Marsh (MRSH) Financials
Ticker history: MMC became MRSH (Marsh) on . Earlier news and filings retain their original names and dates. View MMC history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRSH SEC filings page.
Marsh (MRSH) reported $28.5B in revenue over the twelve months to Sep 30, 2026, up 7.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business turns earnings into cash efficiently, but financing costs and balance-sheet expansion limit how much growth reaches net income.
From FY2024 to FY2025, operating cash flow rose23.0% while net income rose only2.5% , so cash generation outpaced accounting earnings. Operating cash flow reached127.2% of net income in FY2025 versus106.0% in FY2024; this stronger cash conversion makes cash flow a more favorable near-term view of earnings quality than net income alone.
Revenue grew
Debt increased
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Marsh's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Marsh has an operating margin of 23.1%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 90/100, reflecting efficient cost management and pricing power. This is down from 23.8% the prior year.
Marsh's revenue grew 10.3% year-over-year to $27.0B, a solid pace of expansion. This earns a growth score of 62/100.
Marsh has elevated debt relative to equity (D/E of 1.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 26/100, reflecting increased financial risk.
Marsh's current ratio of 1.10 is below the typical benchmark, resulting in a score of 25/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Marsh converts 18.5% of revenue into free cash flow ($5.0B). This strong cash generation earns a score of 83/100.
Marsh earns a strong 27.6% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 85/100. This is down from 30.4% the prior year.
Marsh scores 2.89, placing it in the grey zone between 1.81 and 2.99. The largest contribution to the score comes from a market capitalization of $99.6B against total liabilities of $43.6B. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Marsh passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Marsh generates $1.27 in operating cash flow ($5.3B OCF vs $4.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Marsh earns $6.48 in operating income for every $1 of interest expense ($6.2B vs $960.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Marsh generated $6.9B in revenue in Q3 2026. This represents an increase of 8.1% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.
Marsh's EBITDA was $1.3B in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is down 34.4%.
Marsh reported $808.0M in net income in Q3 2026. This represents an increase of 8.2% from the same quarter a year earlier. Against the prior quarter it is down 36.2%.
Marsh earned $1.69 per diluted share (EPS) in Q3 2026. This represents an increase of 11.9% from the same quarter a year earlier. Against the prior quarter it is down 35.7%.
Cash & Balance Sheet
Marsh generated $1.4B in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 30.5% from the same quarter a year earlier. Against the prior quarter it is down 3.7%.
Marsh held $1.8B in cash against $18.9B in long-term debt as of Q3 2026.
Marsh paid $1.98 per share in dividends in Q3 2026. This represents an increase of 10.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Margins & Returns
Marsh's operating margin was 17.7% in Q3 2026, reflecting core business profitability. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.0 percentage points.
Marsh's net profit margin was 11.8% in Q3 2026, showing the share of revenue converted to profit. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 5.3 percentage points.
Marsh's quarterly ROE was 5.5% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.8 percentage points.
Not reported for Q3 2026.
Capital Allocation
Marsh spent $504.0M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 25.4% from the same quarter a year earlier. Against the prior quarter it is down 33.4%.
Marsh invested $81.0M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 12.5% from the same quarter a year earlier. Against the prior quarter it is up 12.5%.
