Marsh & McLennan Companies (MMC) Financials

$233.51 +2.02 (+0.87%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$233.66 +0.16 (+0.07%)

As of 05/30/2025 07:17 PM Eastern

Annual Income Statements for Marsh & McLennan Companies

This table shows Marsh & McLennan Companies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	4,060	3,756	3,050	3,143	2,016	1,742	1,650	1,492	1,768	1,599
Consolidated Net Income / (Loss)	4,117	3,802	3,087	3,174	2,046	1,773	1,670	1,512	1,795	1,636
Net Income / (Loss) Continuing Operations	4,117	3,802	3,087	3,174	2,046	1,773	1,670	1,510	1,795	1,636
Total Pre-Tax Income	5,480	5,026	4,082	4,208	2,793	2,439	2,244	2,643	2,480	2,307
Total Revenue	23,853	22,241	20,287	19,439	16,951	16,157	14,659	13,796	13,027	12,781
Net Interest Income / (Expense)	-617	-500	-454	-442	-508	-485	-279	-228	-184	-150
Total Interest Income	83	78	15	2.00	7.00	39	11	9.00	5.00	13
Investment Securities Interest Income	83	78	15	2.00	7.00	39	11	9.00	5.00	13
Total Interest Expense	700	578	469	444	515	524	290	237	189	163
Long-Term Debt Interest Expense	700	578	469	444	515	524	290	237	189	163
Total Non-Interest Income	24,470	22,741	20,741	19,881	17,459	16,642	14,938	14,024	13,211	12,931
Net Realized & Unrealized Capital Gains on Investments	12	5.00	21	61	235	-10	-12	0.00	-	-
Other Non-Interest Income	24,458	22,736	20,720	19,820	17,224	16,652	14,950	14,024	13,211	-
Total Non-Interest Expense	18,641	17,454	16,440	15,508	14,158	13,975	12,189	11,369	10,547	10,474
Salaries and Employee Benefits	13,996	13,099	12,071	11,425	10,129	9,734	8,605	8,085	7,694	7,334
Other Operating Expenses	4,645	4,355	4,369	4,083	4,029	4,241	3,584	3,284	3,086	3,140
Nonoperating Income / (Expense), net	268	239	235	277	-	257	-226	216	-	-
Income Tax Expense	1,363	1,224	995	1,034	747	666	574	1,133	685	671
Net Income / (Loss) Attributable to Noncontrolling Interest	57	46	37	31	30	31	20	20	27	37
Basic Earnings per Share	$8.26	$7.60	$6.11	$6.20	$3.98	$3.44	$3.26	$2.91	$3.41	$3.01
Weighted Average Basic Shares Outstanding	492M	494M	499M	507M	506M	506M	506M	513M	519M	531M
Diluted Earnings per Share	$8.18	$7.53	$6.04	$6.13	$3.94	$3.41	$3.23	$2.87	$3.38	$2.98
Weighted Average Diluted Shares Outstanding	496M	499M	505M	513M	512M	511M	511M	519M	524M	536M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	506.40M	506.10M	0.00	0.00	0.00
Cash Dividends to Common per Share	$3.05	$2.60	$2.25	-	$1.84	$1.74	$1.58	$1.43	$1.30	$1.18

This table shows Marsh & McLennan Companies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,381	788	747	1,125	1,400	756	730	1,035	1,235	466	546
Consolidated Net Income / (Loss)	1,412	801	752	1,140	1,424	765	738	1,047	1,252	471	552
Net Income / (Loss) Continuing Operations	1,412	801	752	1,140	1,424	765	738	1,047	1,252	471	552
Total Pre-Tax Income	1,827	1,009	1,035	1,565	1,871	1,048	930	1,384	1,664	613	733
Total Revenue	6,840	5,867	5,556	6,078	6,352	5,440	5,254	5,743	5,804	10,447	4,655
Net Interest Income / (Expense)	-226	-209	-142	-144	-122	-113	-129	-136	-122	-118	-114
Total Interest Income	19	22	12	12	37	38	16	10	14	9.00	4.00
Investment Securities Interest Income	19	22	12	12	37	38	16	10	14	9.00	4.00
Total Interest Expense	245	231	154	156	159	151	145	146	136	127	118
Long-Term Debt Interest Expense	245	231	154	156	159	151	145	146	136	127	118
Total Non-Interest Income	7,066	6,076	5,698	6,222	6,474	5,553	5,383	5,879	5,926	10,565	4,769
Net Realized & Unrealized Capital Gains on Investments	5.00	9.00	1.00	1.00	1.00	-1.00	1.00	3.00	2.00	-6.00	-1.00
Other Non-Interest Income	7,061	6,067	5,697	6,221	6,473	5,554	5,382	5,876	5,924	-	4,770
Total Non-Interest Expense	5,056	4,925	4,589	4,579	4,548	4,451	4,386	4,419	4,198	9,953	3,979
Salaries and Employee Benefits	3,850	3,630	3,442	3,454	3,470	3,268	3,287	3,337	3,207	3,038	2,923
Other Operating Expenses	1,206	1,295	1,147	1,125	1,078	1,183	1,099	1,082	991	1,304	1,056
Nonoperating Income / (Expense), net	43	67	68	66	67	59	62	60	58	-	57
Income Tax Expense	415	208	283	425	447	283	192	337	412	142	181
Net Income / (Loss) Attributable to Noncontrolling Interest	31	13	5.00	15	24	9.00	8.00	12	17	5.00	6.00
Basic Earnings per Share	$2.81	$1.62	$1.52	$2.28	$2.84	$1.53	$1.48	$2.09	$2.50	$0.95	$1.10
Weighted Average Basic Shares Outstanding	492M	492M	492M	492M	492M	494M	494M	495M	495M	499M	498M
Diluted Earnings per Share	$2.79	$1.58	$1.51	$2.27	$2.82	$1.52	$1.47	$2.07	$2.47	$0.95	$1.08
Weighted Average Diluted Shares Outstanding	495M	496M	496M	496M	497M	499M	499M	499M	500M	505M	503M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$1.63	-	-	-	-	-	-	-	-	-	-

