Annual Income Statements for Marsh & McLennan Companies
This table shows Marsh & McLennan Companies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Marsh & McLennan Companies
This table shows Marsh & McLennan Companies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
546 |
466 |
1,235 |
1,035 |
730 |
756 |
1,400 |
1,125 |
747 |
788 |
Consolidated Net Income / (Loss) |
|
552 |
471 |
1,252 |
1,047 |
738 |
765 |
1,424 |
1,140 |
752 |
801 |
Net Income / (Loss) Continuing Operations |
|
552 |
471 |
1,252 |
1,047 |
738 |
765 |
1,424 |
1,140 |
752 |
801 |
Total Pre-Tax Income |
|
733 |
613 |
1,664 |
1,384 |
930 |
1,048 |
1,871 |
1,565 |
1,035 |
1,009 |
Total Revenue |
|
4,655 |
10,447 |
5,804 |
5,743 |
5,254 |
5,440 |
6,352 |
6,078 |
5,556 |
5,867 |
Net Interest Income / (Expense) |
|
-114 |
-118 |
-122 |
-136 |
-129 |
-113 |
-122 |
-144 |
-142 |
-209 |
Total Interest Income |
|
4.00 |
9.00 |
14 |
10 |
16 |
38 |
37 |
12 |
12 |
22 |
Investment Securities Interest Income |
|
4.00 |
9.00 |
14 |
10 |
16 |
38 |
37 |
12 |
12 |
22 |
Total Interest Expense |
|
118 |
127 |
136 |
146 |
145 |
151 |
159 |
156 |
154 |
231 |
Long-Term Debt Interest Expense |
|
118 |
127 |
136 |
146 |
145 |
151 |
159 |
156 |
154 |
231 |
Total Non-Interest Income |
|
4,769 |
10,565 |
5,926 |
5,879 |
5,383 |
5,553 |
6,474 |
6,222 |
5,698 |
6,076 |
Net Realized & Unrealized Capital Gains on Investments |
|
-1.00 |
-6.00 |
2.00 |
3.00 |
1.00 |
-1.00 |
1.00 |
1.00 |
1.00 |
9.00 |
Other Non-Interest Income |
|
4,770 |
- |
5,924 |
5,876 |
5,382 |
5,554 |
6,473 |
6,221 |
5,697 |
6,067 |
Total Non-Interest Expense |
|
3,979 |
9,953 |
4,198 |
4,419 |
4,386 |
4,451 |
4,548 |
4,579 |
4,589 |
4,925 |
Salaries and Employee Benefits |
|
2,923 |
3,038 |
3,207 |
3,337 |
3,287 |
3,268 |
3,470 |
3,454 |
3,442 |
3,630 |
Other Operating Expenses |
|
1,056 |
1,304 |
991 |
1,082 |
1,099 |
1,183 |
1,078 |
1,125 |
1,147 |
1,295 |
Nonoperating Income / (Expense), net |
|
57 |
- |
58 |
60 |
62 |
59 |
67 |
66 |
68 |
67 |
Income Tax Expense |
|
181 |
142 |
412 |
337 |
192 |
283 |
447 |
425 |
283 |
208 |
Net Income / (Loss) Attributable to Noncontrolling Interest |
|
6.00 |
5.00 |
17 |
12 |
8.00 |
9.00 |
24 |
15 |
5.00 |
13 |
Basic Earnings per Share |
|
$1.10 |
$0.95 |
$2.50 |
$2.09 |
$1.48 |
$1.53 |
$2.84 |
$2.28 |
$1.52 |
$1.62 |
Weighted Average Basic Shares Outstanding |
|
498M |
499M |
495M |
495M |
494M |
494M |
492M |
492M |
492M |
492M |
Diluted Earnings per Share |
|
$1.08 |
$0.95 |
$2.47 |
$2.07 |
$1.47 |
$1.52 |
$2.82 |
$2.27 |
$1.51 |
$1.58 |
Weighted Average Diluted Shares Outstanding |
|
503M |
505M |
500M |
499M |
499M |
499M |
497M |
496M |
496M |
496M |
Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Annual Cash Flow Statements for Marsh & McLennan Companies
This table details how cash moves in and out of Marsh & McLennan Companies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-584 |
-348 |
179 |
29 |
2,432 |
2,175 |
700 |
728 |
2,050 |
-478 |
Net Cash From Operating Activities |
|
1,888 |
2,007 |
1,893 |
2,428 |
2,361 |
3,382 |
3,516 |
3,465 |
4,258 |
4,302 |
Net Cash From Continuing Operating Activities |
|
1,888 |
2,007 |
1,893 |
2,428 |
2,361 |
3,382 |
3,516 |
3,465 |
4,258 |
4,302 |
Net Income / (Loss) Continuing Operations |
|
1,636 |
1,795 |
1,512 |
1,670 |
1,773 |
2,046 |
3,174 |
3,087 |
3,802 |
4,117 |
Consolidated Net Income / (Loss) |
|
1,636 |
1,795 |
1,512 |
1,670 |
1,773 |
2,046 |
3,174 |
3,087 |
3,802 |
4,117 |
Depreciation Expense |
|
314 |
308 |
312 |
311 |
333 |
390 |
382 |
381 |
370 |
369 |
Amortization Expense |
|
109 |
130 |
169 |
183 |
314 |
351 |
365 |
338 |
343 |
377 |
Non-Cash Adjustments to Reconcile Net Income |
|
65 |
-36 |
-236 |
332 |
268 |
313 |
-380 |
-37 |
316 |
162 |
Changes in Operating Assets and Liabilities, net |
|
-236 |
-190 |
136 |
-68 |
-327 |
282 |
-25 |
-304 |
-573 |
-723 |
Net Cash From Investing Activities |
|
-1,265 |
-1,056 |
-956 |
-1,089 |
-4,395 |
-793 |
-1,164 |
-850 |
-1,417 |
-8,821 |
Net Cash From Continuing Investing Activities |
|
-1,265 |
-1,056 |
-956 |
-1,089 |
-4,395 |
-793 |
-1,164 |
-850 |
-1,417 |
-8,821 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-325 |
-253 |
-302 |
-314 |
-421 |
-348 |
-406 |
-470 |
-416 |
-316 |
Purchase of Investment Securities |
|
-1,017 |
-811 |
-668 |
- |
-4,203 |
-673 |
-28 |
-594 |
-1,022 |
-8,649 |
Divestitures |
|
71 |
0.00 |
0.00 |
110 |
229 |
98 |
84 |
119 |
-17 |
89 |
Sale and/or Maturity of Investments |
|
4.00 |
4.00 |
6.00 |
4.00 |
- |
130 |
45 |
95 |
38 |
55 |
Net Cash From Financing Activities |
|
-906 |
-1,067 |
-1,009 |
-1,310 |
4,331 |
-925 |
-1,297 |
-1,046 |
-1,119 |
4,455 |
Net Cash From Continuing Financing Activities |
|
-906 |
-1,067 |
-1,009 |
-1,310 |
4,331 |
-925 |
-1,297 |
-1,046 |
-1,119 |
4,455 |
Issuance of Debt |
|
1,091 |
397 |
987 |
591 |
6,759 |
1,737 |
