{"schemaVersion":1,"research":true,"symbol":"mrsh","name":"Marsh & Mclennan Companies","topic":"moat","path":"/stock/mrsh/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:02:36.772Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Marsh has a narrow moat supported by specialized expertise, proprietary data and tools, insurance-market relationships and demonstrated renewal demand. Growth despite declining insurance premium rates supports the value of its services, but does not establish control over its own pricing. Talent mobility, client insourcing and digital competition constrain durability. First-half 2026 growth remained positive, while reinsurance weakness and a realized litigation charge show uneven resilience.","advantages":[{"mechanism":"intangible_assets","claim":"Specialized advisory expertise, proprietary analytical tools and established market relationships provide differentiated services. Higher new-business and renewal revenue in 2025, followed by underlying growth in the first half of 2026, provide operating support for a current advantage. Evidence is strongest for differentiated advice and relationships; substantial contractual switching costs are not established.","durability":"Specialized capabilities and market relationships appear across multiple annual disclosures, supporting some persistence. Continued demand supports a narrow moat, but neither exclusive capabilities nor exceptional long-term protection is demonstrated.","risks":"Client relationships depend on mobile employees. Clients can internalize services or terminate engagements without penalty. AI entrants could reduce differentiation. Guy Carpenter's second-quarter 2026 underlying revenue decline is realized weakness, while broader digital disruption remains a prospective risk. Professional-liability exposure can damage economics and trust.","invalidation":"The thesis would weaken materially if renewal revenue declined persistently alongside underlying contraction across the principal businesses, if employee departures caused documented client losses, or if clients replaced proprietary advice and analytics with internal or competing services at materially lower fees. Persistent fee concessions without stable repeat demand would invalidate the claimed differentiation.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-4","location":"Business — Insurer Consulting Group, patented MarketConnect platform","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":"e2","sourceId":"filing-1","location":"Business — Mercer 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":"e3","sourceId":"filing-1","location":"Business — Guy Carpenter analytics, actuarial services 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":"MD&A — 2025 new-business and renewal growth despite declining premium rates","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":"e5","sourceId":"filing-1","location":"MD&A — Marsh Risk 2025 underlying and acquired revenue growth","excerpt":"This reflects an increase of 4% on an underlying basis and 10% from acquisitions."},{"id":"e6","sourceId":"filing-2","location":"MD&A — Marsh Risk first-half 2026 underlying revenue growth","excerpt":"For the six months ended June 30, 2026, Marsh Risk's revenue was $7.8 billion, an increase of 7%, or 4% on an underlying basis."},{"id":"e7","sourceId":"filing-2","location":"MD&A — Consulting first-half 2026 underlying revenue growth","excerpt":"For the six months ended June 30, 2026, Consulting revenue was $5.2 billion, an increase of 10%, or 7% on an underlying basis."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors — potential client movement following employee departures","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":"e9","sourceId":"filing-1","location":"Risk Factors — clients' historical consulting expense 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 — clients' ability to terminate engagements without penalty","excerpt":"•fluctuations in capacity and utilization rates and clients' ability to terminate engagements without penalty;"},{"id":"e11","sourceId":"filing-1","location":"Business — consulting competition, including 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":"e12","sourceId":"filing-2","location":"MD&A — Guy Carpenter second-quarter 2026 underlying revenue decline","excerpt":"Guy Carpenter's revenue for the three months ended June 30, 2026 was $664 million, a decrease of 2% on a reported and underlying basis."},{"id":"e13","sourceId":"filing-6","location":"MD&A — first-quarter 2026 Greensill estimated liability and legal expenses","excerpt":"Consolidated operating expenses for the three months ended March 31, 2026 reflect the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation."},{"id":"e14","sourceId":"filing-1","location":"Business — Mercer Health commission and supplemental compensation arrangements","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":"e15","sourceId":"filing-2","location":"Consolidated Statements of Income — second-quarter and first-half 2026 results","excerpt":"MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2026 2025 2026 2025 Revenue $ 7,404 $ 6,974 $ 15,001 $ 14,035 Expense: Compensation and benefits 4,141 3,895 8,271 7,745 Other operating expenses 1,364 1,250 3,077 2,456 Operating expenses 5,505 5,145 11,348 10,201 Operating income 1,899 1,829 3,653 3,834 Other net benefit credits 50 48 100 91 Interest income 8 5 19 24 Interest expense (250) (243) (490) (488) Investment (loss) income (5) 7 1 12 Income before income taxes 1,702 1,646 3,283 3,473 Income tax expense 411 415 806 830 Net income before non-controlling interests 1,291 1,231 2,477 2,643 Less: Net income attributable to non-controlling interests 25 20 65 51 Net income attributable to the Company $ 1,266 $ 1,211 $ 2,412 $ 2,592 Net income per share attributable to the Company: – Basic $ 2.64 $ 2.46 $ 5.00 $ 5.27 – Diluted $ 2.63 $ 2.45 $ 4.99 $ 5.23 Average number of shares outstanding: – Basic 480 492 482 492 – Diluted 482 495 484 495 Shares outstanding at June 30, 478 492 478 492 The accompanying notes are an integral part of these unaudited consolidated statements."