{ "ok": true, "cik": "62709", "ticker": "MRSH", "name": "Marsh & McLennan Companies, Inc.", "filings": [ { "form": "10-Q", "filed": "2026-07-21", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000195/0000062709-26-000195-index.htm" }, { "form": "8-K", "filed": "2026-07-21", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000193/0000062709-26-000193-index.htm" }, { "form": "8-K", "filed": "2026-06-04", "items": [ "1.01 Entry into a Material Definitive Agreement", "1.02 Termination of a Material Definitive Agreement", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000167/0000062709-26-000167-index.htm" }, { "form": "8-K", "filed": "2026-05-22", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000128/0000062709-26-000128-index.htm" }, { "form": "10-Q", "filed": "2026-04-16", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000098/0000062709-26-000098-index.htm" }, { "form": "8-K", "filed": "2026-04-16", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000096/0000062709-26-000096-index.htm" } ], "events12m": 11, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-04-14", "url": "https://www.sec.gov/Archives/edgar/data/62709/000095010326005674/0000950103-26-005674-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000062709.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=62709" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Marsh & McLennan Companies, Inc. ($MRSH). Last filing: 10-Q, 2026-07-21. 11 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 26981000000, "revenueGrowth1y": 0.10315643143347786, "revenueGrowthPerYear": 0.0801612617457379, "yearsOfData": 5, "operatingMargin": 0.23064378636818503, "operatingMarginPrior": 0.2378362907842015, "netMargin": 0.15692524369000407, "operatingCashFlow": 5292000000, "capitalSpending": 291000000, "freeCashFlow": 5001000000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 2687000000, "longTermDebt": 19587000000, "longTermDebtChange": -0.01804782674086325, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 19820000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 20720000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 22736000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 24458000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 26981000000 } ], "totalEquity": 15315000000, "totalAssets": 58710000000, "equityRatio": 0.2608584568216658, "returnOnEquity": 0.27646098596147567, "dividendsPaid": 1699000000, "payoutRatio": 0.40127538970240906, "dividendPerShare": 3.43, "dividendYearsRising": 7, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 8.48, "sharesOutstanding": 494000000, "bookValuePerShare": 31.002024291497975, "revenuePerShare": 54.61740890688259, "range80": { "low": 26767647405.937904, "high": 30679094073.90928, "baseline": 29613762086.980263, "n": 1471, "band": "b10", "bandLabel": "$10B+", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.024343145735620283, "classVolatility": 0.06659579566308972, "volatility": 0.0501377539599933 }, "ifPaceHeld": { "low": 26767647405.937904, "high": 30679094073.90928 } }, "edgarette": "🔖 Exposure: revenue $27.0B (FY2025), total debt $19.6B. Experience: revenue up 10.3% on the year, up 8.0% a year over 4 years; operating margin 23.1%, down from 23.8%. Soundness: equity 26.1% of assets, return on equity 27.6%, payout 40.1% of profit, dividend per share up 7 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $26.8B and $30.7B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $25.2B to $32.4B. A statistical range, not company guidance. Against peers (16 filers, $50M+ revenue, insurance agents, brokers & service): operating margin 23.1% against a 15.5% median; growth 10.3% against 15.8%.", "peers": { "sic": 6411, "sicDescription": "Insurance Agents, Brokers & Service", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6411", "growth": [ 0.1582, 24 ], "opMargin": [ 0.1553, 16 ], "equityRatio": [ 0.2252, 22 ], "returnOnEquity": [ 0.1198, 14 ], "payoutRatio": [ 0.4084, 11 ] }, "summary": "Marsh & McLennan Companies (MRSH) grew revenue 10.3% in FY2025 to $27.0 billion, operating margin 23.1% against a 15.5% median for insurance agents, brokers & service, equity 26.1% of assets, and dividend per share up 7 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Marsh & McLennan Companies, Inc. against its own record and its peers
Operating marginPeer median 15.5%23.1%Revenue, on the yearPeer median 15.8%10.3%Equity of assetsPeer median 22.5%26.1%Return on equityPeer median 12.0%27.6%Payout of profitPeer median 40.8%40.1%Gold tick: the median of 11–22 peers with $50M+ revenue in insurance agents, brokers & service
