Question 1

What is Marsh & McLennan Companies's P/FCF ratio?

Accepted Answer

Marsh & McLennan Companies (MRSH) P/FCF ratio is 17.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Marsh & McLennan Companies?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Marsh & McLennan Companies specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Marsh & McLennan Companies's P/FCF ratio high or low?

Accepted Answer

Marsh & McLennan Companies's P/FCF ratio of 17.9× is below its own 5-year average of 25.3× and above the sector median of 12.0×. That places the current reading at the 8th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Marsh & McLennan Companies's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Marsh & McLennan Companies (MRSH) P/FCF ratio has ranged from a low of 10.3× in 2004 to a high of 321.7× in 2005. The 5-year average is 25.3× and the 5-year median is 26.2×.

Question 7

What was Marsh & McLennan Companies's P/FCF ratio in 2025?

Accepted Answer

Marsh & McLennan Companies (MRSH) P/FCF ratio at the end of 2025 was 18.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Marsh & McLennan Companies's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$90.3B	$5B	18.1×	-8.2×	Dec 31, 2025
2024	$105B	$3.99B	26.2×	+1.9×	Dec 31, 2024
2023	$93.4B	$3.84B	24.3×	-3.1×	Dec 31, 2023
2022	$82.1B	$3B	27.4×	-0.8×	Dec 31, 2022
2021	$87.6B	$3.11B	28.2×	+8.6×	Dec 31, 2021
2020	$59.3B	$3.03B	19.6×	-9.4×	Dec 31, 2020
2019	$56.2B	$1.94B	28.9×	+9.9×	Dec 31, 2019
2018	$40.2B	$2.11B	19.0×	-7.1×	Dec 31, 2018
2017	$41.5B	$1.59B	26.1×	+6.2×	Dec 31, 2017
2016	$34.8B	$1.75B	19.8×	+1.3×	Dec 31, 2016
2015	$28.9B	$1.56B	18.5×	+0.8×	Dec 31, 2015
2014	$31B	$1.74B	17.8×	-10.4×	Dec 31, 2014
2013	$26.5B	$940M	28.2×	+9.4×	Dec 31, 2013
2012	$18.8B	$1B	18.7×	+6.8×	Dec 31, 2012
2011	$17B	$1.43B	12.0×	-21.0×	Dec 31, 2011
2010	$14.8B	$451M	32.9×	-1.7×	Dec 31, 2010
2009	$11.6B	$335M	34.6×	+6.9×	Dec 31, 2009
2008	$12.5B	$451M	27.7×	—	Dec 31, 2008
2007	$13.7B	-$609M	—	—	Dec 31, 2007
2006	$16.8B	$571M	29.5×	-292.2×	Dec 31, 2006
2005	$17.4B	$54M	321.7×	+311.4×	Dec 31, 2005
2004	$17.5B	$1.69B	10.3×	-7.3×	Dec 31, 2004
2003	$25.1B	$1.43B	17.6×	-11.3×	Dec 31, 2003
2002	$24.8B	$857M	28.9×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Marsh & McLennan Companies (MRSH) 2002-2026

P/FCF Ratio daily chart for Marsh & McLennan Companies (MRSH)

Historical P/FCF Ratio for Marsh & McLennan Companies (MRSH) from 2002 to 2025

About P/FCF Ratio at Marsh & McLennan Companies (MRSH)

Marsh & McLennan Companies P/FCF Ratio by Year

Marsh & McLennan Companies P/FCF Ratio 2025: 18.1×

Marsh & McLennan Companies P/FCF Ratio 2024: 26.2×

Marsh & McLennan Companies P/FCF Ratio 2023: 24.3×

Marsh & McLennan Companies P/FCF Ratio 2022: 27.4×

Marsh & McLennan Companies P/FCF Ratio 2021: 28.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Marsh & McLennan Companies (MRSH) Key Financials