MRSH Marsh Common Stock
NYSE · Insurance · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Jul 21, 2026
$171.74
· of 52w range
· above low
· to high
$156.6052w low
$207.8352w high
Market Cap (MRQ)
$82.09B
P/E (TTM)
21.0
EPS (TTM)
$8.18
Revenue (TTM)
$27.95B
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52W Range
$157–$208
Analyst Rating
HOLD
Price Target
$206
P/E
21.0
ROE
25.3%
Net Profit Margin
14.2%
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MRSH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$171.74
Market Cap (MRQ)
$82.09B
P/E (TTM)
21.0
EPS (TTM)
$8.18
Revenue (TTM)
$27.95B
Div Yield
2.0%
ROE (TTM)
25.3%
Debt/Equity (MRQ)
1.3
52W Range
$157–$208
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| July 1, 2002 | 2-for-1 | Forward |
| June 29, 1998 | 3-for-2 | Forward |
| June 30, 1997 | 2-for-1 | Forward |
| May 15, 1986 | 2-for-1 | Forward |
About Marsh Common Stock Company overview from Wikipedia
Marsh & McLennan Companies, Inc., trading as Marsh McLennan and Marsh, is an American professional services firm headquartered in New York City, with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh (54% of 2025 revenues), which offers risk management, insurance broking, insurance program management, risk consulting, analytical modeling, and alternative risk financing services; Marsh Re (formerly Guy Carpenter; 10% of 2025 revenues), a reinsurance intermediary and advisor; Mercer (23% of 2025 revenues), which provides consulting to employers for health insurance, retirement plans, and pension plans; and Oliver Wyman (13% of 2025 revenues), including Lippincott and NERA Economic Consulting, which provides consulting services. In 2024, risk and insurance services contributed a total of 63% of revenues and 71% of operating profit, while consulting contributed 37% of revenues and 29% of operating profit.
It is the largest insurance broker worldwide.
The company is ranked 175th on the Fortune 500 and 267th on the Forbes Global 2000.
History
1900–1999
Burroughs, Marsh & McLennan was formed by Henry W. Marsh and Donald R. McLennan in Chicago in 1905 by the merger of their two businesses. Marsh founded his business in 1871 after many insurers went out of business after the Great Chicago Fire. The combined company was renamed Marsh & McLennan in 1906.
Guy Carpenter was acquired in 1923, a year after it was founded by Guy Carpenter.
In 1959, Marsh acquired Mercer, a human resources consulting firm.
The company became a public company via an initial public offering in 1962. In 1969, it reorganized under a holding company configuration, with the company offering clients its services under the banners of separately managed companies.
In 1970, the company acquired Putnam Investments, adding a mutual fund business to its portfolio. It was sold in 2007.
In 1987, Marsh & McLennan acquired the consultancy Temple, Barker & Sloane for $45 million. Founded in Lexington, Massachusetts in 1969, Temple, Barker & Sloane found quick success in the management consulting industry.
In 1989, Washington, DC–based international management consulting firm Strategic Planning Associates merged with Marsh & McLennan. Founded by former Boston Consulting Group associate Walker Lewis in 1981, Strategic Planning Associates applied concepts of computing to strategy consulting.
In 1986, two clients accounted for more than 40% of revenue. When one of these clients dropped the firm in 1987, Lewis became increasingly convinced that the firm was too small to succeed, admitting to The Washington Post that "a meaningful-sized consulting company has to be 2,000 professionals or larger... it's simple math."
In 1990, Temple Barker & Sloan was merged with Strategic Planning Associates to form Mercer Management Consulting.
In 1997, the company significantly boosted its insurance brokerage business with a $1.8 billion acquisition of Johnson & Higgins, which, at the time, was one of MMC's biggest competitors in its brokerage business. The purchase occurred during a time of consolidation in the industry, and pushed Marsh & McLennan back above Aon as the world's largest insurance broker.
2000–present
In 2000, Marsh & McLennan’s HR consulting unit, Mercer, acquired Delta Consulting Group for its organizational development and change management expertise.
At the time of the September 11 attacks, Marsh held offices on eight floors, 93 to 100, of the North Tower of the World Trade Center. When American Airlines Flight 11 crashed into the building, its offices spanned the entire impact zone, floors 93 to 99. Everyone present in the company's offices on the day of the attack died as all stairwells and elevators passing through the impact zone were destroyed or blocked by the plane crashing into the tower where the company was; the firm lost 295 employees and 63 contractors. A memorial to those lost on 9/11 is located in the plaza adjacent to Marsh McLennan's New York Headquarters at 1166 Avenue of the Americas.
In 2003, the company acquired Oliver Wyman, a management consultancy with a large financial services industry clientele.
In 2004, Marsh, the company's insurance brokerage unit, was embroiled in a bid rigging scandal that plagued much of the insurance industry, including brokerage rivals Aon and Willis Group, and insurer AIG. In a lawsuit, Eliot Spitzer, then Attorney General of New York, accused Marsh of not serving as an unbiased broker, leading to increased costs for clients and higher revenues for Marsh. In early 2005, Marsh agreed to pay $850 million to settle the lawsuit and compensate clients whose commercial insurance it arranged from 2001 to 2004. After the event, the company reorganized to focus on insurance services and consulting.
In January 2007, Marsh received the first license for a wholly owned foreign company to operate an insurance brokerage business in China.
In May 2007, the company combined three Mercer consulting units - Mercer Delta Consulting, Mercer Oliver Wyman and Mercer Management Consulting - into Oliver Wyman.
In August 2007, the company sold Putnam Investments to Power Financial for $3.9 billion to focus on risk and human capital businesses.
In January 2008, Brian Duperreault was hired as CEO.
In 2010, the company sold Kroll, its corporate intelligence and investigative unit, to Altegrity Inc. for $1.13 billion. Prior to this final deal and divestiture, Marsh & McLennan had been selling off smaller divisions within Kroll to further focus on its core risk and consulting businesses.
John Doyle was president and CEO of Marsh from 2017–2022, before succeeding Dan Glaser as president and CEO of the parent company, MMC, as of January 1, 2023.
In April 2019, the company acquired Jardine Lloyd Thompson for £4.3 billion.
In April 2021, the company rebranded to Marsh McLennan.
In November 2024, the company acquired McGriff Insurance Services for $7.75 billion.