743 |
2,668 |
2,315 |
8,170 |
Issuance of Common Equity |
|
224 |
188 |
166 |
93 |
158 |
132 |
161 |
126 |
199 |
264 |
Repayment of Debt |
|
-61 |
-12 |
-315 |
-263 |
-1,649 |
-2,515 |
-1,016 |
-365 |
-412 |
-1,617 |
Repurchase of Common Equity |
|
-1,400 |
-800 |
-900 |
-675 |
-485 |
0.00 |
-1,159 |
-1,950 |
-1,150 |
-900 |
Payment of Dividends |
|
-632 |
-682 |
-740 |
-807 |
-906 |
-977 |
-1,062 |
-1,165 |
-1,329 |
-1,553 |
Other Financing Activities, Net |
|
-128 |
-158 |
-207 |
-249 |
454 |
698 |
1,036 |
-360 |
-742 |
91 |
Effect of Exchange Rate Changes |
|
-301 |
-232 |
251 |
- |
135 |
511 |
-355 |
-841 |
328 |
-414 |
Quarterly Cash Flow Statements for Marsh & McLennan Companies
This table details how cash moves in and out of Marsh & McLennan Companies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-29 |
692 |
-262 |
895 |
1,994 |
-577 |
-1,242 |
240 |
571 |
-47 |
Net Cash From Operating Activities |
|
1,383 |
1,502 |
-819 |
1,484 |
1,810 |
1,783 |
-781 |
1,215 |
1,912 |
1,956 |
Net Cash From Continuing Operating Activities |
|
1,383 |
1,502 |
-819 |
1,484 |
1,810 |
1,783 |
-781 |
1,215 |
1,912 |
1,956 |
Net Income / (Loss) Continuing Operations |
|
552 |
471 |
1,252 |
1,047 |
738 |
765 |
1,424 |
1,140 |
752 |
801 |
Consolidated Net Income / (Loss) |
|
552 |
471 |
1,252 |
1,047 |
738 |
765 |
1,424 |
1,140 |
752 |
801 |
Depreciation Expense |
|
85 |
122 |
84 |
91 |
95 |
100 |
99 |
87 |
90 |
93 |
Amortization Expense |
|
84 |
80 |
85 |
87 |
85 |
86 |
90 |
89 |
90 |
108 |
Non-Cash Adjustments to Reconcile Net Income |
|
71 |
-137 |
124 |
37 |
-163 |
318 |
54 |
-8.00 |
-135 |
251 |
Changes in Operating Assets and Liabilities, net |
|
591 |
966 |
-2,364 |
222 |
1,055 |
514 |
-2,448 |
-93 |
1,115 |
703 |
Net Cash From Investing Activities |
|
-105 |
-487 |
-368 |
-133 |
-442 |
-474 |
-368 |
-415 |
-393 |
-7,645 |
Net Cash From Continuing Investing Activities |
|
-105 |
-487 |
-368 |
-133 |
-442 |
-474 |
-368 |
-415 |
-393 |
-7,645 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-128 |
-103 |
-84 |
-101 |
-111 |
-120 |
-87 |
-80 |
-73 |
-76 |
Purchase of Investment Securities |
|
3.00 |
-589 |
-1.00 |
-22 |
-640 |
-359 |
-10 |
-3.00 |
-1,047 |
-7,589 |
Divestitures |
|
3.00 |
-19 |
-20 |
3.00 |
-1.00 |
1.00 |
26 |
1.00 |
79 |
-17 |
Sale and/or Maturity of Investments |
|
79 |
11 |
0.00 |
16 |
18 |
4.00 |
4.00 |
10 |
4.00 |
37 |
Net Cash From Financing Activities |
|
-470 |
-1,074 |
773 |
-546 |
988 |
-2,334 |
135 |
-519 |
-1,436 |
6,275 |
Net Cash From Continuing Financing Activities |
|
-470 |
-1,074 |
773 |
-546 |
988 |
-2,334 |
135 |
-519 |
-1,436 |
6,275 |
Issuance of Debt |
|
-344 |
2,068 |
1,433 |
-336 |
2,442 |
-1,224 |
1,039 |
698 |
167 |
6,266 |
Issuance of Common Equity |
|
24 |
37 |
42 |
78 |
45 |
34 |
113 |
54 |
54 |
43 |
Repayment of Debt |
|
-6.00 |
-351 |
-4.00 |
-4.00 |
-150 |
-254 |
-1,004 |
-605 |
-4.00 |
-4.00 |
Payment of Dividends |
|
-298 |
-305 |
-299 |
-302 |
-361 |
-367 |
-358 |
-369 |
-412 |
-414 |
Other Financing Activities, Net |
|
654 |
-2,173 |
-99 |
318 |
-688 |
-273 |
645 |
3.00 |
-941 |
384 |
Effect of Exchange Rate Changes |
|
-837 |
751 |
152 |
90 |
-362 |
448 |
-228 |
-41 |
488 |
-633 |
Annual Balance Sheets for Marsh & McLennan Companies
This table presents Marsh & McLennan Companies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
18,216 |
18,190 |
20,429 |
21,578 |
31,357 |
33,049 |
34,388 |
44,114 |
48,030 |
56,481 |
Cash and Due from Banks |
|
1,374 |
1,026 |
1,205 |
1,066 |
1,155 |
2,089 |
1,752 |
12,102 |
3,358 |
2,398 |
Restricted Cash |
|
- |
- |
- |
- |
- |
- |
- |
- |
10,794 |
11,276 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
-160 |
-151 |
-167 |
Allowance for Loan and Lease Losses |
|
- |
- |
- |
- |
- |
- |
- |
160 |
151 |
167 |
Accrued Investment Income |
|
3,198 |
3,370 |
3,777 |
3,984 |
4,608 |
4,679 |
5,093 |
5,293 |
5,806 |
6,533 |
Premises and Equipment, Net |
|
773 |
725 |
712 |
701 |
858 |
856 |
847 |
871 |
882 |
859 |
Unearned Premiums Asset |
|
51 |
83 |
65 |
79 |
123 |
112 |
136 |
103 |
103 |
84 |
Goodwill |
|
- |
- |
9,089 |
9,599 |
14,671 |
15,517 |
16,317 |
16,251 |
17,231 |
23,306 |
Intangible Assets |
|
8,925 |
9,495 |
1,274 |
1,437 |
2,774 |
2,699 |
2,810 |
2,537 |
2,630 |
4,820 |
Other Assets |
|
3,895 |
3,491 |
4,307 |
4,712 |
7,168 |
7,097 |
7,433 |
7,117 |
7,377 |
7,372 |
Total Liabilities & Shareholders' Equity |
|
18,216 |
18,190 |
20,429 |
21,578 |
31,357 |
33,049 |
34,388 |
44,114 |
48,030 |
56,481 |
Total Liabilities |
|
11,614 |
11,918 |
12,987 |
13,994 |
23,414 |
23,789 |
23,166 |
33,365 |
35,660 |
42,946 |
Short-Term Debt |
|
12 |
312 |
262 |
755 |
1,215 |
517 |
17 |
268 |
1,619 |
519 |
Accrued Interest Payable |
|
154 |
146 |
199 |
157 |
179 |
247 |
198 |
221 |
321 |
376 |
Other Short-Term Payables |
|
3,542 |
3,624 |
3,801 |
4,012 |
5,285 |
