Marsh Financial Ratios — MSN Stock

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 (%)	16.21	18.93	18.79	19.59	23.57	27.83	22.02	22.19	22.77	23.86	31.25	28.33	33.08	31.8	29.25
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 (%)	12.12	13.91	14.14	14.47	15.59	17	13.39	14.02	11.76	10.5	14.6	13.86	15.94	14.33	13.36
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	- -	3.77	27.55	11.45	- -	68.01	48	- -	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 (%)	8.46	11.27	11.67	12	14.67	17.41	11.37	11.6	11.53	13.02	21.25	18.01	21.92	20.27	17.72

Credit (USD)

Credit Ratios API ChatGPT

	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	38.07	40.16	46.55	39.64	35.75	34.04	36.02	34.81	24.85	27.55	32.01	23.85	25.38	23.62	25.72
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 (%)	30.09	27.91	23.98	32.04	39.96	40.57	40.41	41.09	57.14	55.69	52.55	53.23	48.57	59.38	53.99
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 (%)	33.02	30.64	27.04	32.14	40.07	43.39	42.44	43.44	64.17	59.46	53.98	55.62	55.51	61.76	58.34
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 (%)	12.07	8.54	7.56	16.61	31.53	37.61	36.52	38.55	51.4	44.45	40.64	44.13	41.33	53.18	49.59
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)

Liquidity Ratios API ChatGPT

	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	38.07	40.16	46.55	39.64	35.75	34.04	36.02	34.81	24.85	27.55	32.01	23.85	25.38	23.62	25.72
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 (%)	30.09	27.91	23.98	32.04	39.96	40.57	40.41	41.09	57.14	55.69	52.55	53.23	48.57	59.38	53.99
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 (%)	33.02	30.64	27.04	32.14	40.07	43.39	42.44	43.44	64.17	59.46	53.98	55.62	55.51	61.76	58.34
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	4.8	5.43	5.53	5.61	6.3	6.16	5.99	4.83	4.98	6.31	4.03	4.19	4.35	4.25

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	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	17,146	18,638	26,281	31,165	28,717	34,819	41,334	39,306	56,134	58,406	87,279	82,300	92,085	103,846	90,181
- 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	18,018	19,319	27,003	32,665	31,846	38,680	45,699	44,137	69,353	70,052	98,902	94,559	104,342	123,503	109,158
Total Capital	8,868	9,524	10,930	10,512	11,016	11,079	12,929	13,408	22,167	22,839	24,384	24,221	27,806	35,397	36,764
Total Debt/Capital (%)	33.02	30.64	27.04	32.14	40.07	43.39	42.44	43.44	64.17	59.46	53.98	55.62	55.51	61.76	58.34
Total Debt / EV	0.16	0.15	0.11	0.1	0.14	0.12	0.12	0.13	0.21	0.19	0.13	0.14	0.15	0.18	0.2
EV/Sales	1.56	1.62	2.2	2.52	2.47	2.93	3.26	2.95	4.16	4.07	4.99	4.56	4.59	5.05	4.05
EV/EBITDA	9.15	8.87	11.09	12.15	11.21	13.48	14.57	13.56	20.86	18.4	19.55	18.92	17.4	18.82	15.3
EV/EBIT	11	10.56	13	14.2	13.16	15.91	17.21	15.99	25.91	22.85	22.94	22.09	19.75	21.23	17.54
EV/Cash Flow to Firm	9.77	13.32	18.52	14.6	15.89	18.04	22.53	16.69	25.29	18.63	25.68	24.76	22.22	25.58	18.12
EV/Free Cash Flow to Firm	9.77	13.32	18.52	14.6	15.89	18.04	22.53	16.69	25.29	18.63	25.68	24.76	22.22	25.58	18.12
Diluted Market Cap	17,522	18,860	26,821	31,906	29,493	35,497	42,170	39,865	56,956	58,898	88,919	83,999	93,394	104,818	91,881
Diluted Enterprise Value	18,394	19,541	27,543	33,406	32,622	39,358	46,535	44,696	70,175	70,544	100,542	96,258	105,651	124,475	110,858
EV per Share	33.42	35.41	49.39	60.47	61.02	75.25	89.83	87.6	137.71	137.97	196.41	191.11	212.07	251.33	225.13
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)

