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Willis Towers Watson (WTW) stock

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NASDAQ: WTW Nasdaq Insurance Brokers Next results ~February 2, 2027

B Fundamentals grade

Willis Towers Watson is a US-listed company in the insurance brokers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$170–$340 across our lower- and higher-growth cases (-0.9%–9.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 34% above our base value.

Price used: $325.51, November 2, 2026

Willis Towers Watson valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 2 selling4 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds300 adding, 371 cuttingOf 63 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Willis Towers Watson files

10-Q filed October 29: Willis Towers Watson

Model value +14.1%

Revenue for the twelve months to September 2026 was $10.3bn, up 4.8% on a year earlier, faster than the 3.0% growth a quarter earlier. Free-cash-flow margin rose to 17.0% from 14.1% a year earlier. The diluted share count is down 4.3% on a year earlier, which lifts each remaining share. Our model value rises from $213 to $243 a share, against a share price of $324. The rating stays Sell. At that price, our model says the market is pricing in about 8.7% a year of cash-flow growth for five years, faster than the 2.7% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Willis Towers Watson

Willis Towers Watson's revenue reached $10.3bn in the twelve months to June 2026, up 4.8% on a year earlier and an acceleration from the 3.0% pace recorded a quarter earlier. Free-cash-flow margin improved to 17.0%, from 14.1% a year earlier. Meanwhile, the diluted share count fell 4.3% year on year, boosting the claim of each remaining share. These shifts take the fundamentals grade from C+ to B. Our model value, however, is little changed at $213 a share, well below the current price of $316. The rating therefore stays Sell. At that price, the market appears to be pricing in cash-flow growth of about 9.6% a year for five years, far ahead of the 2.7% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Willis Towers Watson stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $10.1bn, up 3.0% on a year earlier, faster than 0.9% a quarter earlier. Free-cash-flow margin rose to 16.7% from 12.0% a year earlier. Operating margin widened to 22.2% from 9.5%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $178 a share, against a share price of $317. At that price, our model says the market is pricing in about 12.0% a year of cash-flow growth for five years, faster than the 2.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Willis Towers Watson's trailing-twelve-month revenue grew 4.8% year on year, with a free-cash-flow margin of 17.0%. Where it stands out: change in share count of -4.3% ranks 1 of 12 insurance brokers companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$170–$340 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 26.2% while net income fell 26.1%: a 52pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $325.51 is 25% above our value per share of $240.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.63 against an average estimate of $3.59: beat by 1.2%
Revenue
$2.46bn, up 7.5% on a year earlier
Share reaction
+0.9% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted Operating Margin 30% (2028); propel cash investment $625m (by the end of 2028)
Next report
October 29, 2026; average EPS estimate $9.20

Willis Towers Watson's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.3%
  • 1 week+0.3%
  • 1 month+12.8%
  • This year+0.1%
  • 1 year+5.3%
  • 5 years+48.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.3B
Operating margin
22.0%
Net margin
15.2%
EPS (TTM, diluted)
$16.42

Growth

Revenue growth
+4.8%
Change in growth rate
+1.8 pts
Share count change
−4.3%

Cash

Free cash flow (TTM)
$1.7B
FCF margin
17.0%
Stock pay % of revenue
2.2%

Earnings

Last results
October 29, 2026
Next results (est.)
February 2, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Willis Towers Watson valuation models and calculator

What the price is pricing in

The share price implies about 8.6% a year of cash-flow growth for five years.That is faster than the 2.7% a year revenue growth Willis Towers Watson has delivered.

  • Priced in8.6%
  • Last 12 months4.8%
  • 3 years a year3.4%
  • 5 years a year2.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($323.87, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$240
Price used
$323.87close November 3, 2026
Implied change
▼ 25%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Willis Towers Watson's free cash flow after stock-based pay with after-tax interest added back ($1.5B, FY2026 Q3 TTM), growing 5.4% and 4.4% in the next two years (forecasts, guidance and its record), then back to 4.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$170–~$340 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Willis Towers Watson's free cash flow after stock-based pay ( $1.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Willis Towers Watson as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.55 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$170–$340 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$440 ~$390–$520 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$140 ~$98–$220 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$140–$220 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$19 ~$27–$340 Left out: out of range vs price (0.06x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$180 ~$140–$240 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$240 ~$140–$440 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Willis Towers Watson with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +21%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $171$251$358$499$682$919
8.5% $118$176$253$354$485$653
10% $86$131$190$268$367$495