This table details how cash moves in and out of Marsh & McLennan Companies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-478	2,050	728	700	2,175	2,432	29	179	-348	-584
Net Cash From Operating Activities	4,302	4,258	3,465	3,516	3,382	2,361	2,428	1,893	2,007	1,888
Net Cash From Continuing Operating Activities	4,302	4,258	3,465	3,516	3,382	2,361	2,428	1,893	2,007	1,888
Net Income / (Loss) Continuing Operations	4,117	3,802	3,087	3,174	2,046	1,773	1,670	1,512	1,795	1,636
Consolidated Net Income / (Loss)	4,117	3,802	3,087	3,174	2,046	1,773	1,670	1,512	1,795	1,636
Depreciation Expense	369	370	381	382	390	333	311	312	308	314
Amortization Expense	377	343	338	365	351	314	183	169	130	109
Non-Cash Adjustments to Reconcile Net Income	162	316	-37	-380	313	268	332	-236	-36	65
Changes in Operating Assets and Liabilities, net	-723	-573	-304	-25	282	-327	-68	136	-190	-236
Net Cash From Investing Activities	-8,821	-1,417	-850	-1,164	-793	-4,395	-1,089	-956	-1,056	-1,265
Net Cash From Continuing Investing Activities	-8,821	-1,417	-850	-1,164	-793	-4,395	-1,089	-956	-1,056	-1,265
Purchase of Property, Leasehold Improvements and Equipment	-316	-416	-470	-406	-348	-421	-314	-302	-253	-325
Purchase of Investment Securities	-8,649	-1,022	-594	-28	-673	-4,203	-	-668	-811	-1,017
Divestitures	89	-17	119	84	98	229	110	0.00	0.00	71
Sale and/or Maturity of Investments	55	38	95	45	130	-	4.00	6.00	4.00	4.00
Net Cash From Financing Activities	4,455	-1,119	-1,046	-1,297	-925	4,331	-1,310	-1,009	-1,067	-906
Net Cash From Continuing Financing Activities	4,455	-1,119	-1,046	-1,297	-925	4,331	-1,310	-1,009	-1,067	-906
Issuance of Debt	8,170	2,315	2,668	743	1,737	6,759	591	987	397	1,091
Issuance of Common Equity	264	199	126	161	132	158	93	166	188	224
Repayment of Debt	-1,617	-412	-365	-1,016	-2,515	-1,649	-263	-315	-12	-61
Repurchase of Common Equity	-900	-1,150	-1,950	-1,159	0.00	-485	-675	-900	-800	-1,400
Payment of Dividends	-1,553	-1,329	-1,165	-1,062	-977	-906	-807	-740	-682	-632
Other Financing Activities, Net	91	-742	-360	1,036	698	454	-249	-207	-158	-128
Effect of Exchange Rate Changes	-414	328	-841	-355	511	135	-	251	-232	-301

This table details how cash moves in and out of Marsh & McLennan Companies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-491	-47	571	240	-1,242	-577	1,994	895	-262	692	-29
Net Cash From Operating Activities	-622	1,956	1,912	1,215	-781	1,783	1,810	1,484	-819	1,502	1,383
Net Cash From Continuing Operating Activities	-622	1,956	1,912	1,215	-781	1,783	1,810	1,484	-819	1,502	1,383
Net Income / (Loss) Continuing Operations	1,412	801	752	1,140	1,424	765	738	1,047	1,252	471	552
Consolidated Net Income / (Loss)	1,412	801	752	1,140	1,424	765	738	1,047	1,252	471	552
Depreciation Expense	88	93	90	87	99	100	95	91	84	122	85
Amortization Expense	139	108	90	89	90	86	85	87	85	80	84
Non-Cash Adjustments to Reconcile Net Income	9.00	251	-135	-8.00	54	318	-163	37	124	-137	71
Changes in Operating Assets and Liabilities, net	-2,270	703	1,115	-93	-2,448	514	1,055	222	-2,364	966	591
Net Cash From Investing Activities	26	-7,645	-393	-415	-368	-474	-442	-133	-368	-487	-105
Net Cash From Continuing Investing Activities	26	-7,645	-393	-415	-368	-474	-442	-133	-368	-487	-105
Purchase of Property, Leasehold Improvements and Equipment	-55	-76	-73	-80	-87	-120	-111	-101	-84	-103	-128
Purchase of Investment Securities	-28	-7,589	-1,047	-3.00	-10	-359	-640	-22	-1.00	-589	3.00
Divestitures	25	-17	79	1.00	26	1.00	-1.00	3.00	-20	-19	3.00
Sale and/or Maturity of Investments	84	37	4.00	10	4.00	4.00	18	16	0.00	11	79
Net Cash From Financing Activities	-138	6,275	-1,436	-519	135	-2,334	988	-546	773	-1,074	-470
Net Cash From Continuing Financing Activities	-138	6,275	-1,436	-519	135	-2,334	988	-546	773	-1,074	-470
Issuance of Debt	1,134	6,266	167	698	1,039	-1,224	2,442	-336	1,433	2,068	-344
Issuance of Common Equity	128	43	54	54	113	34	45	78	42	37	24
Repayment of Debt	-505	-4.00	-4.00	-605	-1,004	-254	-150	-4.00	-4.00	-351	-6.00
Repurchase of Common Equity	-300	-	-300	-300	-300	-250	-300	-300	-300	-350	-500
Payment of Dividends	-426	-414	-412	-369	-358	-367	-361	-302	-299	-305	-298
Other Financing Activities, Net	-169	384	-941	3.00	645	-273	-688	318	-99	-2,173	654
Effect of Exchange Rate Changes	243	-633	488	-41	-228	448	-362	90	152	751	-837

