MRSH
Marsh & McLennan Companies, Inc.
MRSH's fundamentals are mixed: revenue grew 7.6%, but its operating margin fell 2 points to 21%. At 25x earnings, it's trading below its usual 27x. Analysts expect earnings growth.
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.
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's PE is in its cheap range at 25x. If earnings grow as analysts expect, today's price would be 18x next year's earnings.
MRSH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for MRSH, with profitability improving.
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 earned $8.36 per share over the past year, about the same as the year before.
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.
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.
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 479M diluted shares, down 3% from a year ago, with $3B in buybacks over the past year.
| 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.
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.
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).
MRSH PE vs Financial Services Sector
| Metric | MRSH | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 89% above |
| PE % | 22 | 63 | 41 pts below |
MRSH is trading at 25x earnings, a 89% premium to the Financial Services sector's median of 13x.
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.
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.