A Business at a Glance
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WILLIS TOWERS WATSON PLC
WTW
$29.1B
Mkt Cap
$295.11
+2.34%
WILLIS TOWERS WATSON PLC (WTW) has a current P/E ratio of 18.1, compared to its historical median P/E of 25.3. The stock is currently considered Fair based on its historical valuation range.
WILLIS TOWERS WATSON PLC (WTW) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
WILLIS TOWERS WATSON PLC (WTW) has a market capitalization of $28.3B. It is classified as a large-cap stock.
Yes, WILLIS TOWERS WATSON PLC (WTW) pays a dividend with a trailing twelve-month yield of 1.26%. The company also returns capital through share buybacks, with a buyback yield of 6.18%.
Based on historical P/E analysis, WILLIS TOWERS WATSON PLC (WTW) appears fair. The current P/E of 18.1 is 28% below its historical median of 25.3. The estimated fair value CAGR (P/E method) is -5.0%.
WILLIS TOWERS WATSON PLC (WTW) operates in the Insurance Agents, Brokers & Service industry, within the Financials sector.
WILLIS TOWERS WATSON PLC (WTW) reported annual revenue of $9.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
WTW is a global advisory, broking and solutions company serving approximately 140 countries with roughly 47,000 colleagues, operating through two integrated segments: Health, Wealth & Career (HWC) and Risk & Broking (R&B). The company derives the majority of revenue from commissions on insurance placements and fees for consulting services across a diversified client base including approximately 93% of the FTSE 100, 89% of the Fortune 1000, and 92% of the Fortune Global 500 companies, with no single client representing more than 10% of consolidated revenue. HWC provides employee benefit advice, retirement and investment solutions, compensation consulting, and benefits administration across more than 160 countries, with a significant portion of revenue from recurring, multi-year contracts; R&B offers insurance broking, risk consulting, and technology solutions through a specialization strategy targeting specific industries and client segments. The company's business model is asset-light, relying on advisory expertise and distribution relationships with approximately 2,500 insurance carriers rather than underwriting risk directly, and generates operating leverage through its WE DO (WTW Enterprise Delivery Organization) efficiency program, which scales automation and delivery centers to expand margins. Geographic diversification and a mix of recurring consulting revenue alongside commission-based broking creates relative stability during economic uncertainty, though commission revenue fluctuates with insurance premium levels set by carriers.
【AI-driven growth acceleration】 Management expects continued momentum from AI-enabled solutions gaining scale, particularly through newly developed WorkVue agent for workforce transformation projects and an AI-powered operating system being implemented across Risk & Broking, positioning the company to capture emerging demand for AI-related risk management and insurance solutions. The company remains confident in delivering mid-single-digit organic growth at the enterprise level in 2026, with HWC expected to achieve mid-single-digit growth and R&B narrowed to mid-single digits following a slower first quarter, supported by healthy client pipelines and normalized growth patterns returning in April. Management anticipates continued operating margin expansion in 2026 driven by WEDO efficiency initiatives and the absence of transformation program costs, while free cash flow margin is expected to expand further, with capital allocation prioritizing at least $1 billion in share repurchases alongside disciplined investment in organic and inorganic opportunities aligned with portfolio optimization priorities.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth (HWC segment) | mid-single-digit | FY2026 |
| Organic revenue growth (Health business) | high single-digit | FY2026 |
| Organic revenue growth (Wealth business) | high end of the low single-digit range | FY2026 |
| Organic revenue growth (Career business) | low to mid-single digit | FY2026 |
| Organic revenue growth (Corporate Risk & Broking) | mid-single digits | FY2026 |
| Organic revenue growth (Insurance Consulting & Technology) | low to mid-single digit | FY2026 |
| Foreign exchange impact on adjusted EPS | $0.35 tailwind | FY2026 |
| Share repurchases | at least $1 billion | FY2026 |
Organic revenue growth (HWC segment) (FY2026): “We remain confident in HWC's full-year outlook for mid-single-digit growth and continued margin expansion, even with the headwinds from economic uncertainty and geopolitical pressure impacting parts of career.”
