# Marsh & McLennan Companies (MRSH.US)

Canonical: https://gigainvestors.com/s/MRSH

Analysis as of: 2026-10-16T07:30:22.810Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $186.54 per share; close as of 2026-10-15.

Estimated value: low $113.38 per share, central $129.01 per share, high $149.82 per share. Buy at or below the central value $129.01 per share. Valuation as of 2026-10-16T07:30:22.810Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.18×

- FY2019: 0.16×

- FY2020: 0.18×

- FY2021: 0.22×

- FY2022: 0.21×

- FY2023: 0.23×

- FY2024: 0.24×

- FY2025: 0.23×

- LTM to Jun 2026: 0.22×

### moat: pass

- ROIC, median of available years: 50.7%

- ROIC, second-lowest year: 39.9%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 42.4%

- Recent gross margin (lower of latest and 3-year median): 42.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 14.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 67.6%

- FY2018: 77.0%

- FY2019: 31.4%

- FY2020: 44.2%

- FY2021: 53.3%

- FY2022: 51.4%

- FY2023: 56.8%

- FY2024: 46.0%

- FY2025: 49.9%

- LTM to Jun 2026: 39.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $20B

- Net income, five-year total: $18B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 14.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.11×

- FY2022: 1.08×

- FY2023: 1.08×

- FY2024: 1.11×

- FY2025: 1.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 77.0% vs 49.9%

- Per-share earnings: 3.03 to 8.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: $55B

- Cumulative retained earnings: $15B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.2%

- Per-share value change: $5.15

- Per-share value, starting three-year median: $3.03

- Per-share value, ending three-year median: $8.19

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 1.7%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $21B

- Cumulative net income, 10 years: $27B

- ROIC, first three-year median: 77.0%

- ROIC, last three-year median: 49.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.39

- FY2017: $2.89

- FY2018: $3.24

- FY2019: $3.42

- FY2020: $3.93

- FY2021: $6.15

- FY2022: $6.09

- FY2023: $7.53

- FY2024: $8.19

- FY2025: $8.42

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.96×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -2.0%

- FY2018: -3.6%

- FY2019: -2.0%

- FY2020: -4.1%

- FY2021: -1.1%

- FY2022: -0.9%

- FY2023: -1.0%

- FY2024: -0.4%

- FY2025: -1.9%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Mar 2025 · sales +3.6%

Story as of 2026-10-16T09:59:12.194Z; price observation 2026-10-15.

Price needs cash profits to grow 5.5% a year for ten years

- 2026-01-29: Marsh Q4 Earnings Beat Estimates on Consulting Unit Strength ([finance.yahoo.com](https://finance.yahoo.com/news/marsh-q4-earnings-beat-estimates-164600550.html))

- 2026-07-21: Marsh Q2 Earnings Beat Estimates on Consulting Unit Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/marsh-q2-earnings-beat-estimates-154600063.html))

### Sales · FY2025–2026

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm; observed 2026-02-09.

- FY2017: $14B 

- FY2018: $15B 

- FY2019: $17B 

- FY2020: $17B 

- FY2021: $20B 

- FY2022: $21B 

- FY2023: $23B 

- FY2024: $24B 

- FY2025: $27B 

- FY2026: $28B 

### Gross margin · FY2026

gross margin 42.4%; source https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm; observed 2026-02-09.

- FY2017: 42.3% 

- FY2018: 42.4% 

- FY2019: 41.5% 

- FY2020: 41.2% 

- FY2021: 42.4% 

- FY2022: 41.7% 

- FY2023: 42.4% 

- FY2024: 42.8% 

- FY2025: 42.3% 

- FY2026: 42.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance brokers; annual sales are USD 27 billion.

