Tearsheet

Willis Towers Watson (WTW)

Market Price (4/7/2026): $290.78 | Market Cap: $27.6 Bil
Sector: Financials | Industry: Insurance Brokers

Willis Towers Watson (WTW)

Market Price (4/7/2026): $290.78
Market Cap: $27.6 Bil
Sector: Financials
Industry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 5.6%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%

Low stock price volatility
Vol 12M is 26%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Sustainable Finance, and Digital Health & Telemedicine. Themes include Wealth Management Technology, Show more.

Weak multi-year price returns
2Y Excs Rtn is -17%, 3Y Excs Rtn is -32%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg QQuarterly Revenue Change % is -3.3%

Key risks
WTW key risks include [1] significant penalties and personal director liability stemming from non-compliance with a complex and evolving regulatory and tax landscape, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2%, FCF Yield is 5.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
2	Low stock price volatility Vol 12M is 26%
3	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, Sustainable Finance, and Digital Health & Telemedicine. Themes include Wealth Management Technology, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -17%, 3Y Excs Rtn is -32%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.2%, Rev Chg QQuarterly Revenue Change % is -3.3%
6	Key risks WTW key risks include [1] significant penalties and personal director liability stemming from non-compliance with a complex and evolving regulatory and tax landscape, Show more.

Valuation, Metrics & Events

	4/7/26	2025	2024	2023	2022
Share Price CYE	$290.78	$337.95	$275.00	$232.38	$236.22
Market Cap CYE ($ Bil)	27.6	33.8	28.3	24.9	27.9
Total Debt ($ Bil)	6.9	5.9	6.7	5.5	5.4
Total Cash ($ Bil)	3.1	1.5	1.9	1.1	2.2
Enterprise Value ($ Bil)	31.4	39.7	35.0	30.4	33.3
Valuation Ratios
P/S TTM	2.8	3.4	3.0	2.8	3.1
P/EBIT TTM	12.5	79.1	18.8	15.8	11.3
P/E TTM	17.2	-637.6	27.2	22.8	7.7
P/FCF TTM	17.9	27.8	28.5	35.2	13.8
Sector Ratios
P/S TTM (Sector)	3.1	2.9	2.7	2.4	3.3
P/EBIT TTM (Sector)	6.6	8.2	7.4	7.1	7.1
P/E TTM (Sector)	11.1	11.1	9.7	8.4	10.0
P/FCF TTM (Sector)	8.3	8.5	7.6	6.0	7.6

	4/7/26	2025	2024
Share Price CYE	$290.78	$337.95	$275.00
Market Cap CYE ($ Bil)	27.6	33.8	28.3
Total Debt ($ Bil)	6.9	5.9	6.7
Total Cash ($ Bil)	3.1	1.5	1.9
Enterprise Value ($ Bil)	31.4	39.7	35.0
Valuation Ratios
P/S TTM	2.8	3.4	3.0
P/EBIT TTM	12.5	79.1	18.8
P/E TTM	17.2	-637.6	27.2
P/FCF TTM	17.9	27.8	28.5
Sector Ratios
P/S TTM (Sector)	3.1	2.9	2.7
P/EBIT TTM (Sector)	6.6	8.2	7.4
P/E TTM (Sector)	11.1	11.1	9.7
P/FCF TTM (Sector)	8.3	8.5	7.6

	WTW	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	9.7
Rev Chg Q	-3.3%	7.4%
Rev Chg LTM	-2.2%	6.8%
Rev Chg 3Y Avg	3.1%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	2.3
CFO LTM ($ Bil)	1.8
Net Inc LTM ($ Bil)	1.6
Op Mgn LTM	23.2%	18.6%
CFO/Rev LTM	18.3%	20.7%
Net Inc Mgn	16.5%	12.8%
VALUATION	MODERATE
P/S	2.8	3.2
P/CFO	15.6	15.3
P/FCF	17.9	19.9
P/E	17.2	24.0

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Metric	Value	Date	Source
Number of Employees	48900	12312024	Link
Assets under Advisory	Over US$4.7 trillion	10212024	Link

Recent
3/31/2026	Dividend	Amount: $0.96 Payment On: 4/15/2026
Upcoming
4/23/2026	Earnings Release	Rev: $2.0 Bil (E) EPS: $3.67 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Willis Towers Watson (WTW) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. Declining Reported Revenue Despite Organic Growth: Willis Towers Watson's reported total revenue for the fourth quarter of 2025 decreased by 3% year-over-year to $2.94 billion, compared to $3.04 billion in the prior-year period. This decline was primarily attributed to the sale of TRANZACT and a 5% decrease when excluding the impact of foreign currency. While organic revenue grew by 6%, the overall reported revenue contraction contributed to investor caution.

2. Long-term Earnings Underperformance Relative to Industry: Over the past five years, Willis Towers Watson's earnings have experienced an average annual decline of 15.1%. This contrasts sharply with the broader insurance industry, which saw its earnings grow at an average annual rate of 12.4% during the same period, suggesting a sustained underperformance compared to its peers.

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Stock Movement Drivers

Fundamental Drivers

The -11.1% change in WTW stock from 12/31/2025 to 4/6/2026 was primarily driven by a -23.4% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4062026	Change
Stock Price ($)	327.51	291.03	-11.1%
Change Contribution By:
Total Revenues ($ Mil)	9,807	9,708	-1.0%
Net Income Margin (%)	21.6%	16.5%	-23.4%
P/E Multiple	15.2	17.2	13.6%
Shares Outstanding (Mil)	98	95	3.2%
Cumulative Contribution			-11.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/6/2026

	Return	Correlation
WTW	-11.1%
Market (SPY)	-5.4%	2.1%
Sector (XLF)	-8.9%	42.6%

Fundamental Drivers

The -15.2% change in WTW stock from 9/30/2025 to 4/6/2026 was primarily driven by a -93.1% change in the company's P/E Multiple.

(LTM values as of)	9302025	4062026	Change
Stock Price ($)	343.36	291.03	-15.2%
Change Contribution By:
Total Revenues ($ Mil)	9,808	9,708	-1.0%
Net Income Margin (%)	1.4%	16.5%	1083.6%
P/E Multiple	248.1	17.2	-93.1%
Shares Outstanding (Mil)	99	95	4.2%
Cumulative Contribution			-15.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/6/2026

	Return	Correlation
WTW	-15.2%
Market (SPY)	-2.9%	-0.6%
Sector (XLF)	-7.1%	41.8%

Fundamental Drivers

The -12.9% change in WTW stock from 3/31/2025 to 4/6/2026 was primarily driven by a -14.5% change in the company's P/S Multiple.