Organic revenue growth (Health business) (FY2026): “We continue to expect high single-digit growth in Health for 2026 based on demand driven by high healthcare costs and the important role of specialty solutions.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.9B | 9.7B | 9.9B | 9.5B | 8.9B | 9.0B |
| Net Income | 1.7B | 1.6B | -98M | 1.1B | 1.0B | 4.2B |
| EPS | $16.87 | $16.26 | $-0.96 | $9.95 | $8.98 | $32.78 |
| Free Cash Flow | 1.6B | 1.5B | 1.3B | 1.1B | 812M | 2.1B |
| ROIC | 15.2% | 11.9% | -0.7% | 7.4% | 6.4% | 25.8% |
| Gross Margin | - | 98.0% | 61.4% | 74.8% | 76.5% | 95.9% |
| Debt/Equity | 0.79 | 0.79 | 0.67 | 0.55 | 0.47 | 0.35 |
| Dividends/Share | $3.73 | $3.68 | $3.52 | $3.36 | $3.28 | $3.02 |
| Operating Income | 2.3B | 2.2B | 627M | 1.4B | 1.2B | 2.2B |
| Operating Margin | 22.7% | 23.0% | 6.3% | 14.4% | 13.3% | 24.5% |
| ROE | 20.9% | 20.2% | -1.1% | 10.8% | 8.7% | 35.1% |
| Shares Outstanding | 96M | 99M | 102M | 106M | 112M | 129M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.8B | 3.8B | 7.9B | 8.2B | 8.5B | 8.4B | 8.6B | 9.0B | 8.9B | 9.5B | 9.9B | 9.7B | 9.9B |
| Gross Margin | N/A | N/A | 78.0% | 79.3% | 75.1% | 77.0% | 78.0% | 95.9% | 76.5% | 74.8% | 61.4% | 98.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.3B | 2.3B | 4.8B | 5.0B | 5.1B | 4.9B | 5.2B | 5.3B | 5.1B | 5.3B | 5.5B | 5.6B | 5.7B |
| EBIT | 647M | 427M | 348M | 516M | 809M | 1.1B | 859M | 2.2B | 1.2B | 1.4B | 627M | 2.2B | 2.3B |
| Op. Margin | 17.0% | 11.2% | 4.4% | 6.3% | 9.5% | 12.6% | 10.0% | 24.5% | 13.3% | 14.4% | 6.3% | 23.0% | 22.7% |
| Net Income | 362M | 373M | 420M | 568M | 695M | 1.0B | 996M | 4.2B | 1.0B | 1.1B | -98M | 1.6B | 1.7B |
| Net Margin | 9.5% | 9.7% | 5.3% | 6.9% | 8.2% | 12.5% | 11.6% | 46.9% | 11.4% | 11.1% | -1.0% | 16.5% | 16.8% |
| Non-Recurring | 53M | 216M | 193M | 145M | -9.0M | -2.0M | 42M | 52M | 244M | 106M | 1.1B | 26M | 26M |
| Returns on Capital | |||||||||||||
| ROIC | 8.4% | 8.7% | 4.7% | 4.1% | 4.8% | 7.0% | 6.4% | 25.8% | 6.4% | 7.4% | -0.7% | 11.9% | 15.2% |
| ROE | 17.2% | 17.7% | 6.8% | 5.6% | 7.0% | 10.4% | 9.5% | 35.1% | 8.7% | 10.8% | -1.1% | 20.2% | 20.9% |
| ROA | 2.4% | 2.2% | 1.7% | 1.8% | 2.1% | 3.1% | 2.7% | 11.5% | 3.0% | 3.5% | -0.3% | 5.6% | 5.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 477M | 244M | 933M | 862M | 1.3B | 1.1B | 1.8B | 2.1B | 812M | 1.3B | 1.5B | 1.8B | 1.8B |
| Free Cash Flow | 364M | 98M | 715M | 562M | 1.0B | 1.1B | 1.8B | 2.1B | 812M | 1.1B | 1.3B | 1.5B | 1.6B |
| Owner Earnings | 279M | 9.0M | 41M | -38M | 491M | 279M | 915M | 1.3B | 146M | 715M | 935M | 1.2B | 101M |
| CapEx | 113M | 146M | 218M | 300M | 268M | 0 | 0 | 0 | 0 | 242M | 245M | 229M | 233M |
| Maint. CapEx | 146M | 171M | 769M | 833M | 747M | 728M | 769M | 650M | 567M | 505M | 456M | 418M | 1.5B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 |
| D&A | 146M | 171M | 769M | 833M | 747M | 728M | 769M | 650M | 567M | 505M | 456M | 418M | 1.5B |
| CapEx/OCF | 23.7% | 60.1% | 23.4% | 34.8% | 20.8% | N/A | N/A | N/A | N/A | 18.0% | 16.2% | 12.9% | 12.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 210M | 277M | 199M | 277M | 306M | 329M | 346M | 374M | 369M | 352M | 354M | 358M | 358M |
| Dividend Yield | 3.3% | 3.9% | 1.4% | 1.6% | 1.7% | 1.5% | 1.4% | 1.3% | 1.6% | 1.5% | 1.3% | 1.1% | 1.3% |
| Share Buybacks | 213M | 82M | 396M | 532M | 602M | 150M | 0 | 1.6B | 3.5B | 1.0B | 901M | 1.6B | 1.8B |
| Buyback Yield | 1.5% | 1.1% | 2.7% | 2.9% | 3.3% | 0.6% | N/A | 5.6% | 13.6% | 4.0% | 2.8% | 5.0% | 6.2% |
| Stock-Based Comp | 52M | 64M | 123M | 67M | 50M | 74M | 90M | 101M | 99M | 125M | 121M | 153M | 158M |
| Debt Repayment | 15M | 166M | 1.9B | 734M | 170M | 995M | 327M | 1.0B | 585M | 254M | 655M | 5.0M | 5.0M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.8B | 3.7B | 3.0B | 3.5B | 3.5B | 4.7B | 3.6B | -99M | 3.5B | 3.8B | 3.4B | 3.1B | 4.4B |
| Cash & Equiv. | 635M | 532M | 870M | 1.0B | 1.0B | 887M | 2.0B | 4.5B | 1.3B | 1.4B | 1.9B | 3.1B | 1.9B |
| Long-Term Debt | 2.1B | 2.3B | 3.4B | 4.5B | 4.4B | 5.3B | 4.7B | 4.0B | 4.5B | 4.6B | 5.3B | 5.8B | 6.3B |
| Debt/Equity | 1.24 | 1.91 | 0.38 | 0.45 | 0.46 | 0.55 | 0.52 | 0.35 | 0.47 | 0.55 | 0.67 | 0.79 | 0.79 |
| Interest Coverage | 4.8 | 3.0 | 1.9 | 2.7 | 3.9 | 4.5 | 3.5 | 10.4 | 5.7 | 5.8 | 2.4 | 8.6 | 8.3 |
| Equity | 2.0B | 2.2B | 10.1B | 10.1B | 9.9B | 10.2B | 10.8B | 13.3B | 10.0B | 9.5B | 7.9B | 8.0B | 8.0B |
| Total Assets | 15.4B | 18.8B | 30.3B | 32.5B | 32.4B | 35.4B | 38.5B | 35.0B | 31.8B | 29.1B | 27.7B | 29.5B | 29.6B |
| Total Liabilities | 13.4B | 16.4B | 20.0B | 22.2B | 22.4B | 25.1B | 27.6B | 21.7B | 21.7B | 19.5B | 19.7B | 21.5B | 21.6B |
| Intangibles | 450M | 1.1B | 4.4B | 3.9B | 3.3B | 3.5B | 3.0B | 2.6B | 2.3B | 2.0B | 1.3B | 1.1B | 1.3B |
| Retained Earnings | 1.5B | 1.6B | 1.5B | 1.1B | 1.2B | 1.8B | 2.4B | 4.6B | 1.8B | 1.5B | 109M | -296M | -392M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 5.32 | 5.41 | 3.04 | 4.18 | 5.27 | 8.02 | 7.65 | 32.78 | 8.98 | 9.95 | -0.96 | 16.26 | 16.87 |
| Owner EPS | 4.10 | 0.13 | 0.30 | -0.28 | 3.72 | 2.14 | 7.03 | 10.17 | 1.30 | 6.74 | 9.16 | 12.20 | 1.05 |
| Book Value | 29.17 | 32.33 | 72.85 | 74.52 | 74.71 | 78.73 | 83.11 | 102.95 | 89.14 | 89.79 | 77.78 | 80.80 | 83.09 |
| Cash Flow/Share | 7.01 | 3.54 | 6.75 | 6.34 | 9.77 | 8.30 | 13.63 | 16.00 | 7.23 | 12.69 | 14.81 | 17.98 | 33.42 |
| Dividends/Share | 3.18 | 3.28 | 1.92 | 2.12 | 2.40 | 2.60 | 2.75 | 3.02 | 3.28 | 3.36 | 3.52 | 3.68 | 3.73 |
| Shares Out. | 68.0M | 68.9M | 138.2M | 135.9M | 131.9M | 130.2M | 130.2M | 128.8M | 112.4M | 106.0M | 102.1M | 98.7M | 96.0M |
| Valuation | |||||||||||||
| P/E Ratio | 38.3 | 20.0 | 35.4 | 32.3 | 26.0 | 23.1 | 25.3 | 6.9 | 25.7 | 23.4 | N/A | 20.5 | 17.5 |
| P/FCF | 18.8 | 75.9 | 20.8 | 32.7 | 17.7 | 22.3 | 14.2 | 14.1 | 32.0 | 22.4 | 25.0 | 21.2 | 18.1 |
| EV/EBIT | 23.3 | 24.9 | 31.8 | 40.6 | 25.7 | 21.3 | 32.3 | 11.4 | 24.1 | 20.3 | 53.1 | 15.0 | 14.6 |
| Price/Book | 7.0 | 3.3 | 1.5 | 1.8 | 1.8 | 2.3 | 2.3 | 2.2 | 2.6 | 2.6 | 4.0 | 4.1 | 3.6 |
| Price/Sales | 3.4 | 1.9 | 1.9 | 2.1 | 2.1 | 2.4 | 2.8 | 3.1 | 2.6 | 2.5 | 2.8 | 3.2 | 2.9 |
| FCF Yield | 2.6% | 1.3% | 4.8% | 3.1% | 5.6% | 4.5% | 7.0% | 7.1% | 3.1% | 4.5% | 4.0% | 4.7% | 5.5% |
| Market Cap | 13.9B | 7.4B | 14.9B | 18.4B | 18.1B | 24.1B | 25.2B | 29.0B | 26.0B | 24.7B | 31.7B | 32.8B | 28.3B |
| Avg. Price | 92.94 | 103.59 | 106.41 | 126.87 | 136.95 | 167.28 | 184.59 | 216.71 | 208.65 | 221.13 | 270.77 | 318.37 | 295.11 |
| Year-End Price | 100.31 | 107.93 | 107.68 | 135.16 | 136.96 | 185.00 | 193.38 | 224.84 | 231.09 | 232.97 | 310.87 | 332.57 | 295.11 |
WILLIS TOWERS WATSON PLC passes 6 of 9 quality checks, suggesting mixed fundamentals.
WILLIS TOWERS WATSON PLC trades at 18.1x trailing earnings, compared to its 15-year median P/E of 25.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.8x vs a median of 21.8x. The company's 5-year average ROIC is 10.1% with a gross margin of 81.3%. Total shareholder yield (dividends + buybacks) is 7.4%. At current prices, the estimated annualized return to fair value is +4.4%.
WILLIS TOWERS WATSON PLC (WTW) has a net profit margin of 16.5%. This is a healthy margin.
WILLIS TOWERS WATSON PLC (WTW) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WILLIS TOWERS WATSON PLC (WTW) has a debt-to-equity ratio of 0.79. This indicates moderate leverage.
WILLIS TOWERS WATSON PLC (WTW) reported earnings per share (EPS) of $16.26 in its most recent fiscal year.
WILLIS TOWERS WATSON PLC (WTW) has a return on equity (ROE) of 20.2%. This indicates the company generates strong returns for shareholders.
WILLIS TOWERS WATSON PLC (WTW) has a 5-year average gross margin of 81.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for WILLIS TOWERS WATSON PLC (WTW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WILLIS TOWERS WATSON PLC (WTW) has a book value per share of $80.80, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum from AI-enabled solutions gaining scale, particularly through newly developed WorkVue agent for workforce transformation projects and an AI-powered operating system being implemented across Risk & Broking, positioning the company to capture emerging demand for AI-related risk management and insurance solutions. The company remains confident in delivering mid-single-digit organic growth at the enterprise level in 2026, with HWC expected to achieve mid-single-digit growth and R&B narrowed to mid-single digits following a slower first quarter, supported by healthy client pipelines and normalized growth patterns returning in April. Management anticipates continued operating margin expansion in 2026 driven by WEDO efficiency initiatives and the absence of transformation program costs, while free cash flow margin is expected to expand further, with capital allocation prioritizing at least $1 billion in share repurchases alongside disciplined investment in organic and inorganic opportunities aligned with portfolio optimization priorities.
Based on recent SEC filings and earnings calls, WILLIS TOWERS WATSON PLC (WTW) has provided the following forward guidance: Organic revenue growth (HWC segment): mid-single-digit (FY2026); Organic revenue growth (Health business): high single-digit (FY2026); Organic revenue growth (Wealth business): high end of the low single-digit range (FY2026); Organic revenue growth (Career business): low to mid-single digit (FY2026); Organic revenue growth (Corporate Risk & Broking): mid-single digits (FY2026), plus 3 additional metrics.
Organic revenue growth (Wealth business) (FY2026): “We continue to expect growth at the high end of the low single-digit range in 2026.”
Organic revenue growth (Career business) (FY2026): “we believe it is prudent to expand our guidance range to low to mid-single digit growth for the full year for career.”
Organic revenue growth (Corporate Risk & Broking) (FY2026): “reflecting the slower start to the year, we are narrowing our full year outlook for CRB organic growth to mid-single digits.”
Organic revenue growth (Insurance Consulting & Technology) (FY2026): “we continue to expect low to mid-single digit growth for ICT for the full year.”
Foreign exchange impact on adjusted EPS (FY2026): “Based on our current outlook and spot rates, we expect foreign exchange will create an incremental $0.10 tailwind in the remaining three quarters, resulting in a $0.35 tailwind for the full year.”
Share repurchases (FY2026): “We continue to expect share repurchases of at least $1 billion subject to market conditions and potential capital allocation to organic and inorganic investment opportunities.”