WTW
NASDAQ · USDWillis Towers Watson Public Limited Company
Financial Services · Insurance - Brokers
CEO Carl Aaron Hess
Employees 47,000
R&D / revenue 0.0%
Last price
$315.49+1.65%last session
Market cap
$29.3B
P/E (TTM)
19.3x
From 52w high
−10.2%
From 52w low
+31.1%
1-year return
−3.8%
RSI 14 · vs SMA200
62.0 · +6.2%
IS score
52.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
WTW SPY XLF (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe57Profitability
60Growth
58Value
86Momentum
100Risk (safety)
73Quality
51Balance sheet
72Earnings quality
Flags
Strengths
✓ FCF yield 5%+✓ Insider buying
Warnings
None of the computed warning flags fires for WTW (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Beta 0.423 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
2
$1.01M bought
Form 144 notices (12m): 2, $1.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−27
80 new holders, 96 closed
699 filers hold 97.6% · 236 added, 284 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+10
408 funds adding shares
398 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
66.7%
20-day avg 51.6%, 50-day avg 52.1%
Latest 15.1 pp over its 20-day average · a flow, not short interest
Key financials · FY2025
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$9.7B
Revenue growth YoY−2.2%
Gross margin42.1%
Operating income$2.2B
Operating margin23.0%
Net income$1.6B
Net margin16.5%
EPS (diluted)$16.26
Cash flow
Operating cash flow$1.8B
Capital expenditure$229.0M
Free cash flow$1.5B
FCF conversion (FCF / OCF)87.1%
Stock-based compensation$153.0M
FCF less SBC$1.4B
Buybacks$1.6B
Dividends$358.0M
Balance sheet & returns
Cash & short-term investments$3.1B
Total debt$6.3B
Net debt$3.2B
Shareholders' equity$8.1B
Goodwill & intangibles$10.1B
Debt / equity0.92
ROE (TTM)20.0%
ROIC (TTM)11.1%
Operating margin by fiscal year
Revenue $9.0B (FY2021) to $9.7B (FY2025), a 1.9% CAGR.
Valuation
P/E (TTM)19.3x
EV / EBITDA12.7x
Price / sales2.90x
Price / FCF17.3x
FCF yield5.78%
Buyback yield5.63%
SBC / revenue1.9%
Price / book3.86x
Forward P/E FY202615.9x
Forward P/E FY202713.8x
Forward P/E FY202811.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $361.45 across 11 analysts last quarter is theirs, not ours.
WTW vs industry median
33 companies in Insurance - Brokers
WTW (TTM)Industry median
Asset turnover 0.33 vs industry 0.60 · financial leverage 3.97
Earnings delivery
Next report 2026-10-29 · consensus EPS $3.5992%
beat rate, 11 of 12 quarters
+3.8%
median EPS surprise
6
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-30. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| WTW Willis Towers Watson Public | $29.3B | 19.3x | 20.0% | 15.5% | −2.2% | −3.8% |
| BRO Brown & Brown, Inc. | $23.2B | 19.2x | 10.0% | 17.2% | +39.6% | −20.4% |
| AON Aon plc | $62.1B | 16.0x | 44.7% | 13.0% | +4.9% | −13.9% |
| AJG Arthur J. Gallagher & Co. | $65.3B | 41.8x | 6.7% | 8.1% | +26.3% | −8.8% |
| MMC Marsh & McLennan Companies, | $89.8B | 21.8x | 26.9% | 11.8% | +7.6% | −5.9% |
| RYAN Ryan Specialty Holdings, Inc | $5.0B | 42.8x | 33.6% | 11.8% | +15.2% | — |
| CRVL CorVel Corporation | $4.0B | 35.4x | 30.7% | 12.4% | +7.1% | — |
| PUK Prudential plc | $29.6B | 8.5x | 39.3% | 6.4% | +175.6% | — |
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.
