Marsh (FRA:MSN) EBIT: €5,378 Mil (TTM As of Mar. 2026)


FRA:MSN Marsh FRA:MSN
78 GF Score
Price €143.35
GF Value €217.53
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Marsh EBIT?

Marsh FRA:MSN +4.18% 78 EBIT is €5,378 Mil as of Mar. 2026. GuruFocus rates FRA:MSN with a GF Score™ of 78/100 and a GF Value™ of €217.53 (Significantly Undervalued). The stock has 4 warning signs investors should review.

Marsh's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2026 was €1,575 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was €5,378 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Marsh's annualized ROC % for the quarter that ended in Mar. 2026 was 10.16%. Marsh's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 207.38%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Marsh's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 6.06%.


Marsh  (FRA:MSN) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Marsh's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=6068.84 * ( 1 - 24.98% )/( (44873.43 + 44766.345)/ 2 )
=4552.843768/44819.8875
=10.16 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=50138.34 - 3437.35 - ( 2294.698 - max(0, 17985.24 - 19812.8+2294.698))
=44873.43

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=50647.48 - 4487.62 - ( 1393.515 - max(0, 18082.825 - 20099.14+1393.515))
=44766.345

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Marsh's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=6300.66/( ( (1954.806 + max(339.892, 0)) + (1967.01 + max(1814.77, 0)) )/ 2 )
=6300.66/( ( 2294.698 + 3781.78 )/ 2 )
=6300.66/3038.239
=207.38 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5990.81 + 0 + 10967.922) - (3437.35 + 0 + 13181.49)
=339.892

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(6727.105 + 0 + 11416.27) - (4487.62 + 0 + 11840.985)
=1814.77

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Marsh's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Mar. 2026 )
=5377.886/88789.275
=6.06 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Marsh EBIT Related Terms


Marsh EBIT Historical Data

* Premium members only.

The historical data trend for Marsh's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Marsh EBIT Chart

Marsh Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4,117.02 4,296.14 5,138.87 5,901.90 5,550.15

Marsh Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,916.60 1,637.76 1,062.44 1,102.51 1,575.17

FRA:MSN vs AON, AJG, WTW: EBIT Comparison

For the Insurance Brokers subindustry, Marsh's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Marsh EV-to-EBIT vs Insurance Industry

For the Insurance industry and Financial Services sector, Marsh's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Marsh's EV-to-EBIT falls into.


FRA:MSN
78GF Score
Marsh FRA:MSN
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Marsh EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €5,378 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of €5,378 Mil mean?
Marsh (FRA:MSN) has a EBIT of €5,378 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Marsh.
Is Marsh's EBIT too high?
Marsh's current EBIT is €5,378 Mil. Overall, Marsh has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Marsh's EBIT compare to AON and AJG?
Marsh's EBIT of €5,378 Mil can be compared against companies in the Insurance industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for an Insurance company?
A good EBIT depends on the Insurance industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Marsh. Marsh's current EBIT is €5,378 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Marsh stock overvalued right now?
Based on GuruFocus' analysis, Marsh (FRA:MSN) is currently considered Significantly Undervalued. The stock's GF Value™ is €217.53, compared to a current price of €143.35 — trading 34.1% below its estimated fair value. The current EBIT is €5,378 Mil. Marsh's overall GF Score™ is 78/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Marsh (FRA:MSN), the current EBIT is €5,378 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Marsh (FRA:MSN) Overvalued in 2026?

Based on GuruFocus' analysis, Marsh stock appears to be undervalued. The current stock price of €143.35 is trading 34.1% below its estimated GF Value™ of €217.53. GuruFocus considers Marsh to be Significantly Undervalued.

Key valuation signals for FRA:MSN:

  • EBIT: €5,378 Mil
  • GF Value™: €217.53 vs. price of €143.35 (34.1% below fair value)
  • GF Score™: 78/100 with 4 warning signs

No single metric tells the full story. See the FRA:MSN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Marsh Business Description

Address 1166 Avenue of the Americas, New York, NY, USA, 10036-2774
Marsh is a professional services firm that provides advice and solutions in the areas of risk, strategy, and human capital. The company operates through two main segments: risk and insurance services and consulting. In risk and insurance services, the firm offers services via Marsh (an insurance broker) and Guy Carpenter (a risk and reinsurance specialist). The consulting division comprises Mercer (a provider of human resource services) and Oliver Wyman (a management and economic consultancy). About half of its revenue is generated outside the US.
78GF Score

Get the complete analysis for FRA:MSN

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€143.35
Price
€217.53
GF Value