Marsh & McLennan Companies, Inc. Financial Ratios — MRSH

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	12.03	13.29	14.13	14.01	14.05	14.25	11.2	11.53	11.36	12.37	17.57	15.32	17	16.51	15.35
Return on Assets (%)	6.46	7.41	8.16	8.43	8.88	9.71	7.73	7.86	6.58	6.26	9.32	7.77	8.15	7.77	7.22
Return on Capital (%)	9.84	10.81	11.47	11.32	10.92	10.98	8.66	9.21	8.21	7.79	10.96	10.07	11.29	10.43	9.85
Return on Invested Capital (%)	12.42	13.99	14.02	15.14	15.71	15.71	12.46	15.4	10.84	9.89	13.65	13.2	15.2	13.68	13.05
Gross Margin (%)	39.54	40.17	41.07	41.97	43.12	41.76	42.35	42.44	41.54	41.19	42.36	41.74	42.39	42.78	42.27
EBITDA Margin (%)	17.09	18.27	19.86	20.76	22.04	21.72	22.36	21.77	19.96	22.1	25.52	24.13	26.37	26.83	26.44
Operating Margin (%)	14.21	15.34	16.94	17.77	18.76	18.4	18.93	18.47	16.08	17.8	21.76	20.66	23.23	23.78	23.06
Incremental Operating Margin (%)	71.62	47.99	73.59	32.46	-203.45	3.77	27.55	11.45	-4.94	68.01	48	-3.56	49.7	31.07	16.09
Pretax Margin (%)	12.18	14.22	16.09	15.88	17.89	18.77	18.85	15.01	14.65	16.22	21.23	19.7	22.11	22.41	20.53
Profit Margin (%)	8.62	9.86	11.07	11.31	12.4	13.38	10.64	11.04	10.46	11.7	15.86	14.72	16.52	16.6	15.42
Net Income to Common Margin (%)	8.62	9.86	11.07	11.31	12.4	13.38	10.64	11.04	10.46	11.7	15.86	14.72	16.52	16.6	15.42
Effective Tax Rate (%)	30.06	29.01	30.11	28.49	29.09	27.62	42.87	25.58	27.31	26.75	24.57	24.38	24.35	24.87	23.56
Dvd Payout Ratio (%)	47.81	40.44	37.88	38.72	37.78	37.43	48.37	47.75	49.33	45.42	32.01	36.43	33.73	36.25	39.44
Sustainable Growth Rate (%)	6.28	7.91	8.78	8.59	8.74	8.92	5.78	6.03	5.76	6.75	11.94	9.74	11.27	10.52	9.3

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	2,928	2,918	2,955	3,379	4,414	4,807	5,487	5,824	14,224	13,579	13,162	13,472	15,436	21,862	21,449
ST Debt	260	260	334	11	12	312	262	314	1,557	859	349	578	1,931	844	1,600
LT Debt	2,668	2,658	2,621	3,368	4,402	4,495	5,225	5,510	12,667	12,720	12,813	12,894	13,505	21,018	19,849
Total Debt/EBITDA	1.49	1.34	1.21	1.26	1.55	1.68	1.75	1.79	4.28	3.57	2.6	2.69	2.57	3.33	3.01
Net Debt/EBITDA	0.41	0.28	0.27	0.53	1.07	1.32	1.37	1.46	3.25	2.42	1.82	2.01	1.69	2.67	2.37
Total Debt/EBIT	1.79	1.6	1.42	1.47	1.82	1.98	2.07	2.11	5.31	4.43	3.05	3.15	2.92	3.76	3.45
Net Debt/EBIT	0.5	0.34	0.31	0.62	1.26	1.56	1.61	1.72	4.03	3.01	2.13	2.35	1.91	3.02	2.72
EBITDA to Interest Expense	9.9	12.03	14.58	16.3	17.44	15.18	13.23	11.22	6.34	7.39	11.39	10.66	10.37	9.38	7.43
EBITDA-CapEx/Interest Expense	9.9	12.03	14.58	16.3	17.44	15.18	13.23	11.22	6.34	7.39	11.39	10.66	10.37	9.38	7.43
EBIT to Interest Expense	8.23	10.1	12.44	13.95	14.84	12.86	11.2	9.52	5.11	5.95	9.71	9.13	9.14	8.31	6.48
Interest Expense	199	181	167	165	163	189	237	290	524	515	444	469	578	700	960
Common Equity/Total Assets	55.07	56.42	58.97	61.24	65.12	71.19	67.07	69.09	50.26	50.93	55.11	47.29	48.55	45.8	48.25
Long-Term Debt/Equity (%)	44.92	40.24	32.87	47.22	66.68	71.67	70.21	72.65	159.47	137.37	114.18	119.96	109.18	155.29	129.6
