Willis Towers Watson (WTW)
Market Price (2/8/2026): $330.04 | Market Cap: $32.3 BilSector: Financials | Industry: Insurance Brokers
Willis Towers Watson (WTW)
Market Price (2/8/2026): $330.04Market Cap: $32.3 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2% | Weak multi-year price returns2Y Excs Rtn is -4.9%, 3Y Excs Rtn is -33% | Weak revenue growthRev Chg QQuarterly Revenue Change % is 0.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% | Key risksWTW 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. | |
| Low stock price volatilityVol 12M is 21% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and Digital Health & Telemedicine. Themes include Wealth Management Technology, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.2% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Sustainable Finance, and Digital Health & Telemedicine. Themes include Wealth Management Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.9%, 3Y Excs Rtn is -33% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is 0.0% |
| Key risksWTW 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. |
Qualitative Assessment
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Willis Towers Watson (WTW) stock has gained about 5% since 10/31/2025 because of the following key factors:
1. Willis Towers Watson (WTW) exceeded Q4 2025 earnings and revenue estimates, driven by robust organic growth. The company reported adjusted earnings per share (EPS) of $8.12, surpassing analyst consensus estimates of $7.93. Quarterly revenue reached $2.94 billion, exceeding the consensus estimate of $2.87 billion, with notable organic revenue growth of 6% year-over-year.
2. The company demonstrated significant operating margin expansion. WTW's adjusted operating margin expanded by 80 basis points in Q4 2025 and 130 basis points for the full year, reflecting improved operational efficiency. Specifically, the Risk & Broking segment's operating margin improved by 120 basis points over the prior year to 34.7%, largely due to strong organic revenue growth and disciplined expense management.
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1. Willis Towers Watson (WTW) exceeded Q4 2025 earnings and revenue estimates, driven by robust organic growth. The company reported adjusted earnings per share (EPS) of $8.12, surpassing analyst consensus estimates of $7.93. Quarterly revenue reached $2.94 billion, exceeding the consensus estimate of $2.87 billion, with notable organic revenue growth of 6% year-over-year.
2. The company demonstrated significant operating margin expansion. WTW's adjusted operating margin expanded by 80 basis points in Q4 2025 and 130 basis points for the full year, reflecting improved operational efficiency. Specifically, the Risk & Broking segment's operating margin improved by 120 basis points over the prior year to 34.7%, largely due to strong organic revenue growth and disciplined expense management.
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Stock Movement Drivers
Fundamental Drivers
The 5.7% change in WTW stock from 10/31/2025 to 2/7/2026 was primarily driven by a 5.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2072026 | Change |
|---|---|---|---|
| Stock Price ($) | 312.24 | 330.04 | 5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,807 | 9,807 | 0.0% |
| Net Income Margin (%) | 21.6% | 21.6% | 0.0% |
| P/E Multiple | 14.5 | 15.3 | 5.7% |
| Shares Outstanding (Mil) | 98 | 98 | 0.0% |
| Cumulative Contribution | 5.7% |
Market Drivers
10/31/2025 to 2/7/2026| Return | Correlation | |
|---|---|---|
| WTW | 5.7% | |
| Market (SPY) | 1.3% | 3.1% |
| Sector (XLF) | 3.6% | 36.9% |
Fundamental Drivers
The 5.1% change in WTW stock from 7/31/2025 to 2/7/2026 was primarily driven by a 3.0% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2072026 | Change |
|---|---|---|---|
| Stock Price ($) | 314.09 | 330.04 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,812 | 9,807 | -0.1% |
| P/S Multiple | 3.2 | 3.3 | 3.0% |
| Shares Outstanding (Mil) | 100 | 98 | 2.0% |
| Cumulative Contribution | 5.1% |
Market Drivers
7/31/2025 to 2/7/2026| Return | Correlation | |
|---|---|---|
| WTW | 5.1% | |
| Market (SPY) | 9.6% | 8.1% |
| Sector (XLF) | 3.9% | 39.9% |
Fundamental Drivers
The 1.3% change in WTW stock from 1/31/2025 to 2/7/2026 was primarily driven by a 4.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312025 | 2072026 | Change |
