Marsh & McLennan Companies Inc.
MMCFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
TTM ROIC
8.3%
FY2025 · NOPAT (~22% tax) / Total Assets less Goodwill & Intangibles (Tangible Invested Capital); Total ROIC includes goodwill · WACC ~8.5% · Moat spread +-0.2pp
Financial Snapshot
ticker: MMC step: 04 generated: 2026-05-12 source: quick-research
Marsh & McLennan Companies (MMC) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $20.7B | $22.7B | $24.5B | +8% |
| Operating Margin | 25.7% | 26.3% | 26.7% | |
| Net Income | $3.1B | $3.8B | $4.1B | +8% |
| EPS (diluted) | $6.18 | $7.58 | $8.18 | +8% |
| Adj EPS | $6.55 | $8.04 | $9.18 | +14% |
Full-year 2024: 7% underlying growth, 10% adjusted EPS growth, 80bps adjusted margin expansion (17th consecutive year of margin expansion).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$4.3B |
| Free Cash Flow | ~$4.0B |
| Cash & Equivalents | ~$2.4B |
| Total Debt | ~$20B (post-McGriff) |
| Net Debt/EBITDA | ~3.0x (post-McGriff, deleveraging) |
Key Ratios (approximate)
- P/E: ~25x | EV/EBITDA: ~18x | FCF Yield: ~3.6%
- Revenue Growth (TTM): ~8% | Operating Margin: ~27%
- Dividend Yield: ~1.7% (consistent dividend growth)
Growth Profile
Compound revenue growth of 7-8% over multi-year periods driven by both organic growth (4-6% range) and acquisitions. McGriff ($7.75B Nov 2024) is the largest deal in MMC history, expanding middle-market US insurance brokerage. Insurance pricing softening in 2026 is a tempering factor, but mid-single-digit underlying growth guidance remains intact.
Forward Estimates
- FY 2025: mid-single-digit underlying growth (achieved); revenue ~$26.5B; adj EPS ~$10.00
- FY 2026: mid-single-digit underlying growth guide; adj EPS ~$10.80-11.00
- Q1 2025 revenue $7.1B (+9% reported, +4% underlying); McGriff contributing
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MMC.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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