MARSH & MCLENNAN COMPANIES, INC. (MRSH, formerly MMC) — payout ratio, three ways
You asked about MMC. That company now trades under MRSH — same registrant, same filings, changed symbol.
Fiscal year ending 2025-12-31 · sector Financial services · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 40.7% | The figure most screeners publish. |
| Operating cash flow | 32.1% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 34.0% | What is left after maintaining the business. |
Spread between highest and lowest: 9 percentage points. Same filings, different denominators.
Coverage rating 57 / 100 — Tight. ? Peer standing 19/50Direction 18/30Stability 20/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 34.0% |
| 2024-12-31 | 38.0% |
| 2023-12-31 | 33.8% |
| 2022-12-31 | 38.0% |
| 2021-12-31 | 33.0% |
| 2020-12-31 | 31.1% |
Among the 24 financial services companies here, 38% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $3.43 ÷ diluted EPS $8.43
- Operating cash flow — dividends paid $1,699.0m ÷ operating cash flow $5,292.0m
- Free cash flow — dividends paid $1,699.0m ÷ (operating cash flow $5,292.0m − capex $291.0m)
Where the figures came from
- 10-K filed 2026-02-09 · accession
0000062709-26-000022
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.