|---|---|---|---|
| Stock Price ($) | 325.89 | 330.04 | 1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,809 | 9,807 | 0.0% |
| P/S Multiple | 3.4 | 3.3 | -2.7% |
| Shares Outstanding (Mil) | 102 | 98 | 4.1% |
| Cumulative Contribution | 1.3% |
Market Drivers
1/31/2025 to 2/7/2026| Return | Correlation | |
|---|---|---|
| WTW | 1.3% | |
| Market (SPY) | 15.8% | 31.5% |
| Sector (XLF) | 6.5% | 51.6% |
Fundamental Drivers
The 34.9% change in WTW stock from 1/31/2023 to 2/7/2026 was primarily driven by a 60.4% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2072026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.63 | 330.04 | 34.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,850 | 9,807 | 10.8% |
| Net Income Margin (%) | 31.9% | 21.6% | -32.4% |
| P/E Multiple | 9.5 | 15.3 | 60.4% |
| Shares Outstanding (Mil) | 110 | 98 | 12.2% |
| Cumulative Contribution | 34.9% |
Market Drivers
1/31/2023 to 2/7/2026| Return | Correlation | |
|---|---|---|
| WTW | 34.9% | |
| Market (SPY) | 76.2% | 25.9% |
| Sector (XLF) | 55.2% | 44.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WTW Return | 14% | 5% | 0% | 31% | 6% | -0% | 66% |
| Peers Return | 44% | -2% | 15% | 32% | -10% | -6% | 81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| WTW Win Rate | 67% | 33% | 42% | 83% | 67% | 50% | |
| Peers Win Rate | 67% | 44% | 56% | 69% | 50% | 17% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WTW Max Drawdown | -5% | -19% | -19% | -1% | -5% | -4% | |
| Peers Max Drawdown | -7% | -18% | -5% | -2% | -16% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/6/2026 (YTD)
How Low Can It Go
| Event | WTW | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -29.3% | -25.4% |
| % Gain to Breakeven | 41.5% | 34.1% |
| Time to Breakeven | 601 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -32.9% | -33.9% |
| % Gain to Breakeven | 49.1% | 51.3% |
| Time to Breakeven | 319 days | 148 days |
| 2018 Correction | ||
| % Loss | -17.3% | -19.8% |
| % Gain to Breakeven | 20.9% | 24.7% |
| 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)
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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Here are 1-2 analogies to describe Willis Towers Watson (WTW):
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Think of it as a specialized Deloitte or Accenture, focusing on corporate employee benefits, retirement, and business insurance solutions.
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Imagine a blend of a management consulting firm (like Accenture) and a large corporate insurance broker.
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- Human Capital & Benefits Consulting: Advising organizations on employee benefits, compensation, talent management, and HR strategy to optimize workforce performance and cost-efficiency.
- Risk & Broking: Providing corporate clients with insurance brokerage services and comprehensive risk management solutions across various industries.
- Investment Consulting: Offering institutional investors expert advice on investment strategy, asset allocation, and manager selection to help achieve financial objectives.
- Reinsurance Broking: Facilitating the placement of reinsurance coverage for insurance companies to manage and transfer their underwriting risks.
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Willis Towers Watson (symbol: WTW) primarily sells its services to other companies, making it a business-to-business (B2B) enterprise.
Due to the nature of its business—providing global advisory, broking, and solutions—and client confidentiality agreements, Willis Towers Watson does not publicly disclose the names of its specific major customer companies. Its client base is highly diversified globally, comprising thousands of organizations across numerous industries.
Instead of specific company names, WTW's major customers can be categorized by the types of organizations they serve:
- Large and Mid-Sized Corporations Across Diverse Industries: This category encompasses a vast array of companies globally, including those in technology, manufacturing, retail, financial services, healthcare, energy, consumer goods, and more. These clients engage WTW for services related to human capital (e.g., employee benefits design and administration, talent management, executive compensation, HR technology), enterprise risk management, and property & casualty insurance broking.