Valuation Multiples API ChatGPT

	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	10.28	14.27	20	15.06	15.62	17.69	22.28	16.42	24.12	17.42	25.29	24.24	21.93	24.36	17.36
EV/EBIT	11	10.56	13	14.2	13.16	15.91	17.21	15.99	25.91	22.85	22.94	22.09	19.75	21.23	17.54
Enterprise Value	18,018	19,319	27,003	32,665	31,846	38,680	45,699	44,137	69,353	70,052	98,902	94,559	104,342	123,503	109,158
Low Price	26.49	30.66	33.6	44.31	50.46	51.06	66.52	76.24	77.19	74.56	107.31	142.68	152.67	186.97	173.6
EV/Sales	1.56	1.62	2.2	2.52	2.47	2.93	3.26	2.95	4.16	4.07	4.99	4.56	4.59	5.05	4.05
EV/EBITDA	9.15	8.87	11.09	12.15	11.21	13.48	14.57	13.56	20.86	18.4	19.55	18.92	17.4	18.82	15.3
Price/Earnings	17.36	15.8	19.45	21.46	18.27	19.89	27.94	23.92	32.38	28.87	27.96	27.21	24.62	25.61	21.95
Price/Earnings Average	15.92	15.23	16.47	18.94	18.63	18.61	26.48	25.3	27.96	27.36	22.79	26.18	23.91	25.7	24.9
Price/Earnings High	17.43	16.36	19.45	21.78	19.84	20.4	29.49	27.08	32.86	30.05	28.02	29.13	26.95	28.71	28.94
Price/Earnings Low	14.46	14.18	13.6	16.48	16.76	14.99	22.87	23.38	22.42	18.71	17.31	23.34	20.08	22.66	20.49
Price/Book Value	2.91	2.85	3.32	4.42	4.41	5.62	5.62	5.23	7.2	6.42	7.93	7.82	7.55	7.78	5.97
Price/Book Value Average	2.67	2.74	2.81	3.9	4.49	5.26	5.32	5.53	6.22	6.08	6.46	7.53	7.34	7.81	6.77
Price/Book Value High	2.93	2.95	3.32	4.48	4.79	5.77	5.93	5.92	7.31	6.68	7.94	8.37	8.27	8.72	7.87
Price/Book Value Low	2.43	2.56	2.32	3.39	4.04	4.24	4.6	5.11	4.99	4.16	4.91	6.71	6.16	6.89	5.57
Price/Tangible Book Value	-15.88	-25.92	48.67	-35.45	-11.91	-10.54	-13.76	-11.15	-5.82	-6.41	-10.75	-9.95	-12.01	-7.02	-6.45
Price/Tangible Book Value Average	-14.57	-24.97	41.21	-31.29	-12.14	-9.86	-13.04	-11.79	-5.02	-6.07	-8.76	-9.58	-11.66	-7.05	-7.31
Price/Tangible Book Value High	-15.94	-26.83	48.67	-35.97	-12.93	-10.81	-14.53	-12.62	-5.9	-6.67	-10.77	-10.66	-13.14	-7.87	-8.5
Price/Tangible Book Value Low	-13.22	-23.26	34.02	-27.23	-10.92	-7.95	-11.26	-10.9	-4.03	-4.15	-6.66	-8.54	-9.79	-6.21	-6.02
Price/Sales	1.5	1.56	2.15	2.43	2.27	2.66	2.97	2.64	3.39	3.38	4.43	4.01	4.07	4.25	3.38
Price/Sales Average	1.37	1.5	1.82	2.14	2.31	2.49	2.82	2.79	2.92	3.2	3.61	3.85	3.95	4.27	3.84
Price/Sales High	1.5	1.61	2.15	2.46	2.46	2.73	3.14	2.99	3.44	3.52	4.44	4.29	4.45	4.77	4.46
Price/Sales Low	1.25	1.4	1.5	1.86	2.08	2.01	2.43	2.58	2.35	2.19	2.75	3.44	3.32	3.76	3.16
Price/Cash Flow	10.11	14.06	19.68	14.84	15.48	17.52	22.02	16.26	23.89	17.21	24.99	23.95	21.71	24.17	17.26
