Marsh & McLennan Companies, Inc.

MMC

Marsh & McLennan Companies, Inc., a professional services company, provides advice and solutions to clients in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services, and Consulting. The Risk and Insurance Services segment offers risk management services, such as risk advice, risk transfer, and risk control and mitigation solutions, as well as insurance and reinsurance broking, catastrophe and financial modeling, and related advisory services; and insurance program management services. This segment serves businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment provides health, wealth, and career consulting services and products; and specialized management, as well as economic and brand consulting services. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

18.48%

Operating Income = $1.22B

Revenue = $6.59B

Pre-tax Profit Margini

16.01%

Income Before Tax = $1.06B

Revenue = $6.59B

Net Profit Margini

12.45%

Net Income = $0.82B

Revenue = $6.59B

Tax Metrics

Effective Tax Ratei

21.02%

Income Tax Expense = $0.22B

Income Before Tax = $1.06B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $5.54B

Financial Sector PPNR Metrics

PPNRi

$0.98B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $-0.22B | non interest income: $6.58B | non interest expense: $5.38B

PPNR Margini

14.92%

PPNR = $0.98B

Revenue = $6.59B

PPNR / Avg Assetsi

1.71%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $0.98B | avg total assets: $57.60B

Cost Efficiency Metrics

Efficiency Ratioi

81.52%

Non-Interest Expense = $5.38B

Revenue = $6.59B

Cost-to-Incomei

81.52%

Operating Expenses = $5.38B

Revenue = $6.59B

Cost-to-Assetsi

9.33%

Operating Expenses = $5.38B

Avg Total Assets = $57.60B

Operating Leverage Metrics

Operating JAWSi

-306.43%

Revenue Growth = 8.70%

Expense Growth = 315.14%

Operating Margin Expansioni

-0.34pp

Current Operating Margin = 18.48%

Prior Operating Margin = 18.82%

Earnings Quality Metrics

Earnings Qualityi

2.33x

Operating Cash Flow = $1.91B

Net Income = $0.82B

Accruals / Avg Assetsi

-1.89%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $0.82B | operating cash flow: $1.91B | avg total assets: $57.60B

Volatility Metrics

PPNR Volatilityi

0.31x

Core Revenue Volatilityi

0.07x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $26.98B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $9.12B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

$-13.77B

Tangible Assets (TA)i

$29.63B

TCE / TA Ratioi

-46.47%

🔴 Risk

TCE = $-13.77B

TA = $29.63B

Leverage

Equity / Assets (E/A)i

26.09%

Total Equity = $15.31B

Total Assets = $58.71B

Assets / Equity (A/E)i

3.83x

Total Assets = $58.71B

Total Equity = $15.31B

Capital Quality

(Goodwill + Intangibles) / Equityi

189.90%

🔴 Risk

GW+Intangibles = $29.08B

Total Equity = $15.31B

Liquidity

Liquidity Buffer (HQLA proxy)i

4.58%

🔴 Risk

Cash+ST Inv = $2.69B

Total Assets = $58.71B

Funding Structure

Wholesale Funding Ratio (Core)i

49.43%

⚠️ Warning

ST+LT Debt = $21.45B

Total Liabilities = $43.40B

Securities / Assetsi

0.00%

✅ Healthy

ST+LT Inv = $0.00B

Total Assets = $58.71B

Risk-Adjusted

ATCE / TAi

0.00%

TCE ATCE = N/A

TA = $29.63B

ATCE Scissor Spreadi

-4647 bps

✅ Healthy

TCE/TA = -4647.00%

ATCE/TA = N/A

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Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

1.27x

TTM Operating Cash Flow = $5.29B

TTM Net Income = $4.16B

Cash Flow ROA (CFROA)i

9.01%

TTM Operating Cash Flow = $5.29B

Average Total Assets = $58.75B

Liquidity / Solvency

Cash Flow Adequacyi

1.68x

TTM Operating Cash Flow = $5.29B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $3.15B

OCF / Short-Term Debti

3.31x

TTM Operating Cash Flow = $5.29B

Short-Term Debt = $1.60B

Sustainability / Stability

OCF Growth Rate (YoY)i

-2.25%

Current Quarter OCF = $1.91B

Same Quarter Last Year OCF = $1.96B

OCF Volatility (CV)i

0.97x

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profitability Margins

Operating Income Margini

18.48%

Operating Income = $1.22B

Revenue = $6.59B

Pre-tax Profit Margini

16.01%

Income Before Tax = $1.06B

Revenue = $6.59B

Net Profit Margini

12.45%

Net Income = $0.82B

Revenue = $6.59B

Tax Metrics

Effective Tax Ratei

21.02%

Income Tax Expense = $0.22B

Income Before Tax = $1.06B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $5.54B

Financial Sector PPNR Metrics

PPNRi

$0.98B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $-0.22B | non interest income: $6.58B | non interest expense: $5.38B

PPNR Margini

14.92%

PPNR = $0.98B

Revenue = $6.59B

PPNR / Avg Assetsi

1.71%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $0.98B | avg total assets: $57.60B

Cost Efficiency Metrics

Efficiency Ratioi

81.52%

Non-Interest Expense = $5.38B

Revenue = $6.59B

Cost-to-Incomei

81.52%

Operating Expenses = $5.38B

Revenue = $6.59B

Cost-to-Assetsi

9.33%

Operating Expenses = $5.38B

Avg Total Assets = $57.60B

Operating Leverage Metrics

Operating JAWSi

-306.43%

Revenue Growth = 8.70%

Expense Growth = 315.14%

Operating Margin Expansioni

-0.34pp

Current Operating Margin = 18.48%

Prior Operating Margin = 18.82%

Earnings Quality Metrics

Earnings Qualityi

2.33x

Operating Cash Flow = $1.91B

Net Income = $0.82B

Accruals / Avg Assetsi

-1.89%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $0.82B | operating cash flow: $1.91B | avg total assets: $57.60B

Volatility Metrics

PPNR Volatilityi

0.31x

Core Revenue Volatilityi

0.07x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $26.98B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $9.12B | employee count: N/A

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Marsh & McLennan Companies, Inc.

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)