- Insurance Carriers and Reinsurers: Willis Towers Watson provides specialized consulting, actuarial, and broking services directly to companies within the insurance sector. This includes assisting them with product development, risk and capital management, M&A advisory, and operational efficiency improvements.
- Governmental and Quasi-Governmental Entities: Public sector bodies, including various levels of government and related organizations, are also significant clients. They utilize WTW's expertise for their pension plans, employee benefits, human capital strategies, and risk advisory needs.
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Carl Hess, Chief Executive Officer
Carl Hess has served as Chief Executive Officer of Willis Towers Watson since January 1, 2022. He joined the firm in 1989, then known as Watson Wyatt, and has held numerous leadership positions across business segments and geographies. These roles include head of the Investment, Risk and Reinsurance segment, leader of the North American and Americas geographies, global head of the Investments business, and a consultant in the Retirement business. Prior to becoming CEO, he served as President from August 2021. He was also the Managing Director of Towers Watson's Investment business from January 2010 to February 2014. Mr. Hess is a Fellow of the Society of Actuaries and the Conference of Consulting Actuaries and a Chartered Enterprise Risk Analyst. He holds a Bachelor of Arts in logic from Yale University.
Andrew Krasner, Chief Financial Officer, Co-head of Corporate Development
Andrew Krasner was appointed Chief Financial Officer of Willis Towers Watson in September 2021. He also serves as Co-head of Corporate Development. Previously, he held roles within Willis Towers Watson as Global Treasurer and Head of Mergers and Acquisitions, and Senior Vice President of Willis Towers Watson Securities. In 2021, Mr. Krasner briefly served as Chief Financial Officer for AssuredPartners, Inc., a privately held company, before returning to Willis Towers Watson. Prior to his tenure at Willis Towers Watson, which began in 2009, he held various financial roles at PricewaterhouseCoopers, Deutsche Bank, and Bank of America Merrill Lynch. Mr. Krasner earned a B.S. and M.B.A. from Cornell University.
Kristy Banas, Chief Human Resources Officer, Marketing and Communication
Kristy Banas is the Chief Human Resources Officer, Marketing and Communication at WTW. Before joining WTW in 2011, she held human resources leadership roles with XL Group (now Axa XL). She holds a Bachelor of Science summa cum laude in business management from Fairfield University and has pursued graduate studies at Cornell's School of Industrial and Labor Relations and the University of Connecticut. Ms. Banas began her career in accounting before transitioning to human resources in 2001.
Lucy Clarke, President – Risk & Broking
Lucy Clarke is the President of Risk & Broking at WTW. She joined WTW in 2024, bringing more than 25 years of industry experience. Prior to WTW, Ms. Clarke was the president of Marsh Specialty and Global Placement from 2019 to 2023. She also spent 17 years at JLT Group, where her leadership roles included CEO of JLT Global Specialty, the insurance and risk arm of the group. Ms. Clarke holds a bachelor's degree in English and economics from Vanderbilt University and serves as deputy president of the Insurance Institute of London.
Alexis Faber, Chief Operating Officer
Alexis Faber is the Chief Operating Officer at WTW. She has held various leadership positions within the company since joining in 2003, including Global Head of FINEX, Regional Head of Corporate Risk & Broking in North America, and Head of Broking for North America. She holds a bachelor's degree in economics from Lafayette College and an MBA from The Wharton School of the University of Pennsylvania.
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The key risks to Willis Towers Watson (WTW) are:
- Regulatory Landscape and Compliance: Willis Towers Watson faces a complex and evolving regulatory landscape, particularly within the financial services sector. The continuous introduction of new rules and regulations increases the potential for non-compliance, which could lead to significant penalties for the company and personal liability for its directors. Evolving tax legislation, such as Pillar Two, also requires ongoing monitoring.
