{"schemaVersion":1,"research":true,"symbol":"mrsh","name":"Marsh & Mclennan Companies","topic":"moat","path":"/stock/mrsh/moat","status":"stale","version":8,"updatedAt":"2026-10-19T15:51:25.479Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Marsh has a narrow moat based on specialized expertise, proprietary data and tools, and established insurance-market relationships. Higher new-business and renewal revenue despite falling insurance premium rates supports a current service advantage, but does not establish control over Marsh's own pricing. Talent mobility, client insourcing and digital competition limit durability. Revenue continued growing through September 2026, while declining nine-month operating income shows uneven resilience.","advantages":[{"mechanism":"intangible_assets","claim":"Specialized advisory expertise, proprietary analytical tools and established reinsurance-market relationships support differentiated services and recurring client demand. These assets support a narrow advantage; the passages do not demonstrate network effects or a structural cost advantage.","durability":"Specialist capabilities and relationships appear across successive annual disclosures, and 2025 renewal and underlying revenue growth demonstrate continued commercial relevance. Their persistence supports a current advantage, without establishing exceptional long-term protection.","risks":"Client relationships depend on mobile professionals. Consulting clients can insource services or terminate engagements without penalty, and AI-enabled entrants may reduce differentiation. Insurance premium movements also affect commission revenue independently of service quality.","invalidation":"The advantage would be undermined by sustained declines in renewal revenue and underlying demand attributable to client departures, insourcing or competing analytical services, or by documented loss of specialist teams followed by material client losses. Repeated fee concessions needed to retain comparable engagements would also weaken the thesis.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Business: Marsh Specialty capabilities","excerpt":"•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."},{"id":"e2","sourceId":"filing-2","location":"Business: MarketConnect platform and insurer analytics","excerpt":"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."},{"id":"e3","sourceId":"filing-1","location":"Business: Guy Carpenter analytics and trading relationships","excerpt":"Guy Carpenter creates and executes reinsurance and risk management solutions globally through risk assessment analytics, actuarial services and trading relationships with reinsurance markets."},{"id":"e4","sourceId":"filing-1","location":"Business: Career proprietary data and tools","excerpt":"•Career: advising on employee engagement, skill assessment, executive remuneration, HR effectiveness and M&A strategy utilizing proprietary data and tools."},{"id":"e5","sourceId":"filing-1","location":"MD&A: 2025 new-business and renewal revenue drivers","excerpt":"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."},{"id":"e6","sourceId":"filing-1","location":"MD&A: Risk and Insurance Services underlying and acquisition growth","excerpt":"Revenue increased 4% on an underlying basis and 8% from acquisitions."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: employee departures and potential client migration","excerpt":"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."},{"id":"e8","sourceId":"filing-1","location":"Business: consulting competition and generative AI entrants","excerpt":"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."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: historical consulting spending reductions and insourcing","excerpt":"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."},{"id":"e10","sourceId":"filing-1","location":"Risk factors: engagement termination without penalty","excerpt":"•fluctuations in capacity and utilization rates and clients' ability to terminate engagements without penalty;"},{"id":"e11","sourceId":"filing-4","location":"Revenue accounting: premium adjustments and corresponding commissions","excerpt":"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."},{"id":"e12","sourceId":"filing-1","location":"Business: Mercer Health commission and supplemental compensation structure","excerpt":"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."},{"id":"e13","sourceId":"filing-1","location":"MD&A: Risk and Insurance Services operating income and margins","excerpt":"11,030\n10,144\nOperating income\n$\n4,636\n$\n4,365\n$\n3,945\nOperating income margin\n26.8 \n%\n28.4 \n%\n28.0 \n%\nRevenue\nRevenue in the Risk and Insurance Services segment increased $1.9 billion, or 12%, to $17.3 billion in 2025, compared to $15.4 billion in 2024."},{"id":"e14","sourceId":"filing-4","location":"Unaudited consolidated income statements: third quarter and nine months of 2026","excerpt":"MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF INCOME\n(Unaudited)\nThree Months Ended\n September 30,\nNine Months Ended\n September 30,\n(In millions, except per share data)\n2026\n2025\n2026\n2025\nRevenue\n$\n6,863 \n$\n6,351 \n$\n21,864 \n$\n20,386 \nExpense:\nCompensation and benefits\n4,078 \n3,894 \n12,349 \n11,639 \nOther operating expenses\n1,570 \n1,287 \n4,647 \n3,743 \nOperating expenses\n5,648 \n5,181 \n16,996 \n15,382 \nOperating income\n1,215 \n1,170 \n4,868 \n5,004 \nOther net benefit credits\n48 \n52 \n148 \n143 \nInterest income\n10 \n10 \n29 \n34 \nInterest expense\n(248)\n(237)\n(738)\n(725)\nInvestment income\n8 \n15 \n9 \n27 \nIncome before income taxes\n1,033 \n1,010 \n4,316 \n4,483 \nIncome tax expense\n221 \n253 \n1,027 \n1,083 \nNet income before non-controlling interests\n812 \n757 \n3,289 \n3,400 \nLess: Net income attributable to non-controlling interests\n4 \n10 \n69 \n61 \nNet income attributable to the Company\n$\n808 \n$\n747 \n$\n3,220 \n$\n3,339 \nNet income per share attributable to the Company:\n– Basic\n$\n1.70 \n$\n1.52 \n$\n6.71 \n$\n6.79 \n– Diluted\n$\n1.69 \n$\n1.51 \n$\n6.68 \n$\n6.75 \nAverage number of shares outstanding:\n– Basic\n476 \n491 \n480 \n492 \n– Diluted\n479 \n494 \n482 \n495 \nShares outstanding at September 30,\n475 \n490 \n475 \n490"},{"id":"e15","sourceId":"filing-6","location":"Proxy performance summary: adjusted operating income and margin history","excerpt":"We grew our adjusted operating income* by 11% and expanded adjusted margin for our 18th consecutive year*."},{"id":"e16","sourceId":"filing-6","location":"Non-GAAP reconciliation: 2025 methodology change","excerpt":"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."},{"id":"e17","sourceId":"filing-6","location":"Executive compensation: reported 2025 growth and free cash flow achievements","excerpt":"•\n 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."},{"id":"e18","sourceId":"filing-6","location":"Proxy capital management: acquisition spending and revenue contribution","excerpt":"◾ We deployed approximately $850 million of capital over 20 acquisitions and investments, which contributed $255 million in revenue."