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Side-by-side financial comparison of MARSH & MCLENNAN COMPANIES, INC. (MRSH) and TENET HEALTHCARE CORP (THC). Click either name above to swap in a different company.
MARSH & MCLENNAN COMPANIES, INC. is the larger business by last-quarter revenue ($7.6B vs $5.5B, roughly 1.4× TENET HEALTHCARE CORP). MARSH & MCLENNAN COMPANIES, INC. runs the higher net margin — 15.1% vs 11.7%, a 3.4% gap on every dollar of revenue. On growth, TENET HEALTHCARE CORP posted the faster year-over-year revenue change (9.0% vs 7.6%). Over the past eight quarters, MARSH & MCLENNAN COMPANIES, INC.'s revenue compounded faster (10.5% CAGR vs 1.5%).
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; ...
Tenet Healthcare Corporation is an American for-profit multinational healthcare services company based in Dallas. Through its brands, subsidiaries, joint ventures, and partnerships including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also runs Conifer Health Solutions, which provides healthcare support services to health systems and other clients.
MRSH vs THC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.6B | $5.5B |
| Net Profit | $1.1B | $644.0M |
| Gross Margin | — | — |
| Operating Margin | 23.1% | 15.4% |
| Net Margin | 15.1% | 11.7% |
| Revenue YoY | 7.6% | 9.0% |
| Net Profit YoY | — | 12.6% |
| EPS (diluted) | — | $4.22 |
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.
| Q1 26 | $7.6B | — | ||
| Q4 25 | $6.6B | $5.5B | ||
| Q3 25 | $6.4B | $5.3B | ||
| Q2 25 | $7.0B | $5.3B | ||
| Q1 25 | $7.1B | $5.2B | ||
| Q4 24 | $6.1B | $5.1B | ||
| Q3 24 | $5.7B | $5.1B | ||
| Q2 24 | $6.2B | $5.1B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $821.0M | $644.0M | ||
| Q3 25 | $747.0M | $579.0M | ||
| Q2 25 | $1.2B | $522.0M | ||
| Q1 25 | $1.4B | $622.0M | ||
| Q4 24 | $788.0M | $572.0M | ||
| Q3 24 | $747.0M | $681.0M | ||
| Q2 24 | $1.1B | $477.0M |
| Q1 26 | 23.1% | — | ||
| Q4 25 | 18.5% | 15.4% | ||
| Q3 25 | 18.4% | 16.8% | ||
| Q2 25 | 26.2% | 15.6% | ||
| Q1 25 | 28.4% | 18.1% | ||
| Q4 24 | 18.8% | 16.2% | ||
| Q3 24 | 19.4% | 21.3% | ||
| Q2 24 | 26.4% | 14.9% |
| Q1 26 | 15.1% | — | ||
| Q4 25 | 12.4% | 11.7% | ||
| Q3 25 | 11.8% | 10.9% | ||
| Q2 25 | 17.4% | 9.9% | ||
| Q1 25 | 19.6% | 11.9% | ||
| Q4 24 | 13.0% | 11.3% | ||
| Q3 24 | 13.1% | 13.3% | ||
| Q2 24 | 18.1% | 9.3% |
| Q1 26 | — | — | ||
| Q4 25 | $1.68 | $4.22 | ||
| Q3 25 | $1.51 | $3.86 | ||
| Q2 25 | $2.45 | $3.14 | ||
| Q1 25 | $2.79 | $4.27 | ||
| Q4 24 | $1.58 | $3.79 | ||
| Q3 24 | $1.51 | $4.89 | ||
| Q2 24 | $2.27 | $2.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6M | $2.9B |
| Total DebtLower is stronger | $20.6M | $13.1B |
| Stockholders' EquityBook value | $14.8M | $4.2B |
| Total Assets | $58.6M | $29.7B |