- Social Risks: The company is increasingly exposed to social risks, which are noted to be on the rise. These risks can manifest as alienating consumers and investors due to increasing social consciousness, heightened exposure to regulatory actions, reputational damage, disruptions to supply chains, and a decrease in productivity and morale stemming from issues like labor disputes or challenges in attracting and retaining talent.
- Technological Disruption and Cybersecurity: Willis Towers Watson faces risks related to technological disruption, including the rapid developments in artificial intelligence (AI) that are reshaping both opportunities and risks. Cyber risks continue to evolve, and failures in systems and controls can provide the foundation for an array of exposures, including criminal proceedings, civil actions, and significant regulatory fines if robust controls are not implemented.
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The rapid advancement and adoption of artificial intelligence and automation technologies are emerging as a significant threat. These technologies can automate and streamline many analytical, advisory, and transactional processes currently performed by Willis Towers Watson, potentially leading to increased competition from tech-first players offering lower-cost solutions, reduced demand for traditional human-intensive consulting, and clients insourcing more functions through AI-powered tools.
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Willis Towers Watson (WTW) operates across several key segments, with significant addressable markets for its main products and services globally.
For its **Human Capital and Benefits** segment, which includes HR consulting, health and benefits consulting, and retirement solutions, the market sizes are substantial:
- The global human resources consulting services market was valued at approximately USD 73.75 billion in 2024 and is expected to reach USD 104.02 billion by 2029. Another estimate places the global HR consulting market at USD 44.56 billion in 2025, projected to grow to USD 68.18 billion by 2035.
- The global benefits consulting service market reached approximately USD 45 billion in 2023 and is projected to grow to USD 74 billion by 2032. In North America, this market was about USD 20 billion in 2023 and is projected to reach around USD 34 billion by 2032.
- The global actuarial services market, a component of retirement solutions, was valued at USD 24.75 billion in 2025 and is expected to reach USD 38.69 billion by 2035. The U.S. segment of the actuarial services market is expected to double its value from USD 15.7–$22.5 billion in 2024 to USD 30 billion by 2030.
Within its **Corporate Risk and Broking** segment, which encompasses risk management and insurance brokerage services:
- The worldwide insurance broking market generated approximately USD 180 billion in fees and commissions during 2024. Another source indicates the global insurance brokerage market size was valued at USD 287.40 billion in 2023 and is projected to reach USD 524.80 billion by 2030. North America dominated the global insurance brokerage market in 2023, accounting for 30.50% of the global revenue.
- Specific segments of the global insurance broking market in 2024 include Commercial property and casualty retail broking at USD 83.3 billion, and Reinsurance broking at USD 8.3 billion.
For **Investment, Risk, and Reinsurance (IRR)**, which includes investment advisory services:
- The global investment advisory service market size was approximately USD 80 billion in 2023 and is projected to reach USD 160 billion by 2032. North America holds the largest market share in this sector, with a market size of approximately USD 30 billion in 2023.
- The broader global financial advisory services market, which includes investment advisory, was valued at USD 85.1 billion in 2022 and is projected to grow to USD 146.8 billion by 2032. North America accounted for 40% of the revenue share in the financial advisory services industry in 2022.
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Willis Towers Watson (WTW) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and strong performance in its core business segments. Here are the key expected drivers of future revenue growth for WTW:- Consistent Organic Growth in Key Segments: Willis Towers Watson anticipates continued organic revenue growth, particularly in its Health, Wealth & Career (HWC) and Risk & Broking (R&B) segments. The Health segment is projected to achieve high-single-digit growth, while Risk & Broking is expected to deliver mid-to-high single-digit organic growth. This sustained momentum across its primary business lines is a fundamental driver.
- Strategic Investments in Technology and Talent: The company is making strategic investments in technology and talent, enhancing its digital capabilities, and fostering innovation to strengthen its competitive position. This includes investments in artificial intelligence (AI) and broking, which are expected to accelerate performance.
- Expansion in Attractive Markets and Specialization Strategy: WTW aims to accelerate performance through innovation and expansion into attractive markets. A key part of this strategy involves expanding existing specialty lines into new geographies, gaining market share in areas like Risk and Broking and the Individual Marketplace, and enhancing capabilities in fast-growing sectors such as health insurance, cyber, and climate solutions.
