olivLaw · US equity research
Marsh & McLennan Companies, Inc. (Marsh) MRSH
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Marsh & McLennan Companies (Marsh, ticker MRSH) is a global professional services firm in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. In the first nine months of 2026, consolidated revenue reached $21.9 billion, up 7%, or 5% on an underlying basis. The business still depends heavily on insurance brokerage and consulting for health and retirement.
At the close of 04 Nov 2026, Marsh & McLennan Companies, Inc. (Marsh) (MRSH) stock was 210.38 USD (+3.31% on the day), with market capitalisation 100.0 bn USD, P/E 25.2 on diluted EPS of 8.35 USD over the last 12 months, dividend yield 1.80%, beta 0.16, 52-week range 157.32–210.38 USD. Latest reported quarter (Q3 2026): revenue of 6.9 bn USD (+8.1% YoY), net income of 808.0 m USD (+8.2% YoY), diluted EPS 1.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 170.90 – 211.21
- in the upper half of the band · %B 0.98 · band width 21.1%
- SMA 50 / 200
- 183.13 / 177.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.04 / 5.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +23.4% | −1.1% | +24.5 pp | — |
| 3 months | +9.9% | −0.5% | +10.3 pp | — |
| 6 months | +28.4% | +4.4% | +24.0 pp | — |
| Year to date | +13.4% | +12.3% | +1.1 pp | — |
| 1 year | +16.6% | +13.5% | +3.0 pp | −3.9% |
| 3 years | +8.5% | +76.4% | −67.9 pp | +1.3% |
| 5 years | +30.3% | +63.7% | −33.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.1 bn | 7.1 bn | 7.0 bn | 6.4 bn | 6.6 bn | 7.6 bn | 7.4 bn | 6.9 bn |
| Operating income | 1.1 bn | 2.0 bn | 1.8 bn | 1.2 bn | 1.2 bn | 1.8 bn | 1.9 bn | 1.2 bn |
| Depreciation & amortisation | 93.0 m | 88.0 m | 91.0 m | 91.0 m | 91.0 m | 89.0 m | 90.0 m | 89.0 m |
| Interest expense | 231.0 m | 245.0 m | 243.0 m | 237.0 m | 235.0 m | 240.0 m | 250.0 m | 248.0 m |
| Pre-tax income | 1.0 bn | 1.8 bn | 1.6 bn | 1.0 bn | 1.1 bn | 1.6 bn | 1.7 bn | 1.0 bn |
| Income tax | 208.0 m | 415.0 m | 415.0 m | 253.0 m | 222.0 m | 395.0 m | 411.0 m | 221.0 m |
| Net income | 788.0 m | 1.4 bn | 1.2 bn | 747.0 m | 821.0 m | 1.1 bn | 1.3 bn | 808.0 m |
| Diluted EPS | 1.59 ≈ | 2.79 | 2.45 | 1.51 | 1.67 ≈ | 2.36 | 2.63 | 1.69 |
| Operating cash flow | 2.0 bn | -622.0 m | 1.7 bn ≈ | 2.1 bn ≈ | 2.2 bn | -688.0 m | 1.5 bn ≈ | 1.5 bn ≈ |
| Capex | 76.0 m | 55.0 m | 59.0 m ≈ | 72.0 m ≈ | 105.0 m | 62.0 m | 72.0 m ≈ | 81.0 m ≈ |
| Dividends paid | 403.0 m | 405.0 m | 405.0 m ≈ | 445.0 m ≈ | 444.0 m | 440.0 m | 438.0 m ≈ | 476.0 m ≈ |
| Share repurchases | 0 | 300.0 m | 300.0 m ≈ | 402.0 m ≈ | 1.0 bn | 755.0 m | 757.0 m ≈ | 504.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 27-quarter history (min 20.2, median 26.2, max 29.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.0 bn | 16.7 bn | 17.2 bn | 19.8 bn | 20.7 bn | 22.7 bn | 24.5 bn | 27.0 bn |
| Revenue YoY | +6.6% | +11.4% | +3.4% | +15.1% | +4.5% | +9.7% | +7.6% | +10.3% |
| Net income | 1.7 bn | 1.7 bn | 2.0 bn | 3.1 bn | 3.1 bn | 3.8 bn | 4.1 bn | 4.2 bn |
| Net income YoY | +10.6% | +5.6% | +15.7% | +55.9% | −3.0% | +23.1% | +8.1% | +2.5% |
| Diluted EPS | 3.23 | 3.41 | 3.94 | 6.13 | 6.04 | 7.53 | 8.18 | 8.43 |
| Diluted EPS YoY | +12.5% | +5.6% | +15.5% | +55.6% | −1.5% | +24.7% | +8.6% | +3.1% |
| net % | 11.0% | 10.5% | 11.7% | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
| Free cash flow | 2.1 bn | 1.9 bn | 3.0 bn | 3.1 bn | 3.0 bn | 3.8 bn | 4.0 bn | 5.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.7 bn USD
- Financial debt
- 19.6 bn USD
- Net debt
- 16.9 bn USD
- Equity
- 15.3 bn USD
- Total assets
- 58.7 bn USD
- Debt / equity
- 1.28x
- Current ratio
- 1.10x
- ROE
- 28.8%
- ROA
- 7.2%
- FCF margin
