Marsh & McLennan Companies (MMC) Financials

$226.56 -0.73 (-0.32%)

Closing price 03:59 PM Eastern

Extended Trading

$226.58 +0.01 (+0.01%)

As of 04:29 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,599	1,768	1,492	1,650	1,742	2,016	3,143	3,050	3,756	4,060
Consolidated Net Income / (Loss)	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Net Income / (Loss) Continuing Operations	1,636	1,795	1,510	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Total Pre-Tax Income	2,307	2,480	2,643	2,244	2,439	2,793	4,208	4,082	5,026	5,480
Total Revenue	12,781	13,027	13,796	14,659	16,157	16,951	19,439	20,287	22,241	23,853
Net Interest Income / (Expense)	-150	-184	-228	-279	-485	-508	-442	-454	-500	-617
Total Interest Income	13	5.00	9.00	11	39	7.00	2.00	15	78	83
Investment Securities Interest Income	13	5.00	9.00	11	39	7.00	2.00	15	78	83
Total Interest Expense	163	189	237	290	524	515	444	469	578	700
Long-Term Debt Interest Expense	163	189	237	290	524	515	444	469	578	700
Total Non-Interest Income	12,931	13,211	14,024	14,938	16,642	17,459	19,881	20,741	22,741	24,470
Net Realized & Unrealized Capital Gains on Investments	-	-	0.00	-12	-10	235	61	21	5.00	12
Other Non-Interest Income	-	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458
Total Non-Interest Expense	10,474	10,547	11,369	12,189	13,975	14,158	15,508	16,440	17,454	18,641
Salaries and Employee Benefits	7,334	7,694	8,085	8,605	9,734	10,129	11,425	12,071	13,099	13,996
Other Operating Expenses	3,140	3,086	3,284	3,584	4,241	4,029	4,083	4,369	4,355	4,645
Nonoperating Income / (Expense), net	-	-	216	-226	257	-	277	235	239	268
Income Tax Expense	671	685	1,133	574	666	747	1,034	995	1,224	1,363
Net Income / (Loss) Attributable to Noncontrolling Interest	37	27	20	20	31	30	31	37	46	57
Basic Earnings per Share	$3.01	$3.41	$2.91	$3.26	$3.44	$3.98	$6.20	$6.11	$7.60	$8.26
Weighted Average Basic Shares Outstanding	531M	519M	513M	506M	506M	506M	507M	499M	494M	492M
Diluted Earnings per Share	$2.98	$3.38	$2.87	$3.23	$3.41	$3.94	$6.13	$6.04	$7.53	$8.18
Weighted Average Diluted Shares Outstanding	536M	524M	519M	511M	511M	512M	513M	505M	499M	496M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	506.10M	506.40M	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$1.18	$1.30	$1.43	$1.58	$1.74	$1.84	-	$2.25	$2.60	$3.05