Recent 8-K filings
2026-07-30Earnings Release; Regulation FD; Exhibits
2026-05-21Shareholder Vote; Exhibits
2026-04-30Earnings Release; Regulation FD; Exhibits
2026-02-03Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits
2026-01-27Regulation FD Disclosure; Financial Statements and Exhibits
2026-01-09Entry into Material Definitive Agreement; Creation of Direct Financial Obligation; Financial Statements and Exhibits
Context
Shares outstanding92,871,937
Free float99.5%
Institutional ownership97.6%
Beta0.42
Dividend yield1.20%
Last dividend$0.96 on 2026-09-30
50 / 200-day average$318.44 / $297.18
Large-cap Financial Services median P/E14.0x
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where WTW sits among 14 scored companies in Insurance - Brokers (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | WTW | Industry percentile |
|---|---|---|
| P/E (TTM) | 18.7x | 9th |
| PEG (P/E ÷ 3-yr EPS CAGR) | 1.02 | 33rd |
| Price / sales | 2.9x | 38th |
| Price / book | 3.8x | 45th |
| Price / tangible book | — | |
| Price / free cash flow | 17.3x | 42nd |
| Price / operating cash flow | 15.2x | 33rd |
| Enterprise value | $34.8B | 77th |
| EV / sales | 3.4x | 38th |
| EV / EBITDA | 12.9x | 50th |
| EV / EBIT | 15.1x | 27th |
| EV / free cash flow | 20.5x | 42nd |
| Earnings yield | 5.3% | 92nd |
| FCF yield | 5.8% | 62nd |
| Operating cash flow yield | 6.6% | 69th |
| Graham number (per share) | $175.04 | 100th |
Profitability (TTM)
| Measure | WTW | Industry percentile |
|---|---|---|
| Gross margin | 53.8% | 46th |
| EBITDA margin | 26.6% | 62nd |
| Operating margin | 22.2% | 69th |
| EBIT margin | 22.8% | 69th |
| Net margin | 15.5% | 77th |
| NOPAT margin | 17.7% | 69th |
| FCF margin | 16.8% | 69th |
| Operating cash flow margin | 19.0% | 62nd |
| R&D / revenue | 0.0% | 0th |
| SG&A / revenue | 19.1% | 83rd |
| Stock comp / revenue | 1.9% | 67th |
| Effective tax rate | 20.2% | 23rd |
Returns on capital
| Measure | WTW | Industry percentile |
|---|---|---|
| ROE (on average equity) | 19.8% | 64th |
| ROA | 5.3% | 62nd |
| ROIC | 13.6% | 77th |
| ROCE | 15.1% | 62nd |
| Return on tangible assets | 7.8% | 54th |
| Cash ROIC (OCF / invested capital) | 14.6% | 64th |
| Gross profitability (GP / assets) | 17.8% | 23rd |
| ROIC, 3-yr average | 6.9% | 56th |
| ROIC, 5-yr average | 10.8% | 62nd |
| ROE, 5-yr average | 15.8% | 62nd |
| Incremental ROIC | 223.8% | 91st |
Growth
| Measure | WTW | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 3.0% | 20th |
| Revenue growth (QoQ) | 2.2% | 46th |
| Revenue CAGR, 3 yr | 3.6% | 22nd |
| Revenue CAGR, 5 yr | 2.4% | 0th |
| Gross profit CAGR, 3 yr | 11.4% | 44th |
| Operating income CAGR, 3 yr | 20.3% | 62nd |
| Net income growth (TTM YoY) | 1,042.3% | 100th |
| Net income CAGR, 3 yr | 13.3% | 17th |
| EPS growth (TTM YoY) | 1,115.3% | 100th |
| EPS CAGR, 3 yr | 18.3% | 50th |
| EPS CAGR, 5 yr | 7.4% | 57th |
| FCF growth (TTM YoY) | 19.0% | 78th |
| FCF CAGR, 3 yr | 31.1% | 62nd |
| Operating cash flow CAGR, 3 yr | 25.0% | 88th |
| Book value CAGR, 3 yr | -3.7% | 12th |
| Dividend CAGR, 3 yr | 4.4% | 86th |
| Sustainable growth rate | 15.3% | 67th |
Margin history & stability
