Accelerant Holdings (ARX) is overvalued and Marsh (MRSH) is overvalued.
Both trade above our estimate of their intrinsic value. MRSH is the closer of the two: -94%, against -499% for ARX.
Values as of the 19 Oct 2026 close.
Book value and earnings at sector multiples values the shares at $3.31; the price of $19.83 is 499% above that value.
No Leak Score yet
Book value at 2.50x, the multiple a 27.1% return on equity justifies, blended with earnings, values the shares at $97.04; the price of $188.50 is 94% above that value.
Leak Score 43/100 on 12 of 12 signals
| Metric | ARX | MRSH |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $19.83 | $188.50 |
| Intrinsic value | $3.31 | $97.04 |
| Margin of safety | -499% | -94% |
| Leak Score | — | 43/100 (12/12) |
| Market cap | $4.3B | $89.6B |
| Revenue growth, 5 years | — | 9.4% |
| Operating margin | 23.4% | 23.9% |
| Net margin | -181.9% | 14.2% |
| Return on equity | -380.1% | 27.1% |
| Debt to equity | 0.17 | 1.52 |
| P/E | — | 22.6x |
| Forward P/E | 21.3x | 16.5x |
| P/B | 6.0x | 6.1x |
| Dividend yield | — | 2.0% |