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$110.65$106.84$133.60$136.84$184.48$195.23$222.88$232.97$233.17$306.58$325.24$325.51
Market value$15.3bn$14.7bn$18.2bn$18.1bn$24.0bn$25.4bn$28.8bn$26.1bn$24.7bn$31.3bn$32.2bn$31.0bn
+ Net debt (− = net cash)$2.7bn$4.1bn$4.6bn$5.4bn$7.1bn$5.8bn$2.1bn$5.5bn$6.0bn$6.7bn$6.6bn$4.6bn
Enterprise value$18.0bn$18.8bn$22.8bn$23.4bn$31.1bn$31.2bn$30.9bn$31.6bn$30.7bn$38.0bn$38.8bn$35.6bn
Multiples
Price / sales 4.0x1.9x2.2x2.1x2.9x2.9x3.2x2.9x2.6x3.1x3.3x3.0x
Price / earnings 40.9x35.1x32.0x26.0x23.0x25.5x6.8x25.9x23.4x—20.1x19.8x
Price / free cash flow 155.8x20.6x32.3x17.7x————22.4x24.7x20.8x17.8x
EV / EBITDA 30.1x35.8x29.7x22.9x24.0x26.8x12.4x22.0x19.1x44.3x15.8x14.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Willis Towers Watson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 3.0% of total assets over 10 years.

  • Durability 9 / 20

    Operating margin has been a median 12.2%; its worst year was 5.1%.

  • Discipline 20 / 20

    The diluted share count fell 26.6% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $19.89 +17% $10.5bn +8%
Next $22.93 +15% $11.0bn +5%

Next year's EPS estimate has moved +1.2% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 2 analysts raised Willis Towers Watson's forecast and 5 cut it.

Consensus EPS forecast Willis Towers Watson, last 90 days
$19.00 $20.00 $21.00 $22.00 $23.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.88 Current fiscal year, 60 days ago: $19.87 Current fiscal year, 30 days ago: $19.86 Current fiscal year, 7 days ago: $19.82 Current fiscal year, Now: $19.89 $19.89 Next fiscal year, 90 days ago: $22.67 Next fiscal year, 60 days ago: $22.89 Next fiscal year, 30 days ago: $22.85 Next fiscal year, 7 days ago: $22.93 Next fiscal year, Now: $22.93 $22.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.88$22.67
60 days ago $19.87$22.89
30 days ago $19.86$22.85
7 days ago $19.82$22.93
Now $19.89$22.93

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.59 $3.63 +1.2%
Jun 2026 $3.11 $3.35 +7.8%
Mar 2026 $3.65 $3.72 +1.8%
Dec 2025 $7.93 $8.12 +2.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Adjusted Diluted EPS headwind from Willis Re joint venture 2026 about $0.30 Non-GAAP Maintained
    “Expected to be a headwind on Adjusted Diluted EPS of ~$0.30” source
  • Adjusted EPS dilution from Newfront acquisition 2026 about $0.10 Non-GAAP Maintained
    “Expected to be ~$0.10 dilutive to Adjusted EPS in 2026” source
  • Foreign currency tailwind on Adjusted Diluted EPS (full year 2026) full year 2026 about $0.35 Non-GAAP Maintained
    “Expect an incremental foreign currency tailwind on Adjusted Diluted EPS of ~$0.05 for the remainder of 2026, resulting in a ~$0.35 tailwind for the full year 2026 at today's rates” source
  • Foreign currency tailwind on Adjusted Diluted EPS (remainder of 2026) remainder of 2026 about $0.05 Non-GAAP Maintained
    “Expect an incremental foreign currency tailwind on Adjusted Diluted EPS of ~$0.05 for the remainder of 2026, resulting in a ~$0.35 tailwind for the full year 2026 at today's rates” source
  • Adjusted Operating Margin 2028 about 30% Non-GAAP New
    “Announced Propel, WTW's AI Acceleration Plan, to further scale AI and automation across WTW, targeting approximately 30% Adjusted Operating Margin 2 in 2028 while positioning the Company for future growth” source
  • Annual margin expansion in R&B · Risk & Broking 2026 about 100 Non-GAAP Maintained
    “~100 basis points of annual margin expansion in R&B” source
Show 8 more items
  • Propel cash investment by the end of 2028 about $625m New
    “The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times.” source
  • Propel non-cash charges by the end of 2028 about $25m New
    “The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times.” source
  • Propel run-rate savings by the end of 2028 about $400m New
    “The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times.” source
  • Cash-cost-to-achieve ratio by the end of 2028 about 1.6 New
    “The Company expects to invest approximately $625 million of cash and incur approximately $25 million in non-cash charges to generate approximately $400 million in run-rate savings, delivering a cash-cost-to-achieve ratio of approximately 1.6 times.” source
  • Propel reinvestment to support growth 2028 about $50m New
    “After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.” source
  • Propel net run-rate savings 2028 about $350m New
    “After reinvesting approximately $50 million to support growth, the Company expects to deliver approximately $350 million in net run-rate savings and approximately 30% adjusted operating margin in 2028.” source
  • Newfront post-close revenue 2026 about $250m Maintained
    “Expected 2026 post-close revenue of ~$250M and an adjusted EBITDA margin of ~26%” source
  • Newfront adjusted EBITDA margin 2026 about 26% Non-GAAP Maintained
    “Expected 2026 post-close revenue of ~$250M and an adjusted EBITDA margin of ~26%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Willis Towers Watson's revenue by +5.4% next year and +4.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 69%) and the company's own record (+4.1%, weight 31%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1467%
Hold733%
Sell00%