This table presents Marsh & McLennan Companies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	56,481	48,030	44,114	34,388	33,049	31,357	21,578	20,429	18,190	18,216
Cash and Due from Banks	2,398	3,358	12,102	1,752	2,089	1,155	1,066	1,205	1,026	1,374
Restricted Cash	11,276	10,794	-	-	-	-	-	-	-	-
Loans and Leases, Net of Allowance	-167	-151	-160	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Allowance for Loan and Lease Losses	167	151	160	-	-	-	-	-	-	-
Accrued Investment Income	6,533	5,806	5,293	5,093	4,679	4,608	3,984	3,777	3,370	3,198
Premises and Equipment, Net	859	882	871	847	856	858	701	712	725	773
Unearned Premiums Asset	84	103	103	136	112	123	79	65	83	51
Goodwill	23,306	17,231	16,251	16,317	15,517	14,671	9,599	9,089	-	-
Intangible Assets	4,820	2,630	2,537	2,810	2,699	2,774	1,437	1,274	9,495	8,925
Other Assets	7,372	7,377	7,117	7,433	7,097	7,168	4,712	4,307	3,491	3,895
Total Liabilities & Shareholders' Equity	56,481	48,030	44,114	34,388	33,049	31,357	21,578	20,429	18,190	18,216
Total Liabilities	42,946	35,660	33,365	23,166	23,789	23,414	13,994	12,987	11,918	11,614
Short-Term Debt	519	1,619	268	17	517	1,215	755	262	312	12
Accrued Interest Payable	376	321	221	198	247	179	157	199	146	154
Other Short-Term Payables	18,623	17,855	17,343	6,439	5,792	5,285	4,012	3,801	3,624	3,542
Long-Term Debt	19,428	11,844	11,227	10,933	10,796	10,741	5,510	5,225	4,495	4,402
Other Long-Term Liabilities	4,000	4,021	4,306	5,579	6,437	5,994	3,560	3,500	3,341	3,504
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13,535	12,370	10,749	11,222	9,260	7,943	7,584	7,442	6,272	6,602
Total Preferred & Common Equity	13,342	12,191	10,520	11,009	9,104	7,793	7,511	7,359	6,192	6,513
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	13,342	12,191	10,520	11,009	9,104	7,793	7,511	7,359	6,192	6,513
Common Stock	1,931	1,803	1,740	1,673	1,504	1,423	1,378	1,345	1,403	1,422
Retained Earnings	25,306	22,759	20,301	18,389	16,272	15,199	14,347	13,140	12,388	11,302
Treasury Stock	-7,655	-7,076	-6,207	-4,478	-3,562	-3,774	-3,567	-3,083	-2,506	-1,991
Accumulated Other Comprehensive Income / (Loss)	-6,240	-5,295	-5,314	-4,575	-5,110	-5,055	-4,647	-4,043	-5,093	-4,220
Noncontrolling Interest	193	179	229	213	156	150	73	83	80	89

This table presents Marsh & McLennan Companies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	57,015	56,481	49,864	48,591	47,572	48,030	48,000	46,566	34,358	44,114	32,023
Cash and Due from Banks	1,604	2,398	1,798	1,653	12,910	3,358	14,729	12,735	1,006	12,102	802
Restricted Cash	11,579	11,276	11,923	11,497	-	10,794	-	-	-	-	-
Loans and Leases, Net of Allowance	0.00	-167	0.00	0.00	0.00	-151	0.00	0.00	0.00	-160	0.00
Accrued Investment Income	7,215	6,533	6,783	7,031	6,509	5,806	5,909	6,406	5,966	5,293	5,312
Premises and Equipment, Net	840	859	884	879	877	882	859	870	867	871	865
Unearned Premiums Asset	101	84	102	119	107	103	102	97	98	103	144
Goodwill	23,538	23,306	18,235	17,516	17,314	17,231	16,655	16,621	16,300	16,251	15,576
Intangible Assets	4,736	4,820	2,720	2,638	2,631	2,630	2,498	2,508	2,452	2,537	2,403
Other Assets	7,402	7,372	7,419	7,258	7,224	7,377	7,248	7,329	7,669	7,117	6,921
Total Liabilities & Shareholders' Equity	57,015	56,481	49,864	48,591	47,572	48,030	48,000	46,566	34,358	44,114	32,023
Total Liabilities	42,747	42,946	35,982	35,026	34,950	35,660	36,414	34,427	23,162	33,365	22,232
Short-Term Debt	2,067	519	919	1,267	1,518	1,619	2,219	2,375	2,403	268	1,263
Accrued Interest Payable	554	376	565	505	456	321	480	407	356	221	432
Other Short-Term Payables	17,154	18,623	18,120	17,092	16,686	17,855	17,906	17,031	5,155	17,343	5,597
Long-Term Debt	18,862	19,428	12,330	12,278	12,300	11,844	11,781	10,247	10,841	11,227	10,399
Other Long-Term Liabilities	4,110	4,000	4,048	3,884	3,990	4,021	4,028	4,367	4,407	4,306	4,541
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,268	13,535	13,882	13,565	12,622	12,370	11,586	12,139	11,196	10,749	9,791
Total Preferred & Common Equity	14,065	13,342	13,688	13,367	12,422	12,191	11,406	11,961	10,953	10,520	9,565
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	14,065	13,342	13,688	13,367	12,422	12,191	11,406	11,961	10,953	10,520	9,565
Common Stock	1,814	1,931	1,850	1,758	1,673	1,803	1,711	1,635	1,625	1,740	1,672
Retained Earnings	25,881	25,306	24,520	24,578	23,456	22,759	22,007	21,980	20,949	20,301	19,837
Treasury Stock	-7,734	-7,655	-7,692	-7,442	-7,198	-7,076	-6,852	-6,599	-6,387	-6,207	-5,896
Accumulated Other Comprehensive Income / (Loss)	-5,896	-6,240	-4,990	-5,527	-5,509	-5,295	-5,460	-5,055	-5,234	-5,314	-6,048
Noncontrolling Interest	203	193	194	198	200	179	180	178	243	229	226