Long-Term Debt/Capital (%)	23.21	21.84	20.1	23.46	26.9	25.2	27.11	26.48	42.04	41.61	39.64	37.31	34.69	43.86	39.7
Long-Term Debt/Total Assets (%)	17.26	16.32	15.44	18.93	24.17	24.71	25.58	25.54	40.4	38.49	37.26	29.23	28.12	37.21	33.81
Total Debt/Equity (%)	49.29	44.17	37.05	47.37	66.86	76.64	73.73	76.79	179.08	146.64	117.29	125.33	124.79	161.52	140.05
Total Debt/Capital (%)	25.47	23.98	22.66	23.54	26.97	26.95	28.47	27.99	47.2	44.42	40.72	38.98	39.65	45.62	42.9
Total Debt/Total Assets (%)	18.95	17.92	17.4	18.99	24.23	26.43	26.86	26.99	45.36	41.09	38.27	30.54	32.14	38.71	36.53
Net Debt to Equity	13.72	9.34	8.18	19.92	46.05	60.28	57.54	62.74	135.98	99.61	81.96	93.52	81.69	129.66	110.35
Net Debt/Capital (%)	8.69	6.25	6.07	11.46	20.28	22.49	23.7	24.1	37.27	32.39	30.09	30.35	28.4	38.55	35.73
EBITDA	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
EBITDA-CapEx	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
Operating Income (Loss)	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.57	0.65	0.6	0.53	0.37	0.25	0.28	0.22	0.17	0.32	0.26	0.08	0.17	0.12	0.13
Current Ratio	1.51	1.67	1.65	1.5	1.36	1.2	1.31	1.21	1.06	1.24	1.24	1.06	1.1	1.13	1.1
Quick Ratio	1.34	1.5	1.47	1.45	1.31	1.14	1.25	1.09	0.96	1.13	1.1	0.41	0.49	0.49	0.49
CFO/Avg Current Liab	0.5	0.36	0.36	0.57	0.51	0.52	0.45	0.53	0.41	0.51	0.53	0.28	0.23	0.22	0.26
Common Equity/Total Assets	55.07	56.42	58.97	61.24	65.12	71.19	67.07	69.09	50.26	50.93	55.11	47.29	48.55	45.8	48.25
Long-Term Debt/Equity (%)	44.92	40.24	32.87	47.22	66.68	71.67	70.21	72.65	159.47	137.37	114.18	119.96	109.18	155.29	129.6
Long-Term Debt/Capital (%)	23.21	21.84	20.1	23.46	26.9	25.2	27.11	26.48	42.04	41.61	39.64	37.31	34.69	43.86	39.7
Long-Term Debt/Total Assets (%)	17.26	16.32	15.44	18.93	24.17	24.71	25.58	25.54	40.4	38.49	37.26	29.23	28.12	37.21	33.81
Total Debt/Equity (%)	49.29	44.17	37.05	47.37	66.86	76.64	73.73	76.79	179.08	146.64	117.29	125.33	124.79	161.52	140.05
Total Debt/Capital (%)	25.47	23.98	22.66	23.54	26.97	26.95	28.47	27.99	47.2	44.42	40.72	38.98	39.65	45.62	42.9
Total Debt/Total Assets (%)	18.95	17.92	17.4	18.99	24.23	26.43	26.86	26.99	45.36	41.09	38.27	30.54	32.14	38.71	36.53
CFO/Total Liabilities	17.92	13.65	14.89	19.88	16.26	16.84	14.58	17.35	10.08	14.22	15.18	10.39	11.94	10.02	12.19
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.66	4.81	5.44	5.53	5.64	6.31	6.18	6.03	4.84	5	6.33	4.04	4.22	4.36	4.26

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	4.42	4.31	4.14	4.17	4.07	4.02	3.92	3.85	3.88	3.71	4.06	3.99	4.1	3.96	3.98
Days Sales Outstanding	82.65	84.7	88.16	87.47	89.74	90.73	93.01	94.74	94.17	98.4	89.98	91.48	89.09	92.07	91.64
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	3.71	3.82	4.03	4.01	3.89	3.99	3.99	3.99	3.91	3.5	3.68	3.75	3.92	4.11	4.42
Accounts Payable Turnover Days	98.39	95.6	90.47	90.92	93.79	91.44	91.46	91.56	93.37	104.43	99.28	97.41	93.08	88.73	82.64