- 18.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.2 bn | 19.8 bn | 20.7 bn | 22.7 bn | 24.5 bn | 27.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Operating income | 3.1 bn | 4.3 bn | 4.3 bn | 5.3 bn | 5.8 bn | 6.2 bn | SEC (XBRL)· 09 Feb 2026verified |
| Depreciation & amortisation | 741.0 m | 747.0 m | 381.0 m | 370.0 m | 369.0 m | 361.0 m | SEC (XBRL)· 09 Feb 2026verified |
| EBITDA | 3.8 bn ≈ | 5.1 bn ≈ | 4.7 bn ≈ | 5.7 bn ≈ | 6.2 bn ≈ | 6.6 bn ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Interest expense | 515.0 m | 444.0 m | 469.0 m | 578.0 m | 700.0 m | 960.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Pre-tax income | 2.8 bn | 4.2 bn | 4.1 bn | 5.0 bn | 5.5 bn | 5.5 bn | SEC (XBRL)· 09 Feb 2026verified |
| Income tax | 747.0 m | 1.0 bn | 995.0 m | 1.2 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Net income | 2.0 bn | 3.1 bn | 3.1 bn | 3.8 bn | 4.1 bn | 4.2 bn | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | 3.94 | 6.13 | 6.04 | 7.53 | 8.18 | 8.43 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 512.0 m | 513.0 m | 505.0 m | 499.0 m | 496.0 m | 494.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividend per share | — | — | 2.25 | 2.60 | 3.05 | 3.43 | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.1 bn | 1.8 bn | 1.4 bn | 3.4 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Current assets | 8.2 bn | 8.3 bn | 19.0 bn | 21.7 bn | 22.1 bn | 23.2 bn | SEC (XBRL)· 09 Feb 2026verified |
| Property, plant & equipment, net | 856.0 m | 847.0 m | 871.0 m | 882.0 m | 859.0 m | 829.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Goodwill | 15.5 bn | 16.3 bn | 16.3 bn | 17.2 bn | 23.3 bn | 24.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.7 bn | 2.8 bn | 2.5 bn | 2.6 bn | 4.8 bn | 4.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 33.0 bn | 44.0 bn | 44.1 bn | 48.0 bn | 56.5 bn | 58.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Accounts payable | 3.1 bn | 3.2 bn | 3.3 bn | 3.4 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Short-term debt | 517.0 m | 17.0 m | 268.0 m | 1.6 bn | 519.0 m | 1.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Long-term debt | 10.8 bn | 10.9 bn | 11.2 bn | 11.8 bn | 19.4 bn | 18.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Current liabilities | 6.6 bn | 6.7 bn | 17.8 bn | 19.8 bn | 19.5 bn | 21.1 bn | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 9.3 bn | 11.2 bn | 10.7 bn | 12.4 bn | 13.5 bn | 15.3 bn | SEC (XBRL)· 09 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.4 bn | 3.5 bn | 3.5 bn | 4.3 bn | 4.3 bn | 5.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Capex | 348.0 m | 406.0 m | 470.0 m | 416.0 m | 316.0 m | 291.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Free cash flow | 3.0 bn ≈ | 3.1 bn ≈ | 3.0 bn ≈ | 3.8 bn ≈ | 4.0 bn ≈ | 5.0 bn ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Investing cash flow | -793.0 m | -1.2 bn | -850.0 m | -1.4 bn | -8.8 bn | -845.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | -925.0 m | -1.3 bn | -1.0 bn | -1.1 bn | 4.5 bn | -4.6 bn | SEC (XBRL)· 09 Feb 2026verified |
| Dividends paid | 943.0 m | 1.0 bn | 1.1 bn | 1.3 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Share repurchases | 0 | 1.2 bn | 2.0 bn | 1.2 bn | 900.0 m | 2.0 bn | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 100.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation48
- Balance sheet35
- Quality83
- Growth78
- Returns81
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 45.07 – 359.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)126.94 – 229.51 (Mid 165.48)WACC 8.5% · starting FCFF 4.9 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 18.5%
- Peers: EV/EBITDA81.84 – 146.30 (Mid 142.32)3 companies used · median multiple 13.4x · quartiles 8.9x – 13.7xBWIN, GSHD, SLQT
