Willis Towers Watson Public Limited Company

WTW · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$31,463	$31,551	$24,906	$26,473	$30,399	$27,388	$26,252	$19,894	$20,343	$16,752	–	–	–	–	–	–	–	–	–	–	–	–	–	$4,215	$3,203	$2,014
Enterprise value	$35,287	$35,669	$29,496	$30,767	$31,247	$32,184	$32,252	$23,704	$24,137	$19,998	–	–	–	–	–	–	–	–	–	–	–	–	–	$4,542	$3,836	$2,862
P/E (TTM) at period end	19.60×	–	23.61×	26.24×	7.20×	27.50×	25.15×	28.62×	35.82×	39.89×	–	–	–	–	–	–	–	–	–	–	–	–	–	20.07×	1601.30×	223.74×
P/S (TTM) at period end	3.24×	3.18×	2.63×	2.99×	3.38×	3.18×	3.14×	2.34×	2.48×	2.12×	–	–	–	–	–	–	–	–	–	–	–	–	–	2.43×	2.25×	1.54×
P/B at period end	3.94×	3.97×	2.62×	2.64×	2.29×	2.53×	2.56×	2.02×	2.01×	1.66×	–	–	–	–	–	–	–	–	–	–	–	–	–	4.94×	4.60×	8.46×
EV / EBITDA (TTM)	14.34×	41.62×	18.35×	21.47×	12.58×	27.58×	24.92×	23.19×	31.43×	38.02×	–	–	–	–	–	–	–	–	–	–	–	–	–	10.00×	16.75×	12.66×
EV / Sales (TTM)	3.63×	3.59×	3.11×	3.47×	3.47×	3.74×	3.85×	2.78×	2.94×	2.54×	–	–	–	–	–	–	–	–	–	–	–	–	–	2.62×	2.69×	2.19×
Returns
Return on equity	20.1%	(1.2%)	11.1%	10.1%	31.8%	9.2%	10.2%	7.1%	5.6%	4.2%	16.7%	18.2%	16.5%	(26.3%)	8.2%	17.7%	20.1%	16.4%	30.4%	30.9%	22.5%	28.2%	31.3%	24.6%	0.3%	3.8%
Return on invested capital	15.8%	–	8.0%	7.0%	12.3%	4.1%	5.3%	5.0%	3.7%	2.6%	8.1%	11.7%	12.7%	(6.0%)	10.6%	12.6%	12.9%	8.8%	18.8%	24.1%	17.7%	28.8%	33.1%	20.4%	2.5%	6.7%
Dividend yield	1.1%	1.1%	1.4%	1.4%	1.2%	1.3%	1.3%	1.5%	1.4%	1.2%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.20×	1.20×	1.06×	1.07×	1.26×	1.05×	1.06×	1.07×	1.07×	1.03×	0.98×	1.06×	1.10×	1.07×	1.10×	1.08×	1.05×	0.79×	1.03×	1.03×	1.02×	1.02×	1.03×	1.01×	1.00×	1.00×
Debt / equity	0.79×	0.67×	0.55×	0.47×	0.35×	0.52×	0.55×	0.46×	0.45×	0.38×	1.47×	1.16×	1.05×	1.38×	0.95×	0.88×	1.09×	1.44×	0.93×	0.55×	0.48×	0.32×	0.28×	0.66×	1.13×	4.03×
Effective tax rate	16.3%	188.2%	16.8%	15.4%	19.9%	24.6%	18.8%	16.0%	(20.3%)	(28.1%)	(9.7%)	30.7%	24.4%	(30.0%)	13.4%	23.9%	18.2%	24.4%	26.0%	12.3%	34.0%	33.3%	28.0%	39.8%	78.5%	50.8%
Share count
Diluted shares outstanding	99	102	106	112	129	130	130	132	136	138	69	68	68	173	176	171	169	56	55	60	62	63	63	62	56	46

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$10,102	$9,708	$9,930	$9,483	$8,866	$8,998	$8,615	$8,370	$8,513	$8,202	$7,887	$3,829	$3,802	$3,655	$3,480	$3,447	$3,332	$3,253	$2,827	$2,578	$2,428	$2,267	$2,275	$2,076	$1,735	$1,424	$1,305
Cost of revenue	–	($5,625)	($5,502)	($5,344)	($5,065)	($5,253)	($5,157)	($4,929)	($5,123)	($4,967)	($4,849)	($2,303)	($2,314)	($2,207)	($2,475)	($2,087)	($1,868)	–	–	–	–	–	–	–	–	–	–
Gross profit	–	$4,083	$4,428	$4,139	$3,801	$3,745	$3,458	$3,441	$3,390	$3,235	$3,038	$1,526	$1,488	$1,448	$1,005	$1,360	$1,464	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($5,837)	($5,625)	($5,502)	($5,344)	($5,065)	($5,253)	($5,157)	($4,929)	($5,123)	($4,967)	($4,849)	($2,303)	($2,314)	($2,207)	($2,475)	($2,087)	($1,868)	($1,827)	($1,638)	($1,908)	($1,911)	($1,789)	($1,609)	($1,428)	($1,294)	($1,212)	($1,062)
Total operating expenses	($3,185)	($1,849)	($3,801)	($2,774)	($2,623)	($1,543)	($2,599)	($2,387)	($2,581)	($2,719)	($2,690)	($1,099)	($841)	($785)	($1,230)	($794)	($711)	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,856)	($7,474)	($9,303)	($8,118)	($7,688)	($6,796)	($7,756)	($7,316)	($7,704)	($7,686)	($7,539)	($3,402)	($3,155)	($2,992)	($3,705)	($2,881)	($2,579)	($2,563)	($2,324)	($1,958)	($1,876)	($1,816)	($1,609)	($1,456)	($1,316)	($1,263)	($1,151)
Operating income	$2,246	$2,234	$627	$1,365	$1,178	$2,202	$859	$1,054	$809	$516	$348	$427	$647	$663	($225)	$566	$753	$690	$503	$620	$552	$451	$666	$620	$419	$161	$154
Earnings
EBITDA	$2,472	$2,460	$857	$1,607	$1,433	$2,483	$1,167	$1,294	$1,022	$768	$526	$522	$739	$757	($146)	$640	$816	$854	$557	$686	$615	$505	$713	$659	$454	$229	$226
Interest income	$190	$192	$191	$179	$55	$12	$18	$21	$3	$3	$2	–	–	–	–	–	–	–	–	–	–	–	–	$0	–	–	–
Interest expense	($286)	($260)	($263)	($235)	($208)	($211)	($244)	($234)	($208)	($188)	($184)	($142)	($135)	($126)	($128)	($156)	($166)	($174)	($105)	–	–	–	–	($0)	–	–	–
Pre-tax income	$2,005	$1,953	$102	$1,276	$1,258	$2,692	$1,011	$1,046	$851	$492	$342	$340	$518	$499	($337)	$239	$587	$516	$398	$554	$514	$421	$591	$567	$354	$79	$65
Income tax expense	($401)	($318)	($192)	($215)	($194)	($536)	($249)	($197)	($136)	$100	$96	$33	($159)	($122)	($101)	($32)	($140)	($94)	($97)	($144)	($63)	($143)	($197)	($159)	($141)	($62)	($33)
Net income	$1,565	$1,605	($98)	$1,055	$1,009	$4,222	$996	$1,044	$695	$568	$420	$373	$362	$365	($446)	$204	$455	$438	$303	$409	$449	$281	$402	$414	$210	$2	$9
Per share
Diluted EPS (GAAP)	$16.26	$16.26	($0.96)	$9.95	$8.98	$32.78	$7.65	$8.02	$5.27	$4.18	$3.04	$5.41	$5.32	$5.37	($2.58)	$1.16	$2.66	$2.59	$5.43	$7.36	$7.52	$4.56	$6.41	$5.75	$3.39	$0.0265	$0.19
Basic EPS (GAAP)	$16.33	$16.34	($0.96)	$10.01	$9.00	$32.88	$7.68	$8.05	$5.29	$4.21	$3.07	$5.49	$5.40	$5.53	($2.58)	$1.18	$2.68	$2.61	$5.43	$7.47	$7.58	$4.64	$6.78	$6.36	$3.79	$0.0265	$0.19
Basic shares outstanding	96	98	102	105	112	128	130	130	131	135	137	68	67	66	173	173	170	168	56	55	59	61	59	57	55	51	46
Margins
Gross margin	–	42.1%	44.6%	43.6%	42.9%	41.6%	40.1%	41.1%	39.8%	39.4%	38.5%	39.9%	39.1%	39.6%	28.9%	39.5%	43.9%	–	–	–	–	–	–	–	–	–	–
Operating margin	22.2%	23.0%	6.3%	14.4%	13.3%	24.5%	10.0%	12.6%	9.5%	6.3%	4.4%	11.2%	17.0%	18.1%	(6.5%)	16.4%	22.6%	21.2%	17.8%	24.0%	22.7%	19.9%	29.3%	29.9%	24.1%	11.3%	11.8%
Net margin	15.5%	16.5%	(1.0%)	11.1%	11.4%	46.9%	11.6%	12.5%	8.2%	6.9%	5.3%	9.7%	9.5%	10.0%	(12.8%)	5.9%	13.7%	13.5%	10.7%	15.9%	18.5%	12.4%	17.7%	19.9%	12.1%	0.1%	0.7%

Analyst consensus

Buy29 analysts

Bearish · 1 · Hold · 10 · Bullish · 18

Earnings history

	EPS	Estimate
Q3 2024	$2.93	$2.72	Beat
Q4 2024	$8.13	$8.01	Beat
Q1 2025	$3.13	$3.21	Miss
Q2 2025	$2.86	$2.63	Beat
Q3 2025	$3.07	$3.05	Beat
Q4 2025	$8.12	$7.96	Beat
Q1 2026	$3.72	$3.66	Beat
Q2 2026	$3.35	$3.11	Beat

Peers

Company overview

IPO dateJun 12, 2001

CEOCarl Aaron Hess

Employees48,100

SectorFinancial Services

IndustryInsurance - Brokers

CountryGB

ExchangeNASDAQ Global Select

Websitewww.wtwco.com

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.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.