Cash Conversion Cycle	-15.73	-10.9	-2.31	-3.46	-4.05	-0.71	1.54	3.18	0.8	-6.03	-9.3	-5.93	-3.99	3.34	8.99
Inventory to Cash Days	82.65	84.7	88.16	87.47	89.74	90.73	93.01	94.74	94.17	98.4	89.98	91.48	89.09	92.07	91.64
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	17,138	18,752	26,550	31,196	29,444	35,079	41,753	40,354	56,373	59,202	88,127	82,575	93,598	104,506	91,090
- Cash & Cash Equivalents	2,113	2,301	2,303	1,958	1,374	1,026	1,205	1,066	1,155	2,089	1,752	1,442	3,358	2,398	2,687
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	57	64	70	79	89	80	83	73	150	156	213	229	179	193	215
+ Total Debt	2,928	2,918	2,955	3,379	4,414	4,807	5,487	5,824	14,224	13,579	13,162	13,472	15,436	21,862	21,449
Enterprise Value	18,010	19,433	27,272	32,696	32,573	38,940	46,118	45,184	69,592	70,848	99,750	94,834	105,855	124,163	110,067
Total Capital	11,495	12,171	13,038	14,354	16,366	17,836	19,271	20,805	30,134	30,568	32,325	34,563	38,935	47,922	49,992
Total Debt/Capital (%)	25.47	23.98	22.66	23.54	26.97	26.95	28.47	27.99	47.2	44.42	40.72	38.98	39.65	45.62	42.9
Total Debt / EV	0.16	0.15	0.11	0.1	0.14	0.12	0.12	0.13	0.2	0.19	0.13	0.14	0.15	0.18	0.19
EV/Sales	1.56	1.63	2.22	2.52	2.53	2.95	3.29	3.02	4.18	4.11	5.03	4.58	4.66	5.08	4.08
EV/EBITDA	9.14	8.92	11.2	12.16	11.46	13.57	14.71	13.88	20.94	18.61	19.72	18.97	17.66	18.92	15.43
EV/EBIT	11	10.62	13.13	14.21	13.47	16.02	17.37	16.37	26	23.11	23.13	22.16	20.04	21.34	17.69
EV/Cash Flow to Firm	9.77	13.4	18.71	14.62	16.26	18.16	22.74	17.09	25.38	18.85	25.9	24.83	22.55	25.72	18.27
EV/Free Cash Flow to Firm	9.77	13.4	18.71	14.62	16.26	18.16	22.74	17.09	25.38	18.85	25.9	24.83	22.55	25.72	18.27
Diluted Market Cap	17,423	19,027	26,985	31,654	29,721	35,417	42,241	40,752	56,931	59,904	89,170	83,567	94,546	105,355	91,647
Diluted Enterprise Value	18,295	19,708	27,707	33,154	32,850	39,278	46,606	45,583	70,150	71,550	100,793	95,826	106,803	125,012	110,624
EV per Share	33.23	35.72	49.68	59.99	61.34	75.03	89.9	89.3	137.53	140.02	196.75	190.05	214.28	252.36	224.17
TTM Sales	11,526	11,924	12,261	12,951	12,893	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458	26,981
TTM EBITDA	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
TTM Operating Income	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223
TTM Cash Flow to Firm	1,844	1,450	1,458	2,237	2,004	2,144	2,028	2,644	2,742	3,759	3,851	3,820	4,695	4,828	6,026
TTM Free Cash Flow to Firm	1,844	1,450	1,458	2,237	2,004	2,144	2,028	2,644	2,742	3,759	3,851	3,820	4,695	4,828	6,026

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	10.22	14.39	20.12	14.94	15.74	17.65	22.31	16.78	24.11	17.71	25.36	24.12	22.2	24.49	17.32
EV/EBIT	11	10.62	13.13	14.21	13.47	16.02	17.37	16.37	26	23.11	23.13	22.16	20.04	21.34	17.69
Enterprise Value	18,010	19,433	27,272	32,696	32,573	38,940	46,118	45,184	69,592	70,848	99,750	94,834	105,855	124,163	110,067