Not reported for Q3 2026.
MRSH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9B+8.1% | $7.4B+6.2% | $7.6B+7.6% | $6.6B+8.7% | $6.4B+11.5% | $7.0B+12.1% | $7.1B+9.1% | $6.1B+9.2% |
| Operating Income | $1.2B+3.8% | $1.9B+3.8% | $1.8B-12.5% | $1.2B+6.7% | $1.2B+5.6% | $1.8B+11.4% | $2.0B+4.2% | $1.1B+3.5% |
| EBITDA | $1.3B+3.4% | $2.0B+3.6% | $1.8B-11.9% | $1.3B+6.1% | $1.3B+5.3% | $1.9B+11.0% | $2.1B+3.4% | $1.2B+30.5% |
| Interest Expense | $248.0M+4.6% | $250.0M+2.9% | $240.0M-2.0% | $235.0M+1.7% | $237.0M+53.9% | $243.0M+55.8% | $245.0M+54.1% | $231.0M+53.0% |
| Income Tax | $221.0M-12.6% | $411.0M-1.0% | $395.0M-4.8% | $222.0M+6.7% | $253.0M-10.6% | $415.0M-2.4% | $415.0M-7.2% | $208.0M-26.5% |
| Net Income | $808.0M+8.2% | $1.3B+4.5% | $1.1B-17.0% | $821.0M+4.2% | $747.0M0.0% | $1.2B+7.6% | $1.4B-1.4% | $788.0M+4.2% |
| EPS (Basic) | $1.70+11.8% | $2.64+7.3% | $2.37-15.7% | $1.69+5.0% | $1.520.0% | $2.46+7.9% | $2.81-1.1% | $1.61+5.2% |
| EPS (Diluted) | $1.69+11.9% | $2.63+7.3% | $2.36-15.4% | $1.68+5.7% | $1.510.0% | $2.45+7.9% | $2.79-1.1% | $1.59+4.6% |
| Diluted Shares (Avg) | 479M-3.0% | 482M-2.6% | 486M-1.8% | N/A | 494M-0.4% | 495M-0.2% | 495M-0.4% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
MRSH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $59.8B+1.7% | $59.7B+1.9% | $58.6B+2.7% | $58.7B+3.9% | $58.8B+17.9% | $58.6B+20.5% | $57.0B+19.8% | $56.5B+17.6% |
| Current Assets | $24.1B+1.7% | $24.3B+4.3% | $23.2B+3.5% | $23.2B+4.9% | $23.7B+6.3% | $23.3B+6.0% | $22.5B+5.5% | $22.1B+1.7% |
| Cash & Equivalents | $1.8B-26.6% | $1.7B+1.4% | $1.6B+0.4% | $2.7B+12.1% | $2.5B+39.7% | $1.7B+1.5% | $1.6B+10.5% | $2.4B-28.6% |
| Goodwill | $24.6B+2.8% | $24.4B+1.8% | $24.3B+3.1% | $24.3B+4.4% | $23.9B+31.3% | $23.9B+36.6% | $23.5B+35.9% | $23.3B+35.3% |
| Total Liabilities | $45.1B+3.4% | $44.5B+4.0% | $44.0B+2.4% | $43.6B+1.1% | $43.6B+20.6% | $42.8B+21.5% | $43.0B+22.2% | $43.1B+20.4% |
| Current Liabilities | $22.1B+4.8% | $21.4B+10.1% | $20.9B+5.7% | $21.1B+7.9% | $21.1B+7.6% | $19.4B+2.8% | $19.8B+6.0% | $19.5B-1.4% |
| Non-Current Liabilities | $23.0B+2.2% | $23.1B-1.1% | $23.1B-0.4% | $22.6B-4.5% | $22.5B+36.0% | $23.4B+43.0% | $23.2B+40.5% | $23.6B+47.2% |
| Long-Term Debt | $18.9B+3.1% | $18.9B-0.4% | $18.9B+0.2% | $18.3B-5.7% | $18.3B+48.6% | $19.0B+54.4% | $18.9B+53.3% | $19.4B+64.0% |
| Total Equity | $14.7B-3.2% | $15.2B-3.7% | $14.6B+3.6% | $15.1B+13.2% | $15.2B+10.7% | $15.8B+18.0% | $14.1B+13.2% | $13.3B+9.4% |
| Retained Earnings | $29.2B+8.2% | $29.3B+8.2% | $28.0B+8.3% | $27.8B+9.7% | $26.9B+9.9% | $27.1B+10.2% | $25.9B+10.3% | $25.3B+11.2% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments.
MRSH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B-29.0% | $1.5B-8.9% | -$688.0Mn/m | $2.2B+10.5% | $2.1B+8.9% | $1.7B+37.5% | -$622.0Mn/m | $2.0B+9.7% |
| Depreciation & Amortization | $89.0M-2.2% | $90.0M-1.1% | $89.0M+1.1% | $91.0M-2.2% | $91.0M+1.1% | $91.0M+4.6% | $88.0M-11.1% | $93.0M-50.0% |
| Stock-Based Compensation | $94.0M-1.1% | $96.0M-2.0% | $139.0M+24.1% | N/A | $95.0M+5.6% | $98.0M+8.9% | $112.0M+8.7% | N/A |
| Capital Expenditures | $81.0M+12.5% | $72.0M+22.0% | $62.0M+12.7% | $105.0M+38.2% | $72.0M-1.4% | $59.0M-26.3% | $55.0M-36.8% | $76.0M-36.7% |
| Free Cash Flow | $1.4B-30.5% | $1.5B-10.0% | -$750.0Mn/m | $2.1B+9.4% | $2.0B+9.3% | $1.6B+42.0% | -$677.0Mn/m | $1.9B+13.0% |
| Investing Cash Flow | -$228.0Mn/m | -$161.0Mn/m | -$104.0M-500.0% | -$523.0Mn/m | -$227.0Mn/m | -$121.0Mn/m | $26.0Mn/m | -$7.6Bn/m |
| Financing Cash Flow | -$1.1Bn/m | -$800.0Mn/m | $114.0Mn/m | -$2.0B-132.6% | -$753.0Mn/m | -$1.7Bn/m | -$138.0M-202.2% | $6.3Bn/m |
| Dividends Paid | $476.0M+7.0% | $438.0M+8.1% | $440.0M+8.6% | $444.0M+10.2% | $445.0M+10.1% | $405.0M+15.1% | $405.0M+14.4% | $403.0M+13.8% |
| Share Buybacks | $504.0M+25.4% | $757.0M+152.3% | $755.0M+151.7% | $1.0Bn/m | $402.0M+34.0% | $300.0M0.0% | $300.0M0.0% | $0-100.0% |
MRSH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.7%-0.7pp | 25.7%-0.6pp | 23.1%-5.3pp | 18.5%-0.3pp | 18.4%-1.0pp | 26.2%-0.2pp | 28.4%-1.3pp | 18.8%-1.0pp |
