Willis Towers Watson
WTW Nasdaq Insurance Brokers Financials FY2016–FY2025
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%.
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.
- Legal name
- WILLIS TOWERS WATSON PLC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-069307
0001140536
Revenue and margins
Willis Towers Watson had $9.7B of revenue in fiscal 2025, down 2.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 20.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.5B in fiscal 2025, 15.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Willis Towers Watson returned $2.0B to shareholders in fiscal 2025, 130% of free cash flow. The diluted share count fell 2.9%.
Value Willis Towers Watson yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.5B and divides by 99.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.1x · peers 23.0x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Willis Towers Watson can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.7B | $1.3B | $1.4B | $1.9B | $3.2B |
| Debt incl. finance leases | $6.7B | $6.8B | $7.4B | $8.6B | $9.7B |
| Net debt / EBITDA | 0.7x | 3.2x | 3.2x | 6.2x | 2.5x |
| Debt / 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 |
| Total assets | $35.0B | $31.8B | $29.1B | $27.7B | $29.5B |
| Total liabilities | $21.7B | $21.7B | $19.5B | $19.7B | $21.5B |
| Shareholders' equity | $13.3B | $10.0B | $9.5B | $7.9B | $8.0B |
| Net debt (− = net cash) | $2.0B | $5.5B | $6.0B | $6.7B | $6.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.1M
3 insiders
Sold, 12 months
$1.2M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Alexis FaberChief Operating Officer | Sold | 730 | $342.70 | $0.3M | Form 4 |
| May 6, 2026 | Lucy ClarkePresident of Risk & Broking | Bought | 1,896 | $263.37 | $0.5M | Form 4 |
| May 4, 2026 | Carl Aaron HessChief Executive Officer, Director | Bought | 2,000 | $255.08 | $0.5M | Form 4 |
| Mar 3, 2026 | Matthew FurmanGeneral Counsel | Sold | 3,000 | $304.00 | $0.9M | Form 4 |
| Feb 13, 2026 | Lucy ClarkePresident of Risk & Broking | Bought | 3,500 | $284.84 | $1.0M | Form 4 |
| Feb 12, 2026 | Michael P. HammondDirector | Bought | 241 | $278.86 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −1.0% | −5.7% | −0.6% |
| Altman Z'' | 1.18 | 1.19 | 1.51 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Willis Towers Watson WTW | $30.6B | −2.2% | 23.0% | 15.9% | 12.8% | 20.1x | 7 | |
| Arthur J. Gallagher AJG | $68.8B | 20.7% | — | 12.8% | 9.9% | 44.5x | 3 | Compare → |
| Brown & Brown BRO | $24.4B | 22.8% | — | 23.4% | 9.1% | 23.0x | 4 | Compare → |
| Aon AON | $64.9B | 9.5% | 25.3% | 18.7% | 15.6% | 16.7x | 4 | Compare → |
| Erie Indemnity ERIE | — | 7.2% | 17.6% | 14.0% | 31.8% | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.9B | $8.2B | $8.5B | $8.4B | $8.6B | $9.0B | $8.9B | $9.5B | $9.9B | $9.7B |
| Operating income | $348M | $516M | $809M | $1.1B | $859M | $2.2B | $1.2B | $1.4B | $627M | $2.2B |
| Interest expense | $184M | $188M | $208M | $234M | $244M | $211M | $208M | $235M | $263M | $260M |
| Pretax income | $342M | $492M | $851M | $1.0B | $1.0B | $2.7B | $1.3B | $1.3B | $102M | $2.0B |
| Income tax | −$96.0M | −$100M | $136M | $197M | $249M | $536M | $194M | $215M | $192M | $318M |
| Net income | $420M | $568M | $695M | $1.0B | $996M | $4.2B | $1.0B | $1.1B | −$98.0M | $1.6B |
| Diluted EPS | $3.04 | $4.18 | $5.27 | $8.02 | $7.65 | $32.78 | $8.98 | $9.95 | −$0.96 | $16.26 |
| Diluted shares | 0.14B | 0.14B | 0.13B | 0.13B | 0.13B | 0.13B | 0.11B | 0.11B | 0.10B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $933M | $862M | $1.3B | $1.1B | $1.8B | $2.1B | $812M | $1.3B | $1.5B | $1.8B |
| Capital expenditure | $218M | $300M | $268M | $59.0M | $63.0M | $53.0M | $66.0M | $242M | $245M | $229M |
| Free cash flow | $715M | $562M | $1.0B | $1.0B | $1.7B | $2.0B | $746M | $1.1B | $1.3B | $1.5B |
| Depreciation and amortization | $769M | $833M | $747M | $728M | $769M | $650M | $567M | $505M | $456M | $418M |
| Stock-based compensation | $123M | $67.0M | $50.0M | $74.0M | $90.0M | $101M | $99.0M | $125M | $121M | $153M |
| Acquisitions | $476M | $13.0M | $36.0M | $1.3B | $69.0M | $47.0M | $81.0M | $6.0M | $104M | $15.0M |
| Share buybacks | $396M | $532M | $602M | $150M | $0.0M | $1.6B | $3.5B | $1.0B | $901M | $1.7B |
| Dividends paid | $199M | $277M | $306M | $329M | $346M | $374M | $369M | $352M | $354M | $358M |
| Dividends and buybacks | $595M | $809M | $908M | $479M | $346M | $2.0B | $3.9B | $1.4B | $1.3B | $2.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $870M | $1.0B | $1.0B | $887M | $2.0B | $4.7B | $1.3B | $1.4B | $1.9B | $3.2B |
| Total debt | — | $5.6B | $6.4B | $8.0B | $7.9B | $6.6B | $6.8B | $7.4B | $8.6B | $9.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $25.0M | $22.0M | $19.0M | $16.0M | $12.0M | $7.0M | $2.0M |
| Current assets | $13.8B | $15.9B | $16.4B | $17.0B | $20.3B | $18.5B | $15.8B | $13.4B | $15.1B | $16.9B |
| Current liabilities | $13.4B | $14.8B | $15.3B | $16.1B | $19.3B | $14.7B | $14.8B | $12.6B | $12.6B | $14.0B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $839M | $985M | $942M | $1.0B | $1.0B | $851M | $718M | $720M | $661M | $695M |
| Total assets | $30.3B | $32.5B | $32.4B | $35.4B | $38.5B | $35.0B | $31.8B | $29.1B | $27.7B | $29.5B |
| Total liabilities | $20.0B | $22.2B | $22.4B | $25.1B | $27.6B | $21.7B | $21.7B | $19.5B | $19.7B | $21.5B |
| Shareholders' equity | $10.1B | $10.1B | $9.9B | $10.2B | $10.8B | $13.3B | $10.0B | $9.5B | $7.9B | $8.0B |
| Margins | ||||||||||
| Operating margin | 4.4% | 6.3% | 9.5% | 12.6% | 10.0% | 24.5% | 13.3% | 14.4% | 6.3% | 23.0% |
| EBITDA margin | 14.2% | 16.5% | 18.3% | 21.3% | 18.9% | 31.7% | 19.7% | 19.7% | 10.9% | 27.3% |
| Net margin | 5.3% | 6.9% | 8.2% | 12.5% | 11.6% | 46.9% | 11.4% | 11.1% | −1.0% | 16.5% |
| FCF margin | 9.1% | 6.9% | 12.0% | 12.2% | 19.9% | 22.3% | 8.4% | 11.6% | 12.8% | 15.9% |
| Returns | ||||||||||
| Return on capital | — | — | 4.5% | 5.2% | 3.8% | 11.0% | 6.5% | 7.3% | 2.1% | 12.8% |
| Return on capital employed | 3.0% | 3.0% | 4.7% | 5.8% | 4.5% | 11.2% | 6.3% | 8.2% | 4.0% | 14.6% |
| Return on equity | 6.8% | 5.6% | 7.0% | 10.4% | 9.5% | 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% | −0.4% | 5.6% |
| Growth | ||||||||||
| Revenue growth | 106.0% | 4.0% | 3.8% | −1.7% | 2.9% | 4.5% | −1.5% | 7.0% | 4.7% | −2.2% |
| Net income growth | 12.6% | 35.2% | 22.4% | 50.2% | −4.6% | 323.9% | −76.1% | 4.6% | −109.3% | — |
| EPS growth | −43.8% | 37.5% | 26.1% | 52.2% | −4.6% | 328.5% | −72.6% | 10.8% | −109.7% | — |
| FCF growth | 629.6% | −21.4% | 81.5% | 0.2% | 67.4% | 17.4% | −62.9% | 47.9% | 14.9% | 22.0% |
| Share count change | 100.0% | −1.5% | −2.9% | −1.5% | 0.0% | −0.8% | −13.2% | −5.4% | −3.8% | −2.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 3.4x | 3.5x | 4.0x | 3.6x | 0.7x | 3.2x | 3.2x | 6.2x | 2.5x |
| Debt / equity | — | 0.6x | 0.7x | 0.8x | 0.7x | 0.5x | 0.7x | 0.8x | 1.1x | 1.2x |
| Interest coverage | 1.9x | 2.7x | 3.9x | 4.5x | 3.5x | 10.4x | 5.7x | 5.8x | 2.4x | 8.6x |
| Current ratio | 1.0x | 1.1x | 1.1x | 1.1x | 1.1x | 1.3x | 1.1x | 1.1x | 1.2x | 1.2x |
| Quick ratio | 1.0x | 1.1x | 1.1x | 1.1x | 1.1x | 1.3x | 1.1x | 1.1x | 1.2x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 3.7% | 3.2% | 0.7% | 0.7% | 0.6% | 0.7% | 2.6% | 2.5% | 2.4% |
| Stock comp / revenue | 1.6% | 0.8% | 0.6% | 0.9% | 1.0% | 1.1% | 1.1% | 1.3% | 1.2% | 1.6% |
| Payouts / FCF | 83.2% | 144.0% | 89.0% | 46.9% | 20.2% | 99.7% | 522.7% | 122.6% | 99.1% | 129.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 5.0 | 5.0 | 5.0 | 6.0 | 4.0 | 6.0 | 5.0 | 7.0 |
| Altman Z'' | 0.9 | 0.9 | 1.0 | 1.0 | 0.9 | 2.2 | 1.1 | 1.2 | 1.2 | 1.5 |
| Accruals ratio | −2.1% | −0.9% | −1.8% | −0.1% | −2.1% | 5.9% | 0.6% | −1.0% | −5.7% | −0.6% |
Source: SEC EDGAR XBRL filings (CIK 0001140536). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.