PerpEquities

Equity · Financial services

Is Marsh & McLennan Companies, Inc. (MRSH) tradable as a perp? Not yet

Marsh & McLennan provides risk management, insurance brokerage, reinsurance, and consulting services through brands like Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

Not yet listed on any perp exchange

No perpetual-futures venue lists MRSH yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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TradingView symbol NYSE:MRSH

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Company data

Company fundamentals

Updated 1h ago
Market cap
$82.4B
Updated 1h ago
Revenue
$27.9B
Trailing 12 months
Revenue growth
+6%
Next fiscal year
Profit margin
+14.2%
P/E
21.0
Peer P/E 21.1
Free cash flow
$4.8B
Trailing 12 months
More metrics
Net income
$4B
Trailing 12 months
P/S
2.9
Peer P/E
21.1
Similar listed perps
Revenue estimate
$28.6B
Next fiscal year
Earnings
2026-10-15
Revenue est. $6.7B · Updated 1h ago
Dividend
$0.99
2026-10-01

Fundamental detail

Annual + quarterly
Latest revenue$27B
Net margin+15.4%
Free cash flow$5B
Net debt$18.8B
2020$17.2B
2021$19.8B
2022$20.7B
2023$22.7B
2024$24.5B
2025$27B
PeriodRevenueGrowthNet incomeFCF
2020$17.2B+3%$2B$3B
2021$19.8B+15%$3.1B$3.1B
2022$20.7B+5%$3.1B$3B
2023$22.7B+10%$3.8B$3.8B
2024$24.5B+8%$4.1B$4B
2025$27B+10%$4.2B$5B
PeriodGross marginOperating marginNet marginROEROA
2020+41.2%+17.8%+11.7%+22.1%+6.1%
2021+42.4%+21.8%+15.9%+28.5%+9.1%
2022+41.7%+20.7%+14.7%+29.0%+6.9%
2023+42.4%+23.2%+16.5%+30.8%+7.8%
2024+42.8%+23.8%+16.6%+30.4%+7.2%
2025+42.3%+23.1%+15.4%+27.5%+7.1%
PeriodCashDebtNet debtCurrent ratio
2020$2.1B$13.6B$11.5B1.24
2021$1.8B$13.2B$11.4B1.24
2022$1.4B$13.5B$12B1.06
2023$3.4B$15.4B$12.1B1.10
2024$2.4B$21.9B$19.5B1.13
2025$2.7B$21.4B$18.8B1.10
PeriodMarket capEnterprise valueP/SP/E
2020$59.2B$70.7B3.429.4
2021$88.1B$99.5B4.428.0
2022$82.6B$94.6B4.027.1
2023$93.6B$105.7B4.124.9
2024$104.5B$124B4.325.7
2025$90.3B$109.1B3.321.9
Q3 2024$5.7B
Q4 2024$6.1B
Q1 2025$7.1B
Q2 2025$7B
Q3 2025$6.4B
Q4 2025$6.6B
Q1 2026$7.6B
Q2 2026$7.4B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$5.7B+6%$747M$1.8B
Q4 2024$6.1B+9%$788M$1.9B
Q1 2025$7.1B+9%$1.4B-$677M
Q2 2025$7B+12%$1.2B$1.6B
Q3 2025$6.4B+11%$747M$2B
Q4 2025$6.6B+9%$821M$2.1B
Q1 2026$7.6B+8%$1.1B-$750M
Q2 2026$7.4B+6%$1.3B$1.5B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+39.6%+19.4%+13.1%+5.5%+1.5%
Q4 2024+40.2%+18.8%+13.0%+5.9%+1.4%
Q1 2025+45.5%+28.4%+19.6%+9.8%+2.4%
Q2 2025+44.1%+26.2%+17.4%+7.7%+2.1%
Q3 2025+38.7%+18.4%+11.8%+4.9%+1.3%
Q4 2025+40.3%+18.5%+12.4%+5.4%+1.4%
Q1 2026+45.6%+23.1%+15.1%+7.9%+2.0%
Q2 2026+44.1%+25.6%+17.1%+8.3%+2.1%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$1.8B$14.8B$13B1.14
Q4 2024$2.4B$21.9B$19.5B1.13
Q1 2025$1.6B$22.4B$20.8B1.14
Q2 2025$1.7B$21.6B$19.9B1.20
Q3 2025$2.5B$21.4B$18.9B1.12
Q4 2025$2.7B$21.4B$18.8B1.10
Q1 2026$1.6B$22.5B$20.8B11.46
Q2 2026$1.7B$22.4B$20.7B1.14
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$109.8B$122.7B19.336.7
Q4 2024$104.5B$124B17.233.2
Q1 2025$120.1B$140.9B17.021.7
Q2 2025$107.6B$127.5B15.422.2
Q3 2025$99B$117.9B15.633.1
Q4 2025$90.3B$109.1B13.727.4
Q1 2026$83.9B$104.8B11.118.3
Q2 2026$80.3B$101B10.915.8