- Growth in Project-Based Work and New Business: Revenue growth is expected to be fueled by an increase in project-based work and robust new business generation. This is particularly evident in the Risk & Broking segment, driven by new business activities and project-based placements within global specialty businesses. The Health, Wealth & Career segment also benefits from increased project work and brokerage income.
- Re-entry into the Treaty Reinsurance Broking Market: WTW's return to the treaty reinsurance broking market through a joint venture with Bain Capital is a significant strategic move. This initiative is designed to elevate the company's financial performance and strategic position by combining WTW's global network and expertise with Bain Capital's industry experience.
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Share Repurchases
- Willis Towers Watson repurchased approximately $600 million of its outstanding shares during the third quarter of 2025.
- The company expects to execute approximately $1.5 billion in share repurchases for the full year 2025.
- In September 2025, the Board of Directors approved an increase of $1.5 billion to the existing share repurchase authority, bringing the total authorized for future repurchases to approximately $1.7 billion (including approximately $200 million remaining from a prior authorization).
Share Issuance
- In May 2025, shareholders granted the Board authority to issue shares under Irish law, up to approximately 20% of the company's issued ordinary share capital.
Outbound Investments
- Willis Towers Watson is strategically focusing on mergers and acquisitions (M&A) as part of its growth phase, seeking to acquire additional capabilities and evaluating opportunities in the middle-market segment.
- Recent acquisitions include AIMUW (December 2023), Aerosure (December 2021), Leaderim (August 2021), and Jobable (February 2021), though specific financial details were undisclosed.
- As part of portfolio optimization, the company completed the divestiture of TRANZACT in the fourth quarter of 2024.
Capital Expenditures
- The company makes strategic investments in technology, global booking platforms, and digital automation to enhance operating leverage and efficiencies.
- Investments are focused on improving systems and processes and modernizing IT to support differentiated solutions and scalable innovation.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 285.81 |
| Mkt Cap | 47.2 |
| Rev LTM | 11,418 |
| Op Inc LTM | 2,475 |
| FCF LTM | 1,574 |
| FCF 3Y Avg | 1,574 |
| CFO LTM | 1,760 |
| CFO 3Y Avg | 1,773 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.8% |
| Rev Chg 3Y Avg | 13.2% |
| Rev Chg Q | 13.7% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Mgn LTM | 24.6% |
| Op Mgn 3Y Avg | 24.0% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 17.8% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 16.0% |
| FCF/Rev 3Y Avg | 18.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 47.2 |
| P/S | 4.5 |
| P/EBIT | 16.4 |
| P/E | 25.8 |
| P/CFO | 21.3 |
| Total Yield | 4.7% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 4.1% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.4% |
| 3M Rtn | -2.1% |
| 6M Rtn | -11.2% |
| 12M Rtn | -17.6% |
| 3Y Rtn | 27.2% |
| 1M Excs Rtn | -4.3% |
| 3M Excs Rtn | -3.0% |
| 6M Excs Rtn | -20.4% |
| 12M Excs Rtn | -30.7% |
| 3Y Excs Rtn | -40.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Health, Wealth & Career (HWC) | 5,582 | 5,287 | 5,268 | ||
| Risk & Broking (R&B) | 3,735 | 3,460 | 3,564 | ||
| Reimbursable expenses and other | 166 | 119 | 60 | 80 | 123 |
| Divested businesses | 0 | 0 | 106 | ||
| Benefits Delivery and Administration | 1,359 | 1,035 | |||