},{"id":"e16","sourceId":"filing-3","location":"Proxy — issuer-reported adjusted operating income growth and margin expansion history","excerpt":"We grew our adjusted operating income* by 11% and expanded adjusted margin for our 18th consecutive year*."},{"id":"e17","sourceId":"filing-3","location":"Proxy Exhibit A — 2025 change in adjusted earnings methodology","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":"e18","sourceId":"filing-1","location":"MD&A — $7 billion cash consideration for McGriff","excerpt":"The outflow of funds in 2024 related primarily to the acquisition of McGriff, where the Company paid $7.0 billion in cash consideration."},{"id":"e19","sourceId":"filing-3","location":"Proxy — 2025 acquisition and investment spending and contributed revenue","excerpt":"◾ We deployed approximately $850 million of capital over 20 acquisitions and investments, which contributed $255 million in revenue."},{"id":"e20","sourceId":"filing-2","location":"Note 16 — first-half 2026 completed share repurchases","excerpt":"For the six months ended June 30, 2026, the Company repurchased 8.7 million shares of its common stock for $1.5 billion."},{"id":"e21","sourceId":"filing-2","location":"Note 16 — first-half 2026 equity compensation and employee purchase plan issuance","excerpt":"The Company issued approximately 1.8 million and 2.9 million shares related to stock compensation and employee stock purchase plans for the six months ended June 30, 2026 and 2025, respectively."},{"id":"e22","sourceId":"filing-2","location":"MD&A — acquisition-related payments and remaining deferred and contingent obligations","excerpt":"The following amounts are included in the consolidated statements of cash flows as operating and financing activities: For the Six Months Ended June 30, (In millions) 2026 2025 Operating: Contingent consideration payments for prior year acquisitions $ (54) $ (19) Acquisition/disposition related net charges for adjustments 21 30 Adjustments and payments related to contingent consideration $ (33) $ 11 Financing: Contingent consideration for prior year acquisitions $ (42) $ (7) Deferred consideration for prior year acquisitions (19) (36) Payments of deferred and contingent consideration for acquisitions $ (61) $ (43) Receipt of deferred and contingent consideration for dispositions $ 12 $ — For acquisitions completed during the first six months of 2026 and in prior years, remaining estimated future contingent payments of $216 million and deferred consideration payments of $165 million, are recorded in accounts payable and accrued liabilities or other liabilities in the consolidated balance sheets at June 30, 2026."},{"id":"e23","sourceId":"filing-3","location":"Proxy — management performance assessment including reported free cash flow growth","excerpt":"• 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":"e24","sourceId":"filing-3","location":"Executive Compensation — three-year PSU performance objectives and relative TSR","excerpt":"PSU awards are earned based on our achievement against financial performance objectives and the Company’s TSR versus S&P 500 constituents over a three-year performance period, both as determined by the Compensation Committee."},{"id":"e25","sourceId":"filing-3","location":"Executive Compensation — multiyear vesting and forfeiture provisions","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":"e26","sourceId":"filing-3","location":"Executive Compensation — share-sale restrictions linked to ownership requirements","excerpt":"Our senior executives may not sell shares acquired in connection with the distribution of stock units or exercise of stock options until and unless the specified multiple of base salary is reached and maintained (other than to meet tax withholding obligations or to pay the exercise price of stock options)."},{"id":"e27","sourceId":"filing-3","location":"Executive Compensation — above-target 2025 bonuses, lower than prior-year awards","excerpt":"As a result, the Compensation Committee determined that bonuses for our named executive officers would be above target for 2025, but down as compared to the prior-year bonus awards."},{"id":"e28","sourceId":"filing-3","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":"e29","sourceId":"filing-3","location":"Corporate Governance — independent board chair","excerpt":"An independent director acts as Board chair."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance — shareholder right to call special meetings","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":"e31","sourceId":"filing-3","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":"e32","sourceId":"filing-2","location":"Controls and Procedures — management conclusion on disclosure control effectiveness","excerpt":"Item 4. Controls & Procedures. a. Evaluation of Disclosure Controls and Procedures Based on their evaluation, as of the end of the period covered by this report, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934) are effective."