---
title: Marsh McLennan (MRSH) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mrsh
ticker: MRSH
as_of: 2026-10-17
sector: Financial Services
industry: Insurance - Brokers
---
# Marsh McLennan (MRSH)

Marsh McLennan (MRSH) closed at $188.35 on Oct 16, 2026, undervalued by 17% vs its model value of $228.12 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $188.35 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $228.12 |
| Price vs model | undervalued by 17% vs model |
| Range of that model | $127.35 – $574.95 |
| Market value | $89.9B |
| P/E (fiscal 2025) | 22.3 |
| Net margin (fiscal 2025) | 15.4% |
| Free cash flow (fiscal 2025) | $5.0B |
| Dividend yield (trailing twelve months) | 2.01% |
| Beta | 0.58 |
| Cost of capital (WACC) | 7.31% |
| Business classification | Mature & Stable (Low/slowing growth (~9% recent), Moderate margins (15% net margin), Pays dividends, Highly cyclical earnings, Strong FCF yield (5.6%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.01% |
| Dividends per share, last 12 months | $3.78 |
| Dividends / free cash flow (fiscal 2025) | 34.0% |
| Raised | 16 years in a row |
| Growth over 5 years | 13.6% a year |
| Latest payment | $0.99, ex-date Oct 1, 2026, paid Nov 13, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Oct 7, 2021 | $2.00 |
| To Oct 6, 2022 | $2.25 |
| To Oct 5, 2023 | $2.60 |
| To Oct 4, 2024 | $3.05 |
| To Oct 2, 2025 | $3.43 |
| Trailing twelve months (to Oct 1, 2026) | $3.78 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $228.12 | $127.35 | $574.95 |
| DCF · Perpetuity growth · 10y | cross check | $242.17 | $140.54 | $596.27 |
| DCF · EBITDA exit · 5y | cross check | $233.71 | $163.95 | $315.82 |
| DCF · EBITDA exit · 10y | cross check | $246.59 | $169.13 | $349.61 |
| P/E · peers | cross check | $169.03 | $162.61 | $285.55 |
| P/E · own history | cross check | $255.11 | $234.54 | $275.72 |
| PEG | sanity check | $168.75 | $168.75 | $168.75 |
| EV/EBITDA · peers | cross check | $183.03 | $148.95 | $205.67 |
| EV/Revenue · peers | cross check | $197.48 | $141.82 | $230.86 |
| Earnings power value | cross check | $77.50 | $58.48 | $106.33 |
| Dividend discount | cross check | $100.30 | $65.51 | $182.82 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 6 open-market sales ($8.2M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 2, 2026 | Brennan Katherine | SVP and General Counsel | Option/RSU exercise | 1,197 | $99,406.1 |
| Sep 2, 2026 | Brennan Katherine | SVP and General Counsel | Open-market sell | 1,197 | $224,915.1 |
| Sep 2, 2026 | Brennan Katherine | SVP and General Counsel | Option/RSU exercise | 1,197 | $0 |
| Sep 2, 2026 | Doyle John Q | President and CEO | Option/RSU exercise (10b5-1 plan) | 16,656 | $1.2M |
| Sep 2, 2026 | Doyle John Q | President and CEO | Open-market sell (10b5-1 plan) | 16,656 | $3.1M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 15, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/62709/000006270926000258/mrsh-20260930.htm |
| Oct 15, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/62709/000006270926000256/mmc-20261015.htm |
| Jul 21, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/62709/000006270926000195/mrsh-20260630.htm |
| Jul 21, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/62709/000006270926000193/mmc-20260721.htm |
| Jun 4, 2026 | 8-K | 1.01 Entry into a Material Agreement; 1.02 Termination of a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/62709/000006270926000167/mmc-20260602.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bill Nygren | 2026-06-30 | 8,687,496 | $1.4B |
| Jensen | 2026-06-30 | 984,904 | $164.2M |
| Thomas Gayner | 2026-06-30 | 763,500 | $127.3M |
| First Pacific Advisors | 2026-06-30 | 121,213 | $20.2M |

7 tracked managers in all.

## About

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 activi…

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Source: https://sweetvaluelab.com/stocks/mrsh (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.