(LTM values as of)	3312025	4062026	Change
Stock Price ($)	333.99	291.03	-12.9%
Change Contribution By:
Total Revenues ($ Mil)	9,930	9,708	-2.2%
P/S Multiple	3.3	2.8	-14.5%
Shares Outstanding (Mil)	99	95	4.2%
Cumulative Contribution			-12.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/6/2026

	Return	Correlation
WTW	-12.9%
Market (SPY)	16.3%	25.0%
Sector (XLF)	1.2%	48.6%

Fundamental Drivers

The 30.1% change in WTW stock from 3/31/2023 to 4/6/2026 was primarily driven by a 45.3% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4062026	Change
Stock Price ($)	223.71	291.03	30.1%
Change Contribution By:
Total Revenues ($ Mil)	8,866	9,708	9.5%
Net Income Margin (%)	11.4%	16.5%	45.3%
P/E Multiple	24.2	17.2	-28.7%
Shares Outstanding (Mil)	109	95	14.7%
Cumulative Contribution			30.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/6/2026

	Return	Correlation
WTW	30.1%
Market (SPY)	63.3%	20.5%
Sector (XLF)	62.0%	42.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
WTW Return	14%	5%	0%	31%	6%	-12%	47%
Peers Return	44%	-2%	15%	32%	-10%	-14%	66%
S&P 500 Return	27%	-19%	24%	23%	16%	-4%	75%
Monthly Win Rates [3]
WTW Win Rate	67%	33%	42%	83%	67%	0%
Peers Win Rate	67%	44%	56%	69%	50%	25%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
WTW Max Drawdown	-5%	-19%	-19%	-1%	-5%	-15%
Peers Max Drawdown	-7%	-18%	-5%	-2%	-16%	-18%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AON, AJG, BRO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/6/2026 (YTD)

How Low Can It Go

Unique Key	Event	WTW	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-29.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	41.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	601 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-32.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	49.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	319 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-17.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	20.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	100 days	120 days

Compare to AON, AJG, BRO

In The Past

Willis Towers Watson's stock fell -29.3% during the 2022 Inflation Shock from a high on 5/7/2021. A -29.3% loss requires a 41.5% gain to breakeven.

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About Willis Towers Watson (WTW)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Willis Towers Watson Public Limited Company operates as an advisory, broking, and solutions company worldwide. It operates through two segments, Health, Wealth and Career; and and Risk and Broking. The company offers actuarial support, plan design, and administrative services for traditional pension and retirement savings plans; plan management consulting, broking, and administration services for health and group benefit programs; and benefits outsourcing services. It also provides advice, data, software, and products to address clients' total rewards and talent issues. In addition, the company offers risk advice, insurance brokerage, and consulting services in the areas of property and casualty, aerospace, construction, and marine. Further, it offers investment consulting and discretionary management services to insurance and reinsurance companies; insurance consulting and technology, risk and capital management, pricing and predictive modeling, financial and regulatory reporting, financial and capital modeling, merger and acquisition, outsourcing, and business management services; wholesale insurance broking services to retail and wholesale brokers; and underwriting and capital management, capital market, and advisory and brokerage services. Additionally, the company provides primary medical and ancillary benefit exchange, and outsourcing services to active employees and retirees in the group and individual markets, as well as delivers healthcare and reimbursement accounts, including health savings accounts, health reimbursement arrangements, flexible spending accounts, and other consumer-directed accounts. The company was formerly known as Willis Group Holdings Public Limited Company and changed its name to Willis Towers Watson Public Limited Company in January 2016. Willis Towers Watson Public Limited Company was founded in 1828 and is based in London, the United Kingdom.

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Imagine a company that operates like a specialized global consulting firm, similar to Deloitte or Accenture, but with a specific focus on advising large corporations on their employee benefits, retirement plans, and all aspects of corporate insurance and risk management.

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Retirement & Pension Consulting: Provides actuarial support, plan design, and administrative services for traditional pension and retirement savings plans.
Health & Group Benefits Consulting: Offers plan management consulting, broking, and administration services for health and group benefit programs.
Benefits Outsourcing: Delivers comprehensive outsourcing services for various aspects of employee benefits administration.
Talent & Rewards Consulting: Supplies advice, data, software, and products to address clients' total rewards and talent management issues.
Risk & Insurance Brokerage: Provides risk advice, insurance brokerage, and consulting services for areas such as property and casualty, aerospace, and marine.
Investment Consulting: Offers investment consulting and discretionary management services, particularly to insurance and reinsurance companies.
Insurance Industry Consulting & Technology: Delivers specialized consulting, technology, risk and capital management, pricing, and financial modeling services for the insurance sector.
Wholesale Insurance Broking: Provides wholesale insurance broking services to retail and other wholesale brokers.
Capital Markets & Advisory: Offers underwriting, capital management, capital market, and advisory services, often related to risk transfer.
Health Benefit Exchanges & Account Administration: Operates primary medical and ancillary benefit exchanges and administers consumer-directed healthcare accounts like HSAs and FSAs.

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Major Customers of Willis Towers Watson (WTW)

Willis Towers Watson primarily sells its services to other companies. Its major customer categories include:

Corporations and Employers: These clients utilize WTW for a wide range of services including actuarial support, design and administration of pension and retirement savings plans, health and group benefit programs, benefits outsourcing, and consulting on total rewards and talent management issues. They also seek risk advice, insurance brokerage, and consulting services for areas such as property and casualty, aerospace, construction, and marine.
Insurance and Reinsurance Companies: WTW provides specialized services to this sector, including investment consulting and discretionary management, insurance consulting and technology, risk and capital management, pricing and predictive modeling, financial and regulatory reporting, financial and capital modeling, merger and acquisition support, and business management services.
Other Brokers: WTW offers wholesale insurance broking services to both retail and other wholesale brokers.

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Carl Hess, Chief Executive Officer

Carl Hess is the Chief Executive Officer at WTW. He has been with the company for over thirty years, joining in 1989 (then Watson Wyatt). Throughout his tenure, he has held various leadership positions, including head of the Investment, Risk and Reinsurance segment, co-leader of North America, and managing director for the Americas of Towers Watson. He also served as the managing director of Towers Watson's Investment business since January 2010 and as global practice director of Watson Wyatt's Investment business. Mr. Hess holds a Bachelor of Arts in logic and language from Yale University.

Andrew Krasner, Chief Financial Officer

Andrew Krasner serves as the Chief Financial Officer and Co-head of Corporate Development at WTW. He rejoined WTW in August 2021, having previously served as global treasurer and head of Mergers and Acquisitions for the company after first joining in 2009. In 2021, he briefly left WTW to serve as chief financial officer for AssuredPartners, an insurance brokerage. Prior to his initial tenure at WTW, Mr. Krasner held various financial roles at Banc of America Securities (Financial Institutions Group), Deutsche Bank, and PricewaterhouseCoopers.

