# Marsh & McLennan Companies Inc. (MMC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MMC/thesis · /stocks/MMC/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MMC/fundamental

## Navigation

- Overview: /stocks/MMC
- Financials (this page): /stocks/MMC/financials
- Thesis: /stocks/MMC/thesis
- Investment Memo: /stocks/MMC/memo
- Coverage universe: /stocks