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	546	466	1,235	1,035	730	756	1,400	1,125	747	788	1,381
Consolidated Net Income / (Loss)	552	471	1,252	1,047	738	765	1,424	1,140	752	801	1,412
Net Income / (Loss) Continuing Operations	552	471	1,252	1,047	738	765	1,424	1,140	752	801	1,412
Total Pre-Tax Income	733	613	1,664	1,384	930	1,048	1,871	1,565	1,035	1,009	1,827
Total Revenue	4,655	10,447	5,804	5,743	5,254	5,440	6,352	6,078	5,556	5,867	6,840
Net Interest Income / (Expense)	-114	-118	-122	-136	-129	-113	-122	-144	-142	-209	-226
Total Interest Income	4.00	9.00	14	10	16	38	37	12	12	22	19
Investment Securities Interest Income	4.00	9.00	14	10	16	38	37	12	12	22	19
Total Interest Expense	118	127	136	146	145	151	159	156	154	231	245
Long-Term Debt Interest Expense	118	127	136	146	145	151	159	156	154	231	245
Total Non-Interest Income	4,769	10,565	5,926	5,879	5,383	5,553	6,474	6,222	5,698	6,076	7,066
Net Realized & Unrealized Capital Gains on Investments	-1.00	-6.00	2.00	3.00	1.00	-1.00	1.00	1.00	1.00	9.00	5.00
Other Non-Interest Income	4,770	-	5,924	5,876	5,382	5,554	6,473	6,221	5,697	6,067	7,061
Total Non-Interest Expense	3,979	9,953	4,198	4,419	4,386	4,451	4,548	4,579	4,589	4,925	5,056
Salaries and Employee Benefits	2,923	3,038	3,207	3,337	3,287	3,268	3,470	3,454	3,442	3,630	3,850
Other Operating Expenses	1,056	1,304	991	1,082	1,099	1,183	1,078	1,125	1,147	1,295	1,206
Nonoperating Income / (Expense), net	57	-	58	60	62	59	67	66	68	67	43
Income Tax Expense	181	142	412	337	192	283	447	425	283	208	415
Net Income / (Loss) Attributable to Noncontrolling Interest	6.00	5.00	17	12	8.00	9.00	24	15	5.00	13	31
Basic Earnings per Share	$1.10	$0.95	$2.50	$2.09	$1.48	$1.53	$2.84	$2.28	$1.52	$1.62	$2.81
Weighted Average Basic Shares Outstanding	498M	499M	495M	495M	494M	494M	492M	492M	492M	492M	492M
Diluted Earnings per Share	$1.08	$0.95	$2.47	$2.07	$1.47	$1.52	$2.82	$2.27	$1.51	$1.58	$2.79
Weighted Average Diluted Shares Outstanding	503M	505M	500M	499M	499M	499M	497M	496M	496M	496M	495M
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-584	-348	179	29	2,432	2,175	700	728	2,050	-478
Net Cash From Operating Activities	1,888	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302
Net Cash From Continuing Operating Activities	1,888	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302
Net Income / (Loss) Continuing Operations	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Consolidated Net Income / (Loss)	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Depreciation Expense	314	308	312	311	333	390	382	381	370	369
Amortization Expense	109	130	169	183	314	351	365	338	343	377
Non-Cash Adjustments to Reconcile Net Income	65	-36	-236	332	268	313	-380	-37	316	162
Changes in Operating Assets and Liabilities, net	-236	-190	136	-68	-327	282	-25	-304	-573	-723
Net Cash From Investing Activities	-1,265	-1,056	-956	-1,089	-4,395	-793	-1,164	-850	-1,417	-8,821
Net Cash From Continuing Investing Activities	-1,265	-1,056	-956	-1,089	-4,395	-793	-1,164	-850	-1,417	-8,821
Purchase of Property, Leasehold Improvements and Equipment	-325	-253	-302	-314	-421	-348	-406	-470	-416	-316
Purchase of Investment Securities	-1,017	-811	-668	-	-4,203	-673	-28	-594	-1,022	-8,649
Divestitures	71	0.00	0.00	110	229	98	84	119	-17	89
Sale and/or Maturity of Investments	4.00	4.00	6.00	4.00	-	130	45	95	38	55
Net Cash From Financing Activities	-906	-1,067	-1,009	-1,310	4,331	-925	-1,297	-1,046	-1,119	4,455
Net Cash From Continuing Financing Activities	-906	-1,067	-1,009	-1,310	4,331	-925	-1,297	-1,046	-1,119	4,455
Issuance of Debt	1,091	397	987	591	6,759	1,737	743	2,668	2,315	8,170
Issuance of Common Equity	224	188	166	93	158	132	161	126	199	264
Repayment of Debt	-61	-12	-315	-263	-1,649	-2,515	-1,016	-365	-412	-1,617
Repurchase of Common Equity	-1,400	-800	-900	-675	-485	0.00	-1,159	-1,950	-1,150	-900
Payment of Dividends	-632	-682	-740	-807	-906	-977	-1,062	-1,165	-1,329	-1,553
Other Financing Activities, Net	-128	-158	-207	-249	454	698	1,036	-360	-742	91
Effect of Exchange Rate Changes	-301	-232	251	-	135	511	-355	-841	328	-414

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

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

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

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

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

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

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

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. Check out Marsh & McLennan Companies' forecast to explore projected trends and price targets.

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 5/5/2025 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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