Kristy Banas, Chief Human Resources Officer, Marketing and Communication

Kristy Banas is the Chief Human Resources Officer, Marketing and Communication at WTW, overseeing global human resources, marketing, and communication functions. She joined WTW in 2011 and has held several HR leadership roles within the company, including head of global total rewards, head of human resources integration and transformation, and global talent advisor for Human Capital and Benefits. Before joining WTW, she held human resources leadership positions at XL Group (now Axa XL). Ms. Banas began her career in accounting before transitioning to human resources in 2001.

Alexis Faber, Chief Operating Officer

Alexis Faber is the Chief Operating Officer at WTW, responsible for the oversight of operations, real estate, and technology. She joined WTW in 2003 and has held numerous senior leadership roles, including chief operating officer for Corporate Risk & Broking, global head of Financial Lines, and co-head of the North American FINEX business. Before joining WTW, Ms. Faber worked in investment banking at Citigroup, with a focus on the financial services industry.

Adam Garrard, Chairman – Risk & Broking

Adam Garrard serves as the Chairman of Risk & Broking at WTW. He joined the company (Willis Group) in January 1994 and has over 27 years of industry experience, with 24 of those years at Willis Towers Watson or its predecessor firms. His previous roles include global head of Risk & Broking from 2019 to 2024, head of the International business from 2016 to 2019, and regional CEO of Willis Asia from 2012 to 2015. He also held regional CEO positions in Continental Europe and Australasia and was involved in setting up Willis' China operation.

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Willis Towers Watson (WTW) faces several key business risks in its operations as a global advisory, broking, and solutions company:

Intense Competitive Pressures and Evolving Market Dynamics: Willis Towers Watson operates in a highly competitive global market, contending with large industry players like Marsh McLennan and Aon, as well as specialized firms and emerging insurtech companies. Competition is driven by the breadth of service offerings, global reach, technological capabilities, and pricing strategies. The firm faces pressure on fees and must continuously innovate to offer integrated solutions and leverage data analytics to maintain its market position.
Regulatory and Litigation Risks: The company is exposed to significant regulatory scrutiny across its diverse service lines, including brokerage commissions, pension disclosures in various jurisdictions, and evolving data privacy laws. Directors and officers within the industry face increasing accountability and legal scrutiny, with regulatory risks consistently ranked as high concerns. The complex and dynamic regulatory landscape, particularly in areas like data privacy (e.g., UK GDPR and DPA 2018), can lead to challenges in compliance, potentially resulting in substantial penalties and reputational damage.
Cybersecurity and Data Privacy Risks: Cybersecurity continues to be a major concern, with data loss and cyber-attacks, including ransomware, identified as top risks for companies and their leadership. Human error is frequently cited as a primary cause of global cyber incidents. Given Willis Towers Watson's role in handling sensitive client data and providing risk management solutions, the evolving and increasingly complex nature of cyber threats necessitates continuous adaptation, investment in security measures, and robust expertise to protect against breaches and their significant financial and reputational consequences.

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The emergence of specialized AI-driven platforms and Insurtech/HR Tech companies offering automated, data-centric solutions for risk assessment, benefits administration, actuarial services, and talent management, which could disintermediate traditional advisory and brokerage models.

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    Willis Towers Watson (WTW) Addressable Markets:
    
      
        Insurance Brokerage: The global insurance brokerage market was valued at approximately USD 287.40 billion in 2023 and is projected to reach USD 524.80 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 9.2% from 2024 to 2030. North America held the largest share of this market in 2023. Another estimate places the global insurance brokerage market at USD 291.93 billion in 2024, projected to grow to USD 685.39 billion by 2034 with an 8.2% CAGR.
      
      
        Benefits Consulting and Administration: The global benefits consulting service market size reached approximately USD 45 billion in 2023 and is projected to grow to USD 74 billion by 2032, with a CAGR of 6.2%. Specifically for benefits administration services, the global market is estimated to grow to USD 172.2 billion by 2030, from a current market value of USD 102 billion, at a CAGR of 8.1% during the forecast period (2024-2030). In North America, the benefits consulting service market was approximately USD 20 billion in 2023 and is projected to grow to around USD 34 billion by 2032.
      
      
        Human Capital and Talent Consulting: The global human resource consulting market is expected to grow from USD 79.03 billion in 2025 to USD 118.76 billion by 2031, at a CAGR of 7.02% over 2026-2031. Alternatively, the global HR advisory services market size was USD 162.68 billion in 2025 and is expected to reach USD 208.67 billion by 2030, growing at a CAGR of 5.4%. North America was the largest region in the HR advisory services market in 2025.
      
      
        Retirement and Financial Advisory Services: The global retirement planning market was valued at USD 127.8 billion in 2025 and is expected to reach USD 198.6 billion by 2032, growing at a CAGR of 6.5%. The global financial advisory services market was valued at USD 85.1 billion in 2022 and is projected to grow at a CAGR of over 5.5% between 2023 and 2032, reaching USD 146.8 billion. The global financial consulting market size was valued at USD 200 billion in 2025 and is projected to expand at a CAGR of 8.5% during the forecast period, reaching a value of USD 400 billion by 2033.
      
      
        Risk Management Consulting: The global risk management consulting services market size was estimated at USD 139.78 billion in 2025 and is expected to reach USD 231.82 billion by 2032, growing at a CAGR of 7.49%. Another estimate for the global risk and compliance consulting services market size was USD 32.7 billion in 2024 and is expected to grow to USD 50 billion by 2035.

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Willis Towers Watson (symbol: WTW) anticipates several key drivers for future revenue growth over the next two to three years:

Sustained Organic Growth in Core Segments: Willis Towers Watson expects continued mid-single-digit organic revenue growth, with particular strength projected in its Health, Wealth and Career and Risk & Broking segments. The Health segment is anticipated to achieve high single-digit growth in 2026, while the Corporate Risk & Broking business has demonstrated a consistent track record of high single-digit organic growth, driven by strong client retention levels, new business generation, and geographic diversification.
Strategic Acquisitions and Portfolio Optimization: Recent strategic acquisitions, including Newfront, Cushon, and FlowStone Partners, are expected to contribute to revenue expansion. Notably, the acquisition of Newfront is projected to add approximately $250 million in revenue in 2026.
Investments in Talent, Technology, and Digital Infrastructure: The company is making maturing investments in talent and technology, including leveraging AI and digital infrastructure, to enhance client retention and generate new business. These investments are intended to boost performance in areas such as risk and broking and to support growth in sectors like digital infrastructure, where WTW serves major data center developers.
Specialization Strategy: Willis Towers Watson's focus on a "specialty orientation" and a refined specialization strategy is proving to be a durable driver of growth. This approach has enabled the company to outperform expectations and generate new business momentum, particularly within its Corporate Risk & Broking segment, by offsetting standard pricing pressures.

