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Side-by-side financial comparison of Accelerant Holdings (ARX) and MARSH & MCLENNAN COMPANIES, INC. (MRSH). Click either name above to swap in a different company.
MARSH & MCLENNAN COMPANIES, INC. is the larger business by last-quarter revenue ($6.6B vs $267.4M, roughly 24.7× Accelerant Holdings). MARSH & MCLENNAN COMPANIES, INC. runs the higher net margin — 12.4% vs -511.9%, a 524.3% gap on every dollar of revenue.
Accelerant Holdings is a global specialty insurance and reinsurance technology platform that leverages advanced data analytics and risk assessment tools to support insurance carriers, managing general agents, and underwriting partners. It delivers tailored risk solutions, streamlines underwriting workflows, and serves commercial and specialty insurance segments across North America and European markets.
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan and Marsh, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, which offers risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services; ...
ARX vs MRSH — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $267.4M | $6.6B |
| Net Profit | $-1.4B | $821.0M |
| Gross Margin | — | — |
| Operating Margin | -507.7% | 18.5% |
| Net Margin | -511.9% | 12.4% |
| Revenue YoY | — | 8.7% |
| Net Profit YoY | — | 4.2% |
| EPS (diluted) | $-6.99 | $1.68 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $6.6B | ||
| Q3 25 | $267.4M | $6.4B | ||
| Q2 25 | $219.1M | $7.0B | ||
| Q1 25 | — | $7.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.5B |
| Q4 25 | — | $821.0M | ||
| Q3 25 | $-1.4B | $747.0M | ||
| Q2 25 | $8.8M | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $788.0M | ||
| Q3 24 | — | $747.0M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | 18.5% | ||
| Q3 25 | -507.7% | 18.4% | ||
| Q2 25 | 10.2% | 26.2% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | — | 26.4% | ||
| Q1 24 | — | 29.7% |
| Q4 25 | — | 12.4% | ||
| Q3 25 | -511.9% | 11.8% | ||
| Q2 25 | 4.0% | 17.4% | ||
| Q1 25 | — | 19.6% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 18.1% | ||
| Q1 24 | — | 21.6% |
| Q4 25 | — | $1.68 | ||
| Q3 25 | $-6.99 | $1.51 | ||
| Q2 25 | $0.04 | $2.45 | ||
| Q1 25 | — | $2.79 | ||
| Q4 24 | — | $1.58 | ||
| Q3 24 | — | $1.51 | ||
| Q2 24 | — | $2.27 | ||
| Q1 24 | — | $2.82 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $2.7B |
| Total DebtLower is stronger | $121.9M | $19.6B |
| Stockholders' EquityBook value | $676.1M | $15.3B |
| Total Assets | $7.9B | $58.7B |
| Debt / EquityLower = less leverage | 0.18× | 1.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.7B | ||
| Q3 25 | $1.6B | $2.5B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | $19.6B | ||
| Q3 25 | $121.9M | $19.6B | ||
| Q2 25 | $126.7M | $19.6B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $13.4B |
| Q4 25 | — | $15.3B | ||
| Q3 25 | $676.1M | $15.4B | ||
| Q2 25 | $346.2M | $16.0B | ||
| Q1 25 | — | $14.3B | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | — | $12.6B |
| Q4 25 | — | $58.7B | ||
| Q3 25 | $7.9B | $58.8B | ||
| Q2 25 | $7.5B | $58.6B | ||
| Q1 25 | — | $57.0B | ||
| Q4 24 | — | $56.5B | ||
| Q3 24 | — | $49.9B | ||
| Q2 24 | — | $48.6B | ||
| Q1 24 | — | $47.6B |
| Q4 25 | — | 1.28× | ||
| Q3 25 | 0.18× | 1.27× | ||
| Q2 25 | 0.37× | 1.23× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 1.06× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $73.9M | $2.2B |
| Free Cash FlowOCF − Capex | — | $2.1B |
| FCF MarginFCF / Revenue | — | 31.2% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | 2.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $5.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.2B | ||
| Q3 25 | $73.9M | $2.1B | ||
| Q2 25 | $309.3M | $1.7B | ||
| Q1 25 | — | $-622.0M | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $-781.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $-677.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $-868.0M |
| Q4 25 | — | 31.2% | ||
| Q3 25 | — | 31.6% | ||
| Q2 25 | — | 23.1% | ||
| Q1 25 | — | -9.6% | ||
| Q4 24 | — | 31.0% | ||
| Q3 24 | — | 32.3% | ||
| Q2 24 | — | 18.2% | ||
| Q1 24 | — | -13.4% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.3% |
| Q4 25 | — | 2.63× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | 35.15× | 1.38× | ||
| Q1 25 | — | -0.45× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | -0.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARX
| Underwriting Segment | $117.6M | 44% |
| Exchange Services Segment | $85.0M | 32% |
| Other | $64.8M | 24% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
