# Marsh (MRSH) — Stock CV

Marsh is a $83.9B financial services company. Revenue grew 8.3% over the last year, and it keeps 14¢ of every dollar of sales as profit. It trades at 21.1× earnings — around the middle of its own history.

> Marsh is a professional services firm that provides advice and solutions in the areas of risk, strategy, and human capital. The company operates through two main segments: risk and insurance services and consulting.

## Identity

- **Ticker**: MRSH
- **Sector**: Financial Services
- **Industry**: Insurance Agents, Brokers & Service
- **Headquarters**: NEW YORK, NY
- **Employees**: 55 700
- **Website**: https://www.corporate.marsh.com
- **Market cap**: $83.9B
- **Last price**: $175.76
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $27.9B
- **Net income**: $3.98B
- **Free cash flow**: $4.77B
- **Net debt**: $16.9B
- **P/E**: 21.1
- **Revenue growth (YoY)**: 8.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 62 |
| Growth | 61 |
| Profitability | 77 |
| Health | 42 |
| Quality | 92 |
| Moat | 95 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +8.3% YoY
- [x] Profitable — $3.98B TTM
- [x] Profit growing — +11.7% YoY
- [x] Generates cash — $4.77B TTM
- [x] Debt under control — ~3.5y of cash flow to repay
- [x] Established company — $83.9B market cap
- [x] Not printing shares — -3.7% shares over ~5y
- [x] Proven track record — 5/5 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 2.11%
- [x] Valuation not extreme — P/E 21.1

## Experience (career milestones)

- **FY2025** — Best year on record: $4.16B net income
- **FY2021** — Profitable every year on record: 5 consecutive profitable years in our data
- **FY2021** — Revenue already above $10B: $19.8B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2020** — Marsh acquired Schaumburg, Illinois-based independent insurance agency, Assurance Holdings, Inc
- **2004** — Marsh was involved in a brokerage bid rigging scandal that plagued much of the insurance industry,…
- **2001** — As the company continued to expand globally, Marsh acquired South African company Alexander Forbes’ African…
- **1962** — The 1960s era was a particularly notable period for the company, including an initial public offering in 1962 and a…

## Strengths

- Strong cash conversion — FCF is 17.1% of revenue
- Interest covered 7.3× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $19.8B | $3.14B | $3.11B |
| FY2022 | $20.7B | $3.05B | $3.00B |
| FY2023 | $22.7B | $3.76B | $3.84B |
| FY2024 | $24.5B | $4.06B | $3.99B |
| FY2025 | $27.0B | $4.16B | $5.00B |

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Source: https://stockcv.com/MRSH — derived from company filings; may be delayed or incomplete. Information, not investment advice.