Willis Towers Watson (WTW)
Market Price (11/1/2026): $0 | Market Cap: $-Sector: Financials | Industry: Insurance Brokers
Willis Towers Watson (WTW)
Market Price (11/1/2026): $0Market Cap: $-Sector: 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 6.4%, FCF Yield is 5.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Stock buyback supportStock Buyback 3Y Total is 3.7 Bil Low stock price volatilityVol 12M is 31% 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 -19%, 3Y Excs Rtn is -23% | 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 5.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Stock buyback supportStock Buyback 3Y Total is 3.7 Bil |
| Low stock price volatilityVol 12M is 31% |
| 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 -19%, 3Y Excs Rtn is -23% |
| 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 lost about 5% since 7/31/2026 because of the following key factors:
1. Lowered Fiscal Year 2026 Outlook for Health, Wealth & Career Segment and Overall Organic Growth.
Willis Towers Watson revised its full fiscal year 2026 organic growth forecast for its Health, Wealth & Career (HWC) segment to the low- to mid-single-digit range. This adjustment was primarily attributed to delays in Benefits Delivery & Outsourcing (BD&O) implementations that are now expected to shift into fiscal year 2027, as well as ongoing pressures in the Career business stemming from the Middle East conflict. Consequently, the company's overall organic growth outlook for fiscal year 2026 was narrowed to the lower end of its mid-single-digit range.
2. Impact of Softening Commercial Insurance Market.
The company acknowledged a softening in the commercial insurance market, particularly within property lines. This trend can exert pressure on the organic brokerage growth of Willis Towers Watson's Risk & Broking (R&B) segment. Furthermore, the financial services sector, including WTW, faces potential headwinds from foreign exchange fluctuations and volatility in commission revenue, which can collectively impact overall profitability.
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Willis Towers Watson (WTW) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Lowered Fiscal Year 2026 Outlook for Health, Wealth & Career Segment and Overall Organic Growth.
Willis Towers Watson revised its full fiscal year 2026 organic growth forecast for its Health, Wealth & Career (HWC) segment to the low- to mid-single-digit range. This adjustment was primarily attributed to delays in Benefits Delivery & Outsourcing (BD&O) implementations that are now expected to shift into fiscal year 2027, as well as ongoing pressures in the Career business stemming from the Middle East conflict. Consequently, the company's overall organic growth outlook for fiscal year 2026 was narrowed to the lower end of its mid-single-digit range.
2. Impact of Softening Commercial Insurance Market.
The company acknowledged a softening in the commercial insurance market, particularly within property lines. This trend can exert pressure on the organic brokerage growth of Willis Towers Watson's Risk & Broking (R&B) segment. Furthermore, the financial services sector, including WTW, faces potential headwinds from foreign exchange fluctuations and volatility in commission revenue, which can collectively impact overall profitability.
3. Broad Macroeconomic Headwinds and "Higher for Longer" Interest Rate Environment.
Since July 2026, the financial markets have experienced a "volatile market environment" characterized by "stubborn inflation," intensified by geopolitical developments such as the Middle East conflict. This period has also been marked by persistently elevated interest rates, creating a "higher for longer" environment. Such conditions affect portfolio valuations and increase financing costs for businesses across the financial services and consulting industries.
4. Analyst Price Target Reductions.
Following the release of the fiscal Q3 2026 earnings on October 29, 2026, several financial analysts adjusted their price targets for WTW downwards. For example, Bank of America Securities lowered its price target from $381 to $365, while Mizuho decreased its target from $380 to $349. These adjustments, despite the company reporting an earnings beat, reflect a cautious sentiment potentially driven by the revised company outlook and broader market concerns.