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$7.4BQ2 2026
$1.9B$3.8B$5.7B$7.6BQ3 2023: $5.4BQ4 2023: $5.6BQ1 2024: $6.5BQ2 2024: $6.2BQ3 2024: $5.7BQ4 2024: $6.1BQ1 2025: $7.1BQ2 2025: $7BQ3 2025: $6.4BQ4 2025: $6.6BQ1 2026: $7.6BQ2 2026: $7.4BQ3 2023Q2 2026
Net income$1.3BQ2 2026
$350M$700M$1.1B$1.4BQ3 2023: $730MQ4 2023: $756MQ1 2024: $1.4BQ2 2024: $1.1BQ3 2024: $747MQ4 2024: $788MQ1 2025: $1.4BQ2 2025: $1.2BQ3 2025: $747MQ4 2025: $821MQ1 2026: $1.1BQ2 2026: $1.3BQ3 2023Q2 2026
EBITDA$1.2BQ2 2026
$574.8M$1.1B$1.7B$2.3BQ3 2023: $1.3BQ4 2023: $1.4BQ1 2024: $2.2BQ2 2024: $1.9BQ3 2024: $1.4BQ4 2024: $1.4BQ1 2025: $2.3BQ2 2025: $2.1BQ3 2025: $1.5BQ4 2025: $1.5BQ1 2026: $1.6BQ2 2026: $1.2BQ3 2023Q2 2026
Free cash flow$1.5BQ2 2026
-$137M$594M$1.3B$2.1BQ3 2023: $1.7BQ4 2023: $1.7BQ1 2024: -$868MQ2 2024: $1.1BQ3 2024: $1.8BQ4 2024: $1.9BQ1 2025: -$677MQ2 2025: $1.6BQ3 2025: $2BQ4 2025: $2.1BQ1 2026: -$750MQ2 2026: $1.5BQ3 2023Q2 2026
EPS$2.63Q2 2026
$0.71$1.41$2.11$2.82Q3 2023: $1.46Q4 2023: $1.52Q1 2024: $2.82Q2 2024: $2.27Q3 2024: $1.51Q4 2024: $1.59Q1 2025: $2.79Q2 2025: $2.45Q3 2025: $1.51Q4 2025: $1.68Q1 2026: $2.36Q2 2026: $2.63Q3 2023Q2 2026
Cash / Debt$1.7BQ2 2026
$5.6B$11.2B$16.8B$22.5BQ3 2023 · Cash: $2.9BQ3 2023 · Debt: $15.6BQ4 2023 · Cash: $3.4BQ4 2023 · Debt: $15.4BQ1 2024 · Cash: $1.5BQ1 2024 · Debt: $15.4BQ2 2024 · Cash: $1.7BQ2 2024 · Debt: $15.4BQ3 2024 · Cash: $1.8BQ3 2024 · Debt: $14.8BQ4 2024 · Cash: $2.4BQ4 2024 · Debt: $21.9BQ1 2025 · Cash: $1.6BQ1 2025 · Debt: $22.4BQ2 2025 · Cash: $1.7BQ2 2025 · Debt: $21.6BQ3 2025 · Cash: $2.5BQ3 2025 · Debt: $21.4BQ4 2025 · Cash: $2.7BQ4 2025 · Debt: $21.4BQ1 2026 · Cash: $1.6BQ1 2026 · Debt: $22.5BQ2 2026 · Cash: $1.7BQ2 2026 · Debt: $22.4BQ3 2023Q2 2026
CashDebt
Profitability+44.1%Q2 2026
+11.6%+23.2%+34.8%+46.4%Q3 2023 · Gross margin: +38.9%Q4 2023 · Gross margin: +41.2%Q1 2024 · Gross margin: +46.4%Q2 2024 · Gross margin: +44.5%Q3 2024 · Gross margin: +39.6%Q4 2024 · Gross margin: +40.2%Q1 2025 · Gross margin: +45.5%Q2 2025 · Gross margin: +44.1%Q3 2025 · Gross margin: +38.7%Q4 2025 · Gross margin: +40.3%Q1 2026 · Gross margin: +45.6%Q2 2026 · Gross margin: +44.1%Q3 2023 · Operating margin: +18.5%Q4 2023 · Operating margin: +19.9%Q1 2024 · Operating margin: +29.7%Q2 2024 · Operating margin: +26.4%Q3 2024 · Operating margin: +19.4%Q4 2024 · Operating margin: +18.8%Q1 2025 · Operating margin: +28.4%Q2 2025 · Operating margin: +26.2%Q3 2025 · Operating margin: +18.4%Q4 2025 · Operating margin: +18.5%Q1 2026 · Operating margin: +23.1%Q2 2026 · Operating margin: +25.6%Q3 2023 · Net margin: +13.6%Q4 2023 · Net margin: +13.6%Q1 2024 · Net margin: +21.6%Q2 2024 · Net margin: +18.1%Q3 2024 · Net margin: +13.1%Q4 2024 · Net margin: +13.0%Q1 2025 · Net margin: +19.6%Q2 2025 · Net margin: +17.4%Q3 2025 · Net margin: +11.8%Q4 2025 · Net margin: +12.4%Q1 2026 · Net margin: +15.1%Q2 2026 · Net margin: +17.1%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+6.2%Q2 2026
+3.0%+6.1%+9.1%+12.1%Q3 2024: +5.9%Q4 2024: +9.2%Q1 2025: +9.1%Q2 2025: +12.1%Q3 2025: +11.5%Q4 2025: +8.7%Q1 2026: +7.6%Q2 2026: +6.2%Q3 2023Q2 2026
Shares outstanding484MQ2 2026
124.8M249.5M374.3M499MQ3 2023: 499MQ4 2023: 498MQ1 2024: 497MQ2 2024: 496MQ3 2024: 496MQ4 2024: 496MQ1 2025: 495MQ2 2025: 495MQ3 2025: 494MQ4 2025: 490MQ1 2026: 486MQ2 2026: 484MQ3 2023Q2 2026
Valuation15.8Q2 2026
9.218.327.536.7Q3 2023 · P/E: 32.1Q4 2023 · P/E: 31.0Q1 2024 · P/E: 17.9Q2 2024 · P/E: 23.0Q3 2024 · P/E: 36.7Q4 2024 · P/E: 33.2Q1 2025 · P/E: 21.7Q2 2025 · P/E: 22.2Q3 2025 · P/E: 33.1Q4 2025 · P/E: 27.4Q1 2026 · P/E: 18.3Q2 2026 · P/E: 15.8Q3 2023 · P/S: 17.5Q4 2023 · P/S: 16.8Q1 2024 · P/S: 15.5Q2 2024 · P/S: 16.6Q3 2024 · P/S: 19.3Q4 2024 · P/S: 17.2Q1 2025 · P/S: 17.0Q2 2025 · P/S: 15.4Q3 2025 · P/S: 15.6Q4 2025 · P/S: 13.7Q1 2026 · P/S: 11.1Q2 2026 · P/S: 10.9Q3 2023Q2 2026
P/EP/S
Revenue$27B2025
$6.7B$13.5B$20.2B$27B2018: $15B2019: $16.7B2020: $17.2B2021: $19.8B2022: $20.7B2023: $22.7B2024: $24.5B2025: $27B20182025
Net income$4.2B2025
$1B$2.1B$3.1B$4.2B2018: $1.7B2019: $1.7B2020: $2B2021: $3.1B2022: $3.1B2023: $3.8B2024: $4.1B2025: $4.2B20182025
EBITDA$7.4B2025
$1.8B$3.7B$5.5B$7.4B2018: $3B2019: $3.6B2020: $4B2021: $5.4B2022: $5.3B2023: $6.3B2024: $6.9B2025: $7.4B20182025
