NASDAQ: WTW
Willis Towers Watson
Financials · Insurance Agents, Brokers & Service
52-week range
$240.61$351.51
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$26.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $16.6B |
| FY2017, ended Dec 31, 2017 | $19.9B |
| FY2018, ended Dec 31, 2018 | $19.6B |
| FY2019, ended Dec 31, 2019 | $26.0B |
| FY2020, ended Dec 31, 2020 | $27.2B |
| FY2021, ended Dec 31, 2021 | $28.0B |
| FY2022, ended Dec 31, 2022 | $26.1B |
| FY2023, ended Dec 31, 2023 | $24.7B |
| FY2024, ended Dec 31, 2024 | $31.2B |
| FY2025, ended Dec 31, 2025 | $31.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $26.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$10.3B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.89B |
| FY2017, ended Dec 31, 2017 | $8.20B |
| FY2018, ended Dec 31, 2018 | $8.51B |
| FY2019, ended Dec 31, 2019 | $8.37B |
| FY2020, ended Dec 31, 2020 | $8.62B |
| FY2021, ended Dec 31, 2021 | $9.00B |
| FY2022, ended Dec 31, 2022 | $8.87B |
| FY2023, ended Dec 31, 2023 | $9.48B |
| FY2024, ended Dec 31, 2024 | $9.93B |
| FY2025, ended Dec 31, 2025 | $9.71B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $420M | $715M |
| FY2017, ended Dec 31, 2017 | $568M | $562M |
| FY2018, ended Dec 31, 2018 | $695M | $1.02B |
| FY2019, ended Dec 31, 2019 | $1.04B | — |
| FY2020, ended Dec 31, 2020 | $996M | — |
| FY2021, ended Dec 31, 2021 | $4.22B | — |
| FY2022, ended Dec 31, 2022 | $1.01B | — |
| FY2023, ended Dec 31, 2023 | $1.05B | $1.10B |
| FY2024, ended Dec 31, 2024 | −$98.0M | $1.27B |
| FY2025, ended Dec 31, 2025 | $1.60B | $1.55B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.56B | $1.74B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.95B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $870M |
| FY2017, ended Dec 31, 2017 | $1.03B |
| FY2018, ended Dec 31, 2018 | $1.03B |
| FY2019, ended Dec 31, 2019 | $887M |
| FY2020, ended Dec 31, 2020 | $2.04B |
| FY2021, ended Dec 31, 2021 | $4.49B |
| FY2022, ended Dec 31, 2022 | $1.26B |
| FY2023, ended Dec 31, 2023 | $1.42B |
| FY2024, ended Dec 31, 2024 | $1.89B |
| FY2025, ended Dec 31, 2025 | $3.13B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.95B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.53B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.94B |
| FY2017, ended Dec 31, 2017 | $5.64B |
| FY2018, ended Dec 31, 2018 | $6.40B |
| FY2019, ended Dec 31, 2019 | $8.02B |
| FY2020, ended Dec 31, 2020 | $7.88B |
| FY2021, ended Dec 31, 2021 | $6.64B |
| FY2022, ended Dec 31, 2022 | $6.76B |
| FY2023, ended Dec 31, 2023 | $7.43B |
| FY2024, ended Dec 31, 2024 | $8.61B |
| FY2025, ended Dec 31, 2025 | $9.69B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.53B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 32.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.92.2M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 136M |
| FY2017, ended Dec 31, 2017 | 132M |
| FY2018, ended Dec 31, 2018 | 129M |
| FY2019, ended Dec 31, 2019 | 129M |
| FY2020, ended Dec 31, 2020 | 129M |
| FY2021, ended Dec 31, 2021 | 118M |
| FY2022, ended Dec 31, 2022 | 107M |
| FY2023, ended Dec 31, 2023 | 102M |
| FY2024, ended Dec 31, 2024 | 99.7M |
| FY2025, ended Dec 31, 2025 | 94.5M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 92.2M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.09B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $396M | $123M | $63.0M | $8.69B |
| FY2017, ended Dec 31, 2017 | $532M | $67.0M | $61.0M | — |
| FY2018, ended Dec 31, 2018 | $602M | $50.0M | $45.0M | — |
| FY2019, ended Dec 31, 2019 | $150M | $74.0M | $45.0M | — |
| FY2020, ended Dec 31, 2020 | $0 | $90.0M | $16.0M | — |
| FY2021, ended Dec 31, 2021 | $1.63B | $101M | $10.0M | — |
| FY2022, ended Dec 31, 2022 | $3.53B | $99.0M | $7.00M | — |
| FY2023, ended Dec 31, 2023 | $1.00B | $125M | $0 | — |
| FY2024, ended Dec 31, 2024 | $901M | $121M | $0 | — |
| FY2025, ended Dec 31, 2025 | $1.65B | $153M | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.32B | $228M | — | — |
Revenue (TTM)
$10.3B
+4.8% YoY
Net income (TTM)
$1.56B
−26.1% YoY
Cash
$1.95B
+2.7% YoY
Total debt
$6.53B
+22.9% YoY
Valuation
At current price- Market Cap
- $29.9B
- P/E
- 19.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.9×
- Price / Book
- 3.9×
- EV / EBITDA
- 12.8×
Growth
Trailing 12 months- Revenue (TTM)
- $10.3B
- Revenue Growth YoY
- 4.8%
- Revenue CAGR 3Y
- 3.1%
- Revenue CAGR 5Y
- 2.4%
- EPS Growth YoY
- −22.1%
- Net Income Growth YoY
- −26.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 22.0%
- Net Margin
- 15.2%
- FCF Margin
- 17.0%
- Return on Equity
- 20.2%
Earnings
Trailing 12 months- Net Income
- $1.56B
- EPS (diluted)
- $16.28
- EBITDA
- $2.69B
- Operating Income
- $2.26B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.95B
- Total Debt
- $6.53B
- Net Debt
- $4.59B
- Total Assets
- $30.0B
- Total Liabilities
- $22.2B
- Shareholders' Equity
- $7.76B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.98B
- Capital Expenditure
- $241M
- Free Cash Flow
- $1.74B
Dividends and risk
Last 12 months- Dividend Yield
- 1.2%
- Dividend / Share
- $3.80
- Beta (5Y)
- 0.46
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $10.3B.
