MRSH vs WTW: Marsh & McLennan Companies and Willis Towers Watson compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Marsh & McLennan Companies is the larger company, worth $89.6B, about 3.1 times Willis Towers Watson.
- Willis Towers Watson grew revenue faster over the last year (+9.1% vs +6.2%).
- Willis Towers Watson keeps more of each dollar of revenue as operating profit (22.2% vs 21.6%).
- On earnings, Willis Towers Watson is the cheaper stock (18.1x vs 23.3x).
- Willis Towers Watson's price assumes faster free cash flow growth: about 4% a year, against 4% for Marsh & McLennan Companies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MRSH | WTW |
|---|---|---|
| Market cap | $89.6B | $29.2B |
| Share price | $175.76 | $296.26 |
| Revenue (last fiscal year) | $27.0B | $9.7B |
| Free cash flow (last fiscal year) | $5.0B | $1.5B |
| Revenue growth, last year | +6.2% | +9.1% |
| Revenue growth per year, last 5 fiscal years | +8.0% | +1.9% |
| Operating margin | 21.6% | 22.2% |
| Net margin | 14.2% | 15.5% |
| Return on equity | 25.8% | 20.4% |
| P/E (trailing) | 23.3x | 18.1x |
| Price / free cash flow | 17.9x | 18.9x |
| EV / EBITDA | 16.2x | 12.7x |
| FCF growth the price implies | 3.6% | 4.2% |
| Dividend yield | 2.0% | 0.90% |
| Debt / equity | 2.87x | 2.96x |
| Fundamental grade | C | C |
| Superinvestors holding it | 9 | 11 |
| Insider purchases, last 12 months | 8 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Marsh & McLennan Companies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.8B | $3.1B | 21.8% |
| 2022 | $20.7B | $3.0B | 20.7% |
| 2023 | $22.7B | $3.8B | 23.2% |
| 2024 | $24.5B | $4.0B | 23.8% |
| 2025 | $27.0B | $5.0B | 23.1% |
Willis Towers Watson
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.0B | $2.0B | 24.5% |
| 2022 | $8.9B | $746M | 13.3% |
| 2023 | $9.5B | $1.0B | 14.4% |
| 2024 | $9.9B | $1.2B | 6.3% |
| 2025 | $9.7B | $1.5B | 23.0% |
Where the revenue comes from
Marsh & McLennan Companies · by segments, 2025
Risk and Insurance Services$17.3B64%
Consulting$9.8B36%
Willis Towers Watson · by segments, 2025
HWC$5.3B56%
R&B$4.2B44%
Corporate$3M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MRSH in InvestinglyQuestions
Which is bigger, Marsh & McLennan Companies or Willis Towers Watson?
Marsh & McLennan Companies (MRSH), at $89.6B against $29.2B.
Is MRSH or WTW cheaper?
By trailing P/E, Willis Towers Watson (18.1x) is cheaper than Marsh & McLennan Companies (23.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, MRSH or WTW?
Willis Towers Watson: revenue grew +9.1% over the last year, against +6.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.