| Measure | WTW | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 53.1% | 56th |
| Operating margin, 3-yr average | 15.5% | 44th |
| Net margin, 3-yr average | 9.4% | 56th |
| FCF margin, 3-yr average | 14.2% | 44th |
| Revenue stability (0-1) | 0.90 | 40th |
| Earnings stability (0-1) | 0.22 | 20th |
| Margin stability (0-1) | 0.81 | 50th |
Liquidity (latest quarter)
| Measure | WTW | Industry percentile |
|---|---|---|
| Cash & short-term investments | $1.6B | 92nd |
| Net cash (− = net debt) | −$5.5B | 23rd |
| Working capital | $1.5B | 77th |
| Current ratio | 1.10 | 33rd |
| Quick ratio | 1.10 | 42nd |
| Cash ratio (cash + ST investments / current liabilities) | 0.11 | 25th |
| Defensive interval (days) | 485 days | 46th |
Leverage & solvency (latest quarter)
| Measure | WTW | Industry percentile |
|---|---|---|
| Total debt | $7.1B | 77th |
| Debt / equity | 0.92 | 45th |
| Net debt / equity | 0.71 | 45th |
| Debt / assets | 23.2% | 31st |
| Debt / capital | 48.0% | 45th |
| Debt / EBITDA | 2.64 | 33rd |
| Net debt / EBITDA | 2.04 | 25th |
| Interest coverage (EBIT / interest) | 8.1x | 75th |
| Cash interest coverage | 6.7x | 58th |
| Debt payback (years of OCF) | 3.7 yrs | 42nd |
| Liabilities / assets | 74.6% | 38th |
| IS credit model rating | A | |
| Implied credit spread (bps) | 150 | 31st |
Efficiency
| Measure | WTW | Industry percentile |
|---|---|---|
| Asset turnover | 0.34 | 31st |
| Fixed asset turnover | 8.79 | 17th |
| Inventory turnover | — | |
| Receivables turnover | 4.7 | 38th |
| Days sales outstanding | 78 days | 62nd |
| Days inventory outstanding | — | |
| Days payables outstanding | 39 days | 54th |
| Cash conversion cycle (days) | 38 days | 77th |
| Capex / revenue | 2.3% | 75th |
| Capex / depreciation | 0.60 | 75th |
| Operating expense ratio | 85.2% | 85th |
Cash flow & earnings quality
| Measure | WTW | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 1.23 | 18th |
| FCF / net income | 1.08 | 27th |
| FCF / operating cash flow | 88.1% | 27th |
| Capex / operating cash flow | 11.9% | 73rd |
| Accruals ratio | -1.2% | 69th |
| Sloan accruals ratio | -2.1% | 46th |
| Earnings quality score (0-1) | 1.00 | 64th |
Scores & forensic checks
| Measure | WTW | Industry percentile |
|---|---|---|
| IS score | 53 | 54th |
| IS profitability | 57 | 54th |
| IS growth | 60 | 50th |
| IS value | 58 | 92nd |
| IS momentum | 86 | 60th |
| IS risk (safety) | 100 | 31st |
| IS quality | 73 | 69th |
| IS balance sheet | 51 | 77th |
| IS earnings quality | 72 | 77th |
| IS cash flow | 66 | 38th |
| Piotroski F-score (0-9) | 6 | 38th |
| Altman Z-score | — | |
| Beneish M-score | — | |
| Ohlson O-score | −7.36 | 38th |
| IS credit score | 71 | 62nd |
Size (TTM)
| Measure | WTW | Industry percentile |
|---|---|---|
| Market cap | $29.3B | 77th |
| Revenue | $10.1B | 77th |
| EBITDA | $2.7B | 77th |
| Net income | $1.6B | 77th |
| Free cash flow | $1.7B | 77th |
| Total assets | $30.6B | 77th |
| Shareholders' equity | $7.7B | 69th |
| Employees | 48,100 | 77th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-10-09 | Banas Kristy D Chief Human Resources Officer |
Award / grant | 42 | — | — | 1,380 |
| 2026-10-09 | Banas Kristy D Chief Human Resources Officer |
