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MMC logoMarsh & McLennan Companies, Inc.(MMC)Earnings, Financials & Key Ratios

MMC•NYSE•Insurance & Managed Care
$174.06
$85.27B mkt cap·21.3× P/E·Price updated Apr 24, 2026
SectorFinancial ServicesIndustryInsurance BrokersSub-IndustryCommercial insurance brokerages
AboutMarsh & McLennan Companies, Inc., a professional services company, provides advice and solutions to clients in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services, and Consulting. The Risk and Insurance Services segment offers risk management services, such as risk advice, risk transfer, and risk control and mitigation solutions, as well as insurance and reinsurance broking, catastrophe and financial modeling, and related advisory services; and insurance program management services. This segment serves businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment provides health, wealth, and career consulting services and products; and specialized management, as well as economic and brand consulting services. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.Show more
  • Revenue$24.46B+7.6%
  • Combined Ratio76.22%-0.7%
  • Net Income$4.06B+8.1%
  • Return on Equity31.35%-3.5%
  • Medical Cost Ratio57.22%-0.7%
  • Operating Margin23.78%+2.4%
  • Net Margin16.6%+0.5%
  • ROA7.77%-15.7%
  • Equity / Assets23.96%-7.0%
  • Book Value per Share27.29+10.1%
  • Tangible BV/Share-29.42-96.0%
  • Debt/Equity1.62+29.4%
Analysis→Technical→

MMC Key Insights

Marsh & McLennan Companies, Inc. (MMC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 76.2% combined ratio
  • ✓Excellent 3Y average ROE of 30.5%
  • ✓Strong 5Y profit CAGR of 18.4%
  • ✓19 consecutive years of dividend growth
  • ✓Low loss ratio of 57.2%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MMC Price & Volume

Marsh & McLennan Companies, Inc. (MMC) stock price & volume — 10-year historical chart

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MMC Growth Metrics

Marsh & McLennan Companies, Inc. (MMC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.56%
5 Years7.99%
3 Years7.26%
TTM10.47%

Profit CAGR

10 Years10.73%
5 Years18.44%
3 Years8.91%
TTM2.46%

EPS CAGR

10 Years11.93%
5 Years19.12%
3 Years10.09%
TTM2.71%

Return on Capital

10 Years17.08%
5 Years17.92%
3 Years20.56%
Last Year17.84%

MMC Recent Earnings

Marsh & McLennan Companies, Inc. (MMC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 8/12 qtrs (67%)
Q1 2026Latest
Jan 29, 2026
EPS
$1.87
Est $1.97
-5.1%
Revenue
$6.6B
Est $6.6B
+0.7%
Q4 2025
Oct 16, 2025
EPS
$1.85
Est $1.78
+3.9%
Revenue
$6.4B
Est $6.3B
+0.4%
Q3 2025
Jul 17, 2025
EPS
$2.72
Est $2.67
+1.9%
Revenue
$7.0B
Est $6.9B
+0.5%
Q2 2025
Apr 17, 2025
EPS
$3.06
Est $3.02
+1.3%
Revenue
$7.1B
Est $7.1B
-0.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestJan 29, 2026
$1.87vs $1.97-5.1%
$6.6Bvs $6.6B+0.7%
Q4 2025Oct 16, 2025
$1.85vs $1.78+3.9%
$6.4Bvs $6.3B+0.4%
Q3 2025Jul 17, 2025
$2.72vs $2.67+1.9%
$7.0Bvs $6.9B+0.5%
Q2 2025Apr 17, 2025
$3.06vs $3.02+1.3%
$7.1Bvs $7.1B-0.2%
Based on last 12 quarters of dataView full earnings history →