Low Price	25.29	30.69	34.43	44.25	50.9	50.81	66.75	74.3	77.85	74.33	106.95	142.8	151.86	188.31	174.18
EV/Sales	1.56	1.63	2.22	2.52	2.53	2.95	3.29	3.02	4.18	4.11	5.03	4.58	4.66	5.08	4.08
EV/EBITDA	9.14	8.92	11.2	12.16	11.46	13.57	14.71	13.88	20.94	18.61	19.72	18.97	17.66	18.92	15.43
Price/Earnings	17.26	15.95	19.56	21.29	18.41	19.84	27.98	24.46	32.36	29.37	28.04	27.07	24.92	25.74	21.9
Price/Earnings Average	16.05	15.31	16.59	19.04	18.68	18.68	26.6	25.5	28.25	27.37	22.91	26.26	23.98	25.73	24.9
Price/Earnings High	17.47	16.55	19.65	21.85	19.92	20.48	29.76	27.47	33.1	30.36	28.25	29.96	26.67	28.54	29.27
Price/Earnings Low	13.8	14.2	13.93	16.46	16.9	14.92	22.95	22.79	22.61	18.66	17.25	23.36	19.97	22.82	20.56
Price/Book Value	2.01	2.04	2.65	2.86	2.48	2.71	3.05	2.71	3.58	3.52	4.65	3.96	4.01	4.04	3.22
Price/Book Value Average	1.87	1.96	2.25	2.56	2.52	2.55	2.9	2.82	3.12	3.28	3.8	3.84	3.86	4.04	3.66
Price/Book Value High	2.04	2.12	2.66	2.94	2.69	2.8	3.24	3.04	3.66	3.64	4.69	4.38	4.3	4.48	4.3
Price/Book Value Low	1.61	1.82	1.89	2.21	2.28	2.04	2.5	2.52	2.5	2.23	2.86	3.42	3.22	3.58	3.02
Price/Tangible Book Value	-16.75	-28.63	43.52	-38.99	-12.67	-10.88	-14.29	-11.69	-5.93	-6.61	-11.15	-10.27	-12.49	-7.16	-6.62
Price/Tangible Book Value Average	-15.57	-27.49	36.91	-34.87	-12.86	-10.25	-13.59	-12.19	-5.18	-6.16	-9.11	-9.96	-12.02	-7.16	-7.52
Price/Tangible Book Value High	-16.95	-29.72	43.7	-40.02	-13.71	-11.24	-15.2	-13.13	-6.07	-6.83	-11.23	-11.37	-13.37	-7.94	-8.84
Price/Tangible Book Value Low	-13.4	-25.49	30.99	-30.15	-11.63	-8.18	-11.72	-10.89	-4.15	-4.2	-6.86	-8.86	-10.01	-6.35	-6.21
Price/Sales	1.49	1.57	2.17	2.41	2.28	2.66	2.98	2.7	3.39	3.44	4.45	3.99	4.12	4.27	3.38
Price/Sales Average	1.38	1.51	1.84	2.15	2.32	2.5	2.83	2.81	2.96	3.2	3.63	3.86	3.96	4.27	3.84
Price/Sales High	1.5	1.63	2.17	2.47	2.47	2.74	3.17	3.03	3.46	3.55	4.48	4.41	4.41	4.74	4.51
Price/Sales Low	1.19	1.4	1.54	1.86	2.1	2	2.44	2.51	2.37	2.18	2.74	3.44	3.3	3.79	3.17
Price/Cash Flow	10.05	14.18	19.8	14.72	15.6	17.48	22.06	16.62	23.88	17.51	25.06	23.83	21.98	24.29	17.21
Price/Cash Flow Average	9.34	13.62	16.79	13.16	15.82	16.45	20.97	17.33	20.84	16.32	20.48	23.11	21.15	24.28	19.57
Price/Cash Flow High	10.17	14.72	19.88	15.11	16.87	18.04	23.45	18.67	24.42	18.1	25.25	26.37	23.53	26.93	23.01
Price/Cash Flow Low	8.04	12.63	14.1	11.38	14.32	13.14	18.09	15.48	16.68	11.12	15.42	20.56	17.62	21.54	16.16
Price/Free Cash Flow Average	9.5	13.82	17.06	13.36	15.97	16.61	21.21	17.5	21.05	16.51	20.72	23.39	21.37	24.48	19.69
Price/Free Cash Flow High	10.34	14.94	20.21	15.33	17.03	18.22	23.73	18.86	24.66	18.31	25.55	26.69	23.77	27.15	23.15
Price/Free Cash Flow Low	8.17	12.81	14.33	11.55	14.45	13.27	18.3	15.64	16.85	11.25	15.6	20.81	17.8	21.71	16.26
EV/Sales Average	1.46	1.57	1.9	2.27	2.56	2.79	3.14	3.14	3.75	3.88	4.22	4.46	4.5	5.07	4.54
EV/Sales High	1.58	1.69	2.23	2.59	2.71	3.03	3.48	3.36	4.26	4.23	5.07	5	4.95	5.54	5.22
EV/Sales Low	1.26	1.46	1.6	1.98	2.34	2.29	2.75	2.84	3.16	2.86	3.32	4.03	3.84	4.59	3.87
