Marsh & McLennan Companies, Inc. (MMC) Margin Analysis

Marsh & McLennan Companies, Inc.

MMC (NYSE)

(%)

Models
Marsh & McLennan Companies, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	26,981	26,981	24,458	22,736	20,720
Revenue Growth Rate	0%	10.32%	7.57%	9.73%	4.54%
Cost of Revenue	11,639	0	13,996	13,099	12,071
Gross Profit	8,747	0	10,462	9,637	8,649
Gross Margin	32.42%	0%	42.78%	42.39%	41.74%
Operating Income	6,223	6,223	5,817	5,282	4,280
Operating Margin	23.06%	23.06%	23.78%	23.23%	20.66%
Net Income	4,160	4,160	4,060	3,756	3,050
Net Margin	15.42%	15.42%	16.6%	16.52%	14.72%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 18	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	26,981	26,981	24,458	22,736	20,720
Cash from Operating Activities	5,292	5,292	4,302	4,258	3,465
Cash from Operating Activities Margin	19.61%	19.61%	17.59%	18.73%	16.72%
Free Cash Flow	5,001	5,001	3,986	3,842	2,995
Free Cash Flow Margin	18.54%	18.54%	16.3%	16.9%	14.45%
Depreciation and Amortization	910	910	746	713	719
Depreciation and Amortization Margin	3.37%	3.37%	3.05%	3.14%	3.47%
Capital Expenditure	-291	-291	-316	-416	-470
Capital Expenditure Margin	-1.08%	-1.08%	-1.29%	-1.83%	-2.27%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 41.74}, {"l": "2023", "x": "2023-12-31", "y": 42.39}, {"l": "2024", "x": "2024-12-31", "y": 42.78}, {"l": "2025", "x": "2025-12-31", "y": 0}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 20.66}, {"l": "2023", "x": "2023-12-31", "y": 23.23}, {"l": "2024", "x": "2024-12-31", "y": 23.78}, {"l": "2025", "x": "2025-12-31", "y": 23.06}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 14.72}, {"l": "2023", "x": "2023-12-31", "y": 16.52}, {"l": "2024", "x": "2024-12-31", "y": 16.6}, {"l": "2025", "x": "2025-12-31", "y": 15.42}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 14.45}, {"l": "2023", "x": "2023-12-31", "y": 16.9}, {"l": "2024", "x": "2024-12-31", "y": 16.3}, {"l": "2025", "x": "2025-12-31", "y": 18.54}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	6,595	6,351	6,974	7,061	6,067	5,697
Revenue Growth Rate	3.84%	-8.93%	-1.23%	16.38%	6.49%
Cost of Revenue	0	3,894	3,895	3,850	3,630	3,442
Gross Profit	0	2,457	3,079	3,211	2,437	2,255
Gross Margin	0%	38.69%	44.15%	45.48%	40.17%	39.58%
Operating Income	1,219	1,170	1,829	2,005	1,142	1,108
Operating Margin	18.48%	18.42%	26.23%	28.4%	18.82%	19.45%
Net Income	821	747	1,211	1,381	788	747
Net Margin	12.45%	11.76%	17.36%	19.56%	12.99%	13.11%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	6,595	6,351	6,974	7,061	6,067	5,697
Cash from Operating Activities	1,912	2,331	1,671	-622	1,956	1,912
Cash from Operating Activities Margin	28.99%	36.7%	23.96%	-8.81%	32.24%	33.56%
Free Cash Flow	1,768	2,298	1,612	-677	1,880	1,839
Free Cash Flow Margin	26.81%	36.18%	23.11%	-9.59%	30.99%	32.28%
Depreciation and Amortization	79	326	278	227	201	180
Depreciation and Amortization Margin	1.2%	5.13%	3.99%	3.21%	3.31%	3.16%
Capital Expenditure	-144	-33	-59	-55	-76	-73
Capital Expenditure Margin	-2.18%	-0.52%	-0.846%	-0.779%	-1.25%	-1.28%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 39.58}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 40.17}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 45.48}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 44.15}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 38.69}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 0}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 19.45}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 18.82}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 28.4}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 26.23}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 18.42}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 18.48}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 13.11}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 12.99}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": 19.56}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 17.36}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 11.76}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 12.45}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q3)", "x": "2024-09-30", "y": 32.28}, {"l": "2024 (Q4)", "x": "2024-12-31", "y": 30.99}, {"l": "2025 (Q1)", "x": "2025-03-31", "y": -9.59}, {"l": "2025 (Q2)", "x": "2025-06-30", "y": 23.11}, {"l": "2025 (Q3)", "x": "2025-09-30", "y": 36.18}, {"l": "2025 (Q4)", "x": "2025-12-31", "y": 26.81}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}