Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 5/6 · 22/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Specialist capabilities, a patented insurer analytics platform, proprietary tools and established market relationships support differentiation. Positive underlying growth and higher renewal revenue demonstrate commercial relevance beyond issuer leadership claims, although relative superiority is not quantified.
durability · 2/4 · Capabilities recur across successive annual disclosures and continue supporting demand. However, professionals can carry relationships to competitors, and clients have historically insourced consulting work. Exceptional durability is not demonstrated.
customer dependency · 2/4 · Renewal growth and specialized risk advice indicate continuing customer usefulness. Dependency is assessed indirectly: client migration, insourcing and penalty-free engagement termination limit evidence of hard switching barriers.
erosion resilience · 2/4 · Renewal growth despite declining premium rates demonstrates resilience, and revenue continued rising in 2026. Lower nine-month operating income and AI-enabled competition make the evidence mixed; disclosed competitive risks are possibilities rather than proof of realized displacement.
Pouvoir de fixation des prix—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · The passages establish falling insurance premium rates and growing renewal revenue, but do not isolate Marsh's own fees or commission rates. Premium pricing belongs to the insurance product and cannot establish realized pricing power for the intermediary.
retention · 2/4 · Higher renewal revenue demonstrates repeat demand indirectly. No retention rate or separation of renewal volumes from exposure and account mix is supplied, while mobile talent and penalty-free consulting termination constrain stickiness.
margin resilience · 2/4 · The disclosed history of adjusted margin expansion is favorable, but Risk and Insurance Services' GAAP margin fell to 26.8% from 28.4% in 2025. Nine-month 2026 operating income declined despite revenue growth. Adjusted methodology changes and integration costs complicate comparison; margins alone do not establish pricing power.
contractual freedom · 1/4 · Disclosed terms provide weak protection: consulting engagements can be terminated without penalty, and Mercer Health compensation depends substantially on insurance placements and insurer-linked factors. Premium adjustments can reduce commissions. These constraints support a low grade, although negotiated fee-setting rights across the group are not fully disclosed.
Prévisibilité100
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 2.26
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.35
Solidité financière45
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 58.33
- netDebtEbitGrade
- 45.69
- interestCoverageGrade
- 49.84
- currentRatioGrade
- 28.13
- Debt / FCF (x)
- 3.92
- Net debt / operating income (x)
- 2.72
- Interest coverage (x)
- 6.48
- Current ratio (x)
- 1.10
Allocation du capital97
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 21.93
- 3-year average dilution (%)
- -0.54
- 3-year average SBC / revenue (%)
- 1.52
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Reported 2025 free cash flow exceeded $5 billion, with disclosed acquisition spending and revenue contributions. Actual 2026 repurchases substantially exceeded employee share issuance. Continuing integration costs and missing acquisition return and financing detail prevent a strong conclusion about value creation from the whole deployment program.
incentive alignment · 3/4 · Actual compensation arrangements include multi-year vesting, forfeiture provisions and executive ownership requirements. A realized relative-TSR modifier reduced the reported PSU payout to 176% of target, demonstrating operation of the mechanism. Discretionary strategic assessments and missing ownership-compliance evidence limit the conclusion.
execution · 2/4 · Underlying growth, reported cash generation and the disclosed completion of McGriff integration support execution. Continuing integration and retention costs and declining nine-month 2026 operating income make current performance mixed. This assessment uses indirect operating outcomes; projected Thrive savings are not treated as achieved.
governance · 3/4 · An otherwise independent board, separated CEO and chair roles, shareholder special-meeting rights and an adopted conduct clawback provide strong disclosed governance structures. These provisions do not prove exceptional oversight effectiveness, and unresolved litigation remains an exposure rather than an adjudicated governance failure.
Preuves
•Marsh Specialty is an integrated and globally coordinated team of experts who provides clients in highly specialized industry and product areas with data driven insights, service, advice and access to global insurance markets.
Business: Marsh Specialty capabilities · Dépôt 12/02/2024
Through Marsh's patented electronic platform, MarketConnect, and sophisticated data analysis, ICG provides insurers with individualized preference setting and risk identification capabilities, as well as detailed performance data and metrics.