Monthly trend

  1. Oct 2026212721
  2. Sep 2026212721
  3. Aug 2026212721
  4. Jul 2026213621

Counts of recommendations published by analysts covering Willis Towers Watson, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
3.98
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
46,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +5.3%

$309.04 on October 31, 2025 to $325.51

ThenNowEffect
Revenue (last 12 months) $9.8bn $10.1bn +3.0%
Net margin 1.4% 15.5% +1009.1%
P/E multiple n/m 20.0x −91.2%
Share count 101m 96m +4.4%

Biggest factor: p/e multiple.

Last 3 years +43.0%

$227.59 on November 3, 2023 to $325.51

ThenNowEffect
Revenue (last 12 months) $9.1bn $10.1bn +11.3%
Net margin 11.8% 15.5% +30.8%
P/E multiple 22.9x 20.0x −12.6%
Share count 108m 96m +12.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WTW+14%+5%+0%+32%+6%+0%
Industry peers (median)+6%−27%+21%+25%−21%−2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WTW67%33%42%83%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WTW−25%−21%−23%−10%−13%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 33% from February 5, 2020 to March 23, 2020. Getting back needed a 49% gain, reached on February 5, 2021, 319 days after the low.

Price behaviour

52-week range
$240.44 – $349.58
From 52-week high
−6.9%
vs 50-day average
+3.6%
vs 200-day average
+10.4%
Volatility (1 year)
31%
Beta vs S&P 500
-0.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.3%
After a week
6 up, 5 down
typical move ±6.6%
After a month
6 up, 5 down
typical move ±6.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.9% −2.1% — —
July 30, 2026 +6.3% +2.4% +7.6% +8.8%
April 30, 2026 −11.6% +1.3% −11.0% −11.4%
February 3, 2026 +7.3% −1.3% −8.5% −5.1%
October 30, 2025 −1.4% −0.8% +1.5% +1.0%
July 31, 2025 +4.3% −2.0% +7.7% +8.3%
April 24, 2025 −7.2% +2.8% −5.9% −5.1%
February 4, 2025 −3.0% +1.1% −3.5% −0.1%
October 31, 2024 +2.0% −1.5% +7.6% +9.2%
July 25, 2024 +6.0% +0.6% +6.5% +5.4%
April 25, 2024 −5.1% +0.6% −4.5% −4.3%
February 6, 2024 +8.5% +1.1% +8.1% +9.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Willis Towers Watson’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Willis Towers Watson in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Willis Towers Watson
$9.4B $9.6B $9.8B $10B $10.2B $10.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.5B Revenue (TTM), FY24 Q1: $9.6B Revenue (TTM), FY24 Q2: $9.7B Revenue (TTM), FY24 Q3: $9.8B Revenue (TTM), FY24 Q4: $9.9B Revenue (TTM), FY25 Q1: $9.8B Revenue (TTM), FY25 Q2: $9.8B Revenue (TTM), FY25 Q3: $9.8B Revenue (TTM), FY25 Q4: $9.7B Revenue (TTM), FY26 Q1: $9.9B Revenue (TTM), FY26 Q2: $10.1B Revenue (TTM), FY26 Q3: $10.3B $10.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.5B