},{"id":"e19","sourceId":"filing-4","location":"Common stock: completed nine-month 2026 repurchases","excerpt":"For the nine months ended September 30, 2026, the Company repurchased 11.4 million shares of its common stock for $2.0 billion."},{"id":"e20","sourceId":"filing-4","location":"Common stock: actual employee equity issuance","excerpt":"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."},{"id":"e21","sourceId":"filing-4","location":"Acquisitions: actual McGriff integration and retention costs","excerpt":"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."},{"id":"e22","sourceId":"filing-6","location":"Executive compensation: realized relative TSR modifier and PSU payout","excerpt":"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."},{"id":"e23","sourceId":"filing-6","location":"Executive compensation: required executive share ownership","excerpt":"Executive Stock Ownership Guidelines\n \n 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."},{"id":"e24","sourceId":"filing-6","location":"Executive compensation: multi-year award conditions and forfeiture","excerpt":"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."},{"id":"e25","sourceId":"filing-6","location":"Executive compensation: discretionary strategic performance assessment","excerpt":"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."},{"id":"e26","sourceId":"filing-6","location":"Corporate governance: board independence","excerpt":"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."},{"id":"e27","sourceId":"filing-6","location":"Corporate governance: separation of CEO and chair roles","excerpt":"•\n \n Independent Chair.\n The Company maintains separate roles of chief executive officer and Board chair as a matter of policy."},{"id":"e28","sourceId":"filing-6","location":"Corporate governance: shareholder special-meeting rights","excerpt":"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."},{"id":"e29","sourceId":"filing-6","location":"Executive compensation: adopted detrimental-conduct clawback policy","excerpt":"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."},{"id":"e30","sourceId":"filing-6","location":"Proxy strategic achievements: reported completion of McGriff integration","excerpt":"•\n We completed the integration of MMA’s acquisition of McGriff Insurance Services."},{"id":"e31","sourceId":"filing-4","location":"Contingencies: inability to estimate possible litigation losses","excerpt":"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."},{"id":"completion-7c4aed623b97-e1","sourceId":"filing-4","location":"Disclosure distinguishing the Company from principals to insurance premium contracts","excerpt":"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."},{"id":"completion-7c4aed623b97-e2","sourceId":"filing-4","location":"Risk and Insurance Services third-quarter 2026 revenue growth components","excerpt":"Revenue increased 3% on an underlying basis and 4% from acquisitions."}],"changes":["Retained the previous narrow-moat verdict, with the evidenced mechanism concentrated in intangible assets rather than assuming contractual switching costs.","Updated operating evidence through September 30, 2026: nine-month revenue increased to $21.864 billion from $20.386 billion, while operating income declined to $4.868 billion from $5.004 billion.","Removed the previous analysis's realized litigation-charge assertion because the supplied passages do not establish that charge; pending claims and uncertain potential losses remain relevant.","Added assessments of actual compensation arrangements, realized PSU payout modification, governance provisions and capital deployment from the supplied proxy."],"limitations":["All sources are issuer filings. Business differentiation and strategic achievements are issuer descriptions; reported results and contractual provisions provide firmer support than leadership claims.","No operating competitor is specifically identified as such in the supplied competitive passages. Names appearing in compensation surveys do not establish competitive coverage, so competitor arrays remain empty.","The passages provide no comparable-service fee changes, commission-rate trends, quantified retention rates, client-level switching costs or competitor market-share comparisons.","Renewal revenue growth supports repeat demand indirectly; it does not isolate retention from exposure growth, pricing or account mix.","The proxy provides compensation design and ownership requirements, but the supplied passages do not establish executives' actual ownership compliance or the full economics of acquisition returns.","The latest quarterly statements are unaudited. Their reported growth is not a supplied measure of underlying growth.","Source dates are filing dates with dateKind filed, not retrieval dates. No developments after the October 15, 2026 filing are established.","Thrive savings remain prospective. Pending litigation amounts are claimed losses or uncertain exposures, not established Marsh liabilities."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"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.","evidenceIds":["e1","e2","e3","e4","e5","e6"]},{"criterion":"durability","grade":2,"rationale":"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.","evidenceIds":["e1","e2","e3","e5","e7","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"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.","evidenceIds":["e1","e5","e7","e9","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"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.","evidenceIds":["e5","e8","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"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.","evidenceIds":["e5","e11","e12"]},{"criterion":"retention","grade":2,"rationale":"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.","evidenceIds":["e5","e7","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"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.","evidenceIds":["e13","e14","e15","e16","e21"]},{"criterion":"contractual_freedom","grade":1,"rationale":"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.","evidenceIds":["e10","e11","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"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.","evidenceIds":["e17","e18","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"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.","evidenceIds":["e22","e23","e24","e25"]},{"criterion":"execution","grade":2,"rationale":"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.","evidenceIds":["e6","e14","e17","e21","e30"]},{"criterion":"governance","grade":3,"rationale":"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 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reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":20.656370656370658,"roic":15.703929424479982,"fcf_margin":14.454633204633204,"sbc_revenue":1.7712355212355213},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported 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