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Share Repurchases

Willis Towers Watson repurchased $1.65 billion in shares in 2025 and guided for $1.0 billion or more in buybacks in 2026.
The company executed $1.0 billion in share repurchases for the full year ended December 31, 2023.
WTW’s Board of Directors approved a $1.5 billion increase to the existing share repurchase authority on September 18, 2025, bringing the total authorization to $12.15 billion.

Share Issuance

Willis Towers Watson has consistently reduced its shares outstanding over the last few years, indicating a focus on share repurchases rather than issuance.
Shares outstanding declined from 122.038 million at the end of 2021 to 95.08 million by the end of 2025.

Outbound Investments

WTW completed the divestiture of its TRANZACT business on December 31, 2024, for $632 million, aiming to enhance growth, operating margins, and free cash flow.
The company sold its reinsurance business (Willis Re) for an initial payment of $3.25 billion around late 2021.
Willis Towers Watson is shifting its focus to mergers and acquisitions (M&A) as of February 2025, seeking smaller acquisitions that can integrate into its existing operations and fill capability gaps. (Note: The acquisition of Newfront was completed on January 27, 2026, which is outside the specified 3-5 year range but reflects a decision made within the period.)

Capital Expenditures

Specific dollar values for capital expenditures were not explicitly detailed in the provided information.
The company has focused on internal investments in talent and technology as part of its "Grow, Simplify and Transform" strategy.
Lower spending on the Transformation program partially offset decreases in free cash flow in 2025, indicating an allocation of capital towards operational efficiency initiatives.

Interactive Breakdown

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Better Bets vs. Willis Towers Watson (WTW)

INDUSTRY: Insurance Brokers

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WTW: 3.1% | 12.2x)

SLQT (22.1% | 2.6x)

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EHTH (11.1% | 0.6x)

eHealth

Higher Rev Chg LTM (Value for WTW: -2.2%)

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AON (9.4%)

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Higher Rev Chg 3Y Avg (Value for WTW: 3.1%)

AJG (17.7%)

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Erie Indemnity

AON (11.3%)

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Higher Op Mgn LTM (Value for WTW: 23.2%)

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Brown & Brown

Higher CFO/Rev LTM (Value for WTW: 18.3%)

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RYAN (21.1%)

Ryan Specialty

AON (20.3%)

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MRSH (19.6%)

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Higher FCF/Rev LTM (Value for WTW: 15.9%)

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RYAN (18.9%)

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Higher Total Yield (Value for WTW: 7.1%)

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SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for WTW: 3.1% | 2.8x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

C (4.5% | 2.4x)

Citigroup

TD (9.9% | 2.6x)

Toronto-Dominion Bank

CB (11.9% | 2.1x)

Chubb

COF (16.8% | 2.2x)

Capital One Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WTW: 3.1% | 12.2x)

APO (66.8% | 7.6x)

Apollo Global Management

PYPL (6.4% | 6.6x)

PayPal

XYZ (11.8% | 12.1x)

Block

IBKR (38.4% | 3.5x)

Interactive Brokers

FISV (6.1% | 5.3x)

Fiserv

Higher Rev Chg LTM (Value for WTW: -2.2%)

MA (16.4%)

Mastercard

V (12.5%)

Visa

GS (8.9%)

Goldman Sachs

JPM (7.7%)

JPMorgan Chase

BAC (6.8%)

Bank of America

Higher Rev Chg 3Y Avg (Value for WTW: 3.1%)

BRK-B (27.0%)

Berkshire Hathaway

MA (13.8%)

Mastercard

JPM (12.8%)

JPMorgan Chase

V (11.1%)

Visa

BAC (6.0%)

Bank of America

Higher Op Mgn LTM (Value for WTW: 23.2%)

V (67.0%)

Visa

CME (64.9%)

CME

MA (59.5%)

Mastercard

SPGI (40.3%)

S&P Global

BLK (32.7%)

BlackRock

Higher CFO/Rev LTM (Value for WTW: 18.3%)

RY (91.5%)

Royal Bank of Canada

V (59.1%)

Visa

MA (53.8%)

Mastercard

SCHW (38.9%)

Charles Schwab

AXP (25.5%)

American Express

Higher FCF/Rev LTM (Value for WTW: 15.9%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

SCHW (36.6%)

Charles Schwab

AXP (22.2%)

American Express

Higher Total Yield (Value for WTW: 7.1%)

TD (13.5%)

Toronto-Dominion Bank

WFC (10.5%)

Wells Fargo

CB (9.2%)

Chubb

RY (9.1%)

Royal Bank of Canada

BAC (8.3%)

Bank of America

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WTW: 3.1% | 2.8x)

WMT (5.3% | 1.4x)

Walmart

COST (6.9% | 1.6x)

Costco Wholesale

UNH (11.4% | 0.6x)

UnitedHealth

TMUS (3.6% | 2.5x)

T-Mobile US

DIS (4.3% | 1.8x)

Walt Disney

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WTW: 3.1% | 12.2x)

TMUS (3.6% | 11.9x)

T-Mobile US

NEM (26.2% | 11.2x)

Newmont

ACN (4.5% | 10.8x)

Accenture

ENB (8.8% | 10.2x)

Enbridge

HCA (7.9% | 9.2x)

HCA Healthcare

Higher Rev Chg LTM (Value for WTW: -2.2%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for WTW: 3.1%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for WTW: 23.2%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for WTW: 18.3%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for WTW: 15.9%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for WTW: 7.1%)

MRK (8.8%)

Merck

PM (8.0%)

Philip Morris International

UNH (7.8%)

UnitedHealth

HD (7.3%)

Home Depot

IBM (7.3%)

International Business Machines

Best Bets in Financials

What You Pay

P/EBIT (Value for WTW: 12.5x)

FG (7.1x)

F&G Annuities & Life

MTG (6.2x)

MGIC Investment

CME (20.2x)

CME

KNSL (12.4x)

Kinsale Capital

NHI (20.3x)

National Health Investors

NMIH (5.5x)

NMI

ENVA (8.4x)

Enova International

TW (22.4x)

Tradeweb Markets

FNF (7.7x)

Fidelity National Financial

MA (23.3x)

Mastercard

P/E (Value for WTW: 17.2x)

FG (13.0x)

F&G Annuities & Life

MTG (8.1x)

MGIC Investment

CME (27.3x)

CME

KNSL (15.8x)

Kinsale Capital

NHI (27.8x)

National Health Investors

NMIH (7.5x)

NMI

ENVA (11.1x)

Enova International

TW (32.4x)

Tradeweb Markets

FNF (21.0x)

Fidelity National Financial

MA (30.0x)

Mastercard

What You Get

Rev Chg 3Y Avg (Value for WTW: 3.1%)

FG (39.3%)

F&G Annuities & Life

MTG (1.2%)

MGIC Investment

CME (9.1%)

CME

KNSL (31.5%)

Kinsale Capital

NHI (10.6%)

