Marsh & McLennan Companies, Inc. (MMC) 10-Year Financial Performance & Capital Metrics

MMC • • Insurance & Managed Care

Financial ServicesInsurance BrokersFull-Service Insurance BrokersGlobal Full-Service Brokers

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 Ratio 76.22% -0.7%
Net Income $4.06B +8.1%
Return on Equity 31.35% -3.5%
Medical Cost Ratio 57.22% -0.7%
Operating Margin 23.78% +2.4%
Net Margin 16.6% +0.5%
ROA 7.77% -15.7%
Equity / Assets 23.96% -7.0%
Book Value per Share 27.29 +10.1%
Tangible BV/Share -29.42 -96.0%
Debt/Equity 1.62 +29.4%

Technical Analysis

Key Insights

Based on financial 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

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.56%

5Y7.99%

3Y7.26%

TTM10.47%

Profit (Net Income) CAGR

10Y10.73%

5Y18.44%

3Y8.91%

TTM2.46%

EPS CAGR

10Y11.93%

5Y19.12%

3Y10.09%

TTM2.71%

ROCE

10Y Avg17.08%

5Y Avg17.92%

3Y Avg20.56%

Latest17.84%

Peer Comparison

Global Full-Service Brokers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AONAon plc	74.06B	344.59	27.59	17.36%	16.03%	33.65%	3.8%	2.78
MMCMarsh & McLennan Companies, Inc.	89.51B	182.70	22.34	7.57%	15.6%	26.87%	4.45%	1.62
WTWWillis Towers Watson Public Limited Company	31.35B	327.42	-341.06	4.71%	21.58%	27.09%	4.04%	0.74

