Erie Indemnity vs Willis Towers Watson
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KIRA’s take AI analyst
I put Erie Indemnity and Willis Towers Watson side by side, using each one’s latest annual report. Here is what stands out:
- Willis Towers Watson is the larger business, with $9.7B of revenue in fiscal 2025 against $4.1B for Erie Indemnity, about 2.4 times as much.
- Erie Indemnity grew revenue faster (7.2%, against −2.2%).
- Willis Towers Watson kept more of each dollar of sales as operating profit (23.0% operating margin, against 17.6%).
- Willis Towers Watson turned more of its sales into free cash flow (15.9% FCF margin, against 14.0%).
- Erie Indemnity earned a higher return on the capital invested in it (31.8%, against 12.8%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Erie Indemnity
ERIE
5/8
Revenue growth5-year growthReturn on capitalReturn on equityNet debt / EBITDA
Willis Towers Watson
WTW
3/8
Operating marginNet marginFCF margin
Side by side
Best in the row
| Latest fiscal year | ERIE FY25 | WTW FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $30.5B |
| Revenue | $4.1B | $9.7B |
| Free cash flow | $571M | $1.5B |
| Net income | $559M | $1.6B |
| Growth | ||
| Revenue growth | 7.2% | −2.2% |
| 5-year growth | 9.9% | 2.4% |
| Share count change | — | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 17.6% | 23.0% |
| Net margin | 13.8% | 16.5% |
| FCF margin | 14.0% | 15.9% |
| Return on capital | 31.8% | 12.8% |
| Return on equity | 26.2% | 20.2% |
| Balance sheet | ||
| Net debt | −$380M | $6.5B |
| Net debt / EBITDA | −0.5x | 2.5x |
| Dividends and buybacks | $254M | $2.0B |
| Valuation & quality | ||
| P/E | — | 20.1x |
| Piotroski F-score | — | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.