Ryan Specialty vs Willis Towers Watson
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The short version
- Willis Towers Watson is the larger business, with $9.7B of revenue in fiscal 2025 against $3.1B for Ryan Specialty, about 3.2 times as much.
- Ryan Specialty grew revenue faster (21.3%, against −2.2%).
- Willis Towers Watson kept more of each dollar of sales as operating profit (23.0% operating margin, against 16.2%).
- Ryan Specialty turned more of its sales into free cash flow (21.0% FCF margin, against 15.9%).
- Willis Towers Watson earned a higher return on the capital invested in it (12.8%, against 8.7%).
| Latest fiscal year | RYAN · FY25 | WTW · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $30.6B |
| Revenue | $3.1B | $9.7B |
| Free cash flow | $641M | $1.5B |
| Net income | $63.4M | $1.6B |
| Growth | ||
| Revenue growth | 21.3% | −2.2% |
| 5-year growth | 24.5% | 2.4% |
| Share count change | — | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.2% | 23.0% |
| Net margin | 2.1% | 16.5% |
| FCF margin | 21.0% | 15.9% |
| Return on capital | 8.7% | 12.8% |
| Return on equity | 9.9% | 20.2% |
| Balance sheet | ||
| Net debt | $3.2B | $6.5B |
| Net debt / EBITDA | 4.1x | 2.5x |
| Dividends and buybacks | $62.3M | $2.0B |
| Valuation & quality | ||
| P/E | — | 20.1x |
| Piotroski F-score | — | 7 |
Revenue
FY16
RYAN —
WTW $7.9B
FY17
RYAN —
WTW $8.2B
FY18
RYAN —
WTW $8.5B
FY19
RYAN $765M
WTW $8.4B
FY20
RYAN $1.0B
WTW $8.6B
FY21
RYAN $1.4B
WTW $9.0B
FY22
RYAN $1.7B
WTW $8.9B
FY23
RYAN $2.1B
WTW $9.5B
FY24
RYAN $2.5B
WTW $9.9B
FY25
RYAN $3.1B
WTW $9.7B
RYAN
WTW
Operating margin
FY16
RYAN —
WTW 4.4%
FY17
RYAN —
WTW 6.3%
FY18
RYAN —
WTW 9.5%
FY19
RYAN 13.2%
WTW 12.6%
FY20
RYAN 15.6%
WTW 10.0%
FY21
RYAN 13.0%
WTW 24.5%
FY22
RYAN 16.8%
WTW 13.3%
FY23
RYAN 17.3%
WTW 14.4%
FY24
RYAN 17.0%
WTW 6.3%
FY25
RYAN 16.2%
WTW 23.0%
RYAN
WTW
Free cash flow
FY16
RYAN —
WTW $715M
FY17
RYAN —
WTW $562M
FY18
RYAN —
WTW $1.0B
FY19
RYAN $149M
WTW $1.0B
FY20
RYAN $130M
WTW $1.7B
FY21
RYAN −$69.7M
WTW $2.0B
FY22
RYAN $328M
WTW $746M
FY23
RYAN $477M
WTW $1.1B
FY24
RYAN $515M
WTW $1.3B
FY25
RYAN $641M
WTW $1.5B
RYAN
WTW
Return on capital
FY16
RYAN —
WTW —
FY17
RYAN —
WTW —
FY18
RYAN —
WTW 4.5%
FY19
RYAN —
WTW 5.2%
FY20
RYAN —
WTW 3.8%
FY21
RYAN —
WTW 11.0%
FY22
RYAN 18.5%
WTW 6.5%
FY23
RYAN 15.0%
WTW 7.3%
FY24
RYAN 12.1%
WTW 2.1%
FY25
RYAN 8.7%
WTW 12.8%
RYAN
WTW
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.