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	12.89B	13.21B	14.02B	14.95B	16.65B	17.22B	19.82B	20.72B	22.74B	24.46B
Revenue Growth %	-0%	0.02%	0.06%	0.07%	0.11%	0.03%	0.15%	0.05%	0.1%	0.08%
Medical Costs & Claims+	7.33B	7.69B	8.09B	8.61B	9.73B	10.13B	11.43B	12.07B	13.1B	14B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	5.56B	5.52B	5.94B	6.34B	6.92B	7.09B	8.39B	8.65B	9.64B	10.46B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.02%	-0.01%	0.08%	0.07%	0.09%	0.03%	0.18%	0.03%	0.11%	0.09%
Operating Expenses+	3.14B	3.09B	3.28B	3.58B	4.24B	4.03B	4.08B	4.37B	4.36B	4.64B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	423M	438M	481M	494M	647M	741M	747M	719M	713M	746M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	2.42B	2.43B	2.65B	2.76B	2.68B	3.07B	4.31B	4.28B	5.28B	5.82B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.05%	0%	0.09%	0.04%	-0.03%	0.15%	0.41%	-0.01%	0.23%	0.1%
EBITDA+	2.84B	2.87B	3.14B	3.25B	3.32B	3.81B	5.06B	5B	6B	6.56B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	163M	189M	237M	290M	524M	515M	444M	469M	578M	700M
Non-Operating Income	-51M	-238M	-225M	227M	-286M	-242M	-340M	-271M	-322M	-363M
Pretax Income+	2.31B	2.48B	2.64B	2.24B	2.44B	2.79B	4.21B	4.08B	5.03B	5.48B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	671M	685M	1.13B	574M	666M	747M	1.03B	995M	1.22B	1.36B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.6B	1.77B	1.49B	1.65B	1.74B	2.02B	3.14B	3.05B	3.76B	4.06B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	0.11%	-0.16%	0.11%	0.06%	0.16%	0.56%	-0.03%	0.23%	0.08%
EPS (Diluted)+	2.98	3.37	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.18
EPS Growth %	0.12%	0.13%	-0.15%	0.13%	0.06%	0.16%	0.56%	-0.01%	0.25%	0.09%
EPS (Basic)	3.01	3.41	2.91	3.26	3.44	3.98	6.20	6.11	7.60	8.25
Diluted Shares Outstanding	536M	524M	519M	511M	511M	512M	513M	505M	499M	496M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	18.22B	18.19B	20.43B	21.58B	31.32B	33.03B	34.39B	33.45B	48.03B	56.48B
Asset Growth %	0.02%	-0%	0.12%	0.06%	0.45%	0.05%	0.04%	-0.03%	0.44%	0.18%
Total Investment Assets+	565M	619M	720M	661M	1.63B	1.77B	2.27B	377M	449M	541M
Long-Term Investments	565M	619M	720M	661M	1.63B	1.77B	2.27B	377M	449M	541M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	5.04B	4.88B	5.56B	5.93B	7.07B	8.12B	8.26B	8.3B	21.75B	22.12B
Cash & Equivalents	1.37B	1.03B	1.21B	1.07B	1.16B	2.09B	1.75B	1.44B	3.36B	2.4B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	508M	215M	224M	551M	677M	701M	926M	1B	11.97B	12.56B
Goodwill & Intangibles+	8.93B	9.49B	10.36B	11.04B	17.41B	18.22B	19.13B	18.79B	19.86B	28.13B
Goodwill	7.89B	8.37B	9.09B	9.6B	14.67B	15.52B	16.32B	16.25B	17.23B	23.31B
Intangible Assets	1.04B	1.13B	1.27B	1.44B	2.77B	2.7B	2.81B	2.54B	2.63B	4.82B
PP&E (Net)	773M	725M	712M	701M	2.78B	2.75B	2.71B	2.43B	2.42B	2.36B
Other Assets	1.77B	1.37B	2.4B	2.57B	1.76B	1.46B	1.46B	3.2B	3.19B	3.1B
Total Liabilities	11.61B	11.92B	12.99B	13.99B	23.37B	23.77B	23.17B	22.7B	35.66B	42.95B
Total Debt+	4.41B	4.81B	5.49B	5.82B	14.22B	13.58B	13.16B	13.47B	15.44B	21.86B
Net Debt	3.04B	3.78B	4.28B	4.76B	13.07B	11.49B	11.41B	12.03B	12.08B	19.46B
Long-Term Debt	4.4B	4.5B	5.22B	5.51B	10.74B	10.8B	10.93B	11.23B	11.84B	19.43B
Short-Term Debt	12M	312M	262M	314M	1.22B	517M	17M	268M	1.62B	519M
Total Current Liabilities+	3.71B	4.08B	4.26B	4.92B	6.68B	6.56B	6.65B	17.83B	19.8B	19.52B
Accounts Payable	1.89B	1.97B	2.08B	2.23B	2.75B	3.05B	3.17B	3.28B	3.4B	3.4B
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.66B	1.66B	1.72B	2.22B	2.2B	2.4B	2.94B	13.76B	14.14B	14.9B
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	3.5B	3.34B	3.5B	3.56B	4.03B	4.53B	3.7B	-8.02B	2.36B	2.41B
Total Equity+	6.6B	6.27B	7.44B	7.57B	7.94B	9.26B	11.22B	10.75B	12.37B	13.54B
Equity Growth %	-0.07%	-0.05%	0.19%	0.02%	0.05%	0.17%	0.21%	-0.04%	0.15%	0.09%
Shareholders Equity	6.51B	6.19B	7.36B	7.51B	7.79B	9.1B	11.01B	10.52B	12.19B	13.34B
Minority Interest	89M	80M	83M	73M	150M	156M	213M	229M	179M	193M
Retained Earnings	11.3B	12.39B	13.14B	14.35B	15.2B	16.27B	18.39B	20.3B	22.76B	25.31B
Common Stock	561M	561M	561M	561M	561M	561M	561M	561M	561M	561M
Accumulated OCI	-4.22B	-5.09B	-4.04B	-4.65B	-5.05B	-5.11B	-4.58B	-5.31B	-5.29B	-6.24B
Return on Equity (ROE)	0.23%	0.27%	0.22%	0.22%	0.22%	0.23%	0.31%	0.28%	0.32%	0.31%
Return on Assets (ROA)	0.09%	0.1%	0.08%	0.08%	0.07%	0.06%	0.09%	0.09%	0.09%	0.08%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.67x	0.77x	0.74x	0.77x	1.79x	1.47x	1.17x	1.25x	1.25x	1.62x
Book Value per Share	12.32	11.97	14.34	14.82	15.54	18.09	21.88	21.29	24.79	27.29
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.89B	2.01B	1.89B	2.43B	2.36B	3.38B	3.52B	3.46B	4.26B	4.3B
Operating CF Growth %	-0.11%	0.06%	-0.06%	0.28%	-0.03%	0.43%	0.04%	-0.01%	0.23%	0.01%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.64B	1.79B	1.51B	1.67B	1.77B	2.05B	3.17B	3.09B	3.8B	4.06B
Depreciation & Amortization	423M	438M	481M	494M	647M	741M	747M	719M	713M	746M
Stock-Based Compensation	88M	109M	149M	193M	252M	290M	348M	367M	363M	368M
Deferred Taxes	178M	68M	396M	-39M	84M	40M	-63M	0	0	0
Other Non-Cash Items	-40M	-38M	-29M	412M	301M	402M	-45M	304M	288M	203M
Working Capital Changes	-397M	-365M	-616M	-302M	-696M	-137M	-645M	-1.01B	-908M	-1.07B
Cash from Investing+	-1.26B	-1.06B	-956M	-1.09B	-4.39B	-793M	-1.16B	-850M	-1.42B	-8.82B
Capital Expenditures	-325M	-253M	-302M	-314M	-421M	-348M	-406M	-470M	-416M	-316M
Acquisitions	-881M	-813M	-655M	-774M	-4.23B	-570M	-775M	-453M	-993M	-8.45B
Purchase of Investments	0	0	-13M	0	0	348M	406M	-13M	-57M	-108M
Sale/Maturity of Investments	0	1000K	0	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Investing	-59M	8M	14M	-5M	255M	-327M	-406M	0	11M	1M
Cash from Financing+	-906M	-1.07B	-1.01B	-1.31B	4.33B	-925M	-1.3B	-1.05B	-1.12B	4.46B
Dividends Paid	-632M	-682M	-740M	-807M	-880M	-943M	-1.03B	-1.14B	-1.3B	-1.51B
Share Repurchases	-1.45B	-839M	-949M	-742M	-574M	0	-1.16B	-1.95B	-1.15B	-900M
Stock Issued	224M	188M	166M	93M	0	132M	161M	126M	199M	264M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K
Other Financing	145M	69M	8M	-54M	675M	664M	1B	1.62B	-426M	51M
Net Change in Cash+	-584M	-348M	179M	-139M	2.43B	2.17B	700M	728M	2.05B	-478M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.96B	1.37B	1.03B	1.21B	6.07B	8.5B	10.67B	11.37B	12.1B	14.15B
Cash at End	1.37B	1.03B	1.21B	1.07B	8.5B	10.67B	11.37B	12.1B	14.15B	13.67B
Free Cash Flow+	1.56B	1.75B	1.59B	2.11B	1.94B	3.03B	3.11B	3B	3.84B	3.99B
FCF Growth %	-0.1%	0.12%	-0.09%	0.33%	-0.08%	0.56%	0.03%	-0.04%	0.28%	0.04%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	2.92	3.35	3.07	4.14	3.8	5.93	6.06	5.93	7.7	8.04