National Health Investors

NMIH (10.5%)

NMI

ENVA (22.0%)

Enova International

TW (20.2%)

Tradeweb Markets

FNF (7.5%)

Fidelity National Financial

MA (13.8%)

Mastercard

Rev Chg LTM (Value for WTW: -2.2%)

FG (0.1%)

F&G Annuities & Life

MTG (0.5%)

MGIC Investment

CME (6.4%)

CME

KNSL (18.0%)

Kinsale Capital

NHI (12.1%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (18.6%)

Enova International

TW (18.9%)

Tradeweb Markets

FNF (5.9%)

Fidelity National Financial

MA (16.4%)

Mastercard

Rev Chg Q (Value for WTW: -3.3%)

FG (13.5%)

F&G Annuities & Life

MTG (-0.9%)

MGIC Investment

CME (8.1%)

CME

KNSL (17.3%)

Kinsale Capital

NHI (23.4%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (15.1%)

Enova International

TW (12.5%)

Tradeweb Markets

FNF (12.0%)

Fidelity National Financial

MA (17.6%)

Mastercard

FCF/Rev 3Y Avg (Value for WTW: 13.4%)

FG (110.7%)

F&G Annuities & Life

MTG (63.9%)

MGIC Investment

CME (61.2%)

CME

KNSL (60.8%)

Kinsale Capital

NHI (60.1%)

National Health Investors

NMIH (58.5%)

NMI

ENVA (55.1%)

Enova International

TW (50.0%)

Tradeweb Markets

FNF (48.4%)

Fidelity National Financial

MA (47.2%)

Mastercard

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Willis Towers Watson Earnings Notes	12/29/2026
2	How Low Can Willis Towers Watson Stock Really Go?	10/17/2025
3	Willis Towers Watson vs T-Mobile US: Which Is A Better Investment?	08/18/2025
4	Willis Towers Watson vs Apollo Asset Management: Which Is A Better Investment?	08/18/2025
5	Better Bet Than WTW Stock: Pay Less Than Willis Towers Watson To Get More From DIS, MRK	08/12/2025
6	Better Bet Than WTW Stock: Pay Less Than Willis Towers Watson To Get More From FI, IBKR	08/12/2025
7	Why Willis Towers Watson Stock Moved: WTW Stock Has Gained 46% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
8	WTW Dip Buy Analysis	07/10/2025
9	ARTICLES
10	S&P 500 Movers \| Winners: APP, ORCL, GLW \| Losers: WAT, WTW, AJG	02/09/2026

	Title
0	DASHBOARDS
1	Willis Towers Watson Earnings Notes
2	How Low Can Willis Towers Watson Stock Really Go?
3	Willis Towers Watson vs T-Mobile US: Which Is A Better Investment?
4	Willis Towers Watson vs Apollo Asset Management: Which Is A Better Investment?
5	Better Bet Than WTW Stock: Pay Less Than Willis Towers Watson To Get More From DIS, MRK
6	Better Bet Than WTW Stock: Pay Less Than Willis Towers Watson To Get More From FI, IBKR
7	Why Willis Towers Watson Stock Moved: WTW Stock Has Gained 46% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues
8	WTW Dip Buy Analysis
9	ARTICLES
10	S&P 500 Movers \| Winners: APP, ORCL, GLW \| Losers: WAT, WTW, AJG

Trade Ideas

Select ideas related to WTW.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SLNO	Soleno Therapeutics	2.8	32.3%	12.9%
AEHR	Aehr Test Systems	1.6	17.7%	158.3%
PLTK	Playtika	1.2	16.8%	-19.0%
ENVX	Enovix	1.2	13.6%	-21.3%
AMC	AMC Entertainment	0.6	12.5%	-19.2%
CAR	Avis Budget	7.5	11.6%	65.7%
PLUG	Plug Power	3.6	11.6%	36.5%
DSGN	Design Therapeutics	0.7	11.6%	33.6%
CODI	Compass Diversified	0.7	11.2%	99.0%
BOOT	Boot Barn	4.5	10.3%	-15.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-26.2%	-55.3%
AXTI	AXT	1.9	-20.5%	156.8%
GTN-A	Gray Media	1.0	-9.7%	-12.8%
FIGS	FIGS	2.2	-8.6%	18.0%
GBX	Greenbrier Companies	1.5	-8.3%	4.1%
AESI	Atlas Energy Solutions	1.4	-8.1%	18.5%
RYAM	Rayonier Advanced Materials	0.7	-8.0%	65.9%
QDEL	QuidelOrtho	1.1	-7.9%	-44.4%
SOC	Sable Offshore	1.7	-7.7%	57.2%
SION	Sionna Therapeutics	1.7	-7.7%	-9.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
APLS	Apellis Pharmaceuticals	5.1	139.4%	61.7%
SLNO	Soleno Therapeutics	2.8	73.9%	12.9%
AEHR	Aehr Test Systems	1.6	60.4%	158.3%
FLY	Firefly Aerospace	5.6	47.0%	55.8%
CAR	Avis Budget	7.5	43.2%	65.7%
CODI	Compass Diversified	0.7	43.0%	99.0%
FNMA	Federal National Mortgage Association Fannie Mae	40.5	41.9%	-35.7%
TH	Target Hospitality	1.4	41.7%	70.0%
SGML	Sigma Lithium	1.6	38.7%	10.0%
FMCC	Federal Home Loan Mortgage	19.5	37.7%	-40.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-49.3%	-55.3%
AXTI	AXT	1.9	-30.7%	156.8%
TE	T1 Energy	0.7	-29.7%	-39.4%
ORIC	ORIC Pharmaceuticals	0.9	-26.1%	8.9%
SOC	Sable Offshore	1.7	-23.1%	57.2%
CRK	Comstock Resources	5.6	-17.4%	-16.5%
FRMI	Fermi	3.0	-17.0%	-35.9%
GTN-A	Gray Media	1.0	-16.9%	-12.8%
PHR	Phreesia	0.5	-16.7%	-45.9%
BTU	Peabody Energy	4.0	-16.4%	11.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SATL	Satellogic	0.9	120.3%	277.0%
CAR	Avis Budget	7.5	119.1%	65.7%
APLS	Apellis Pharmaceuticals	5.1	101.6%	61.7%
LWLG	Lightwave Logic	1.1	79.3%	142.9%
TH	Target Hospitality	1.4	72.2%	70.0%
CBIO	Crescent Biopharma	0.6	71.1%	63.4%
FLY	Firefly Aerospace	5.6	71.0%	55.8%
ORKA	Oruka Therapeutics	3.1	69.9%	86.0%
DAWN	Day One Biopharmaceuticals	2.2	67.9%	130.3%
KODK	Eastman Kodak	1.1	66.5%	35.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
VRDN	Viridian Therapeutics	1.3	-51.9%	-55.3%
WVE	WAVE Life Sciences	1.3	-46.3%	-58.3%
BUR	Burford Capital	1.0	-45.8%	-49.8%
ADMA	ADMA Biologics	2.2	-40.9%	-49.1%
TE	T1 Energy	0.7	-40.5%	-39.4%
LMRI	Lumexa Imaging	0.8	-40.4%	-51.7%
FRMI	Fermi	3.0	-40.2%	-35.9%
BOBS	Bobs Discount Furniture	1.5	-37.6%	-32.9%
MAZE	Maze Therapeutics	1.3	-36.0%	-30.0%
ORIC	ORIC Pharmaceuticals	0.9	-35.7%	8.9%