},{"id":"e33","sourceId":"filing-6","location":"MD&A — expected Thrive annualized savings","excerpt":"Total annualized savings are expected to be approximately $400 million."},{"id":"e34","sourceId":"filing-3","location":"Proxy Exhibit B — purpose of executive compensation survey company lists","excerpt":"| Notice of Annual Meeting and 2026 Proxy Statement Table of Contents Additional Information (Continued) Exhibit B As discussed more fully in our “Compensation Discussion and Analysis—Financial Services and General Industry Surveys” on page 50, the Compensation Committee reviewed competitive market data for executive compensation, effective April 1, 2025, compiled from two subsets of S&P 500 companies (as listed below) that participated in an executive compensation survey conducted by an independent compensation consulting firm."},{"id":"e35","sourceId":"filing-2","location":"MD&A — Guy Carpenter flat first-half 2026 underlying revenue","excerpt":"For the six months ended June 30, 2026, Guy Carpenter's revenue was $1.9 billion, an increase of 1%, or flat on an underlying basis."}],"changes":["Retained the previous narrow verdict; the supplied evidence does not justify upgrading to wide.","Made explicit that proprietary capabilities and relationships support the advantage, while contractual switching costs and control over service pricing remain unproven.","Added assessments of disclosed compensation alignment and governance, and distinguished the realized Greensill charge from hypothetical legal risks.","Qualified first-half margin weakness using the disclosed litigation charge and separated projected Thrive savings from achieved results."],"limitations":["All sources are issuer filings. Descriptions of leadership, differentiation and management achievements are issuer assertions; operating results provide corroboration but no direct competitive comparison.","Competitive passages disclose generic categories. Compensation survey lists name companies but do not establish business rivalry or relative competitive performance, so competitor arrays remain empty.","No own-service price, fee-yield or price-volume series establishes realized pricing power. Insurance premium rates are distinct from Marsh's service prices.","Renewal revenue and underlying growth support repeat demand indirectly; no retention rate, customer cohort history or quantified switching cost is supplied.","The MarketConnect patent disclosure establishes an identified asset, not its remaining patent life, economic exclusivity or contribution to earnings.","The proxy supplies actual incentive arrangements and governance practices, but does not establish executives' compliance with ownership thresholds or exceptional governance outcomes.","Dates are treated as filing dates, retaining dateKind filed. The latest supplied operating results cover June 30, 2026; later litigation outcomes are not established.","The prior accepted version supplies only a verdict and summary, limiting detailed comparisons."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Proprietary tools, specialized analytics and market relationships support differentiation, corroborated by renewal and underlying growth. Relative superiority and exclusivity remain unmeasured.","evidenceIds":["e1","e2","e3","e4","e6"]},{"criterion":"durability","grade":2,"rationale":"Established capabilities and continued demand support persistence, but employee-linked relationships and clients' ability to terminate engagements constrain protection.","evidenceIds":["e1","e3","e4","e6","e8","e10"]},{"criterion":"customer_dependency","grade":2,"rationale":"Renewal growth demonstrates repeat business and specialized advice supports ongoing relevance. Insourcing and penalty-free termination limit dependency; no quantified lock-in is established.","evidenceIds":["e3","e4","e9","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Marsh Risk and Consulting continued underlying growth in first-half 2026, but Guy Carpenter was flat for the half and declined in the second quarter. AI competition and talent mobility remain prospective erosion channels.","evidenceIds":["e6","e7","e8","e11","e12","e35"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Growth despite declining insurance premium rates demonstrates demand resilience, but does not isolate Marsh's own fee or commission-rate outcomes. The supplied evidence cannot establish realized service pricing.","evidenceIds":["e4","e14"]},{"criterion":"retention","grade":2,"rationale":"Higher renewal revenue establishes repeat demand, supported indirectly by continued underlying growth. Revenue growth is not a retention rate, and employee mobility and termination rights limit stronger conclusions.","evidenceIds":["e4","e6","e7","e8","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"The issuer reports 18 consecutive years of adjusted margin expansion, but first-half 2026 operating income fell as revenue increased, while second-quarter operating income grew more slowly than revenue. The $425 million first-quarter litigation charge materially affects the comparison. Adjusted methodology also changed in 2025; margins do not independently prove pricing power.","evidenceIds":["e13","e15","e16","e17"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Disclosed penalty-free client termination limits contractual protection. Mercer Health compensation depends partly