Price/Cash Flow Average	9.27	13.54	16.66	13.09	15.78	16.39	20.87	17.19	20.63	16.31	20.37	23.05	21.09	24.26	19.57
Price/Cash Flow High	10.15	14.55	19.68	15.06	16.8	17.97	23.25	18.4	24.25	17.91	25.05	25.64	23.77	27.09	22.75
Price/Cash Flow Low	8.42	12.62	13.76	11.4	14.19	13.2	18.03	15.89	16.54	11.16	15.47	20.55	17.71	21.38	16.11
Price/Free Cash Flow Average	9.43	13.74	16.93	13.29	15.92	16.55	21.12	17.36	20.83	16.5	20.61	23.33	21.3	24.45	19.69
Price/Free Cash Flow High	10.32	14.77	20	15.28	16.96	18.14	23.52	18.58	24.49	18.13	25.34	25.95	24.01	27.31	22.89
Price/Free Cash Flow Low	8.56	12.8	13.98	11.56	14.33	13.33	18.24	16.05	16.71	11.29	15.66	20.79	17.89	21.56	16.2
EV/Sales Average	1.44	1.56	1.87	2.24	2.51	2.76	3.11	3.1	3.7	3.89	4.18	4.41	4.47	5.07	4.49
EV/Sales High	1.57	1.68	2.2	2.56	2.66	3	3.42	3.3	4.22	4.21	5	4.84	4.97	5.56	5.11
EV/Sales Low	1.31	1.46	1.56	1.96	2.29	2.28	2.72	2.89	3.13	2.87	3.31	4	3.84	4.56	3.82
EV/EBITDA Average	8.43	8.56	9.43	10.78	11.4	12.7	13.89	14.25	18.56	17.6	16.36	18.29	16.96	18.88	17
EV/EBITDA High	9.18	9.17	11.09	12.32	12.07	13.79	15.31	15.15	21.12	19.03	19.58	20.08	18.86	20.73	19.33
EV/EBITDA Low	7.69	7.99	7.84	9.46	10.37	10.49	12.18	13.29	15.67	13	12.98	16.57	14.57	16.99	14.46
EV/EBIT Average	10.14	10.19	11.06	12.6	13.39	14.99	16.4	16.8	23.05	21.85	19.19	21.37	19.25	21.3	19.48
EV/EBIT High	11.04	10.92	13	14.39	14.18	16.28	18.08	17.86	26.22	23.62	22.98	23.45	21.41	23.39	22.15
EV/EBIT Low	9.25	9.52	9.19	11.05	12.18	12.38	14.39	15.66	19.46	16.15	15.23	19.36	16.54	19.17	16.58
Last Price	31.8	34.17	48.07	57.7	55.02	67.74	81.25	78.01	111.46	115.03	173.33	166.33	187.16	211.33	185.99
High Price	31.93	35.37	48.07	58.53	59.74	69.48	85.78	88.29	113.13	119.72	173.69	178.05	204.9	236.88	245.16
Enterprise Value Average	16,603	18,637	22,974	29,000	32,402	36,439	43,550	46,393	61,694	66,990	82,764	91,446	101,689	123,881	121,246
Enterprise Value High	18,090	19,974	27,003	33,117	34,307	39,572	48,002	49,315	70,196	72,434	99,080	100,357	113,067	136,061	137,847
Enterprise Value Low	15,153	17,407	19,095	25,435	29,466	30,107	38,203	43,244	52,093	49,504	65,658	82,856	87,372	111,533	103,146

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	3.92	4.22	4.21	3.62	2.63	2	2.37	2.12	2.29	4.11	3.48	2.91	6.83	4.88	5.54
Book Value per Share	10.91	11.99	14.46	13.06	12.48	12.05	14.47	14.91	15.47	17.93	21.86	21.26	24.78	27.15	31.14
Tangible Book Value per Share	-2	-1.32	0.99	-1.63	-4.62	-6.43	-5.91	-7	-19.16	-17.95	-16.12	-16.71	-15.59	-30.09	-28.84

Marsh

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)