Marsh & McLennan Companies, Inc. (MRSH)财务
NYSE · Financial Services · Insurance - Brokers · 员工95,000人 · CEO John Q. Doyle
- 股价
- $200.62 +1.82%
- 市值
- $957亿
- 企业价值
- $1160亿
- 最近财报
- Q3 '26 2026-10-15提交
- 下次财报
- 2027-01-28 EPS预期 $2.20
营收(TTM)$285亿+7.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)21.4%-1.8 百分点 对比去年同期营业利润 $60.9亿
净利润(TTM)$40.4亿-2.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)$41.5亿-13.9% 对比去年同期资本支出 $3.2亿
稀释EPS(TTM)$8.36+0.2% 对比去年同期最近4个季度之和
净现金-$205亿-8.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $957亿 EV $1160亿
- 营收
- $285亿 过去12个月
- 营收增速
- +7% FY2026年一致预期
- 净利润率
- 14.2% 净利润 / 营收,TTM
- P/E
- 23.9× 预期 19.1×(FY2026)
- P/S
- 3.4× 股价 / 营收,TTM
- EV / EBITDA
- 19.3× TTM
- 自由现金流
- $41.5亿 过去12个月
- 净利润
- $40.4亿 过去12个月
- 营收预期
- $288亿 FY2026年一致预期
- 盈利
- 2027-01-28 营收预期 $69.1亿
- 股息
- $3.78 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-15):营收超预期3.3%,EPS 超预期3.0%营收$68.6亿,预期$66.4亿(+3.3%);EPS $2.03,预期$1.97(+3.0%)。
- 营收增长平稳:同比8.1%Q3 '26营收$68.6亿,此前四个季度的平均值为8.5%。
- 营业利润率21.4%(TTM),较去年同期-1.8 百分点营收增长7.6%,营业利润增长-1.0%。
- 税前利润的13.3%被营业外亏损吞噬税前利润$53.7亿,营业利润$60.9亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的1.1%(去年为1.0%)最近4个季度投入$3.2亿(同比+22.1%)。自由现金流$41.5亿,相当于净利润的102.8%。
- 股东回报$41.6亿 = 自由现金流的100.1%回购$28.4亿(去年为$8.31亿),股息$13.2亿,股权激励$3.96亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少3.0%Q3 '26稀释股数4.79亿,一年前为4.94亿。
- 净债务 $205亿现金 + 短期投资 $18.4亿,含租赁债务 $223亿;一年前净债务 $189亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $68.6亿 | $63.5亿 | +8.1% |
| 毛利率 | 40.6% | 38.7% | +1.9 百分点 |
| 营业利润 | $12.2亿 | $11.7亿 | +3.8% |
| 营业利润率 | 17.7% | 18.4% | -0.7 百分点 |
| 净利润 | $8.08亿 | $7.47亿 | +8.2% |
| 稀释EPS | $1.69 | $1.51 | +11.9% |
| 经营现金流 | $14.8亿 | $20.8亿 | -29.0% |
| 资本支出 | $8100万 | $7200万 | +12.5% |
| 自由现金流 | $14亿 | $20.1亿 | -30.5% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $9400万 | $9500万 | -1.1% |
实际 vs 一致预期
2026-10-15| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $68.6亿 | $66.4亿 | +3.3% |
| EPS(一致预期口径) | $2.03 | $1.97 | +3.0% |
来自2026-10-15发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Risk and Insurance Services | – | – | – | – | – | |
| Risk and Insurance Services Segment | $42亿 | – | 61.0% | – | – | |
| Risk And Insurance Services Segment | – | – | – | – | – | |
| Consulting Segment | $26.9亿 | +8.9% | 39.0% | – | – | |
| Consulting | – | – | – | – | – | |
| Corporate/Eliminations | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Risk And Insurance Services Segment | $15.3亿 | +16.3% | 100.0% | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Riskand Insurance Services Segment | – | – | – | – | – | – | – |
| Consulting Segment | – | – | – | – | – | – | – |
| Corporate And Eliminations | – | – | – | – | – | – | – |
| Risk And Insurance Services Segment | – | – | – | – | – | – | – |
| Risk And Insurance Services Segment | – | – | $7.45亿 | -0.7% | – | – | – |
| Consulting Segment | – | – | $5.63亿 | +12.4% | – | – | $20.7亿 |
| Corporate And Eliminations | – | – | -$9300万 | -14.8% | – | – | -$3.5亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $44.7亿
- 资本支出
- -$3.2亿
- 股票回购
- -$28.4亿
- 股息
- -$13.2亿
- 收购
- -$15.9亿
- 债务净发行
- $3.66亿
- 股权激励费用
- $3.96亿
- 自由现金流
- $41.5亿
- 股东回报 / FCF
