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World's largest insurance broker, also providing risk consulting, reinsurance broking and HR/benefits consulting.
World's largest insurance broker, also providing risk consulting, reinsurance broking and HR/benefits consulting.
Takes no insurance risk: it is paid commissions by insurers and fees by clients for placing cover, while Mercer and Oliver Wyman earn consulting fees. Broking income tends to rise when insurance prices rise. It added scale by buying UK broker Jardine Lloyd Thompson in 2019.
Moat: narrow (scale, distribution, brand). Global placement scale and carrier relationships are hard for smaller brokers to match.
Headquarters: New York, New York, US · Founded: 1871 · Employees: 95,000
Size Marsh McLennan (MRSH) is a United States Financials company (Insurance Brokers/Services) with a market value of $97.4B, the 127th largest of 3,117 United States companies the cockpit tracks. Shares closed at $204.82 on 6 Nov 2026.
Performance Over six months the shares gained 25.5%, against +20.9% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +15.8%); the operating margin is 23.9% (peer median 16.7%).
Valuation It trades at 6.64× book value against a peer median of 2.84× (5th most expensive of 19).
Price implies The share price implies a return on equity of about 32.7%; Marsh McLennan delivers 27.1%, so the price asks more than the business earns today.
Credit Marsh McLennan has 27 bonds outstanding ($20.1B), rated A- by the agencies and trading like A at a weighted spread of 76 bp.
Short interest Short interest is 1.4% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $28.5B | $27.0B | $24.4B | $22.8B | $20.8B |
| Revenue growth | — | +11% | +7% | +9% | — |
| EBITDA | $7.72B | $7.73B | $6.87B | $6.42B | $5.51B |
| Net income | $4.04B | $4.16B | $4.06B | $3.76B | $3.05B |
| Free cash flow | $4.15B | $5.00B | $3.99B | $3.84B | $3.00B |
| Capital expenditure | $320M | $291M | $316M | $416M | $470M |
| Total debt | $22.3B | $21.4B | $21.9B | $15.4B | $13.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
| Aon AON | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Willis Towers Watson WTW | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRSH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.9% | +7.8% | 5th highest of 21 |
| 6-month return | +25.5% | +20.9% | 11th highest of 21 |
| Return on equity | 27.1% | 13.8% | 4th highest of 19 |
| Price / book | 6.64× | 2.84× | 5th most expensive of 19 |
| Trailing P/E | 24.5× | 23.9× | 10th most expensive of 20 |
| ROE the price implies | 32.7% | 18.1% | 6th most demanding of 19 |
| ROE delivered | 27.1% | 13.8% | 4th highest of 19 |
| Bond spread | 76 bp | 93 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Marsh McLennan MRSH | United States | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% | 27.1% |
| Assicurazioni Generali G.MI | Italy | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% | 14.7% |
| Arthur J. Gallagher & AJG | United States | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% | 7.2% |
| Aon AON | United States | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% | 43.6% |
| Willis Towers Watson WTW | United States | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% | 20.2% |
| Brown & Brown BRO | United States | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% | 9.6% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| Baldwin Insurance BWIN | United States | $4.48B | +58% | +19% | -11% | 3.48× | 26.6% | -10.7% |
| Steadfast SDF.AX | Australia | $4.46B | +46% | +17% | 11% | 2.73× | 14.3% | 11.3% |
| CorVel CRVL | United States | $4.20B | +42% | +8% | 31% | 10.74× | 80.5% | 30.6% |
| Neptune Insurance NP | United States | $3.86B | -7% | +34% | n/a | n/a | n/a | n/a |
| AUB AUB.AX | Australia | $2.75B | +26% | +6% | 5% | 2.11× | 17.1% | 5.4% |
| Goosehead Insurance GSHD | United States | $1.97B | +36% | +18% | n/a | n/a | n/a | n/a |
| TWFG TWFG | United States | $1.52B | +47% | +33% | 14% | 7.79× | 29.2% | 13.6% |
| REVO Insurance REVO.MI | Italy | $745M | -5% | +27% | 9% | 2.41× | 11.1% | 9.4% |
| Root ROOT | United States | $672M | -23% | +15% | 15% | 2.05× | 37.6% | 15.4% |
| Crawford & CRD-A | United States | $539M | +15% | -4% | 14% | 2.96× | 21.0% | 14.0% |
| Waterdrop, Inc. Sponsored ADR WDH | United States | $364M | -35% | +76% | 11% | 0.48× | 4.6% | 10.6% |
| INCAR FINANCIAL SERVICE 211050.KS | South Korea | $338M | -9% | +32% | 40% | 2.01× | 8.0% | 39.7% |
| FP Partner 7388.T | Japan | $327M | +1% | -6% | 15% | 4.96× | 34.3% | 14.9% |
Marsh McLennan has 27 bonds outstanding with $20.1B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.48%, a spread of 76 bp over government bonds.