Award / grant | 2 | — | — | 558 |
| 2026-10-09 | Faber Alexis Chief Operating Officer |
Award / grant | 46 | — | — | 2,651 |
| 2026-10-09 | Faber Alexis Chief Operating Officer |
Award / grant | 5 | — | — | 1,073 |
| 2026-10-09 | Furman Matthew General Counsel |
Award / grant | 50 | — | — | 3,733 |
| 2026-10-09 | Furman Matthew General Counsel |
Award / grant | 7 | — | — | 2,612 |
| 2026-10-09 | Gebauer Julie Jarecke Pres.-Health, Wealth & Career |
Award / grant | 63 | — | — | 24,632 |
| 2026-10-09 | Gebauer Julie Jarecke Pres.-Health, Wealth & Career |
Award / grant | 13 | — | — | 5,640 |
| 2026-10-09 | Hess Carl Aaron Director, Chief Executive Officer |
Award / grant | 81 | — | — | 10,638 |
| 2026-10-09 | Hess Carl Aaron Director, Chief Executive Officer |
Award / grant | 17 | — | — | 8,529 |
| 2026-10-09 | Krasner Andrew Jay Chief Financial Officer |
Award / grant | 65 | — | — | 2,705 |
| 2026-10-09 | Krasner Andrew Jay Chief Financial Officer |
Award / grant | 14 | — | — | 772 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 78 | 28,898 | — |
| Open-market buy | Acquired | 2 | 3,896 | $1.0M |
| Open-market sale | Disposed | 1 | 730 | $250,172 |
| Tax withholding | Disposed | 19 | 7,600 | $2.1M |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
12 months: 2 notices · 3,730 shares · $1.2M| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| 2026-08-10 | Faber Alexis | 730 | $250,172 |
| 2026-03-03 | Furman Matthew | 3,000 | $912,009 |
| 2025-06-03 | Krasner Andrew Jay | 1,600 | $505,200 |
| 2025-05-08 | Hess Carl Aaron | 10,000 | $3.1M |
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 1 trades (0 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-01-29 | Ro Khanna | House | Sale | $1,001 - $15,000 | 2026-02-10 |
| 2025-09-22 | Val Hoyle | House | Sale (Full) | $1,001 - $15,000 | 2025-10-10 |
| 2025-06-26 | Gilbert Cisneros | House | Sale | $1,001 - $15,000 | 2025-07-11 |
| 2025-06-26 | Gilbert Ray Cisneros | House | Sale | $1,001 - $15,000 | 2025-07-11 |
| 2019-01-19 | John Hoeven | Senate | Sale (Full) | $15,001 - $50,000 | 2019-05-08 |
| 2019-01-19 | John Hoeven | Senate | Sale (Full) | $15,001 - $50,000 | 2019-05-07 |
| 2018-12-27 | John Hoeven | Senate | Sale (Partial) | $15,001 - $50,000 | 2019-01-11 |
| 2018-12-27 | John Hoeven | Senate | Sale (Partial) | $15,001 - $50,000 | 2019-01-10 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| BlackRock, Inc. | 8,314,002 | $2.2B | 8.95% |
| DODGE & COX | 8,025,392 | $2.1B | 8.64% |
| VANGUARD CAPITAL MANAGEMENT LLC | 6,174,220 | $1.6B | 6.65% |
| Artisan Partners Limited Partnership | 5,541,048 | $1.4B | 5.97% |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 5,491,383 | $2.3B | 5.91% |
| First Eagle Investment Management, LLC | 4,475,860 | $1.2B | 4.82% |
| STATE STREET CORP | 4,315,443 | $1.1B | 4.65% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 4,064,712 | $1.1B | 4.38% |
| GEODE CAPITAL MANAGEMENT, LLC | 2,601,654 | $677.4M | 2.80% |
| FMR LLC | 2,215,896 | $579.2M | 2.39% |
| Invesco Ltd. | 2,171,679 | $567.6M | 2.34% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 1,721,323 | $449.9M | 1.85% |
