Marsh AS
Score · fiscal year 2025
36of 100
How to read this: the company is ahead of 18 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 67 of 81 · What are Morning company classes?
Place in the whole sector: 309 of 387 · Finans og forsikring
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 23 and solidity 42 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Marsh AS is 14 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 81 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 3.0% (median 16.3%) and equity ratio 33.9% (median 39.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 385 MNOK | 131 MNOK |
| Operating margin | 3.0% | 16.3% |
| Profit margin | 6.6% | 22.7% |
| Return on assets | 10.6% | 20.4% |
| Equity ratio | 33.9% | 39.5% |
| Debt-to-equity | 1.95 | 1.48 |
| Current ratio | 1.47 | 1.45 |
| Revenue growth | 4.6% | 8.9% |
| Revenue per employee | 3.24 MNOK | 3.48 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 36, Marsh AS does better than 18% of companies in the Morning class Medium in the same sector (81 companies) in 2025.
Score 2023–2025
- Marsh AS
- Median: companies in the Morning class Medium in the same sector
Marsh AS has a score of 36 for 2025, rank 309 of 387 in the sector.
Strongest: Liquidity: percentile 52 against peers, current ratio 1.47 against a median of 1.45.
Weakest: Profitability: percentile 23 against peers, operating margin 3.0% against a median of 16.3%. Growth: percentile 33 against peers, revenue growth 4.6% against a median of 8.9%.
Worth a closer look
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin 3.0% (median 16.3%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
Marsh AS had an operating margin of 3.0% and an equity ratio of 33.9% in 2025, and ranks 309 of 387 in Finans og forsikring.
From 2024 to 2025: the equity ratio fell from 44.8% to 33.9% and the operating margin rose from 0.9% to 3.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 98 MNOK and 161 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 161 MNOK |
| EV/EBIT | 8.0 | 98 MNOK |
| P/B | 1.0 | 99 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin 3.0% (median 16.3%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.0% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of −13.5%. Based on the 6 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 23 | weight 30% |
|---|---|---|
| Solidity | 42 | weight 25% |
| Liquidity | 52 | weight 15% |
| Growth | 33 | weight 15% |
| Consistency | 41 | weight 15% |
Durability: 43 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Marsh AS?
The operating margin was 3.0% in 2025, against a median of 16.3% among companies in the Morning class Medium in the same sector. Return on assets was 10.6%.
How solid is Marsh AS?
The equity ratio was 33.9% in 2025 (median 39.5%). Debt-to-equity was 1.95 (median 1.48).
What is the liquidity of Marsh AS like?
The current ratio was 1.47 in 2025 (median 1.45).
How does Marsh AS compare in Finans og forsikring?
Marsh AS ranks 309 of 387 in Finans og forsikring for 2025. Among companies in the Morning class Medium it is number 67 of 81. Revenue changed by 4.6% from the year before.
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 946856800
- Legal form
- AS · part of a group
- Sector
- Finans og forsikring (66.220)
- Morning company class
- Medium
- Employees
- 119 registered 10 September 2026
- Founded
- 20 September 1987 39 years in operation
- Share capital
- 1.35 MNOK
- Business address
- Harbitzalléen 5, 0275 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- LEI
- 213800LIW1BGLIXKVI84 renews 27 June 2027
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 31 October 2026. Only names are shown.
- Parent company
- MARSH & MCLENNAN COMPANIES, INC. (USA)
Foreign-owned according to GLEIF.
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Figures last fetched 31 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 36 | 56 | 36 | |
| Rank | 255 | 130 | 309 | |
| Operating margin | −5.4% | 0.9% | 3.0% | |
| Return on assets | 7.6% | 8.2% | 10.6% | |
| Equity ratio | 40.6% | 44.8% | 33.9% | |
| Current ratio | 3.38 | 1.75 | 1.47 | |
| Revenue growth | – | 56.6% | 4.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 235.0 MNOK | 368.1 MNOK | 385.0 MNOK |
| Operating profit | −12.7 MNOK | 3.5 MNOK | 11.5 MNOK |
| Profit before tax | 12.5 MNOK | 24.2 MNOK | 25.3 MNOK |
| Net profit | 7.8 MNOK | 24.4 MNOK | 16.1 MNOK |
| Financial expenses | 5.3 MNOK | 6.4 MNOK | 5.8 MNOK |
| Total assets | 234.4 MNOK | 373.5 MNOK | 292.6 MNOK |
| Current assets | 215.9 MNOK | 358.5 MNOK | 282.3 MNOK |
| Equity | 95.1 MNOK | 167.3 MNOK | 99.1 MNOK |
| Retained earnings | −39.6 MNOK | 32.5 MNOK | 10.6 MNOK |
| Total liabilities | 139.3 MNOK | 206.2 MNOK | 193.6 MNOK |
| Current liabilities | 63.9 MNOK | 204.6 MNOK | 192.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 6920400.
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