This table displays calculated financial ratios and metrics derived from Marsh & McLennan Companies' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.25%	9.63%	4.36%	14.68%	4.91%	10.22%	6.26%	5.90%	1.92%	0.58%
EBITDA Growth	8.33%	20.46%	-2.39%	32.37%	24.92%	-4.55%	1.93%	-0.34%	6.89%	11.66%
EBIT Growth	8.88%	24.43%	-2.14%	40.74%	28.00%	-11.66%	1.77%	-2.14%	7.50%	12.15%
NOPAT Growth	8.13%	24.47%	-1.88%	44.92%	28.99%	-13.71%	32.57%	-22.75%	9.72%	11.22%
Net Income Growth	8.29%	23.16%	-2.74%	55.13%	15.40%	6.17%	10.45%	-15.77%	9.72%	9.29%
EPS Growth	8.63%	24.67%	-1.47%	55.58%	15.54%	5.57%	12.54%	-15.09%	13.42%	12.45%
Operating Cash Flow Growth	1.03%	22.89%	-1.45%	3.96%	43.24%	-2.76%	28.26%	-5.68%	6.30%	-10.90%
Free Cash Flow Firm Growth	-11,692.60%	-98.87%	107.70%	-0.43%	130.74%	-586.15%	298.14%	-126.76%	53.00%	-40.07%
Invested Capital Growth	29.61%	16.13%	0.32%	7.77%	3.39%	43.69%	7.12%	16.70%	0.57%	4.79%
Revenue Q/Q Growth	1.82%	-18.38%	36.28%	2.50%	2.81%	3.02%	0.06%	2.28%	0.18%	1.73%
EBITDA Q/Q Growth	-0.53%	9.54%	-7.63%	3.36%	9.85%	-2.18%	4.07%	-4.72%	1.14%	7.69%
EBIT Q/Q Growth	-0.89%	11.53%	-9.44%	4.46%	11.59%	-4.67%	5.02%	-6.22%	1.47%	8.62%
NOPAT Q/Q Growth	0.69%	3.23%	-15.01%	7.98%	10.31%	-3.82%	19.44%	-27.89%	3.52%	7.28%
Net Income Q/Q Growth	0.88%	8.38%	-9.82%	15.59%	-0.82%	15.43%	8.37%	-21.37%	3.46%	5.28%
EPS Q/Q Growth	0.74%	8.19%	-9.31%	16.10%	-1.25%	15.59%	8.39%	-21.37%	3.68%	6.43%
Operating Cash Flow Q/Q Growth	4.19%	7.07%	1.76%	1.71%	10.20%	-1.63%	17.01%	-6.84%	-0.20%	-4.02%
Free Cash Flow Firm Q/Q Growth	-259.29%	105.15%	-1.31%	-61.82%	91.95%	11.59%	103.14%	-158.00%	67.18%	-56.83%
Invested Capital Q/Q Growth	23.41%	0.97%	3.69%	6.06%	-5.35%	-3.39%	-0.36%	0.91%	-5.21%	0.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	24.98%	24.73%	22.51%	24.07%	20.85%	17.51%	20.22%	21.08%	22.40%	21.36%
EBIT Margin	21.85%	21.52%	18.96%	20.22%	16.48%	13.51%	16.85%	17.59%	19.04%	18.05%
Profit (Net Income) Margin	17.26%	17.09%	15.22%	16.33%	12.07%	10.97%	11.39%	10.96%	13.78%	12.80%
Tax Burden Percent	75.13%	75.65%	75.62%	75.43%	73.25%	72.69%	74.42%	57.21%	72.38%	70.91%
Interest Burden Percent	105.14%	104.99%	106.11%	107.05%	100.00%	111.78%	90.85%	108.90%	100.00%	100.00%
Effective Tax Rate	24.87%	24.35%	24.38%	24.57%	26.75%	27.31%	25.58%	42.87%	27.62%	29.09%
Return on Invested Capital (ROIC)	13.20%	15.06%	13.10%	13.87%	10.11%	9.40%	13.73%	11.55%	16.25%	15.20%
ROIC Less NNEP Spread (ROIC-NNEP)	14.41%	16.51%	14.68%	15.75%	10.11%	11.45%	10.87%	13.99%	16.25%	15.20%
Return on Net Nonoperating Assets (RNNOA)	18.58%	17.83%	15.00%	17.12%	13.68%	13.44%	8.50%	10.50%	11.64%	8.62%
Return on Equity (ROE)	31.79%	32.89%	28.10%	30.99%	23.79%	22.84%	22.23%	22.05%	27.89%	23.82%
Cash Return on Invested Capital (CROIC)	-12.59%	0.13%	12.78%	6.39%	6.78%	-26.45%	6.86%	-3.86%	15.68%	10.52%
Operating Return on Assets (OROA)	9.97%	10.39%	9.80%	11.66%	8.67%	8.24%	11.76%	12.57%	13.62%	12.81%
Return on Assets (ROA)	7.88%	8.25%	7.86%	9.41%	6.35%	6.70%	7.95%	7.83%	9.86%	9.09%
Return on Common Equity (ROCE)	31.33%	32.31%	27.54%	30.43%	23.36%	22.51%	22.00%	21.79%	27.52%	23.53%
Return on Equity Simple (ROE_SIMPLE)	30.86%	31.19%	29.34%	28.83%	22.47%	22.75%	22.23%	20.55%	28.99%	25.12%
Net Operating Profit after Tax (NOPAT)	3,916	3,621	2,909	2,965	2,046	1,586	1,838	1,387	1,795	1,636
NOPAT Margin	16.42%	16.28%	14.34%	15.25%	12.07%	9.82%	12.54%	10.05%	13.78%	12.80%
Net Nonoperating Expense Percent (NNEP)	-1.21%	-1.45%	-1.58%	-1.88%	0.00%	-2.05%	2.86%	-2.44%	0.00%	0.00%
SG&A Expenses to Revenue	58.68%	58.90%	59.50%	58.77%	59.75%	60.25%	58.70%	58.60%	59.06%	57.38%
Operating Expenses to Revenue	78.15%	78.48%	81.04%	79.78%	83.52%	86.50%	83.15%	82.41%	80.96%	81.95%
Earnings before Interest and Taxes (EBIT)	5,212	4,787	3,847	3,931	2,793	2,182	2,470	2,427	2,480	2,307
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,958	5,500	4,566	4,678	3,534	2,829	2,964	2,908	2,918	2,730
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.79	7.52	7.55	7.67	6.17	6.72	4.89	5.06	4.95	3.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.36	4.12	3.92	4.34	3.32	3.24	2.50	2.70	2.35	1.95
Price to Earnings (P/E)	25.60	24.42	26.05	26.85	27.88	30.04	22.24	24.96	17.34	15.57
Dividend Yield	1.78%	1.40%	1.40%	1.20%	1.66%	1.68%	2.17%	1.96%	2.19%	2.47%
Earnings Yield	3.91%	4.09%	3.84%	3.72%	3.59%	3.33%	4.50%	4.01%	5.77%	6.42%
Enterprise Value to Invested Capital (EV/IC)	3.30	3.53	3.55	4.23	3.19	3.18	3.03	3.22	3.12	2.54
Enterprise Value to Revenue (EV/Rev)	4.63	4.10	3.90	4.83	3.87	3.92	2.86	3.02	2.65	2.19
Enterprise Value to EBITDA (EV/EBITDA)	18.53	16.59	17.32	20.05	18.56	22.37	14.16	14.31	11.83	10.27
Enterprise Value to EBIT (EV/EBIT)	21.18	19.06	20.55	23.86	23.48	29.00	16.99	17.14	13.92	12.15
Enterprise Value to NOPAT (EV/NOPAT)	28.19	25.19	27.18	31.63	32.05	39.90	22.83	30.00	19.23	17.14
