Foreign exchangemixed · 5 filings
“The U.S.”10-Q · Jul 21, 2026 ↗
Marsh & McLennan Companies, Inc.
MRSH
Market read
Marsh & McLennan Companies, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
What changed
- Revenue increased 7.6% versus the comparable filing period.
- Operating margin fell 5.3 percentage points.
Company-0.2% todayVolume comparison unavailable
Market group0 of 14 activeDefensive Services · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- MRSH's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if MRSH's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 14 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 7.6% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 5.3 percentage points.
- Net income decreased 17.0% versus the comparable filing period.
- Net margin fell 4.5 percentage points.
What would clarify the read
- MRSH's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements111
Verified relationships3
Evidence supporting the case
- Latest annual revenue changed +10.3% year over year.
- Operating cash flow covered net income at 1.27x in the latest annual period.
- Credit and interest rates has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Net margin changed -1.2 percentage points in the latest annual period.
Questions before a position
- P/E is 50% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 15% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
176.866m+3.5%12m-11.0%24m-22.4%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$19.8B+15.1%$6.13+0.2%
2022-12-31$20.7B+4.5%$6.04-1.6%
2023-12-31$22.7B+9.7%$7.53-1.2%
2024-12-31$24.5B+7.6%$8.18-0.6%
2025-12-31$27.0B+10.3%$8.43-0.4%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 4 filings
“Interest expense increased $7 million and $2 million for the three and six months ended June 30, 2026, respectively, reflecting primarily higher short-term debt levels, compared to the corresponding periods in the prior year.”10-Q · Jul 21, 2026 ↗
Restructuring and cost reductionsmixed · 2 filings
“45 Corporate and Other Corporate expenses increased $18 million, or 28%, to $82 million for the three months ended March 31, 2026, compared to $64 million for the three months ended March 31, 2025, reflecting primarily increased compensation and benefits and…”10-Q · Apr 16, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.2× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
176.86-0.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MRSH. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-16 against the comparable filing from 2025-04-17.
OperationscautiousEvidence score -1
liquiditycautiousEvidence score -1
valuationmixed
What improved
- Revenue increased 7.6% versus the comparable filing period.
What weakened
- Operating margin fell 5.3 percentage points.
- Net income decreased 17.0% versus the comparable filing period.
- Net margin fell 4.5 percentage points.
Filing receipts
“The Company had the following investments subject to variable interest rates: (In millions) March 31, 2026 December 31, 2025 Cash and cash equivalents $ 1,611 $ 2,687 Cash and cash equivalents held in a fiduciary capacity $ 11,744 $ 11,473 Based on the above balances at March 31, 2026, if short-term interest rates increased or decreased by 10%, or 30 basis points, for the year, annual interest income, including interest earned on cash and cash equivalents held in a fiduciary capacity, would increase or decrease by approximately $30 million.”
“Cash from the sale of long-term investments for the three months ended March 31, 2025 is primarily due to the disposal of an investment in a unit trust fund.”
“Although the Company has significant revenue generated in foreign locations which is subject to foreign exchange rate fluctuations, in most cases both the foreign currency revenue and expense are in the functional currency of the foreign location.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind MRSH
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
GSThe Goldman Sachs Group, Inc.competitorFeb 9, 2026 ▾
“Fernandez worked in investment banking at Goldman Sachs and Bank of America.”
AJGArthur J. Gallagher & Co.partnerFeb 9, 2026 ▾
“April – Marsh McLennan Agency ("MMA") acquired Arthur C.”
DHID.R. Horton, Inc.partnerFeb 9, 2026 ▾
“80 • August – MMA acquired The Horton Group, Inc.”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MRSH is currently a Early Follower in the organic co-movement group Defensive Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.