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Held by 453 of 2,417 reporting institutions (98th percentile) — extremely crowded.
Data as of Q3 2026
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A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Ranked against 11 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MRSH | $93.7B | 23.4× | 16.8× | 3.5× | 10.3% | — | 15.4% | 27.2% | 11.9% | 2.6× | 453 |
| AJG | $68.8B | 46.7× | — | 4.9× | 20.7% | — | 10.7% | 6.4% | 4.1% | — | 387 |
| AON | $68.3B | 18.9× | 18.2× | 4.0× | 9.4% | — | 21.5% | 39.5% | 15.0% | 3.1× | 324 |
| WTW | $29.8B | 19.7× | 13.4× | 3.1× | -2.2% | — | 16.5% | 20.1% | 11.2% | 1.3× | 172 |
| BRO | $22.5B | 21.5× | — | 3.8× | 22.8% | — | 17.9% | 8.4% | 5.2% | — | 216 |
| ACT | $6.6B | 10.6× | — | 5.3× | 2.8% | — | 54.6% | 12.6% | 11.1% | — | 56 |
| BWIN | $4.5B | — | 21.6× | 3.0× | 8.3% | — | -2.2% | -5.6% | -5.5% | -0.6× | 36 |
| CRVL | $4.2B | 38.4× | — | 4.3× | 7.0% | 24.3% | 11.5% | 28.0% | 28.0% | — | 61 |
| LIFE | $2.8B | 35.8× | 35.0× | 7.3× | 52.0% | 98.3% | 18.4% | -295% | -295% | -1.2× | 8 |
| TWFG | $1.5B | 51.2× | 23.8× | 5.9× | 22.0% | — | 16.6% | 49.4% | 47.1% | -2.8× | 5 |
| GSHD | $1.1B | 45.7× | 16.2× | 3.1× | 16.2% | — | 7.6% | -29.1% | 14.1% | 3.0× | 45 |
| WDH | $363M | 50.5× | 5.5× | 0.6× | 49.8% | — | 14.2% | 11.0% | 10.9% | -1.1× | 3 |
Peers = companies sharing MRSH's sector (Insurance Agents, Brokers & Service) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 34% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.70B dividends + $2.01B buybacks = $3.71B returned on $5.00B FCF.
9 consecutive years of dividend increases · 11%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.69B covers the $1.30B due within a year 2.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Interest is easily covered by operating profit. Effective rate ~4.9% on $19.59B of debt.
Cash of $2.69B fully covers short-term debt of $1.27B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.98B 100.0% | $24.46B 100.0% | $22.74B 100.0% | $20.72B 100.0% | $19.82B 100.0% | $17.22B 100.0% | $16.65B 100.0% | $14.95B 100.0% | $14.02B 100.0% | $13.21B 100.0% |
| Total Operating Expenses | $20.76B 76.9% | $18.64B 76.2% | $17.45B 76.8% | $16.44B 79.3% | $15.51B 78.2% | $14.16B 82.2% | $13.97B 83.9% | $12.19B 81.5% | $11.37B 81.1% | $10.78B 81.6% |
| Operating Income | $6.22B 23.1% | $5.82B 23.8% | $5.28B 23.2% | $4.28B 20.7% | $4.31B 21.8% | $3.07B 17.8% | $2.68B 16.1% | $2.76B 18.5% | $2.65B 18.9% | $2.43B 18.4% |
| Interest Expense | $960.0M 3.6% | $700.0M 2.9% | $578.0M 2.5% | $469.0M 2.3% | $444.0M 2.2% | $515.0M 3.0% | $524.0M 3.1% | $290.0M 1.9% | $237.0M 1.7% | $189.0M 1.4% |
| Interest & Investment Income | $48.0M 0.2% | $83.0M 0.3% | $78.0M 0.3% | $15.0M 0.1% | $2.0M 0.0% | $7.0M 0.0% | $39.0M 0.2% | $11.0M 0.1% | $9.0M 0.1% | $5.0M 0.0% |
| Pretax Income | $5.54B 20.5% | $5.48B 22.4% | $5.03B 22.1% | $4.08B 19.7% | $4.21B 21.2% | $2.79B 16.2% | $2.44B 14.6% | $2.24B 15.0% | $2.64B 18.8% | $2.48B 18.8% |
| Income Tax Expense | $1.30B 4.8% | $1.36B 5.6% | $1.22B 5.4% | $995.0M 4.8% | $1.03B 5.2% | $747.0M 4.3% | $666.0M 4.0% | $574.0M 3.8% | $1.13B 8.1% | $685.0M 5.2% |