| NORGES BANK | 1,433,866 | $374.8M | 1.54% |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 1,022,261 | $267.2M | 1.10% |
| DIMENSIONAL FUND ADVISORS LP | 1,005,711 | $262.9M | 1.08% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 699 | 97.6% | 80 | 236 | 284 | 96 |
| 2026-03-31 | 726 | 96.3% | 100 | 241 | 279 | 113 |
| 2025-12-31 | 752 | 100.2% | 116 | 234 | 278 | 78 |
| 2025-09-30 | 730 | 97.5% | 90 | 246 | 253 | 75 |
| 2025-06-30 | 725 | 100.3% | 79 | 249 | 275 | 106 |
| 2025-03-31 | 761 | 99.4% | 115 | 253 | 278 | 52 |
| 2024-12-31 | 708 | 99.8% | 110 | 253 | 237 | 62 |
| 2024-09-30 | 671 | 99.0% | 70 | 260 | 233 | 45 |
| 2024-06-30 | 653 | 99.5% | 60 | 278 | 205 | 65 |
| 2024-03-31 | 665 | 100.1% | 89 | 227 | 237 | 48 |
| 2023-12-31 | 631 | 101.3% | 124 | 196 | 227 | 43 |
| 2023-09-30 | 559 | 102.4% | 62 | 175 | 234 | 82 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| 2026-08-13 | SCHEDULE 13G | Artisan Partners Limited Partnership | 5.9% | 5,541,048 |
| 2026-08-13 | SCHEDULE 13G/A | Dodge & Cox | 8.5% | 8,025,392 |
| 2026-04-28 | SCHEDULE 13G | Vanguard Capital Management | 7.5% | 7,106,088 |
| 2026-03-26 | SCHEDULE 13G/A | The Vanguard Group | 0.0% | 0 |
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VITSX | 0.04% | $850.7M |
| VSMPX | 0.04% | $850.7M |
| VTI | 0.04% | $850.7M |
| VTSAX | 0.04% | $850.7M |
| VFFSX | 0.04% | $702.8M |
| VOO | 0.04% | $702.8M |
Share structure
Shares outstanding92,871,937
Float92,417,793
Free float99.5%
Income statement
Fiscal years, USD| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $9.0B | $8.9B | $9.5B | $9.9B | $9.7B |
| Cost of revenue | $5.3B | $5.1B | $5.3B | $5.5B | $5.6B |
| Gross profit | $3.7B | $3.8B | $4.1B | $4.4B | $4.1B |
| R&D | $0 | $0 | $0 | $0 | $0 |
| SG&A | $0 | $0 | $0 | $0 | $0 |
| Operating income | $2.2B | $1.2B | $1.4B | $627.0M | $2.2B |
| EBITDA | $3.6B | $2.0B | $2.0B | $823.0M | $2.7B |
| Pretax income | $2.7B | $1.3B | $1.3B | $104.0M | $1.9B |
| Income tax | $536.0M | $194.0M | $215.0M | $192.0M | $318.0M |
| Net income | $4.2B | $1.0B | $1.1B | −$98.0M | $1.6B |
| EPS, diluted | $14.90 | $8.98 | $9.95 | $-0.96 | $16.26 |
| Diluted shares | 129.0M | 112.0M | 106.0M | 102.0M | 99.0M |
Balance sheet
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $4.7B | $1.3B | $1.4B | $1.9B | $3.1B |
| Receivables | $2.4B | $2.4B | $2.6B | $2.5B | $2.7B |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $18.5B | $15.8B | $13.4B | $15.1B | $16.9B |
| PP&E, net | $1.6B | $1.3B | $1.3B | $1.1B | $1.2B |
| Goodwill & intangibles | $12.7B | $12.4B | $12.2B | $10.1B | $10.1B |
| Total assets | $35.0B | $31.8B | $29.1B | $27.7B | $29.5B |
| Accounts payable | $898.0M | $975.0M | $1.1B | $1.1B | $0 |
| Total current liabilities | $14.7B | $14.8B | $12.6B | $12.6B | $14.0B |
| Long-term debt | $4.0B | $4.5B | $4.6B | $5.3B | $5.8B |
| Total liabilities | $21.7B | $21.7B | $19.5B | $19.7B | $21.5B |
| Shareholders' equity | $13.3B | $10.1B | $9.6B | $8.0B | $8.1B |
Cash flow statement
Outflows are negative| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | $4.2B | $1.0B | $1.1B | $1.2B | $1.6B |
| Depreciation & amortization | $650.0M | $567.0M | $505.0M | $456.0M | $226.0M |