Enterprise Value to Operating Cash Flow (EV/OCF)	25.66	21.42	22.82	26.68	19.39	26.81	17.29	21.98	17.20	14.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2,832.66	27.87	68.66	47.80	0.00	45.71	0.00	19.93	24.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.47	1.09	1.07	0.98	1.22	1.51	0.83	0.74	0.77	0.67
Long-Term Debt to Equity	1.44	0.96	1.04	0.97	1.17	1.35	0.73	0.70	0.72	0.67
Financial Leverage	1.29	1.08	1.02	1.09	1.35	1.17	0.78	0.75	0.72	0.57
Leverage Ratio	4.03	3.99	3.57	3.29	3.74	3.41	2.80	2.82	2.83	2.62
Compound Leverage Factor	4.24	4.18	3.79	3.52	3.74	3.81	2.54	3.07	2.83	2.62
Debt to Total Capital	59.58%	52.12%	51.68%	49.39%	54.99%	60.08%	45.24%	42.44%	43.39%	40.07%
Short-Term Debt to Total Capital	1.55%	6.27%	1.20%	0.08%	2.51%	6.11%	5.45%	2.03%	2.82%	0.11%
Long-Term Debt to Total Capital	58.03%	45.85%	50.47%	49.31%	52.48%	53.98%	39.79%	40.41%	40.57%	39.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.58%	0.69%	1.03%	0.96%	0.76%	0.75%	0.53%	0.64%	0.72%	0.81%
Common Equity to Total Capital	39.85%	47.19%	47.29%	49.65%	44.25%	39.16%	54.24%	56.92%	55.89%	59.12%
Debt to EBITDA	3.35	2.45	2.52	2.34	3.20	4.23	2.11	1.89	1.65	1.62
Net Debt to EBITDA	1.05	-0.13	-0.13	1.97	2.61	3.82	1.75	1.47	1.30	1.11
Long-Term Debt to EBITDA	3.26	2.15	2.46	2.34	3.05	3.80	1.86	1.80	1.54	1.61
Debt to NOPAT	5.09	3.72	3.95	3.69	5.53	7.54	3.41	3.96	2.68	2.70
Net Debt to NOPAT	1.60	-0.19	-0.21	3.10	4.51	6.81	2.83	3.09	2.11	1.86
Long-Term Debt to NOPAT	4.96	3.27	3.86	3.69	5.28	6.77	3.00	3.77	2.50	2.69
Noncontrolling Interest Sharing Ratio	1.44%	1.76%	2.01%	1.80%	1.78%	1.44%	1.04%	1.19%	1.31%	1.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,733	32	2,837	1,366	1,372	-4,464	918	-463	1,732	1,132
Operating Cash Flow to CapEx	1,361.39%	1,023.56%	737.23%	866.01%	971.84%	560.81%	780.71%	643.88%	806.02%	584.52%
Free Cash Flow to Firm to Interest Expense	-5.33	0.06	6.05	3.08	2.66	-8.52	3.17	-1.96	9.16	6.94
Operating Cash Flow to Interest Expense	6.15	7.37	7.39	7.92	6.57	4.51	8.37	7.99	10.62	11.58
Operating Cash Flow Less CapEx to Interest Expense	5.69	6.65	6.39	7.00	5.89	3.70	7.30	6.75	9.30	9.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.48	0.52	0.58	0.53	0.61	0.70	0.71	0.72	0.71
Fixed Asset Turnover	27.40	25.37	23.62	22.83	19.78	20.73	20.75	19.20	17.39	16.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,482	25,833	22,244	22,172	20,573	19,899	13,849	12,929	11,079	11,016
Invested Capital Turnover	0.80	0.93	0.91	0.91	0.84	0.96	1.09	1.15	1.18	1.19
Increase / (Decrease) in Invested Capital	7,649	3,589	72	1,599	674	6,050	920	1,850	63	504
Enterprise Value (EV)	110,397	91,225	79,073	93,798	65,584	63,287	41,972	41,602	34,514	28,033
Market Capitalization	103,931	91,735	79,451	84,387	56,204	52,336	36,700	37,237	30,653	24,904
Book Value per Share	$27.17	$24.72	$21.21	$21.80	$17.95	$15.44	$14.91	$14.42	$12.01	$12.49
Tangible Book Value per Share	($30.10)	($15.56)	($16.67)	($16.08)	($17.97)	($19.13)	($7.00)	($5.89)	($6.41)	($4.62)
Total Capital	33,482	25,833	22,244	22,172	20,573	19,899	13,849	12,929	11,079	11,016
Total Debt	19,947	13,463	11,495	10,950	11,313	11,956	6,265	5,487	4,807	4,414
Total Long-Term Debt	19,428	11,844	11,227	10,933	10,796	10,741	5,510	5,225	4,495	4,402
Net Debt	6,273	-689	-607	9,198	9,224	10,801	5,199	4,282	3,781	3,040
Capital Expenditures (CapEx)	316	416	470	406	348	421	311	294	249	323
Net Nonoperating Expense (NNE)	-201	-181	-178	-209	0.00	-187	168	-125	0.00	0.00
Net Nonoperating Obligations (NNO)	19,947	13,463	11,495	10,950	11,313	11,956	6,265	5,487	4,807	4,414
Total Depreciation and Amortization (D&A)	746	713	719	747	741	647	494	481	438	423
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.26	$7.60	$6.11	$6.20	$3.98	$3.44	$3.26	$2.91	$3.41	$3.01
Adjusted Weighted Average Basic Shares Outstanding	492M	494M	499M	507M	506M	506M	506M	513M	519M	531M
Adjusted Diluted Earnings per Share	$8.18	$7.53	$6.04	$6.13	$3.94	$3.41	$3.23	$2.87	$3.38	$2.98
Adjusted Weighted Average Diluted Shares Outstanding	496M	499M	505M	513M	512M	511M	511M	519M	524M	536M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.44	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	502.77M	508.19M	503.90M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	3,916	3,621	2,909	2,965	2,046	1,586	1,838	1,387	1,626	1,636
Normalized NOPAT Margin	16.42%	16.28%	14.34%	15.25%	12.07%	9.82%	12.54%	10.05%	12.48%	12.80%
Pre Tax Income Margin	22.97%	22.60%	20.12%	21.65%	16.48%	15.10%	15.31%	19.16%	19.04%	18.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.45	8.28	8.20	8.85	5.42	4.16	8.52	10.24	13.12	14.15
NOPAT to Interest Expense	5.59	6.27	6.20	6.68	3.97	3.03	6.34	5.85	9.50	10.04
EBIT Less CapEx to Interest Expense	6.99	7.56	7.20	7.94	4.75	3.36	7.44	9.00	11.80	12.17
NOPAT Less CapEx to Interest Expense	5.14	5.55	5.20	5.76	3.30	2.22	5.27	4.61	8.18	8.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.72%	34.96%	37.74%	33.46%	47.75%	51.10%	48.32%	48.94%	37.99%	38.63%
Augmented Payout Ratio	59.58%	65.20%	100.91%	69.97%	47.75%	78.45%	88.74%	108.47%	82.56%	124.21%