FY24 Q1 $9.6B
FY24 Q2 $9.7B
FY24 Q3 $9.8B
FY24 Q4 $9.9B
FY25 Q1 $9.8B
FY25 Q2 $9.8B
FY25 Q3 $9.8B
FY25 Q4 $9.7B
FY26 Q1 $9.9B
FY26 Q2 $10.1B
FY26 Q3 $10.3B
Revenue growth, TTM YoY Willis Towers Watson
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.0% Revenue growth, TTM YoY, FY24 Q1: 7.0% Revenue growth, TTM YoY, FY24 Q2: 6.7% Revenue growth, TTM YoY, FY24 Q3: 5.6% Revenue growth, TTM YoY, FY24 Q4: 4.7% Revenue growth, TTM YoY, FY25 Q1: 2.4% Revenue growth, TTM YoY, FY25 Q2: 1.3% Revenue growth, TTM YoY, FY25 Q3: -0.0% Revenue growth, TTM YoY, FY25 Q4: -2.2% Revenue growth, TTM YoY, FY26 Q1: 0.9% Revenue growth, TTM YoY, FY26 Q2: 3.0% Revenue growth, TTM YoY, FY26 Q3: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.0%
FY24 Q1 7.0%
FY24 Q2 6.7%
FY24 Q3 5.6%
FY24 Q4 4.7%
FY25 Q1 2.4%
FY25 Q2 1.3%
FY25 Q3 -0.0%
FY25 Q4 -2.2%
FY26 Q1 0.9%
FY26 Q2 3.0%
FY26 Q3 4.8%
Operating margin (TTM) Willis Towers Watson
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.4% Operating margin (TTM), FY24 Q1: 14.2% Operating margin (TTM), FY24 Q2: 14.8% Operating margin (TTM), FY24 Q3: 5.1% Operating margin (TTM), FY24 Q4: 6.3% Operating margin (TTM), FY25 Q1: 7.9% Operating margin (TTM), FY25 Q2: 9.5% Operating margin (TTM), FY25 Q3: 21.6% Operating margin (TTM), FY25 Q4: 23.0% Operating margin (TTM), FY26 Q1: 22.7% Operating margin (TTM), FY26 Q2: 22.2% Operating margin (TTM), FY26 Q3: 22.0% 22.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.4%
FY24 Q1 14.2%
FY24 Q2 14.8%
FY24 Q3 5.1%
FY24 Q4 6.3%
FY25 Q1 7.9%
FY25 Q2 9.5%
FY25 Q3 21.6%
FY25 Q4 23.0%
FY26 Q1 22.7%
FY26 Q2 22.2%
FY26 Q3 22.0%
FCF margin (TTM) Willis Towers Watson
8% 10% 12% 14% 16% 18% FY18 Q3 FY19 Q2 FY25 Q2 FY26 Q3 FCF margin (TTM), FY18 Q3: 9.1% FCF margin (TTM), FY18 Q4: 12.0% FCF margin (TTM), FY19 Q1: 11.3% FCF margin (TTM), FY19 Q2: 11.0% FCF margin (TTM), FY24 Q4: 12.8% FCF margin (TTM), FY25 Q1: 12.4% FCF margin (TTM), FY25 Q2: 12.0% FCF margin (TTM), FY25 Q3: 14.1% FCF margin (TTM), FY25 Q4: 15.9% FCF margin (TTM), FY26 Q1: 15.8% FCF margin (TTM), FY26 Q2: 16.7% FCF margin (TTM), FY26 Q3: 17.0% 17.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY18 Q3 9.1%
FY18 Q4 12.0%
FY19 Q1 11.3%
FY19 Q2 11.0%
FY24 Q4 12.8%
FY25 Q1 12.4%
FY25 Q2 12.0%
FY25 Q3 14.1%
FY25 Q4 15.9%
FY26 Q1 15.8%
FY26 Q2 16.7%
FY26 Q3 17.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Willis Towers Watson took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $9.7B
  2. Other operating costs $7.5B · 77.0%
  3. Operating income $2.2B · 23.0%
  4. Income tax $318M · 3.3%
  5. Interest and other $311M · 3.2%
  6. Net income $1.6B · 16.5%