Business: MarketConnect platform and insurer analytics · Dépôt 10/02/2025
Guy Carpenter creates and executes reinsurance and risk management solutions globally through risk assessment analytics, actuarial services and trading relationships with reinsurance markets.
Business: Guy Carpenter analytics and trading relationships · Dépôt 09/02/2026
•Career: advising on employee engagement, skill assessment, executive remuneration, HR effectiveness and M&A strategy utilizing proprietary data and tools.
Business: Career proprietary data and tools · Dépôt 09/02/2026
In Risk and Insurance Services, underlying revenue growth in 2025 was driven by higher new business and renewal revenue at Marsh Risk and Guy Carpenter, partially offset by declining insurance and reinsurance premium rates.
MD&A: 2025 new-business and renewal revenue drivers · Dépôt 09/02/2026
Revenue increased 4% on an underlying basis and 8% from acquisitions.
MD&A: Risk and Insurance Services underlying and acquisition growth · Dépôt 09/02/2026
If a key employee were to join an existing competitor or form a competing company, some of our clients could choose to use the services of a competitor instead of our services.
Risk factors: employee departures and potential client migration · Dépôt 09/02/2026
The consulting business faces competition from global, regional and local firms, including independent consulting, broking and outsourcing firms affiliated with accounting, technology and financial services and new entrants utilizing generative AI.
Business: consulting competition and generative AI entrants · Dépôt 09/02/2026
Many of our clients, including financial institutions, corporations, government entities and pension plans, have reduced expenses, including amounts spent on consulting services, and used internal resources instead of consultants during difficult economic periods.
Risk factors: historical consulting spending reductions and insourcing · Dépôt 09/02/2026
•fluctuations in capacity and utilization rates and clients' ability to terminate engagements without penalty;
Risk factors: engagement termination without penalty · Dépôt 09/02/2026
Insurance exposures subject to variable factors are subject to mid-term and end of term adjustments, as well as policy audits, which may reduce premiums and corresponding commissions.
Revenue accounting: premium adjustments and corresponding commissions · Dépôt 15/10/2026
In the majority of cases, Mercer's Health business is compensated through commissions for the placement of insurance contracts and supplemental compensation from insurers based on various factors as volume, growth of accounts, and total retention of accounts placed by Mercer.
Business: Mercer Health commission and supplemental compensation structure · Dépôt 09/02/2026
11,030
10,144
Operating income
$
4,636
$
4,365
$
3,945
Operating income margin
26.8
%
28.4
%
28.0
%
Revenue
Revenue in the Risk and Insurance Services segment increased $1.9 billion, or 12%, to $17.3 billion in 2025, compared to $15.4 billion in 2024.
MD&A: Risk and Insurance Services operating income and margins · Dépôt 09/02/2026
MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share data)
2026
2025
2026
2025
Revenue
$
6,863
$
6,351
$
21,864
$
20,386
Expense:
Compensation and benefits
4,078
3,894
12,349
11,639
Other operating expenses
1,570
1,287
4,647
3,743
Operating expenses
5,648
5,181
16,996
15,382
Operating income
1,215
1,170
4,868
5,004
Other net benefit credits
48
52
148
143
Interest income
10
10
29
34
Interest expense
(248)
(237)
(738)
(725)
Investment income
8
15
9
27
Income before income taxes
1,033
1,010
4,316
4,483
Income tax expense
221
253
1,027
1,083
Net income before non-controlling interests
812
757
3,289
3,400
Less: Net income attributable to non-controlling interests
4
10
69
61
Net income attributable to the Company
$
808
$
747
$
3,220
$
3,339
Net income per share attributable to the Company:
– Basic
$
1.70
$
1.52
$
6.71
$
6.79
– Diluted
$
1.69
$
1.51
$
6.68
$
6.75
Average number of shares outstanding:
– Basic
476
491
480
492
– Diluted
479
494
482
495
Shares outstanding at September 30,
475
490
475
490
Unaudited consolidated income statements: third quarter and nine months of 2026 · Dépôt 15/10/2026
We grew our adjusted operating income* by 11% and expanded adjusted margin for our 18th consecutive year*.
Proxy performance summary: adjusted operating income and margin history · Dépôt 31/03/2026
In the first quarter of 2025, the Company changed its methodology to report adjusted operating income (loss), adjusted income, net of tax and adjusted EPS to exclude the impact of intangible amortization and other net benefit credits.