5,792 |
6,439 |
17,343 |
17,855 |
18,623 |
Long-Term Debt |
|
4,402 |
4,495 |
5,225 |
5,510 |
10,741 |
10,796 |
10,933 |
11,227 |
11,844 |
19,428 |
Other Long-Term Liabilities |
|
3,504 |
3,341 |
3,500 |
3,560 |
5,994 |
6,437 |
5,579 |
4,306 |
4,021 |
4,000 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
6,602 |
6,272 |
7,442 |
7,584 |
7,943 |
9,260 |
11,222 |
10,749 |
12,370 |
13,535 |
Total Preferred & Common Equity |
|
6,513 |
6,192 |
7,359 |
7,511 |
7,793 |
9,104 |
11,009 |
10,520 |
12,191 |
13,342 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
6,513 |
6,192 |
7,359 |
7,511 |
7,793 |
9,104 |
11,009 |
10,520 |
12,191 |
13,342 |
Common Stock |
|
1,422 |
1,403 |
1,345 |
1,378 |
1,423 |
1,504 |
1,673 |
1,740 |
1,803 |
1,931 |
Retained Earnings |
|
11,302 |
12,388 |
13,140 |
14,347 |
15,199 |
16,272 |
18,389 |
20,301 |
22,759 |
25,306 |
Treasury Stock |
|
-1,991 |
-2,506 |
-3,083 |
-3,567 |
-3,774 |
-3,562 |
-4,478 |
-6,207 |
-7,076 |
-7,655 |
Accumulated Other Comprehensive Income / (Loss) |
|
-4,220 |
-5,093 |
-4,043 |
-4,647 |
-5,055 |
-5,110 |
-4,575 |
-5,314 |
-5,295 |
-6,240 |
Noncontrolling Interest |
|
89 |
80 |
83 |
73 |
150 |
156 |
213 |
229 |
179 |
193 |
Quarterly Balance Sheets for Marsh & McLennan Companies
This table presents Marsh & McLennan Companies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Total Assets |
|
32,023 |
44,114 |
34,358 |
46,566 |
48,000 |
48,030 |
47,572 |
48,591 |
49,864 |
56,481 |
Cash and Due from Banks |
|
802 |
12,102 |
1,006 |
12,735 |
14,729 |
3,358 |
12,910 |
1,653 |
1,798 |
2,398 |
Restricted Cash |
|
- |
- |
- |
- |
- |
10,794 |
- |
11,497 |
11,923 |
11,276 |
Loans and Leases, Net of Allowance |
|
0.00 |
-160 |
0.00 |
0.00 |
0.00 |
-151 |
0.00 |
0.00 |
0.00 |
-167 |
Allowance for Loan and Lease Losses |
|
- |
160 |
- |
- |
- |
151 |
- |
- |
- |
167 |
Accrued Investment Income |
|
5,312 |
5,293 |
5,966 |
6,406 |
5,909 |
5,806 |
6,509 |
7,031 |
6,783 |
6,533 |
Premises and Equipment, Net |
|
865 |
871 |
867 |
870 |
859 |
882 |
877 |
879 |
884 |
859 |
Unearned Premiums Asset |
|
144 |
103 |
98 |
97 |
102 |
103 |
107 |
119 |
102 |
84 |
Goodwill |
|
15,576 |
16,251 |
16,300 |
16,621 |
16,655 |
17,231 |
17,314 |
17,516 |
18,235 |
23,306 |
Intangible Assets |
|
2,403 |
2,537 |
2,452 |
2,508 |
2,498 |
2,630 |
2,631 |
2,638 |
2,720 |
4,820 |
Other Assets |
|
6,921 |
7,117 |
7,669 |
7,329 |
7,248 |
7,377 |
7,224 |
7,258 |
7,419 |
7,372 |
Total Liabilities & Shareholders' Equity |
|
32,023 |
44,114 |
34,358 |
46,566 |
48,000 |
48,030 |
47,572 |
48,591 |
49,864 |
56,481 |
Total Liabilities |
|
22,232 |
33,365 |
23,162 |
34,427 |
36,414 |
35,660 |
34,950 |
35,026 |
35,982 |
42,946 |
Short-Term Debt |
|
1,263 |
268 |
2,403 |
2,375 |
2,219 |
1,619 |
1,518 |
1,267 |
919 |
519 |
Accrued Interest Payable |
|
432 |
221 |
356 |
407 |
480 |
321 |
456 |
505 |
565 |
376 |
Other Short-Term Payables |
|
5,597 |
17,343 |
5,155 |
17,031 |
17,906 |
17,855 |
16,686 |
17,092 |
18,120 |
18,623 |
Long-Term Debt |
|
10,399 |
11,227 |
10,841 |
10,247 |
11,781 |
11,844 |
12,300 |
12,278 |
12,330 |
19,428 |
Other Long-Term Liabilities |
|
4,541 |
4,306 |
4,407 |
4,367 |
4,028 |
4,021 |
3,990 |
3,884 |
4,048 |
4,000 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
9,791 |
10,749 |
11,196 |
12,139 |
11,586 |
12,370 |
12,622 |
13,565 |
13,882 |
13,535 |
Total Preferred & Common Equity |
|
9,565 |
10,520 |
10,953 |
11,961 |
11,406 |
12,191 |
12,422 |
13,367 |
13,688 |
13,342 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
9,565 |
10,520 |
10,953 |
11,961 |
11,406 |
12,191 |
12,422 |
13,367 |
13,688 |
13,342 |
Common Stock |
|
1,672 |
1,740 |
1,625 |
1,635 |
1,711 |
1,803 |
1,673 |
1,758 |
1,850 |
1,931 |
Retained Earnings |
|
19,837 |
20,301 |
20,949 |
21,980 |
22,007 |
22,759 |
23,456 |
24,578 |
24,520 |
25,306 |
Treasury Stock |
|
-5,896 |
-6,207 |
-6,387 |
-6,599 |
-6,852 |
-7,076 |
-7,198 |
-7,442 |
-7,692 |
-7,655 |
Accumulated Other Comprehensive Income / (Loss) |
|
-6,048 |
-5,314 |
-5,234 |
-5,055 |
-5,460 |
-5,295 |
-5,509 |
-5,527 |
-4,990 |
-6,240 |
Noncontrolling Interest |
|
226 |
229 |
243 |
178 |
180 |
179 |
200 |
198 |
194 |
193 |
Annual Metrics and Ratios for Marsh & McLennan Companies
This table displays calculated financial ratios and metrics derived from Marsh & McLennan Companies' official financial filings.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
0.58% |
1.92% |
5.90% |
6.26% |
10.22% |
4.91% |
14.68% |
4.36% |
9.63% |
7.25% |
EBITDA Growth |
|
11.66% |
6.89% |
-0.34% |
1.93% |
-4.55% |
24.92% |
32.37% |
-2.39% |
20.46% |
8.33% |
EBIT Growth |
|
12.15% |
7.50% |
-2.14% |
1.77% |
-11.66% |
28.00% |
40.74% |
-2.14% |
24.43% |
8.88% |
NOPAT Growth |
|
11.22% |
9.72% |
-22.75% |
32.57% |
-13.71% |
28.99% |
44.92% |
-1.88% |
24.47% |
8.13% |
Net Income Growth |
|
9.29% |
9.72% |
-15.77% |
