Marsh — Earnings Quality Grade F
MRSH · Financial Services
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 95 days, change -3 days YoY
AR growth 7.4% vs revenue growth 10.3%
Revenue 10.3%, CFFO 23.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -7.9% vs revenue 10.3%. Normal
Insufficient data
Gross margin 42.3%, change -0.5pp. Stable
Cash Flow Quality
CFFO/NI = 1.27. Profits backed by cash
FCF $5.0B, FCF/NI = 1.20
Accruals ratio = -1.9%. Low accruals
Cash $2.7B covers only 13% of debt $21.4B
Balance Sheet Health
Goodwill+Intangibles $29.1B = 193% of equity. Over 50%
Debt/EBITDA = 2.9x. Healthy
Other assets 3.2% vs revenue 10.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 3% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score — Not Applicable
Marsh is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25