- Peers: P/E123.39 – 359.15 (Mid 184.37)11 companies used · median multiple 22.1x · quartiles 14.8x – 43.0xACT, AJG, AON, BRO, CRVL, GSHD, RYAN, SLQT, TWFG, WDH, WTW
- Dividend discount (DDM)45.07 – 60.62 (Mid 51.70)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.2% | 79 (vs peers) | 10% |
| Net margin · Quality | 14.2% | 72 (vs peers) | 6% |
| FCF conversion · Quality | 102.8% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 9.2% | 77 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 11.8% | 78 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 2.9x | 17 (vs peers) | 10% |
| Interest coverage · Balance sheet | 6.3x | 73 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 25.2x | 54 (vs peers) | 10% |
| EV/EBITDA · Valuation | 18.4x | 40 (vs peers) | 10% |
| FCF yield · Valuation | 4.2% | 52 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 43.3% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet35/100 · 3/3 factors with a value
- Growth78/100 · 2/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation48/100 · 3/3 factors with a value
Memo
MARSH & MCLENNAN COMPANIES, INC. (MRSH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 27.0 bn USD in 2025; YoY growth 10.3%; net margin 14.2%; ROE 26.7%; net debt/EBITDA 2.9x.
The estimated value range is 102.62–187.90 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 153.90 USD, the price of 210.38 USD leaves a potential of -26.8% (value / price − 1) and a margin of safety of -36.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.2%
- Net margin: 14.2%
- FCF conversion: 102.8%
- Revenue CAGR 3Y: 9.2%
- EPS CAGR 3Y: 11.8%
- Interest coverage: 6.3x
- Payout ratio (FCF): 43.3%
What contradicts it
- Net debt / EBITDA: 2.9x
- Current ratio: 1.1x
- The price is above the estimated value range
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +17% / +8% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| CCGCheche Group Inc. | — | — | -5.0% | -0.6% | −13.3% | +751% / +6% |
| HITHealth In Tech, Inc. | — | — | -21.9% | -12.0% | +71.0% | −61% / unavailable |
1- and 3-year price returns: for MRSH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 132.51 Total return -36% · Per year -36% | 233.76 Total return 13% · Per year 13% | 351.41 Total return 69% · Per year 69% |
| 3 years | 141.04 Total return -28% · Per year -10% | 278.75 Total return 39% · Per year 12% | 458.30 Total return 126% · Per year 31% |
| 5 years | 150.11 Total return -21% · Per year -5% | 332.39 Total return 70% · Per year 11% | 597.69 Total return 200% · Per year 25% |
- Exit P/E± 69.69
- Net margin± 48.78
- Annual revenue growth± 38.32
- Annual dilution± 4.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Marsh & McLennan Companies (Marsh, ticker MRSH) is a global professional services firm in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries 12. In the first nine months of 2026, consolidated revenue reached $21.9 billion, up 7%, or 5% on an underlying basis 2. The business still depends heavily on insurance brokerage and consulting for health and retirement.
SWOT
Strengths
- Leading global position in insurance and reinsurance brokerage, with an extensive client network across many countries 1.
- Diversification between brokerage and consulting, which reduces dependence on a single revenue type 12.
- Underlying revenue and profit per share growth in 2026 indicates solid operational execution 23.
Weaknesses
Opportunities
Risks
- Errors and omissionshigh
Claims for professional errors and breach of fiduciary duty can cause large losses, and some are not covered by insurance 1.
- Legal compliancehigh
The company cannot guarantee full compliance with laws in many jurisdictions, and regulatory changes could materially affect the business 1.
