Marsh & Mclennan Companies
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/4
| Measure | MMC | Checked against | |
|---|---|---|---|
| Owner earnings | $4.23bn | positive | ✓ |
| Return on equity | 27.2% | median 11.7% | ✓ |
| Debt to equity | 1.28x | median 0.79x | ✗ |
| Operating margin | 23.1% | median 15.0% | ✓ |
Passes 3 of 4. To be clear: Warren Buffett has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 2/3
| Measure | MMC | Checked against | |
|---|---|---|---|
| Return on capital employed | 17.8% | median 10.1% | ✓ |
| Cash conversion | — | median 1.78x | — |
| Operating margin | 23.1% | median 15.0% | ✓ |
| Debt to equity | 1.28x | median 0.79x | ✗ |
Passes 2 of 3. To be clear: Terry Smith has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 3/3
| Measure | MMC | Checked against | |
|---|---|---|---|
| Return on capital employed | 17.8% | median 10.1% | ✓ |
| Return on equity | 27.2% | median 11.7% | ✓ |
| Operating margin | 23.1% | median 15.0% | ✓ |
Passes 3 of 3. To be clear: Charlie Munger has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 2/3
| Measure | MMC | Checked against | |
|---|---|---|---|
| Return on equity | 27.2% | median 11.7% | ✓ |
| Debt to equity | 1.28x | median 0.79x | ✗ |
| Cash conversion | — | median 1.78x | — |
| Return on equity, sustained | 10 of 10 | 8 of 10 above median | ✓ |
Passes 2 of 3. To be clear: Chuck Akre has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 4/4
| Measure | MMC | Checked against | |
|---|---|---|---|
| Operating margin | 23.1% | median 15.0% | ✓ |
| Net margin | 15.4% | median 10.2% | ✓ |
| Return on capital employed | 17.8% | median 10.1% | ✓ |
| Operating margin, held or improving | 23.1% | 10-yr median 18.9% | ✓ |
Passes 4 of 4. To be clear: Philip Fisher has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 0/2
| Measure | MMC | Checked against | |
|---|---|---|---|
| Current ratio | 1.10x | median 1.25x | ✗ |
| Debt to equity | 1.28x | median 0.79x | ✗ |
Passes 0 of 2. To be clear: Walter Schloss has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 1/3
| Measure | MMC | Checked against | |
|---|---|---|---|
| Current ratio | 1.10x | 2.00x published | ✗ |
| Long-term debt to working capital | 8.56x | 1.00x published | ✗ |
| Positive earnings, ten years running | 10 yrs | 10 published | ✓ |
Passes 1 of 3. To be clear: Benjamin Graham has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | MMC | Checked against | |
|---|---|---|---|
| Return on capital employed | 17.8% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 1/2
| Measure | MMC | Checked against | |
|---|---|---|---|
| Debt to equity | 1.28x | median 0.79x | ✗ |
| Net margin | 15.4% | median 10.2% | ✓ |
Passes 1 of 2. To be clear: Peter Lynch has never said anything about Marsh & Mclennan Companies. These are the company’s own figures put through the tests he described. What he looks at, and why →
You asked about MMC. That company now trades under MRSH — same registrant, same filings, changed symbol.
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 40.7% | whyThe figure most screeners publish. |
| Operating cash flow | 32.1% | whyBefore capital spending. |
| Free cash flow | 34.0% | whyAfter maintaining the business. |
Spread between highest and lowest: 8.6 percentage points. Same filings, different denominators.
Coverage rating 56 / 100 — Tight. ? Peer standing 18/50Direction 18/30Stability 20/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 34.0% |
| 2024-12-31 | 38.0% |
| 2023-12-31 | 33.8% |
| 2022-12-31 | 38.0% |
| 2021-12-31 | 33.0% |
| 2020-12-31 | 31.1% |
36% of the 25 financial services here pay out more.
The arithmetic
- GAAP earnings — dividends declared per share $3.43 ÷ diluted EPS $8.43
- Operating cash flow — dividends paid $1,699m ÷ operating cash flow $5,292m
- Free cash flow — dividends paid $1,699m ÷ (operating cash flow $5,292m − capex $291m)
Where the figures came from
- 10-K filed 2026-02-09 · accession 0000062709-26-000022
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated tight · when it files.
When this changes
Every figure above is recomputed whenever Marsh & Mclennan Companies files. The monthly letter carries what filed, what moved, and one finding computed across every company here.