In 2025, the company rebranded its subsidiaries as Marsh.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorFinancials
industryInsurance
employees95,000
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$26.98B2016-12-31 → 2025-12-31
EPS$8.432016-12-31 → 2025-12-31
Free Cash Flow$5.00B2016-12-31 → 2025-12-31
Net margin14.2%2018-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MRSH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 21.05Y avg ≈25.8 | ≈25.8 | 29.4 | Undervalued | |
| P/S (TTM) | 2.95Y avg ≈4.0 | ≈4.0 | 3.0 | Undervalued | |
| P/B (MRQ) | 5.35Y avg ≈7.3 | ≈7.3 | 2.5 | Overvalued | |
| EV / EBITDA | 15.25Y avg ≈18.2 | ≈18.2 | · | · | |
| Price / FCF (TTM) | 17.25Y avg ≈24.8 | ≈24.8 | · | · | |
| Price / Cash Flow (TTM) | 16.25Y avg ≈22.3 | ≈22.3 | 18.6 | Undervalued | |
| EV / Revenue | 3.75Y avg ≈4.6 | ≈4.6 | · | · | |
| EV / FCF | 20.05Y avg ≈28.2 | ≈28.2 | · | · | |
| Price / Tangible Book (MRQ) | 7.5 | · | · | · | |
| PEG Ratio | ≈1.3 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MRSH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 21.6%5Y avg ≈22.5% | ≈22.5% | 19.9% | Top tier | |
| EBITDA Margin (TTM) | 22.9%5Y avg ≈25.1% | ≈25.1% | 19.7% | Top tier | |
| Pretax Margin (TTM) | 19.1%5Y avg ≈21.2% | ≈21.2% | 14.3% | Top tier | |
| Net Profit Margin (TTM) | 14.2%5Y avg ≈15.8% | ≈15.8% | 8.5% | Top tier | |
| ROA (TTM) | 6.7%5Y avg ≈8.1% | ≈8.1% | 4.3% | Top tier | |
| ROE (TTM) | 25.3%5Y avg ≈29.7% | ≈29.7% | 7.8% | Top tier | |
| ROIC | 13.6%5Y avg ≈14.2% | ≈14.2% | 13.6% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MRSH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 1.35Y avg ≈1.2 | ≈1.2 | 0.6 | High debt | |
| Current Ratio (MRQ) | 1.15Y avg ≈1.1 | ≈1.1 | 1.1 | In line | |
| Quick Ratio | 0.55Y avg ≈0.7 | ≈0.7 | 0.4 | Strong liquidity | |
| Long-Term Debt / Equity (MRQ) | 1.25Y avg ≈1.1 | ≈1.1 | 0.7 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MRSH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 10.3%5Y avg ≈9.4% | ≈9.4% | · | · | |
| Revenue CAGR 3Y | 9.2%5Y avg ≈8.7% | ≈8.7% | · | · | |
| Revenue CAGR 5Y | 9.4% | · | · | · | |
| EPS YoY | 3.1%5Y avg ≈18.1% | ≈18.1% | · | · | |
| Net Income YoY | 2.5%5Y avg ≈17.3% | ≈17.3% | · | · | |
| EPS CAGR 3Y | 11.8%5Y avg ≈15.3% | ≈15.3% | · | · | |
| EPS CAGR 5Y | 16.4% | · | · | · | |
| Net Income CAGR 3Y | 10.9%5Y avg ≈14.3% | ≈14.3% | · | · | |
| Net Income CAGR 5Y | 15.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MRSH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.5 | ≈0.5 | 0.4 | In line | |
| Receivables Turnover | 3.65Y avg ≈3.6 | ≈3.6 | 9.3 | Weak | |
| Revenue / Employee | ≈$284.0K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield2.0%
Payout Ratio40.8%
Annualized Payout≈$3.96
5Y Div CAGR≈13.3%
Growth Streak≈16
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Oct 1, 2026 | $0.99 | USD | ≈2.2% |
| Jul 23, 2026 | $0.99 | USD | ≈2.1% |
| Apr 9, 2026 | $0.90 | USD | ≈2.1% |
| Jan 29, 2026 | $0.90 | USD | ≈1.9% |
| Oct 2, 2025 | $0.90 | USD | ≈1.7% |
| Jul 24, 2025 | $0.90 | USD | ≈1.6% |
| Apr 3, 2025 | $0.82 | USD | ≈1.3% |
| Jan 30, 2025 | $0.82 | USD | ≈1.4% |
| Oct 4, 2024 | $0.82 | USD | ≈1.4% |
| Jul 25, 2024 | $0.82 | USD | ≈1.4% |
| Apr 3, 2024 | $0.71 | USD | ≈1.4% |
| Jan 24, 2024 | $0.71 | USD | ≈1.4% |
| Oct 5, 2023 | $0.71 | USD | ≈1.4% |
| Jul 26, 2023 | $0.71 | USD | ≈1.3% |
| Apr 4, 2023 | $0.59 | USD | ≈1.4% |
| Jan 25, 2023 | $0.59 | USD | ≈1.3% |
| Oct 6, 2022 | $0.59 | USD | ≈1.4% |
| Jul 27, 2022 | $0.59 | USD | ≈1.4% |
| Apr 5, 2022 | $0.54 | USD | ≈1.3% |
| Jan 26, 2022 | $0.54 | USD | ≈1.3% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
1.1%
Next Report
Oct 15, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 16, 2026 | $2.96 | $2.96 | 0.15% |
| March 31, 2026 | $3.29 | $3.29 | -0.01% | |
| Dec. 31, 2025 | $2.12 | $2.01 | 5.4% | |
| Sept. 30, 2025 | $1.85 | $1.82 | 1.7% | |
| June 30, 2025 | $2.72 | $2.71 | 0.30% | |
| March 31, 2025 | $3.06 | $3.08 | -0.63% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B | |
| Operating Expenses | $20.76B | $18.64B | $17.45B | $16.44B | $15.51B | $14.16B | $13.97B | $12.19B | $11.37B | $10.78B | |
| Operating Income | $6.22B | $5.82B | $5.28B | $4.28B | $4.31B | $3.07B | $2.68B | $2.76B | $2.65B | $2.43B | |
| Interest Expense | · | · | $578M | $469M | $444M | $515M | $524M | $290M | $237M | $189M | |
| Interest Income | $48M | $83M | $78M | $15M | $2M | $7M | $39M | $11M | $9M | $5M | |
| Pretax Income | $5.54B | $5.48B | $5.03B | $4.08B | $4.21B | $2.79B | $2.44B | $2.24B | $2.64B | $2.48B | |
| Income Tax | $1.30B | $1.36B | $1.22B | $995M | $1.03B | $747M | $666M | $574M | $1.13B | $685M | |
| Net Income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B | |
| EPS (Basic) | $8.48 | $8.26 | $7.60 | $6.11 | $6.20 | $3.98 | $3.44 | $3.26 | $2.91 | $3.41 | |
| EPS (Diluted) | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 | $3.94 | $3.41 | $3.23 | $2.87 | $3.38 | |
| Shares (Basic) | 491,000,000 | 492,000,000 | 494,000,000 | 499,000,000 | 507,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 513,000,000 | 519,000,000 | |
| Shares (Diluted) | 494,000,000 | 496,000,000 | 499,000,000 | 505,000,000 | 513,000,000 | 512,000,000 | 511,000,000 | 511,000,000 | 519,000,000 | 524,000,000 | |
| EBITDA | $6.58B | $6.19B | $6.00B | $5.00B | $5.06B | $3.81B | $3.32B | $3.25B | $3.34B | $3.10B |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.69B | $2.40B | $3.36B | $1.44B | $1.75B | $2.09B | $1.16B | $1.07B | $1.21B | $1.03B | |
| Receivables | $7.67B | $7.16B | $6.42B | $5.85B | $5.59B | $5.33B | $5.24B | $4.32B | $4.13B | $3.64B | |
| Other Current Assets | $1.37B | $1.29B | $1.18B | $1.00B | $926M | $740M | $677M | $551M | $224M | $215M | |
| Current Assets | $23.20B | $22.12B | $21.75B | $18.96B | $8.26B | $8.15B | $7.07B | $5.93B | $5.56B | $4.88B | |
| PP&E (Net) | $829M | $859M | $882M | $871M | $847M | $856M | $858M | $701M | $712M | $725M | |
| PP&E (Gross) | $2.50B | $2.40B | $2.44B | $2.40B | $2.44B | $3.02B | $2.86B | $2.54B | $2.54B | $2.41B | |
| Accum. Depreciation | $1.67B | $1.54B | $1.56B | $1.53B | $1.59B | $2.16B | $2.00B | $1.84B | $1.83B | $1.68B | |
| Goodwill | $24.34B | $23.31B | $17.23B | $16.25B | $16.32B | $15.52B | $14.67B | $9.60B | $9.09B | $8.37B | |
| Intangibles | $4.75B | $4.82B | $2.63B | $2.54B | $2.81B | $2.70B | $2.77B | $1.44B | $1.27B | $1.13B | |
| Other Non-current Assets | $1.79B | $1.73B | $1.59B | $1.45B | $1.46B | $1.46B | $1.76B | $1.54B | $1.43B | $1.21B | |
| Total Assets | $58.71B | $56.48B | $48.03B | $44.11B | $44.01B | $33.05B | $31.36B | $21.58B | $20.43B | $18.19B | |
| Accounts Payable | $3.65B | $3.40B | $3.40B | $3.28B | $3.17B | $3.05B | $2.75B | $2.23B | $2.08B | $1.97B | |
| Short-term Debt | $0 | $0 | $0 | $0 | $17M | $517M | $1.22B | $314M | $0 | $50M | |
| Current Liabilities | $21.06B | $19.52B | $19.80B | $17.83B | $6.65B | $6.56B | $6.68B | $4.92B | $4.26B | $4.08B | |
