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Willis Towers Watson Public Limited Company

WTW Financial Insurance Brokers

Willis Towers Watson Public Limited Company’s revenue for fiscal 2025 (year ended December 2025) was $9.7 billion, down 2.24% from fiscal 2024.

Revenue
+7.52%
EPS
+4.17%
Free cash flow
+13.4%
Total debt
+22.9%

Quarter to September 2026, against a year earlier

333.35 3.16 −0.94%
Market cap
$31.0B
P/E
20.4×
Fwd P/E
18.8×
Dividend yield
1.13%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2017

  • Human Capital And Benefits
  • Corporate Risk And Broking
  • Investment Risk And Reinsurance
  • Benefits Delivery And Administration
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 2.07
Sold, $m 1.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 2 — — 2 — — — — — —
Sell — — — 1 — — — — 1 — — —
Insider Ownership 2.33%

Capital & Financial Ratios $m

Size
Market Cap 31,030.00
Revenue ttm 10,274.00
Net income ttm 1,579.00
Free cash flow ttm 1,772.00
Net debt Q 4,586.00
Valuation
P/E 20.42
Forward P/E 18.80
Price / sales 3.07
Forward P/S Powerpack
Price / FCF 36.73
Price / book 4.03
Financial health
Current ratio Q 1.62
Debt / equity Q 0.83
Interest coverage Q 5.36
Growth
Revenue growth Q +7.52% (above 0%: growing)
Operating income growth Q +2.63% (above 0%: growing)
EPS, this year +16.13% (at or above 15%: strong)
EPS, next year A +15.48% (at or above 15%: strong)
Revenue, next year A +7.89%
EPS, past 5 yrs +16.28% (at or above 15%: strong)
EPS, next 5 yrs A +16.78% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 26.29%
10-year low 10-year high
P/S against its own 10 years 66.70%
10-year low 10-year high
P/B against its own 10 years 93.14%
10-year low 10-year high

Dividends raised 3 years running

Yield
1.13%
Annual rate
3.80
Payout ratio
23.2%
Growth, 2017–25
+7.14%/yr
  1. 2.12 ’17
  2. 2.40 ’18 +13
  3. 2.60 ’19 +8
  4. 2.75 ’20 +6
  5. 3.55 ’21 +29
  6. 3.28 ’22 −8
  7. 3.36 ’23 +2
  8. 3.52 ’24 +5
  9. 3.68 ’25 +5
  10. 3.84 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,424 1,890 3,132 1,946
Receivables 2,572 2,494 2,702 2,462
Inventory — — — —
Other — — — —
3,996 4,384 5,834 4,408
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 650 — 550 749
Other — — — —
2,754 2,211 2,637 2,714

Compound Annual Growth %

10y 5y 3y
Sales 9.75% 2.42% 3.07%
Cash Flow 21.95% 0.01% 29.78%
Earnings 15.71% 10.01% 16.73%
Book Value 13.06% (5.93%) (7.25%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.60 Actual 3.63

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 7.92 8.12 Beat by 0.20
Q1 FY26 3.59 3.72 Beat by 0.13
Q2 FY26 3.13 3.35 Beat by 0.22
Q3 FY26 3.60 3.63 Beat by 0.03
Q4 FY26 9.20 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.10 2.43 3.24 — —
’25 2.33 3.32 3.11 7.62 16.26
’24 1.83 1.36 (16.44) 12.25 (0.96)
’23 1.88 0.88 1.29 5.97 9.95
’22 1.03 0.97 1.72 5.40 8.98
’21 5.63 1.41 6.99 19.19 32.78
’20 2.34 0.72 0.93 3.66 7.65
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,412 2,466 2,460 — —
’25 2,223 2,261 2,288 2,936 9,708
’24 2,341 2,265 2,289 3,035 9,930
’23 2,244 2,159 2,166 2,914 9,483
’22 2,160 2,031 1,953 2,722 8,866
’21 2,228 2,091 1,973 2,706 8,998
’20 2,466 2,113 1,897 2,139 8,615
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) 484 739 — —
’25 (35) 361 678 771 1,775
’24 24 407 482 599 1,512
’23 134 296 393 522 1,345
’22 21 237 179 375 812
’21 (128) 494 1,511 184 2,061
’20 23 662 521 568 1,774
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (866) 434 704 — —
’25 (88) 304 621 693 1,531
’24 (36) 341 419 439 1,163
’23 73 236 332 456 1,097
’22 (25) 190 122 321 608
’21 (179) 439 1,468 132 1,860
’20 (58) 575 457 514 1,488
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 25.8% a year for ten years. It grew −1.0% a year over the last ten.

