KFY vs MRSH: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: KFY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. KFY and MRSH share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined KFY and MRSH exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Korn Ferry sells advice and people. The company runs five reported solutions: Executive Search (~$924M of FY'26 fee revenue), Consulting (~$692M), Professional Search & Interim (~$561M), Recruitment Process Outsourcing or RPO (~$367M), and Digital (~$364M), which packages the firm's assessment data, pay benchmarks and leadership IP into subscriptions. Roughly 8,965 employees worked there before the AMS deal closed on September 1, 2026, and the combined firm now describes nearly 17,000 colleagues across more than 130 offices. Fee revenue is the number management guides to and analysts model, because reimbursed out of pocket costs are passed straight through.

Full KFY guide

Marsh (ticker MRSH, formerly Marsh & McLennan Companies under MMC) is a global professional services firm built around two segments. Risk and Insurance Services houses Marsh, the world's largest insurance brokerage, and Guy Carpenter, a leading reinsurance broker. The Consulting segment houses Mercer, a large health, wealth, and career consultancy, and Oliver Wyman, a management consulting brand. Together these businesses employ roughly 90,000 people and generate the bulk of revenue from recurring commissions and advisory fees tied to commercial insurance placement, reinsurance, retirement, and workforce advisory work.

Full MRSH guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• KFY drivers: The AMS deal reshapes the revenue mix; Search and interim staffing are carrying growth.
• MRSH drivers: Insurance brokerage scale and pricing cycle; Diversified consulting through Mercer and Oliver Wyman.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Executive search revenue turns over quickly when hiring freezes, and Korn Ferry has no long contracted backlog in that line to cushion a downturn. For MRSH, as an insurance broker, revenue is tied to the commercial insurance pricing cycle, and a prolonged soft market with falling premium rates would slow commission growth.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick KFY if you believe its drivers more; MRSH if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the KFY and MRSH guides.

KFY. The multiple sits below the broader market and below most consulting peers, which reflects how quickly search revenue can reverse rather than any doubt about current profitability. Adjusted EBITDA margin has held near ~17% through FY'26, and the net cash position that supported that valuation has now largely been converted into AMS. The first quarter reported on September 9, 2026 is the first period where investors see the combined cost base.

MRSH. Marsh generated roughly $27 billion in trailing revenue with high-single-digit organic growth and expanding adjusted margins. It trades around a low-20s price to earnings multiple, a premium that reflects its recurring fee revenue and steady compounding rather than rapid growth. The next quarterly report is expected in late July 2026.

Headline figures (approximate, September 2026): KFY shows revenue (ttm) ~$2.91B fee revenue, up ~7% year over year, adjusted diluted eps (fy'26) ~$5.28 (~$5.22 reported), market cap ~$4.25B at ~$84 per share, ~50.9M shares outstanding, p/e ~16x trailing, ~14x forward; MRSH shows revenue (ttm) ~$27.5B, net income (ttm) ~$4.2B, diluted eps (ttm) ~$7.99, market cap ~$86B.

KFY and MRSH are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined KFY and MRSH exposure against your real portfolio. It is not an investment adviser.