MRSH Financials Marsh McLennan

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 55 d ago Overview →

Growth & profitability

Revenue has grown 9.2% per year over the past 5 years.
Net income has grown faster than revenue (15.6% vs 9.2% per year).
Free cash flow has grown 10.5% per year over the past 5 years.

Financial health

Total debt ($19.6B) exceeds cash ($2.7B); net debt is $16.9B.
Total debt has grown in line with revenue (10.6% vs 9.2% per year).
Operating income covered interest expense 6.5× in the latest year.
Total debt is 3.0× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 40.8% of earnings and 34.0% of free cash flow.
The dividend has grown 12.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$27.0B	$4.2B	0.0%	23.1%	27.2%	7.1%	$5.0B	$19.6B	$2.7B
2024	$24.5B	$4.1B	0.0%	23.8%	30.0%	7.2%	$4.0B	$19.9B	$2.4B
2023	$22.7B	$3.8B	0.0%	23.2%	30.4%	7.8%	$3.8B	$13.5B	$3.4B
2022	$20.7B	$3.0B	0.0%	20.7%	28.4%	6.9%	$3.0B	$11.8B	$1.4B
2021	—	$3.1B	—	—	28.0%	7.1%	$3.1B	$11.0B	$1.8B
2020	—	$2.0B	—	—	21.8%	6.1%	$3.0B	$11.8B	$2.1B
2019	—	$1.7B	—	—	21.9%	5.6%	$1.9B	$13.2B	$1.2B
2018	—	$1.6B	—	—	21.8%	7.6%	$2.1B	$6.1B	$1.1B
2017	—	$1.5B	—	—	20.0%	7.3%	$1.6B	—	$1.2B
2016	—	$1.8B	—	—	28.2%	9.7%	$1.8B	—	$1.0B
2015	—	$1.6B	—	—	24.2%	8.8%	$1.6B	—	$1.4B
2014	—	$1.5B	—	—	20.5%	8.2%	$1.8B	$3.4B	$2.0B
2013	—	$1.4B	—	—	17.0%	8.0%	$940M	—	$2.3B
2012	—	$1.2B	—	—	17.8%	7.2%	$1.0B	—	$2.3B
2011	—	$993M	—	—	16.7%	6.4%	$1.4B	—	$2.1B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$7.4B	$1.3B	0.0%	25.6%	8.2%	2.1%	$1.5B	$20.6B	$1.7B
Mar '26	$7.6B	$1.1B	0.0%	23.1%	7.7%	2.0%	-$750M	$20.6B	$1.6B
Dec '25	$6.6B	$821M	0.0%	18.5%	5.4%	1.4%	$2.1B	$19.6B	$2.7B
Sep '25	$6.4B	$747M	0.0%	18.4%	4.9%	1.3%	$2.0B	$19.6B	$2.5B
Jun '25	$7.0B	$1.2B	0.0%	26.2%	7.6%	2.1%	$1.6B	$19.7B	$1.7B
Mar '25	$7.1B	$1.4B	0.0%	28.4%	9.7%	2.4%	-$677M	$19.5B	$1.6B
Dec '24	$6.1B	$788M	0.0%	18.8%	5.8%	1.4%	$1.9B	$19.9B	$2.4B
Sep '24	$5.7B	$747M	0.0%	19.4%	5.4%	1.5%	$1.8B	$12.8B	$1.8B
Jun '24	$6.2B	$1.1B	0.0%	26.4%	8.3%	2.3%	$1.1B	$12.8B	$1.7B
Mar '24	$6.5B	$1.4B	0.0%	29.7%	11.1%	2.9%	-$868M	$13.4B	$1.5B
Dec '23	$5.6B	$756M	0.0%	19.9%	6.1%	1.6%	$1.7B	$13.5B	$3.4B
Sep '23	$5.4B	$730M	0.0%	18.5%	6.3%	1.5%	$1.7B	$13.6B	$2.9B
Jun '23	$5.9B	$1.0B	0.0%	24.8%	8.5%	2.2%	$1.4B	$12.1B	$1.2B
Mar '23	—	$1.2B	—	—	11.0%	3.6%	-$903M	$12.1B	$1.0B
Dec '22	—	$466M	—	—	4.3%	1.1%	$1.4B	$11.8B	$1.4B
Sep '22	—	$546M	—	—	5.6%	1.7%	$1.3B	$10.8B	$802M
Jun '22	—	$967M	—	—	8.9%	2.9%	$1.2B	$10.9B	$909M
Mar '22	—	$1.1B	—	—	9.6%	3.2%	-$824M	$10.9B	$772M
Dec '21	—	$803M	—	—	7.2%	1.8%	$1.3B	$11.0B	$1.8B
Sep '21	—	$537M	—	—	5.4%	1.6%	$1.2B	$10.7B	$1.4B

Valuation over time

How the market has priced MRSH against its own fundamentals since 2026-01 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 21.6× (Jan '26) to 21.6× (Sep '26).
The price-to-sales ratio has risen from 3.3× (Jan '26) to 3.3× (Sep '26).
The dividend yield has fallen from 1.9% (Jan '26) to 1.9% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MRSH growing its revenue and profit?

Over the past 5 years, Marsh McLennan's revenue has grown 9.2% per year, and net income grown 15.6% per year. These are computed facts, not advice.

How much debt does MRSH have?

As of FY2025, Marsh McLennan reported $19.6B of total debt against $2.7B of cash; operating income covered interest expense 6.5×.

What is MRSH's profit margin?

In FY2025, gross margin was —, operating margin 23.1%, and net margin 15.4%.

What is MRSH's P/E ratio?

As of Sep '26, Marsh McLennan traded at a price-to-earnings ratio of about 21.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.