Marsh & McLennan (MMC) operates four main businesses under one holding company. Marsh brokers insurance for corporate clients, helping them place coverage and manage risk. Guy Carpenter does the same for insurance companies, arranging reinsurance. Mercer advises employers on benefits, retirement plans, and workforce issues. Oliver Wyman is a strategy and economics consulting firm serving financial services, healthcare, and other industries. Clients are primarily large corporations and institutional buyers.
Revenue comes from advisory fees and brokerage commissions across all four units, split roughly evenly between the US and international markets.
Employees55,700IPOJun 4, 1969SIC6411HQ1166 Avenue of the Americas, New York, NY, USA, 10036-2774
to
Financials
Profitability
Metric
Current
Margins
Gross Margin
42.4%
Operating Margin
21.6%
EBITDA Margin
25.8%
Net Margin
14.2%
OCF Margin
18.2%
FCF Margin
17.1%
Returns on Capital
ROE
26.3%
ROA
6.8%
ROIC
8.8%
ROCE
16.6%
ROC (Greenblatt)
156.5%
3Y ROIIC
11.6%
Consistency
Years Profitable / 10Y
10
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
23.02
Forward P/E
18.29
P/E ex-NRI
19.28
Shiller P/E (CAPE)
28.98
Cash Flow Multiples
P/FCF
19.40
P/OCF
18.18
P/Owner Earnings
22.79
FCF Yield
5.31%
Enterprise Value Multiples
EV / EBIT
17.77
EV / Forward EBIT
15.46
EV / EBITDA
15.54
EV / Forward EBITDA
13.58
EV / Revenue
4.02
EV / Forward Revenue
3.94
Asset / Sales
P/S
3.31
P/B
5.93
P/Tangible Book
—
Growth-Adjusted
PEG
1.49
Capital Returns
Metric
Current
Dividends
Dividend Yield (TTM)
1.95%
Forward Dividend Yield
2.09%
3Y Dividend Growth
15.1%
Payout Ratio
0.37
5Y Yield on Cost
3.74%
Buybacks & Dilution
3Y Buyback Ratio
0.70%
Combined
Shareholder Yield
3.05%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
1.47
Gross Debt / EBITDA
3.10
Cash / Debt
0.08
Equity / Assets
0.25
Coverage
Interest Coverage
6.28
Short-Term Liquidity
Current Ratio
1.14
Quick Ratio
1.14
Cash Ratio
0.08
Composite Scores
Piotroski F-Score
5
Altman Z-Score
2.79
Split History
Date
Split
2002-07-01
2:1
1998-06-29
1.5:1
1997-06-30
2:1
1986-05-15
2:1
1980-11-12
2:1
Ex-date
Amount
Pay date
2026-04-09
$0.9
2026-05-15
2026-01-29
$0.9
2026-02-13
2025-10-02
$0.9
2025-11-14
2025-07-24
$0.9
2025-08-15
2025-04-03
$0.815
2025-05-15
2025-01-30
$0.815
2025-02-14
2024-10-04
$0.815
2024-11-15
2024-07-25
$0.815
2024-08-15
2024-04-03
$0.71
2024-05-15
2024-01-24
$0.71
2024-02-15
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Transcript
Type
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5-Step DuPont Analysis
ROE %
25.72%
×
×
Net Margin %
14.24%
×
×
Operating Margin %
21.62%
Operating Income
$6.04B
÷
Revenue
$27.95B
×
Tax Burden
0.7441
Net Income
$3.98B
÷
Pretax Income
$5.35B
×
Interest Burden
0.8853
Pretax Income
$5.35B
÷
Operating Income
$6.04B
×
Asset Turnover
0.47
÷
Revenue
$27.95B
÷
Average Total Assets
$59.12B
Begin Total Assets
$58.55B
End Total Assets
$59.68B
×
Equity Multiplier
3.82
÷
Avg Total Assets
$59.12B
÷
Avg Stockholders Equity
$15.47B
Begin Equity
$15.77B
End Equity
$15.18B
Top institutional holders
Q2 2026| Holder | Shares | Chg. shares | |
|---|---|---|---|
| BlackRock, Inc. | 39.5M | -2.6M | $6.58B |
| VANGUARD CAPITAL MANAGEMENT LLC | 31.5M | +4.9K | $5.25B |
| STATE STREET CORP | 22.4M | +330.7K | $3.73B |
| Capital World Investors | 18.1M | +153.2K | $3.02B |
| WELLINGTON MANAGEMENT GROUP LLP | 17.0M | -395.5K | $2.83B |
| Capital International Investors | 15.7M | +15.6K | $2.62B |
| GEODE CAPITAL MANAGEMENT, LLC | 13.5M | +106.1K | $2.25B |
| PRICE T ROWE ASSOCIATES INC /MD/ | 13.4M | +2.5M | — |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 12.6M | +142.6K | $2.10B |
| Capital Research Global Investors | 11.0M | -327.5K | $1.83B |
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View allTop insider holdings
as reported| Insider | Shares held | |
|---|---|---|
| Doyle John QOfficer | 116.8K | $22.00M |
| FANJUL OSCARDirector | 44.0K | $8.28M |
| MCGIVNEY MARK COfficer | 42.5K | $8.00M |
| HANWAY H EDWARDDirector | 36.9K | $6.94M |
| Studer Nicholas MarkOfficer | 32.5K | $6.13M |
| Klisura Dean MichaelOfficer | 25.1K | $4.73M |
| South MartinOfficer | 16.6K | $3.13M |
| Beswick PaulOfficer | 16.4K | $3.08M |
| MILLS STEVEN ADirector | — | — |
| Harrison PeterDirector | — | — |
10 of 19· 2 withheld
View allRecent insider activity
through Sep 2, 2026| Insider | Action | Shares | Date | |
|---|---|---|---|---|
| Brennan KatherineOfficer | Option Exercise (Rule 16b-3 Exempt) | +1.2K | $99.4K | Sep 2, 2026 |
| Brennan KatherineOfficer | Open-Market or Private Sale | -1.2K | $224.9K | Sep 2, 2026 |
| Doyle John QOfficer | Option Exercise (Rule 16b-3 Exempt) | +16.7K | $1.22M | Sep 2, 2026 |
| Doyle John QOfficer | Open-Market or Private Sale | -16.7K | $3.14M | Sep 2, 2026 |
| MILLS STEVEN ADirector | Grant/Award (Rule 16b-3(d)) | +194 | $36.6K | Aug 15, 2026 |
| BROUSSARD BRUCE DDirector | Grant/Award (Rule 16b-3(d)) | +192 | $36.2K | Aug 15, 2026 |
| Jones John JudeOfficer | Open-Market or Private Sale | -6.5K | $1.25M | Aug 6, 2026 |
| Beswick PaulOfficer | Open-Market or Private Sale | -713 | $141.2K | Jul 29, 2026 |
| South MartinOfficer | Open-Market or Private Sale | -7.1K | $1.35M | Jul 28, 2026 |
| Yates Lloyd MDirector | Open-Market or Private Sale | -12.0K | $2.11M | Jul 23, 2026 |
10 of 1,806
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