| Capital Leases | $1.53B | $1.59B | $1.66B | $1.67B | $1.88B | $1.92B | $1.93B | $0 | · | · | |
| Other Non-current Liabilities | $1.41B | $1.26B | $1.27B | $1.36B | $1.71B | $1.49B | $1.40B | $1.36B | $1.31B | $957M | |
| Long-term Debt | $19.59B | $19.95B | $13.46B | $11.49B | $10.95B | $11.31B | $11.96B | $5.82B | · | · | |
| Total Debt | $19.59B | $19.95B | $13.46B | $11.76B | $10.97B | $11.83B | $13.17B | $314M | $262M | $312M | |
| Common Stock | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | |
| Retained Earnings | $27.77B | $25.31B | $22.76B | $20.30B | $18.39B | $16.27B | $15.20B | $14.35B | $13.14B | $12.39B | |
| Treasury Stock | $9.35B | $7.66B | $7.08B | $6.21B | $4.48B | $3.56B | $3.77B | $3.57B | $3.08B | $2.51B | |
| AOCI | $-5.43B | $-6.24B | $-5.29B | $-5.31B | $-4.58B | $-5.11B | $-5.05B | $-4.65B | $-4.04B | $-5.09B | |
| Stockholders' Equity | $15.31B | $13.54B | $12.37B | $10.75B | $11.22B | $9.26B | $7.94B | $7.58B | $7.44B | $6.27B | |
| Liabilities + Equity | $58.71B | $56.48B | $48.03B | $44.11B | $34.39B | $33.05B | $31.36B | $21.58B | $20.43B | $18.19B | |
| Shares Outstanding | 485,000,000 | 491,000,000 | 492,000,000 | 495,000,000 | 504,000,000 | 508,000,000 | 504,000,000 | 504,000,000 | 509,000,000 | 514,000,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $361M | $369M | $370M | $381M | $747M | $741M | $647M | $494M | $481M | $438M | |
| Stock-based Comp | $394M | $368M | $363M | $367M | $348M | $290M | $252M | $193M | $149M | $109M | |
| Deferred Tax | $123M | $157M | $-29M | $-43M | $-63M | $40M | $84M | $-39M | $396M | $68M | |
| Amort. of Intangibles | $549M | $377M | $343M | $338M | $365M | $351M | $314M | $183M | $169M | $130M | |
| Restructuring | $222M | $276M | $301M | $427M | $70M | $89M | $112M | $161M | $40M | $44M | |
| Other Non-cash | $254M | $-652M | $-545M | $-628M | $-659M | $295M | $-364M | $130M | $-625M | $-376M | |
| Operating Cash Flow | $5.29B | $4.30B | $4.26B | $3.46B | $3.52B | $3.38B | $2.36B | $2.43B | $1.89B | $2.01B | |
| CapEx | $291M | $316M | $416M | $470M | $406M | $348M | $421M | $314M | $302M | $253M | |
| Investing Cash Flow | $-845M | $-8.82B | $-1.42B | $-850M | $-1.16B | $-793M | $-4.39B | $-1.09B | $-956M | $-1.06B | |
| Net Debt Issued | $-519M | $-1.62B | $-266M | $-365M | $-1.02B | $-2.52B | $-1.06B | $-263M | $-315M | $-12M | |
| Stock Repurchased | $2.01B | $900M | $1.15B | $1.95B | $1.16B | $0 | $485M | $675M | $900M | $800M | |
| Net Stock Activity | $-2.01B | $-900M | $-1.15B | $-1.95B | $-1.16B | $0 | $-485M | $-675M | $-900M | $-800M | |
| Dividends Paid | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943M | $890M | $807M | $740M | $682M | |
| Financing Cash Flow | $-4.63B | $4.46B | $-1.12B | $-1.05B | $-1.30B | $-925M | $4.33B | $-1.31B | $-1.01B | $-1.07B | |
| Net Change in Cash | $486M | $-478M | $2.05B | $728M | $700M | $2.17B | $2.43B | $-139M | $179M | $-348M | |
| Taxes Paid | $1.29B | $1.20B | $1.10B | $1.05B | $1.07B | $673M | $661M | $632M | $583M | $642M | |
| Free Cash Flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B | $3.03B | $1.94B | $2.11B | $1.59B | $1.75B | |
| Levered FCF | · | · | $3.40B | $2.64B | $2.78B | $2.66B | $1.56B | $1.90B | $1.46B | $1.62B |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% | 17.8% | 16.1% | 18.5% | · | · | |
| Net Margin | 15.4% | 16.6% | 16.5% | 14.7% | 15.9% | 11.7% | 10.5% | 11.0% | · | · | |
| Pretax Margin | 20.5% | 22.4% | 22.1% | 19.7% | 21.2% | 16.2% | 14.6% | 15.0% | · | · | |
| EBITDA Margin | 24.4% | 25.3% | 26.4% | 24.1% | 25.5% | 22.1% | 20.0% | 21.8% | · | · | |
| ROA | 7.2% | 7.8% | 8.2% | 7.9% | 9.3% | 6.3% | 6.6% | 7.9% | 7.7% | 9.7% | |
| ROE | 28.1% | 29.6% | 31.4% | 29.7% | 29.8% | 22.4% | 22.1% | 21.8% | 20.5% | 27.2% | |
| ROIC | 13.6% | 13.1% | 15.5% | 14.4% | 14.7% | 10.7% | 9.2% | 26.0% | 21.2% | 29.3% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | 1.1 | 1.2 | 1.2 | 1.2 | 1.1 | 1.2 | 1.3 | 1.2 | |
| Quick Ratio | 0.5 | 0.5 | 0.5 | 1.0 | 1.1 | 1.1 | 1.0 | 1.1 | 1.3 | 1.1 | |
| Debt / Equity | 1.3 | 1.5 | 1.1 | 1.1 | 1.0 | 1.3 | 1.7 | 0.0 | 0.0 | 0.0 | |
| LT Debt / Equity | 1.2 | 1.4 | 1.0 | 1.0 | 1.0 | 1.2 | 1.4 | · | · | · | |
| Interest Coverage | · | · | 9.1 | 9.1 | 9.7 | 6.0 | 5.1 | 9.5 | 12.1 | 14.1 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | 0.7 | · | · | |
| Receivables Turnover | 3.6 | 3.6 | 3.7 | 3.6 | 3.6 | 3.3 | 3.5 | 3.5 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $31.58 | $27.57 | $25.14 | $21.72 | $22.27 | $18.23 | $15.76 | $15.05 | $14.62 | $12.20 | |
| Revenue / Share | $54.62 | $49.31 | $45.56 | $41.03 | $38.64 | $33.64 | $32.59 | $29.26 | · | · | |
| Cash Flow / Share | $10.71 | $8.67 | $8.53 | $6.86 | $6.85 | $6.61 | $4.62 | $4.75 | $3.65 | $3.83 | |
| Cash / Share | $5.54 | $4.88 | $6.83 | $2.91 | $3.48 | $4.11 | $2.29 | $2.12 | $2.37 | $2.00 | |
| Dividend / Share | $3.43 | $3.05 | $2.60 | $2.25 | · | · | · | · | · | · | |
| EPS (TTM) | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 | $3.94 | $3.41 | $3.23 | $2.87 | $3.38 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.3% | 7.6% | 9.7% | 4.5% | 15.1% | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.2% | 7.3% | 9.7% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 9.4% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 3.1% | 8.6% | 24.7% | -1.5% | 55.6% | · | · | · | · | · | |
| EPS CAGR 3Y | 11.8% | 10.1% | 24.1% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 16.4% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 2.5% | 8.1% | 23.2% | -3.0% | 55.9% | · | · | · | · | · | |
| Net Income CAGR 3Y | 10.9% | 8.9% | 23.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 15.6% | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 12.5% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B | |
| Net Income TTM | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B | |
| Market Cap | $89.98B | $104.29B | $93.22B | $81.91B | $87.61B | $59.44B | $56.15B | $40.19B | $41.43B | $34.74B | |
| Enterprise Value | $106.88B | $121.84B | $103.32B | $92.23B | $96.82B | $69.18B | $68.17B | $39.44B | $40.48B | $34.03B | |
| P/E | 22.0 | 26.0 | 25.2 | 27.4 | 28.4 | 29.7 | 32.7 | 24.7 | 28.4 | 20.0 | |
| P/S | 3.3 | 4.3 | 4.1 | 4.0 | 4.4 | 3.5 | 3.4 | 2.7 | 3.0 | 2.6 | |
| P/B | 5.9 | 7.7 | 7.5 | 7.6 | 7.8 | 6.4 | 7.1 | 5.3 | 5.6 | 5.5 | |
| P / Cash Flow | 17.0 | 24.2 | 21.9 | 23.6 | 24.9 | 17.6 | 23.8 | 16.6 | 21.9 | 17.3 | |
| P / FCF | 18.0 | 26.2 | 24.3 | 27.3 | 28.2 | 19.6 | 28.9 | 19.0 | 26.0 | 19.8 | |
| EV / EBITDA | 16.2 | 19.7 | 17.2 | 18.5 | 19.1 | 18.2 | 20.5 | 12.1 | 12.1 | 11.0 | |
| EV / FCF | 21.4 | 30.6 | 26.9 | 30.8 | 31.1 | 22.8 | 35.1 | 18.7 | 25.4 | 19.4 | |
| EV / Revenue | 4.0 | 5.0 | 4.5 | 4.5 | 4.9 | 4.0 | 4.1 | 2.6 | 2.9 | 2.6 | |
| Dividend Yield | 1.9% | 1.5% | 1.4% | 1.4% | 1.2% | 1.6% | 1.6% | 2.0% | 1.8% | 2.0% | |