MMC Peer Comparison

Marsh & McLennan Companies, Inc. (MMC) competitors in Commercial insurance brokerages — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AON logoAONAon plcDirect Competitor67.37B314.4518.489.45%22.54%44.16%4.78%1.73
WTW logoWTWWillis Towers Watson Public Limited CompanyDirect Competitor24.45B259.3615.95-2.24%16.84%20.77%6.32%0.86
AJG logoAJGArthur J. Gallagher & Co.Direct Competitor52.91B205.8035.7920.66%10.72%6.5%3.37%0.60
BRO logoBROBrown & Brown, Inc.Direct Competitor19.58B57.5118.2026.59%17.87%9.33%7.06%0.63
MCO logoMCOMoody's CorporationProduct Competitor80.59B454.5533.258.89%31.86%64.11%3.2%1.75
SPGI logoSPGIS&P Global Inc.Product Competitor125.47B423.8728.917.94%29.15%12.92%4.35%0.39
HWC logoHWCHancock Whitney CorporationProduct Competitor5.5B67.4411.87-1.52%24.08%11.06%9.51%0.30
RYAN logoRYANRyan Specialty Holdings, Inc.Product Competitor3.96B30.556521.28%4.17%10.77%14.54%2.82

Compare MMC vs Peers

Marsh & McLennan Companies, Inc. (MMC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AON

Most directly comparable listed peer for MMC.

Scale Benchmark

vs IBM

Larger-name benchmark to compare MMC against a more recognizable public peer.

Peer Set

Compare Top 5

vs AON, WTW, AJG, BRO

MMC Income Statement

Marsh & McLennan Companies, Inc. (MMC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue13.21B14.02B14.95B16.65B17.22B19.82B20.72B22.74B24.46B26.45B
Revenue Growth %2.47%6.15%6.6%11.38%3.44%15.07%4.54%9.73%7.57%10.47%
Medical Costs & Claims7.69B8.09B8.61B9.73B10.13B11.43B12.07B13.1B14B15.27B
Medical Cost Ratio %58.24%57.65%57.56%58.46%58.81%57.64%58.26%57.61%57.22%57.72%
Gross Profit
5.52B▲ 0%
5.94B▲ 7.6%
6.34B▲ 6.8%
6.92B▲ 9.0%
7.09B▲ 2.6%
8.39B▲ 18.3%
8.65B▲ 3.0%
9.64B▲ 11.4%
10.46B▲ 8.6%
11.18B▲ 0%
Gross Margin %41.76%42.35%42.44%41.54%41.19%42.36%41.74%42.39%42.78%42.28%
Gross Profit Growth %-0.76%7.65%6.84%9.03%2.56%18.32%3.03%11.42%8.56%-
Operating Expenses3.09B3.28B3.58B4.24B4.03B4.08B4.37B4.36B4.64B5.04B
OpEx / Revenue %23.36%23.42%23.97%25.47%23.39%20.6%21.09%19.15%18.99%19.05%
Depreciation & Amortization438M481M494M647M741M747M719M713M746M883M
Combined Ratio %81.6%81.07%81.53%83.92%82.2%78.24%79.34%76.77%76.22%76.77%
Operating Income
2.43B▲ 0%
2.65B▲ 9.2%
2.76B▲ 4.0%
2.68B▼ 3.0%
3.07B▲ 14.5%
4.31B▲ 40.6%
4.28B▼ 0.7%
5.28B▲ 23.4%
5.82B▲ 10.1%
6.15B▲ 0%
Operating Margin %18.4%18.93%18.47%16.08%17.8%21.76%20.66%23.23%23.78%23.23%
Operating Income Growth %0.5%9.21%3.99%-3.04%14.53%40.64%-0.74%23.41%10.13%-
EBITDA2.87B3.14B3.25B3.32B3.81B5.06B5B6B6.56B7.03B
EBITDA Margin %21.72%22.36%21.77%19.96%22.1%25.52%24.13%26.37%26.83%26.57%
Interest Expense189M237M290M524M515M444M469M578M700M956M
Non-Operating Income-238M-225M227M-286M-242M-340M-271M-322M-363M-302M
Pretax Income
2.48B▲ 0%
2.64B▲ 6.6%
2.24B▼ 15.1%
2.44B▲ 8.7%
2.79B▲ 14.5%
4.21B▲ 50.7%
4.08B▼ 3.0%
5.03B▲ 23.1%
5.48B▲ 9.0%
5.49B▲ 0%
Pretax Margin %18.77%18.85%15.01%14.65%16.22%21.23%19.7%22.11%22.41%20.76%
Income Tax685M1.13B574M666M747M1.03B995M1.22B1.36B1.29B
Effective Tax Rate %27.62%42.87%25.58%27.31%26.75%24.57%24.38%24.35%24.87%23.51%
Net Income
1.77B▲ 0%
1.49B▼ 15.6%
1.65B▲ 10.6%
1.74B▲ 5.6%
2.02B▲ 15.7%
3.14B▲ 55.9%
3.05B▼ 3.0%
3.76B▲ 23.1%
4.06B▲ 8.1%
4.13B▲ 0%
Net Margin %13.38%10.64%11.04%10.46%11.7%15.86%14.72%16.52%16.6%15.6%
Net Income Growth %10.57%-15.61%10.59%5.58%15.73%55.9%-2.96%23.15%8.09%2.46%
EPS (Diluted)
3.37▲ 0%
2.87▼ 14.8%
3.23▲ 12.5%
3.41▲ 5.6%
3.94▲ 15.5%
6.13▲ 55.6%
6.04▼ 1.5%
7.53▲ 24.7%
8.18▲ 8.6%
8.35▲ 0%
EPS Growth %13.09%-14.84%12.54%5.57%15.54%55.58%-1.47%24.67%8.63%2.71%
EPS (Basic)3.412.913.263.443.986.206.117.608.25-
Diluted Shares Outstanding524M519M511M511M512M513M505M499M496M494M