- 100.1%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 23.9× | 25.5× | 21.9× – 28.0× |
| EV / EBITDA | 19.3× | 17.2× | 14.8× – 18.4× |
| EV / 营收 | 4.1× | 4.7× | 4.0× – 5.1× |
| 股价 / FCF | 23.0× | 24.9× | 18.1× – 28.3× |
| 股价 / 净资产 | 6.5× | 7.5× | 6.0× – 8.0× |
| FCF收益率 | 4.3% | 4.1% | 3.5% – 5.5% |
| 投入资本回报率 | 11.8% | 12.1% | 11.6% – 13.2% |
| 净资产收益率 | 27.2% | 29.3% | 27.5% – 30.8% |
分析师
一致目标价 $205.43 (+2.4%)
区间 $182.00 – $234.00 · 评级 Hold
强烈买入1
买入10
持有22
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $288亿 | +6.6% | $10.49 | +24.4% | 19.1× | 14 |
| FY2027 | $302亿 | +5.0% | $11.46 | +9.3% | 17.5× | 14 |
| FY2028 | $318亿 | +5.3% | $12.59 | +9.8% | 15.9× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Marsh & McLennan Companies, Inc.在近期10-Q / 10-K文件中标记的全部290项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| 0.7%2026-06-30 | – | – | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $35.8亿 | $33.6亿 | +6.8% | $36.5亿 | $34亿 | +7.3% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.63亿 | $1.73亿 | -5.8% | $1.62亿 | $1.67亿 | -3.0% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $87.1亿 | $80.8亿 | +7.8% | $78.3亿 | $73.2亿 | +7.0% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $2500万 | $3100万 | -19.4% |
| Accrued Income Taxes, Current | $4.85亿 | $6.17亿 | -21.4% | $3.73亿 | $3.76亿 | -0.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $17.5亿 | $16.7亿 | +5.1% | $16.7亿 | $15.4亿 | +8.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$55.1亿 | -$54.4亿 | -1.3% | -$54.3亿 | -$62.4亿 | +13.0% |
| Additional Paid in Capital, Common Stock | $16.2亿 | $14.6亿 | +10.8% | $15.5亿 | $13.7亿 | +12.9% |
| Amortization of Intangible Assets | $1.42亿 | $1.33亿 | +6.8% | $5.49亿 | $3.77亿 | +45.6% |
| Assets | $598亿 | $588亿 | +1.7% | $587亿 | $565亿 | +3.9% |
| Assets for Plan Benefits, Defined Benefit Plan | $23亿 | $22.1亿 | +4.0% | $21.4亿 | $19.1亿 | +11.8% |
| Assets, Current | $241亿 | $237亿 | +1.7% | $232亿 | $221亿 | +4.9% |
| Assets, Fair Value Disclosure | $3.9亿 | – | – | $8.47亿 | $6.37亿 | +33.0% |
| Business Acquisition, Pro Forma Earnings Per Share, Basic | $1.70 | $1.53 | +11.1% | $8.53 | $8.38 | +1.8% |
| Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.69 | $1.52 | +11.2% | $8.48 | $8.31 | +2.0% |
| Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Basic | $1.522025-09-30 | $1.49 | +2.0% | $3.282018-12-31 | $2.92 | +12.3% |
| Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Diluted | $1.522025-09-30 | $1.48 | +2.7% | $3.252018-12-31 | $2.88 | +12.8% |
| Business Acquisition, Pro Forma Net Income (Loss) | $8.09亿 | $7.51亿 | +7.7% | $41.8亿 | $41.2亿 | +1.5% |
| Business Acquisition, Pro Forma Revenue | $68.7亿 | $64.3亿 | +6.8% | $271亿 | $262亿 | +3.7% |
| Business Combination, Acquisition Related Costs | $4100万 | $8100万 | -49.4% | $2.82亿 | $1.19亿 | +137.0% |
| Business Combination, Consideration Transferred | $3.69亿 | $1.89亿 | +95.2% | $8.57亿 | $94亿 | -90.9% |
| Business Combination, Consideration Transferred, Liabilities Incurred | $2100万2025-09-30 | $1.22亿 | -82.8% | $1.82亿2023-12-31 | $4900万 | +271.4% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $200万 | $700万 | -71.4% | $3700万 | -$7700万 | +148.1% |
| Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $100万 | $200万 | -50.0% | $700万 | $3400万 | -79.4% |
| Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $3400万 | $1900万 | +78.9% | $7200万 | $4.51亿 | -84.0% |
| Capitalized Computer Software, Accumulated Amortization | $23亿2025-12-31 | $21亿 | +9.5% | $23亿 | $21亿 | +9.5% |
| Capitalized Computer Software, Net | $4.66亿2025-12-31 | $4.74亿 | -1.7% | $4.66亿 | $4.74亿 | -1.7% |
| Capitalized Contract Cost, Amortization | – | – | – | $21亿 | $19亿 | +10.5% |
| Cash and Cash Equivalents, at Carrying Value | $18.4亿 | $25.1亿 | -26.6% | $26.9亿 | $24亿 | +12.1% |
| Cash and Cash Equivalents, Fair Value Disclosure | $1.49亿 | – | – | $6.33亿 | $3.53亿 | +79.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $141亿 | $145亿 | -2.7% | $142亿 | $137亿 | +3.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $2.12亿 | $9.64亿 | -78.0% | $4.86亿 | -$4.78亿 | +201.7% |
| Commercial Paper | $16亿 | – | – | $0 | $0 | – |
| Commitments and Contingencies | $0 | $0 | – | $0 | $0 | – |
| Common Stock, Dividends, Per Share, Declared | $1.98 | $1.80 | +10.0% | $3.43 | $3.05 | +12.5% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 16亿 | 16亿 | 0.0% | 16亿 | 16亿 | 0.0% |
| Common Stock, Shares, Issued | 5.61亿 | 5.61亿 | 0.0% | 5.61亿 | 5.61亿 | 0.0% |
| Common Stock, Shares, Outstanding | 4.75亿 | 4.9亿 | -3.1% | 4.85亿 | 4.91亿 | -1.2% |
| Common Stock, Value, Issued | $5.61亿 | $5.61亿 | 0.0% | $5.61亿 | $5.61亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $400万 | $1000万 | -60.0% | $7400万 | $5700万 | +29.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $8.69亿 | $5.5亿 | +58.0% | $49.7亿 | $31.2亿 | +59.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $8.73亿 | $5.6亿 | +55.9% | $50.5亿 | $31.7亿 | +59.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $6.75亿 | $5.57亿 | +21.2% | $2.9亿2021-12-31 | $2.36亿 | +22.9% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $5.4亿2025-12-31 | $4.73亿 | +14.2% | $5.4亿 | $4.73亿 | +14.2% |
| Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | – | – | – | $10.5亿 | $9.63亿 | +8.6% |
| Contract with Customer, Asset, Reclassified to Receivable | – | – | – | -$9.84亿 | -$8.44亿 | -16.6% |
| Contract with Customer, Liability | $10.2亿 | $9.19亿 | +11.0% | $9.27亿 | $8.66亿 | +7.0% |
| Contract with Customer, Liability, Revenue Recognized | $1.16亿 | $1.19亿 | -2.5% | -$8.46亿 | -$8.35亿 | -1.3% |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | $1500万 | $1800万 | -16.7% | $8300万 | $7300万 | +13.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.03亿 | $2.47亿 | -17.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $8.48亿 | $8.36亿 | +1.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $11.8亿 | $12.1亿 | -2.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.31亿 | $1.23亿 | +6.5% |
| Debt, Current | $16.4亿 | $12.6亿 | +30.2% | $12.7亿 | $5.19亿 | +144.1% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $6900万2025-09-30 | $6600万 | +4.5% | – | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $7300万 | $5300万 | +37.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $3400万 | $8400万 | -59.5% |
| Deferred Income Tax Assets, Net | $1.95亿 | $2.48亿 | -21.4% | $2.12亿 | $2.37亿 | -10.5% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01