Free cash flow$5B2025
$1.3B$2.5B$3.8B$5B2018: $2.1B2019: $1.9B2020: $3B2021: $3.1B2022: $3B2023: $3.8B2024: $4B2025: $5B20182025
EPS$8.432025
$2.11$4.22$6.32$8.432018: $3.232019: $3.412020: $3.942021: $6.132022: $6.042023: $7.532024: $8.182025: $8.4320182025
Cash / Debt$2.7B2025
$5.5B$10.9B$16.4B$21.9B2018 · Cash: $1.1B2018 · Debt: $5.8B2019 · Cash: $1.2B2019 · Debt: $14.2B2020 · Cash: $2.1B2020 · Debt: $13.6B2021 · Cash: $1.8B2021 · Debt: $13.2B2022 · Cash: $1.4B2022 · Debt: $13.5B2023 · Cash: $3.4B2023 · Debt: $15.4B2024 · Cash: $2.4B2024 · Debt: $21.9B2025 · Cash: $2.7B2025 · Debt: $21.4B20182025
CashDebt
Profitability+42.3%2025
+10.7%+21.4%+32.1%+42.8%2018 · Gross margin: +42.4%2019 · Gross margin: +41.5%2020 · Gross margin: +41.2%2021 · Gross margin: +42.4%2022 · Gross margin: +41.7%2023 · Gross margin: +42.4%2024 · Gross margin: +42.8%2025 · Gross margin: +42.3%2018 · Operating margin: +18.5%2019 · Operating margin: +16.1%2020 · Operating margin: +17.8%2021 · Operating margin: +21.8%2022 · Operating margin: +20.7%2023 · Operating margin: +23.2%2024 · Operating margin: +23.8%2025 · Operating margin: +23.1%2018 · Net margin: +11.0%2019 · Net margin: +10.5%2020 · Net margin: +11.7%2021 · Net margin: +15.9%2022 · Net margin: +14.7%2023 · Net margin: +16.5%2024 · Net margin: +16.6%2025 · Net margin: +15.4%20182025
Gross marginOperating marginNet margin
Revenue growth+10.3%2025
+3.8%+7.5%+11.3%+15.1%2019: +11.4%2020: +3.4%2021: +15.1%2022: +4.5%2023: +9.7%2024: +7.6%2025: +10.3%20182025
Shares outstanding490M2025
128.3M256.5M384.8M513M2018: 511M2019: 511M2020: 512M2021: 513M2022: 505M2023: 499M2024: 496M2025: 490M20182025
Valuation21.92025
8.116.224.332.42018 · P/E: 24.52019 · P/E: 32.42020 · P/E: 29.42021 · P/E: 28.02022 · P/E: 27.12023 · P/E: 24.92024 · P/E: 25.72025 · P/E: 21.92018 · P/S: 2.72019 · P/S: 3.42020 · P/S: 3.42021 · P/S: 4.42022 · P/S: 4.02023 · P/S: 4.12024 · P/S: 4.32025 · P/S: 3.320182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202610.45$28.6B+6%15
FY 202711.40$30B+11%15
FY 202812.49$31.6B+17%5
Q1 20273.57$7.9B+5%6
Q2 20273.21$7.8B+5%6
Q3 20272.20$7B+10%6