MMC Balance Sheet

Marsh & McLennan Companies, Inc. (MMC) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets18.19B20.43B21.58B31.32B33.03B34.39B33.45B48.03B56.48B58.78B
Asset Growth %-0.14%12.31%5.62%45.13%5.47%4.11%-2.72%43.57%17.6%75.84%
Total Investment Assets619M720M661M1.63B1.77B2.27B377M449M541M3M
Long-Term Investments619M720M661M1.63B1.77B2.27B377M449M541M1.5B
Short-Term Investments0000000000
Total Current Assets4.88B5.56B5.93B7.07B8.12B8.26B8.3B21.75B22.12B23.7B
Cash & Equivalents1.03B1.21B1.07B1.16B2.09B1.75B1.44B3.36B2.4B2.51B
Receivables3.64B4.13B4.32B5.24B5.33B5.59B5.85B6.42B7.16B31.56B
Other Current Assets215M224M551M677M701M926M1B11.97B12.56B13.11B
Goodwill & Intangibles9.49B10.36B11.04B17.41B18.22B19.13B18.79B19.86B28.13B113.71B
Goodwill8.37B9.09B9.6B14.67B15.52B16.32B16.25B17.23B23.31B23.95B
Intangible Assets1.13B1.27B1.44B2.77B2.7B2.81B2.54B2.63B4.82B4.67B
PP&E (Net)725M712M701M2.78B2.75B2.71B2.43B2.42B2.36B1.44B
Other Assets1.37B2.4B2.57B1.76B1.46B1.46B3.2B3.19B3.1B4.78B
Total Liabilities11.92B12.99B13.99B23.37B23.77B23.17B22.7B35.66B42.95B43.42B
Total Debt4.81B5.49B5.82B14.22B13.58B13.16B13.47B15.44B21.86B21.43B
Net Debt3.78B4.28B4.76B13.07B11.49B11.41B12.03B12.08B19.46B18.91B
Long-Term Debt4.5B5.22B5.51B10.74B10.8B10.93B11.23B11.84B19.43B18.32B
Short-Term Debt312M262M314M1.22B517M17M268M1.62B519M1.26B
Total Current Liabilities4.08B4.26B4.92B6.68B6.56B6.65B17.83B19.8B19.52B21.1B
Accounts Payable1.97B2.08B2.23B2.75B3.05B3.17B3.28B3.4B3.4B3.35B
Deferred Revenue0000000000
Other Current Liabilities1.66B1.72B2.22B2.2B2.4B2.94B13.76B14.14B14.9B16.15B
Deferred Taxes0000000000
Other Liabilities3.34B3.5B3.56B4.03B4.53B3.7B-8.02B2.36B2.41B2.5B
Total Equity
6.27B▲ 0%
7.44B▲ 18.7%
7.57B▲ 1.8%
7.94B▲ 4.9%
9.26B▲ 16.6%
11.22B▲ 21.2%
10.75B▼ 4.2%
12.37B▲ 15.1%
13.54B▲ 9.4%
15.36B▲ 0%
Equity Growth %-5%18.65%1.77%4.87%16.58%21.19%-4.21%15.08%9.42%50.87%
Shareholders Equity6.19B7.36B7.51B7.79B9.1B11.01B10.52B12.19B13.34B15.15B
Minority Interest80M83M73M150M156M213M229M179M193M206M
Retained Earnings12.39B13.14B14.35B15.2B16.27B18.39B20.3B22.76B25.31B26.95B
Common Stock561M561M561M561M561M561M561M561M561M561M
Accumulated OCI-5.09B-4.04B-4.65B-5.05B-5.11B-4.58B-5.31B-5.29B-6.24B-5.44B
Return on Equity (ROE)27.47%21.76%21.98%22.45%23.44%30.69%27.76%32.49%31.35%26.87%
Return on Assets (ROA)9.71%7.73%7.86%6.59%6.27%9.32%8.99%9.22%7.77%7.02%
Equity / Assets34.48%36.43%35.1%25.36%28.04%32.63%32.13%25.75%23.96%26.13%
Debt / Equity0.77x0.74x0.77x1.79x1.47x1.17x1.25x1.25x1.62x1.62x
Book Value per Share11.9714.3414.8215.5418.0921.8821.2924.7927.2931.09
Tangible BV per Share-6.15-5.63-6.77-18.59-17.49-15.41-15.92-15.01-29.42-26.84