- Source: https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm#000006270926000022 (filed 2026-02-09); FY2025: revenue 26981000000; grossProfit 11404000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRSH.US: Marsh & McLennan Companies, Inc., a professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide. The company operates through Risk and Insurance Services, and Consulting segments. The Risk and Insurance Services segment offers risk management services, such as risk management, insurance broking, insurance program management, risk consulting, analytical modeling, and alternative risk financing services. This segment also offers insurance and reinsurance broking, strategic advisory and actuarial services, and analytics solutions. It serves businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment provides health, wealth and career advice, solutions and products; and specialized management, strategic, economic, and brand consulting services. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 42.3% to 42.8% during 2023–25; it earns 50.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: grossProfit / revenue = 42.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: grossProfit / revenue = 42.8%.

- Source: https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm (filed 2026-02-09); FY2025: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); 10-year return on capital observations [[2017,0.6762343260188087],[2018,0.7695711243298817],[2019,0.31432903733010836],[2020,0.4423842746515688],[2021,0.5330129247656755],[2022,0.5138493242863262],[2023,0.5677259721457515],[2024,0.4600189973107952],[2025,0.49940663176265276],[2026,0.3991173088784173]]; median 0.5066279780244896. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 42% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm (filed 2026-02-09); Gross margin observations: [[2021,0.42356205852674067],[2022,0.41742277992277993],[2023,0.4238652357494722]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2016: growth capex 0; upkeep 253000000; owner earnings 1953000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2017: growth capex 0; upkeep 302000000; owner earnings 1671000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2018: growth capex 0; upkeep 314000000; owner earnings 1830000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2019: growth capex 0; upkeep 421000000; owner earnings 1968000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2020: growth capex 0; upkeep 348000000; owner earnings 2409000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2021: growth capex 0; upkeep 406000000; owner earnings 3484000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2022: growth capex 0; upkeep 470000000; owner earnings 3299000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: growth capex 0; upkeep 416000000; owner earnings 4053000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: growth capex 0; upkeep 316000000; owner earnings 4490000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm (filed 2026-02-09); FY2025: growth capex 0; upkeep 291000000; owner earnings 4779000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Dividend observations: [[2016,682000000],[2017,740000000],[2018,807000000],[2019,880000000],[2020,943000000],[2021,1026000000],[2022,1138000000],[2023,1298000000],[2024,1513000000],[2025,1699000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm (filed 2026-02-09); FY2025: cash repurchases 2012000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRSH.US SharesStats.PercentInsiders = 0.079 percentage points; cache date 2026-10-16.

### What could break it

"Our significant non-U.S. operations expose us to exchange rate fluctuations and various risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm (filed 2026-02-09); Our significant non-U.S. operations expose us to exchange rate fluctuations and various risks

### What the price says

The price assumes cash profits grow 5.5% yearly over ten years; actual growth was 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Ten-year compound average after fade. Initial solved rate 0.06607586339483562. Price 186.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.22011385199241 → FY2025 9.67408906882591. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $63.39 per share

- 2016-11: $69.31 per share

- 2016-12: $67.59 per share

- 2017-01: $68.02 per share

- 2017-02: $73.48 per share

- 2017-03: $73.89 per share

- 2017-04: $74.13 per share

- 2017-05: $77.56 per share

- 2017-06: $77.96 per share

- 2017-07: $77.97 per share

- 2017-08: $78.08 per share

- 2017-09: $83.81 per share

- 2017-10: $80.93 per share

- 2017-11: $83.93 per share

- 2017-12: $81.39 per share

- 2018-01: $83.52 per share

- 2018-02: $83.02 per share

- 2018-03: $82.59 per share

- 2018-04: $81.50 per share

- 2018-05: $80.37 per share

- 2018-06: $81.97 per share

- 2018-07: $83.36 per share

- 2018-08: $84.63 per share

- 2018-09: $82.72 per share

- 2018-10: $84.75 per share

- 2018-11: $88.70 per share

- 2018-12: $79.75 per share

- 2019-01: $88.19 per share

- 2019-02: $93.02 per share

- 2019-03: $93.90 per share

- 2019-04: $94.29 per share

- 2019-05: $95.60 per share

- 2019-06: $99.75 per share

- 2019-07: $98.80 per share

- 2019-08: $99.89 per share

- 2019-09: $100.05 per share

- 2019-10: $103.62 per share

- 2019-11: $108.07 per share

- 2019-12: $111.41 per share

- 2020-01: $111.86 per share

- 2020-02: $104.56 per share

- 2020-03: $86.46 per share

- 2020-04: $97.33 per share

- 2020-05: $105.92 per share

- 2020-06: $107.37 per share

- 2020-07: $116.60 per share

- 2020-08: $114.91 per share

- 2020-09: $114.70 per share

- 2020-10: $103.46 per share

- 2020-11: $114.64 per share

- 2020-12: $117.00 per share

- 2021-01: $109.91 per share

- 2021-02: $115.22 per share

- 2021-03: $121.80 per share

- 2021-04: $135.70 per share

- 2021-05: $138.35 per share

- 2021-06: $140.68 per share

- 2021-07: $147.22 per share

- 2021-08: $157.20 per share

- 2021-09: $151.43 per share

- 2021-10: $166.80 per share

- 2021-11: $164.02 per share

- 2021-12: $173.82 per share

- 2022-01: $153.64 per share

- 2022-02: $155.41 per share

- 2022-03: $170.42 per share

- 2022-04: $161.70 per share

- 2022-05: $159.95 per share

- 2022-06: $155.25 per share

- 2022-07: $163.96 per share

- 2022-08: $161.37 per share

- 2022-09: $149.29 per share

- 2022-10: $161.49 per share

- 2022-11: $173.18 per share

- 2022-12: $165.48 per share

- 2023-01: $174.91 per share

- 2023-02: $162.14 per share

- 2023-03: $166.55 per share

- 2023-04: $180.19 per share

- 2023-05: $173.18 per share

- 2023-06: $188.08 per share

- 2023-07: $188.42 per share

- 2023-08: $194.99 per share

- 2023-09: $190.30 per share

- 2023-10: $189.65 per share

- 2023-11: $199.42 per share

- 2023-12: $189.47 per share

- 2024-01: $193.84 per share

- 2024-02: $202.27 per share

- 2024-03: $205.98 per share

- 2024-04: $199.43 per share

- 2024-05: $207.58 per share

- 2024-06: $210.72 per share

- 2024-07: $222.57 per share

- 2024-08: $227.51 per share

- 2024-09: $223.09 per share

- 2024-10: $218.24 per share

- 2024-11: $233.23 per share

- 2024-12: $212.41 per share

- 2025-01: $216.88 per share

- 2025-02: $237.84 per share

- 2025-03: $244.03 per share

- 2025-04: $225.47 per share

- 2025-05: $233.66 per share

- 2025-06: $218.64 per share

- 2025-07: $199.20 per share

- 2025-08: $205.81 per share

- 2025-09: $201.53 per share

- 2025-10: $178.15 per share

- 2025-11: $183.45 per share

- 2025-12: $185.52 per share

- 2026-01: $188.19 per share

- 2026-02: $186.74 per share

- 2026-03: $173.45 per share

- 2026-04: $167.71 per share

- 2026-05: $159.97 per share

- 2026-06: $166.67 per share

- 2026-07: $189.69 per share

- 2026-08: $189.80 per share

- 2026-09: $170.73 per share

- 2026-10: $177.01 per share

## Annual estimated value (USD per share)

- FY2016: low $31.78 per share, central $36.16 per share, high $41.99 per share

- FY2017: low $35.33 per share, central $40.20 per share, high $46.68 per share

- FY2018: low $39.30 per share, central $44.72 per share, high $51.93 per share

- FY2019: low $58.04 per share, central $84.66 per share, high $99.51 per share

- FY2020: low $59.68 per share, central $87.06 per share, high $102.33 per share

- FY2021: low $68.94 per share, central $100.57 per share, high $118.21 per share

- FY2022: low $63.22 per share, central $71.94 per share, high $83.55 per share

- FY2023: low $79.29 per share, central $90.23 per share, high $104.78 per share

- FY2024: low $94.74 per share, central $107.81 per share, high $125.19 per share

