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Friday 6 November 2026 Export WTW’s income statement to Excel — free account

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

329.37 7.14 −2.12%
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
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Willis Towers Watson Public Limited Company (WTW) valuation and DCF model

What the price implies · reverse DCF

At $329.37 the price implies 25.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew −1.0% a year over the last ten years, 6.3% over the last five. The price asks for 26.6 points a year more than its ten-year rate. Return on equity averaged 11.2% over ten years; the price implies 28.2% for good.

In December 2017 the price assumed 22.3% a year; Willis Towers Watson Public Limited Company went on to grow the dividend a share 14.2% a year to FY2025.

Price implies
25.6%
Last 5 years, reported
6.3%
Last 10 years, reported
−1.0%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
25.6% a year for ten years
$329.37
today’s price
Its base case
−1.0% a year for five years, then −0.6%
$45.59
86.2% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Willis Towers Watson Public Limited Company’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 25.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Willis Towers Watson Public Limited Company’s own cost of capital: risk-free 4.3% + beta 0.44 × equity premium 4.5% = 6.3% cost of equity; weighted, 6.3%.

Use 6.3%
Base case value per share $45.59 ten years discounted, and what follows
Current price $329.37 market price per share
Below today’s price 86.2% downside at the base case’s assumptions

How we got there$22.81 10 years of dividends+$22.78 terminal value=$45.59 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Brokers).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.42× 19.62× 25.39× 20% below 22.14× 8% below
P/FCF 36.73× 31.19× 28.30× 30% above 22.32× 65% above
P/B 4.03× 3.47× 2.86× 41% above 3.02× 33% above
EV/EBITDA — 18.10× 17.71× — 3.38× —
EV/Sales — 3.44× 3.26× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
2.51×2.91×3.30×3.69×10Y avg 3.26×2016201720182019202020212022202320242025

EV/Sales has no reading today; its 10-year average is 3.26×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.