MMC Cash Flow Statement

Marsh & McLennan Companies, Inc. (MMC) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations2.01B1.89B2.43B2.36B3.38B3.52B3.46B4.26B4.3B4.3B
Operating CF Growth %6.3%-5.68%28.26%-2.76%43.24%3.96%-1.45%22.89%1.03%89.51%
Operating CF / Revenue %15.19%13.5%16.24%14.18%19.64%17.74%16.72%18.73%17.59%16.26%
Net Income1.79B1.51B1.67B1.77B2.05B3.17B3.09B3.8B4.06B4.13B
Depreciation & Amortization438M481M494M647M741M747M719M713M746M1.03B
Stock-Based Compensation109M149M193M252M290M348M367M363M368M442M
Deferred Taxes68M396M-39M84M40M-63M0000
Other Non-Cash Items-38M-29M412M301M402M-45M304M288M203M-1.18B
Working Capital Changes-365M-616M-302M-696M-137M-645M-1.01B-908M-1.07B-594M
Cash from Investing-1.06B-956M-1.09B-4.39B-793M-1.16B-850M-1.42B-8.82B-7.97B
Capital Expenditures-253M-302M-314M-421M-348M-406M-470M-416M-316M-205M
Acquisitions-813M-655M-774M-4.23B-570M-775M-453M-993M-8.45B0
Purchase of Investments0-13M00348M406M-13M-57M-108M-122M
Sale/Maturity of Investments1000K01000K01000K1000K1000K1000K1000K4M
Other Investing8M14M-5M255M-327M-406M011M1M-1.08B
Cash from Financing-1.07B-1.01B-1.31B4.33B-925M-1.3B-1.05B-1.12B4.46B3.44B
Dividends Paid-682M-740M-807M-880M-943M-1.03B-1.14B-1.3B-1.51B-1.71B
Share Repurchases-839M-949M-742M-574M0-1.16B-1.95B-1.15B-900M-825M
Stock Issued188M166M93M0132M161M126M199M264M255M
Debt Issuance (Net)1000K1000K1000K1000K-1000K-1000K1000K1000K1000K0
Other Financing69M8M-54M675M664M1B1.62B-426M51M-842M
Net Change in Cash
-348M▲ 0%
179M▲ 151.4%
-139M▼ 177.7%
2.43B▲ 1849.6%
2.17B▼ 10.6%
700M▼ 67.8%
728M▲ 4.0%
2.05B▲ 181.6%
-478M▼ 123.3%
369M▲ 0%
Exchange Rate Effect-1000K1000K-1000K1000K1000K-1000K-1000K1000K-1000K0
Cash at Beginning1.37B1.03B1.21B6.07B8.5B10.67B11.37B12.1B14.15B13.72B
Cash at End1.03B1.21B1.07B8.5B10.67B11.37B12.1B14.15B13.67B14.51B
Free Cash Flow
1.75B▲ 0%
1.59B▼ 9.3%
2.11B▲ 32.9%
1.94B▼ 8.2%
3.03B▲ 56.4%
3.11B▲ 2.5%
3B▼ 3.7%
3.84B▲ 28.3%
3.99B▲ 3.7%
5.11B▲ 0%
FCF Growth %12.22%-9.29%32.87%-8.23%56.39%2.5%-3.7%28.28%3.75%35.66%
FCF Margin %13.28%11.34%14.14%11.65%17.61%15.69%14.45%16.9%16.3%19.33%
FCF per Share3.353.074.143.85.936.065.937.78.048.04