| Earnings Yield | 4.5% | 3.9% | 4.0% | 3.6% | 3.5% | 3.4% | 3.1% | 4.0% | 3.5% | 5.0% | |
| Payout Ratio | 40.8% | 37.3% | 34.6% | 37.3% | 32.6% | 46.8% | 51.1% | 48.9% | 49.6% | 38.6% | |
| Annual Payout | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943M | $890M | $807M | $740M | $682M |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.40B | $7.60B | $6.59B | $6.35B | $6.97B | $7.06B | $6.07B | $5.70B | $6.22B | $6.47B | $5.55B | $5.38B | $5.88B | $5.92B | $5.02B | $4.77B | |
| Operating Expenses | $5.50B | $5.84B | $5.38B | $5.18B | $5.14B | $5.06B | $4.92B | $4.59B | $4.58B | $4.55B | $4.45B | $4.39B | $4.42B | $4.20B | $4.34B | $3.98B | |
| Operating Income | $1.90B | $1.75B | $1.22B | $1.17B | $1.83B | $2.00B | $1.14B | $1.11B | $1.64B | $1.93B | $1.10B | $996M | $1.46B | $1.73B | $680M | $791M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $159M | · | $145M | $146M | $136M | · | $118M | |
| Interest Income | $8M | $11M | $14M | $10M | $5M | $19M | $22M | $12M | $12M | $37M | $38M | $16M | $10M | $14M | $9M | $4M | |
| Pretax Income | $1.70B | $1.58B | $1.06B | $1.01B | $1.65B | $1.83B | $1.01B | $1.03B | $1.56B | $1.87B | $1.05B | $930M | $1.38B | $1.66B | $613M | $733M | |
| Income Tax | $411M | $395M | $222M | $253M | $415M | $415M | $208M | $283M | $425M | $447M | $283M | $192M | $337M | $412M | $142M | $181M | |
| Net Income | $1.27B | $1.15B | $821M | $747M | $1.21B | $1.38B | $788M | $747M | $1.12B | $1.40B | $756M | $730M | $1.03B | $1.24B | $466M | $546M | |
| EPS (Basic) | $2.64 | $2.37 | $1.69 | $1.52 | $2.46 | $2.81 | $1.62 | $1.52 | $2.28 | $2.84 | $1.53 | $1.48 | $2.09 | $2.50 | $0.95 | $1.10 | |
| EPS (Diluted) | $2.63 | $2.36 | $1.68 | $1.51 | $2.45 | $2.79 | $1.58 | $1.51 | $2.27 | $2.82 | $1.52 | $1.47 | $2.07 | $2.47 | $0.95 | $1.08 | |
| Shares (Basic) | 480,000,000 | 484,000,000 | · | 491,000,000 | 492,000,000 | 492,000,000 | · | 492,000,000 | 492,000,000 | 492,000,000 | · | 494,000,000 | 495,000,000 | 495,000,000 | · | 498,000,000 | |
| Shares (Diluted) | 482,000,000 | 486,000,000 | · | 494,000,000 | 495,000,000 | 495,000,000 | · | 496,000,000 | 496,000,000 | 497,000,000 | · | 499,000,000 | 499,000,000 | 500,000,000 | · | 503,000,000 | |
| EBITDA | $1.99B | $1.84B | · | $1.26B | $1.92B | $2.09B | · | $1.11B | $1.64B | $1.93B | · | $996M | $1.46B | $1.73B | · | $791M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.70B | $1.61B | $2.69B | $2.51B | $1.68B | $1.60B | $2.40B | $1.80B | $1.65B | $1.45B | $3.36B | $2.90B | $1.17B | $1.01B | $1.44B | $802M | |
| Receivables | $8.94B | $8.43B | $7.67B | $7.91B | $8.46B | $7.87B | $7.16B | $7.42B | $7.74B | $7.22B | · | $6.52B | $6.99B | $6.70B | · | $5.82B | |
| Other Current Assets | $1.49B | $1.45B | $1.37B | $1.28B | $1.33B | $1.41B | $1.29B | $1.14B | $1.13B | $1.17B | · | $1.03B | $1.08B | $1.41B | · | $953M | |
| Current Assets | $24.33B | $23.24B | $23.20B | $23.70B | $23.33B | $22.46B | $22.12B | $22.29B | $22.02B | $21.30B | · | $22.28B | $20.80B | $9.11B | · | $7.57B | |
| PP&E (Net) | $806M | $814M | $829M | $820M | $839M | $840M | $859M | $884M | $879M | $877M | $882M | $859M | $870M | $867M | $871M | $865M | |
| PP&E (Gross) | · | · | $2.50B | · | · | · | $2.40B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $1.73B | $1.70B | $1.67B | $1.67B | $1.65B | $1.59B | $1.54B | $1.64B | $1.57B | $1.58B | · | $1.62B | $1.61B | $1.58B | · | $1.65B | |
| Goodwill | $24.35B | $24.27B | $24.34B | $23.95B | $23.92B | $23.54B | $23.31B | $18.23B | $17.52B | $17.31B | $17.23B | $16.66B | $16.62B | $16.30B | $16.25B | $15.58B | |
| Intangibles | $4.50B | $4.61B | $4.75B | $4.67B | $4.77B | $4.74B | $4.82B | $2.72B | $2.64B | $2.63B | · | $2.50B | $2.51B | $2.45B | · | $2.40B | |
| Other Non-current Assets | $1.83B | $1.80B | $1.79B | $1.75B | $1.74B | $1.69B | $1.73B | $1.63B | $1.60B | $1.57B | · | $1.53B | $1.50B | $1.47B | · | $1.38B | |
| Total Assets | $59.68B | $58.55B | $58.71B | $58.78B | $58.55B | $57.02B | $56.48B | $49.86B | $48.59B | $47.57B | · | $48.00B | $46.57B | $34.36B | · | $32.02B | |
| Accounts Payable | $4.05B | $4.18B | $3.65B | $3.35B | $3.43B | $3.45B | $3.40B | $3.10B | $3.21B | $3.38B | · | $3.14B | $3.14B | $3.41B | · | $2.90B | |
| Short-term Debt | $1.02B | $1.05B | $0 | $0 | $150M | $1.05B | $0 | $0 | $749M | $50M | · | $0 | $308M | $594M | · | $600M | |
| Current Liabilities | $21.36B | $20.91B | $21.06B | $21.10B | $19.40B | $19.77B | $19.52B | $19.60B | $18.86B | $18.66B | · | $20.61B | $19.81B | $7.91B | · | $7.29B | |
| Capital Leases | $1.49B | $1.52B | $1.53B | $1.51B | $1.55B | $1.56B | $1.59B | $1.62B | $1.59B | $1.60B | · | $1.64B | $1.70B | $1.72B | · | $1.62B | |
| Other Non-current Liabilities | $1.49B | $1.38B | $1.41B | $1.42B | $1.58B | $1.41B | $1.26B | $1.40B | $1.26B | $1.32B | · | $1.23B | $1.44B | $1.43B | · | $1.28B | |
| Long-term Debt | $19.54B | $19.55B | $19.59B | $19.58B | $19.58B | $19.48B | $19.95B | $12.85B | $12.80B | $13.42B | · | $13.65B | $12.11B | $12.11B | · | $10.77B | |
| Total Debt | $20.56B | $20.60B | · | $19.58B | $19.73B | $20.53B | · | $12.85B | $13.54B | $13.47B | · | $13.65B | $12.42B | $12.70B | · | $11.37B | |
| Common Stock | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | $561M | · | $561M | $561M | $561M | · | $561M | |
| Retained Earnings | $29.30B | $28.04B | $27.77B | $26.95B | $27.09B | $25.88B | $25.31B | $24.52B | $24.58B | $23.46B | · | $22.01B | $21.98B | $20.95B | · | $19.84B | |
| Treasury Stock | $10.67B | $9.94B | $9.35B | $8.37B | $8.00B | $7.73B | $7.66B | $7.69B | $7.44B | $7.20B | · | $6.85B | $6.60B | $6.39B | · | $5.90B | |
| AOCI | $-5.58B | $-5.56B | $-5.43B | $-5.44B | $-5.24B | $-5.90B | $-6.24B | $-4.99B | $-5.53B | $-5.51B | · | $-5.46B | $-5.05B | $-5.23B | · | $-6.05B | |
| Stockholders' Equity | $15.43B | $14.81B | $15.31B | $15.36B | $15.98B | $14.27B | $13.54B | $13.88B | $13.56B | $12.62B | $12.37B | $11.59B | $12.14B | $11.20B | $10.75B | $9.79B | |
| Liabilities + Equity | $59.68B | $58.55B | $58.71B | $58.78B | $58.55B | $57.02B | $56.48B | $49.86B | $48.59B | $47.57B | · | $48.00B | $46.57B | $34.36B | · | $32.02B | |
| Shares Outstanding | 478,000,000 | 482,000,000 | 485,000,000 | 490,000,000 | 492,000,000 | 493,000,000 | 491,000,000 | 491,000,000 | 492,000,000 | 493,000,000 | 492,000,000 | 493,000,000 | 494,000,000 | 495,000,000 | 495,000,000 | 497,000,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $90M | $89M | $91M | $91M | $91M | $88M | $93M | $90M | $87M | $99M | · | · | · | · | · | · | |
| Stock-based Comp | $96M | $139M | $89M | $95M | $98M | $112M | $85M | $90M | $90M | $103M | $90M | $82M | $92M | $99M | $84M | $89M | |
| Amort. of Intangibles | $137M | $138M | $137M | $133M | $140M | $139M | $108M | $90M | $89M | $90M | $86M | $85M | $87M | $85M | $80M | $84M | |
| Restructuring | $58M | $45M | $126M | $46M | $18M | $32M | $136M | $54M | $44M | $42M | · | $52M | $65M | $53M | · | $38M | |
