MRSHMARSH & MCLENNAN COMPANIES, INC.

Insurance Agents, Brokers & Service

Revenue: $27.0B; 10% YoY
Operating margin: 23.1%; 3.0% YoY
EBITDA: $6.6B; 6.4% YoY
Market cap: $95.3B
Employees: 95,000; $284K revenue each
Net debt / EBITDA: 1.4×; $9.4B net debt
AI in 10-K: 6.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
127% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
70% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$284K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.9 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$95.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$19.8B	$20.7B	$22.7B	$24.5B	$27.0B	10%
Operating income	$4.3B	$4.3B	$5.3B	$5.8B	$6.2B	7.0%
Net income	$3.1B	$3.0B	$3.8B	$4.1B	$4.2B	2.5%
Operating cash flow	$3.5B	$3.5B	$4.3B	$4.3B	$5.3B	23%
Capex	$406M	$470M	$416M	$316M	$291M	7.9%
Stock-based comp	$348M	$367M	$363M	$368M	$394M	7.1%
Buybacks	$1.2B	$1.9B	$1.1B	$900M	$2.0B	124%
Dividends	$1.0B	$1.1B	$1.3B	$1.5B	$1.7B	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $20M · 13
Net: −$20M

Pay vs performance

No pay-versus-performance disclosure yet.