Implied
25.8%
10 years, reported
−1.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,887 8,202 8,513 8,370 8,615 8,998 8,866 9,483 9,930 9,708 10,274 +2.3% 10,474 11,031 11,634 +6.2%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 342 492 851 1,046 1,011 2,692 1,258 1,276 102 1,953 2,016 +21.4%
EBT margin, % 4.34 6.00 10.00 12.50 11.74 29.92 14.19 13.46 1.03 20.12 19.62 +15.8 pt
Net income 438 592 715 1,073 1,020 4,236 1,024 1,064 (88) 1,613 1,579 +15.6%
Per share, $
Per share, $ Revenue 57.57 60.76 64.98 64.38 66.27 70.30 79.16 90.31 97.35 99.06 109.30 +6.2%
Earnings 3.20 4.21 5.29 8.05 7.68 32.88 9.00 10.01 (0.96) 16.34 16.46 +19.9%
Cash flow 6.81 6.39 9.83 8.32 13.65 16.10 7.25 12.81 14.82 18.11 21.11 +11.5%
Capex (2.22) (2.36) (2.46) (2.35) (2.20) (1.57) (1.82) (2.36) (3.42) (2.49) (2.26) +1.3%
Free cash flow 4.59 4.03 7.37 5.97 11.45 14.53 5.43 10.45 11.40 15.62 18.85 +14.6%
Book value 74.33 75.92 76.11 79.76 84.09 103.97 90.12 91.36 78.60 82.16 83.40 +1.1%
Shares, m 137 135 131 130 130 128 112 105 102 98 95 (3.7%)
Valuation, ×
Valuation, × P/E 39.63 35.08 28.60 25.09 27.40 7.13 26.82 23.78 0.00 19.96 20.42 23.3
P/S 2.14 2.42 2.34 3.14 3.18 3.38 3.10 2.66 3.22 3.32 3.07 2.9
P/B 1.66 1.94 2.00 2.53 2.51 2.28 2.72 2.63 3.99 4.00 4.03 2.6
EV/Sales 2.52 2.85 2.75 3.70 3.60 3.39 3.49 3.06 3.63 3.64 — 3.3
EV/FCF 32.06 43.64 24.49 40.39 20.95 16.48 51.62 26.50 31.19 24.91 — 31.2
Cash, $m
Cash, $m Operating cash flow 933 862 1,288 1,081 1,774 2,061 812 1,345 1,512 1,775 1,984 +7.4%
Capex (304) (318) (322) (305) (286) (201) (204) (248) (349) (244) (212) (2.4%)
Free cash flow 629 544 966 776 1,488 1,860 608 1,097 1,163 1,531 1,772 +10.4%
Balance, $m
Balance, $m Working capital 961 1,480 1,579 1,408 1,378 4,317 1,484 1,242 2,173 3,197 1,694 +14.3%
Net debt 2,995 3,505 3,542 4,730 3,596 101 3,459 3,793 3,419 3,174 4,586 +0.6%
Shareholders’ equity 10,183 10,249 9,971 10,369 10,932 13,308 10,093 9,593 8,017 8,052 7,840 (2.6%)
Returns, %
Returns, % ROA 1.71 1.81 2.14 3.08 2.69 11.49 3.02 3.47 (0.35) 5.61 5.45 +3.9 pt
ROIC 1.65 2.34 3.74 4.36 3.70 10.26 5.43 6.37 3.43 12.44 11.35 +10.8 pt
ROE 6.70 5.56 6.87 10.27 9.35 34.83 8.62 10.72 (1.11) 19.98 19.99 +13.3 pt
People
People Employees 41,000 43,000 43,000 45,000 46,100 44,200 46,600 48,000 48,900 46,900 — +1.5%
Revenue/emp, $m 0.19 0.19 0.20 0.19 0.19 0.20 0.19 0.20 0.20 0.21 — +0.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Willis Towers Watson, known as WTW, advises organizations on people, risk and capital. It helps employers design benefits and retirement plans, advises on pay and workforce issues, and arranges insurance for businesses. It also provides technology, administration and investment services. Founded in 2016, WTW is headquartered in London. Carl Hess is its chief executive officer.

The company works with multinational corporations, middle-market businesses, insurers, government agencies and nonprofit institutions. Its people-related services include advising employers on health coverage, helping them manage pension costs and administering benefits for employees and retirees. WTW also operates a private U.S. Medicare marketplace that helps people compare and buy coverage.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
Human Capital And Benefits 3,176 38.72%
Corporate Risk And Broking 2,709 33.03%
Investment Risk And Reinsurance 1,474 17.97%
Benefits Delivery And Administration 734 8.95%
Other, not broken out 109 1.33%
Gross margin 100.00%
Operating margin 6.29%
Pre-tax margin 6.00%

Revenue by segment since 2009

Willis Towers Watson Public Limited Company vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRSH Marsh $99.6B 24.8× 23.3× +8.06% (above 0%: growing) +11.84% (above 0%: growing) −30.50% (below 0%: shrinking) 100.00% 17.70% Compare
AJG Arthur J. Gallagher & Co. $73.9B 43.4× 38.3× +18.14% (above 0%: growing) +49.23% (above 0%: growing) +91.16% (above 0%: growing) 43.74% 17.18% Compare
AON Aon plc $73.1B 18.7× 22.9× +2.60% (above 0%: growing) +5.66% (above 0%: growing) +1.67% (above 0%: growing) 44.53% 19.73% Compare
WTW Willis Towers Watson Public Limited Company $31.0B 20.4× 18.8× +7.52% (above 0%: growing) +4.17% (above 0%: growing) +13.37% (above 0%: growing) 100.00% 17.44%
BRO Brown & Brown, Inc. $24.7B 20.3× 20.5× +7.41% (above 0%: growing) +9.04% (above 0%: growing) +9.07% (above 0%: growing) 50.32% 24.35% Compare
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38% Compare
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%) Compare
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
Median of peers $19.0B 24.8× 23.1× +7.74% +11.84% +6.54% 44.14% 17.76%

All 23 Insurance Brokers stocks →

From the latest earnings call

Updated

  • Julie Gebauer said three large clients delayed Benefits Delivery & Outsourcing implementations into 2027, affecting WTW’s 2026 outlook for the business.
  • Carl Hess said commercial insurance rates softened, while WTW continued to invest in technology and AI through its Propel program.

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WTW metrics, ten years each

stockrow.com/WTW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com