| Other Non-cash | · | $-2.06B | · | · | · | $-2.20B | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $1.52B | $-688M | $2.16B | $2.08B | $1.67B | $-622M | $1.96B | $1.91B | $1.22B | $-781M | $1.78B | $1.81B | $1.48B | $-819M | $1.50B | $1.38B | |
| CapEx | $72M | $62M | $105M | $72M | $59M | $55M | $76M | $73M | $80M | $87M | $120M | $111M | $101M | $84M | $103M | $128M | |
| Investing Cash Flow | $-161M | $-104M | $-523M | $-227M | $-121M | $26M | $-7.64B | $-393M | $-415M | $-368M | $-474M | $-442M | $-133M | $-368M | $-487M | $-105M | |
| Net Debt Issued | · | $-605M | · | · | · | $-505M | · | · | · | $-1.00B | · | · | · | $-4M | · | · | |
| Stock Repurchased | $757M | $755M | $1.01B | $402M | $300M | $300M | $0 | $300M | $300M | $300M | $250M | $300M | $300M | $300M | $350M | $500M | |
| Net Stock Activity | · | $-755M | · | · | · | $-300M | · | · | · | $-300M | · | · | · | $-300M | · | · | |
| Dividends Paid | $438M | $440M | $444M | $445M | $405M | $405M | $403M | $404M | $352M | $354M | $354M | $353M | $295M | $296M | $298M | $293M | |
| Financing Cash Flow | $-800M | $114M | $-2.05B | $-753M | $-1.70B | $-138M | $6.28B | $-1.44B | $-519M | $135M | $-2.33B | $988M | $-546M | $773M | $-1.07B | $-470M | |
| Net Change in Cash | $548M | $-805M | $-352M | $964M | $365M | $-491M | $-47M | $571M | $240M | $-1.24B | $-577M | $1.99B | $895M | $-262M | $692M | $-29M | |
| Taxes Paid | $399M | $238M | $406M | $246M | $403M | $237M | $278M | $264M | $419M | $239M | $401M | $195M | $281M | $223M | $352M | $260M | |
| Free Cash Flow | · | $-750M | · | · | · | $-677M | · | · | · | $-868M | · | · | · | $-903M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-989M | · | · | · | $-1.01B | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 25.7% | 23.1% | · | 18.4% | 26.2% | 28.4% | · | 19.4% | 26.4% | 29.7% | · | 18.5% | 24.8% | 29.1% | · | 16.6% | |
| Net Margin | 17.1% | 15.1% | · | 11.8% | 17.4% | 19.6% | · | 13.1% | 18.1% | 21.6% | · | 13.6% | 17.6% | 20.8% | · | 11.5% | |
| Pretax Margin | 23.0% | 20.8% | · | 15.9% | 23.6% | 25.9% | · | 18.2% | 25.2% | 28.9% | · | 17.3% | 23.5% | 28.1% | · | 15.4% | |
| EBITDA Margin | 26.9% | 24.3% | · | 19.9% | 27.5% | 29.6% | · | 19.4% | 26.4% | 29.7% | · | 18.5% | 24.8% | 29.1% | · | 16.6% | |
| ROA | 2.1% | 2.0% | · | 1.4% | 2.3% | 2.6% | · | 1.5% | 2.4% | 3.4% | · | 1.8% | 2.6% | 3.6% | · | 1.7% | |
| ROE | 8.1% | 7.9% | · | 5.1% | 8.2% | 10.3% | · | 5.9% | 8.8% | 11.8% | · | 6.8% | 9.0% | 11.1% | · | 5.5% | |
| ROIC | 4.0% | 3.7% | · | 2.5% | 3.8% | 4.5% | · | 3.0% | 4.4% | 5.6% | · | 3.1% | 4.5% | 5.4% | · | 2.8% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | · | 1.1 | 1.2 | 1.1 | · | 1.1 | 1.2 | 1.1 | · | 1.1 | 1.0 | 1.2 | · | 1.0 | |
| Quick Ratio | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.4 | 1.0 | · | 0.9 | |
| Debt / Equity | 1.3 | 1.4 | · | 1.3 | 1.2 | 1.4 | · | 0.9 | 1.0 | 1.1 | · | 1.2 | 1.0 | 1.1 | · | 1.2 | |
| LT Debt / Equity | 1.2 | 1.3 | · | 1.2 | 1.2 | 1.3 | · | 0.9 | 0.9 | 1.0 | · | 1.0 | 0.8 | 1.0 | · | 1.1 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 12.1 | · | 6.9 | 10.0 | 12.7 | · | 6.7 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | |
| Receivables Turnover | 0.9 | 0.9 | · | 0.8 | 0.9 | 0.9 | · | 0.8 | 0.8 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.8 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $32.29 | $30.72 | · | $31.34 | $32.47 | $28.94 | · | $28.27 | $27.57 | $25.60 | · | $23.50 | $24.57 | $22.62 | · | $19.70 | |
| Revenue / Share | $15.36 | $15.63 | · | $12.86 | $14.09 | $14.26 | · | $11.49 | $12.54 | $13.02 | · | $10.79 | $11.78 | $11.85 | · | $9.48 | |
| Cash Flow / Share | · | $-1.42 | · | · | · | $-1.26 | · | · | · | $-1.57 | · | · | · | $-1.64 | · | · | |
| Cash / Share | $3.56 | $3.34 | · | $5.12 | $3.41 | $3.25 | · | $3.66 | $3.36 | $2.95 | · | $5.88 | $2.37 | $2.03 | · | $1.61 | |
| Dividend / Share | $0.00 | $1.80 | $0.00 | $1.80 | $0.00 | $1.63 | $0.00 | $1.63 | $0.00 | $1.42 | · | · | · | · | · | · | |
| EPS (TTM) | $8.18 | $8.00 | · | $8.33 | $8.33 | $8.15 | · | $8.12 | $8.08 | $7.88 | · | $6.96 | $6.57 | $6.41 | · | $6.66 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $27.95B | $27.52B | · | $26.45B | $25.80B | $25.05B | · | $23.95B | $23.63B | $23.29B | · | $22.20B | $21.59B | $21.09B | · | $20.84B | |
| Net Income TTM | $3.98B | $3.92B | · | $4.13B | $4.13B | $4.04B | · | $4.03B | $4.01B | $3.92B | · | $3.47B | $3.28B | $3.21B | · | $3.39B | |
| Market Cap | $79.67B | $83.60B | · | $98.75B | $107.57B | $120.31B | · | $109.54B | $103.67B | $101.55B | · | $93.82B | $92.91B | $82.44B | · | $74.20B | |
| Enterprise Value | $98.53B | $102.59B | · | $115.82B | $125.62B | $139.23B | · | $120.59B | $115.57B | $113.57B | · | $104.57B | $104.16B | $94.14B | · | $84.76B | |
| P/E | 20.4 | 21.7 | · | 24.2 | 26.2 | 29.9 | · | 27.5 | 26.1 | 26.1 | · | 27.3 | 28.6 | 26.0 | · | 22.4 | |
| P/S | 2.9 | 3.0 | · | 3.7 | 4.2 | 4.8 | · | 4.6 | 4.4 | 4.4 | · | 4.2 | 4.3 | 3.9 | · | 3.6 | |
| P/B | 5.2 | 5.6 | · | 6.4 | 6.7 | 8.4 | · | 7.9 | 7.6 | 8.0 | · | 8.1 | 7.7 | 7.4 | · | 7.6 | |
| P / Cash Flow | · | -121.5 | · | · | · | -193.4 | · | · | · | -130.0 | · | · | · | -100.7 | · | · | |
| EV / Revenue | 3.5 | 3.7 | · | 4.4 | 4.9 | 5.6 | · | 5.0 | 4.9 | 4.9 | · | 4.7 | 4.8 | 4.5 | · | 4.1 | |
| Dividend Yield | 2.2% | 2.1% | · | 1.7% | 1.5% | 1.3% | · | 1.3% | 1.4% | 1.3% | · | 1.3% | 1.3% | 1.4% | · | 1.5% | |
| Earnings Yield | 4.9% | 4.6% | · | 4.1% | 3.8% | 3.3% | · | 3.6% | 3.8% | 3.8% | · | 3.7% | 3.5% | 3.9% | · | 4.5% | |
| Payout Ratio | · | 38.4% | · | · | · | 29.3% | · | · | · | 25.3% | · | · | · | 24.0% | · | · | |
| Annual Payout | $1.77B | $1.73B | · | $1.66B | $1.62B | $1.56B | · | $1.46B | $1.41B | $1.36B | · | $1.24B | $1.18B | $1.16B | · | $1.12B |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B |
| Operating Margin % | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% |
| Net Income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B |
| Diluted EPS | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.3 | 1.5 | 1.1 | 1.1 | 1.0 |
| Current Ratio | 1.1 | 1.1 | 1.1 | 1.2 | 1.2 |
| Quick Ratio | 0.5 | 0.5 | 0.5 | 1.0 | 1.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B |
Institutional owners (13F) 1,614 filers · $79.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
1,614
Value held
$79.1B
New positions
128
Exited positions
162
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 128 (-35 vs prior Q) | 162 (+7 vs prior Q) | 489 (-115 vs prior Q) | 658 (+77 vs prior Q) | +3.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $8,643,308,715 | 46,589,633 | 10.93% | Shares |
| BlackRock, Inc. | $6,583,805,966 | 39,502,046 | 8.32% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,245,534,076 | 31,472,575 | 6.63% | Shares |
| STATE STREET CORP | $3,733,687,339 | 22,401,676 | 4.72% | Shares |