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	81.24%	81.6%	81.07%	81.53%	83.92%	82.2%	78.24%	79.34%	76.77%	76.22%
Medical Cost Ratio	56.88%	58.24%	57.65%	57.56%	58.46%	58.81%	57.64%	58.26%	57.61%	57.22%
Return on Equity (ROE)	23.28%	27.47%	21.76%	21.98%	22.45%	23.44%	30.69%	27.76%	32.49%	31.35%
Return on Assets (ROA)	8.87%	9.71%	7.73%	7.86%	6.59%	6.27%	9.32%	8.99%	9.22%	7.77%
Equity / Assets	36.24%	34.48%	36.43%	35.1%	25.36%	28.04%	32.63%	32.13%	25.75%	23.96%
Book Value / Share	12.32	11.97	14.34	14.82	15.54	18.09	21.88	21.29	24.79	27.29
Debt / Equity	0.67x	0.77x	0.74x	0.77x	1.79x	1.47x	1.17x	1.25x	1.25x	1.62x
Revenue Growth	-0.45%	2.47%	6.15%	6.6%	11.38%	3.44%	15.07%	4.54%	9.73%	7.57%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Risk and Insurance Services	6.87B	7.14B	7.63B	8.23B	9.6B	10.34B	12.09B	12.64B	14.09B	15.39B
Risk and Insurance Services Growth	-	3.99%	6.82%	7.84%	16.66%	7.69%	16.91%	4.63%	11.42%	9.27%
Consulting	6.06B	6.11B	6.44B	6.78B	7.14B	6.98B	7.79B	8.14B	8.71B	9.13B
Consulting Growth	-	0.79%	5.43%	5.20%	5.37%	-2.34%	11.65%	4.49%	7.00%	4.87%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	6.32B	6.57B	6.87B	7.22B	7.84B	8.17B	9.34B	10.21B	10.92B	11.67B
UNITED STATES Growth	-	4.07%	4.52%	5.08%	8.60%	4.18%	14.39%	9.33%	6.94%	6.84%
Other Geographic Areas	1.35B	1.28B	1.38B	1.24B	1.39B	1.35B	1.56B	1.7B	8.32B	9.26B
Other Geographic Areas Growth	-	-5.05%	7.82%	-10.38%	12.15%	-2.31%	15.67%	8.31%	390.80%	11.34%
UNITED KINGDOM	2.04B	2.02B	2.11B	2.24B	2.68B	2.82B	3.13B	3.11B	3.56B	3.6B
UNITED KINGDOM Growth	-	-0.83%	4.61%	6.20%	19.44%	5.19%	11.07%	-0.51%	14.16%	1.13%
Europe	1.9B	2.02B	2.2B	2.69B	2.84B	2.88B	3.22B	3.22B	-	-
Europe Growth	-	6.31%	8.65%	22.62%	5.31%	1.55%	11.73%	0.12%	-	-
Asia Pacific	1.33B	1.36B	1.52B	1.62B	2B	2.09B	2.62B	2.54B	-	-
Asia Pacific Growth	-	2.25%	11.30%	6.53%	23.82%	4.60%	25.04%	-3.06%	-	-

Frequently Asked Questions

Valuation & Price

Marsh & McLennan Companies, Inc. (MMC) has a price-to-earnings (P/E) ratio of 22.3x. This is roughly in line with market averages.

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 1.67%. 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.

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