Non-GAAP reconciliation: 2025 methodology change · Dépôt 31/03/2026
•
Delivered 10% revenue growth, achieved 4% underlying revenue growth; double-digit NOI growth of 11% on a GAAP basis; adjusted EPS growth of 9%, extending a fifteen-year track record of over 7% adjusted EPS growth, the longest among S&P 500 companies; and free cash flow growth of 25%, surpassing $5 billion for the first time.
Executive compensation: reported 2025 growth and free cash flow achievements · Dépôt 31/03/2026
◾ We deployed approximately $850 million of capital over 20 acquisitions and investments, which contributed $255 million in revenue.
Proxy capital management: acquisition spending and revenue contribution · Dépôt 31/03/2026
For the nine months ended September 30, 2026, the Company repurchased 11.4 million shares of its common stock for $2.0 billion.
Common stock: completed nine-month 2026 repurchases · Dépôt 15/10/2026
The Company issued approximately 2.0 million and 3.2 million shares related to stock compensation and employee stock purchase plans for the nine months ended September 30, 2026 and 2025, respectively.
Common stock: actual employee equity issuance · Dépôt 15/10/2026
These costs included approximately $35 million and $124 million of integration and retention related costs in connection with the acquisition of McGriff Insurance Services for the three and nine months ended September 30, 2026, and $52 million and $166 million, respectively, for the corresponding periods in the prior year.
Acquisitions: actual McGriff integration and retention costs · Dépôt 15/10/2026
However, our three-year TSR was at the 38th percentile versus S&P 500 constituents*, which resulted in a 0.88x relative TSR modifier and a payout of 176% of target.
Executive compensation: realized relative TSR modifier and PSU payout · Dépôt 31/03/2026
Executive Stock Ownership Guidelines
Our senior executives are required to acquire and hold shares or stock units (excluding PSUs) of our common stock with an aggregate value at least equal to a specified multiple of their base salary.
Executive compensation: required executive share ownership · Dépôt 31/03/2026
All equity-based awards are subject to multi-year vesting requirements or performance periods with complete forfeiture of unvested awards upon a voluntary termination of employment by a senior executive (other than by reason of retirement) or termination of employment for cause.
Executive compensation: multi-year award conditions and forfeiture · Dépôt 31/03/2026
Doyle, solely the Compensation Committee) assessed each named executive officer’s strategic performance as above target for the year and determined a performance factor ranging up to a maximum of 150% for 2025 strategic performance.
Executive compensation: discretionary strategic performance assessment · Dépôt 31/03/2026
All of the Company’s directors are independent, with the exception of our CEO, who is the only member of management serving on the Board.
Corporate governance: board independence · Dépôt 31/03/2026
•
Independent Chair.
The Company maintains separate roles of chief executive officer and Board chair as a matter of policy.
Corporate governance: separation of CEO and chair roles · Dépôt 31/03/2026
ü Our bylaws allow holders of at least 20% of the voting power of the Company’s outstanding common stock to call a special meeting.
Corporate governance: shareholder special-meeting rights · Dépôt 31/03/2026
The Compensation Committee adopted an additional clawback policy for senior executives that provides recoupment of certain incentive compensation in the event a senior executive engages in specified detrimental conduct.
Executive compensation: adopted detrimental-conduct clawback policy · Dépôt 31/03/2026
•
We completed the integration of MMA’s acquisition of McGriff Insurance Services.
Proxy strategic achievements: reported completion of McGriff integration · Dépôt 31/03/2026
The Company is not able at this time to provide a reasonable estimate of the range of possible loss attributable to these matters or the impact they may have on the Company's consolidated results of operations, financial position or cash flows.
Contingencies: inability to estimate possible litigation losses · Dépôt 15/10/2026
The Company is not a principal to the contracts under which the right to receive premiums or the right to receive reimbursement of insured losses arises.
Disclosure distinguishing the Company from principals to insurance premium contracts · Dépôt 15/10/2026
Revenue increased 3% on an underlying basis and 4% from acquisitions.
Risk and Insurance Services third-quarter 2026 revenue growth components · Dépôt 15/10/2026
