# Marsh (MRSH) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Financial Services / Insurance. Price $185.74, market value $88.6 billion.

## Valuation
- **P/E (trailing): 22.7×** (5-yr avg 24.6×, 3-yr avg 23.6×). Marsh trades at 22.7× trailing earnings, close to its own five-year average of 24.6×. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 16.3×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 5.33**. A PEG of 5.33 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 3.2×**. Each dollar of revenue is priced at 3.2×.
- **Price / book: 5.8×**. The shares trade at 5.8× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 16.5×**. Enterprise value is 16.5× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.4%** (5-yr avg 4.3%). Free cash flow equals 5.4% of the market value, above its five-year average of 4.3%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 4.4%**. The inverse of the P/E: 4.4% of the price is earned each year.

## Profitability
- **Operating margin: 21.6%**. 21.6% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 15.4%**. 15.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 27.2%**. 27.2% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 14.8%**. Return on all capital, debt included, is 14.8%.
- **Return on assets: 6.8%**. Each dollar of assets produces 6.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 10.3%** (3-yr 9.2%/yr, 5-yr 9.4%/yr). Revenue grew 10.3% over the last year, against 9.4% a year compounded over five years.
- **EPS growth (1 yr): 3.1%** (3-yr 11.8%/yr, 5-yr 16.4%/yr). Earnings per share rose 3.1%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 18.6%/yr**. Free cash flow has compounded at 18.6% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: $2.7 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 2.13%** ($3.69 per share, trailing). Marsh yields 2.13%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 41%** (37% of free cash flow). 41% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 20**. 20 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 13.3%/yr** (1-yr 12.5%). The dividend has compounded at 13.3% a year over five years, doubling roughly every 5 years at that pace.

## Analyst view
- **Analyst consensus: hold** (21 analysts). 21 analysts cover Marsh; the consensus is hold, with an average price target of $207.10 (+11% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -8.0%** (YTD 1.7%, 3-mo 12.9%). The shares are down 8.0% over twelve months including dividends.
- **From 52-week high: -10.6%** (18.6% above the low). Trading 11% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 45**. An RSI of 45 is neutral.
- **Beta (1 yr): -0.25** (volatility 26%). Beta of -0.25 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MRSH · Page: https://foliofundamentals.com/stocks/mrsh

Not investment advice.