| Stock-based compensation | $101.0M | $99.0M | $125.0M | $121.0M | $153.0M |
| Change in working capital | −$449.0M | −$888.0M | −$371.0M | −$326.0M | −$711.0M |
| Operating cash flow | $2.1B | $812.0M | $1.3B | $1.5B | $1.8B |
| Capital expenditure | −$201.0M | −$204.0M | −$242.0M | −$245.0M | −$229.0M |
| Free cash flow | $1.9B | $608.0M | $1.1B | $1.3B | $1.5B |
| Investing cash flow | $2.8B | −$173.0M | −$1.1B | $250.0M | $447.0M |
| Net debt issued / repaid | −$1.0B | $165.0M | $494.0M | $91.0M | $984.0M |
| Buybacks | −$1.6B | −$3.5B | −$1.0B | −$901.0M | −$1.6B |
| Dividends paid | −$374.0M | −$369.0M | −$352.0M | −$354.0M | −$358.0M |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross margin | 41.6% | 42.9% | 62.2% | 44.6% | 42.1% |
| Operating margin | 24.5% | 13.3% | 14.4% | 6.3% | 23.0% |
| Net margin | 46.9% | 11.4% | 11.1% | -1.0% | 16.5% |
| FCF margin | 20.8% | 6.9% | 11.6% | 15.2% | 16.0% |
| ROE | 35.1% | 8.7% | 10.8% | -1.1% | 20.2% |
| ROIC | 12.5% | 7.0% | 8.1% | -4.4% | 15.9% |
| ROA | 11.5% | 3.0% | 3.5% | -0.3% | 5.6% |
| Debt / equity | 0.41 | 0.55 | 0.62 | 0.75 | 0.87 |
| Interest coverage | 13.8x | 7.0x | 6.4x | 10.1x | 8.6x |
| Current ratio | 1.26 | 1.07 | 1.06 | 1.20 | 1.20 |
| Revenue growth | −2.6% | −1.5% | +7.0% | +4.7% | −2.2% |
| EPS growth | +340.9% | −72.6% | +9.6% | −109.5% | +1,822.2% |
| P/E at year end | 6.7x | 25.5x | 23.3x | n/m | 19.9x |
| EV / EBITDA at year end | 8.2x | 14.7x | 14.4x | 11.5x | 13.4x |
| FCF yield at year end | 6.64% | 2.36% | 4.49% | 4.77% | 4.87% |
| Dividend payout | 8.9% | 36.6% | 33.4% | — | 22.3% |
Revenue by segment
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Health, Wealth and Career | — | $5.4B | $5.7B | $5.8B | $5.3B |
| Risk and Broking | — | $3.5B | $3.7B | $4.1B | $4.3B |
| Consulting | $8.0M | — | — | — | — |
| Product And Service Other | $4.0M | — | — | — | — |
| Divested Businesses | — | $0 | $0 | — | — |
Revenue by region · FY2025
International$9.6B · 50%
UNITED STATES$4.5B · 23%
Rest Of World$3.0B · 16%
UNITED KINGDOM$2.1B · 11%
IRELAND$143.0M · 1%
Street estimates by fiscal year
Next report 2026-10-29 · consensus EPS $3.59 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $10.5B | $10.4B – $10.5B | $19.80 | $19.25 – $20.18 | 12 | 15.9x |
| 2027 | $11.0B | $11.0B – $11.1B | $22.91 | $22.24 – $23.35 | 12 | 13.8x |
| 2028 | $11.6B | $11.4B – $12.1B | $27.30 | $25.63 – $30.93 | 4 | 11.6x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-07-30 | $3.11 | $3.35 | +7.7% | $2.4B | $2.5B | +2.0% |
| 2026-04-30 | $3.66 | $3.72 | +1.6% | $2.4B | $2.4B | −0.1% |
| 2026-02-03 | $7.96 | $8.12 | +2.0% | $2.9B | $2.9B | +2.9% |
| 2025-10-30 | $3.05 | $3.07 | +0.7% | $2.3B | $2.3B | +0.6% |
| 2025-07-31 | $2.63 | $2.86 | +8.7% | $2.2B | $2.3B | +1.4% |
| 2025-04-24 | $3.21 | $3.13 | −2.5% | $2.3B | $2.2B | −2.6% |
| 2025-02-04 | $8.01 | $8.13 | +1.5% | $3.0B | $3.0B | −0.5% |
| 2024-10-31 | $2.72 | $2.93 | +7.7% | $2.3B | $2.3B | +0.3% |
| 2024-07-25 | $2.34 | $2.55 | +9.0% | $2.3B | $2.3B | −0.2% |
| 2024-04-25 | $3.25 | $3.29 | +1.2% | $2.4B | $2.3B | −1.2% |
| 2024-02-06 | $7.05 | $7.44 | +5.5% | $2.4B | $2.9B | +22.3% |
| 2023-10-26 | $2.07 | $2.24 | +8.2% | $2.1B | $2.2B | +3.7% |