Company events

6
2026-10-15EarningsActual - / Estimate 1.98-
2026-10-01Dividend$0.99-
2026-07-23Dividend$0.99-
2026-07-21EarningsActual 2.96 / Estimate 2.88Beat
2026-04-16EarningsActual 3.29 / Estimate 3.22Beat
2026-04-09Dividend$0.9-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
LYG$85.5B1.013.6+26.7%1KKR$90.5B4.330.0+15.0%1NU$67.8B3.518.9+18.6%1CME$99.1B14.623.3+63.1%3HOOD$110.9B22.553.4+42.0%30SPGI$119.2B7.424.6+30.5%1PYPL$45B1.39.9+14.4%13HBAN$32.4B2.211.8+16.6%1

Analyst track record

How the analysts covering MRSH have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings117264
Analysts2128
Buy / hold / sell33 / 77 / 764 / 175 / 25
Upgrades / downgrades / initiations7 / 3 / 38 / 7 / 10
Price targets hit / missed2 / 107 (2%)2 / 250 (1%)
Avg. return after a rating (TipRanks)-14.3%-18.4%
Best / worst call+0.3% / -32.1%+0.3% / -35.8%

After buy calls on this stock: median 21-day move +0.9% vs S&P 500 -1.3% (n = 63)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Meyer ShieldsKBW77% hit rate on this stock · 13 targets measuredHoldtarget $202Aug 27, 2026

Latest ratings

DateAnalystCallTarget
Sep 8, 2026Hans EngelErste GroupBuyInitiated–article ↗
Aug 31, 2026Matthew HeimermannCitiHoldMaintained$200article ↗
Aug 27, 2026Meyer ShieldsKBWHoldMaintained$202article ↗
Aug 25, 2026Michael ZaremskiBMO CapitalHoldMaintained$203article ↗
Aug 19, 2026Bob HuangMorgan StanleyHoldMaintained$200article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$160$170$180$190$200$210$220Oct 25 · Buy 5 · Hold 13 · Sell 0Oct 25Nov 25 · Buy 6 · Hold 13 · Sell 1Dec 25 · Buy 7 · Hold 13 · Sell 1Dec 25Jan 26 · Buy 7 · Hold 12 · Sell 1Feb 26 · Buy 6 · Hold 13 · Sell 1Feb 26Mar 26 · Buy 6 · Hold 12 · Sell 1Apr 26 · Buy 7 · Hold 12 · Sell 1Apr 26May 26 · Buy 9 · Hold 9 · Sell 1Jun 26 · Buy 9 · Hold 9 · Sell 1Jun 26Jul 26 · Buy 7 · Hold 11 · Sell 1Aug 26 · Buy 6 · Hold 11 · Sell 1Aug 26Sep 26 · Buy 6 · Hold 11 · Sell 1Oct 25 · avg. target $220Nov 25 · avg. target $214Dec 25 · avg. target $213Jan 26 · avg. target $209Feb 26 · avg. target $207Mar 26 · avg. target $207Apr 26 · avg. target $205May 26 · avg. target $205Jun 26 · avg. target $203Jul 26 · avg. target $203Aug 26 · avg. target $204Sep 26 · avg. target $203Oct 25 · month-end close $178Nov 25 · month-end close $183Dec 25 · month-end close $186Jan 26 · month-end close $188Feb 26 · month-end close $187Mar 26 · month-end close $173Apr 26 · month-end close $168May 26 · month-end close $160Jun 26 · month-end close $167Jul 26 · month-end close $190Aug 26 · month-end close $190Sep 26 · month-end close $175

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 117 ratings