Marsh & McLennan Companies, Inc. Financial Ratios — MSN.DE

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	4.46	4.6	5.55	4.67	6.3	6.17	5.99	4.84	4.98	6.32	4.04	4.2	4.35	4.27

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	17,237	13,194	13,901	31,442	10,651	34,891	41,680	39,456	56,381	58,158	87,834	82,936	92,448	103,934	91,312
- 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	18,109	13,875	14,623	32,942	13,780	38,752	46,045	44,287	69,600	69,804	99,457	95,195	104,705	123,591	110,289
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	0.21	0.2	0.1	0.32	0.12	0.12	0.13	0.2	0.19	0.13	0.14	0.15	0.18	0.19
EV/Sales	1.57	1.16	1.19	2.54	1.07	2.93	3.28	2.96	4.18	4.05	5.02	4.59	4.61	5.05	4.09
EV/EBITDA	9.19	6.37	6.01	12.25	4.85	13.51	14.68	13.61	20.94	18.34	19.66	19.04	17.47	18.83	15.46
EV/EBIT	11.06	7.59	7.04	14.32	5.7	15.94	17.34	16.04	26	22.77	23.07	22.24	19.82	21.25	17.72
EV/Cash Flow to Firm	9.82	9.57	10.03	14.73	6.88	18.08	22.7	16.75	25.38	18.57	25.83	24.92	22.3	25.6	18.3
EV/Free Cash Flow to Firm	9.82	9.57	10.03	14.73	6.88	18.08	22.7	16.75	25.38	18.57	25.83	24.92	22.3	25.6	18.3
Diluted Market Cap	17,523	13,388	14,129	31,904	10,752	35,227	42,168	39,846	56,938	58,848	88,874	83,933	93,383	104,779	91,870
Diluted Enterprise Value	18,395	14,069	14,851	33,404	13,881	39,088	46,533	44,677	70,157	70,494	100,497	96,192	105,640	124,436	110,847
EV per Share	33.41	25.51	26.64	60.44	25.95	74.67	89.76	87.52	137.55	137.95	196.17	190.77	211.95	251.2	224.62
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	10.28	10.13	10.54	15.06	5.69	17.55	22.28	16.41	24.12	17.4	25.28	24.22	21.93	24.36	17.36
EV/EBIT	11.06	7.59	7.04	14.32	5.7	15.94	17.34	16.04	26	22.77	23.07	22.24	19.82	21.25	17.72
Enterprise Value	18,109	13,875	14,623	32,942	13,780	38,752	46,045	44,287	69,600	69,804	99,457	95,195	104,705	123,591	110,289
Low Price	23.76	22.63	23.45	24.81	20.04	19.98	19.38	76.21	77.17	74.55	107.27	142.69	152.64	186.89	173.56
EV/Sales	1.57	1.16	1.19	2.54	1.07	2.93	3.28	2.96	4.18	4.05	5.02	4.59	4.61	5.05	4.09
EV/EBITDA	9.19	6.37	6.01	12.25	4.85	13.51	14.68	13.61	20.94	18.34	19.66	19.04	17.47	18.83	15.46
Price/Earnings	17.36	11.22	10.24	21.46	6.66	19.73	27.94	23.91	32.37	28.85	27.95	27.19	24.61	25.6	21.95
Price/Earnings Average	15.12	14.83	16.01	18.56	18.39	18.51	26.1	25.28	27.94	27.35	22.78	26.17	23.9	25.9	24.89
Price/Earnings High	17.42	16.36	19.44	21.76	19.83	20.38	29.48	27.06	32.85	30.04	28	29.12	26.94	31.21	28.93
Price/Earnings Low	12.97	10.47	9.49	9.23	6.65	5.87	6.66	23.37	22.41	18.71	17.3	23.35	20.08	22.65	20.49
Price/Book Value	2.03	1.44	1.39	2.89	0.9	2.69	3.04	2.65	3.58	3.45	4.64	3.98	3.96	4.02	3.22
Price/Book Value Average	1.76	1.9	2.17	2.5	2.48	2.53	2.84	2.8	3.09	3.28	3.78	3.83	3.85	4.06	3.65
Price/Book Value High	2.03	2.09	2.63	2.93	2.67	2.78	3.21	3	3.63	3.6	4.64	4.26	4.34	4.9	4.25
Price/Book Value Low	1.51	1.34	1.29	1.24	0.9	0.8	0.73	2.59	2.48	2.24	2.87	3.41	3.23	3.55	3.01
Price/Tangible Book Value	-16.85	-20.14	22.79	-39.3	-4.59	-10.83	-14.27	-11.43	-5.93	-6.49	-11.11	-10.32	-12.34	-7.12	-6.63