| 2023-07-27 | $2.38 | $2.05 | −13.9% | $2.1B | $2.2B | +1.5% |
| 2023-04-27 | $2.81 | $2.84 | +1.1% | $2.2B | $2.2B | +1.0% |
| 2023-02-09 | $6.22 | $6.33 | +1.8% | $2.7B | $2.7B | +0.8% |
| 2022-10-27 | $2.13 | $2.20 | +3.3% | $2.0B | $2.0B | −1.6% |
| 2022-07-28 | $2.31 | $2.32 | +0.4% | $2.1B | $2.0B | −1.9% |
| 2022-04-28 | $2.51 | $2.66 | +6.0% | $2.2B | $2.2B | −3.2% |
| 2022-02-08 | $5.35 | $5.67 | +6.0% | $2.8B | $2.7B | −2.9% |
| 2021-10-28 | $1.59 | $1.73 | +8.8% | — | $2.0B | — |
| 2021-08-03 | $1.99 | $2.66 | +33.7% | — | $2.3B | — |
| 2021-04-29 | $3.28 | $3.64 | +11.0% | — | $2.6B | — |
| 2021-02-09 | $5.03 | $5.23 | +4.0% | — | $2.8B | — |
| 2020-10-29 | $1.30 | $1.33 | +2.3% | — | $2.0B | — |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $175.6M | 519,994 | 28,534 |
| 2026-08-24 | $200.3M | 580,676 | 28,382 |
| 2026-08-17 | $233.9M | 695,778 | 33,489 |
| 2026-08-10 | $268.9M | 797,647 | 37,382 |
| 2026-08-03 | $260.1M | 765,043 | 44,151 |
| 2026-07-27 | $495.8M | 1,532,942 | 61,360 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 66.7% | 110,360 | 165,442 |
| 2026-10-14 | 50.7% | 75,468 | 148,781 |
| 2026-10-13 | 58.0% | 61,592 | 106,190 |
| 2026-10-12 | 52.3% | 63,170 | 120,891 |
| 2026-10-09 | 62.6% | 102,886 | 164,352 |
| 2026-10-08 | 63.7% | 113,487 | 178,242 |
| 2026-10-07 | 67.9% | 115,329 | 169,816 |
| 2026-10-06 | 51.3% | 66,512 | 129,727 |
| 2026-10-05 | 33.6% | 86,856 | 258,639 |
| 2026-10-02 | 61.6% | 112,071 | 181,898 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | +1.2% | 55% | 20 |
| Feb | −0.6% | 45% | 20 |
| Mar | +1.5% | 76% | 21 |
| Apr | +2.5% | 70% | 20 |
| May | +0.5% | 55% | 20 |
| Jun | −1.0% | 35% | 20 |
| Jul | −0.3% | 55% | 20 |
| Aug | +0.6% | 60% | 20 |
| Sep | +1.4% | 65% | 20 |
| Oct | −0.5% | 60% | 20 |
| Nov | +2.4% | 60% | 20 |
| Dec | +1.6% | 50% | 20 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1462.0
MFI66.8
ADX29.2
Stochastic %K / %D85.9 / 79.2
Williams %R-4.2
CCI221
TSI / signal-10.6 / -23.7
Chaikin money flow-0.12
ATR$7.31
Bollinger width9.9%
Volume vs 20-day avg0.83x
SupertrendUp
Moving averages and bands
level (price vs level)SMA 20$296.04 (+6.6%)
SMA 50$317.75 (−0.7%)
SMA 200$296.95 (+6.2%)
EMA 21$301.97 (+4.5%)
EMA 50$306.44 (+3.0%)
EMA 200$302.38 (+4.3%)
Bollinger upper$310.70 (+1.5%)
Bollinger lower$281.37 (+12.1%)
Parabolic SAR$292.97 (+7.7%)
Open the live chart, 110+ indicatorsAbout Willis Towers Watson Public Limited Company
Willis Towers Watson Public Limited Company (WTW) functions as a global provider of comprehensive consulting, brokerage, and solutions services. Its operations are structured across two primary divisions: Health, Wealth and Career, and Risk and Broking. Within the Health, Wealth and Career segment, WTW furnishes actuarial guidance, plan development, and administrative assistance for conventional pension and retirement savings schemes. It also delivers consulting, brokerage, and management services for health and group employee benefit programs, along with outsourced benefits administration. Furthermore, the company offers strategic counsel, analytical data, specialized software, and various products designed to help clients effectively manage their overall compensation and human capital challenges. The Risk and Broking division extends expertise in risk management, insurance placement, and advisory services, covering sectors such as property and casualty, aerospace, construction, and marine. It also supplies investment consulting and discretionary portfolio management services tailored for insurance and reinsurance firms. Additionally, this segment encompasses specialized insurance consulting and technology solutions, including risk and capital management, predictive modeling and pricing strategies, financial and regulatory compliance reporting, capital modeling, merger and acquisition support, outsourcing, and general business management services. The company engages in wholesale insurance broking, serving both retail and other wholesale brokers, and provides services related to underwriting, capital management, capital markets, and various advisory and brokerage functions. Moreover, WTW facilitates primary medical and supplementary benefit exchanges, alongside providing outsourcing services to both active employees and retirees in collective and individual markets. It also administers various healthcare and reimbursement accounts, such as Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), Flexible Spending Accounts (FSAs), and other consumer-directed accounts. Previously known as Willis Group Holdings Public Limited Company, the organization adopted its current name, Willis Towers Watson Public Limited Company, in January 2016. Established in 1828, WTW maintains its headquarters in London, UK.
https://www.wtwco.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Carl A. Hess CERA | Chief Executive Officer & Director | $3.6M | 1962 |
| Andrew Jay Krasner | Chief Financial Officer & Co-head of Corporate Development | $2.5M | 1977 |
| Julie Jarecke Gebauer | President of Health, Wealth & Career | $2.1M | 1961 |
| Lucy Clarke | President of Risk & Broking | $1.8M | 1967 |
| Matthew S. Furman | General Counsel | $1.6M | 1970 |
| Claudia De La Hoz | Head of Investor Relations | — | — |
| Eric Arnaldo Latalladi | Global Head of Technology | — | — |
| Kristy D. Banas | Chief Human Resources Officer and Head of Marketing & Communication | — | 1972 |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| Carl Hess CEO | 2025 | $1.0M | $9.2M | $2.4M | $12.8M |
| Andrew Krasner CFO | 2025 | $800,003 | $3.0M | $1.6M | $5.5M |
| Julie Gebauer President, HWC | 2025 | $759,291 | $2.3M | $1.3M | $4.5M |
| Lucy Clarke President, R&B | 2025 | $806,562 | $2.0M | $1.0M | $3.8M |
| Matthew Furman General Counsel | 2025 | $619,500 | $1.2M | $923,055 | $2.8M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| 2026-09-30 | $0.96 | 2026-10-15 |
| 2026-06-30 | $0.96 | 2026-07-15 |
| 2026-03-31 | $0.96 | 2026-04-15 |
| 2025-12-31 | $0.92 | 2026-01-15 |
| 2025-09-30 | $0.92 | 2025-10-15 |
| 2025-06-30 | $0.92 | 2025-07-15 |
| 2025-03-31 | $0.92 | 2025-04-15 |
| 2024-12-31 | $0.88 | 2025-01-15 |
Moat model
Weak · Efficient Scale · 2026-06-30Cost advantage40
Intangibles58
Switching costs42
Network effect35
Efficient scale78
Our component scores (0-100) and overall 50.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17