These industries, then, have a smaller operating cushion they receive fewer cents of profit for each dollar of revenue brought in than other industries.
Marsh relies on insurance brokerage for 60% of revenue and two-thirds of operating profit (earnings excluding realized investment gains and losses and other unusual items).
In the other scenario, Cisco actually achieves its average internal estimate of 15% revenue growth, and based on an operating margin of 25%, it implies a 4% cash flow growth.