The business behind the dividend
| Measure | MMC | Median | Formula |
|---|---|---|---|
| Return on equity | 27.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 17.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $4.23bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $5.00bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 23.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 15.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.28x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.10x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 8.56x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Interest cover — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 27.2% | 30.0% | 30.4% | 28.4% | 28.0% | 21.8% | 21.9% | 21.8% | 20.0% | 28.2% | 27.2% |
| Return on capital employed | 17.8% | 17.4% | 20.4% | 19.2% | 19.4% | 14.9% | 13.5% | 20.6% | 20.5% | 22.0% | 19.2% |
| Operating margin | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% | 17.8% | 16.1% | 18.5% | 18.9% | 18.4% | 18.9% |
| Net margin | 15.4% | 16.6% | 16.5% | 14.7% | 15.9% | 11.7% | 10.5% | 11.0% | 10.6% | 13.4% | 13.4% |
| Debt to equity | 1.28x | 1.47x | 1.09x | 1.07x | 0.98x | 1.22x | 1.51x | 0.77x | 0.74x | 0.76x | 1.07x |
| Current ratio | 1.10x | 1.13x | 1.10x | 1.06x | 1.24x | 1.24x | 1.06x | 1.21x | 1.31x | 1.20x | 1.13x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, Marsh & Mclennan Companies pays out less than 9 of them. The median for that group is 19.5%, against this company’s 34.0%.
Closest on free cash flow
- Willis Towers Watson (WTW) 23.2%
- Intercontinental Exchange (ICE) 25.8%
- Lazard (LAZ) 38.3%
- Blue OWL Capital (OWL) 45.6%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →