Willis Towers Watson

WTW · Nasdaq · Financials · Financials, fiscal 2016 to 2025

WTW · Last close · October 26, 2026

$324.67

Willis Towers Watson's revenue fell 2.2% to $9.7 billion in fiscal 2025. Its operating margin was 23.0%, up from 6.3% a year earlier. Free cash flow was $1.5 billion, up 22.0%. It paid out $2.0 billion in dividends and buybacks, 130% of free cash flow. The diluted share count fell 2.9%.

WILLIS TOWERS WATSON PLC Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001193125-26-069307 Updated October 9, 2026

Revenue

$9.7B

2.2%

Operating margin

23.0%

16.7 pts

Net income

$1.6B

Free cash flow

$1.5B

22.0%

Return on capital

12.8%

10.7 pts

Market cap

$30.5B

Oct 26 close

P/E

20.1x

On $16.16 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Willis Towers Watson does

WTW (Willis Towers Watson) is an advisory and insurance broking firm that helps companies manage people, risk and capital. It has about 47,000 employees, which it calls colleagues, serving clients in more than 140 countries and markets. Its clients range from large multinationals to mid-sized companies, government agencies and not-for-profit groups, and no single client was more than 10% of revenue.

It reports two segments. Health, Wealth & Career, its larger segment by revenue, gives advice, broking and technology for employee benefit plans, investors, pay and career programs and the employee experience, including a private Medicare marketplace in the U.S. Risk & Broking helps clients assess and control risk and acts as an insurance broker: it is the go-between for clients and insurance companies, advising on risk and placing coverage with carriers through its global network.

WTW says it is not an insurance company and does not take on insurance risk for its own account. It places insurance with approximately 2,500 insurance carriers, and says none of them accounted for a significant share of the premiums it placed. It competes with other insurance brokers and with firms in human capital consulting.

Its biggest risks, as it describes them

Its results depend on a strategy that may not work as planned, and on whether demand for its services holds up.
Heavy dependence on the insurance industry, and on good relations with insurance companies.
Losing key employees, which could also cost it client relationships.
Data breaches or improper release of confidential company or personal data.
Claims and lawsuits over its work, and investigations by regulators.

From Willis Towers Watson's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 20.5% a year and net income 16.1% a year, as buybacks cut the share count by 28%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Willis Towers Watson yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Willis Towers Watson's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Willis Towers Watson's fiscal 2025 free cash flow of $1.5B, net cash of −$6.5B at December 31, 2025 and 99 million diluted shares, from its filings. The scenarios are fitted to Willis Towers Watson: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 3.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Insurance Brokers), plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Willis Towers Watson's own revenue growth, as above. Cautious: growth of 1% then 1.5% a year, 2% after year 10, a 9% discount rate. Base: growth of 3% then 3% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 5% then 4% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $324.67
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Willis Towers Watson's earnings per share of $16.16 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.1×, the middle of Willis Towers Watson's own P/E today, its peers' median and its sector's median (Willis Towers Watson's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Arthur J. Gallagher, Brown & Brown, Aon.

Earnings growth in the years ahead (% a year) Starts at Willis Towers Watson's revenue growth over the last 3 years, 3.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $324.67
Value at this multiple, against the last close: —
Willis Towers Watson's P/E at the last close: 20.1×

