Marsh & McLennan Cos., Inc.

MMC

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Market Cap$89.82B

Close$

Compare to Similar Companies

	P/E Ratio	Dividends	Return on Equity	Price-to-Sales	Debt-to-Equity
Marsh & McLennan Cos., Inc.	22.7	1.98%	26%	3.2	1.5

Earnings Call Q2 2026

July 21, 2026 - AI Summary

Strong Q2 and steady outlook (core results) - Revenue: $7.4B, +6% YoY; underlying growth 5% (accelerated vs prior quarter). - Profitability: Adjusted operating income +5%; adjusted operating margin 29.3%. - EPS: Adjusted EPS $2.96, +9% YoY (GAAP EPS $2.63). - Management guidance for 2026 (high level): expects underlying revenue growth similar to 2025, margin expansion, and solid adjusted EPS growth; assumes more margin expansion in Q4 > Q3. - Risk factors noted: guidance depends on the economic/geopolitical environment; demand and pricing conditions can change materially.

Segment mix: Marsh Risk resilient; Guy Carpenter pressured by cat pricing; Consulting/Mercer strong - RIS total: Q2 revenue $4.8B (+4% YoY / +3% underlying); adjusted operating margin 35.3%; adjusted operating income +3%. - Marsh Risk: revenue $4.1B; +6% reported / +4% underlying. - U.S./Canada: underlying growth accelerated to 4% (from 3% in Q1), driven by strong new business and hiring production talent. - International: +5% underlying (EMEA +5%, AsiaPac +5%, LatinAm +8%); mentioned strong U.K. growth and facultative reinsurance double-digit growth. - Guy Carpenter: revenue $664M (-2%), flat underlying for H1; headwind from falling property cat rates. - Management quantified a ~6 percentage point impact on underlying growth in the quarter from cat pricing declines. - Consulting (Mercer + MMC): strong momentum - Consulting revenue $2.6B (+10% reported / +8% underlying); adjusted operating income +11%; margin 20.5%. - Mercer: Q2 revenue $1.6B (+7% / +5% underlying); Wealth +8% (best quarter of growth since 2016 reporting); AUM $846B. - Marsh Management Consulting: Q2 revenue $1.0B (+15% reported / +13% underlying)—fastest quarter in 2+ years.

Market backdrop: soft insurance pricing but reinsurance benefiting from capacity; cat specifics matter - Insurance pricing (Marsh Global Insurance Market Index): primary commercial rates -6% in Q2 (after -5% in Q1). - U.S. commercial: -2%; Europe/Asia mid-single digits down; Canada/UK/LatAm high single digits down; Pacific double-digit decreases. - Global property rates: -12% YoY, an acceleration from the prior quarter. - Reinsurance market: still soft due to abundant capacity; described as favorable for insurers. - Florida cat renewals (June 1): rate reductions 15–20% (partially offset by modest demand increase). - Catastrophe bonds: $61B+ limit outstanding through first half 2026 (record-high issuance), indicating clients actively using alternative risk transfer/third-party capital.

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$209.96

Current Fair Value

14.9% upside

Undervalued by 14.9% based on the discounted cash flow analysis.

Share Statistics

Market cap	$89.82 Billion
Enterprise Value	$110.98 Billion
Dividend Yield	$3.60 (1.98%)
Earnings per Share	$8.48
Beta	0.75
Outstanding Shares	484,000,000

Return

Return on Equity	25.79%
Return on Assets	6.67%
Return on Invested Capital	12.59%

Valuation & Multiples

P/E Ratio	22.66
PEG	498.91
Price to Sales	3.21
Price to Book Ratio	5.89
Enterprise Value to Revenue	3.97
Enterprise Value to EBIT	23.01
Enterprise Value to Net Income	27
Total Debt to Enterprise	0.21
Debt to Equity	1.48

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date

January 29, 2026

EPS Estimate

$1.97

Average shareholder expectation

Revenue Estimate

$6.55 B

Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio	0.5922▼ 27.35%
Total Calls	660,800▲ 12.86%
Total Puts	391,300▼ 22.79%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %	88.72%▲ 0.61%
Total Invested	$80.83B▼ 7.25%
Investors Holding	1,624▲ 12.00%

ESG Score

No data

About Marsh & McLennan Cos., Inc.

CEO: Daniel Glaser

Relevant Senate Committees

Joint Committee on Taxation

This committee directly influences the legislative outcomes of tax policy by providing official revenue estimates and technical analysis for all tax bills. Its work directly shapes corporate tax structures and capital investment, which significantly impacts MMC's financial planning and operational costs.

Finance

This powerful committee directly controls taxation (corporate tax rates, deductions), trade, and entitlement spending (Medicare). These decisions directly affect MMC's profitability, global operations, and the regulatory landscape for its health and benefits consulting services.

Health, Education, Labor, and Pensions

This committee has direct regulatory authority over health policy (affecting health insurance and benefits design), labor laws (impacting employee benefits and pension regulations), and education. These areas are central to MMC's Mercer business, which provides extensive HR, health, and benefits consulting services globally.

Banking, Housing, and Urban Affairs

This committee directly regulates the entire financial system, including financial institutions. As a major player in the financial services sector (insurance brokerage and consulting), MMC is highly susceptible to regulations concerning capital, market conduct, financial stability, and various financial products overseen by this committee.