- Macroeconomic environmentmedium
Wars, tariffs, inflation and market volatility could reduce demand or pricing for services 12.
- Cybersecuritymedium
Cyberattacks and data breaches could harm reputation and create legal liability 12.
- Integration costs and debtmedium
Acquisitions and restructurings carry high costs, and heavy debt could limit financial flexibility 1.
Investment thesis
What would need to be true (bull case)
- Underlying revenue growth and a large share of consulting income could support results if demand holds 23.
- Global leadership and the Thrive program could bring efficiency and new revenue if executed well 13.
- Diversification between brokerage and consulting could cushion shocks in any single segment 1.
What would break the thesis
What to watch
- Underlying revenue trends in reinsurance and Marsh RiskQ4 2026
- Litigation and risk factor disclosures in the annual reportnext 10-K
- Effects of acquisitions and the Thrive program on margins2027
- Debt levels and interest expense trendQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates through two segments: Risk and Insurance Services, which includes Marsh Risk (insurance broker) and Guy Carpenter (reinsurance), and Consulting, which includes Mercer and Marsh Management Consulting 1. Risk and Insurance Services accounted for about 64% of total revenue in 2025, and Consulting for about 36% 1. Marsh Risk is paid through commissions and fees, while part of its income comes from other payments by insurers, including contingent commissions 1.
In the third quarter of 2026, revenue was $6.9 billion, up 8%, and diluted EPS was $1.69 23. The company also completed its brand transition from Marsh McLennan to Marsh in January 2026, with segments renamed Reinsurance, People and Investments and Management Consulting 23. The brand changes did not alter the reported operating segments 2.
The McGriff acquisition, completed in November 2024 for $7.75 billion in cash, contributed visibly to Marsh Risk revenue in 2025 1. The company has also announced acquisitions in 2026 and the Thrive program, focused on brand, client value and efficiency 23.
Segments
Market context
The insurance and reinsurance brokerage market is competitive and fragmented, with global, regional and local operators, and the value chain faces pressure from capital providers and clients choosing self-insurance 1. Demand for health, retirement and management consulting is supported by workforce changes, but could be affected by economic conditions and asset prices 1.
Underlying revenue growth of 5% in the third quarter of 2026 suggests demand for services remains solid, although reinsurance was weaker 23. The company cites exposure to insurance premium rates, exchange rates and interest rates, factors that could change revenue if the macro environment shifts 12.
Trends
- Demand for health and retirement consultingtailwind
Clients increasingly seek advice on health and retirement programs, supporting Mercer revenue 12.
- Artificial intelligencemixed
AI may reduce analysis costs but can also attract new competitors using generative tools, which could pressure prices 1.
- Tariffs and lower interest ratesheadwind
Lower interest rates reduce fiduciary income, and trade tensions may slow client economic growth 12.
- Consolidation through acquisitionsmixed
Acquisitions can add revenue and clients but bring integration costs and higher debt 12.
Competitive position
The company faces intense competition from other global, regional and local brokerage firms, from independent insurers selling directly, and from banks, consultants and online platforms 1. Competition is based on service sophistication, range, quality and cost, and the battle for talent is also intense 1.
In consulting, competitors include independent consulting, brokerage and outsourcing firms affiliated with accounting, technology and financial services firms, and new entrants using generative AI 1. Some clients manage investment services internally, which limits the addressable market 1.
- Global insurance brokers
Brokerage firms with global operations that compete directly in risk and insurance services 1.
- Regional and local brokerage firms
Regional and local operators competing in specific markets and client segments 1.
- Insurers and reinsurers selling directly
Insurers that distribute products without intermediaries create disintermediation pressure 1.
- Consulting and outsourcing firms
Firms affiliated with accounting, technology and financial services active in HR and investment consulting 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Marsh & McLennan Stock Underperforming the S&P 500?Yahoo Finance — News · 18 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report27 Oct 2026Other events · Financial statements and exhibits
- Quarterly report15 Oct 2026
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report21 Jul 2026
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Material agreement · Termination of a material agreement · Financial statements and exhibits
- Current report22 May 2026Shareholder vote
- Quarterly report16 Apr 2026
- Current report16 Apr 2026Results of operations · Financial statements and exhibits
- Current report14 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Marsh & McLennan Companies, Inc. (Marsh) · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Marsh & McLennan Companies, Inc. (Marsh) · 15 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Marsh & McLennan Companies, Inc. (Marsh) · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.