Willis Towers Watson (WTW)
Financials · $27.8B market cap · SEC CIK 0001140536
fundamentals score out of 100
Next reports on Oct 22, 2026, before the open, with analysts expecting $3.66 in earnings per share.
The case for WTW
- Earnings per share up 804.4%.
- Reasonably priced at 17.8× earnings.
- Return on equity of 20%.
- Moves less than the market (beta 0.45).
- Pays a modest 1.3% dividend.
The case against
- Revenue growth of +3.0% is slower than 91% of Financials companies.
- Weakest against its peers: net margin of 15% is thinner than 64% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 51 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 38 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 55 |
| Momentumhow the price has behaved lately | 58 |
| Stabilityhow violently it moves, what it owes and what it pays you | 73 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 17.8× |
|---|---|
| Price / book | 3.21× |
| Price / sales | 2.8× |
| Revenue growth (YoY) | +3.0% |
| EPS growth (YoY) | +804.4% |
| Gross margin | — |
| Operating margin | 22% |
| Net margin | 15% |
| Return on equity | 20% |
| Debt / equity | 0.85× |
| Current ratio | 1.10 |
| Dividend yield | 1.31% |
| Beta | 0.45 |
| 52-week range | $240.61 – $352.79 |
| Position in that range | 54% of the way up |
| 3-month return | +20.2% |
| 1-year return | -8.9% |
Five years of financials, as filed
Pulled from Willis Towers Watson's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.5B | $9.7B | $9.3B | $8.7B | $8.8B |
| Operating income | $2.2B | $627M | $1.4B | $1.2B | $2.2B |
| Net income | $1.6B | -$98.0M | $1.1B | $1.0B | $4.2B |
| Operating cash flow | $1.8B | $1.5B | $1.3B | $812M | $2.1B |
| Capital expenditure | $229M | $245M | $242M | — | — |
| Total assets | $29.5B | $27.7B | $29.1B | $31.8B | $35.0B |
| Total liabilities | $21.5B | $19.7B | $19.5B | $21.7B | $21.7B |
| Shareholder equity | $8.0B | $7.9B | $9.5B | $10.0B | $13.3B |
| Cash | $3.1B | $1.9B | $1.4B | $1.3B | $4.5B |
| Long-term debt | $5.8B | $5.3B | $4.6B | $4.5B | $4.0B |
| Free cash flow | $1.5B | $1.3B | $1.1B | — | — |
| Operating margin | 23.5% | 6.4% | 14.7% | 13.5% | 24.9% |
| Net margin | 16.9% | -1.0% | 11.3% | 11.6% | 47.8% |
| Diluted shares | 99.0M | 102M | 106M | 112M | 129M |
Share count is down 23.3% over 4 years. Buybacks have been shrinking the pie.
What Willis Towers Watson says it does
above under the heading ‘Information about Executive Officers of the Registrant’ and information required by Item 406 and Item 408(b) of Regulation S-K is below. All other information required by this Item will be provided in accordance with Instruction G(3) to Form 10-K no later than 120 days after the end of the Company’s fiscal year. The Company has adopted a Code of Conduct applicable to all our directors, officers and employees, including our CEO, the CFO, the Principal Accounting Officer and all those involved in the Company’s accounting functions. The Code of Conduct can be found in the ‘Investor Relations — Corporate Governance’ section of the Company’s website at www.wtwco.com. It is also available free of charge on request from the Company Secretary at corporatesecretary@wtwco.com . The Company intends to post on its website any amendments to, or waivers of, a provision of the Code of Conduct in accordance with…
Risk factors WTW lists in its 10-K
- Our methods of calculating these measures may differ from those used by other companies and therefore comparability may be limited. These financial measures
- should be viewed in addition to, not in lieu of, the consolidated financial
- statements for the year ended December 31, 2025
- See ‘Non-GAAP Financial Measures’ below for further discussion of our adjusted, constant currency and organic non-GAAP financial measures
- Impact of Market Conditions on Our Business
- Risks and Uncertainties of the Economic Environment
- Consolidated Statements of Comprehensive Income
- ($ in millions, except per share data)
- Segment Revenue and Segment Operating Income
- Net Income/(Loss) Attributable to WTW
- Cash Flows From Operating Activities
- Cash Flows From Investing Activities
- Cash Flows Used In Financing Activities
- Supplemental Guarantor Financial Information