10.45% |
6.17% |
15.40% |
55.13% |
-2.74% |
23.16% |
8.29% |
EPS Growth |
|
12.45% |
13.42% |
-15.09% |
12.54% |
5.57% |
15.54% |
55.58% |
-1.47% |
24.67% |
8.63% |
Operating Cash Flow Growth |
|
-10.90% |
6.30% |
-5.68% |
28.26% |
-2.76% |
43.24% |
3.96% |
-1.45% |
22.89% |
1.03% |
Free Cash Flow Firm Growth |
|
-40.07% |
53.00% |
-126.76% |
298.14% |
-586.15% |
130.74% |
-0.43% |
107.70% |
-98.87% |
-11,692.60% |
Invested Capital Growth |
|
4.79% |
0.57% |
16.70% |
7.12% |
43.69% |
3.39% |
7.77% |
0.32% |
16.13% |
29.61% |
Revenue Q/Q Growth |
|
1.73% |
0.18% |
2.28% |
0.06% |
3.02% |
2.81% |
2.50% |
36.28% |
-18.38% |
1.82% |
EBITDA Q/Q Growth |
|
7.69% |
1.14% |
-4.72% |
4.07% |
-2.18% |
9.85% |
3.36% |
-7.63% |
9.54% |
-0.53% |
EBIT Q/Q Growth |
|
8.62% |
1.47% |
-6.22% |
5.02% |
-4.67% |
11.59% |
4.46% |
-9.44% |
11.53% |
-0.89% |
NOPAT Q/Q Growth |
|
7.28% |
3.52% |
-27.89% |
19.44% |
-3.82% |
10.31% |
7.98% |
-15.01% |
3.23% |
0.69% |
Net Income Q/Q Growth |
|
5.28% |
3.46% |
-21.37% |
8.37% |
15.43% |
-0.82% |
15.59% |
-9.82% |
8.38% |
0.88% |
EPS Q/Q Growth |
|
6.43% |
3.68% |
-21.37% |
8.39% |
15.59% |
-1.25% |
16.10% |
-9.31% |
8.19% |
0.74% |
Operating Cash Flow Q/Q Growth |
|
-4.02% |
-0.20% |
-6.84% |
17.01% |
-1.63% |
10.20% |
1.71% |
1.76% |
7.07% |
4.19% |
Free Cash Flow Firm Q/Q Growth |
|
-56.83% |
67.18% |
-158.00% |
103.14% |
11.59% |
91.95% |
-61.82% |
-1.31% |
105.15% |
-259.29% |
Invested Capital Q/Q Growth |
|
0.24% |
-5.21% |
0.91% |
-0.36% |
-3.39% |
-5.35% |
6.06% |
3.69% |
0.97% |
23.41% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
21.36% |
22.40% |
21.08% |
20.22% |
17.51% |
20.85% |
24.07% |
22.51% |
24.73% |
24.98% |
EBIT Margin |
|
18.05% |
19.04% |
17.59% |
16.85% |
13.51% |
16.48% |
20.22% |
18.96% |
21.52% |
21.85% |
Profit (Net Income) Margin |
|
12.80% |
13.78% |
10.96% |
11.39% |
10.97% |
12.07% |
16.33% |
15.22% |
17.09% |
17.26% |
Tax Burden Percent |
|
70.91% |
72.38% |
57.21% |
74.42% |
72.69% |
73.25% |
75.43% |
75.62% |
75.65% |
75.13% |
Interest Burden Percent |
|
100.00% |
100.00% |
108.90% |
90.85% |
111.78% |
100.00% |
107.05% |
106.11% |
104.99% |
105.14% |
Effective Tax Rate |
|
29.09% |
27.62% |
42.87% |
25.58% |
27.31% |
26.75% |
24.57% |
24.38% |
24.35% |
24.87% |
Return on Invested Capital (ROIC) |
|
15.20% |
16.25% |
11.55% |
13.73% |
9.40% |
10.11% |
13.87% |
13.10% |
15.06% |
13.20% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
15.20% |
16.25% |
13.99% |
10.87% |
11.45% |
10.11% |
15.75% |
14.68% |
16.51% |
14.41% |
Return on Net Nonoperating Assets (RNNOA) |
|
8.62% |
11.64% |
10.50% |
8.50% |
13.44% |
13.68% |
17.12% |
15.00% |
17.83% |
18.58% |
Return on Equity (ROE) |
|
23.82% |
27.89% |
22.05% |
22.23% |
22.84% |
23.79% |
30.99% |
28.10% |
32.89% |
31.79% |
Cash Return on Invested Capital (CROIC) |
|
10.52% |
15.68% |
-3.86% |
6.86% |
-26.45% |
6.78% |
6.39% |
12.78% |
0.13% |
-12.59% |
Operating Return on Assets (OROA) |
|
12.81% |
13.62% |
12.57% |
11.76% |
8.24% |
8.67% |
11.66% |
9.80% |
10.39% |
9.97% |
Return on Assets (ROA) |
|
9.09% |
9.86% |
7.83% |
7.95% |
6.70% |
6.35% |
9.41% |
7.86% |
8.25% |
7.88% |
Return on Common Equity (ROCE) |
|
23.53% |
27.52% |
21.79% |
22.00% |
22.51% |
23.36% |
30.43% |
27.54% |
32.31% |
31.33% |
Return on Equity Simple (ROE_SIMPLE) |
|
25.12% |
28.99% |
20.55% |
22.23% |
22.75% |
22.47% |
28.83% |
29.34% |
31.19% |
30.86% |
Net Operating Profit after Tax (NOPAT) |
|
1,636 |
1,795 |
1,387 |
1,838 |
1,586 |
2,046 |
2,965 |
2,909 |
3,621 |
3,916 |
NOPAT Margin |
|
12.80% |
13.78% |
10.05% |
12.54% |
9.82% |
12.07% |
15.25% |
14.34% |
16.28% |
16.42% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
-2.44% |
2.86% |
-2.05% |
0.00% |
-1.88% |
-1.58% |
-1.45% |
-1.21% |
SG&A Expenses to Revenue |
|
57.38% |
59.06% |
58.60% |
58.70% |
60.25% |
59.75% |
58.77% |
59.50% |
58.90% |
58.68% |
Operating Expenses to Revenue |
|
81.95% |
80.96% |
82.41% |
83.15% |
86.50% |
83.52% |
79.78% |
81.04% |
78.48% |
78.15% |
Earnings before Interest and Taxes (EBIT) |
|
2,307 |
2,480 |
2,427 |
2,470 |
2,182 |
2,793 |
3,931 |
3,847 |
4,787 |
5,212 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
2,730 |
2,918 |
2,908 |
2,964 |
2,829 |
3,534 |
4,678 |
4,566 |
5,500 |
5,958 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
3.82 |
4.95 |
5.06 |
4.89 |
6.72 |
6.17 |
7.67 |
7.55 |
7.52 |
7.79 |
Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Price to Revenue (P/Rev) |
|
1.95 |
2.35 |
2.70 |
2.50 |
3.24 |
3.32 |
4.34 |
3.92 |
4.12 |
4.36 |
Price to Earnings (P/E) |
|
15.57 |
17.34 |
24.96 |
22.24 |
30.04 |
27.88 |
26.85 |
26.05 |
24.42 |
25.60 |
Dividend Yield |
|
2.47% |
2.19% |
1.96% |
2.17% |
1.68% |
1.66% |
1.20% |
1.40% |
1.40% |
1.78% |
Earnings Yield |
|
6.42% |
5.77% |
4.01% |
4.50% |
3.33% |
3.59% |
3.72% |
3.84% |
4.09% |
3.91% |