| Capital World Investors | $3,020,458,543 | 18,122,340 | 3.82% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,829,262,918 | 16,975,238 | 3.58% | Shares |
| Capital International Investors | $2,621,642,741 | 15,729,457 | 3.31% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,250,034,870 | 13,510,274 | 2.84% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,095,127,235 | 12,570,512 | 2.65% | Shares |
| Capital Research Global Investors | $1,828,982,920 | 10,973,649 | 2.31% | Shares |
| HARRIS ASSOCIATES L P | $1,447,944,972 | 8,687,496 | 1.83% | Shares |
| Artisan Partners Limited Partnership | $1,211,565,231 | 7,269,246 | 1.53% | Shares |
| FMR LLC | $1,159,043,452 | 6,954,123 | 1.47% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $1,088,671,762 | 6,507,415 | 1.38% | Shares |
| MORGAN STANLEY | $1,052,368,885 | 6,314,085 | 1.33% | Shares |
| NORGES BANK | $1,042,608,352 | 6,255,525 | 1.32% | Shares |
| AMERIPRISE FINANCIAL INC | $922,146,161 | 5,535,138 | 1.17% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $898,907,573 | 5,182,517 | 1.14% | Shares |
| NORTHERN TRUST CORP | $814,710,461 | 4,888,165 | 1.03% | Shares |
| JPMORGAN CHASE & CO | $788,593,335 | 4,730,329 | 1.00% | Shares |
| Clearbridge Investments, LLC | $784,316,723 | 4,705,966 | 0.99% | Shares |
| Invesco Ltd. | $717,643,133 | 4,305,773 | 0.91% | Shares |
| GOLDMAN SACHS GROUP INC | $704,785,161 | 4,228,626 | 0.89% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $695,032,234 | 4,170,110 | 0.88% | Shares |
| DEUTSCHE BANK AG\ | $685,621,045 | 4,113,644 | 0.87% | Shares |
| Ninety One UK Ltd | $661,933,438 | 3,971,522 | 0.84% | Shares |
| AMERICAN CENTURY COMPANIES INC | $646,303,466 | 3,877,741 | 0.82% | Shares |
| EdgePoint Investment Group Inc. | $636,712,067 | 3,820,196 | 0.80% | Shares |
| UBS Group AG | $600,599,012 | 3,603,522 | 0.76% | Shares |
| BANK OF AMERICA CORP /DE/ | $575,845,418 | 3,455,003 | 0.73% | Shares |
| Nuveen, LLC | $575,328,128 | 3,451,900 | 0.73% | Shares |
| Bank of New York Mellon Corp | $532,438,389 | 3,194,567 | 0.67% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $512,077,741 | 3,072,405 | 0.65% | Shares |
| Amundi | $480,738,947 | 2,884,376 | 0.61% | Shares |
| ROYAL BANK OF CANADA | $468,988,000 | 2,813,877 | 0.59% | Shares |
| Legal & General Group Plc | $465,589,819 | 2,793,483 | 0.59% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $450,977,686 | 2,705,812 | 0.57% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $432,106,876 | 2,607,451 | 0.55% | Shares |
| WELLS FARGO & COMPANY/MN | $418,379,686 | 2,510,228 | 0.53% | Shares |
| STIFEL FINANCIAL CORP | $368,740,170 | 2,212,398 | 0.47% | Shares |
| ALLIANCEBERNSTEIN L.P. | $357,523,292 | 2,061,247 | 0.45% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $357,511,318 | 2,145,025 | 0.45% | Shares |
| W1M Asset Management Ltd | $348,202,306 | 2,090,489 | 0.44% | Shares |
| PARNASSUS INVESTMENTS, LLC | $341,277,325 | 2,047,623 | 0.43% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $337,121,184 | 2,022,672 | 0.43% | Shares |
| W1M Investment Management Ltd | $314,552,378 | 1,560,628 | 0.40% | Shares |
| Mawer Investment Management Ltd. | $311,866,071 | 1,871,159 | 0.39% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $311,185,724 | 1,867,077 | 0.39% | Shares |
| Rathbones Group PLC | $288,844,776 | 1,733,034 | 0.37% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $267,647,020 | 1,605,850 | 0.34% | Shares |
Company insiders 81 insiders · 46 officers · 34 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Q Doyle | President and CEO | Sept. 2, 2026 M | 116,811 | 0 | 4 | $-12,727,142 |
| Patrick Tomlinson | President and CEO, Mercer | May 1, 2026 A | 4,256 | 0 | 0 | $0 |
| Dean Michael Klisura | President & CEO, Guy Carpenter | May 1, 2026 A | 25,129 | 0 | 0 | $0 |
| Nicholas Mark Studer | President and CEO Marsh Risk | May 1, 2026 A | 32,536 | 0 | 1 | $-706,123 |
| Martine Ferland | President and CEO, Mercer | March 5, 2024 S | 9,979 | 0 | 0 | $0 |
| Daniel S Glaser | President and CEO, MMC | March 4, 2022 S | 101,074 | 0 | 0 | $0 |
| Scott Mcdonald | President and CEO of OWG | June 2, 2021 M | 18,763 | 0 | 0 | $0 |
| Peter C Hearn | President & CEO, Guy Carpenter | March 4, 2021 S | 9,866 | 0 | 0 | $0 |
| Julio A Portalatin | President and CEO, Mercer | Feb. 28, 2019 M | 67,215 | 0 | 0 | $0 |
| Peter Zaffino | Chairman, RIS and CEO, Marsh | March 2, 2017 S | 132,425 | 0 | 0 | $0 |
| David A Nadler | Vice Chairman, Office of CEO | June 1, 2013 A | 127,321 | 0 | 0 | $0 |
| Brian Duperreault | President and CEO, MMC | Dec. 4, 2012 S | 31,527 | 0 | 0 | $0 |
| Michele M Burns | Chairman & CEO, Mercer | Feb. 26, 2011 M | 77,006 | 0 | 0 | $0 |
| David Spiller | CEO, Guy Carpenter | Feb. 26, 2008 A | 3,450 | 0 | 0 | $0 |
| Simon V Freakley | CEO and President, Kroll | Feb. 26, 2008 A | 24,968 | 0 | 0 | $0 |
| Mathis Cabiallavetta | Vice Chairman, Office of CEO | Feb. 26, 2008 A | 218,777 | 0 | 0 | $0 |
| Charles E Haldeman | Pres. and CEO, Putnam Invest. | Aug. 2, 2007 M | 58,460 | 0 | 0 | $0 |
| Brian M Storms | Chairman and CEO, Marsh Inc. | Feb. 12, 2007 A | 64,886 | 0 | 0 | $0 |
| CHERKASKY MICHAEL G | President and CEO, MMC | Feb. 12, 2007 A | 129,017 | 0 | 0 | $0 |
| Salvatore D Zaffino | Chairman and CEO,Guy Carpenter | March 15, 2006 A | 128,732 | 0 | 0 | $0 |
| John T Sinnott | Vice Chair, Office of CEO | March 15, 2006 A | 28,257 | 0 | 0 | $0 |
| DAVIS CHARLES A /NJ/ | Chairman and CEO, MMC Captial | May 13, 2005 P | 2,191 | 0 | 0 | $0 |
| Ray J Groves | Chief Executive Officer, Marsh | Aug. 13, 2004 P | 76,872 | 0 | 0 | $0 |
| Mark C Mcgivney | EVP, CFO and COO | May 1, 2026 A | 42,469 | 0 | 0 | $0 |
| Michael J. Bischoff | Chief Financial Officer | Oct. 15, 2015 M | 29,646 | 0 | 0 | $0 |
| Vanessa Ames Wittman | EVP & Chief Financial Officer | March 13, 2012 M | 22,314 | 0 | 0 | $0 |
| Matthew B Bartley | EVP & Chief Financial Officer | Feb. 15, 2008 J | 8,402 | 0 | 0 | $0 |
| Sandra S Wijnberg | Sr. Vice President, CFO | Feb. 15, 2006 J | 59,549 | 0 | 0 | $0 |
| Michael E Caulfield | President,Mercer HR Consulting | March 15, 2006 A | · | 0 | 0 | $0 |
| Peter Coster | President, Mercer Inc. | Jan. 17, 2005 M | 242,028 | 0 | 0 | $0 |
| Katherine Brennan | SVP and General Counsel | Sept. 2, 2026 M | 7,330 | 0 | 1 | $-224,916 |
| Paul Beswick | SVP, Chief Information Officer | July 29, 2026 S | 16,376 | 0 | 1 | $-141,174 |
| Martin South | Chief Client Officer | July 28, 2026 S | 16,632 | 0 | 1 | $-1,348,929 |
| Carmen Fernandez | SVP, Chief People Officer | May 1, 2026 A | 12,995 | 0 | 0 | $0 |
| Stacy Mills | Vice President and Controller | Feb. 28, 2026 M | 4,151 | 0 | 0 | $0 |
| Dominic Burke | Vice Chairman | May 1, 2021 M | 6,602 | 0 | 0 | $0 |
| Laurie Ledford | SVP & Chief HR Officer | Aug. 3, 2020 S | 8,939 | 0 | 0 | $0 |
| Scott E Gilbert | SVP, Chief Information Officer | March 5, 2020 S | 43,197 | 0 | 0 | $0 |