Company	Last close	Earnings per share	P/E today
Arthur J. GallagherAJG	$266.79	$6.03	44.2×
Brown & BrownBRO	$71.08	$3.16	22.5×
Willis Towers WatsonWTW	$324.67	$16.16	20.1×
AonAON	$302.06	$18.13	16.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	4,686	1,262	1,424	1,890	3,157
Debt incl. finance leases	6,655	6,772	7,447	8,618	9,687
Net debt (negative means net cash)	1,969	5,510	6,023	6,728	6,530
Net debt to EBITDA	0.7x	3.2x	3.2x	6.2x	2.5x
Debt to equity	0.5x	0.7x	0.8x	1.1x	1.2x
Interest coverage	10.4x	5.7x	5.8x	2.4x	8.6x
Current ratio	1.3x	1.1x	1.1x	1.2x	1.2x
Quick ratio	1.3x	1.1x	1.1x	1.2x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $2.1 million of Willis Towers Watson shares on the open market, and 2 insiders sold $1.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 10, 2026	Alexis FaberChief Operating Officer	Sold	730	$342.70	$250,171	Form 4
May 6, 2026	Lucy ClarkePresident of Risk & Broking	Bought	1,896	$263.37	$499,350	Form 4
May 4, 2026	Carl Aaron HessChief Executive Officer, Director	Bought	2,000	$255.08	$510,160	Form 4
Mar 3, 2026	Matthew FurmanGeneral Counsel	Sold	3,000	$304.00	$912,000	Form 4
Feb 13, 2026	Lucy ClarkePresident of Risk & Broking	Bought	3,500	$284.84	$996,940	Form 4
Feb 12, 2026	Michael P. HammondDirector	Bought	241	$278.86	$67,205	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 8	5 of 8	7 of 8
Accruals ratio	−0.9%	−5.7%	−0.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Willis Towers Watson side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Willis Towers Watson	FY25	−2.2%	23.0%	15.9%	12.8%	2.5x	7
Arthur J. Gallagher	FY25	20.7%	—	12.8%	9.9%	3.3x	3	Compare
Brown & Brown	FY25	22.8%	—	23.4%	9.1%	3.8x	4	Compare
Aon	FY25	9.4%	25.3%	18.7%	15.6%	2.8x	4	Compare
Erie Indemnity	FY25	7.2%	17.6%	14.0%	31.8%	−0.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,887	8,202	8,513	8,370	8,615	8,998	8,866	9,483	9,930	9,708
Revenue growth	106.0%	4.0%	3.8%	−1.7%	2.9%	4.5%	−1.5%	7.0%	4.7%	−2.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	348	516	809	1,054	859	2,202	1,178	1,365	627	2,234
Net income	420	568	695	1,044	996	4,222	1,009	1,055	−98	1,605
Diluted EPS (US$)	3.04	4.18	5.27	8.02	7.65	32.78	8.98	9.95	−0.96	16.26
Diluted shares (millions)	138	136	132	130	130	129	112	106	102	99
Cash flow
Cash from operations	933	862	1,288	1,081	1,774	2,061	812	1,345	1,512	1,775
Capital expenditure	218	300	268	59	63	53	66	242	245	229
Free cash flow	715	562	1,020	1,022	1,711	2,008	746	1,103	1,267	1,546
Dividends paid	199	277	306	329	346	374	369	352	354	358
Share buybacks	396	532	602	150	0	1,627	3,530	1,000	901	1,650
Acquisitions	476	13	36	1,329	69	47	81	6	104	15
Stock-based compensation	123	67	50	74	90	101	99	125	121	153
Balance sheet at fiscal year end
Cash and short-term investments	870	1,030	1,033	887	2,039	4,686	1,262	1,424	1,890	3,157
Debt incl. finance leases	—	5,638	6,400	8,042	7,906	6,655	6,772	7,447	8,618	9,687
Total assets	30,253	32,458	32,385	35,426	38,531	34,970	31,769	29,090	27,681	29,530
Total liabilities	20,019	22,181	22,388	25,057	27,599	21,662	21,676	19,497	19,664	21,478
Shareholders' equity	10,065	10,126	9,852	10,249	10,820	13,260	10,016	9,520	7,940	7,976
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	4.4%	6.3%	9.5%	12.6%	10.0%	24.5%	13.3%	14.4%	6.3%	23.0%
Net margin	5.3%	6.9%	8.2%	12.5%	11.6%	46.9%	11.4%	11.1%	−1.0%	16.5%
Free cash flow margin	9.1%	6.8%	12.0%	12.2%	19.9%	22.3%	8.4%	11.6%	12.8%	15.9%
Return on capital	—	—	4.5%	5.2%	3.8%	11.0%	6.5%	7.3%	2.1%	12.8%
Return on equity	6.8%	5.6%	7.0%	10.4%	9.4%	35.1%	8.7%	10.8%	−1.1%	20.2%
Return on assets	1.7%	1.8%	2.1%	3.1%	2.7%	11.5%	3.0%	3.5%	−0.3%	5.6%
Net debt to EBITDA	—	3.4x	3.5x	4.0x	3.6x	0.7x	3.2x	3.2x	6.2x	2.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Willis Towers Watson's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Willis Towers Watson.