MMC Key Ratios

Marsh & McLennan Companies, Inc. (MMC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Combined Ratio81.6%81.07%81.53%83.92%82.2%78.24%79.34%76.77%76.22%76.77%
Medical Cost Ratio58.24%57.65%57.56%58.46%58.81%57.64%58.26%57.61%57.22%57.72%
Return on Equity (ROE)27.47%21.76%21.98%22.45%23.44%30.69%27.76%32.49%31.35%26.87%
Return on Assets (ROA)9.71%7.73%7.86%6.59%6.27%9.32%8.99%9.22%7.77%7.02%
Equity / Assets34.48%36.43%35.1%25.36%28.04%32.63%32.13%25.75%23.96%26.13%
Book Value / Share11.9714.3414.8215.5418.0921.8821.2924.7927.2931.09
Debt / Equity0.77x0.74x0.77x1.79x1.47x1.17x1.25x1.25x1.62x1.62x
Revenue Growth2.47%6.15%6.6%11.38%3.44%15.07%4.54%9.73%7.57%10.47%

MMC SEC Filings & Documents

Marsh & McLennan Companies, Inc. (MMC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 16, 2026·SEC

Material company update

Apr 14, 2026·SEC

Material company update

Mar 10, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 9, 2026·SEC

FY 2025

Feb 10, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

Apr 16, 2026·SEC

FY 2025

Oct 16, 2025·SEC

FY 2025

Jul 17, 2025·SEC

MMC Frequently Asked Questions

Marsh & McLennan Companies, Inc. (MMC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Marsh & McLennan Companies, Inc. (MMC) grew revenue by 7.6% over the past year. This is steady growth.

Yes, Marsh & McLennan Companies, Inc. (MMC) is profitable, generating $4.13B in net income for fiscal year 2024 (16.6% net margin).

Dividend & Returns

Yes, Marsh & McLennan Companies, Inc. (MMC) pays a dividend with a yield of 1.75%. This makes it attractive for income-focused investors.

Marsh & McLennan Companies, Inc. (MMC) has a return on equity (ROE) of 31.3%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Marsh & McLennan Companies, Inc. (MMC) has a combined ratio of 76.2%. A ratio below 100% indicates underwriting profitability.

Explore More MMC

Marsh & McLennan Companies, Inc. (MMC) financial analysis — history, returns, DCA and operating performance tools

Full MMC Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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