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Stock Movement Drivers
Fundamental Drivers
The -3.1% change in WTW stock from 7/31/2026 to 10/31/2026 was primarily driven by a -4.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 334.80 | 324.42 | -3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,102 | 10,274 | 1.7% |
| Net Income Margin (%) | 15.5% | 15.2% | -1.7% |
| P/E Multiple | 20.1 | 19.3 | -4.1% |
| Shares Outstanding (Mil) | 94 | 93 | 1.1% |
| Cumulative Contribution | -3.1% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WTW | -3.1% | |
| Market (SPY) | 1.2% | -5.4% |
| Sector (XLF) | -0.8% | 52.5% |
Fundamental Drivers
The 27.5% change in WTW stock from 4/30/2026 to 10/31/2026 was primarily driven by a 33.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 254.42 | 324.42 | 27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,897 | 10,274 | 3.8% |
| Net Income Margin (%) | 16.8% | 15.2% | -9.6% |
| P/E Multiple | 14.5 | 19.3 | 33.0% |
| Shares Outstanding (Mil) | 95 | 93 | 2.2% |
| Cumulative Contribution | 27.5% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WTW | 27.5% | |
| Market (SPY) | 5.4% | -14.9% |
| Sector (XLF) | 8.8% | 50.5% |
Fundamental Drivers
The 5.0% change in WTW stock from 10/31/2025 to 10/31/2026 was primarily driven by a 34.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 309.04 | 324.42 | 5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,807 | 10,274 | 4.8% |
| Net Income Margin (%) | 21.6% | 15.2% | -29.4% |
| P/E Multiple | 14.3 | 19.3 | 34.8% |
| Shares Outstanding (Mil) | 98 | 93 | 5.4% |
| Cumulative Contribution | 5.0% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WTW | 5.0% | |
| Market (SPY) | 11.7% | -6.8% |
| Sector (XLF) | 9.2% | 42.6% |
Fundamental Drivers
The 42.8% change in WTW stock from 10/31/2023 to 10/31/2026 was primarily driven by a 38.5% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 227.23 | 324.42 | 42.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,291 | 10,274 | 10.6% |
| Net Income Margin (%) | 11.0% | 15.2% | 38.5% |
| P/E Multiple | 23.4 | 19.3 | -17.4% |
| Shares Outstanding (Mil) | 105 | 93 | 12.9% |
| Cumulative Contribution | 42.8% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| WTW | 42.8% | |
| Market (SPY) | 86.9% | 13.6% |
| Sector (XLF) | 82.3% | 43.2% |
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% | -4% | 84% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| WTW Win Rate | 67% | 33% | 42% | 83% | 67% | 40% | |
| Peers Win Rate | 67% | 44% | 56% | 69% | 50% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WTW Max Drawdown | -25% | -21% | -23% | -10% | -13% | -28% | |
| Peers Max Drawdown | -11% | -24% | -14% | -13% | -30% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/30/2026 (YTD)
How Low Can It Go
| Event | WTW | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.7% | -9.5% |
| % Gain to Breakeven | 18.6% | 10.5% |
| Time to Breakeven | 74 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.3% | -6.7% |
| % Gain to Breakeven | 12.8% | 7.1% |
| Time to Breakeven | 180 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.7% | -24.5% |
| % Gain to Breakeven | 23.0% | 32.4% |
| Time to Breakeven | 148 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.3% | -33.7% |
| % Gain to Breakeven | 43.5% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.2% | -12.2% |
| % Gain to Breakeven | 13.9% | 13.9% |
| Time to Breakeven | 56 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -16.3% | -17.9% |
| % Gain to Breakeven | 19.5% | 21.8% |
| Time to Breakeven | 31 days | 123 days |
In The Past
Willis Towers Watson's stock fell -8.9% during the 2025 US Tariff Shock. Such a loss loss requires a 9.7% gain to breakeven.
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| Event | WTW | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -30.3% | -33.7% |
| % Gain to Breakeven | 43.5% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
In The Past
Willis Towers Watson's stock fell -8.9% during the 2025 US Tariff Shock. Such a loss loss requires a 9.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Willis Towers Watson (WTW)
Willis Towers Watson (WTW) is a global advisory, broking, and solutions company that helps organizations manage and optimize their human capital and risk profiles. The company operates through two main segments: Health, Wealth and Career, and Risk and Broking. Its core offerings aim to support clients in navigating complex benefit structures, talent challenges, and diverse business risks.
Within its Health, Wealth and Career segment, WTW provides extensive services including actuarial support, plan design, and administration for traditional pension and retirement savings plans, alongside consulting and brokerage for health and group benefit programs. It also offers benefits outsourcing, advice, data, and software to address total rewards and talent management issues. For the Risk and Broking segment, services encompass risk advice, insurance brokerage, and consulting across areas like property and casualty, aerospace, and marine. Specialized offerings include investment consulting for insurance companies, insurance consulting and technology, risk and capital management, and wholesale insurance broking.