| Net Income | $4.16B 15.4% | $4.06B 16.6% | $3.76B 16.5% | $3.05B 14.7% | $3.14B 15.9% | $2.02B 11.7% | $1.74B 10.5% | $1.65B 11.0% | $1.49B 10.6% | $1.77B 13.4% |
| Per Share | ||||||||||
| EPS (Basic) | $8.48 | $8.26 | $7.60 | $6.11 | $6.20 | $3.98 | $3.44 | $3.26 | $2.91 | $3.41 |
| EPS (Diluted) | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 | $3.94 | $3.41 | $3.23 | $2.87 | $3.38 |
| Weighted Avg Shares (Basic) | 491.0M | 492.0M | 494.0M | 499.0M | 507.0M | 506.0M | 506.0M | 506.0M | 513.0M | 519.0M |
| Weighted Avg Shares (Diluted) | 494.0M | 496.0M | 499.0M | 505.0M | 513.0M | 512.0M | 511.0M | 511.0M | 519.0M | 524.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-23 | Mills Stacy Vice President and Controller | 10b5-1 plan sale | 1,215 | $200.00 | $243k |
| 2026-10-23 | Klisura Dean Michael President & CEO, Marsh RE | 10b5-1 plan sale | 4,194 | $200.00 | $839k |
| 2026-09-02 | 3 co-filers President and CEO | Option exercise | 16,656 | $73.19 | $1.2m |
| 2026-09-02 | 3 co-filers SVP and General Counsel |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 1,197 |
| $83.05 |
| $99k |
| 2026-09-02 | 3 co-filers SVP and General Counsel | Exercise & sell | 1,197 | $187.90 | $225k |
| 2026-09-02 | 3 co-filers President and CEO | 10b5-1 plan sale | 16,656 | $188.51 | $3.1m |
| 2026-09-02 | 3 co-filers SVP and General Counsel | Option exercise | 1,197 | $0.00 | — |
| 2026-09-02 | 3 co-filers President and CEO | Option exercise | 16,656 | $0.00 | — |
| 2026-08-15 | Broussard Bruce D Director | Grant | 192 | $188.44 | $36k |
| 2026-08-15 | Mills Steven A Director | Grant | 194 | $188.44 | $37k |
| 2026-08-15 | 2 co-filers Group filing | Grant | 144 | $188.44 | — |
| 2026-08-15 | 2 co-filers Group filing | Grant | 219 | $188.44 | — |
| 2026-08-15 | 2 co-filers Group filing | Grant | 224 | $188.44 | — |
| 2026-08-14 | 2 co-filers Group filing | Other | 473 | $189.15 | — |
| 2026-08-14 | Anderson Anthony Director | Other | 89 | $189.15 | — |
| 2026-08-14 | Hopkins Deborah C Director | Other | 112 | $189.15 | — |
| 2026-08-14 | Ingram Tamara Director | Other | 48 | $189.15 | — |
| 2026-08-14 | 2 co-filers Group filing | Other | 65 | $189.15 | — |
| 2026-08-14 | 2 co-filers Group filing | Other | 47 | $189.15 | — |
| 2026-08-14 | Siegmund Jan Director | Other | 12 | $189.15 | — |
| 2026-08-06 | Jones John Jude Chief Marketing Officer | Open-market sale | 6,500 | $191.96 | $1.2m |
| 2026-07-29 | Beswick Paul SVP, Chief Information Officer | 10b5-1 plan sale | 713 | $198.00 | $141k |
| 2026-07-28 | South Martin Chief Client Officer | Open-market sale | 7,100 | $189.99 | $1.3m |
| 2026-07-23 | Yates Lloyd M Director | Open-market sale | 12,000 | $175.65 | $2.1m |
| 2026-06-02 | 3 co-filers President and CEO | Option exercise | 16,656 | $73.19 | $1.2m |
| 2026-06-02 | 3 co-filers President and CEO | 10b5-1 plan sale | 16,656 | $161.71 | $2.7m |
| 2026-06-02 | 3 co-filers President and CEO | Option exercise | 16,656 | $0.00 | — |
| 2026-06-01 | Lute Jane H Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | Siegmund Jan Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | Mills Steven A Director | Grant | 1,349 | $159.28 | $215k |