This table displays calculated financial ratios and metrics derived from Marsh & McLennan Companies' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.68%	7.85%	5.75%	5.83%	9.44%	-47.93%	12.87%	9.02%	7,092.77%	107.04%	3.67%
EBITDA Growth	0.90%	-2.72%	9.45%	11.52%	12.28%	68.82%	24.02%	5.70%	10.66%	-35.14%	2.30%
EBIT Growth	-1.11%	-4.75%	11.41%	13.22%	12.33%	100.20%	28.40%	5.67%	12.78%	-44.80%	4.48%
NOPAT Growth	0.42%	3.58%	2.00%	9.02%	13.63%	53.28%	35.30%	7.24%	11.27%	-37.33%	3.94%
Net Income Growth	-0.84%	4.71%	1.90%	8.88%	13.74%	62.42%	33.70%	7.06%	15.29%	-41.64%	1.85%
EPS Growth	-1.06%	3.95%	2.72%	9.66%	14.17%	60.00%	36.11%	8.38%	17.62%	-39.49%	2.86%
Operating Cash Flow Growth	20.36%	9.70%	5.64%	-18.13%	4.64%	18.71%	30.87%	15.76%	-16.67%	4.16%	4.46%
Free Cash Flow Firm Growth	-1,076.76%	-140.71%	75.54%	-20.36%	-951.31%	-818.56%	-8,748.31%	-40.38%	94.01%	147.08%	-102.94%
Invested Capital Growth	33.12%	29.61%	6.04%	9.49%	8.18%	16.13%	19.27%	9.01%	5.47%	0.32%	2.62%
Revenue Q/Q Growth	16.58%	5.60%	-8.59%	-4.31%	16.76%	3.54%	-8.51%	-1.05%	-44.44%	124.43%	-11.64%
EBITDA Q/Q Growth	75.94%	-0.35%	-31.52%	-15.96%	69.62%	12.12%	-30.23%	-15.38%	155.03%	-17.63%	-40.53%
EBIT Q/Q Growth	89.38%	-2.59%	-35.49%	-16.91%	82.41%	13.94%	-34.44%	-17.56%	225.10%	-26.92%	-46.05%
NOPAT Q/Q Growth	84.37%	6.44%	-35.66%	-20.47%	90.19%	4.81%	-31.23%	-17.11%	156.55%	-7.48%	-45.50%
Net Income Q/Q Growth	76.28%	6.52%	-34.04%	-19.94%	86.14%	3.66%	-29.51%	-16.37%	165.82%	-14.67%	-43.56%
EPS Q/Q Growth	76.58%	4.64%	-33.48%	-19.50%	85.53%	3.40%	-28.99%	-16.19%	160.00%	-12.04%	-43.46%
Operating Cash Flow Q/Q Growth	-131.80%	2.30%	57.37%	255.57%	-143.80%	-1.49%	21.97%	281.20%	-154.53%	8.60%	7.88%
Free Cash Flow Firm Q/Q Growth	-6.91%	-719.22%	32.99%	-100.49%	78.13%	16.76%	-229.78%	-1,651.17%	-114.95%	1,125.05%	94.77%
Invested Capital Q/Q Growth	5.12%	23.41%	0.08%	2.53%	2.35%	0.97%	3.33%	1.31%	9.87%	3.69%	-5.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	29.40%	19.48%	20.64%	27.56%	31.38%	21.60%	19.95%	26.15%	30.58%	6.66%	18.15%
EBIT Margin	26.08%	16.06%	17.40%	24.66%	28.40%	18.18%	16.52%	23.05%	27.67%	4.73%	14.52%
Profit (Net Income) Margin	20.64%	13.65%	13.53%	18.76%	22.42%	14.06%	14.05%	18.23%	21.57%	4.51%	11.86%
Tax Burden Percent	77.29%	79.39%	72.66%	72.84%	76.11%	73.00%	79.35%	75.65%	75.24%	76.84%	75.31%
Interest Burden Percent	102.41%	107.11%	107.03%	104.40%	103.71%	105.97%	107.14%	104.53%	103.61%	124.09%	108.43%
Effective Tax Rate	22.71%	20.61%	27.34%	27.16%	23.89%	27.00%	20.65%	24.35%	24.76%	23.16%	24.69%
Return on Invested Capital (ROIC)	15.92%	10.25%	11.24%	16.02%	19.36%	12.28%	15.19%	19.58%	22.89%	4.12%	7.69%
ROIC Less NNEP Spread (ROIC-NNEP)	16.11%	10.57%	11.60%	16.39%	19.74%	12.62%	15.57%	19.95%	23.24%	4.12%	8.07%
Return on Net Nonoperating Assets (RNNOA)	20.82%	13.63%	12.41%	16.68%	22.43%	13.63%	18.69%	21.13%	26.26%	4.21%	9.29%
Return on Equity (ROE)	36.74%	23.88%	23.65%	32.70%	41.79%	25.91%	33.88%	40.71%	49.15%	8.33%	16.98%
Cash Return on Invested Capital (CROIC)	-15.69%	-12.59%	8.89%	5.89%	7.02%	0.13%	-2.66%	5.38%	8.34%	12.78%	13.57%
Operating Return on Assets (OROA)	12.14%	7.33%	8.33%	11.99%	15.80%	8.78%	11.25%	15.36%	21.29%	2.44%	6.65%
Return on Assets (ROA)	9.61%	6.23%	6.48%	9.12%	12.47%	6.79%	9.57%	12.15%	16.59%	2.33%	5.43%
Return on Common Equity (ROCE)	36.19%	23.54%	23.30%	32.22%	41.01%	25.45%	33.24%	40.00%	48.13%	8.16%	16.65%
Return on Equity Simple (ROE_SIMPLE)	29.19%	0.00%	29.81%	30.43%	31.99%	0.00%	30.76%	27.77%	29.70%	0.00%	35.79%
Net Operating Profit after Tax (NOPAT)	1,379	748	703	1,092	1,373	722	689	1,002	1,208	471	509
NOPAT Margin	20.16%	12.75%	12.65%	17.97%	21.62%	13.27%	13.11%	17.44%	20.82%	4.51%	10.94%
Net Nonoperating Expense Percent (NNEP)	-0.19%	-0.32%	-0.36%	-0.37%	-0.38%	-0.35%	-0.38%	-0.37%	-0.35%	0.00%	-0.38%
SG&A Expenses to Revenue	56.29%	61.87%	61.95%	56.83%	54.63%	60.07%	62.56%	58.11%	55.26%	29.08%	62.79%
Operating Expenses to Revenue	73.92%	83.94%	82.60%	75.34%	71.60%	81.82%	83.48%	76.95%	72.33%	95.27%	85.48%
Earnings before Interest and Taxes (EBIT)	1,784	942	967	1,499	1,804	989	868	1,324	1,606	494	676
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,011	1,143	1,147	1,675	1,993	1,175	1,048	1,502	1,775	696	845
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.49	7.79	7.99	7.74	8.12	7.52	8.09	7.64	7.36	7.55	7.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.91	4.36	4.67	4.47	4.42	4.12	3.39	3.43	3.08	3.92	4.86
Price to Earnings (P/E)	29.56	25.60	27.14	25.79	25.72	24.42	26.63	27.84	25.08	26.05	21.37
Dividend Yield	1.59%	1.78%	1.64%	1.35%	1.33%	1.40%	1.33%	1.28%	1.41%	1.40%	1.51%
Earnings Yield	3.38%	3.91%	3.69%	3.88%	3.89%	4.09%	3.76%	3.59%	3.99%	3.84%	4.68%
Enterprise Value to Invested Capital (EV/IC)	3.62	3.30	4.02	3.84	3.86	3.53	3.59	3.69	3.81	3.55	3.89
Enterprise Value to Revenue (EV/Rev)	5.23	4.63	4.65	4.50	4.47	4.10	3.37	3.43	3.56	3.90	5.61
Enterprise Value to EBITDA (EV/EBITDA)	21.32	18.53	18.20	17.66	17.83	16.59	18.27	18.98	19.65	17.32	16.89
Enterprise Value to EBIT (EV/EBIT)	24.54	21.18	20.73	20.16	20.45	19.06	21.38	22.30	23.10	20.55	19.65
Enterprise Value to NOPAT (EV/NOPAT)	32.49	28.19	28.04	26.84	26.93	25.19	26.16	27.52	28.61	27.18	24.38