Enterprise Value to Invested Capital (EV/IC) |
|
2.54 |
3.12 |
3.22 |
3.03 |
3.18 |
3.19 |
4.23 |
3.55 |
3.53 |
3.30 |
Enterprise Value to Revenue (EV/Rev) |
|
2.19 |
2.65 |
3.02 |
2.86 |
3.92 |
3.87 |
4.83 |
3.90 |
4.10 |
4.63 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
10.27 |
11.83 |
14.31 |
14.16 |
22.37 |
18.56 |
20.05 |
17.32 |
16.59 |
18.53 |
Enterprise Value to EBIT (EV/EBIT) |
|
12.15 |
13.92 |
17.14 |
16.99 |
29.00 |
23.48 |
23.86 |
20.55 |
19.06 |
21.18 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
17.14 |
19.23 |
30.00 |
22.83 |
39.90 |
32.05 |
31.63 |
27.18 |
25.19 |
28.19 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
14.85 |
17.20 |
21.98 |
17.29 |
26.81 |
19.39 |
26.68 |
22.82 |
21.42 |
25.66 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
24.76 |
19.93 |
0.00 |
45.71 |
0.00 |
47.80 |
68.66 |
27.87 |
2,832.66 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.67 |
0.77 |
0.74 |
0.83 |
1.51 |
1.22 |
0.98 |
1.07 |
1.09 |
1.47 |
Long-Term Debt to Equity |
|
0.67 |
0.72 |
0.70 |
0.73 |
1.35 |
1.17 |
0.97 |
1.04 |
0.96 |
1.44 |
Financial Leverage |
|
0.57 |
0.72 |
0.75 |
0.78 |
1.17 |
1.35 |
1.09 |
1.02 |
1.08 |
1.29 |
Leverage Ratio |
|
2.62 |
2.83 |
2.82 |
2.80 |
3.41 |
3.74 |
3.29 |
3.57 |
3.99 |
4.03 |
Compound Leverage Factor |
|
2.62 |
2.83 |
3.07 |
2.54 |
3.81 |
3.74 |
3.52 |
3.79 |
4.18 |
4.24 |
Debt to Total Capital |
|
40.07% |
43.39% |
42.44% |
45.24% |
60.08% |
54.99% |
49.39% |
51.68% |
52.12% |
59.58% |
Short-Term Debt to Total Capital |
|
0.11% |
2.82% |
2.03% |
5.45% |
6.11% |
2.51% |
0.08% |
1.20% |
6.27% |
1.55% |
Long-Term Debt to Total Capital |
|
39.96% |
40.57% |
40.41% |
39.79% |
53.98% |
52.48% |
49.31% |
50.47% |
45.85% |
58.03% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.81% |
0.72% |
0.64% |
0.53% |
0.75% |
0.76% |
0.96% |
1.03% |
0.69% |
0.58% |
Common Equity to Total Capital |
|
59.12% |
55.89% |
56.92% |
54.24% |
39.16% |
44.25% |
49.65% |
47.29% |
47.19% |
39.85% |
Debt to EBITDA |
|
1.62 |
1.65 |
1.89 |
2.11 |
4.23 |
3.20 |
2.34 |
2.52 |
2.45 |
3.35 |
Net Debt to EBITDA |
|
1.11 |
1.30 |
1.47 |
1.75 |
3.82 |
2.61 |
1.97 |
-0.13 |
-0.13 |
1.05 |
Long-Term Debt to EBITDA |
|
1.61 |
1.54 |
1.80 |
1.86 |
3.80 |
3.05 |
2.34 |
2.46 |
2.15 |
3.26 |
Debt to NOPAT |
|
2.70 |
2.68 |
3.96 |
3.41 |
7.54 |
5.53 |
3.69 |
3.95 |
3.72 |
5.09 |
Net Debt to NOPAT |
|
1.86 |
2.11 |
3.09 |
2.83 |
6.81 |
4.51 |
3.10 |
-0.21 |
-0.19 |
1.60 |
Long-Term Debt to NOPAT |
|
2.69 |
2.50 |
3.77 |
3.00 |
6.77 |
5.28 |
3.69 |
3.86 |
3.27 |
4.96 |
Noncontrolling Interest Sharing Ratio |
|
1.22% |
1.31% |
1.19% |
1.04% |
1.44% |
1.78% |
1.80% |
2.01% |
1.76% |
1.44% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
1,132 |
1,732 |
-463 |
918 |
-4,464 |
1,372 |
1,366 |
2,837 |
32 |
-3,733 |
Operating Cash Flow to CapEx |
|
584.52% |
806.02% |
643.88% |
780.71% |
560.81% |
971.84% |
866.01% |
737.23% |
1,023.56% |
1,361.39% |
Free Cash Flow to Firm to Interest Expense |
|
6.94 |
9.16 |
-1.96 |
3.17 |
-8.52 |
2.66 |
3.08 |
6.05 |
0.06 |
-5.33 |
Operating Cash Flow to Interest Expense |
|
11.58 |
10.62 |
7.99 |
8.37 |
4.51 |
6.57 |
7.92 |
7.39 |
7.37 |
6.15 |
Operating Cash Flow Less CapEx to Interest Expense |
|
9.60 |
9.30 |
6.75 |
7.30 |
3.70 |
5.89 |
7.00 |
6.39 |
6.65 |
5.69 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.71 |
0.72 |
0.71 |
0.70 |
0.61 |
0.53 |
0.58 |
0.52 |
0.48 |
0.46 |
Fixed Asset Turnover |
|
16.16 |
17.39 |
19.20 |
20.75 |
20.73 |
19.78 |
22.83 |
23.62 |
25.37 |
27.40 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
11,016 |
11,079 |
12,929 |
13,849 |
19,899 |
20,573 |
22,172 |
22,244 |
25,833 |
33,482 |
Invested Capital Turnover |
|
1.19 |
1.18 |
1.15 |
1.09 |
0.96 |
0.84 |
0.91 |
0.91 |
0.93 |
0.80 |
Increase / (Decrease) in Invested Capital |
|
504 |
63 |
1,850 |
920 |
6,050 |
674 |
1,599 |
72 |
3,589 |
7,649 |
Enterprise Value (EV) |
|
28,033 |
34,514 |
41,602 |
41,972 |
63,287 |
65,584 |
93,798 |
79,073 |
91,225 |
110,397 |
Market Capitalization |
|
24,904 |
30,653 |
37,237 |
36,700 |
52,336 |
56,204 |
84,387 |
79,451 |
91,735 |
103,931 |
Book Value per Share |
|
$12.49 |
$12.01 |
$14.42 |
$14.91 |
$15.44 |
$17.95 |
$21.80 |
$21.21 |
$24.72 |
$27.17 |
Tangible Book Value per Share |
|
($4.62) |
($6.41) |
($5.89) |
($7.00) |
($19.13) |
($17.97) |
($16.08) |
($16.67) |
($15.56) |
($30.10) |
Total Capital |
|
11,016 |
11,079 |
12,929 |
13,849 |
19,899 |
20,573 |
22,172 |
22,244 |
25,833 |
33,482 |
Total Debt |
|
4,414 |
4,807 |
5,487 |
6,265 |
11,956 |
11,313 |
10,950 |
11,495 |
13,463 |
19,947 |
Total Long-Term Debt |
|
4,402 |
4,495 |
5,225 |
5,510 |
10,741 |
10,796 |
10,933 |
11,227 |
11,844 |
19,428 |
Net Debt |
|
3,040 |
3,781 |
4,282 |
5,199 |
10,801 |
9,224 |
9,198 |
-607 |
-689 |
6,273 |
Capital Expenditures (CapEx) |
|
323 |
249 |
294 |
311 |
