Financials · Insurance Brokers · US stock · price as of 16 Oct 2026
Key indicators
Price
$315.49
52-week range
$238.94 – $350.34
Market cap
$29.7B
P/E (trailing)
19.5×
EV / EBITDA
15.4×
Free-cash-flow yield
5.7%
Dividend yield
1.2%
Revenue (last 12 months)
$10.1B
Revenue growth (3y a year)
3.1%
Operating margin
22.2%
Return on invested capital
14.3%
Net debt / EBITDA
2.2×
Fair value
Blended fair value$386.75 range $349 – $435
Versus priceFair+23% to fair value
Peer multiples
$225.86
Fundamentals-adjusted multiple
$452.92
10-year DCF (market-scaled)
$481.48
Earnings power value (floor, not blended)
$137.57
Model uncertainty
Medium
X-Ray Score
43/ 100 · Medium confidence · ahead of 23% of sector peers
Valuation58
Growth29
Profitability47
Financial health39
Dividends27
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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 1.2%.
StocksXray gives Willis Towers Watson PLC an X-Ray Score of 43 out of 100 (medium confidence), ahead of 23% of the S&P 500 stocks in its sector. Its strongest lens is valuation (58) and its weakest is dividends (27).
Our fair value blend is $386.75 (range $348.75 to $435.24). At $315.49 the stock trades 18% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Willis Towers Watson PLC (WTW)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$222.88
$232.97
$233.17
$306.58
$325.24
$315.49
Market cap
$28.8B
$26.1B
$24.7B
$31.3B
$32.2B
$29.7B
P/E
6.8×
25.9×
23.4×
–
20.0×
19.5×
EV / revenue
3.2×
3.3×
3.0×
3.5×
3.6×
3.4×
EV / EBITDA
13.0×
25.2×
20.9×
55.5×
15.9×
15.4×
Price / free cash flow
14.0×
32.1×
22.4×
24.7×
20.8×
17.6×
Free-cash-flow yield
7.2%
3.1%
4.5%
4.1%
4.8%
5.7%
Price / book
2.2×
2.6×
2.6×
3.9×
4.0×
3.9×
Dividend yield
1.35%
1.41%
1.44%
1.15%
1.13%
1.20%
Fundamentals checklist ● 2 Good · ● 8 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.2%Average
Free-cash-flow yield5.7%Average
Risk models
Altman Z score1.1×Bad
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)21.9%Good
Revenue growth (3y)3.1%Bad
Growth consistency60%Bad
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA2.2×Average
Interest cover7.9×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield6.5%Average
Profitability
Return on invested capital14.3%Average
Operating margin22.2%Average
XStocksXray
Willis Towers Watson PLC (WTW)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
8,998
8,866
9,483
9,930
9,708
10,102
Gross profit
–
–
–
–
–
–
Operating income
2,202
1,178
1,365
627
2,234
2,246
Net income
4,222
1,009
1,055
-98
1,605
1,565
Diluted EPS ($)
32.78
8.98
9.95
-0.96
16.26
16.18
Free cash flow
2,061
812
1,103
1,267
1,546
1,689
Gross margin
–
–
–
–
–
–
Operating margin
24.5%
13.3%
14.4%
6.3%
23.0%
22.2%
Net margin
46.9%
11.4%
11.1%
−1.0%
16.5%
15.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
34,970
31,769
29,090
27,681
29,530
30,559
Cash
4,486
1,262
1,424
1,890
3,132
1,627
Total debt
4,587
4,721
5,217
5,309
6,306
6,530
Equity
13,260
10,016
9,520
7,940
7,976
7,688
Dividend per share ($)
3.02
3.28
3.36
3.52
3.68
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.