Enterprise Value to Operating Cash Flow (EV/OCF)	28.56	25.66	26.40	25.83	23.73	21.42	23.07	25.76	27.80	22.82	24.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	46.52	68.12	57.09	2,832.66	0.00	71.65	46.89	27.87	29.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.47	1.47	0.95	1.00	1.09	1.09	1.21	1.04	1.18	1.07	1.19
Long-Term Debt to Equity	1.32	1.44	0.89	0.91	0.97	0.96	1.02	0.84	0.97	1.04	1.06
Financial Leverage	1.29	1.29	1.07	1.02	1.14	1.08	1.20	1.06	1.13	1.02	1.15
Leverage Ratio	3.89	4.03	3.84	3.70	3.44	3.99	3.74	3.47	3.04	3.57	3.30
Compound Leverage Factor	3.98	4.32	4.11	3.87	3.57	4.22	4.01	3.63	3.15	4.43	3.58
Debt to Total Capital	59.46%	59.58%	48.83%	49.96%	52.26%	52.12%	54.72%	50.98%	54.19%	51.68%	54.36%
Short-Term Debt to Total Capital	5.87%	1.55%	3.39%	4.67%	5.74%	6.27%	8.67%	9.59%	9.83%	1.20%	5.89%
Long-Term Debt to Total Capital	53.59%	58.03%	45.45%	45.29%	46.52%	45.85%	46.04%	41.38%	44.36%	50.47%	48.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.58%	0.58%	0.72%	0.73%	0.76%	0.69%	0.70%	0.72%	0.99%	1.03%	1.05%
Common Equity to Total Capital	39.96%	39.85%	50.45%	49.31%	46.98%	47.19%	44.58%	48.31%	44.82%	47.29%	44.59%
Debt to EBITDA	3.50	3.35	2.21	2.30	2.42	2.45	2.79	2.62	2.80	2.52	2.36
Net Debt to EBITDA	1.30	1.05	-0.08	0.07	0.16	-0.13	-0.15	-0.02	2.58	-0.13	2.20
Long-Term Debt to EBITDA	3.16	3.26	2.06	2.08	2.15	2.15	2.35	2.13	2.29	2.46	2.10
Debt to NOPAT	5.34	5.09	3.41	3.49	3.65	3.72	3.99	3.80	4.07	3.95	3.41
Net Debt to NOPAT	1.98	1.60	-0.12	0.10	0.24	-0.19	-0.21	-0.03	3.76	-0.21	3.17
Long-Term Debt to NOPAT	4.81	4.96	3.17	3.17	3.25	3.27	3.36	3.08	3.33	3.86	3.04
Noncontrolling Interest Sharing Ratio	1.50%	1.44%	1.47%	1.46%	1.86%	1.76%	1.90%	1.74%	2.07%	2.01%	1.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7,378	-6,901	-842	-1,257	-627	-2,867	-3,444	-1,044	-60	399	-39
Operating Cash Flow to CapEx	-1,130.91%	2,573.68%	2,619.18%	1,518.75%	-897.70%	1,485.83%	1,630.63%	1,469.31%	-975.00%	1,458.25%	1,080.47%
Free Cash Flow to Firm to Interest Expense	-30.12	-29.88	-5.47	-8.06	-3.94	-18.99	-23.75	-7.15	-0.44	3.14	-0.33
Operating Cash Flow to Interest Expense	-2.54	8.47	12.42	7.79	-4.91	11.81	12.48	10.16	-6.02	11.83	11.72
Operating Cash Flow Less CapEx to Interest Expense	-2.76	8.14	11.94	7.28	-5.46	11.01	11.72	9.47	-6.64	11.02	10.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.46	0.48	0.49	0.56	0.48	0.68	0.67	0.77	0.52	0.46
Fixed Asset Turnover	28.35	27.40	26.88	26.44	26.13	25.37	31.61	30.75	30.22	23.62	17.63
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,197	33,482	27,131	27,110	26,440	25,833	25,586	24,761	24,440	22,244	21,453
Invested Capital Turnover	0.79	0.80	0.89	0.89	0.90	0.93	1.16	1.12	1.10	0.91	0.70
Increase / (Decrease) in Invested Capital	8,757	7,649	1,545	2,349	2,000	3,589	4,133	2,046	1,268	72	548
Enterprise Value (EV)	127,399	110,397	109,025	104,031	101,937	91,225	91,752	91,431	93,081	79,073	83,466
Market Capitalization	119,450	103,931	109,303	103,438	100,829	91,735	92,301	91,366	80,600	79,451	72,380
Book Value per Share	$28.64	$27.17	$27.83	$27.13	$25.25	$24.72	$23.09	$24.18	$22.15	$21.21	$19.17
Tangible Book Value per Share	($28.93)	($30.10)	($14.78)	($13.77)	($15.29)	($15.56)	($15.68)	($14.49)	($15.77)	($16.67)	($16.86)
Total Capital	35,197	33,482	27,131	27,110	26,440	25,833	25,586	24,761	24,440	22,244	21,453
Total Debt	20,929	19,947	13,249	13,545	13,818	13,463	14,000	12,622	13,244	11,495	11,662
Total Long-Term Debt	18,862	19,428	12,330	12,278	12,300	11,844	11,781	10,247	10,841	11,227	10,399
Net Debt	7,746	6,273	-472	395	908	-689	-729	-113	12,238	-607	10,860
Capital Expenditures (CapEx)	55	76	73	80	87	120	111	101	84	103	128
Net Nonoperating Expense (NNE)	-33	-53	-49	-48	-51	-43	-49	-45	-44	0.00	-43
Net Nonoperating Obligations (NNO)	20,929	19,947	13,249	13,545	13,818	13,463	14,000	12,622	13,244	11,495	11,662
Total Depreciation and Amortization (D&A)	227	201	180	176	189	186	180	178	169	202	169
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.81	$1.62	$1.52	$2.28	$2.84	$1.53	$1.48	$2.09	$2.50	$0.95	$1.10
Adjusted Weighted Average Basic Shares Outstanding	492M	492M	492M	492M	492M	494M	494M	495M	495M	499M	498M
Adjusted Diluted Earnings per Share	$2.79	$1.58	$1.51	$2.27	$2.82	$1.52	$1.47	$2.07	$2.47	$0.95	$1.08
Adjusted Weighted Average Diluted Shares Outstanding	495M	496M	496M	496M	497M	499M	499M	499M	500M	505M	503M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,379	748	703	1,092	1,373	722	689	1,002	1,208	471	509
Normalized NOPAT Margin	20.16%	12.75%	12.65%	17.97%	21.62%	13.27%	13.11%	17.44%	20.82%	4.51%	10.94%
Pre Tax Income Margin	26.71%	17.20%	18.63%	25.75%	29.46%	19.26%	17.70%	24.10%	28.67%	5.87%	15.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.28	4.08	6.28	9.61	11.35	6.55	5.99	9.07	11.81	3.89	5.73
NOPAT to Interest Expense	5.63	3.24	4.56	7.00	8.64	4.78	4.75	6.86	8.89	3.71	4.31
EBIT Less CapEx to Interest Expense	7.06	3.75	5.81	9.10	10.80	5.76	5.22	8.38	11.19	3.08	4.64
NOPAT Less CapEx to Interest Expense	5.40	2.91	4.09	6.49	8.09	3.99	3.98	6.17	8.27	2.90	3.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.49%	37.72%	36.90%	35.78%	34.93%	34.96%	36.12%	36.24%	36.43%	37.74%	34.24%
Augmented Payout Ratio	61.41%	59.58%	65.08%	64.05%	63.87%	65.20%	71.75%	79.89%	90.22%	100.91%	93.40%