| Debt / EquityLower = less leverage | 1.39× | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.6B | $3.0B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $1.8B | $4.1B | ||
| Q2 24 | $1.7B | $2.9B |
| Q1 26 | $20.6M | — | ||
| Q4 25 | $19.6B | $13.1B | ||
| Q3 25 | $19.6B | $13.1B | ||
| Q2 25 | $19.6B | $13.1B | ||
| Q1 25 | $19.5B | $13.1B | ||
| Q4 24 | $19.9B | $13.1B | ||
| Q3 24 | $12.8B | $12.8B | ||
| Q2 24 | $12.8B | $12.8B |
| Q1 26 | $14.8M | — | ||
| Q4 25 | $15.3B | $4.2B | ||
| Q3 25 | $15.4B | $4.0B | ||
| Q2 25 | $16.0B | $3.7B | ||
| Q1 25 | $14.3B | $4.2B | ||
| Q4 24 | $13.5B | $4.2B | ||
| Q3 24 | $13.9B | $3.8B | ||
| Q2 24 | $13.6B | $3.5B |
| Q1 26 | $58.6M | — | ||
| Q4 25 | $58.7B | $29.7B | ||
| Q3 25 | $58.8B | $29.4B | ||
| Q2 25 | $58.6B | $28.7B | ||
| Q1 25 | $57.0B | $29.2B | ||
| Q4 24 | $56.5B | $28.9B | ||
| Q3 24 | $49.9B | $29.4B | ||
| Q2 24 | $48.6B | $29.3B |
| Q1 26 | 1.39× | — | ||
| Q4 25 | 1.28× | 3.10× | ||
| Q3 25 | 1.27× | 3.26× | ||
| Q2 25 | 1.23× | 3.49× | ||
| Q1 25 | 1.37× | 3.13× | ||
| Q4 24 | 1.47× | 3.14× | ||
| Q3 24 | 0.93× | 3.33× | ||
| Q2 24 | 0.94× | 3.67× |
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 | — | $731.0M |
| Free Cash FlowOCF − Capex | — | $367.0M |
| FCF MarginFCF / Revenue | — | 6.6% |
| Capex IntensityCapex / Revenue | 0.0% | 6.6% |
| Cash ConversionOCF / Net Profit | — | 1.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $731.0M | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $1.7B | $936.0M | ||
| Q1 25 | $-622.0M | $815.0M | ||
| Q4 24 | $2.0B | $-331.0M | ||
| Q3 24 | $1.9B | $1.0B | ||
| Q2 24 | $1.2B | $747.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $367.0M | ||
| Q3 25 | $2.0B | $778.0M | ||
| Q2 25 | $1.6B | $743.0M | ||
| Q1 25 | $-677.0M | $642.0M | ||
| Q4 24 | $1.9B | $-661.0M | ||
| Q3 24 | $1.8B | $829.0M | ||
| Q2 24 | $1.1B | $602.0M |
| Q1 26 | — | — | ||
| Q4 25 | 31.2% | 6.6% | ||
| Q3 25 | 31.6% | 14.7% | ||
| Q2 25 | 23.1% | 14.1% | ||
| Q1 25 | -9.6% | 12.3% | ||
| Q4 24 | 31.0% | -13.0% | ||
| Q3 24 | 32.3% | 16.2% | ||
| Q2 24 | 18.2% | 11.8% |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 1.6% | 6.6% | ||
| Q3 25 | 1.1% | 5.3% | ||
| Q2 25 | 0.8% | 3.7% | ||
| Q1 25 | 0.8% | 3.3% | ||
| Q4 24 | 1.3% | 6.5% | ||
| Q3 24 | 1.3% | 4.2% | ||
| Q2 24 | 1.3% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.63× | 1.14× | ||
| Q3 25 | 2.79× | 1.83× | ||
| Q2 25 | 1.38× | 1.79× | ||
| Q1 25 | -0.45× | 1.31× | ||
| Q4 24 | 2.48× | -0.58× | ||
| Q3 24 | 2.56× | 1.53× | ||
| Q2 24 | 1.08× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRSH
| Marsh Risk | $3.7B | 49% |
| Mercer | $1.7B | 22% |
| Guy Carpenter | $1.2B | 16% |
| Marsh Management Consulting | $897.0M | 12% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