| Corporate Risk and Broking | 2,977 | 2,946 | |||
| Human Capital and Benefits | 3,278 | 3,298 | |||
| Investment, Risk and Reinsurance | 921 | 1,637 | |||
| Total | 9,483 | 8,866 | 8,998 | 8,615 | 9,039 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Health, Wealth & Career (HWC) | 1,565 | 1,382 | 1,346 | ||
| Risk & Broking (R&B) | 813 | 734 | 835 | ||
| Divested businesses | 0 | 0 | -24 | ||
| Impairment | 0 | -81 | |||
| Restructuring costs | -68 | -99 | -26 | -24 | |
| Amortization | -263 | -312 | -369 | -461 | -489 |
| Unallocated, net | -296 | -265 | -366 | -418 | -259 |
| Transaction and integration expenses | -386 | -181 | 806 | -110 | -13 |
| Benefits Delivery and Administration | 320 | 244 | |||
| Corporate Risk and Broking | 630 | 578 | |||
| Human Capital and Benefits | 853 | 848 | |||
| Investment, Risk and Reinsurance | 134 | 420 | |||
| Provision for significant litigation | -65 | ||||
| Total | 1,365 | 1,178 | 2,202 | 859 | 1,329 |
Price Behavior
Price Behavior
| Market Price | $330.04 | |
| Market Cap ($ Bil) | 32.3 | |
| First Trading Date | 01/04/2010 | |
| Distance from 52W High | -5.4% | |
| 50 Days | 200 Days | |
| DMA Price | $325.64 | $319.78 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 1.4% | 3.2% |
| 3M | 1YR | |
| Volatility | 21.3% | 21.4% |
| Downside Capture | -1.51 | 24.39 |
| Upside Capture | 6.63 | 23.05 |
| Correlation (SPY) | 6.1% | 32.2% |
WTW Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.62 | 0.37 | 0.06 | 0.15 | 0.36 | 0.36 |
| Up Beta | 0.24 | -0.66 | -0.33 | 0.33 | 0.37 | 0.37 |
| Down Beta | 1.25 | 0.96 | 0.21 | 0.20 | 0.47 | 0.42 |
| Up Capture | -21% | 13% | 12% | 6% | 14% | 11% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 11 | 22 | 33 | 66 | 128 | 391 |
| Down Capture | 64% | 27% | 4% | 6% | 37% | 56% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 19 | 28 | 59 | 122 | 358 |
[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 | 4.1% | 21.4% | 0.10 | - |
| Sector ETF (XLF) | 6.1% | 19.2% | 0.18 | 52.0% |
| Equity (SPY) | 15.4% | 19.4% | 0.61 | 32.4% |
| Gold (GLD) | 73.9% | 24.8% | 2.19 | 10.6% |
| Commodities (DBC) | 8.9% | 16.6% | 0.34 | 7.7% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 45.6% |
| Bitcoin (BTCUSD) | -27.1% | 44.7% | -0.57 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WTW | |
|---|---|---|---|---|
| WTW | 11.2% | 22.6% | 0.43 | - |
| Sector ETF (XLF) | 15.0% | 18.7% | 0.66 | 52.6% |
| Equity (SPY) | 14.4% | 17.0% | 0.68 | 44.6% |
| Gold (GLD) | 21.4% | 16.9% | 1.03 | 7.3% |
| Commodities (DBC) | 11.5% | 18.9% | 0.49 | 6.8% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 43.1% |
| Bitcoin (BTCUSD) | 16.1% | 58.0% | 0.49 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WTW | |
|---|---|---|---|---|
| WTW | 12.7% | 23.8% | 0.51 | - |
| Sector ETF (XLF) | 14.0% | 22.2% | 0.58 | 58.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 56.5% |
| Gold (GLD) | 15.7% | 15.5% | 0.84 | 5.2% |
| Commodities (DBC) | 8.0% | 17.6% | 0.37 | 17.2% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 50.0% |
| Bitcoin (BTCUSD) | 68.7% | 66.7% | 1.08 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/3/2026 | 5.8% | ||
| 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 | 11 | 12 | 11 |
| Median Positive | 3.2% | 6.3% | 8.2% |
| Median Negative | -4.6% | -4.9% | -5.4% |
| 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 |
|---|---|---|
| 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 |
| 12/31/2021 | 02/24/2022 | 10-K |
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 |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
| Insurance News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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