Willis Towers Watson Public WTW

Insurance - Brokers, Financial Services

$325.01

−2.16%

Market cap: $30.2B
PE: 19.9×; 10y median 26.0×
Forward PE: 15.5×; 10y median 17.1×
Price to sales: 3.0×
EV/EBIT: 15.6×
Revenue, 12 months: $10.1B; +3% on a year ago
Net margin: 15.5%
Free cash flow yield: 5.6%

Willis Towers Watson Public trades at 19.9× trailing earnings, cheaper than 75% of the last ten years. Revenue was $10.1B over the last twelve months, up 3% on a year earlier with a 15% net margin.

Charts

Financials

Income statement for WTW, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$2.2B+11%	$2.9B+7%	$2.3B+4%	$2.3B+5%	$2.3B+6%	$3B+4%	$2.2B−5%	$2.3B−0%	$2.3B+0%	$2.9B−3%	$2.4B+9%	$2.5B+9%
	$159M+3%	$779M+10%	$280M−2%	$212M+49%	−$766M	$901M+16%	$432M+54%	$368M+74%	$418M	$1B+13%	$448M+4%	$364M−1%
Interest expense	$61M+13%	$63M+17%	$64M+19%	$68M+19%	$65M+7%	$66M+5%	$65M+2%	$64M−6%	$65M+0%	$66M+0%	$77M+19%	$78M+22%
Pre-tax income	$164M−11%	$739M+0%	$242M−6%	$167M+39%	−$2B	$1.7B+129%	$303M+25%	$313M+87%	$390M	$947M−44%	$376M+24%	$292M−7%
	$25M+2400%	$116M−12%	$48M−4%	$26M+8%	−$322M	$440M+279%	$65M+35%	−$21M	$77M	$197M−55%	$70M+8%	$57M
Net income	$136M−28%	$622M+6%	$190M−6%	$141M+50%	−$1.7B	$1.2B+100%	$235M+24%	$331M+135%	$304M	$735M−41%	$297M+26%	$229M−31%
	$1.29−25%	$6.04+9%	$1.83−3%	$1.36+55%	−$16.44	$12.59+108%	$2.33+27%	$3.32+144%	$3.11	$7.66−39%	$3.10+33%	$2.43−27%
	105M−5%	103M−3%	104M−4%	103M−4%	102M−3%	99M−4%	101M−3%	100M−3%	98M−4%	96M−3%	96M−5%	94M−6%

EPS, diluted: 7 periods, Q4 FY10 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q2 FY09: not printed by the filing, worked out from its own lines. 12 periods, Q4 FY10 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days. Q4 FY12 and Q4 FY15: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. Q4 FY18 and Q4 FY21: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Oct 29, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$2.5B	$2.4B to $2.5B	$3.59	$3.45 to $3.80	14
Q4 FY26	$3.1B	$3.1B to $3.2B	$9.20	$9.11 to $9.38	13
Q1 FY27	$2.5B	$2.5B to $2.6B	$4.29	$4.21 to $4.40	5
Q2 FY27	$2.6B	$2.5B to $2.6B	$3.85	$3.78 to $3.95	5
Q3 FY27	$2.6B	$2.6B to $2.6B	$4.31	$4.23 to $4.42	5
Q4 FY27	$3.3B	$3.2B to $3.4B	$10.49	$10.30 to $10.77	5
Q1 FY28	$2.7B	$2.7B to $2.8B	$5.25	$5.16 to $5.39	6
Q2 FY28	$2.7B	$2.7B to $2.8B	$4.87	$4.79 to $5.00	6

Peers

Companies in Insurance - Brokers nearest Willis Towers Watson Public's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
WTWWillis Towers Watson Public	$30.2B	19.9×	26.0×	15.5×	3.0×	+3%	15.5%
BROBrown & Brown	$24.4B	21.8×	29.1×	15.7×	3.6×	+34%	17.7%
AONAon	$64.4B	16.7×	27.9×	15.8×	3.7×	+5%	22.3%
AJGArthur J. Gallagher	$68.7B	44.5×	33.5×	19.2×	4.4×	+26%	10.0%
ERIEErie Indemnity	$13.3B	23.0×	31.6×	n/m	3.2×	+4%	14.0%
RYANRyan Specialty	$11.2B	60.7×	92.3×	n/m	3.5×	+14%	3.1%
MRSHMarsh & McLennan Companies	$93.9B	23.7×	27.2×	17.6×	3.3×	+8%	14.2%
ACTEnact	$6.6B	10.1×	7.8×	n/m	5.3×	+2%	54.5%
HGTYHagerty	$5.4B	260×	50.9×	n/m	3.7×	+8%	1.8%
CRVLCorvel	$4.2B	37.3×	38.1×	n/m	4.3×	+7%	11.7%
NPNeptune Insurance	$3.9B	91.7×	126×	n/m	19.9×	+34%	22.7%
Peer median	$12.2B	30.5×	32.5×	16.7×	3.7×	+8%	14.1%