At a glance
Marsh & McLennan Companies Inc is worth $97.66B, about 24 times its fiscal 2025 earnings. Revenue grew 10.3% to $26.98B in fiscal 2025, with 15.4% kept as profit; over 5 years it has grown 9.4% a year. It pays a 1.84% dividend yield, raised every year for at least 9 years, and returned $13.85B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +17.8% over the past year with dividends reinvested and +6.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.3% in the 2020 crash (S&P 500: 33.7%) and 19.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 10 months after the lows.
The business in plain English
Marsh & McLennan Companies switched to the shorter brand name Marsh on January 14, 2026. It is an advisor and go-between, not an insurer. It helps businesses, governments and individuals in 130 countries arrange insurance, manage risk, run employee benefit and retirement plans, and solve management problems. Revenue was about $27 billion in 2025, earned by more than 95,000 employees.
Risk and Insurance Services brought in about 64% of 2025 revenue. Marsh Risk (about 54%) is an insurance broker. It places clients' coverage with insurers and earns commissions and fees. It also gets extra payments from insurers tied to the volume or profitability of the business it places. Guy Carpenter (about 10%) arranges reinsurance, which is the insurance that insurance companies purchase to protect themselves. Both also earn interest on premiums and claim payments they hold for clients.
Consulting made up about 36%. Mercer (about 23%) advises employers on employee health benefits, pay, careers and retirement plans. It managed about $692 billion in assets as of December 31, 2025, and many of its fees are based on assets or members. Marsh Management Consulting (about 13%), formerly Oliver Wyman Group, includes Oliver Wyman, Lippincott and NERA. The United States supplied 49.5% of 2025 revenue, the United Kingdom 14.1% and other countries 36.7%.
Price history
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MRSH +17.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Risk and Insurance Services | $17.27B | 64% |
| Consulting | $9.79B | 36.3% |
By geography
| United States | $13.34B | 49.5% |
| Other | $9.90B | 36.7% |
| United Kingdom | $3.82B | 14.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.86B, up 8.1% from a year earlier, and net income was $808.0M (+8.2%).
- For fiscal 2025, revenue was $26.98B (+10.3% year over year; +9.4% a year from FY2020 to FY2025) with a 15.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.4% good |
|---|---|
| Operating margin | 23.1% good |
| Free cash flow margin | 18.5% good |
| Return on equity (FY2025) | 27.2% good |
| Return on assets (FY2025) | 7.1% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.22B | $2.02B | $3.03B |
| FY2021 | $19.82B | $3.14B | $3.11B |
| FY2022 | $20.72B | $3.05B | $3.00B |
| FY2023 | $22.74B | $3.76B | $3.84B |
| FY2024 | $24.46B | $4.06B | $3.99B |
| FY2025 | $26.98B | $4.16B | $5.00B |
Valuation snapshot
| Market value | $97.66B |
|---|---|
| P/E ratio | 24.4 |
| Dividend yield | 1.84% |
Rank among 1514 US companies
Market value at each year end
Marsh & McLennan Companies’s market value went from $34.85B at the end of 2016 to $97.66B on Nov 2, 2026, about 2.8 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $97.66B | +7.5% |
| 2025 | $90.89B | -12.9% |
| 2024 | $104.32B | +11.7% |
| 2023 | $93.42B | +13.8% |
| 2022 | $82.08B | -6.5% |
| 2021 | $87.76B | +47.9% |
| 2020 | $59.34B | +5.5% |
| 2019 | $56.23B | +40.0% |
| 2018 | $40.17B | -3.3% |
| 2017 | $41.54B | +19.2% |
| 2016 | $34.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MRSH price data to Nov 2, 2026 | +13.1% | +17.8% | +3.8% | +6.3% | +14.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.1% |
| 2025 | -11.3% |
| 2024 | +13.8% |
| 2023 | +16.1% |
| 2022 | -3.4% |
| 2021 | +50.8% |
| 2020 | +6.9% |
| 2019 | +42.4% |
| 2018 | -0.1% |
| 2017 | +22.7% |
| 2016 | +24.5% |
| 2015 | -1.1% |
| 2014 | +20.9% |
| 2013 | +43.8% |
| 2012 | +12.0% |
| 2011 | +19.1% |
| 2010 | +28.2% |
| 2009 | -5.4% |
| 2008 | -5.5% |
| 2007 | -11.4% |
| 2006 | -1.2% |
| 2005 | -1.2% |
| 2004 | -29.8% |
| 2003 | +6.9% |
| 2002 | -12.0% |
| 2001 | -6.3% |
| 2000 | +24.5% |
| 1999 | +68.8% |
| 1998 | +20.9% |
| 1997 | +45.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 28.9% over that stretch · deepest drop along the way 46.3%, back to its old high 23.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.3% over that stretch · deepest drop along the way 35.3%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.8% over that stretch · deepest drop along the way 19.2%, back to its old high 10.1 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 9 sales ($12.0M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | John Q Doyle President and CEO | sell (plan) | $3.1M |
| Jun 2, 2026 | John Q Doyle President and CEO | sell (plan) | $2.7M |
| Jul 23, 2026 | Lloyd M Yates Director | sell | $2.1M |
| Jul 28, 2026 | Martin South Chief Client Officer | sell | $1.3M |
| Aug 6, 2026 | John Jude Jones Chief Marketing Officer | sell | $1.2M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
ETFs with the most weight in MRSH
| JGRW Jensen Quality Growth ETF | 7.34% |
| BWTG Brendan Wood TopGun ETF | 4.32% |
| BCUS Bancreek U.S. Large Cap ETF | 4.07% |
| BGIG Bahl & Gaynor Income Growth ETF | 3.42% |
| SSPX Janus Henderson U.S. Sustainable Equity ETF | 3.15% |
| INFL Horizon Kinetics Inflation Beneficiaries ETF | 3.07% |
| IPDP Dividend Performers ETF | 2.58% |
| HUSV First Trust Horizon Managed Volatility Domestic ETF | 2.45% |
What could go wrong
- Rules on how brokers get paid. Marsh Risk earns commissions and fees, plus extra payments from insurers tied to the volume or profitability of the business it places. New rules, lawsuits or conflict-of-interest claims over broker pay could hurt results.
