Marsh & McLennan Companies, Inc.

MMCNYSEFinancial Services

$182.70

$-2.93(-1.58%)

Market Cap$89.8B

P/E Ratio—

52W High$248

52W Low$174.18

Avg Volume2.9M

Open$185.21

Beta0.75

Overview

Marsh & McLennan Companies, Inc. (MMC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MMC · free cash flow · updated Jun 8, 2026

Core FCF metrics

MMC · FCF · TTM · margin & CAGR

Free cash flow was $5.00B for FY2025 (fiscal year ending 2025-12-31), up 25.5% year-over-year The FCF margin was 18.5%. Five-year CAGR stands at +10.5%.

FY2025 Free Cash Flow$5.00B▲ +25.5% YoY

Trailing 12M (TTM)$4.93Btrailing 4 quarters sum

FCF Margin18.5%$5.00B ÷ revenue

3-Year CAGR+18.6%FY2022 → FY2025

5-Year CAGR+10.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MMC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$5.29B(291M)$5.00B▲ +25.5%18.5%

FY2024$4.30B(316M)$3.99B▲ +3.7%16.3%

FY2023$4.26B(416M)$3.84B▲ +28.3%16.9%

FY2022$3.46B(470M)$3.00B▼ 3.7%14.4%

FY2021$3.52B(406M)$3.11B▲ +2.5%15.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MMC · P/FCF · FCF yield · FCF per share

Marsh & McLennan Companies, Inc. (MMC) trades at a FCF yield of 6.28% and a price-to-free-cash-flow ratio of 18.2x. FCF per share stands at $10.04, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

6.28%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$10.04

TTM FCF ÷ Shares Outstanding

Price / FCF

x18.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x20.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MMC · cash flow statement · operating / investing / financing

For FY2025, Marsh & McLennan Companies, Inc. generated $5.29B in operating cash flow and spent 291M in capital expenditures, yielding $5.00B in free cash flow.

Operating Activities

+$5.29B

Cash from core business operations

2025-12-31

Investing Activities

−$845.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.63B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($5.29B) − |CapEx| (291M) = FCF ($5.00B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

MMC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Marsh & McLennan Companies, Inc.YOU

MMC

$5.00B+25.5%18.5%

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Marsh & McLennan Companies, Inc. (MMC) reported free cash flow of $5.00B for FY2025 (fiscal year ending 2025-12-31), up 25.5% year-over-year. The FCF margin was 18.5%.

Based on available data, Marsh & McLennan Companies, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $5.00B in FY2025. The 5-year CAGR stands at +10.5%.

Marsh & McLennan Companies, Inc.'s FCF yield is 6.28% and price-to-FCF ratio is 18.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MMC free cash flow · 8 questions

Marsh & McLennan Companies, Inc. free cash flow was $5.00B for FY2025, up 25.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $4.93B.

MMC free cash flowMMC FCFMMC FCF 2025MMC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Marsh & McLennan Companies, Inc. · Marsh & McLennan Companies, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026