | -12.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/16/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/17/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/16/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/16/2025 | 10-Q |
| 06/30/2025 | 07/17/2025 | 10-Q |
| 03/31/2025 | 04/17/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/20/2023 | 10-Q |
| 03/31/2023 | 04/20/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 10/21/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brennan, Katherine | SVP and General Counsel | Direct | Sell | 9032026 | 187.90 | 1,197 | 224,915 | 1,377,300 | Form |
| 2 | Doyle, John Q | President and CEO | Direct | Sell | 9032026 | 188.51 | 16,656 | 3,139,823 | 22,020,045 | Form |
| 3 | Jones, John Jude | Chief Marketing Officer | Direct | Sell | 8072026 | 191.96 | 6,500 | 1,247,723 | 283,713 | Form |
| 4 | Beswick, Paul | SVP, Chief Information Officer | Direct | Sell | 7312026 | 198.00 | 713 | 141,174 | 3,242,448 | Form |
| 5 | South, Martin | Chief Client Officer | Direct | Sell | 7292026 | 189.99 | 7,100 | 1,348,947 | 3,159,900 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brennan, Katherine | SVP and General Counsel | Direct | Sell | 9032026 | 187.90 | 1,197 | 224,915 | 1,377,300 | Form |
| 2 | Doyle, John Q | President and CEO | Direct | Sell | 9032026 | 188.51 | 16,656 | 3,139,823 | 22,020,045 | Form |
| 3 | Jones, John Jude | Chief Marketing Officer | Direct | Sell | 8072026 | 191.96 | 6,500 | 1,247,723 | 283,713 | Form |
| 4 | Beswick, Paul | SVP, Chief Information Officer | Direct | Sell | 7312026 | 198.00 | 713 | 141,174 | 3,242,448 | Form |
| 5 | South, Martin | Chief Client Officer | Direct | Sell | 7292026 | 189.99 | 7,100 | 1,348,947 | 3,159,900 | Form |
| 6 | Yates, Lloyd M | Direct | Sell | 7242026 | 175.65 | 12,000 | 2,107,800 | 2,107,932 | Form | |
| 7 | Doyle, John Q | President and CEO | Direct | Sell | 6032026 | 161.71 | 16,656 | 2,693,442 | 18,889,510 | Form |
| 8 | Jones, John Jude | Chief Marketing Officer | Direct | Sell | 3122026 | 173.61 | 2,362 | 410,067 | 1,385,061 | Form |
| 9 | Doyle, John Q | President and CEO | Direct | Sell | 3052026 | 183.30 | 16,655 | 3,052,862 | 21,411,460 | Form |
| 10 | Studer, Nicholas Mark | President and CEO of OWG | Direct | Sell | 3042026 | 184.03 | 3,837 | 706,123 | 5,987,597 | Form |
| 11 | Doyle, John Q | President and CEO | Direct | Sell | 12022025 | 182.22 | 21,079 | 3,841,015 | 15,977,236 | Form |
| 12 | Doyle, John Q | President and CEO | Direct | Sell | 9032025 | 205.65 | 21,079 | 4,334,896 | 18,031,602 | Form |
Investor Activity (13F)
Updated Oct 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cryder Capital Partners LLP | $102.2 Mil | 6.7% | 10 | ADD +23.4% | 13F |
| Ycg, LLC | $40.8 Mil | 3.7% | 42 | Hold | 13F |
| L1 Capital International Pty Ltd | $61.2 Mil | 3.6% | 23 | Hold | 13F |
| Walter Public Investments Inc. | $11.9 Mil | 2.8% | 48 | TRIM -35.8% | 13F |
| Longview Partners (Guernsey) LTD | $140.5 Mil | 2.0% | 25 | TRIM -59.8% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.2 Mil | 1.5% | 46 | ADD +176.1% | 13F |
| Kinsale Capital Group, Inc. | $8.6 Mil | 1.4% | 41 | ADD +7.1% | 13F |
| Eminence Capital, LP | $55.6 Mil | 1.3% | 33 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Longview Partners (Guernsey) LTD | $140.5 Mil | 2.0% | 25 | TRIM -59.8% | 13F |
| Cryder Capital Partners LLP | $102.2 Mil | 6.7% | 10 | ADD +23.4% | 13F |
| L1 Capital International Pty Ltd | $61.2 Mil | 3.6% | 23 | Hold | 13F |
| Eminence Capital, LP | $55.6 Mil | 1.3% | 33 | New | 13F |
| Ycg, LLC | $40.8 Mil | 3.7% | 42 | Hold | 13F |
| Walter Public Investments Inc. | $11.9 Mil | 2.8% | 48 | TRIM -35.8% | 13F |
| Kinsale Capital Group, Inc. | $8.6 Mil | 1.4% | 41 | ADD +7.1% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.2 Mil | 1.5% | 46 | ADD +176.1% | 13F |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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