Last 48 quarters of trend data
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 24.28 | 25.26 | 15.84 | 18.37 | 27.61 | 33.37 | 22.31 | 21.87 | 33.40 | 36.94 | 23.21 | 18.26 | 31.16 | 32.59 | 22.71 | 16.86 | 44.48 | 34.24 | 20.32 | 20.29 | 27.68 |
| — | -24.3% | -29.0% | -16.0% | -17.3% | -9.7% | -3.9% | +19.7% | +7.2% | +13.3% | +2.2% | +8.3% | -29.9% | -4.8% | +11.8% | -16.9% | +60.7% | -5.0% | -7.6% | +27.3% | -30.9% | |
| P/S Ratio | 3.43 | 2.98 | 2.72 | 2.77 | 3.45 | 3.92 | 3.88 | 4.28 | 4.34 | 4.86 | 4.20 | 3.95 | 4.25 | 4.41 | 3.99 | 3.51 | 4.13 | 3.94 | 3.65 | 3.91 | 4.32 |
| — | -24.0% | -29.8% | -35.1% | -20.6% | -19.3% | -7.6% | +8.2% | +2.2% | +10.1% | +5.2% | +12.5% | +2.9% | +12.1% | +9.4% | -10.1% | -4.5% | -7.1% | +1.5% | +26.9% | +27.2% | |
| P/B Ratio | 6.55 | 5.48 | 5.23 | 5.69 | 5.94 | 6.48 | 6.77 | 8.47 | 7.78 | 7.97 | 7.70 | 8.11 | 7.63 | 8.20 | 7.73 | 7.44 | 7.71 | 7.67 | 7.20 | 7.78 | 7.91 |
| — | -15.4% | -22.8% | -32.8% | -23.7% | -18.7% | -12.1% | +4.4% | +2.0% | -2.7% | -0.3% | +9.0% | -1.1% | +6.9% | +7.4% | -4.3% | -2.6% | -2.4% | +2.3% | +19.2% | +22.1% | |
| P/FCF | 23.53 | 14.63 | 13.90 | — | 11.05 | 12.38 | 16.78 | — | 14.01 | 15.04 | 23.02 | — | 14.18 | 13.97 | 16.97 | — | 14.82 | 14.96 | 16.86 | — | 17.03 |
| — | +18.2% | -17.2% | — | -21.1% | -17.7% | -27.1% | — | -1.2% | +7.7% | +35.7% | — | -4.3% | -6.6% | +0.6% | — | -13.0% | -7.0% | +0.5% | — | +49.0% | |
| EV / EBITDA | 16.64 | 17.68 | 11.92 | 13.27 | 18.95 | 21.25 | 15.55 | 15.86 | 23.24 | 24.00 | 16.27 | 13.75 | 20.64 | 22.89 | 16.41 | 12.83 | 26.91 | 22.81 | 14.93 | 15.37 | 21.53 |
| — | -16.8% | -23.4% | -16.3% | -18.5% | -11.5% | -4.4% | +15.3% | +12.6% | +4.9% | -0.9% | +7.2% | -23.3% | +0.3% | +9.9% | -16.5% | +25.0% | -6.1% | +0.6% | +27.5% | -7.9% | |
| EV / EBIT | 18.72 | 19.96 | 21.11 | 19.60 | 21.47 | 23.75 | 16.96 | 17.09 | 25.17 | 26.00 | 17.18 | 14.32 | 22.19 | 25.04 | 17.53 | 13.51 | 32.07 | 25.73 | 16.04 | 16.28 | 23.42 |
| — | -16.0% | +24.5% | +14.7% | -14.7% | -8.6% | -1.3% | +19.3% | +13.4% | +3.8% | -2.0% | +6.0% | -30.8% | -2.7% | +9.3% | -17.0% | +37.0% | -5.1% | +0.3% | +25.1% | -12.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.3% | 40.6% | 44.1% | 45.6% | 40.3% | 38.7% | 44.1% | 45.5% | 40.2% | 39.6% | 44.5% | 46.4% | 41.2% | 38.9% | 43.2% | 45.9% | 39.5% | 38.7% | 44.0% | 44.1% | 43.4% |
| — | +4.9% | -0.2% | +0.4% | +0.3% | -2.3% | -0.7% | -2.0% | -2.4% | +1.7% | +2.9% | +1.2% | +4.2% | +0.5% | -1.9% | +3.9% | -9.1% | +2.6% | +2.4% | -1.4% | +8.6% | |
| Operating Margin | 23.1% | 17.7% | 25.6% | 23.1% | 18.5% | 18.4% | 26.2% | 28.4% | 18.8% | 19.4% | 26.4% | 29.7% | 19.9% | 18.5% | 24.8% | 29.1% | 13.5% | 16.6% | 25.4% | 26.0% | 19.2% |
| — | -3.9% | -2.2% | -18.7% | -1.8% | -5.3% | -0.6% | -4.5% | -5.2% | +5.1% | +6.4% | +2.1% | +46.7% | +11.6% | -2.2% | +11.9% | -29.5% | +2.7% | +3.6% | -2.5% | +48.4% | |
| Net Margin | 15.4% | 11.8% | 17.1% | 15.1% | 12.4% | 11.8% | 17.4% | 19.6% | 13.0% | 13.1% | 18.1% | 21.6% | 13.6% | 13.6% | 17.6% | 20.8% | 9.3% | 11.4% | 18.0% | 19.3% | 15.6% |
