Last 46 quarters of trend data · Financial Services · Insurance - Brokers
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Marsh & McLennan Companies, Inc.'s quarterly P/E stands at 33.4x, down 9.7% year-over-year. EV/EBITDA has compressed 11.5% YoY to 21.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 21.28 | 33.37 | 22.31 | 21.87 | 33.40 | 36.94 | 23.21 | 18.26 | 31.16 | 32.59 | 22.71 | 16.86 | 44.48 |
| — | -9.7% | -3.9% | +19.7% | +7.2% | +13.3% | +2.2% | +8.3% | -29.9% | -4.8% | +11.8% | -16.9% | +60.7% | |
| P/S Ratio | 3.49 | 3.92 | 3.88 | 4.28 | 4.34 | 4.86 | 4.20 | 3.95 | 4.25 | 4.41 | 3.99 | 3.51 | 4.13 |
| — | -19.3% | -7.6% | +8.2% | +2.2% | +10.1% | +5.2% | +12.5% | +2.9% | +12.1% | +9.4% | -10.1% | -4.5% | |
| P/B Ratio | 6.38 | 6.48 | 6.77 | 8.47 | 7.78 | 7.97 | 7.70 | 8.11 | 7.63 | 8.20 | 7.73 | 7.44 | 7.71 |
| — | -18.7% | -12.1% | +4.4% | +2.0% | -2.7% | -0.3% | +9.0% | -1.1% | +6.9% | +7.4% | -4.3% | -2.6% | |
| P/FCF | 21.39 | 10.83 | 16.78 | — | 14.01 | 15.04 | 23.02 | — | 14.18 | 13.97 | 16.97 | — | 14.82 |
| — | -28.0% | -27.1% | — | -1.2% | +7.7% | +35.7% | — | -4.3% | -6.6% | +0.6% | — | -13.0% | |
| EV / EBITDA | 15.96 | 21.25 | 15.55 | 15.86 | 23.24 | 24.00 | 16.27 | 13.75 | 20.64 | 22.89 | 16.41 | 12.83 | 26.91 |
| — | -11.5% | -4.4% | +15.3% | +12.6% | +4.9% | -0.9% | +7.2% | -23.3% | +0.3% | +9.9% | -16.5% | +25.0% | |
| EV / EBIT | 18.01 | 25.31 | 16.96 | 17.09 | 25.17 | 26.00 | 17.18 | 14.32 | 22.19 | 25.04 | 17.53 | 13.51 | 32.07 |
| — | -2.6% | -1.3% | +19.3% | +13.4% | +3.8% | -2.0% | +6.0% | -30.8% | -2.7% | +9.3% | -17.0% | +37.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Marsh & McLennan Companies, Inc.'s operating margin was 18.4% in Q3 2025, down 7.8 pp QoQ and down 1.0 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 23.0% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.8% | 38.7% | 44.1% | 45.5% | 40.2% | 39.6% | 44.5% | 46.4% | 41.2% | 38.9% | 43.2% | 45.9% | 39.5% |
| — | -2.3% | -0.7% | -2.0% | -2.4% | +1.7% | +2.9% | +1.2% | +4.2% | +0.5% | -1.9% | +3.9% | -9.1% | |
| Operating Margin | 23.8% | 18.4% | 26.2% | 28.4% | 18.8% | 19.4% | 26.4% | 29.7% | 19.9% | 18.5% | 24.8% | 29.1% | 13.5% |
| — | -5.3% | -0.6% | -4.5% | -5.2% | +5.1% | +6.4% | +2.1% | +46.7% | +11.6% | -2.2% | +11.9% | -29.5% | |
| Net Margin | 16.6% | 11.8% | 17.4% | 19.6% | 13.0% | 13.1% | 18.1% | 21.6% | 13.6% | 13.6% | 17.6% | 20.8% | 9.3% |
| — | -10.3% | -4.0% | -9.6% | -4.6% | -3.3% | +2.7% | +3.7% | +46.7% | +18.5% | -2.0% | +8.0% | -40.6% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.3% | 4.8% | 8.0% | 9.9% | 5.7% | 5.4% | 8.6% | 11.2% | 6.3% | 6.2% | 8.9% | 11.3% | 4.5% |
| — | -12.4% | -6.8% | -11.3% | -8.9% | -11.5% | -3.1% | -0.5% | +39.1% | +16.7% | +1.2% | +17.6% | -40.4% | |
| ROA | 7.8% | 1.3% | 2.1% | 2.4% | 1.5% | 1.5% | 2.3% | 2.9% | 1.6% | 1.5% | 2.6% | 3.6% | 1.4% |
| — | -16.1% | -10.4% | -16.9% | -5.9% | -1.7% | -8.5% | -19.6% | +10.6% | -7.4% | -11.2% | +15.8% | -40.3% | |
| ROIC | 15.2% | 2.5% | 3.9% | 4.4% | 2.9% | 3.1% | 4.6% | 5.7% | 3.4% | 3.0% | 4.3% | 5.4% | 2.3% |
| — | -18.4% | -15.4% | -22.0% | -15.7% | +2.4% | +6.2% | +4.9% | +50.0% | +16.5% | +1.3% | +16.9% | -32.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Marsh & McLennan Companies, Inc.'s Debt/EBITDA ratio is 15.4x, up from 10.5x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.62 | 1.40 | 1.35 | 1.57 | 1.62 | 1.06 | 1.14 | 1.22 | 1.25 | 1.35 | 1.21 | 1.34 | 1.25 |
| — | +31.0% | +18.9% | +29.0% | +29.4% | -20.9% | -5.6% | -8.9% | -0.4% | -0.8% | -5.1% | +7.4% | +6.9% | |
| Debt / EBITDA | 3.33 | 15.37 | 10.49 | 10.04 | 16.28 | 11.47 | 8.49 | 7.27 | 11.98 | 13.26 | 8.95 | 7.91 | 15.27 |
| — | +34.0% | +23.6% | +38.1% | +35.9% | -13.5% | -5.1% | -8.0% | -21.6% | -4.2% | -1.1% | -7.6% | +35.1% | |
| Current Ratio | 1.13 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 | 1.08 | 1.05 | 1.15 | 0.47 |
| — | -1.2% | +3.0% | -0.5% | +3.1% | +5.1% | +11.2% | -0.9% | +136.1% | +4.1% | -9.8% | -2.6% | -62.5% | |
| Quick Ratio | 1.13 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 | 1.08 | 1.05 | 1.15 | 0.47 |
| — | -1.2% | +3.0% | -0.5% | +3.1% | +5.1% | +11.2% | -0.9% | +136.1% | +4.1% | -9.8% | -2.6% | -62.5% | |
| Interest Coverage | 8.31 | 4.94 | 7.53 | 8.18 | 4.94 | 7.19 | 10.53 | 12.11 | 7.30 | 6.87 | 9.98 | 12.69 | 5.35 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
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Quick answers to the most common questions about buying MMC stock.
Marsh & McLennan Companies, Inc.'s current P/E is 21.3x. The average P/E over the last 4 quarters is 27.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Marsh & McLennan Companies, Inc.'s current operating margin is 23.8%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Marsh & McLennan Companies, Inc.'s business trajectory between earnings reports.