Peer Comparisons

Peers to compare with:

Financials

	WTW	AON	AJG	BRO	Median
Name	Willis T.	Aon	Arthur J.	Brown & .
Mkt Price	291.03	326.17	219.27	66.52	255.15
Mkt Cap	27.6	70.2	56.3	22.2	42.0
Rev LTM	9,708	17,181	13,942	5,764	11,825
Op Inc LTM	2,257	4,709	2,556	1,503	2,406
FCF LTM	1,546	3,218	1,785	1,382	1,666
FCF 3Y Avg	1,305	3,073	2,021	1,138	1,663
CFO LTM	1,775	3,481	1,930	1,450	1,852
CFO 3Y Avg	1,544	3,317	2,182	1,211	1,863

Growth & Margins

	WTW	AON	AJG	BRO	Median
Name	Willis T.	Aon	Arthur J.	Brown & .
Rev Chg LTM	-2.2%	9.4%	20.7%	22.5%	15.1%
Rev Chg 3Y Avg	3.1%	11.3%	17.7%	17.5%	14.4%
Rev Chg Q	-3.3%	3.7%	33.6%	36.2%	18.6%
QoQ Delta Rev Chg LTM	-1.0%	0.9%	7.0%	7.9%	3.9%
Op Mgn LTM	23.2%	27.4%	18.3%	26.1%	24.7%
Op Mgn 3Y Avg	21.3%	27.9%	18.8%	27.5%	24.4%
QoQ Delta Op Mgn LTM	0.1%	0.8%	-2.2%	-1.5%	-0.7%
CFO/Rev LTM	18.3%	20.3%	13.8%	25.2%	19.3%
CFO/Rev 3Y Avg	15.9%	21.8%	18.8%	24.7%	20.3%
FCF/Rev LTM	15.9%	18.7%	12.8%	24.0%	17.3%
FCF/Rev 3Y Avg	13.4%	20.2%	17.4%	23.2%	18.8%

Valuation

	WTW	AON	AJG	BRO	Median
Name	Willis T.	Aon	Arthur J.	Brown & .
Mkt Cap	27.6	70.2	56.3	22.2	42.0
P/S	2.8	4.1	4.0	3.9	3.9
P/EBIT	12.5	12.6	22.4	13.2	12.9
P/E	17.2	19.0	37.7	21.1	20.1
P/CFO	15.6	20.2	29.2	15.3	17.9
Total Yield	7.1%	6.2%	2.9%	5.6%	5.9%
Dividend Yield	1.3%	0.9%	0.3%	0.9%	0.9%
FCF Yield 3Y Avg	4.5%	4.4%	3.4%	4.6%	4.5%
D/E	0.2	0.2	0.2	0.4	0.2
Net D/E	0.1	0.2	0.2	0.3	0.2

Returns

	WTW	AON	AJG	BRO	Median
Name	Willis T.	Aon	Arthur J.	Brown & .
1M Rtn	-3.6%	-4.2%	-3.9%	-9.5%	-4.1%
3M Rtn	-12.7%	-7.0%	-16.4%	-16.6%	-14.6%
6M Rtn	-16.2%	-10.4%	-28.7%	-29.3%	-22.4%
12M Rtn	-4.6%	-12.5%	-30.6%	-41.7%	-21.5%
3Y Rtn	27.7%	3.8%	14.3%	14.7%	14.5%
1M Excs Rtn	0.4%	-0.5%	-1.0%	-5.8%	-0.8%
3M Excs Rtn	-6.9%	-1.5%	-10.5%	-10.5%	-8.7%
6M Excs Rtn	-13.8%	-7.6%	-27.0%	-27.0%	-20.4%
12M Excs Rtn	-29.3%	-33.5%	-52.2%	-62.7%	-42.9%
3Y Excs Rtn	-32.5%	-57.3%	-44.8%	-43.9%	-44.4%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/25/2026	2/25/2026	2/25/2025	2/22/2024	2/24/2023	2/24/2022	2/23/2021
Key Financials
Total Revenue	9,708	9,708	9,930	9,483	8,866	8,998	8,615
Net Income	1,605	1,605	-98	1,055	1,009	4,222	996
EPS	16.42	16.34	-0.96	10.01	9.00	32.88	7.68
Growth Rates
Total Revenue Growth	-2.2%	-2.2%	4.7%	7.0%	-1.5%	4.4%	2.9%
Net Income Growth	1737.8%	1737.8%	-109.3%	4.6%	-76.1%	323.9%	-4.6%
Margins
Net Income Margin	16.5%	16.5%	-1.0%	11.1%	11.4%	46.9%	11.6%
Cash & Debt
Total Cash	3,165	3,165	1,890	1,424	1,262	4,686	2,039
Total Debt	6,903	6,903	5,931	5,941	5,479	5,486	6,723
Net Debt / (Cash)	3,738	3,738	4,041	4,517	4,217	800	4,684
Cash Flows
Net Cash from Operations	1,775	1,775	1,512	1,345	812	2,061	1,774
Free Cash from Operations	1,546	1,546	1,267	1,103	608	1,860	1,488
Returns to Shareholders
Dividends	358	358	354	352	369	374	346
Share Repurchases	1,650	1,650	901	1,000	3,530	1,627	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/25/2026	10/30/2025	8/1/2025	4/24/2025	2/25/2025	10/31/2024	7/25/2024	4/25/2024	2/22/2024	10/26/2023	7/27/2023	4/27/2023
Key Financials Quarterly
Total Revenue	2,936	2,288	2,261	2,223	3,035	2,289	2,265	2,341	2,914	2,166	2,159	2,244
Net Income	735	304	331	235	1,246	-1,675	141	190	622	136	94	203
EPS	7.62	3.12	3.34	2.34	12.32	-16.44	1.37	1.84	6.02	1.30	0.88	1.89
Key Financials TTM
Total Revenue TTM	9,708	9,807	9,808	9,812	9,930	9,809	9,686	9,580	9,483	9,291	9,078	8,950
Net Income TTM	1,605	2,116	137	-53	-98	-722	1,089	1,042	1,055	1,021	1,075	1,090
Growth Rates Quarterly
Total Revenue Growth	-3.3%	-0.0%	-0.2%	-5.0%	4.2%	5.7%	4.9%	4.3%	7.1%	10.9%	6.3%	3.9%
Net Income Growth	-41.0%	118.1%	134.8%	23.7%	100.3%	-1331.6%	50.0%	-6.4%	5.8%	-28.4%	-13.8%	66.4%
Margins Quarterly
Net Income Margin	25.0%	13.3%	14.6%	10.6%	41.1%	-73.2%	6.2%	8.1%	21.3%	6.3%	4.4%	9.0%
Cash & Debt
Total Cash	3,165	1,925	1,991	1,507	1,890	1,372	1,247	1,893	1,424	1,247	1,602	1,135
Total Debt	6,903	5,911	5,935	5,928	5,931	5,989	5,993	6,650	5,941	5,910	6,191	5,470
Net Debt / (Cash)	3,738	3,986	3,944	4,421	4,041	4,617	4,746	4,757	4,517	4,663	4,589	4,335
Cash Flows Quarterly
FCF from Operations	771	678	361	-35	599	482	407	24	522	393	296	134
Cash Flows TTM
FCF from Operations TTM	1,775	1,603	1,407	1,453	1,512	1,435	1,346	1,235	1,345	1,198	984	925
Returns to Shareholders Quarterly
Dividends	89	90	91	88	89	89	90	86	87	88	90	87
Share Repurchases	350	600	500	200	395	205	200	101	196	350	350	104
Return on Invested Capital (ROIC) Quarterly
ROIC	27.3%	10.9%	12.1%	10.9%	26.1%	9.4%	8.3%	10.6%	25.1%	7.6%	6.0%	8.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	15.7%	14.6%	8.6%	17.2%	18.0%	13.5%	12.8%	12.3%	12.0%	11.2%	11.0%	11.3%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Health, Wealth & Career (HWC)	5,777	5,582	5,287	5,268
Risk & Broking (R&B)	4,038	3,735	3,460	3,564
Corporate, reimbursable expenses and other	115	166	119	60	80
Divested businesses		0	0	106
Benefits Delivery and Administration					1,359
Corporate Risk and Broking					2,977
Human Capital and Benefits					3,278
Investment, Risk and Reinsurance					921
Total	9,930	9,483	8,866	8,998	8,615