| 2026-06-01 | Hanway H Edward Director | Grant | 1,349 | $159.28 | $215k |
| 2026-06-01 | Hartmann Judith Director | Grant | 1,349 | $159.28 | $215k |
| 2026-06-01 | 2 co-filers Group filing | Grant | 1,350 | $159.28 | $215k |
| 2026-06-01 | Broussard Bruce D Director | Grant | 1,349 | $159.28 | $215k |
| 2026-06-01 | Schapiro Morton O Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | Anderson Anthony Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | Hopkins Deborah C Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | Ingram Tamara Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | Yates Lloyd M Director | Grant | 1,350 | $159.28 | — |
| 2026-06-01 | 2 co-filers Group filing | Tax withholding | 103 | $159.28 | $16k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 64th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 27% against ROIC 12% — 15% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 28.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 18.5 | 16.1 | 17.8 | 21.8 | 20.7 | 23.2 | 23.8 | 23.1 |
| Income Tax | 3.8 | 4.0 | 4.3 | 5.2 | 4.8 | 5.4 | 5.6 | 4.8 |
| Net Income | 11.0 | 10.5 | 11.7 | 15.9 | 14.7 | 16.5 | 16.6 | 15.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MRSH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 18.4% | 13.4% |
| FY2017 | not reported | 18.9% | 10.6% |
| FY2018 | not reported | 18.5% | 11.0% |
| FY2019 | not reported | 16.1% | 10.5% |
| FY2020 | not reported | 17.8% | 11.7% |
| FY2021 | not reported | 21.8% | 15.9% |
| FY2022 | not reported | 20.7% | 14.7% |
| FY2023 | not reported | 23.2% | 16.5% |
| FY2024 | not reported | 23.8% | 16.6% |
| FY2025 | not reported | 23.1% | 15.4% |
Leverage and buybacks account for 15 points of the 27% return on equity in FY2025. The business earns 12% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.04x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Leverage is not measurable this way for a insurer.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $197.03, free cash flow must compound 11.43%/yr for 10 years. It has done 17.1%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 56.4% | 11.4% |
| FY2021 | 2.5% | 11.4% |
| FY2022 | −3.7% | 11.4% |
| FY2023 | 28.3% | 11.4% |
| FY2024 | 3.7% | 11.4% |
| FY2025 | 25.5% | 11.4% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.16B | $4.16B |
| Share-based comp | $394M | $4.55B |
| Other non-cash & working capital | $738M | $5.29B |
| Operating cash flow | $5.29B | $5.29B |
| Capex | −$291M | $5.00B |
| Free cash flow | $5.00B | $5.00B |
| FCF after SBC | $4.61B | $4.61B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 3.4% | not reported | not reported |
| FY2021 | 15.1% | not reported | not reported |
| FY2022 | 4.5% | not reported | not reported |
| FY2023 | 9.7% | not reported | not reported |
| FY2024 | 7.6% | not reported | not reported |
| FY2025 | 10.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.0 percent |
| FY2020 | -4.1 percent |
| FY2021 | -0.8 percent |
| FY2022 | -0.9 percent |
| FY2023 | -1.1 percent |
| FY2024 | -0.4 percent |
| FY2025 | -1.9 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 2 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.