421 |
348 |
406 |
470 |
416 |
316 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
-125 |
168 |
-187 |
0.00 |
-209 |
-178 |
-181 |
-201 |
Net Nonoperating Obligations (NNO) |
|
4,414 |
4,807 |
5,487 |
6,265 |
11,956 |
11,313 |
10,950 |
11,495 |
13,463 |
19,947 |
Total Depreciation and Amortization (D&A) |
|
423 |
438 |
481 |
494 |
647 |
741 |
747 |
719 |
713 |
746 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$3.01 |
$3.41 |
$2.91 |
$3.26 |
$3.44 |
$3.98 |
$6.20 |
$6.11 |
$7.60 |
$8.26 |
Adjusted Weighted Average Basic Shares Outstanding |
|
531M |
519M |
513M |
506M |
506M |
506M |
507M |
499M |
494M |
492M |
Adjusted Diluted Earnings per Share |
|
$2.98 |
$3.38 |
$2.87 |
$3.23 |
$3.41 |
$3.94 |
$6.13 |
$6.04 |
$7.53 |
$8.18 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
536M |
524M |
519M |
511M |
511M |
512M |
513M |
505M |
499M |
496M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.44 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
503.90M |
508.19M |
502.77M |
0.00 |
0.00 |
0.00 |
Normalized Net Operating Profit after Tax (NOPAT) |
|
1,636 |
1,626 |
1,387 |
1,838 |
1,586 |
2,046 |
2,965 |
2,909 |
3,621 |
3,916 |
Normalized NOPAT Margin |
|
12.80% |
12.48% |
10.05% |
12.54% |
9.82% |
12.07% |
15.25% |
14.34% |
16.28% |
16.42% |
Pre Tax Income Margin |
|
18.05% |
19.04% |
19.16% |
15.31% |
15.10% |
16.48% |
21.65% |
20.12% |
22.60% |
22.97% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
14.15 |
13.12 |
10.24 |
8.52 |
4.16 |
5.42 |
8.85 |
8.20 |
8.28 |
7.45 |
NOPAT to Interest Expense |
|
10.04 |
9.50 |
5.85 |
6.34 |
3.03 |
3.97 |
6.68 |
6.20 |
6.27 |
5.59 |
EBIT Less CapEx to Interest Expense |
|
12.17 |
11.80 |
9.00 |
7.44 |
3.36 |
4.75 |
7.94 |
7.20 |
7.56 |
6.99 |
NOPAT Less CapEx to Interest Expense |
|
8.06 |
8.18 |
4.61 |
5.27 |
2.22 |
3.30 |
5.76 |
5.20 |
5.55 |
5.14 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
38.63% |
37.99% |
48.94% |
48.32% |
51.10% |
47.75% |
33.46% |
37.74% |
34.96% |
37.72% |
Augmented Payout Ratio |
|
124.21% |
82.56% |
108.47% |
88.74% |
78.45% |
47.75% |
69.97% |
100.91% |
65.20% |
59.58% |
Quarterly Metrics and Ratios for Marsh & McLennan Companies
This table displays calculated financial ratios and metrics derived from Marsh & McLennan Companies' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
3.67% |
107.04% |
7,092.77% |
9.02% |
12.87% |
-47.93% |
9.44% |
5.83% |
5.75% |
7.85% |
EBITDA Growth |
|
2.30% |
-35.14% |
10.66% |
5.70% |
24.02% |
68.82% |
12.28% |
11.52% |
9.45% |
-2.72% |
EBIT Growth |
|
4.48% |
-44.80% |
12.78% |
5.67% |
28.40% |
100.20% |
12.33% |
13.22% |
11.41% |
-4.75% |
NOPAT Growth |
|
3.94% |
-37.33% |
11.27% |
7.24% |
35.30% |
53.28% |
13.63% |
9.02% |
2.00% |
3.58% |
Net Income Growth |
|
1.85% |
-41.64% |
15.29% |
7.06% |
33.70% |
62.42% |
13.74% |
8.88% |
1.90% |
4.71% |
EPS Growth |
|
2.86% |
-39.49% |
17.62% |
8.38% |
36.11% |
60.00% |
14.17% |
9.66% |
2.72% |
3.95% |
Operating Cash Flow Growth |
|
4.46% |
4.16% |
-16.67% |
15.76% |
30.87% |
18.71% |
4.64% |
-18.13% |
5.64% |
9.70% |
Free Cash Flow Firm Growth |
|
-102.94% |
147.08% |
94.01% |
-40.38% |
-8,748.31% |
-818.56% |
-951.31% |
-20.36% |
75.54% |
-140.71% |
Invested Capital Growth |
|
2.62% |
0.32% |
5.47% |
9.01% |
19.27% |
16.13% |
8.18% |
9.49% |
6.04% |
29.61% |
Revenue Q/Q Growth |
|
-11.64% |
124.43% |
-44.44% |
-1.05% |
-8.51% |
3.54% |
16.76% |
-4.31% |
-8.59% |
5.60% |
EBITDA Q/Q Growth |
|
-40.53% |
-17.63% |
155.03% |
-15.38% |
-30.23% |
12.12% |
69.62% |
-15.96% |
-31.52% |
-0.35% |
EBIT Q/Q Growth |
|
-46.05% |
-26.92% |
225.10% |
-17.56% |
-34.44% |
13.94% |
82.41% |
-16.91% |
-35.49% |
-2.59% |
NOPAT Q/Q Growth |
|
-45.50% |
-7.48% |
156.55% |
-17.11% |
-31.23% |
4.81% |
90.19% |
-20.47% |
-35.66% |
6.44% |
Net Income Q/Q Growth |
|
-43.56% |
-14.67% |
165.82% |
-16.37% |
-29.51% |
3.66% |
86.14% |
-19.94% |
-34.04% |
6.52% |
EPS Q/Q Growth |
|
-43.46% |
-12.04% |
160.00% |
-16.19% |
-28.99% |
3.40% |
85.53% |
-19.50% |
-33.48% |
4.64% |
Operating Cash Flow Q/Q Growth |
|
7.88% |
8.60% |
-154.53% |
281.20% |
21.97% |
-1.49% |
-143.80% |
255.57% |
57.37% |
2.30% |
Free Cash Flow Firm Q/Q Growth |
|
94.77% |
1,125.05% |
-114.95% |
-1,651.17% |
-229.78% |
16.76% |
78.13% |
-100.49% |
32.99% |
-719.22% |
Invested Capital Q/Q Growth |
|
-5.56% |
3.69% |
9.87% |
1.31% |
3.33% |
0.97% |
2.35% |
2.53% |
0.08% |
23.41% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
18.15% |
6.66% |
30.58% |
26.15% |
19.95% |
21.60% |
31.38% |
27.56% |
20.64% |
19.48% |
EBIT Margin |
|
14.52% |
4.73% |
27.67% |
23.05% |
16.52% |
18.18% |
28.40% |
24.66% |
17.40% |
16.06% |
Profit (Net Income) Margin |
|
11.86% |
4.51% |
21.57% |
18.23% |
14.05% |
14.06% |
22.42% |
18.76% |
13.53% |
13.65% |
Tax Burden Percent |
|
75.31% |
76.84% |
75.24% |
75.65% |
79.35% |
73.00% |
76.11% |