| Robert J Rapport | SVP and Controller | March 13, 2017 M | 27,794 | 0 | 0 | $0 |
| Alexander S Moczarski | Chairman of MMC International | Dec. 29, 2016 S | 20,029 | 0 | 0 | $0 |
| Ben F Allen | SVP Chief Innovtn/Info Officer | Feb. 28, 2013 M | 12,379 | 0 | 0 | $0 |
| Orlando D Ashford | SVP, Chief HR & Comm. Officer | Feb. 24, 2012 A | 14,372 | 0 | 0 | $0 |
| Michael Petrullo | Sr. VP, Chief Admin. Officer | Feb. 26, 2008 A | 19,252 | 0 | 0 | $0 |
| Michael A Beber | SVP.Chief Strategic Dev Offcr | July 6, 2007 M | 20,194 | 0 | 0 | $0 |
| Francis N Bonsignore | Senior Vice President | May 11, 2005 M | 16,091 | 0 | 0 | $0 |
| William L Rosoff | Sr. Vice Pres./Gen. Counsel | Aug. 13, 2004 P | 1,558 | 0 | 0 | $0 |
| Jane H Lute | Director | Aug. 15, 2026 A | 1,657 | 0 | 0 | $0 |
| Lloyd M Yates | Director | Aug. 15, 2026 A | 12,001 | 0 | 1 | $-2,107,800 |
| Morton O Schapiro | Director | Aug. 15, 2026 A | 0 | 0 | 0 | $0 |
| Bruce D Broussard | Director | Aug. 15, 2026 A | 1,617 | 0 | 0 | $0 |
| Steven A Mills | Director | Aug. 15, 2026 A | 5,952 | 0 | 0 | $0 |
| Tamara Ingram | Director | Aug. 14, 2026 J | · | 0 | 0 | $0 |
| Anthony Anderson | Director | Aug. 14, 2026 J | 2,000 | 0 | 0 | $0 |
| Jan Siegmund | Director | Aug. 14, 2026 J | · | 0 | 0 | $0 |
| Deborah C Hopkins | Director | Aug. 14, 2026 J | · | 0 | 0 | $0 |
| Peter Harrison | Director | June 1, 2026 F | 1,246 | 0 | 0 | $0 |
| Judith Hartmann | Director | June 1, 2026 A | 4,323 | 0 | 0 | $0 |
| Edward H Hanway | Director | June 1, 2026 A | 36,868 | 0 | 0 | $0 |
| Oscar Fanjul | Director | May 15, 2025 F | 43,986 | 0 | 0 | $0 |
| Hafize Gaye Erkan | Director | June 1, 2023 A | 2,346 | 0 | 0 | $0 |
| Ray G Young | Director | June 1, 2023 A | 1,248 | 0 | 0 | $0 |
| Bruce P Nolop | Director | June 1, 2023 A | 43,533 | 0 | 0 | $0 |
| David R Yost | Director | May 15, 2023 J | 18,759 | 0 | 0 | $0 |
| Marc D Oken | Director | Dec. 3, 2021 P | 53,823 | 0 | 0 | $0 |
| Elaine La Roche | Director | Aug. 15, 2019 J | 11,914 | 0 | 0 | $0 |
| Maria Silvia Bastos Marques | Director | June 1, 2016 S | 4,587 | 0 | 0 | $0 |
| Hon Lord Lang Of Monkton Dl Rt | Director | June 1, 2015 G | 9,340 | 0 | 0 | $0 |
| Adele Simmons | Director | May 15, 2015 J | 81,208 | 0 | 0 | $0 |
| Zachary W Carter | Director | Aug. 22, 2013 S | 24,490 | 0 | 0 | $0 |
| Gwendolyn S King | Director | May 16, 2011 J | · | 0 | 0 | $0 |
| HARDIS STEPHEN R | Director | May 16, 2011 J | 35,967 | 0 | 0 | $0 |
| Leslie M Baker JR | Director | Feb. 15, 2011 J | 13,534 | 0 | 0 | $0 |
| David A Olsen | Director | June 1, 2009 A | 622,582 | 0 | 0 | $0 |
| Lewis W Bernard | Director | May 15, 2007 A | · | 0 | 0 | $0 |
| Robert F Erburu | Director | May 15, 2006 J | · | 0 | 0 | $0 |
| A J C Smith | Director | June 1, 2004 A | 1,178,516 | 0 | 0 | $0 |
| John Jude Jones | · | Aug. 6, 2026 S | 1,478 | 0 | 2 | $-1,657,807 |
| Peter J Beshar | · | Feb. 28, 2022 M | 505,312 | 0 | 0 | $0 |
| John Drzik | · | Nov. 8, 2013 M | 43,433 | 0 | 0 | $0 |
| David J Morrison | · | March 15, 2006 A | 78,901 | 0 | 0 | $0 |
| Jeffrey W Greenberg | · | Oct. 25, 2004 M | 1,284,105 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 133 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| KBWP · Invesco Exchange-Traded Fund Trust … | 7.71% | 124,360 SH | Oct. 5, 2026 | Daily |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 2.10% | 2,906 NS | July 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.03% | 222 NS | July 31, 2026 | N-PORT |
| QUVU · Hartford Funds Exchange-Traded Trust | 1.69% | 16,029 NS | July 31, 2026 | N-PORT |
| CVGD · Elevation Series Trust | 1.65% | 12,045 NS | July 31, 2026 | N-PORT |
| BDIV · ETF Series Solutions | 1.46% | 513 NS | July 31, 2026 | N-PORT |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.36% | 29,490 SH | Oct. 5, 2026 | Daily |
| IYF · iShares Trust | 1.30% | 321,480 SH | Sept. 11, 2026 | Daily |
| DIVD · EA Series Trust | 1.26% | 1,427 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 1.09% | 478 SH | Sept. 11, 2026 | Daily |
| ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU… | 1.08% | 476 NS | July 31, 2026 | N-PORT |
| NUDV · Nushares ETF Trust | 1.07% | 2,834 NS | July 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 1.01% | 126,538 NS | July 31, 2026 | N-PORT |
| NULV · Nushares ETF Trust | 1.00% | 115,847 NS | July 31, 2026 | N-PORT |
| NULC · Nushares ETF Trust | 0.97% | 3,609 NS | July 31, 2026 | N-PORT |
| EQIN · Columbia ETF Trust I | 0.96% | 15,463 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.94% | 16,581 NS | July 31, 2026 | N-PORT |
| VFH · VANGUARD WORLD FUND | 0.94% | 784,851 SH | Aug. 19, 2026 | Daily |
| FBCV · FIDELITY COVINGTON TRUST | 0.85% | 7,931 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.85% | 1,135,398 SH | Sept. 11, 2026 | Daily |
| FAS · Direxion Shares ETF Trust | 0.77% | 94,936 NS | July 31, 2026 | N-PORT |
| IMCV · iShares Trust | 0.73% | 47,564 SH | Sept. 11, 2026 | Daily |
| HUSV · First Trust Exchange-Traded Fund III | 0.71% | 2,749 NS | July 31, 2026 | N-PORT |
| UPSD · ETF Series Solutions | 0.59% | 3,626 NS | July 31, 2026 | N-PORT |
| IMCB · iShares Trust | 0.58% | 55,111 SH | Sept. 11, 2026 | Daily |
| FDLO · FIDELITY COVINGTON TRUST | 0.54% | 40,658 NS | July 31, 2026 | N-PORT |
| IXG · iShares Trust | 0.53% | 20,844 SH | Sept. 11, 2026 | Daily |
| ACWV · iShares, Inc. | 0.52% | 99,097 SH | Sept. 11, 2026 | Daily |
| XOEF · iShares Trust | 0.48% | 607 SH | Sept. 11, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.48% | 146,396 NS | July 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.45% | 13,052,000 | Oct. 5, 2026 | Daily |
| IMCG · iShares Trust | 0.44% | 98,414 SH | Sept. 11, 2026 | Daily |
| DGRO · iShares Trust | 0.40% | 967,992 SH | Sept. 11, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.38% | 166,340 NS | July 31, 2026 | N-PORT |
| MGV · VANGUARD WORLD FUND | 0.38% | 302,826 SH | Aug. 19, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.37% | 9,187 SH | Aug. 19, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.35% | 2,721,887 SH | Aug. 19, 2026 | Daily |
| USXF · iShares Trust | 0.34% | 28,599 SH | Sept. 11, 2026 | Daily |
| HAPI · Harbor ETF Trust | 0.33% | 8,609 NS | July 31, 2026 | N-PORT |
| VYM · VANGUARD WHITEHALL FUNDS | 0.33% | 1,924,993 SH | Aug. 19, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.33% | 9,935,000 | Oct. 5, 2026 | Daily |
| IWX · iShares Trust | 0.32% | 69,761 SH | Sept. 11, 2026 | Daily |
| VEGN · ETF Series Solutions | 0.30% | 2,846 NS | July 31, 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0.30% | 4,582,053 SH | Aug. 19, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.30% | 13,601 SH | Oct. 5, 2026 | Daily |
| IVE · iShares Trust | 0.29% | 800,831 SH | Sept. 11, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.28% | 110,944 SH | Aug. 19, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.28% | 4,809 NS | July 31, 2026 | N-PORT |