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Health, Wealth & Career (HWC)	1,717	1,565	1,382	1,346
Risk & Broking (R&B)	958	813	734	835
Restructuring costs	-61	-68	-99	-26	-24
Amortization	-226	-263	-312	-369	-461
Unallocated, net	-310	-296	-265	-366	-418
Transaction and transformation	-409
Impairment	-1,042	0	-81
Divested businesses		0	0	-24
Transaction and integration expenses		-386	-181	806	-110
Benefits Delivery and Administration					320
Corporate Risk and Broking					630
Human Capital and Benefits					853
Investment, Risk and Reinsurance					134
Provision for significant litigation					-65
Total	627	1,365	1,178	2,202	859

Price Behavior

Price Behavior

Market Price	$291.03
Market Cap ($ Bil)	27.6
First Trading Date	01/04/2010
Distance from 52W High	-16.3%
	50 Days	200 Days
DMA Price	$298.88	$316.43
DMA Trend	indeterminate	down
Distance from DMA	-2.6%	-8.0%
	3M	1YR
Volatility	35.5%	24.7%
Downside Capture	0.10	0.13
Upside Capture	-66.55	10.33
Correlation (SPY)	2.6%	24.1%

WTW Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.06	-0.09	0.08	-0.01	0.34	0.30
Up Beta	0.56	0.45	0.30	-0.03	0.36	0.34
Down Beta	-0.14	-0.08	0.26	0.12	0.47	0.38
Up Capture	-66%	-61%	-46%	-24%	7%	7%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	10	21	31	62	126	389
Down Capture	27%	15%	33%	16%	40%	40%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	12	21	32	64	126	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WTW
WTW	-12.8%	25.7%	-0.56	-
Sector ETF (XLF)	0.5%	19.2%	-0.10	48.6%
Equity (SPY)	15.3%	19.0%	0.64	25.0%
Gold (GLD)	49.6%	28.0%	1.44	1.1%
Commodities (DBC)	15.5%	17.7%	0.74	2.5%
Real Estate (VNQ)	3.1%	16.5%	0.01	33.7%
Bitcoin (BTCUSD)	-19.0%	44.0%	-0.35	15.7%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WTW
WTW	5.9%	23.2%	0.21	-
Sector ETF (XLF)	9.7%	18.7%	0.40	52.7%
Equity (SPY)	11.7%	17.0%	0.53	42.3%
Gold (GLD)	21.8%	17.8%	1.01	4.0%
Commodities (DBC)	11.6%	18.8%	0.50	5.1%
Real Estate (VNQ)	3.4%	18.8%	0.09	41.4%
Bitcoin (BTCUSD)	3.0%	56.5%	0.27	14.9%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WTW
WTW	11.0%	24.2%	0.44	-
Sector ETF (XLF)	12.7%	22.2%	0.53	58.1%
Equity (SPY)	14.0%	17.9%	0.67	55.0%
Gold (GLD)	14.0%	15.9%	0.73	4.2%
Commodities (DBC)	8.4%	17.6%	0.39	16.0%
Real Estate (VNQ)	5.1%	20.7%	0.21	48.6%
Bitcoin (BTCUSD)	65.9%	66.9%	1.05	10.9%

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Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	1.8 Mil
Short Interest: % Change Since 2282026	-2.3%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	3.0 days
Basic Shares Quantity	95.0 Mil
Short % of Basic Shares	1.9%

Returns Analyses

	Title
0	How Low Can Willis Towers Watson Stock Really Go?
1	WTW YTD Stock Return Of -1.5% Outperforms GSHD by 2.7% and Outperforms GSHD by 2.7%

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/3/2026	5.8%	-8.4%	-3.8%
10/30/2025	-0.2%	1.7%	1.0%
7/31/2025	4.6%	7.9%	8.3%
4/24/2025	-5.7%	-5.5%	-5.4%
2/4/2025	-3.1%	-1.7%	1.2%
10/31/2024	2.9%	8.1%	9.7%
7/25/2024	4.0%	5.7%	6.8%
4/25/2024	-2.9%	-3.7%	-4.5%
...
SUMMARY STATS
# Positive	14	12	13
# Negative	10	12	11
Median Positive	3.2%	6.3%	8.2%
Median Negative	-4.3%	-5.2%	-4.7%
Max Positive	10.3%	13.3%	17.6%
Max Negative	-8.9%	-8.5%	-11.9%