72.84% |
72.66% |
79.39% |
Interest Burden Percent |
|
108.43% |
124.09% |
103.61% |
104.53% |
107.14% |
105.97% |
103.71% |
104.40% |
107.03% |
107.11% |
Effective Tax Rate |
|
24.69% |
23.16% |
24.76% |
24.35% |
20.65% |
27.00% |
23.89% |
27.16% |
27.34% |
20.61% |
Return on Invested Capital (ROIC) |
|
7.69% |
4.12% |
22.89% |
19.58% |
15.19% |
12.28% |
19.36% |
16.02% |
11.24% |
10.25% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
8.07% |
4.12% |
23.24% |
19.95% |
15.57% |
12.62% |
19.74% |
16.39% |
11.60% |
10.57% |
Return on Net Nonoperating Assets (RNNOA) |
|
9.29% |
4.21% |
26.26% |
21.13% |
18.69% |
13.63% |
22.43% |
16.68% |
12.41% |
13.63% |
Return on Equity (ROE) |
|
16.98% |
8.33% |
49.15% |
40.71% |
33.88% |
25.91% |
41.79% |
32.70% |
23.65% |
23.88% |
Cash Return on Invested Capital (CROIC) |
|
13.57% |
12.78% |
8.34% |
5.38% |
-2.66% |
0.13% |
7.02% |
5.89% |
8.89% |
-12.59% |
Operating Return on Assets (OROA) |
|
6.65% |
2.44% |
21.29% |
15.36% |
11.25% |
8.78% |
15.80% |
11.99% |
8.33% |
7.33% |
Return on Assets (ROA) |
|
5.43% |
2.33% |
16.59% |
12.15% |
9.57% |
6.79% |
12.47% |
9.12% |
6.48% |
6.23% |
Return on Common Equity (ROCE) |
|
16.65% |
8.16% |
48.13% |
40.00% |
33.24% |
25.45% |
41.01% |
32.22% |
23.30% |
23.54% |
Return on Equity Simple (ROE_SIMPLE) |
|
35.79% |
0.00% |
29.70% |
27.77% |
30.76% |
0.00% |
31.99% |
30.43% |
29.81% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
509 |
471 |
1,208 |
1,002 |
689 |
722 |
1,373 |
1,092 |
703 |
748 |
NOPAT Margin |
|
10.94% |
4.51% |
20.82% |
17.44% |
13.11% |
13.27% |
21.62% |
17.97% |
12.65% |
12.75% |
Net Nonoperating Expense Percent (NNEP) |
|
-0.38% |
0.00% |
-0.35% |
-0.37% |
-0.38% |
-0.35% |
-0.38% |
-0.37% |
-0.36% |
-0.32% |
SG&A Expenses to Revenue |
|
62.79% |
29.08% |
55.26% |
58.11% |
62.56% |
60.07% |
54.63% |
56.83% |
61.95% |
61.87% |
Operating Expenses to Revenue |
|
85.48% |
95.27% |
72.33% |
76.95% |
83.48% |
81.82% |
71.60% |
75.34% |
82.60% |
83.94% |
Earnings before Interest and Taxes (EBIT) |
|
676 |
494 |
1,606 |
1,324 |
868 |
989 |
1,804 |
1,499 |
967 |
942 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
845 |
696 |
1,775 |
1,502 |
1,048 |
1,175 |
1,993 |
1,675 |
1,147 |
1,143 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
7.57 |
7.55 |
7.36 |
7.64 |
8.09 |
7.52 |
8.12 |
7.74 |
7.99 |
7.79 |
Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Price to Revenue (P/Rev) |
|
4.86 |
3.92 |
3.08 |
3.43 |
3.39 |
4.12 |
4.42 |
4.47 |
4.67 |
4.36 |
Price to Earnings (P/E) |
|
21.37 |
26.05 |
25.08 |
27.84 |
26.63 |
24.42 |
25.72 |
25.79 |
27.14 |
25.60 |
Dividend Yield |
|
1.51% |
1.40% |
1.41% |
1.28% |
1.33% |
1.40% |
1.33% |
1.35% |
1.64% |
1.78% |
Earnings Yield |
|
4.68% |
3.84% |
3.99% |
3.59% |
3.76% |
4.09% |
3.89% |
3.88% |
3.69% |
3.91% |
Enterprise Value to Invested Capital (EV/IC) |
|
3.89 |
3.55 |
3.81 |
3.69 |
3.59 |
3.53 |
3.86 |
3.84 |
4.02 |
3.30 |
Enterprise Value to Revenue (EV/Rev) |
|
5.61 |
3.90 |
3.56 |
3.43 |
3.37 |
4.10 |
4.47 |
4.50 |
4.65 |
4.63 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
16.89 |
17.32 |
19.65 |
18.98 |
18.27 |
16.59 |
17.83 |
17.66 |
18.20 |
18.53 |
Enterprise Value to EBIT (EV/EBIT) |
|
19.65 |
20.55 |
23.10 |
22.30 |
21.38 |
19.06 |
20.45 |
20.16 |
20.73 |
21.18 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
24.38 |
27.18 |
28.61 |
27.52 |
26.16 |
25.19 |
26.93 |
26.84 |
28.04 |
28.19 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
24.51 |
22.82 |
27.80 |
25.76 |
23.07 |
21.42 |
23.73 |
25.83 |
26.40 |
25.66 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
29.03 |
27.87 |
46.89 |
71.65 |
0.00 |
2,832.66 |
57.09 |
68.12 |
46.52 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
1.19 |
1.07 |
1.18 |
1.04 |
1.21 |
1.09 |
1.09 |
1.00 |
0.95 |
1.47 |
Long-Term Debt to Equity |
|
1.06 |
1.04 |
0.97 |
0.84 |
1.02 |
0.96 |
0.97 |
0.91 |
0.89 |
1.44 |
Financial Leverage |
|
1.15 |
1.02 |
1.13 |
1.06 |
1.20 |
1.08 |
1.14 |
1.02 |
1.07 |
1.29 |
Leverage Ratio |
|
3.30 |
3.57 |
3.04 |
3.47 |
3.74 |
3.99 |
3.44 |
3.70 |
3.84 |
4.03 |
Compound Leverage Factor |
|
3.58 |
4.43 |
3.15 |
3.63 |
4.01 |
4.22 |
3.57 |
3.87 |
4.11 |
4.32 |
Debt to Total Capital |
|
54.36% |
51.68% |
54.19% |
50.98% |
54.72% |
52.12% |
52.26% |
49.96% |
48.83% |
59.58% |
Short-Term Debt to Total Capital |
|
5.89% |
1.20% |
9.83% |
9.59% |
8.67% |
6.27% |
5.74% |
4.67% |
3.39% |
1.55% |
Long-Term Debt to Total Capital |
|
48.47% |
50.47% |
44.36% |
41.38% |
46.04% |
45.85% |
46.52% |
45.29% |
45.45% |
58.03% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
1.05% |
1.03% |
0.99% |
0.72% |
0.70% |
0.69% |
0.76% |
0.73% |
0.72% |
0.58% |
Common Equity to Total Capital |
|
44.59% |
47.29% |
44.82% |
48.31% |
44.58% |
47.19% |
46.98% |
49.31% |
50.45% |
39.85% |
Debt to EBITDA |
|
2.36 |
2.52 |
2.80 |