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profit40.1% paid out59.9% keptHanded back per share$3.43up 7 years runningGrowth its own profit can fund16.6%retained x return on equityRevenue growth it managed10.3%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 6, "hits": 5, "rate": 0.8333333333333334, "method": "v4", "byYear": { "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:59:24.376Z", "hash": "74d411d3e1fccd37", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Marsh & McLennan Companies (MRSH) grew revenue 10.3% in FY2025 to $27.0 billion, operating margin 23.1% against a 15.5% median for insurance agents, brokers & service, equity 26.1% of assets, and dividend per share up 7 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 26981000000, "totalDebt": 19587000000, "cash": 2687000000 }, "experience": { "revenueGrowth1y": 0.10315643143347786, "revenueGrowthPerYear": 0.0801612617457379, "operatingMargin": 0.23064378636818503, "operatingMarginPrior": 0.2378362907842015, "netMargin": 0.15692524369000407, "freeCashFlow": 5001000000 }, "soundness": { "equityRatio": 0.2608584568216658, "returnOnEquity": 0.27646098596147567, "payoutRatio": 0.40127538970240906, "dividendPerShare": 3.43, "dividendYearsRising": 7, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 6411, "sicDescription": "Insurance Agents, Brokers & Service", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6411", "growth": [ 0.1582, 24 ], "opMargin": [ 0.1553, 16 ], "equityRatio": [ 0.2252, 22 ], "returnOnEquity": [ 0.1198, 14 ], "payoutRatio": [ 0.4084, 11 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-26", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-04-14", "url": "https://www.sec.gov/Archives/edgar/data/62709/000095010326005674/0000950103-26-005674-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 26767647405.937904, "high": 30679094073.90928, "baseline": 29613762086.980263, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 1471, "sizeBand": "$10B+", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.024343145735620283, "classVolatility": 0.06659579566308972, "pricedVolatility": 0.0501377539599933, "k": 3 }, "stress": { "low": 25211009647.757214, "high": 32402440548.924244, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 6, "hits": 5, "rate": 0.8333333333333334, "method": "v4", "byYear": { "2020": [ 1, 1 ], "2021": [ 0, 1 ], "2022": [ 1, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-26T15:59:24.376Z", "hash": "74d411d3e1fccd37", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000062709.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=62709" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1961, "growth3y": 0.092, "volatility": 0.0243, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.2609, "quadrant": { "code": "fs", "label": "Fast and steady", "plain": "growing faster than its size class, with steadier revenue" }, "compass": { "code": "now", "inside": "Turns 19.6% of revenue into operating cash; revenue growing 9.2% a year over three years; pays and raised its dividend.", "outside": "Among $10B+ companies: 67th percentile for cash, 71st for growth.", "emoji": "🐄", "label": "Cash cow now", "plain": "steady, with strong cash arriving today" }, "band": "$10B+", "cashPctInClass": 67, "growthPctInClass": 71, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 5292000000, "investing": -845000000, "financing": -4634000000, "capitalSpending": 291000000, "free": 5001000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 3516000000, "free": 3110000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 3465000000, "free": 2995000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 4258000000, "free": 3842000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 4302000000, "free": 3986000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 5292000000, "free": 5001000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 2687000000, "shortTerm": null, "longTerm": null, "equityHoldings": 12000000, "totalAssets": 58710000000, "ladder": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1961, "growth3y": 0.092, "volatility": 0.0243, "paysDividend": true, "raisedDividend": true, "equityRatio": 0.2609, "quadrant": { "code": "fs", "label": "Fast and steady", "plain": "growing faster than its size class, with steadier revenue" }, "compass": { "code": "now", "inside": "Turns 19.6% of revenue into operating cash; revenue growing 9.2% a year over three years; pays and raised its dividend.", "outside": "Among $10B+ companies: 67th percentile for cash, 71st for growth.", "emoji": "🐄", "label": "Cash cow now", "plain": "steady, with strong cash arriving today" }, "band": "$10B+", "cashPctInClass": 67, "growthPctInClass": 71, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 5292000000, "investing": -845000000, "financing": -4634000000, "capitalSpending": 291000000, "free": 5001000000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 3516000000, "free": 3110000000 }, { "fiscalYearEnd": "2022-12-31", "operating": 3465000000, "free": 2995000000 }, { "fiscalYearEnd": "2023-12-31", "operating": 4258000000, "free": 3842000000 }, { "fiscalYearEnd": "2024-12-31", "operating": 4302000000, "free": 3986000000 }, { "fiscalYearEnd": "2025-12-31", "operating": 5292000000, "free": 5001000000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 2687000000, "shortTerm": null, "longTerm": null, "equityHoldings": 12000000, "totalAssets": 58710000000, "ladder": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }