MRSH vs. PFG: Marsh & McLennan vs. Principal Financial Stock Comparison

November 11, 2026

How do Marsh & McLennan (MRSH) and Principal Financial (PFG) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Marsh & McLennan (MRSH) and Principal Financial (PFG) both belong to the Insurance industry, though MRSH is classified under Insurance Brokers while PFG falls under Life & Health Insurance.

Company profile comparison for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Profile Item	MRSH	PFG
Name	Marsh & McLennan Companies, Inc.	Principal Financial Group Inc.
Country/Region	United States	United States
GICS Sector	Financials	Financials
GICS Industry Group	Insurance	Insurance
GICS Industry	Insurance	Insurance
GICS Sub-Industry	Insurance Brokers	Life & Health Insurance
Market Capitalization	97.39 billion USD	23.55 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	February 21, 1973	October 23, 2001
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

MRSH

PFG

GSPC

Marsh & McLennan (MRSH) vs. Principal Financial (PFG), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Marsh & McLennan (MRSH) and Principal Financial (PFG). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Marsh & McLennan (MRSH) and Principal Financial (PFG). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
Total Return (1Y)	16.87%	43.88%
Total Return (3Y, Annualized)	3.11%	22.99%
Total Return (5Y, Annualized)	6.23%	15.02%

Risk Profile

Drawdown History

MRSH

PFG

GSPC

Marsh & McLennan (MRSH) vs. Principal Financial (PFG), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Marsh & McLennan (MRSH) and Principal Financial (PFG). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
Volatility (1Y, Annualized)	26.15%	23.45%
Beta (5Y)	0.51	0.86
Max Drawdown (5Y)	-34.36%	-29.32%
Avg. Volume (3M)	2.43M	1.26M

Risk-Adjusted Performance

Risk-Return Positioning

MRSH and PFG are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
Sharpe Ratio (1Y)	0.48	1.69
Sortino Ratio (1Y)	0.74	2.67

Profitability

ROE (TTM)

Marsh & McLennan (MRSH) at 27.24% sits in the top ROE quartile, while Principal Financial (PFG) at 16.11% is closer to the peer norm — stronger capital efficiency for MRSH.

MRSH

Insurance industry group

27.24%

Max: 41.68%
MRSH: 27.24%
Q3: 22.04%
Median: 14.81%
Q1: 8.79%
Min: -10.66%

PFG

Insurance industry group

16.11%

Max: 41.68%
Q3: 22.04%
PFG: 16.11%
Median: 14.81%
Q1: 8.79%
Min: -10.66%

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their ROE against the Insurance industry group benchmark.

Net Margin (TTM)

Both Marsh & McLennan (MRSH) at 14.20% and Principal Financial (PFG) at 11.89% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

MRSH

Insurance industry group

14.20%

Max: 29.92%
Q3: 17.03%
MRSH: 14.20%
Median: 10.97%
Q1: 6.21%
Min: -4.68%

PFG

Insurance industry group

11.89%

Max: 29.92%
Q3: 17.03%
PFG: 11.89%
Median: 10.97%
Q1: 6.21%
Min: -4.68%

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their net margin against the Insurance industry group benchmark.

Operating Margin (TTM)

Neither side reports a meaningful operating margin: for Marsh & McLennan (MRSH) in Insurance and Principal Financial (PFG) in Insurance, funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.

Profitability Metrics

Profitability metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
ROE (TTM)	27.24%	16.11%
ROA (TTM)	7.35%	0.46%
Net Margin (TTM)	14.20%	11.89%
Operating Margin (TTM)	--	--
Gross Margin (TTM)	--	--

Growth

Revenue Growth

Marsh & McLennan (MRSH) at 10.32% is around its peer norm for revenue growth, while Principal Financial (PFG) at -3.11% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their Revenue Growth across different time periods.

EPS Growth

Marsh & McLennan (MRSH) at 3.06% is around its peer norm for EPS growth, while Principal Financial (PFG) at -21.41% drops into the bottom quartile, signaling weaker earnings momentum.

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
Revenue Growth (YoY)	10.32%	-3.11%
Revenue Growth (3Y CAGR)	9.20%	-3.77%
EPS Growth (YoY)	3.06%	-21.41%
EPS Growth (3Y CAGR)	11.75%	-34.44%

Financial Strength

Current Ratio (MRQ)

current ratio doesn’t apply on either side: Marsh & McLennan (MRSH) in Insurance and Principal Financial (PFG) in Insurance both report balance sheets without a current/non-current split, so their short-term liquidity is better judged through regulatory and funding measures.

Debt / Equity (MRQ)

debt-to-equity ratio is set aside for both: Marsh & McLennan (MRSH) in Insurance and Principal Financial (PFG) in Insurance run businesses where balance-sheet leverage is part of the model, so capital-adequacy and funding measures are the better gauges of balance-sheet risk.

Financial Strength Metrics

Financial strength metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
Current Ratio (MRQ)	--	--
Debt / Equity (MRQ)	--	--
Net Debt / EBITDA	--	--

Dividends

Dividend Yield (TTM)

Principal Financial (PFG) at 2.88% delivers top-quartile income for its industry, while Marsh & McLennan (MRSH) at 1.80% pays a more typical yield — both are credible income propositions, PFG the richer one.

MRSH

Insurance industry group

1.80%

Max: 5.12%
Q3: 2.15%
MRSH: 1.80%
Median: 0.98%
Q1: 0.00%
Min: 0.00%

PFG

Insurance industry group

2.88%

Max: 5.12%
PFG: 2.88%
Q3: 2.15%
Median: 0.98%
Q1: 0.00%
Min: 0.00%

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their dividend yield against the Insurance industry group benchmark.

Dividend Payout Ratio (TTM)

Both Marsh & McLennan (MRSH) at 44.14% and Principal Financial (PFG) at 36.19% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

MRSH

Insurance industry group

44.14%

Max: 76.67%
MRSH: 44.14%
Q3: 35.18%
Median: 14.74%
Q1: 0.00%
Min: 0.00%

PFG

Insurance industry group

36.19%

Max: 76.67%
PFG: 36.19%
Q3: 35.18%
Median: 14.74%
Q1: 0.00%
Min: 0.00%

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their payout ratio against the Insurance industry group benchmark.

Dividend Metrics

Dividend metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
Dividend Yield (TTM)	1.80%	2.88%
Dividend Payout Ratio (TTM)	44.14%	36.19%

Valuation

P/E Ratio (TTM)

Principal Financial (PFG) at 12.35 is near its industry’s usual P/E ratio, while Marsh & McLennan (MRSH) at 24.50 sits in the richer quartile — MRSH needs stronger growth or earnings quality to justify the premium.

MRSH

Insurance industry group

24.50

Max: 28.37
MRSH: 24.50
Q3: 18.75
Median: 12.23
Q1: 9.08
Min: 2.32

PFG

Insurance industry group

12.35

Max: 28.37
Q3: 18.75
PFG: 12.35
Median: 12.23
Q1: 9.08
Min: 2.32

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their P/E ratio against the Insurance industry group benchmark.

P/S Ratio (TTM)

Principal Financial (PFG) at 1.42 is priced about in line with its industry on P/S ratio, while Marsh & McLennan (MRSH) at 3.42 sits in the pricier quartile — MRSH costs more per dollar of sales.

MRSH

Insurance industry group

3.42

Max: 4.03
MRSH: 3.42
Q3: 2.25
Median: 1.23
Q1: 0.85
Min: 0.07

PFG

Insurance industry group

1.42

Max: 4.03
Q3: 2.25
PFG: 1.42
Median: 1.23
Q1: 0.85
Min: 0.07

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their P/S ratio against the Insurance industry group benchmark.

P/B Ratio (MRQ)

Principal Financial (PFG) at 2.00 sits near its industry’s typical P/B ratio, while Marsh & McLennan (MRSH) at 6.64 prices above its benchmark range — MRSH looks rich relative to book.

MRSH

Insurance industry group

6.64

MRSH: 6.64
Max: 5.07
Q3: 2.79
Median: 1.76
Q1: 1.23
Min: 0.30

PFG

Insurance industry group

2.00

Max: 5.07
Q3: 2.79
PFG: 2.00
Median: 1.76
Q1: 1.23
Min: 0.30

Marsh & McLennan (MRSH) vs. Principal Financial (PFG): A comparison of their P/B ratio against the Insurance industry group benchmark.

Valuation Metrics

Valuation metrics for Marsh & McLennan (MRSH) and Principal Financial (PFG)
Metric	MRSH	PFG
P/E Ratio (TTM)	24.50	12.35
P/S Ratio (TTM)	3.42	1.42
P/B Ratio (MRQ)	6.64	2.00
Free Cash Flow Yield (TTM)	--	--