Frequently Asked Questions About Marsh & McLennan Companies' Financials

When does Marsh & McLennan Companies's financial year end?

According to the most recent income statement we have on file, Marsh & McLennan Companies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Marsh & McLennan Companies' net income changed over the last 9 years?

Marsh & McLennan Companies' net income appears to be on an upward trend, with a most recent value of $4.12 billion in 2024, rising from $1.64 billion in 2015. The previous period was $3.80 billion in 2023. View Marsh & McLennan Companies' forecast to see where analysts expect Marsh & McLennan Companies to go next.

How has Marsh & McLennan Companies revenue changed over the last 9 years?

Over the last 9 years, Marsh & McLennan Companies' total revenue changed from $12.78 billion in 2015 to $23.85 billion in 2024, a change of 86.6%.

How much debt does Marsh & McLennan Companies have?

Marsh & McLennan Companies' total liabilities were at $42.95 billion at the end of 2024, a 20.4% increase from 2023, and a 269.8% increase since 2015.

How much cash does Marsh & McLennan Companies have?

In the past 9 years, Marsh & McLennan Companies' cash and equivalents has ranged from $1.03 billion in 2016 to $12.10 billion in 2022, and is currently $2.40 billion as of their latest financial filing in 2024.

How has Marsh & McLennan Companies' book value per share changed over the last 9 years?

Over the last 9 years, Marsh & McLennan Companies' book value per share changed from 12.49 in 2015 to 27.17 in 2024, a change of 117.6%.

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This page (NYSE:MMC) was last updated on 5/31/2025 by MarketBeat.com Staff

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Marsh & McLennan Companies (MMC) Financials

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Marsh & McLennan Companies (MMC) Financials

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