Note
Net margin of 15.2% over the last 12 months.
Strength
Turns 17.0% of revenue into free cash flow.
Strength
Share count is down 3.7% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 25, 2026 · Read the filing on EDGAR
- Net income was $1.6 billion, against a $98 million loss in 2024, mainly because TRANZACT sale charges and Transformation costs did not recur.
- Reported revenue fell 2% to $9.7 billion after the TRANZACT sale, but revenue excluding currency moves and deals grew 5%, with both segments growing.
- WTW raised $1.0 billion in new notes to buy Newfront, completed January 2026, and also agreed a $775 million term loan for debt repayment and further acquisitions.
- WTW bought back $1.6 billion of shares, and the board added $1.5 billion to the repurchase authorization.
Business momentum
Improving
“Income from operations for the year ended December 31, 2025 was $2.2 billion, compared to $627 million for the year ended December 31, 2024, an increase of $1.6 billion.”
Outlook
Cautious
“Overall, at the time of filing this Annual Report, we are seeing a softening market.”
Financial stress
Low
“we believe that WTW has access to sufficient liquidity to meet our cash needs, including debt repayment, for the next twelve months”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Underlying revenue grew 5%, with both segments contributing
“The increase in organic revenue was driven by strong performances in both segments.”
Risk & Broking profit rose on strong growth
“R&B segment operating income increased due primarily to operating leverage driven by strong organic revenue growth.”
Free cash flow rose to $1.5 billion from $1.3 billion
“The increase in free cash flow during the current year was primarily driven by operating margin expansion and lower Transformation program residual cash outflows.”
Concerns
Softening insurance market may pressure commissions and margins
“A period of low or declining premium rates, generally known as a ‘soft’ or ‘softening’ market, generally leads to downward pressure on commission revenue and can have a material adverse impact on our revenue and operating margin.”
Staff costs took a larger share of revenue
“Salaries and benefits, as a percentage of revenue, represented 58% and 55% for the years ended December 31, 2025 and 2024, respectively.”
Largest segment's profit slipped after the TRANZACT sale
“HWC segment operating income declined slightly as improvements from operating efficiencies were offset by the operating income lost from sale of TRANZACT.”
New risks since the previous report
AI tools could let clients replace some WTW services
“rapid advances in generative and agentic AI may enable certain clients to perform internally, automate, or obtain through low-cost digital tools analytical, benchmarking, modeling, drafting or other work that they have historically relied on us to provide”
Integrating Newfront's digital brokerage platform
“our acquisition of Newfront requires the integration of a technology-enabled brokerage platform and digital-first operating model into our existing broking operations”
Cushon brings added UK pension and financial regulation exposure
“exposes us to additional risks related to U.K. financial services and pension regulation, operational-resilience and data‑privacy requirements”
Staff or vendors could leak confidential data through outside AI tools
“The use of third-party generative AI tools by our employees, contractors, consultants, vendors or service providers also presents a risk that confidential, personal or proprietary information could be inadvertently disclosed through prompts or uploads”
Biggest risks named
- Softening insurance market reducing commissions
- AI and new competitors reducing demand for services
- Integrating acquisitions such as Newfront and Cushon
- Data security breaches and cyberattacks, including AI-enabled attacks
- Loss of key staff and client relationships
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 25, 2026 | 64 | Improving | None | |
| 10-K | Feb 25, 2025 | 38 | Sharp deterioration | 1 medium | |
| 10-K | Feb 22, 2024 | 67 | Improving | 1 medium | |
| 10-K | Feb 24, 2023 | 38 | Sharp deterioration | 1 medium | |
| 10-K | Feb 24, 2022 | 68 | Strong improvement | 1 medium | |
| 10-K | Feb 23, 2021 | 50 | Mixed | 1 minor | |
| 10-K | Feb 26, 2020 | 70 | Strong improvement | None | |
| 10-K | Feb 27, 2019 | 70 | Strong improvement | None | |
| 10-K | Feb 28, 2018 | 64 | Strong improvement | 2 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR