Willis Towers Watson Public Limited Company WTW

FinancialsInsuranceUnited Kingdom

Last close 324.42 USD on Nov 1, 2026, −0.3% year to date

Quant rating

Quant rating A Rank 64 of 799 in Financials

Growth B 250 of 799
Valuation B 265 of 799
Quality A 26 of 799
Revisions B 188 of 799
Momentum C 331 of 799

Wall Street consensus Buy (2.17)Average target 370.32 USD +14.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 29.9B
Enterprise value: 34.5B
52-week range: 240.68 – 351.48
3-year range: 234.07 – 351.48
Dividend yield: 1.18%
Beta (5 years): 0.44
Shares outstanding: 92.2M
Next earnings: Feb 3, 2027

About the company

Willis Towers Watson Public Limited Company is a global advisory, brokering and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. Its segments include Health, Wealth & Career (HWC) and Risk & Broking (R&B). The HWC segment provides an array of advice, brokering, solutions and technology for employee benefit plans, institutional investors, compensation and career programs, and the employee experience overall. Its R&B segment provides a range of risk advice, insurance brokerage and consulting services to clients globally, ranging from small businesses to multinational corporations. The segment comprises two primary businesses: its corporate risk and brokering and our insurance consulting and technology businesses. It also specializes in private equity secondaries investing, delivering innovative portfolio construction, risk management, and client solutions. It provides pension and savings products through a mobile application.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,708	9,930	9,483	8,866	8,998	–
Revenue growth	−2.2%	4.7%	7.0%	−1.5%	4.4%	2.4%
EPS (basic, normalized)	17.08	16.93	14.49	13.41	11.60	–
EPS growth	0.9%	16.8%	8.1%	15.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	16.5%	−1.0%	11.1%	11.8%	23.8%	12.5%
ROE	21.2%	19.8%	15.7%	12.9%	12.4%	16.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,978
Current ratio	1.10x
Long-term debt (mil)	5,783
Net debt (mil)	4,630
Total equity (mil)	7,764
Net debt / equity	0.60x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	9,708	−2.2%	3.6x	83.89	+6.4%	3.9x	17.08	+0.9%	19.0x
2026	10,461	+7.8%	3.3x	88.82	+5.9%	3.7x	19.78	+15.8%	16.4x
2027	11,017	+5.3%	3.1x	94.25	+6.1%	3.4x	22.92	+15.9%	14.2x
2028	11,594	+5.2%	3.0x	100.56	+6.7%	3.2x	27.21	+18.7%	11.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	10,461	0.0%	+0.2%	0.0%	19.78	−0.2%	+0.5%	+1.1%
2027	11,017	+0.1%	+0.3%	−0.3%	22.92	−0.1%	+1.5%	+3.4%
2028	11,594	−0.4%	+0.2%	−1.1%	27.21	−0.5%	+4.0%	+7.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,341	2,265	2,289	3,035	2,223	2,261	2,288	2,936	2,412	2,466
Sales mean (mil)	2,384	2,273	2,286	3,061	2,271	2,233	2,284	2,870	2,428	2,421
Surprise	−1.8%	−0.4%	+0.1%	−0.9%	−2.1%	+1.2%	+0.2%	+2.3%	−0.6%	+1.8%
EPS reported	3.29	2.55	2.93	8.13	3.13	2.86	3.07	8.12	3.72	3.35
EPS mean	3.27	2.33	2.71	8.03	3.19	2.60	3.05	7.94	3.67	3.12
Surprise	+0.6%	+9.2%	+8.0%	+1.3%	−2.0%	+10.1%	+0.6%	+2.2%	+1.4%	+7.5%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
WTW Willis Towers Watson Public Limited Company	29.9B	21.2%	16.5%	3.86x	16.4x	14.2x	3.7x	3.4x
CB Chubb Limited	139.1B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
PGR The Progressive Corporation	134.0B	38.2%	12.9%	3.91x	12.6x	14.3x	3.9x	3.4x
MRSH Marsh & McLennan Companies, Inc.	95.4B	33.4%	15.4%	6.50x	19.1x	17.5x	6.4x	5.5x
TRV The Travelers Companies, Inc.	81.2B	20.8%	12.8%	2.80x	10.8x	12.7x	2.5x	2.3x
AJG Arthur J. Gallagher & Co.	70.8B	12.8%	10.7%	2.94x	21.1x	18.6x	2.7x	2.5x
Mean		23.5%	14.3%	3.65x	15.4x	14.9x	3.5x	3.1x
Median		21.0%	14.2%	3.40x	14.5x	14.2x	3.2x	3.0x

Technical analysis

1M+11.4%
3M+3.0%
1Y+2.6%
3Y+47.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Willis Towers Watson Public Limited Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	–	–	–	–	–	–
Other revenue	9,708	9,930	9,483	8,866	8,998	8,615
Total revenue	9,708	9,930	9,483	8,866	8,998	8,615
Losses, benefits and adjustments	–	–	–	–	–	–
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	5,780	5,702	5,555	5,311	5,498	5,392
Depreciation/amortization	418	456	505	567	650	768
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	1,236	3,482	2,015	1,803	269	1,515
Operating income	2,274	290	1,408	1,185	2,581	940
Net interest income (expense)	−277	−252	−243	−204	−195	−235
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−44.0	66.0	114	277	306	306
Net income before taxes	1,953	104	1,279	1,258	2,692	1,011
Provision for taxes	318	192	215	194	536	188
Minority interest	−8.0	−10.0	−9.0	−15.0	−14.0	−24.0
Equity in affiliates	−22.0	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,605	−98.0	1,055	1,049	2,142	799
Extraordinary items	–	0	0	−40.0	2,080	197
Net income	1,605	−98.0	1,055	1,009	4,222	996
Basic weighted average shares (mil)	98.0	102	105	112	128	130
Diluted weighted average shares (mil)	99.0	102	106	112	129	130
Basic EPS, normalized	17.08	16.93	14.49	13.41	11.60	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Willis Towers Watson Public Limited Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	2,943	2,674	2,664	2,485	2,464	2,654
Prepaid expenses	128	873	123	132	137	149
Property, plant & equipment	1,182	1,146	1,285	1,304	1,571	1,916
Goodwill	8,938	8,799	10,195	10,173	10,183	11,204
Intangibles	1,141	1,295	2,016	2,273	2,555	3,043
Insurance receivables	–	–	–	–	–	–
Long-term investments	221	0	88.0	90.0	55.0	24.0
Note receivable	42.0	18.0	1,025	851	676	518
Other long-term assets	1,132	1,318	1,048	1,243	1,442	1,525
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	–	–	–	–	–	–
Total assets	29,530	27,681	29,090	31,769	34,970	38,531
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	986	1,053	1,073	975	898	862
Accrued expenses	1,645	1,646	1,497	1,386	1,577	1,634
Policy liabilities	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	552	5.0	655	254	617	974
Long-term debt	5,756	5,311	4,574	4,483	3,989	4,683
Minority interest	76.0	77.0	73.0	77.0	48.0	112
Other liabilities	12,539	11,649	11,698	14,578	14,581	19,446
Total liabilities	21,554	19,741	19,570	21,753	21,710	27,711
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	–
Additional paid-in capital	11,106	10,989	10,910	10,876	10,804	10,748
Retained earnings (accumulated deficit)	−296	109	1,466	1,764	4,645	2,434
Treasury stock	–	–	0	−3.0	−3.0	−3.0
Other equity	−2,834	−3,158	−2,856	−2,621	−2,186	−2,359
Total equity	7,976	7,940	9,520	10,016	13,260	10,820
Total liabilities & shareholders' equity	29,530	27,681	29,090	31,769	34,970	38,531

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Willis Towers Watson Public Limited Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,613	−88.0	1,064	1,024	4,236	1,020
Depreciation, depletion & amortization	418	456	505	567	650	770
Deferred taxes	55.0	−213	−109	−50.0	226	99.0
Non-cash items	400	1,683	256	159	−2,602	−59.0
Changes in working capital	−711	−326	−371	−888	−449	−56.0
Cash from operations	1,775	1,512	1,345	812	2,061	1,774
Investing activities
Capital expenditures	−229	−245	−242	−204	−201	−286
Other investing cash flows	676	495	−843	31.0	2,771	126
Cash from investing	447	250	−1,085	−173	2,570	−160
Financing activities
Financing cash flow items	78.0	705	−342	282	−115	753
Cash dividends paid	−358	−354	−352	−369	−374	−346
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−656	−810	−506	−3,358	−2,625	−29.0
Cash from financing	−936	−459	−1,200	−3,445	−3,114	378
Foreign exchange effects	203	−97.0	11.0	−164	−127	126
Net change in cash	1,489	1,206	−929	−2,970	1,390	2,118
Free cash flow	1,546	1,267	1,103	608	1,860	1,488

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.