Shares of revenue. Source: Willis Towers Watson's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3.3 3.3 3.4 3.5 3.7 3.8 3.8 7.9 8.2 8.5 8.4 8.6 9.0 8.9 9.5 9.9 9.7 10.3
EBITDA 0.9 0.9 0.7 −0.3 0.8 0.8 0.6 0.5 0.8 1.0 1.3 1.2 2.5 1.4 1.6 0.9 2.5 2.5
Operating income 0.7 0.8 0.6 −0.2 0.7 0.6 0.4 0.3 0.5 0.8 1.1 0.9 2.2 1.2 1.4 0.6 2.2 2.3
Net income 0.4 0.5 0.2 −0.4 0.4 0.4 0.4 0.4 0.6 0.7 1.0 1.0 4.2 1.0 1.1 −0.1 1.6 1.6
Diluted EPS $3.43 $3.52 $1.54 −$3.42 $2.69 $2.66 $2.71 $3.04 $4.18 $5.27 $8.02 $7.65 $32.78 $8.98 $9.95 −$0.96 $16.26 $16.42
Growth (year on year)
Revenue +15.1% +2.4% +3.5% +1.0% +5.0% +4.0% +0.7% +106.0% +4.0% +3.8% −1.7% +2.9% +4.4% −1.5% +7.0% +4.7% −2.2% +4.8%
EBITDA +53.3% +5.2% −21.2% −142.9% — −2.3% −24.6% −12.0% +46.0% +33.1% +26.6% −9.8% +112.8% −42.3% +12.1% −46.7% +187.0% +6.1%
Operating income +37.2% +9.1% −24.8% −139.8% — −2.4% −34.0% −18.5% +48.3% +56.8% +30.3% −18.5% +156.3% −46.5% +15.9% −54.1% +256.3% +6.5%
Net income +44.6% +3.9% −55.2% −318.6% — −0.8% +3.0% +12.6% +35.2% +22.4% +50.2% −4.6% +323.9% −76.1% +4.6% −109.3% — −26.1%
Diluted EPS — +2.7% −56.4% −322.4% — −0.9% +1.7% +12.4% +37.5% +26.1% +52.2% −4.6% +328.5% −72.6% +10.8% −109.6% — −22.8%
Margins
EBITDA margin 26.3% 27.0% 20.5% −8.7% 22.2% 20.9% 15.6% 6.7% 9.4% 12.0% 15.5% 13.5% 27.6% 16.2% 16.9% 8.6% 25.3% 24.2%
Operating margin 21.2% 22.6% 16.4% −6.5% 18.1% 17.0% 11.2% 4.4% 6.3% 9.5% 12.6% 10.0% 24.5% 13.3% 14.4% 6.3% 23.0% 22.0%
Net margin 13.5% 13.7% 5.9% −12.8% 10.0% 9.5% 9.7% 5.3% 6.9% 8.2% 12.5% 11.6% 46.9% 11.4% 11.1% −1.0% 16.5% 15.2%
Free-cash-flow margin 9.9% 12.2% 9.5% 11.2% 12.3% 9.6% 2.6% 9.1% 6.9% 12.0% — — — — 11.6% 12.8% 15.9% 17.0%
Cash flow
Cash from operations 0.4 0.5 0.4 0.5 0.6 0.5 0.2 0.9 0.9 1.3 1.1 1.8 2.1 0.8 1.3 1.5 1.8 2.0
Capital spending 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 — — — — 0.2 0.2 0.2 0.2
Free cash flow 0.3 0.4 0.3 0.4 0.4 0.4 0.1 0.7 0.6 1.0 — — — — 1.1 1.3 1.5 1.7
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2
Free cash flow after stock pay 0.3 0.4 0.3 0.4 0.4 0.3 0.0 0.6 0.5 1.0 — — — — 1.0 1.1 1.4 1.5
Balance sheet
Cash 0.2 0.3 0.4 0.5 0.8 0.6 0.5 0.9 1.0 1.0 0.9 2.0 4.5 1.3 1.4 1.9 3.1 1.9
Total debt 2.4 2.3 2.4 2.4 2.3 2.3 3.3 4.9 5.6 6.4 8.0 7.9 6.6 6.8 7.4 8.6 9.7 6.5
Net debt (negative = net cash) 2.2 2.0 1.9 1.9 1.5 1.7 2.7 4.1 4.6 5.4 7.1 5.8 2.2 5.5 6.0 6.7 6.6 4.6
Diluted shares 128m 129m 133m 131m 136m 136m 138m 138m 136m 132m 130m 130m 129m 112m 106m 102m 99m 95m
Returned to shareholders
Dividends 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4
Buybacks — 0.0 0.0 0.1 0.0 0.2 0.1 0.4 0.5 0.6 0.2 0.0 1.6 3.5 1.0 0.9 1.7 1.3
Total returned 0.2 0.2 0.2 0.3 0.2 0.4 0.4 0.6 0.8 0.9 0.5 0.3 2.0 3.9 1.4 1.3 2.0 1.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $30.0bn
Short-term assets $16.1bnLonger-term assets $13.9bn
What it owes, and who funded it · $29.9bn
Short-term liabilities $14.6bnLonger-term liabilities $7.5bnShareholders' equity $7.8bn
  • Short-term assets cover short-term liabilities $16.1bn of assets due within a year against $14.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $16.1bn short-term assets against $7.5bn of longer-dated liabilities.
  • More cash than debt $1.9bn of cash against $6.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 84% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 36% to 84% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.0bn of operating cash flow against $6.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.3bn against $301m of interest.