WTW primarily serves corporate clients, organizations, and insurance/reinsurance companies worldwide, assisting them with their employee benefits, talent strategies, and risk mitigation needs. Additionally, it provides primary medical and ancillary benefit exchange services, along with healthcare and reimbursement accounts, to active employees and retirees, catering to both group and individual markets.
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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:
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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.
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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.
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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:
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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.
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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.
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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.
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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.
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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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- 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.
Peer Outperformance in Insurance Brokers
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 34.1% | 65.9% | 123.0% | SPNT 175% · RGA 148% · RNR 148% |
| Investment Banking & Brokerage | 13 | -4.7% | 88.8% | 91.9% | IBKR 346% · SNEX 158% · GS 144% |
| Diversified Banks | 12 | 30.6% | 154.1% | 91.6% | CM 143% · RY 132% · JPM 125% |
| Life & Health Insurance | 20 | 15.9% | 52.5% | 82.5% | JXN 532% · UNM 314% · MFC 190% |
| Multi-line Insurance | 9 | 7.8% | 65.6% | 64.8% | GNW 114% · L 102% · AIZ 97% |
| Property & Casualty Insurance | 42 | 19.8% | 69.5% | 64.1% | PGR 172% · TRV 171% · ACGL 167% |
| Multi-Sector Holdings | 3 | 8.3% | 55.6% | 55.1% | BRK-B 89% · VOYA 55% · JEF 32% |
| Regional Banks | 262 | 32.2% | 99.5% | 53.1% | CBC 254% · FCNCA 194% · NIC 148% |
| Financial Exchanges & Data | 15 | 18.4% | 43.2% | 27.9% | CBOE 172% · VIRT 158% · CME 70% |
| Insurance Brokers ← | 15 | 5.0% | 11.2% | 19.5% | LIFE 405% · ARX 89% · AJG 73% |
| Asset Management & Custody Banks | 85 | -8.4% | 22.5% | 6.7% | WT 249% · VCTR 241% · AAMI 200% |
| Consumer Finance | 30 | 5.9% | 70.0% | 4.2% | ENVA 437% · FCFS 118% · AXP 95% |
| Diversified Financial Services | 4 | -3.4% | 23.7% | 3.9% | FRHC 180% · EQH 83% |
| Commercial & Residential Mortgage Finance | 14 | -51.2% | 26.1% | -1.7% | FNMA 449% · FMCC 399% · ACT 157% |
| Specialized Finance | 3 | 3.9% | 35.5% | -21.1% | HASI -21% · CACC -22% |
| Transaction & Payment Processing Services | 17 | 11.6% | 11.6% | -28.8% | V 103% · MA 96% · CPAY 62% |
| Mortgage REITs | 34 | -19.5% | -5.5% | -35.9% | RITM 36% · DX 19% · AGNC 10% |
| Diversified Capital Markets | 20 | -54.3% | 14.0% | -63.3% | LPLA 77% · TW 40% · RIOT -53% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 298.77 |
| Mkt Cap | 49.2 |
| Rev LTM | 13,014 |
| Op Inc LTM | 2,562 |
| FCF LTM | 2,014 |
| FCF 3Y Avg | 1,817 |
| CFO LTM | 2,216 |
| CFO 3Y Avg | 2,016 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.5% |
| Rev Chg 3Y Avg | 14.6% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 9.5% |
| Op Inc Chg 3Y Avg | 12.9% |
| Op Mgn LTM | 24.4% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 19.8% |
| CFO/Rev 3Y Avg | 19.3% |
| FCF/Rev LTM | 17.7% |
| FCF/Rev 3Y Avg | 17.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health, Wealth & Career (HWC) | 5,254 | 5,777 | 5,582 | 5,287 | 5,268 |
| Risk & Broking (R&B) | 4,334 | 4,038 | 3,735 | 3,460 | 3,564 |
| Reimbursable expenses and other | 120 | 115 | 166 | 119 | 60 |
| Divested businesses | 106 | ||||
| Total | 9,708 | 9,930 | 9,483 | 8,866 | 8,998 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Health, Wealth & Career (HWC) | 1,681 | 1,717 | 1,565 | 1,382 | 1,346 |