| Net Margin | 11.8%0.0pp | 17.1%-0.3pp | 15.1%-4.5pp | 12.4%-0.5pp | 11.8%-1.3pp | 17.4%-0.7pp | 19.6%-2.1pp | 13.0%-0.6pp |
| Return on Equity | 5.5%+0.6pp | 8.3%+0.7pp | 7.9%-1.9pp | 5.4%-0.5pp | 4.9%-0.5pp | 7.7%-0.7pp | 9.8%-1.4pp | 5.9%-0.3pp |
| Return on Assets | 1.4%+0.1pp | 2.1%+0.1pp | 2.0%-0.5pp | 1.4%0.0pp | 1.3%-0.2pp | 2.1%-0.2pp | 2.4%-0.5pp | 1.4%-0.2pp |
| Current Ratio | 1.090.0x | 1.14-0.1x | 1.110.0x | 1.100.0x | 1.120.0x | 1.200.0x | 1.140.0x | 1.130.0x |
| Debt-to-Equity | 1.29+0.1x | 1.240.0x | 1.300.0x | 1.21-0.2x | 1.21+0.3x | 1.20+0.3x | 1.34+0.4x | 1.46+0.5x |
| Liabilities-to-Equity | 3.08+0.2x | 2.93+0.2x | 3.020.0x | 2.89-0.3x | 2.88+0.2x | 2.71+0.1x | 3.05+0.2x | 3.23+0.3x |
| Asset Turnover | 0.110.0x | 0.120.0x | 0.130.0x | 0.110.0x | 0.110.0x | 0.120.0x | 0.120.0x | 0.110.0x |
| FCF Margin | 20.4%-11.3pp | 19.6%-3.5pp | -9.9%-0.3pp | 31.2%+0.2pp | 31.6%-0.6pp | 23.1%+4.9pp | -9.6%+3.8pp | 31.0%+1.1pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Marsh MRSH | FY2025 | $27.0B | $4.2B | 15.4% | $99.6B | 62/100 |
| Aon plc AON | FY2025 | $17.2B | $3.7B | 21.5% | $73.1B | 61/100 |
| Arthur J. Gallagher & Co. AJG | FY2025 | $13.9B | $1.5B | 10.7% | $73.9B | 64/100 |
| Willis Towers Watson Public Limited Company WTW | FY2025 | $9.7B | $1.6B | 16.5% | $31.0B | 53/100 |
| Brown & Brown, Inc. BRO | FY2025 | $5.9B | $1.1B | 17.9% | $24.7B | 69/100 |
| Ryan Specialty Holdings, Inc. RYAN | FY2025 | $3.1B | $63.4M | 2.1% | $12.1B | 59/100 |
Where Marsh Ranks
Frequently Asked Questions
Marsh (MRSH) reported $27.0B in total revenue for fiscal year 2025. This represents a 10.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Marsh (MRSH) revenue grew by 10.3% year-over-year, from $24.5B to $27.0B in fiscal year 2025.
Yes, Marsh (MRSH) reported a net income of $4.0B over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $4.2B, with a net profit margin of 15.4%.
Marsh (MRSH) had EBITDA of $6.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Marsh (MRSH) had $2.7B in cash and equivalents against $18.3B in long-term debt.
Marsh (MRSH) had an operating margin of 23.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Marsh (MRSH) had a net profit margin of 15.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, Marsh (MRSH) paid $3.43 per share in dividends during fiscal year 2025.
Marsh (MRSH) has a return on equity of 27.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Marsh (MRSH) generated $5.0B in free cash flow during fiscal year 2025. This represents a 25.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Marsh (MRSH) generated $5.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Marsh (MRSH) had $58.7B in total assets as of fiscal year 2025, including both current and long-term assets.
Marsh (MRSH) invested $291.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Marsh (MRSH) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
Marsh (MRSH) had a debt-to-equity ratio of 1.21 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Marsh (MRSH) had a liabilities-to-equity ratio of 2.89 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Marsh (MRSH) had a return on assets of 7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Marsh (MRSH) trades at 24.6x earnings, its market capitalization divided by $4.0B net income, trailing 12 months to September 30, 2026. The market capitalization is $99.6B as of Nov 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Marsh (MRSH) trades at 3.5x sales, its market capitalization divided by $28.5B revenue, trailing 12 months to September 30, 2026. The market capitalization is $99.6B as of Nov 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Marsh (MRSH) has an Altman Z-Score of 2.89, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Marsh (MRSH) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Marsh (MRSH) has an earnings quality ratio of 1.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Marsh (MRSH) has an interest coverage ratio of 6.48x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
Marsh (MRSH) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.