From Willis Towers Watson's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.3B
Dividends (TTM)
$356M
Returned to shareholders
96%
of free cash flow
Buybacks, last 3 fiscal years
$3.6B
Diluted share count
−4.3%
year over year
Total shareholder yield
5.5%
dividends 1.2% + buybacks 4.3% of market value
Dividend payout ratio
23%
of net income paid out
Days sales outstanding
87 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in insurance brokers
Last 12 months unless stated WTW BRO AJG AON ERIE MRSH Median
Revenue, last 12 months $10.3bn $6.9bn $15.8bn $17.7bn $4.1bn $28.5bn $1.6bn
Revenue growth, last 12 months 4.8% 26.1% 26.3% 3.8% 2.0% 7.6% 7.6%
Revenue growth, 3-year average 3.4% 18.7% 19.6% 10.4% 9.4% 8.6% 13.8%
Revenue growth, latest quarter 7.5% 7.4% 24.2% 2.6% 0.3% 8.1% 4.7%
Operating margin 22.0% — — 26.3% 17.9% 21.4% 9.4%
Operating margin, 3-year average 16.2% — — 24.9% 17.7% 22.9% 4.9%
Net margin 15.2% 17.6% 10.0% 22.2% 14.0% 14.2% 4.9%
Cash from operations / revenue 19.3% 22.9% 15.5% 20.2% 16.8% 15.7% 15.5%
Free-cash-flow margin 17.0% 21.5% 14.5% 18.5% 13.4% 14.6% 13.4%
Free-cash-flow margin, 3-year average 14.0% 22.4% 17.2% 18.5% 13.5% 16.2% 13.7%
Stock pay / revenue 2.2% 1.3% 0.4% 2.1% — 1.5% 1.4%
Change in share count −4.3% 12.3% 7.4% −1.3% — −2.0% 5.7%

Median of all 17 companies we cover in insurance brokers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 insurance brokers companies
Measure Company Peer median Rank
Revenue growth Growth 4.8% 7.6% 12 of 17
Change in growth rate Growth +1.8pp -0.7pp 6 of 17
Operating margin Profitability 22.0% 10.8% 3 of 14
Net margin Profitability 15.2% 4.9% 3 of 17
Free-cash-flow margin Cash generation 17.0% 17.0% 3 of 6
Stock pay as % of revenue Cash generation 2.2% 1.5% 12 of 16
Long-term debt as % of assets Balance sheet 19.3% 24.9% 2 of 5
Change in share count Balance sheet -4.3% 7.4% 1 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Health Wealth and Career $5.3B 55.6% ▼ 8.8%
Risk and Broking $4.2B 44.4% ▲ 7.6%
Corporate $3M 0.0% ▼ 72.7%
Products and services
Line of business Revenue YoY
Services $9.4B ▼ 2.3%
Broking $4.3B ▼ 9.9%
Consulting $3.3B ▲ 7.1%
Outsourced Administration $1.2B ▼ 0.2%
Other $644M ▲ 6.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Foreign Countries $9.6B 98.5% ▼ 2.4%
United States $4.5B 47.1% ▼ 12.2%
Rest of World $3B 31.3% ▲ 6.5%
United Kingdom $2.1B 21.6% ▲ 11.1%
Ireland $143M 1.5% ▲ 9.2%

From Willis Towers Watson's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$24.9B
Institutions reporting
686
Shares held vs prior quarter
▲ 5.8%
Positions opened / closed
63 / 94

