Brown & Brown vs Willis Towers Watson
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KIRA’s take AI analyst
I put Brown & Brown 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 $5.9B for Brown & Brown, about 1.6 times as much.
- Brown & Brown grew revenue faster (22.8%, against −2.2%).
- Brown & Brown turned more of its sales into free cash flow (23.4% FCF margin, against 15.9%).
- Willis Towers Watson earned a higher return on the capital invested in it (12.8%, against 9.1%).
- Investors pay more for each dollar of Brown & Brown’s earnings: a P/E of 22.4x against 20.1x for Willis Towers Watson.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Brown & Brown
BRO
4/9
Revenue growth5-year growthNet marginFCF margin
Willis Towers Watson
WTW
5/9
Return on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BRO FY25 | WTW FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.7B | $30.5B |
| Revenue | $5.9B | $9.7B |
| Free cash flow | $1.4B | $1.5B |
| Net income | $1.1B | $1.6B |
| Growth | ||
| Revenue growth | 22.8% | −2.2% |
| 5-year growth | 17.7% | 2.4% |
| Share count change | 10.2% | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 23.0% |
| Net margin | 17.9% | 16.5% |
| FCF margin | 23.4% | 15.9% |
| Return on capital | 9.1% | 12.8% |
| Return on equity | 11.1% | 20.2% |
| Balance sheet | ||
| Net debt | $6.5B | $6.5B |
| Net debt / EBITDA | 3.8x | 2.5x |
| Dividends and buybacks | $293M | $2.0B |
| Valuation & quality | ||
| P/E | 22.4x | 20.1x |
| Piotroski F-score | 4 | 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.