Marsh McLennan
MRSHBusiness Overview
ticker: MMC step: 01 generated: 2026-05-12 source: quick-research
Marsh & McLennan Companies, Inc. (MMC) — Business Overview
Business Description
Marsh & McLennan Companies (NYSE: MMC, ticker becoming MRSH January 2026) is the world's #1 global professional services firm in risk, strategy, and people. The company operates through four business segments — Marsh (insurance brokerage), Guy Carpenter (reinsurance brokerage), Mercer (HR/benefits consulting), and Oliver Wyman (management consulting) — serving clients in 130 countries with 90,000+ colleagues.
Revenue Model
~75% of revenue is fee/commission-based brokerage (Marsh + Guy Carpenter) — a highly asset-light, recurring model earning a percentage of premiums placed. ~25% is consulting fees (Mercer + Oliver Wyman). Revenue is sticky with high retention rates from long-standing client relationships.
Products & Services
- Marsh — Insurance broking + risk advisory for corporate clients (~60% of company revenue)
- Guy Carpenter — Reinsurance broking; advisor to insurance carriers (becoming Marsh Re Jan 2026)
- Mercer — Health/benefits consulting + retirement/wealth advisory + workforce strategy
- Oliver Wyman — Strategy + management consulting across financial services, energy, healthcare
- Business and Client Services (BCS) — new unit (Jan 2026) for AI/data investments
Customer Base & Go-to-Market
Diverse mix of corporate, government, and institutional clients globally — from Fortune 500 enterprises to middle-market. McGriff acquisition (Nov 2024) expanded US middle-market reach significantly. No single customer concentration risk given fragmented client base.
Competitive Position
#1 global insurance broker by revenue ($24.5B in 2024), competing with Aon, Willis Towers Watson, and Arthur J. Gallagher in a duopoly-like top tier. Higher operating margin (27.1%) and more diversified business mix than Aon. Differentiation: top-tier standalone consulting arm (Oliver Wyman + Mercer) creates cross-sell + diversification advantages.
Key Facts
- Founded: 1871 (Marsh); merger formed 1905
- Headquarters: New York, NY
- Employees: ~90,000
- Exchange: NYSE (MMC, becoming MRSH Jan 2026)
- Sector / Industry: Financials / Insurance Brokers
- Market Cap: ~$110B
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 $MRSH.