Willis Towers Watson key statistics and ratios

In fiscal 2025, Willis Towers Watson had return on equity of 20.2%, an operating margin of 23.0%, debt equal to 121.4% of equity and a current ratio of 1.20. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Willis Towers Watson: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	20.1%	19.1%	8.1%	−21.3%	18.7%	17.2%	17.7%	6.8%	5.6%	7.0%	10.4%	9.5%	35.1%	8.7%	10.8%	−1.1%	20.2%	19.9%
Return on assets	2.8%	2.9%	1.3%	−2.9%	2.4%	2.4%	2.2%	1.7%	1.8%	2.1%	3.1%	2.7%	11.5%	3.0%	3.5%	−0.3%	5.6%	5.3%
Asset turnover	0.21	0.21	0.22	0.23	0.24	0.25	0.22	0.32	0.26	0.26	0.25	0.23	0.24	0.27	0.31	0.35	0.34	0.35
Current ratio	1.05	1.08	1.10	1.07	1.10	1.06	0.98	1.03	1.07	1.07	1.06	1.05	1.26	1.07	1.06	1.20	1.20	1.10
Debt to equity	108.9%	88.0%	95.3%	138.5%	105.0%	115.7%	146.5%	49.1%	55.7%	65.0%	78.2%	72.9%	50.0%	67.5%	78.1%	108.5%	121.4%	84.1%
Interest cover (operating income ÷ interest)	4.0x	4.5x	3.6x	n/m	5.3x	4.8x	3.0x	1.9x	2.7x	3.9x	4.5x	3.5x	10.4x	5.7x	5.8x	2.4x	8.6x	7.5x
Effective tax rate	18.2%	23.9%	13.4%	—	24.4%	30.7%	−9.7%	−28.1%	−20.3%	16.0%	18.8%	24.6%	19.9%	15.4%	16.8%	—	16.3%	20.0%
Capital spending as % of revenue	3.0%	2.5%	3.2%	3.9%	3.1%	3.0%	3.8%	2.8%	3.7%	3.1%	—	—	—	—	2.6%	2.5%	2.4%	2.3%
Free cash flow ÷ net income	73.7%	89.2%	160.8%	—	123.0%	100.6%	26.3%	170.2%	98.9%	146.8%	—	—	—	—	104.5%	—	96.3%	111.4%
Dividends ÷ net income	39.7%	38.7%	88.2%	—	52.9%	58.0%	74.3%	47.4%	48.8%	44.0%	31.5%	34.7%	8.9%	36.6%	33.4%	—	22.3%	22.8%
Dividends and buybacks ÷ free cash flow	53.9%	43.3%	54.9%	73.1%	43.0%	116.2%	366.3%	83.2%	144.0%	89.0%	—	—	—	—	122.6%	99.1%	129.9%	96.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Willis Towers Watson: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	29.7%	19.4%	16.3%	18.3%	34.6%	18.6%	14.8%	17.4%
Net margin	41.1%	10.6%	14.6%	13.3%	25.0%	12.3%	9.3%	12.3%
Free-cash-flow margin	17.9%	−3.9%	13.4%	27.1%	24.1%	−2.7%	17.2%	27.4%
Current ratio	1.20	1.16	1.13	1.10	1.20	1.19	1.10	1.10
Debt to equity	66.9%	65.3%	65.6%	68.7%	79.1%	79.0%	84.9%	84.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Willis Towers Watson's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Willis Towers Watson.