| EVUS · iShares Trust | 0.28% | 5,926 SH | Sept. 11, 2026 | Daily |
| DIVB · iShares Trust | 0.27% | 31,216 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.27% | 421,927 SH | Sept. 11, 2026 | Daily |
| QUAL · iShares Trust | 0.26% | 683,624 SH | Sept. 11, 2026 | Daily |
| SUSL · iShares Trust | 0.25% | 17,004 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.25% | 6,923 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 0.24% | 73,637 SH | Sept. 11, 2026 | Daily |
| AQLT · iShares Trust | 0.23% | 4,272 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.23% | 1,071,721 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.23% | 291,150 SH | Aug. 19, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.22% | 9,868,000 | Oct. 5, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.22% | 293,000 | Oct. 2, 2026 | Daily |
| IOO · iShares Trust | 0.21% | 105,460 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.20% | 16,908 NS | July 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.20% | 1,100,108 SH | Oct. 5, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.20% | 54,498 SH | Oct. 5, 2026 | Daily |
| SIZE · iShares Trust | 0.20% | 4,733 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.19% | 20,621 SH | Sept. 11, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.19% | 14,047 NS | July 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.19% | 42,920 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.19% | 10,580 SH | Oct. 5, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.19% | 1,488 NS | July 31, 2026 | N-PORT |
| ESG · FlexShares Trust | 0.18% | 1,260 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.18% | 5,202 NS | July 31, 2026 | N-PORT |
| CATH · Global X Funds | 0.16% | 11,131 NS | July 31, 2026 | N-PORT |
| USCL · iShares Trust | 0.16% | 25,550 SH | Sept. 11, 2026 | Daily |
| TOPC · iShares Trust | 0.16% | 292 SH | Sept. 11, 2026 | Daily |
| IWL · iShares Trust | 0.15% | 18,811 SH | Sept. 11, 2026 | Daily |
| ILCV · iShares Trust | 0.15% | 11,345 SH | Sept. 11, 2026 | Daily |
| MGC · VANGUARD WORLD FUND | 0.15% | 96,089 SH | Aug. 19, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.15% | 18,486 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.15% | 62 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.15% | 5,544 SH | Sept. 11, 2026 | Daily |
| ADME · ETF Series Solutions | 0.15% | 2,254 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.14% | 24,479 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.14% | 24,505 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.14% | 17,053 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.14% | 374 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.14% | 36 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.14% | 109,035 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.14% | 1,916 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.14% | 40,194 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.14% | 467 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 64,810 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.14% | 26 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.14% | 78,927 SH | Oct. 5, 2026 | Daily |
| VOTE · TCW ETF Trust | 0.14% | 7,949 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.13% | 1,817 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.13% | 6,072,781 SH | Sept. 11, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.13% | 562,693 SH | Aug. 19, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.13% | 12,751 SH | Oct. 5, 2026 | Daily |
| QDPL · Pacer Funds Trust | 0.13% | 11,602 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.13% | 72,369 SH | Oct. 5, 2026 | Daily |
| ILCB · iShares Trust | 0.13% | 9,105 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.12% | 2,836 SH | Oct. 5, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.12% | 77,630 SH | Oct. 5, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.12% | 135,144 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.12% | 334,198 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.12% | 20,704 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.12% | 79,036 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.12% | 12,512,840 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.12% | 79,533 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.12% | 296,877 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.12% | 132,511 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.12% | 628,113 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.11% | 3,352 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.11% | 15,300,089 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.11% | 40,633 SH | Aug. 19, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.11% | 37,667 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.10% | 376 SH | Oct. 5, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.10% | 17,737 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.10% | 1,335 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.10% | 17,222 SH | Sept. 11, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.10% | 847 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.10% | 95,863 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.09% | 43,427 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.09% | 10,586 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.09% | 27 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.08% | 153,033 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.08% | 5,225 SH | Sept. 11, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.07% | 3,665 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.07% | 404,002 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 2,972 SH | Oct. 5, 2026 | Daily |
| DUHP · Dimensional ETF Trust | 0.04% | 26,122 NS | July 31, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.00% | 127,000 | Oct. 2, 2026 | Daily |
MRSH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 31 analysts
HOLD
Median target
$201.00
+17.0%
3 9.7%
Strong Buy
9 29.0%
Buy
18 58.1%
Hold
1 3.2%
Sell
0 0.0%
Strong Sell
12-Month Price Target
21 analysts · 2026-10-03Mean target $205.57 +19.7%
← Below all targets
Current price $171.74
Low$179.00
Mean$205.57
High$238.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MRSH | $89.98B | 22.0 | 10.3% | 15.4% | 28.1% | · |
| AJG | $66.51B | 45.1 | 20.7% | 10.7% | 6.9% | · |
| BRO | $26.78B | 25.2 | 22.8% | 17.9% | 8.7% | · |
| RYAN | · | · | 21.3% | 2.1% | 9.9% | · |
| HGTY | · | · | 17.3% | 10.2% | 80.3% | · |
| BWIN | · | -48.1 | 8.3% | -2.2% | -5.7% | · |
| LIFE | · | · | 52.0% | 18.4% | -108.4% | · |
| GSHD | · | 70.8 | 16.2% | 7.6% | -107.8% | · |
| TWFG | · | 54.3 | 22.0% | · | · | · |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
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Source: SEC 10-Q filed Jul 21, 2026