Top buyers and sellers, Q2 2026: 300 institutions bought and 371 sold ; the biggest buyer was First Eagle Investment Management, LLC (+4.6M shares) and the biggest seller Victory Capital Management Inc (−1.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $2.3B 9.0M 9.4% ▲ 106.3%
Blackrock, Inc. $2.2B 8.3M 8.7% ▲ 2.5%
Dodge & Cox $2.1B 8.0M 8.4% ▲ 9.5%
Vanguard Capital Management LLC $1.6B 6.2M 6.5% ▲ 0.2%
Harris Associates L P $1.5B 5.9M 6.2% ▼ 1.8%
Artisan Partners Limited Partnership $1.4B 5.5M 5.8% ▲ 46.3%
Massachusetts Financial Services Co $1.3B 4.9M 5.4% ▼ 5.1%
State Street Corp $1.1B 4.3M 4.5% ▲ 2.3%
Vanguard Portfolio Management LLC $1.1B 4.1M 4.3% ▲ 0.2%
Geode Capital Management, LLC $677M 2.6M 2.7% ▲ 0.5%
FMR LLC $579M 2.2M 2.3% ▲ 2.9%
Invesco Ltd. $568M 2.2M 2.3% ▼ 6.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Willis Towers Watson's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.1M 4 trades by 3 insiders, last 12 months Insider sales History → $1.2M 2 trades by 2 insiders · 0% under pre-set plans
Net ▲ $911,454 net buying
Insider Date Trade Shares Price Value
Faber Alexis Chief Operating Officer August 10, 2026 Sell 730 $342.70 $250,172
Clarke Lucy President of Risk & Broking May 6, 2026 Buy 1,896 $263.37 $499,340
Hess Carl Aaron Chief Executive Officer May 4, 2026 Buy 2,000 $255.08 $510,160
Furman Matthew General Counsel March 3, 2026 Sell 3,000 $304.00 $912,009
Clarke Lucy President of Risk & Broking February 13, 2026 Buy 3,500 $284.84 $996,929
Hammond Michael P. Director February 12, 2026 Buy 241 $278.86 $67,205

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in Willis Towers Watson disclosed in the last 12 months; 11 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded June 26, 2025, filed July 10, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 7, 2025, filed May 14, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 3, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Willis Towers Watson was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Willis Towers Watson in brief

What does Willis Towers Watson do?
Willis Towers Watson is a US-listed company in the insurance brokers industry. Its financial year ends in December.
What is Willis Towers Watson's stock ticker?
Willis Towers Watson trades under the ticker WTW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Willis Towers Watson's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Willis Towers Watson reported revenue of $10.3B, 4.8% higher than a year earlier, according to its SEC filings.
What is Willis Towers Watson's free cash flow?
Willis Towers Watson's free-cash-flow margin is 17.0% of revenue over the trailing twelve months, ranking 3 of the 6 insurance brokers companies we cover.
What is Willis Towers Watson's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Willis Towers Watson's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$170–$340 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Willis Towers Watson's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Dodge & Cox. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Willis Towers Watson buying back stock, and does it pay a dividend?
Willis Towers Watson spent $1.3B on share repurchases over the trailing twelve months, and its diluted share count fell 4.3% over the year.
What is Willis Towers Watson's market cap?
On November 2, 2026, Willis Towers Watson's market capitalisation was about $31B, with a price-to-earnings ratio of 19.8 and net debt of $4.6B. Market figures come from third-party market data and may be delayed.
Does Willis Towers Watson pay a dividend?
Yes: Willis Towers Watson paid $356M in dividends over the trailing twelve months, a dividend yield of 1.16% and a payout ratio of 22.8%.
How much debt does Willis Towers Watson have?
Willis Towers Watson's debt-to-equity ratio is 84.1%, from its latest balance sheet (36.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Willis Towers Watson's competitors?
In our Insurance Brokers peer group, the companies closest to Willis Towers Watson are Brown & Brown, Arthur J. Gallagher & Co., Aon plc, Erie Indemnity and Marsh McLennan. The side-by-side comparison below sets their revenue, margins and growth against Willis Towers Watson's.
Are insiders buying or selling Willis Towers Watson stock?
Over the last 12 months, Willis Towers Watson's directors and officers reported 4 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Willis Towers Watson's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Willis Towers Watson announces its own schedule.