Willis Towers Watson PLC (WTW)
Financials · Insurance Brokers · US stock · S&P 500 component
$332.18
▲ +14.56 (4.58%)
Fair valueFair
$333 +0.4% to fair value
$167fair band $284–$404$500
Day's range
$320.39 – $332.59
52-week range
$240.61 – $351.51
About Willis Towers Watson PLC
Willis Towers Watson is a global advisory, broking and solutions company. Its insurance brokerage arranges property, casualty, liability and specialty cover for corporate clients, while its advisory teams work with employers on pensions, health and benefits, talent and reward, and investment strategy. Customers are mainly large and mid-sized companies and institutions, which hire it to manage their risks and their workforce costs.
WTW earns revenue mainly from fees and commissions: fees for consulting and administration, and commissions paid by insurers on the policies it places. The last twelve months produced $10.1 billion, and growth over the last three years was 3.1% a year. The operating margin is 22.2%, and the business earns a profit of 14% on the capital invested in it. It carries net debt of 2.2 times EBITDA. The company pays a dividend with a yield of 1.1%. On the site's X-Ray Score it receives 37 out of 100.
Price chart
52-wk range $240.61 – $351.51Volume 523,011Daily, split-adjusted
Vitals
Market cap$31.2B
52-week range$240.61 – $351.51
Volume (last day)523,011
P/E (TTM)20.5
EBIT / EV yield6.2%
Free-cash-flow yield5.4%
Dividend yield1.1%
Revenue (TTM)$10.1B
Net income (TTM)$1.6B
Operating margin22.2%
Return on capital14.3%
Debt incl. leases$6.5B
Cash & securities$1.7B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$333middle half of models $332 – $363
Fair
+0.4% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $332
Undervalued < $284Fair $284 – $404Overvalued > $404
P/E multiple
$333
P/B multiple
$279
P/S multiple
$342
EV/EBITDA multiple
$367
EV/EBIT multiple
$402
EV/revenue multiple
$343
10-year DCF, EBITDA exit
$365
5-year DCF, EBITDA exit
$369
10-year DCF, revenue exit
$355
5-year DCF, revenue exit
$352
10-year DCF, growth exit
$332
5-year DCF, growth exit
$331
Dividend discount, stable
$176
Dividend discount, multi-stage
$294
Earnings power value
$361
Growth the price implies
9.9%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
37/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield6.2%
Free-cash-flow yield5.4%
Fair value vs price1.0×
Growth
Weak
29/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)3.1%
EPS growth (3y)21.9%
Growth consistency60%
Profitability
Weak
48/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital14.3%
Operating margin22.2%
Financial health
Weak
39/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA2.2×
Interest cover7.9×
Dividends
Weak
27/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield1.1%
Dividends vs free cash flow21%
Dividend growth-1.0%
Quarterly results: last 6 quarters
-5.0%
Mar '25
-0.2%
Jun '25
0.0%
Sep '25
-3.3%
Dec '25
+8.5%
Mar '26
+9.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.5B, diluted EPS $2.43.
Compare with peers
BRO Brown & Brown, Inc.54 MRSH Marsh & Mclennan Compa...50 AON Aon plc48 AJG Arthur J. Gallagher &...46Other Insurance Brokers companies by X-Ray Score.
SWOT analysis: Willis Towers Watson PLC
Strengthsinside the company
- Return on invested capital is 14.3%, against a median of 10.2% for industry peers.
- Earnings per share have compounded at 21.9% a year over three years.
- Free cash flow equals 5.4% of the market value, which funds dividends, buybacks or debt paydown.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Altman Z-score of 1.1 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Revenue growth slowed to -2.2% last year from 3.1% a year over three years.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare WTW with peers and sector
Medians of 4 Insurance Brokers peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): MRSH 50, AJG 46, AON 48, BRO 54.