- FY2025: low $105.74 per share, central $120.32 per share, high $139.73 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:06.771Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm); period 2025-12-31, filed 2026-02-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Steven Romick](https://gigainvestors.com/FPA): 121,213 MRSH shares; USD 20,203,000 reported position value; 0.25% of portfolio; add; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 8,687,496 MRSH shares; USD 1,447,945,000 reported position value; 1.93% of portfolio; add; quarter 2026 Q2.
- [Allen Bond](https://gigainvestors.com/JIM): 984,904 MRSH shares; USD 164,154,000 reported position value; 3.98% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 763,500 MRSH shares; USD 127,253,000 reported position value; 0.97% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 1,200 MRSH shares; USD 200,004 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 92,694 MRSH shares; USD 15,449,000 reported position value; 2.29% of portfolio; reduce; quarter 2026 Q2.

# MRSH — Marsh

Held by 6 investors · USD 1,775,204,004 total · 2026 Q2 · reported price USD 166.67 (split-adjusted).
Page: https://gigainvestors.com/s/MRSH

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Nygren (https://gigainvestors.com/HA) | USD 1,447,945,000 | 1.9% | add +68.07% |
| Allen Bond (https://gigainvestors.com/JIM) | USD 164,154,000 | 4.0% | reduce -14.45% |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 127,253,000 | 1.0% | hold |
| Nicolai Tangen (https://gigainvestors.com/AKO) | USD 45,361,858 | 0.0% | sold |
| Steven Romick (https://gigainvestors.com/FPA) | USD 20,203,000 | 0.3% | add +11.51% |
| Robert Torray (https://gigainvestors.com/T) | USD 15,449,000 | 2.3% | reduce -1.73% |
| Donald Yacktman (https://gigainvestors.com/YAM) | USD 3,361,073 | 0.0% | sold |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 200,004 | 0.0% | reduce -7.69% |

## Total held by quarter

- 2006 Q4: USD 114,867,660 · 3 holders · USD 30.66
- 2007 Q1: USD 140,946,015 · 3 holders · USD 29.29
- 2007 Q2: USD 124,369,485 · 3 holders · USD 30.88
- 2007 Q3: USD 93,520,230 · 2 holders · USD 25.50
- 2007 Q4: USD 82,996,526 · 2 holders · USD 26.47
- 2008 Q1: USD 76,314,264 · 2 holders · USD 24.35
- 2008 Q2: USD 79,753,704 · 2 holders · USD 26.55
- 2008 Q3: USD 63,411,254 · 2 holders · USD 31.76
- 2008 Q4: USD 46,088,730 · 1 holder · USD 24.27
- 2009 Q1: USD 46,722,825 · 1 holder · USD 20.25
- 2009 Q2: USD 50,196,168 · 1 holder · USD 20.13
- 2009 Q3: USD 63,437,396 · 1 holder · USD 24.73
- 2009 Q4: USD 49,317,888 · 1 holder · USD 22.08
- 2010 Q1: USD 49,760,634 · 1 holder · USD 24.42
- 2010 Q2: USD 31,319,695 · 1 holder · USD 22.55
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 37,885,850 · 1 holder · USD 26.54
- 2011 Q4: USD 43,743,108 · 1 holder · USD 31.62
- 2012 Q1: USD 45,397,755 · 1 holder · USD 32.79
- 2012 Q2: USD 42,959,367 · 1 holder · USD 32.23
- 2012 Q3: USD 37,903,203 · 1 holder · USD 33.93
- 2012 Q4: USD 37,396,503 · 1 holder · USD 34.47
- 2013 Q1: USD 41,193,653 · 1 holder · USD 37.97
- 2013 Q2: USD 41,804,224 · 1 holder · USD 39.92
- 2013 Q3: USD 47,979,035 · 1 holder · USD 43.55
- 2013 Q4: USD 47,412,144 · 1 holder · USD 48.36
- 2014 Q1: USD 48,925,680 · 2 holders · USD 49.33
- 2014 Q2: USD 58,110,948 · 2 holders · USD 51.82
- 2014 Q3: USD 63,404,676 · 2 holders · USD 52.34
- 2014 Q4: USD 72,294,120 · 2 holders · USD 57.24
- 2015 Q1: USD 83,321,695 · 2 holders · USD 56.09
- 2015 Q2: USD 83,252,610 · 2 holders · USD 56.70
- 2015 Q3: USD 77,243,824 · 2 holders · USD 52.22
- 2015 Q4: USD 83,712,865 · 2 holders · USD 55.45
- 2016 Q1: USD 83,859,805 · 2 holders · USD 60.79
- 2016 Q2: USD 85,794,072 · 2 holders · USD 68.46
- 2016 Q3: USD 77,542,613 · 2 holders · USD 67.25
- 2016 Q4: USD 85,893,372 · 2 holders · USD 67.59
- 2017 Q1: USD 93,899,412 · 2 holders · USD 73.89
- 2017 Q2: USD 89,817,716 · 2 holders · USD 77.96
- 2017 Q3: USD 92,853,099 · 2 holders · USD 83.81
- 2017 Q4: USD 90,171,981 · 2 holders · USD 81.39
- 2018 Q1: USD 93,859,406 · 2 holders · USD 82.59
- 2018 Q2: USD 93,154,807 · 2 holders · USD 81.97
- 2018 Q3: USD 110,787,640 · 3 holders · USD 82.72
- 2018 Q4: USD 106,976,491 · 3 holders · USD 79.75
- 2019 Q1: USD 118,460,578 · 3 holders · USD 93.90
- 2019 Q2: USD 114,501,130 · 3 holders · USD 99.75
- 2019 Q3: USD 107,184,066 · 3 holders · USD 100.05
- 2019 Q4: USD 114,122,723 · 3 holders · USD 111.41
- 2020 Q1: USD 66,694,552 · 2 holders · USD 86.46
- 2020 Q2: USD 82,743,939 · 2 holders · USD 107.37
- 2020 Q3: USD 474,128,508 · 3 holders · USD 114.70
- 2020 Q4: USD 741,398,463 · 4 holders · USD 117.00
- 2021 Q1: USD 988,742,560 · 4 holders · USD 121.80
- 2021 Q2: USD 1,148,686,666 · 5 holders · USD 140.68
- 2021 Q3: USD 881,417,548 · 5 holders · USD 151.43
- 2021 Q4: USD 652,370,969 · 5 holders · USD 173.82
- 2022 Q1: USD 846,689,847 · 5 holders · USD 170.42
- 2022 Q2: USD 930,180,220 · 5 holders · USD 155.25
- 2022 Q3: USD 650,065,241 · 5 holders · USD 149.29
- 2022 Q4: USD 620,187,972 · 4 holders · USD 165.48
- 2023 Q1: USD 710,411,536 · 5 holders · USD 166.55
- 2023 Q2: USD 826,140,084 · 4 holders · USD 188.08
- 2023 Q3: USD 885,517,853 · 4 holders · USD 190.30
- 2023 Q4: USD 973,776,328 · 5 holders · USD 189.47
- 2024 Q1: USD 1,080,226,846 · 5 holders · USD 205.98
- 2024 Q2: USD 1,158,739,640 · 5 holders · USD 210.72
- 2024 Q3: USD 1,299,682,552 · 5 holders · USD 223.09
- 2024 Q4: USD 1,257,070,144 · 5 holders · USD 212.41
- 2025 Q1: USD 1,358,559,341 · 5 holders · USD 244.03
- 2025 Q2: USD 1,098,878,981 · 5 holders · USD 218.64
- 2025 Q3: USD 1,017,749,723 · 6 holders · USD 201.53
- 2025 Q4: USD 639,903,631 · 6 holders · USD 185.52
- 2026 Q1: USD 1,312,851,895 · 8 holders · USD 173.45
- 2026 Q2: USD 1,775,204,004 · 6 holders · USD 166.67