on insurer commissions and volume, growth and account retention. These terms indicate fragile control, although group-wide repricing rights are not supplied.","evidenceIds":["e10","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Disclosed cash generation, completed repurchases exceeding employee-plan issuance, and acquisition revenue contributions support an assessable record. The large McGriff purchase and continuing acquisition obligations require returns that the passages do not establish. Revenue contribution alone does not demonstrate attractive acquisition economics.","evidenceIds":["e18","e19","e20","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual PSU arrangements use three-year financial and relative-return objectives, with multiyear vesting, forfeiture and ownership-related sale restrictions. Adopted clawbacks add protection. Above-target bonuses despite tempered performance show discretion, and actual ownership compliance is not established.","evidenceIds":["e24","e25","e26","e27","e31"]},{"criterion":"execution","grade":2,"rationale":"Underlying growth and disclosed acquisition contributions demonstrate execution through operating evidence rather than reputation. Flat first-half reinsurance growth, a second-quarter decline and the realized Greensill charge make the record mixed. Thrive savings remain a forecast.","evidenceIds":["e5","e6","e7","e12","e13","e19","e33","e35"]},{"criterion":"governance","grade":3,"rationale":"An independent board except for the CEO, an independent chair, shareholder special-meeting rights and adopted clawbacks provide strong disclosed safeguards. Management reports effective disclosure controls. The litigation charge warrants caution but does not itself establish governance misconduct; exceptional effectiveness is unproven.","evidenceIds":["e28","e29","e30","e31","e32","e13"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"bbfe6eaeebc0f71313e39fa18979352454cc5a4d2d010405e340136a59e6e27c","updatedAt":"2026-10-18T13:02:36.772Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm","publishedAt":"2026-02-09","sha256":"db00880b347cab9024fa26a3fbe74b9fec32fe51a6970e8aafec7f7023fb30d8","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270926000195/mrsh-20260630.htm","publishedAt":"2026-07-21","sha256":"2139f9fb7193383b90de3ce43ea514c13b76c3d1ff7d7080ccdef24009647e0e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/62709/000119312526133303/d94896ddef14a.htm","publishedAt":"2026-03-31","sha256":"a53f35a9cb7fd9d869f59a3b9368abd9a2b66f287c6088b7ae585357f0f0a8ad","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc-20241231.htm","publishedAt":"2025-02-10","sha256":"223858e9b09d6498d69e4f38007ee247c0e40ff8c836ba2ddfdca8529f06a18b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270924000016/mmc-20231231.htm","publishedAt":"2024-02-12","sha256":"3a231ecaab4352290428c90a3a5a55f58e9bf63c5a9f10c412efe7f5487bf0c9","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270926000098/mrsh-20260331.htm","publishedAt":"2026-04-16","sha256":"5f0a17d77ebd62425f1660dc233056f723256246a596ab91a9f0b834637b35f9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:375af55ebca0270bbefd306433fcdf69c72413c26c4accd665be93a9e22cbd79","usage":{"input_tokens":93651,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3802,"reasoning_output_tokens":108}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":21.75580221997982,"roic":16.72036226053954,"fcf_margin":15.6912209889001,"sbc_revenue":1.7558022199798184},"issues":{"pb":"The 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 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":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":23.231878958479943,"roic":18.465491563471584,"fcf_margin":16.898311048557353,"sbc_revenue":1.5965869106263193},"issues":{"pb":"The 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":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":23.783629078420148,"roic":16.319126475298475,"fcf_margin":16.2973260282934,"sbc_revenue":1.5046201651811268},"issues":{"pb":"The 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":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":23.064378636818503,"roic":15.029773511553948,"fcf_margin":18.53526555724399,"sbc_revenue":1.4602868685371186},"issues":{"pb":"The 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%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm","publishedAt":"2026-02-09","sha256":"db00880b347cab9024fa26a3fbe74b9fec32fe51a6970e8aafec7f7023fb30d8","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270926000195/mrsh-20260630.htm","publishedAt":"2026-07-21","sha256":"2139f9fb7193383b90de3ce43ea514c13b76c3d1ff7d7080ccdef24009647e0e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/62709/000119312526133303/d94896ddef14a.htm","publishedAt":"2026-03-31","sha256":"a53f35a9cb7fd9d869f59a3b9368abd9a2b66f287c6088b7ae585357f0f0a8ad","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270925000015/mmc-20241231.htm","publishedAt":"2025-02-10","sha256":"223858e9b09d6498d69e4f38007ee247c0e40ff8c836ba2ddfdca8529f06a18b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270924000016/mmc-20231231.htm","publishedAt":"2024-02-12","sha256":"3a231ecaab4352290428c90a3a5a55f58e9bf63c5a9f10c412efe7f5487bf0c9","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/62709/000006270926000098/mrsh-20260331.htm","publishedAt":"2026-04-16","sha256":"5f0a17d77ebd62425f1660dc233056f723256246a596ab91a9f0b834637b35f9","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}