| Metric | WTW | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 37 | 49 | 50 |
| Valuation | 37 | 49 | 52 |
| Growth | 29 | 66 | 54 |
| Profitability | 47 | 48 | 49 |
| Financial health | 39 | 28 | 51 |
| Dividends | 27 | 59 | 54 |
Sector leaders: highest X-Ray Score in Financials
WTW ranks #60 of 71 in Financials and #5 of 5 in Insurance Brokers by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for WTW
Each factor is rated by where WTW stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 2 Good · 9 Average · 9 Bad of 20
Growth: 1 · 0 · 2
Profitability: 1 · 3 · 0
Financial strength: 0 · 2 · 2
Valuation: 0 · 2 · 3
Cash flow: 0 · 2 · 1
Efficiency: 0 · 0 · 1
| Factor | WTW | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.1% | Bad beats 18% | +8.3% | – | – |
| Revenue growth, last year | −2.2% | Bad beats 10% | +6.9% | +4.4% | ▼ Worse |
| EPS growth, 3 years a year | +21.9% | Good beats 75% | +12.7% | – | – |
| Profitability | |||||
| Operating margin | 22.2% | Average beats 34% | 29.1% | 14.4% | ▲ Better |
| Net margin | 15.5% | Average beats 35% | 21.8% | 11.4% | ▲ Better |
| Return on invested capital | 14.3% | Average beats 55% | 13.5% | – | – |
| Return on equity | 20.4% | Good beats 71% | 15.7% | 11.1% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.2x | Bad beats 33% | 1.1x | 2.8x | ▲ Better |
| Interest cover | 7.9x | Bad beats 22% | 50.0x | 5.8x | ▲ Better |
| Current ratio | 1.10 | Average beats 63% | 1.05 | 1.20 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 55% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 20.0x | Bad beats 33% | 13.8x | 22.3x | ▲ Better |
| Price / book | 4.1x | Bad beats 24% | 2.2x | 2.7x | ▼ Worse |
| Price / sales | 3.1x | Average beats 52% | 3.1x | 3.2x | ≈ In line |
| EV / EBITDA | 16.1x | Bad beats 32% | 10.8x | 21.5x | ▲ Better |
| Free cash flow yield | 5.4% | Average beats 40% | 5.8% | 4.3% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 16.7% | Bad beats 30% | 23.2% | 12.8% | ▲ Better |
| Cash from operations / net income | 1.23 | Average beats 49% | 1.25 | 0.96 | ▲ Better |
| Accruals (lower is better) | −1.2% | Average beats 55% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 94 days | Bad beats 24% | 53 days | 98 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 1 Good · ● 9 Average · ● 4 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 41/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.0B | $8.9B | $9.5B | $9.9B | $9.7B |
| Operating income | $2.2B | $1.2B | $1.4B | $627M | $2.2B |
| Net income | $4.2B | $1.0B | $1.1B | −$98M | $1.6B |
| Operating cash flow | $2.1B | $812M | $1.3B | $1.5B | $1.8B |
| Operating margin | 24.5% | 13.3% | 14.4% | 6.3% | 23.0% |
| Free cash flow | – | – | $1.1B | $1.3B | $1.5B |
| Diluted EPS | $32.78 | $8.98 | $9.95 | $-0.96 | $16.26 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 309.8 | Bullish |
| EMA 10 | 312.8 | Bullish |
| SMA 20 | 300.3 | Bullish |
| EMA 20 | 308.1 | Bullish |
| SMA 50 | 315.5 | Bullish |
| EMA 50 | 308.2 | Bullish |
| SMA 100 | 301.6 | Bullish |
| EMA 100 | 304.4 | Bullish |
| SMA 200 | 295.1 | Bullish |
| EMA 200 | 301.6 | Bullish |
Oscillators (daily)
| RSI (14) | 71.84 | Bearish |
| MACD (12, 26) | 3.16 | Bullish |
| Momentum (12) | 13.77 | Bullish |
| Stochastic %K (14) | 99.17 | Bearish |
| Williams %R (14) | -0.83 | Bearish |
| CCI (20) | 182.9 | Bearish |
Pivot points (classic, last session)
S3 312.0 | S2 316.2 | S1 324.2 | Pivot 328.4 | R1 336.4 | R2 340.6 | R3 348.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.80 USD
Yield on today's price
1.14%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.9600 | |
| 0.9600 | |
| 0.9600 | |
| 0.9200 | |
| 0.9200 | |
| 0.9200 | |
| 0.9200 | |
| 0.8800 | |
| 0.8800 | |
| 0.8800 | |
| 0.8800 | |
| 0.8400 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold WTW
| ETF | Share of the fund |
|---|---|
| KIE SPDR S&P Insurance | 1.77% |
| FEOE First Eagle Overseas Equity | 1.12% |
| FEGE First Eagle Global Equity | 1.12% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 0.52% |
| IYF iShares U.S. Financials | 0.48% |
| VOE Vanguard Mid-Cap Value | 0.43% |
| FVD First Trust Value Line Dividend Index | 0.40% |
| USMV iShares MSCI USA Min Vol Factor | 0.39% |
The eight funds with the largest weight in WTW among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
WTW SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.