| — | +0.1% | -1.5% | -22.9% | -4.2% | -10.3% | -4.0% | -9.6% | -4.6% | -3.3% | +2.7% | +3.7% | +46.7% | +18.5% | -2.0% | +8.0% | -40.6% | -2.3% | +10.0% | -0.2% | +84.6% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.8% | 5.3% | 8.4% | 7.6% | 5.4% | 4.8% | 8.0% | 9.9% | 5.7% | 5.4% | 8.3% | 11.2% | 6.3% | 6.2% | 8.9% | 11.3% | 4.5% | 5.3% | 8.8% | 9.6% | 7.6% |
| — | +11.7% | +4.6% | -23.4% | -6.9% | -12.4% | -3.4% | -11.3% | -8.9% | -11.5% | -6.5% | -0.5% | +39.1% | +16.7% | +1.2% | +17.6% | -40.4% | -1.1% | +6.1% | -8.2% | +84.0% | |
| ROA | 7.2% | 1.4% | 2.1% | 2.0% | 1.4% | 1.3% | 2.1% | 2.4% | 1.5% | 1.5% | 2.3% | 2.9% | 1.6% | 1.5% | 2.6% | 3.6% | 1.4% | 1.7% | 2.9% | 3.1% | 2.4% |
| — | +6.2% | +2.2% | -19.7% | -5.7% | -16.1% | -9.5% | -16.9% | -5.9% | -1.7% | -9.5% | -19.6% | +10.6% | -7.4% | -11.2% | +15.8% | -40.3% | +2.4% | +14.6% | +4.5% | +109.7% | |
| ROIC | 13.9% | 2.5% | 4.0% | 3.8% | 2.7% | 2.5% | 3.9% | 4.4% | 2.9% | 3.1% | 4.5% | 5.7% | 3.4% | 3.0% | 4.3% | 5.4% | 2.3% | 2.6% | 4.2% | 4.6% | 3.4% |
| — | +1.9% | +2.7% | -14.6% | -6.5% | -18.4% | -14.2% | -22.0% | -15.7% | +2.4% | +4.6% | +4.9% | +50.0% | +16.5% | +1.3% | +16.9% | -32.5% | +1.8% | +2.4% | -3.2% | +65.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.40 | 1.50 | 1.45 | 1.52 | 1.40 | 1.40 | 1.35 | 1.57 | 1.62 | 1.06 | 1.14 | 1.22 | 1.25 | 1.35 | 1.21 | 1.34 | 1.25 | 1.36 | 1.27 | 1.25 | 1.17 |
| — | +7.4% | +7.2% | -3.5% | -13.3% | +31.0% | +18.9% | +29.0% | +29.4% | -20.9% | -5.6% | -8.9% | -0.4% | -0.8% | -5.1% | +7.4% | +6.9% | +3.3% | -0.6% | -11.1% | -20.0% | |
| Debt / EBITDA | 3.01 | 15.44 | 10.53 | 11.33 | 14.82 | 15.37 | 10.49 | 10.04 | 16.28 | 11.47 | 8.49 | 7.27 | 11.98 | 13.26 | 8.95 | 7.91 | 15.27 | 13.84 | 9.05 | 8.56 | 11.31 |
| — | +0.5% | +0.4% | +12.8% | -8.9% | +34.0% | +23.6% | +38.1% | +35.9% | -13.5% | -5.1% | -8.0% | -21.6% | -4.2% | -1.1% | -7.6% | +35.1% | -2.1% | -1.9% | -1.1% | -36.3% | |
| Current Ratio | 1.10 | 1.09 | 1.14 | 11.46 | 1.10 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 | 1.08 | 1.05 | 1.15 | 0.47 | 1.04 | 1.16 | 1.18 | 1.24 |
| — | -2.9% | -5.3% | +908.7% | -2.8% | -1.2% | +3.0% | -0.5% | +3.1% | +5.1% | +11.2% | -0.9% | +136.1% | +4.1% | -9.8% | -2.6% | -62.5% | -12.2% | -10.6% | -4.1% | +0.3% | |
| Quick Ratio | 1.10 | 1.09 | 1.14 | 11.46 | 1.10 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 | 1.08 | 1.05 | 1.15 | 0.47 | 1.04 | 1.16 | 1.18 | 1.24 |
| — | -2.9% | -5.3% | +908.7% | -2.8% | -1.2% | +3.0% | -0.5% | +3.1% | +5.1% | +11.2% | -0.9% | +136.1% | +4.1% | -9.8% | -2.6% | -62.5% | -12.2% | -10.6% | -4.1% | +0.3% | |
| Interest Coverage | 6.76 | 5.17 | 4.80 | 5.59 | 5.43 | 5.26 | 7.77 | 8.46 | 5.37 | 7.72 | 11.03 | 12.11 | 7.30 | 6.87 | 9.98 | 12.69 | 5.35 | 6.70 | 11.96 | 13.14 | 9.05 |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying MRSH stock.
Marsh & McLennan Companies, Inc.'s current P/E is 24.3x. The average P/E over the last 4 quarters is 21.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Marsh & McLennan Companies, Inc.'s current operating margin is 23.1%. 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.