Price/Tangible Book Value Average	-14.68	-26.63	35.63	-34	-12.66	-10.15	-13.33	-12.09	-5.12	-6.16	-9.06	-9.93	-11.98	-7.21	-7.52
Price/Tangible Book Value High	-16.91	-29.37	43.24	-39.85	-13.65	-11.18	-15.06	-12.94	-6.02	-6.76	-11.13	-11.05	-13.51	-8.68	-8.74
Price/Tangible Book Value Low	-12.59	-18.79	21.11	-16.9	-4.58	-3.22	-3.4	-11.17	-4.11	-4.21	-6.88	-8.86	-10.07	-6.3	-6.19
Price/Sales	1.5	1.11	1.13	2.43	0.83	2.64	2.97	2.64	3.39	3.38	4.43	4	4.07	4.25	3.38
Price/Sales Average	1.3	1.46	1.77	2.1	2.28	2.48	2.78	2.79	2.92	3.2	3.61	3.85	3.95	4.3	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	5.18	4.46
Price/Sales Low	1.12	1.03	1.05	1.04	0.83	0.79	0.71	2.58	2.34	2.19	2.74	3.44	3.32	3.76	3.16
Price/Cash Flow	10.11	9.98	10.37	14.84	5.64	17.38	22.02	16.25	23.88	17.2	24.98	23.94	21.71	24.16	17.25
Price/Cash Flow Average	8.81	13.2	16.21	12.84	15.57	16.31	20.57	17.18	20.61	16.3	20.36	23.04	21.08	24.44	19.56
Price/Cash Flow High	10.15	14.55	19.67	15.05	16.79	17.96	23.24	18.39	24.24	17.91	25.03	25.63	23.77	29.45	22.74
Price/Cash Flow Low	7.55	9.31	9.6	6.38	5.64	5.17	5.25	15.88	16.54	11.15	15.47	20.55	17.71	21.37	16.1
Price/Free Cash Flow Average	8.95	13.39	16.47	13.02	15.72	16.46	20.81	17.35	20.82	16.5	20.6	23.31	21.29	24.64	19.68
Price/Free Cash Flow High	10.32	14.77	19.99	15.27	16.95	18.13	23.51	18.57	24.48	18.12	25.33	25.94	24.01	29.69	22.88
Price/Free Cash Flow Low	7.68	9.45	9.76	6.48	5.69	5.22	5.31	16.04	16.7	11.29	15.65	20.8	17.89	21.55	16.2
EV/Sales Average	1.38	1.52	1.83	2.22	2.52	2.77	3.09	3.11	3.72	3.88	4.2	4.44	4.49	5.1	4.54
EV/Sales High	1.58	1.67	2.21	2.58	2.7	3.02	3.45	3.31	4.23	4.19	5.03	4.88	4.99	5.98	5.16
EV/Sales Low	1.19	1.09	1.11	1.16	1.07	1.08	1.02	2.9	3.14	2.87	3.33	4.03	3.86	4.56	3.86
EV/EBITDA Average	8.07	8.32	9.22	10.67	11.45	12.75	13.81	14.3	18.62	17.54	16.45	18.42	17.02	19.02	17.17
EV/EBITDA High	9.23	9.14	11.13	12.41	12.26	13.91	15.42	15.2	21.19	18.97	19.69	20.22	18.92	22.3	19.53
EV/EBITDA Low	6.98	5.96	5.58	5.59	4.84	4.96	4.56	13.33	15.72	12.97	13.05	16.7	14.62	17.01	14.61
EV/EBIT Average	9.7	9.91	10.81	12.47	13.45	15.05	16.31	16.86	23.12	21.78	19.3	21.51	19.31	21.46	19.69
EV/EBIT High	11.1	10.89	13.05	14.51	14.4	16.41	18.21	17.92	26.32	23.55	23.11	23.62	21.48	25.16	22.39
EV/EBIT Low	8.4	7.1	6.55	6.53	5.69	5.85	5.39	15.72	19.52	16.1	15.31	19.5	16.6	19.19	16.74
Last Price	31.8	24.25	25.32	57.69	20.06	67.23	81.25	77.98	111.43	114.94	173.24	166.2	187.14	211.25	185.97
High Price	31.92	35.36	48.04	58.5	59.71	69.44	85.74	88.25	113.11	119.7	173.59	177.98	204.85	257.54	245.12
Enterprise Value Average	15,890	18,126	22,454	28,698	32,527	36,587	43,308	46,549	61,890	66,780	83,221	92,084	102,017	124,806	122,508
Enterprise Value High	18,174	19,918	27,098	33,383	34,836	39,900	48,352	49,485	70,451	72,214	99,633	101,072	113,451	146,366	139,330
Enterprise Value Low	13,752	12,989	13,598	15,024	13,768	14,232	14,305	43,391	52,266	49,368	66,007	83,462	87,660	111,609	104,195

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)