2.62 |
2.79 |
2.45 |
2.42 |
2.30 |
2.21 |
3.35 |
Net Debt to EBITDA |
|
2.20 |
-0.13 |
2.58 |
-0.02 |
-0.15 |
-0.13 |
0.16 |
0.07 |
-0.08 |
1.05 |
Long-Term Debt to EBITDA |
|
2.10 |
2.46 |
2.29 |
2.13 |
2.35 |
2.15 |
2.15 |
2.08 |
2.06 |
3.26 |
Debt to NOPAT |
|
3.41 |
3.95 |
4.07 |
3.80 |
3.99 |
3.72 |
3.65 |
3.49 |
3.41 |
5.09 |
Net Debt to NOPAT |
|
3.17 |
-0.21 |
3.76 |
-0.03 |
-0.21 |
-0.19 |
0.24 |
0.10 |
-0.12 |
1.60 |
Long-Term Debt to NOPAT |
|
3.04 |
3.86 |
3.33 |
3.08 |
3.36 |
3.27 |
3.25 |
3.17 |
3.17 |
4.96 |
Noncontrolling Interest Sharing Ratio |
|
1.93% |
2.01% |
2.07% |
1.74% |
1.90% |
1.76% |
1.86% |
1.46% |
1.47% |
1.44% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-39 |
399 |
-60 |
-1,044 |
-3,444 |
-2,867 |
-627 |
-1,257 |
-842 |
-6,901 |
Operating Cash Flow to CapEx |
|
1,080.47% |
1,458.25% |
-975.00% |
1,469.31% |
1,630.63% |
1,485.83% |
-897.70% |
1,518.75% |
2,619.18% |
2,573.68% |
Free Cash Flow to Firm to Interest Expense |
|
-0.33 |
3.14 |
-0.44 |
-7.15 |
-23.75 |
-18.99 |
-3.94 |
-8.06 |
-5.47 |
-29.88 |
Operating Cash Flow to Interest Expense |
|
11.72 |
11.83 |
-6.02 |
10.16 |
12.48 |
11.81 |
-4.91 |
7.79 |
12.42 |
8.47 |
Operating Cash Flow Less CapEx to Interest Expense |
|
10.64 |
11.02 |
-6.64 |
9.47 |
11.72 |
11.01 |
-5.46 |
7.28 |
11.94 |
8.14 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.46 |
0.52 |
0.77 |
0.67 |
0.68 |
0.48 |
0.56 |
0.49 |
0.48 |
0.46 |
Fixed Asset Turnover |
|
17.63 |
23.62 |
30.22 |
30.75 |
31.61 |
25.37 |
26.13 |
26.44 |
26.88 |
27.40 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
21,453 |
22,244 |
24,440 |
24,761 |
25,586 |
25,833 |
26,440 |
27,110 |
27,131 |
33,482 |
Invested Capital Turnover |
|
0.70 |
0.91 |
1.10 |
1.12 |
1.16 |
0.93 |
0.90 |
0.89 |
0.89 |
0.80 |
Increase / (Decrease) in Invested Capital |
|
548 |
72 |
1,268 |
2,046 |
4,133 |
3,589 |
2,000 |
2,349 |
1,545 |
7,649 |
Enterprise Value (EV) |
|
83,466 |
79,073 |
93,081 |
91,431 |
91,752 |
91,225 |
101,937 |
104,031 |
109,025 |
110,397 |
Market Capitalization |
|
72,380 |
79,451 |
80,600 |
91,366 |
92,301 |
91,735 |
100,829 |
103,438 |
109,303 |
103,931 |
Book Value per Share |
|
$19.17 |
$21.21 |
$22.15 |
$24.18 |
$23.09 |
$24.72 |
$25.25 |
$27.13 |
$27.83 |
$27.17 |
Tangible Book Value per Share |
|
($16.86) |
($16.67) |
($15.77) |
($14.49) |
($15.68) |
($15.56) |
($15.29) |
($13.77) |
($14.78) |
($30.10) |
Total Capital |
|
21,453 |
22,244 |
24,440 |
24,761 |
25,586 |
25,833 |
26,440 |
27,110 |
27,131 |
33,482 |
Total Debt |
|
11,662 |
11,495 |
13,244 |
12,622 |
14,000 |
13,463 |
13,818 |
13,545 |
13,249 |
19,947 |
Total Long-Term Debt |
|
10,399 |
11,227 |
10,841 |
10,247 |
11,781 |
11,844 |
12,300 |
12,278 |
12,330 |
19,428 |
Net Debt |
|
10,860 |
-607 |
12,238 |
-113 |
-729 |
-689 |
908 |
395 |
-472 |
6,273 |
Capital Expenditures (CapEx) |
|
128 |
103 |
84 |
101 |
111 |
120 |
87 |
80 |
73 |
76 |
Net Nonoperating Expense (NNE) |
|
-43 |
0.00 |
-44 |
-45 |
-49 |
-43 |
-51 |
-48 |
-49 |
-53 |
Net Nonoperating Obligations (NNO) |
|
11,662 |
11,495 |
13,244 |
12,622 |
14,000 |
13,463 |
13,818 |
13,545 |
13,249 |
19,947 |
Total Depreciation and Amortization (D&A) |
|
169 |
202 |
169 |
178 |
180 |
186 |
189 |
176 |
180 |
201 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.10 |
$0.95 |
$2.50 |
$2.09 |
$1.48 |
$1.53 |
$2.84 |
$2.28 |
$1.52 |
$1.62 |
Adjusted Weighted Average Basic Shares Outstanding |
|
498M |
499M |
495M |
495M |
494M |
494M |
492M |
492M |
492M |
492M |
Adjusted Diluted Earnings per Share |
|
$1.08 |
$0.95 |
$2.47 |
$2.07 |
$1.47 |
$1.52 |
$2.82 |
$2.27 |
$1.51 |
$1.58 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
503M |
505M |
500M |
499M |
499M |
499M |
497M |
496M |
496M |
496M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Normalized Net Operating Profit after Tax (NOPAT) |
|
509 |
471 |
1,208 |
1,002 |
689 |
722 |
1,373 |
1,092 |
703 |
748 |
Normalized NOPAT Margin |
|
10.94% |
4.51% |
20.82% |
17.44% |
13.11% |
13.27% |
21.62% |
17.97% |
12.65% |
12.75% |
Pre Tax Income Margin |
|
15.75% |
5.87% |
28.67% |
24.10% |
17.70% |
19.26% |
29.46% |
25.75% |
18.63% |
17.20% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
5.73 |
3.89 |
11.81 |
9.07 |
5.99 |
6.55 |
11.35 |
9.61 |
6.28 |
4.08 |
NOPAT to Interest Expense |
|
4.31 |
3.71 |
8.89 |
6.86 |
4.75 |
4.78 |
8.64 |
7.00 |
4.56 |
3.24 |
EBIT Less CapEx to Interest Expense |
|
4.64 |
3.08 |
11.19 |
8.38 |
5.22 |
5.76 |
10.80 |
9.10 |
5.81 |
3.75 |
NOPAT Less CapEx to Interest Expense |
|
3.23 |
2.90 |
8.27 |
6.17 |
3.98 |
3.99 |
8.09 |
6.49 |
4.09 |
2.91 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
34.24% |
37.74% |
36.43% |
36.24% |
36.12% |
34.96% |
34.93% |
35.78% |
36.90% |
37.72% |
Augmented Payout Ratio |
|
93.40% |
100.91% |
90.22% |
79.89% |
71.75% |
65.20% |
63.87% |
64.05% |
65.08% |
59.58% |