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Marsh & McLennan Companies

MRSH
55
Insurance - Brokers · Financial Services
Price
$188.35
+1.81 (+0.97%)
Market Cap
$89.88B
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
8/20
Cash Flow
Exceptional
9/10
Stability
Good
5/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Strong
4/5

55 of 100 counted points = Winston Score 55.

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Share count falling — buybacks

−4.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 513.0M (2021) → 490.0M (2025)

§Winston Score History

The full picture

Marsh & McLennan helps businesses and governments manage risk. Its main business is insurance brokerage, meaning it acts as a middleman between companies that need insurance and the insurers that provide it. It also owns well-known consulting brands like Oliver Wyman and Mercer, which advise clients on strategy, workforce, and retirement benefits.

The company earns money through fees and commissions paid by clients when it arranges insurance coverage or delivers consulting work. It operates globally, with significant revenue from North America, Europe, and Asia, and generates roughly $23 billion in annual revenue. Its moat comes from deep client relationships, specialized expertise, and the high cost for large organizations to switch brokers or consultants. The main risk is that insurance brokerage commissions are tied to premium volumes, so an economic slowdown that causes businesses to cut coverage or reduce headcount could pressure revenue.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+6.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Marsh & McLennan Companies is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
44.1%
Healthy — 44.1% gross margin
Profit after running costs
Operating Margin
25.6%
Excellent — 25.6% operating margin
Return on the money invested
ROCE
16.9%
Strong — 16.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+8.3%
Steady sales growth (+8.3% YoY)
Profit growth
EPS YoY
-2.1%
Earnings shrinking (-2.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
128%
Turns 128% of profit into real cash
Spare cash per sale
FCF Margin
17.1%
Converts sales into free cash efficiently (17.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.35
Elevated debt (1.35)
Covers its interest
Interest Cover
6.28x
Adequate interest coverage (6.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
22.9x
Growth-priced — P/E 22.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+6.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.9 → 16.8)

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Dividends

Dividend
Dividend Yield
2.26%
Moderate income — 2.26% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+10.3%
Dividend growing fast (10.3% YoY)
Payout Ratio
44%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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