- Insurance prices and economic slowdowns. Most revenue comes from insurance broking, which depends on premium levels. Falling insurance prices, or a weaker economy that leads clients to purchase less coverage, could slow the segment behind about 64% of revenue.
- Costly claims over mistakes, partly uninsured. Clients can sue over faulty advice or insurance placements, or for breach of fiduciary duty (the duty to put clients' interests first). Marsh says some of these exposures are significant and uninsured.
- Mercer depends on markets and pensions. Many Mercer fees are based on the assets it manages, so falling markets cut revenue. A faster shift to passive index investing, or changes affecting traditional pension plans, could also reduce demand.
- Technology could cut out the middleman. Insurers, rivals and new technology such as AI could let clients bypass brokers and consultants, which the company calls disintermediation. Falling behind on technology could cost Marsh clients and fees.
- Heavy debt limits flexibility. As of September 30, 2026, total debt was about $20.5 billion, against about $1.8 billion in cash and investments. Large debts limit flexibility, and a credit rating downgrade would raise borrowing costs.
Recent events
- Other company announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed; Major agreement ended
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Executive or board change
- Executive or board change
- Other company announcement
For income and retirement investors
Marsh has raised its dividend at least nine years in a row. Every fiscal year from 2016 to 2025 shows an increase. Dividends per share rose from about $1.84 in 2020 to $3.43 in 2025, about 13% a year. The 2025 dividend used about 41% of earnings and 34% of free cash flow (cash left after running and investing in the business). The yield was 1.97% as of October 28, 2026. From 2021 to 2025, buybacks of about $7.2 billion exceeded the $6.7 billion paid in dividends, and the share count fell 5.8% over five years.
The stock has fallen hard in downturns. It dropped 46.3% between September 2008 and March 2009 and took about two years to recover. In the 2020 COVID crash it fell 35.3% but regained its peak by August 2020. In 2022 it fell 19.2% at its worst and recovered in about 10 months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Marsh & McLennan make money?
Mostly from commissions and fees for arranging insurance. In 2025, about 64% of its roughly $27 billion in revenue came from Risk and Insurance Services, where Marsh Risk brokers insurance and Guy Carpenter brokers reinsurance. Both also earn interest on client premiums and claim payments they hold. The other 36% came from Consulting. That includes Mercer's health, wealth and career advice, and Marsh Management Consulting, which includes Oliver Wyman, Lippincott and NERA.
Does Marsh & McLennan raise its dividend every year?
Yes, so far. Every fiscal year from 2016 through 2025 shows a higher dividend in its SEC filings. That is a streak of at least nine increases, and it may be longer. Dividends per share rose from about $1.84 in 2020 to $3.43 in 2025, about 13% a year. The 2025 dividend used about 41% of earnings and 34% of free cash flow. The yield was 1.97% as of October 28, 2026. Past increases do not guarantee future ones.
Is Marsh & McLennan an insurance company?
No. Marsh is mainly an insurance broker and advisor. It arranges coverage between clients and insurance companies and earns commissions and fees. That means it does not carry the risk of paying policyholders' claims the way an insurer does. Its main exposures are different: lawsuits if its advice goes wrong, swings in insurance prices that affect commissions, and rules on how brokers are paid. It also runs a large consulting business through Mercer and Marsh Management Consulting.
Did Marsh McLennan change its name to Marsh?
Yes, its brand changed. Effective January 14, 2026, the company changed its brand name from Marsh McLennan to Marsh. Its Marsh insurance broking business became Marsh Risk, and Oliver Wyman Group became Marsh Management Consulting. Mercer and Guy Carpenter keep their brands through a transition period. In its annual report filed February 9, 2026, the legal name was still Marsh & McLennan Companies, Inc. The shares trade on the NYSE under the symbol MRSH.
How has Marsh & McLennan stock performed?
It depends on the period. As of October 28, 2026, the stock had returned about 13.6% a year over 10 years, a cumulative 259%. Over five years it returned 4.5% a year, and over three years 3.1% a year. It fell 11.3% in 2025 and was up 5.9% for 2026 through October 28. Its biggest drop over the prior three years was 33.6%. On that date it traded at 22.8 times 2025 earnings.