BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
MRSH
Marsh & McLennan Companies, Inc.
MRSH has the edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
MRSH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MRSH's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MRSH.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
MRSH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $206 | — |
| Cheap | 24x | $197 | -4.3% |
| Current | 25x | $206 | — |
| Fair | 27x | $229 | +12% |
| Expensive | 30x | $254 | +23% |
Historical ranges are pointers, not guarantees.
MRSH has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
MRSH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for MRSH, with profitability improving.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
MRSH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.25 | +35% |
| Q3 2026 | $8.36 | +0.4% |
| Q2 2026 | $8.18 | -1.8% |
| Q1 2026 | $8.00 | -1.8% |
| Q4 2025 | $8.43 | +3.1% |
| Q3 2025 | $8.33 | +2.6% |
| Q2 2025 | $8.33 | +3.1% |
| Q1 2025 | $8.15 | +3.4% |
| Q4 2024 | $8.18 | +8.6% |
MRSH has the edge over BLK on earnings, with more consistent year-over-year improvement.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over MRSH on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK has the edge over MRSH on profitability, with a higher operating margin.
MRSH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.9B | +8.1% |
| Q2 2026 | $7.4B | +6.2% |
| Q1 2026 | $7.6B | +7.6% |
| Q4 2025 | $6.6B | +8.7% |
| Q3 2025 | $6.4B | +11% |
| Q2 2025 | $7B | +12% |
| Q1 2025 | $7.1B | +9.1% |
| Q4 2024 | $6.1B | +9.2% |
MRSH's revenue has grown year over year for 15 quarters in a row: $6.9B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | -0.7 points |
| Q2 2026 | 26% | -0.6 points |
| Q1 2026 | 23% | -5.3 points |
| Q4 2025 | 18% | -0.3 points |
| Q3 2025 | 18% | -1 points |
| Q2 2025 | 26% | -0.2 points |
| Q1 2025 | 28% | -1.3 points |
| Q4 2024 | 19% | -1 points |
MRSH's operating margin was 18% last quarter, down 0.7 points from the same quarter a year ago.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
MRSH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.4B | -30% |
| Q2 2026 | $1.5B | -10% |
| Q1 2026 | -$750M | -$73M |
| Q4 2025 | $2.1B | +9.4% |
| Q3 2025 | $2B | +9.3% |
| Q2 2025 | $1.6B | +42% |
| Q1 2025 | -$677M | +$191M |
| Q4 2024 | $1.9B | +13% |
MRSH's free cash flow was $4.2B over the past year, down 14% from the year before. Free cash flow isn't a meaningful measure for financial services companies like MRSH.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
MRSH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -3M shares |
| 1 year | -3% | -15M shares |
| 3 years | -4% | -20M shares |
| 5 years | -6.6% | -34M shares |
| Available history | -6.3% | -32M shares |
MRSH has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $504M |
| Q2 2026 | $757M |
| Q1 2026 | $755M |
| Q4 2025 | $1B |
| Q3 2025 | $402M |
| Q2 2025 | $300M |
| Q1 2025 | $300M |
| Q4 2024 | — |
MRSH spent $3B buying back its own shares over the past year, about three times what it spent the year before.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has the edge over MRSH on leverage, with a lower net debt burden relative to earnings.
MRSH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.9x | Moderate |
| Q2 2026 | 3.0x | Moderate |
| Q1 2026 | 3.0x | Elevated |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.7x | Moderate |
MRSH's net debt is about 2.9 years of its operating earnings (EBITDA), up from 2.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MRSH.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
MRSH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.6 | Neutral |
| Stochastic | 85.8 | Overbought |
MRSH's weekly RSI is 67 (neutral) and its Stochastic is 86 (overbought).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
MRSH PE vs Financial Services Sector
| Metric | MRSH | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 89% above |
| PE % | 22 | 63 | 41 pts below |
MRSH has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK is in an uptrend: it's above all five of its weekly moving averages, and 33% above its 200-week average.
MRSH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $189.2 | 8.7% above |
| 20 week MA | $186.3 | 10% above |
| 50 week MA | $179.6 | 15% above |
| 100 week MA | $196.4 | 4.7% above |
| 200 week MA | $197.1 | 4.4% above |
MRSH has climbed back above all five of its weekly moving averages, and it's now 4.4% above its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over MRSH on returns for 2026, with the stronger performance.
MRSH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $112.0 | $115.1 | +2.8% |
| 2021 | $115.1 | $170.6 | +48% |
| 2022 | $170.6 | $165.6 | -2.9% |
| 2023 | $165.6 | $189.5 | +14% |
| 2024 | $189.5 | $213.5 | +13% |
| 2025 | $213.5 | $187.0 | -12% |
| 2026 YTD | $187.0 | $205.7 | +10% |
MRSH has finished higher in four of the last six years. It's up 10% so far in 2026.