EV/EBITDA Average	8.53	8.58	9.54	10.93	11.61	12.86	14.05	14.41	18.78	17.55	16.53	18.47	17.07	18.91	17.18
EV/EBITDA High	9.25	9.25	11.24	12.46	12.31	13.97	15.55	15.41	21.32	19.14	19.85	20.73	18.76	20.65	19.73
EV/EBITDA Low	7.4	7.98	8.06	9.53	10.61	10.54	12.31	13.03	15.83	12.94	13.02	16.71	14.56	17.11	14.65
EV/EBIT Average	10.26	10.22	11.19	12.78	13.64	15.17	16.59	16.99	23.32	21.8	19.39	21.57	19.37	21.34	19.69
EV/EBIT High	11.12	11.01	13.18	14.56	14.46	16.48	18.37	18.17	26.47	23.76	23.29	24.22	21.29	23.3	22.62
EV/EBIT Low	8.9	9.5	9.45	11.13	12.47	12.44	14.54	15.37	19.65	16.07	15.27	19.51	16.52	19.31	16.79
Last Price	31.62	34.47	48.36	57.24	55.45	67.59	81.39	79.75	111.41	117	173.82	165.48	189.47	212.41	185.52
High Price	32	35.78	48.56	58.74	59.99	69.77	86.54	89.59	113.94	120.97	175.12	183.14	202.81	235.5	248
Enterprise Value Average	16,805	18,688	23,235	29,396	33,006	36,886	44,052	46,898	62,426	66,831	83,615	92,337	102,321	124,117	122,550
Enterprise Value High	18,216	20,145	27,381	33,513	34,984	40,072	48,760	50,164	70,873	72,857	100,409	103,646	112,445	135,523	140,745
Enterprise Value Low	14,579	17,376	19,624	25,616	30,157	30,231	38,608	42,427	52,611	49,257	65,847	83,516	87,276	112,306	104,499

Shares Outstanding	539	546	547	540	522	514	509	504	504	508	504	495	492	491	485
Diluted Weighted Avg Shares	551	552	558	553	536	524	519	511	511	512	513	505	499	496	494
Basic Weighted Avg Shares	542	544	549	545	531	519	513	506	506	506	507	499	494	492	491
Revenue per Share	21.27	21.92	22.33	23.76	24.28	25.45	27.34	29.55	32.91	34.04	39.09	41.52	46.02	49.71	54.95
EBITDA per Share	3.63	4	4.44	4.93	5.35	5.53	6.11	6.43	6.57	7.52	9.98	10.02	12.14	13.34	14.53
Operating Income per Share	3.02	3.36	3.78	4.22	4.56	4.68	5.18	5.46	5.29	6.06	8.5	8.58	10.69	11.82	12.67
Basic EPS, GAAP	1.83	2.16	2.47	2.69	3.01	3.41	2.91	3.26	3.44	3.98	6.2	6.11	7.6	8.25	8.47
Basic EPS from Cont Ops	1.81	2.21	2.51	2.7	3.08	3.46	2.94	3.3	3.5	4.04	6.26	6.19	7.7	8.37	8.62
Diluted EPS, GAAP	1.8	2.13	2.43	2.65	2.98	3.37	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.19	8.42
Diluted EPS from Cont Ops	1.78	2.18	2.47	2.66	3.05	3.43	2.91	3.27	3.47	4	6.19	6.11	7.62	8.3	8.57
Dividend per Share	0.89	0.91	0.97	1.07	1.19	1.31	1.44	1.59	1.76	1.86	2.02	2.28	2.63	3.08	3.46
Cash Flow per Share	3.15	2.43	2.44	3.89	3.56	3.87	3.69	4.8	4.67	6.68	6.93	6.94	8.62	8.74	10.78
Free Cash Flow per Basic Share	3.15	2.43	2.44	3.89	3.56	3.87	3.69	4.8	4.67	6.68	6.93	6.94	8.62	8.74	10.78
Cash & Equivalents per Share	3.9	4.23	4.19	3.59	2.59	1.98	2.35	2.11	2.28	4.13	3.46	2.89	6.8	4.87	5.47
Book Value per Share	15.7	16.89	18.24	19.99	22.34	24.95	26.71	29.46	31.15	33.27	37.38	41.81	47.21	52.58	57.69
Tangible Book Value per Share	-1.89	-1.2	1.11	-1.47	-4.37	-6.21	-5.69	-6.82	-18.78	-17.7	-15.59	-16.11	-15.16	-29.66	-28.04

Marsh & McLennan Companies, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)