Marsh & McLennan Companies, Inc. (MMC)

Executive Summary

Marsh & McLennan is the world’s largest insurance brokerage and human-capital consulting firm, and at $164.32 the market is giving us a quality compounder at a discount we rarely see in this franchise. The stock has corrected roughly 30 percent from its 2025 peak of $235.78, pressured by a $425 million Greensill litigation charge in the first quarter of 2026, reinsurance pricing softness at Guy Carpenter, and the near-term margin friction from the $7.75 billion McGriff acquisition closed in November 2024. The business itself is performing. Underlying revenue grew 4 percent in the first quarter on a base of $7.6 billion, adjusted operating income rose 8 percent, and adjusted earnings per share advanced 8 percent to $3.29.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers