Marsh (MRSH) is overvalued and Willis Towers Watson Public Limited Co (WTW) is overvalued.
Both trade above our estimate of their intrinsic value. WTW is the closer of the two: -39%, against -75% for MRSH.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 25.7% return on equity justifies, blended with earnings, values the shares at $96.90; the price of $170.01 is 75% above that value.
Leak Score 48/100 on 10 of 12 signals
Book value at 2.50x, the multiple a 19.8% return on equity justifies, blended with earnings, values the shares at $216.79; the price of $301.73 is 39% above that value.
Leak Score 43/100 on 3 of 12 signals
| Metric | MRSH | WTW |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $170.01 | $301.73 |
| Intrinsic value | $96.90 | $216.79 |
| Margin of safety | -75% | -39% |
| Leak Score | 48/100 (10/12) | 43/100 (3/12) |
| Market cap | $81.1B | $28.0B |
| Revenue growth, 5 years | 9.4% | 2.4% |
| Operating margin | 24.3% | 23.4% |
| Net margin | 14.2% | 15.5% |
| Return on equity | 25.7% | 19.8% |
| Debt to equity | 1.47 | 0.92 |
| P/E | 20.8x | 18.6x |
| Forward P/E | 14.9x | 13.2x |
| P/B | 5.3x | 3.6x |
| Dividend yield | 2.2% | 1.3% |