	Forward Returns
2/3/2026	5.8%	-8.4%	-3.8%
10/30/2025	-0.2%	1.7%	1.0%
7/31/2025	4.6%	7.9%	8.3%
4/24/2025	-5.7%	-5.5%	-5.4%
2/4/2025	-3.1%	-1.7%	1.2%
10/31/2024	2.9%	8.1%	9.7%
7/25/2024	4.0%	5.7%	6.8%
4/25/2024	-2.9%	-3.7%	-4.5%
2/6/2024	7.2%	8.7%	9.7%
10/26/2023	10.3%	13.3%	17.6%
7/27/2023	-8.9%	-8.5%	-11.9%
4/27/2023	-5.0%	-4.9%	-7.6%
2/9/2023	-7.1%	-5.7%	-10.2%
10/27/2022	0.8%	4.4%	15.7%
7/28/2022	0.7%	2.5%	4.9%
4/28/2022	-1.7%	-5.5%	-10.7%
2/8/2022	-4.6%	-7.2%	-4.6%
10/28/2021	3.4%	-2.3%	-4.7%
8/3/2021	4.4%	6.8%	8.2%
4/29/2021	0.9%	7.0%	6.4%
2/9/2021	1.2%	1.1%	-0.7%
10/29/2020	-4.0%	-5.0%	8.1%
7/30/2020	0.6%	-3.6%	-2.2%
4/30/2020	1.7%	4.8%	15.8%
SUMMARY STATS
# Positive	14	12	13
# Negative	10	12	11
Median Positive	3.2%	6.3%	8.2%
Median Negative	-4.3%	-5.2%	-4.7%
Max Positive	10.3%	13.3%	17.6%
Max Negative	-8.9%	-8.5%	-11.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/25/2026	10-K
09/30/2025	10/30/2025	10-Q
06/30/2025	08/01/2025	10-Q
03/31/2025	04/24/2025	10-Q
12/31/2024	02/25/2025	10-K
09/30/2024	10/31/2024	10-Q
06/30/2024	07/25/2024	10-Q
03/31/2024	04/25/2024	10-Q
12/31/2023	02/22/2024	10-K
09/30/2023	10/26/2023	10-Q
06/30/2023	07/27/2023	10-Q
03/31/2023	04/27/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	10/27/2022	10-Q
06/30/2022	07/28/2022	10-Q
03/31/2022	04/28/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/3/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Share Repurchases		1.00 Bil		-33.3%		Lowered	Guidance: 1.50 Bil for 2025
2026 Foreign currency tailwind on Adjusted Diluted EPS		0.3		200.0%		Raised	Guidance: 0.1 for 2025
2026 Willis Re joint venture headwind on Adjusted Diluted EPS		0.3
2026 Newfront acquisition impact on Adjusted EPS		-0.1
2026 Newfront post-close revenue		250.00 Mil
2026 Newfront adjusted EBITDA margin		26.0%

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2025 Foreign currency tailwind on adjusted diluted earnings per share		0.15
2025 Share Repurchases		1.50 Bil		0		Affirmed	Guidance: 1.50 Bil for 2025
2025 Foreign currency tailwind on adjusted diluted earnings per share		0.1		1	5.0%	Raised	Guidance: 0.05 for 2025
2028 Adjusted operating margin expansion (R&B)		1.0%		0	0	Affirmed	Guidance: 1.0% for 2028

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Krasner, Andrew Jay	Chief Financial Officer	Revocable Trust	Sell	6052025	315.75	1,600	505,200	3,783,421	Form
2	Hess, Carl Aaron	Chief Executive Officer	Direct	Sell	5122025	309.13	10,000	3,091,316	26,580,218	Form
3	Faber, Alexis	Chief Operating Officer	Direct	Sell	5122025	306.92	265	81,334	2,449,521	Form
4	Gebauer, Julie Jarecke	Pres.-Health, Wealth & Career	Direct	Sell	3042025	338.74	1,616	547,405	24,657,998	Form
5	Gebauer, Julie Jarecke	Pres.-Health, Wealth & Career	Direct	Sell	2282025	335.77	3,384	1,136,243	24,987,052	Form

WTW Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing WTW?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What WTW Makes & Who Pays

TTM figures based on

WTW Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

Insurance Brokers Resources

Insurance Business America

A.M. Best

National Underwriter

Insurance News

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Willis Towers Watson (WTW)

Market Price (4/7/2026): $290.78 | Market Cap: $27.6 BilSector: Financials | Industry: Insurance Brokers

Willis Towers Watson (WTW)

Market Price (4/7/2026): $290.78Market Cap: $27.6 BilSector: FinancialsIndustry: Insurance Brokers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Willis Towers Watson (WTW)

Major Customers of Willis Towers Watson (WTW)

Interactive Breakdown

Better Bets vs. Willis Towers Watson (WTW)

INDUSTRY: Insurance Brokers

Higher Rev Chg 3Y Avg | Lower P/S (Values for WTW: 3.1% | 2.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WTW: 3.1% | 12.2x)

Higher Rev Chg LTM (Value for WTW: -2.2%)

Higher Rev Chg 3Y Avg (Value for WTW: 3.1%)

Higher Op Mgn LTM (Value for WTW: 23.2%)

Higher CFO/Rev LTM (Value for WTW: 18.3%)

Higher FCF/Rev LTM (Value for WTW: 15.9%)

Higher Total Yield (Value for WTW: 7.1%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for WTW: 3.1% | 2.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WTW: 3.1% | 12.2x)

Higher Rev Chg LTM (Value for WTW: -2.2%)

Higher Rev Chg 3Y Avg (Value for WTW: 3.1%)

Higher Op Mgn LTM (Value for WTW: 23.2%)

Higher CFO/Rev LTM (Value for WTW: 18.3%)

Higher FCF/Rev LTM (Value for WTW: 15.9%)

Higher Total Yield (Value for WTW: 7.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WTW: 3.1% | 2.8x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WTW: 3.1% | 12.2x)

Higher Rev Chg LTM (Value for WTW: -2.2%)

Higher Rev Chg 3Y Avg (Value for WTW: 3.1%)

Higher Op Mgn LTM (Value for WTW: 23.2%)

Higher CFO/Rev LTM (Value for WTW: 18.3%)

Higher FCF/Rev LTM (Value for WTW: 15.9%)

Higher Total Yield (Value for WTW: 7.1%)

Best Bets in Financials

P/EBIT (Value for WTW: 12.5x)

P/E (Value for WTW: 17.2x)

Rev Chg 3Y Avg (Value for WTW: 3.1%)

Rev Chg LTM (Value for WTW: -2.2%)

Rev Chg Q (Value for WTW: -3.3%)

FCF/Rev 3Y Avg (Value for WTW: 13.4%)

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Market Price (4/7/2026): $290.78 | Market Cap: $27.6 Bil
Sector: Financials | Industry: Insurance Brokers

Market Price (4/7/2026): $290.78
Market Cap: $27.6 Bil
Sector: Financials
Industry: Insurance Brokers