| Risk & Broking (R&B) | 1,072 | 958 | 813 | 734 | 835 |
| Impairment | 0 | -1,042 | 0 | -81 | 0 |
| Restructuring costs | 0 | -61 | -68 | -99 | -26 |
| Transaction and transformation | -23 | -409 | -386 | -181 | |
| Amortization | -192 | -226 | -263 | -312 | -369 |
| Unallocated, net | -304 | -310 | -296 | -265 | -366 |
| Divested businesses | -24 | ||||
| Transaction and integration expenses | 806 | ||||
| Total | 2,234 | 627 | 1,365 | 1,178 | 2,202 |
| $ Mil | 2010 |
|---|---|
| Global | 9,636 |
| North America | 4,032 |
| International | 2,109 |
| Corporate and Other | 70 |
| Total | 15,847 |
Price Behavior
| Market Price | $324.42 | |
| Market Cap ($ Bil) | 30.2 | |
| First Trading Date | 01/04/2010 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $314.42 | $294.95 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 3.2% | 10.0% |
| 3M | 1YR | |
| Volatility | 25.0% | 30.9% |
| Downside Capture | 65.49 | -13.20 |
| Upside Capture | 30.98 | -8.17 |
| Correlation (S&P 500) | -6.7% | -6.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.75 | -0.13 | -0.13 | -0.35 | -0.17 | 0.21 |
| Up Beta | -5.59 | -1.85 | -0.61 | -0.46 | -0.12 | 0.31 |
| Down Beta | -1.37 | -1.73 | -1.48 | -0.57 | -0.17 | 0.32 |
| Up Capture | 80% | 47% | 25% | 5% | -9% | 3% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 18 | 27 | 57 | 121 | 383 |
| Down Capture | -111% | 74% | 50% | -81% | -34% | 5% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 25 | 37 | 69 | 130 | 366 |
[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 | 3.5% | 30.9% | 0.13 | - |
| Sector ETF (XLF) | 9.8% | 14.4% | 0.41 | 42.5% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | -6.7% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | -7.4% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -6.4% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 17.4% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 5.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WTW | |
|---|---|---|---|---|
| WTW | 7.0% | 24.0% | 0.24 | - |
| Sector ETF (XLF) | 8.6% | 18.3% | 0.33 | 52.2% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 35.8% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | -0.5% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 1.4% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 40.0% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 13.3% |
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 | 11.3% | 24.8% | 0.44 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 56.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 50.4% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 4.1% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 13.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 47.4% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -0.3% | ||
| 7/30/2026 | 6.4% | 7.0% | 7.5% |
| 4/30/2026 | -11.7% | -13.0% | -13.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 4.0% | 6.9% | 7.9% |
| Median Negative | -4.6% | -5.5% | -5.4% |
| Max Positive | 10.3% | 13.3% | 17.6% |
| Max Negative | -11.7% | -13.0% | -13.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -0.3% | ||
| 7/30/2026 | 6.4% | 7.0% | 7.5% |
| 4/30/2026 | -11.7% | -13.0% | -13.9% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 4.0% | 6.9% | 7.9% |
| Median Negative | -4.6% | -5.5% | -5.4% |
| Max Positive | 10.3% | 13.3% | 17.6% |
| Max Negative | -11.7% | -13.0% | -13.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
Recent Forward Guidance
Updated 10/30/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Incremental FX Tailwind on Adjusted Diluted EPS | Reported | 0.02 | ||||||
| 2028 Propel Net Run-Rate Savings | Reported | 350.00 Mil | 0.0% | Affirmed | Guidance: 350.00 Mil for 2028 | |||
| 2028 Adjusted Operating Margin | Reported | 30.0% | 0.0% | Affirmed | Guidance: 30.0% for 2028 | |||
| 2026 Risk & Broking Annual Margin Expansion | Reported | 1.0% | ||||||
| 2026 Newfront Post-Close Revenue | Reported | 250.00 Mil | 0.0% | Affirmed | Guidance: 250.00 Mil for 2026 | |||
