Marsh & McLennan Companies, Inc. — Intrinsic Value & Fair Price

MRSH

NYSEFinancial ServicesInsurance - BrokersCIK 0000062709corporate.marsh.comAbout MRSH

Last close · Oct 16, 2026188.35+1.81 (+0.97%)

Market cap$89.9B

Model value · DCF · Perpetuity growth · 5y

228.12

Marsh McLennan closed at $188.35 — undervalued by 17% vs model.

127.35the model's range574.95

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models

77.50 – 255.11

Wall St. target

200.00 6% below

Below model, 1y

20 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $188.35 · as of Oct 17, 2026

DCF · Perpetuity growth · 5yused127.35 – 574.95228.1217% undervalued DCF · Perpetuity growth · 10y140.54 – 596.27242.1722% undervalued DCF · EBITDA exit · 5y163.95 – 315.82233.7119% undervalued DCF · EBITDA exit · 10y169.13 – 349.61246.5924% undervalued P/E · peers162.61 – 285.55169.0311% overvalued P/E · own history234.54 – 275.72255.1126% undervalued PEG—168.7512% overvalued EV/EBITDA · peers148.95 – 205.67183.033% overvalued EV/Revenue · peers141.82 – 230.86197.485% undervalued Earnings power value58.48 – 106.3377.50143% overvalued Dividend discount65.51 – 182.82100.3088% overvalued Wall St. consensus target—200.006% below Cost of capital (WACC)—7.31%—

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

2.01%

Past 2 years

low 1.27%high 2.29%

Dividends per share, a year at a time

Dividends / free cash flow, FY2025: 34.0%
Raised: 16 years in a row
Growth, 5 yrs: 13.6% a year
Last change: +10.0% · Jul 2026

Every payment, with ex-dates · latest $0.99, paid Nov 13, 2026

Research on MRSH

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How it is valued

Valued asMature & stable

Low/slowing growth (~9% recent)Moderate margins (15% net margin)Pays dividendsHighly cyclical earningsStrong FCF yield (5.6%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies

P/E

22.3×

EV / EBITDA

14.4×

FCF yield

5.5%

Dividend yield, TTM

2.01%

Beta

0.58

Cost of capital (WACC)

7.31%

Full financials

Superinvestors

13F · Q2 2026

Bill NygrenHarris Associates L P$1.4B JensenJensen Investment Management Inc$164.2M Thomas GaynerMarkel Group Inc.$127.3M First Pacific AdvisorsFirst Pacific Advisors, LP$20.2M

All 7 holders

Analyst actions

third-party, quoted

10-16Wells Fargo · target197.00

10-07Mizuho Securities · target190.00

10-06UBS · target222.00

07-22Citigroup · “Neutral” from “Buy”downgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-1510-QQuarterly report 10-158-K · 2.02Results of Operations (Earnings)09-02Form 4 · MBrennan Katherine · 1,197 sh@ 83.05 09-02Form 4 · SBrennan Katherine · 1,197 sh@ 187.90 09-02Form 4 · MBrennan Katherine · 1,197 sh@ 0.00 09-02Form 4 · MDoyle John Q · 16,656 sh@ 73.20

57 filings · 40 insider transactions

Comparable companies

by business, not by industry label

AONAon WTWWillis Towers Watson AJGArthur J. Gallagher BROBrown & Brown

1 more company lists MRSH as a comparable

ERIEErie Indemnity

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just MRSH. No account.

About Marsh McLennan

Marsh & McLennan Companies, Inc. (MRSH) functions as a leading professional services organization, delivering expert guidance and innovative solutions to clients across the vital domains of risk management, strategic planning, and human capital. Based in New York City, the firm maintains a substantial global workforce, employing approximately 65,000 full-time professionals. This entity serves as the parent company for several prominent advisory and consulting brands. These include Marsh, renowned for its insurance brokerage services; Guy Carpenter, a specialist in risk and reinsurance; Mercer, which provides comprehensive human resources and investment-related financial advice; and Oliver Wyman Group, an influential management and economic consultancy. Marsh & McLennan structures its operations into two core business segments. The "Risk and Insurance Services" division encompasses activities such as risk management, along with comprehensive insurance and reinsurance brokerage and services. The "Consulting" division offers a broad spectrum of services, including health, retirement, talent, and investment consulting, as well as specialized advice in management, economics, and brand strategy. The Risk and Insurance Services segment's operations are primarily conducted through Marsh and Guy Carpenter, while Mercer and Oliver Wyman Group are the key contributors to the Consulting segment's offerings.

CEO: John Q. Doyle
Headquarters: New York City, NY
Employees: 95,000
IPO: 1987-12-30

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.