| 2026 Newfront Adjusted EBITDA Margin | Reported | 26.0% | 0.0% | Affirmed | Guidance: 26.0% for 2026 | |||
| 2026 Willis Re JV Adjusted Diluted EPS Impact | Reported | -0.3 | 0.0% | Affirmed | Guidance: -0.3 for 2026 | |||
| 2026 Newfront Adjusted EPS Impact | Reported | -0.1 | 0.0% | Affirmed | Guidance: -0.1 for 2026 | |||
| 2026 FX Tailwind on Adjusted Diluted EPS | Reported | 0.35 | 0.0% | Affirmed | Guidance: 0.35 for 2026 | |||
| 2026 Share Repurchases | Reported | 1.00 Bil | 1.00 Bil | 0.0% | Affirmed | Guidance: 1.00 Bil for 2026 | ||
Prior: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Net run-rate savings | Reported | 350.00 Mil | ||||||
| 2028 Adjusted Operating Margin | Reported | 30.0% | ||||||
| 2026 Newfront Revenue | Reported | 250.00 Mil | 0 | Affirmed | Guidance: 250.00 Mil for 2026 | |||
| 2026 Newfront Adjusted EBITDA Margin | Reported | 26.0% | 0 | Affirmed | Guidance: 26.0% for 2026 | |||
| 2026 Willis Re JV EPS Impact | Reported | -0.3 | Affirmed | Guidance: -0.3 for 2026 | ||||
| 2026 Newfront EPS Dilution | Reported | -0.1 | Affirmed | Guidance: -0.1 for 2026 | ||||
| 2026 Foreign Exchange EPS Tailwind | Reported | 0.35 | Affirmed | Guidance: 0.35 for 2026 | ||||
| 2026 Share Repurchases | Reported | 1.00 Bil | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2026 | ||
Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Newfront Post-close Revenue | Reported | 250.00 Mil | 0 | Affirmed | Guidance: 250.00 Mil for 2026 | |||
| 2026 Newfront Adjusted EBITDA Margin | Reported | 26.0% | 0 | Affirmed | Guidance: 26.0% for 2026 | |||
| 2026 Willis Re JV Headwind on Adjusted Diluted EPS | Reported | -0.3 | 0 | Affirmed | Guidance: -0.3 for 2026 | |||
| 2026 Newfront Acquisition Dilution to Adjusted EPS | Reported | -0.1 | 0 | Affirmed | Guidance: -0.1 for 2026 | |||
| 2026 Foreign Currency Tailwind on Adjusted Diluted EPS | Reported | 0.35 | 16.7% | Raised | Guidance: 0.3 for 2026 | |||
| 2026 Share Repurchases | Reported | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2026 | |||
Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Newfront post-close revenue | Reported | 250.00 Mil | ||||||
| 2026 Newfront adjusted EBITDA margin | Reported | 26.0% | ||||||
| 2026 Willis Re joint venture headwind on Adjusted Diluted EPS | Reported | 0.3 | ||||||
| 2026 Newfront acquisition impact on Adjusted EPS | Reported | -0.1 | ||||||
| 2026 Foreign currency tailwind on Adjusted Diluted EPS | Reported | 0.3 | 200.0% | Higher New | Guidance: 0.1 for 2025 | |||
| 2026 Share Repurchases | Reported | 1.00 Bil | -33.3% | Lowered | Guidance: 1.50 Bil for 2025 | |||
Insider Activity
Updated 10/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Faber, Alexis | Chief Operating Officer | Direct | Sell | 8122026 | 342.70 | 730 | 250,172 | 3,684,564 | Form |
| 2 | Hess, Carl Aaron | Chief Executive Officer | Direct | Buy | 5052026 | 255.08 | 2,000 | 510,160 | 29,952,830 | Form |
| 3 | Furman, Matthew | General Counsel | Direct | Sell | 3052026 | 304.00 | 3,000 | 912,009 | 11,608,369 | Form |
| 4 | Clarke, Lucy | President of Risk & Broking | Direct | Buy | 2172026 | 284.84 | 3,500 | 996,929 | 5,483,164 | Form |
| 5 | Hammond, Michael P | Direct | Buy | 2132026 | 278.86 | 241 | 67,205 | 698,448 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Faber, Alexis | Chief Operating Officer | Direct | Sell | 8122026 | 342.70 | 730 | 250,172 | 3,684,564 | Form |
| 2 | Hess, Carl Aaron | Chief Executive Officer | Direct | Buy | 5052026 | 255.08 | 2,000 | 510,160 | 29,952,830 | Form |
| 3 | Furman, Matthew | General Counsel | Direct | Sell | 3052026 | 304.00 | 3,000 | 912,009 | 11,608,369 | Form |
| 4 | Clarke, Lucy | President of Risk & Broking | Direct | Buy | 2172026 | 284.84 | 3,500 | 996,929 | 5,483,164 | Form |
| 5 | Hammond, Michael P | Direct | Buy | 2132026 | 278.86 | 241 | 67,205 | 698,448 | Form |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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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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