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Global insurance broker and advisory firm focused on risk, benefits and retirement/pension consulting.
Global insurance broker and advisory firm focused on risk, benefits and retirement/pension consulting.
Is paid mainly by clients as fees for advice and by insurers as commissions for placing business, while the retirement-consulting and benefits side earns recurring fees from employers. It was formed in 2016 by the merger of insurance broker Willis and consultancy Towers Watson, and a planned 2021 sale to Aon was abandoned after regulatory opposition.
Moat: narrow (scale, distribution, brand). Scale in global placement and pension/benefits expertise create switching costs for large clients.
Headquarters: London, United Kingdom · Founded: 2016 · Employees: 46,900
Size Willis Towers Watson (WTW) is a United States Financials company (Insurance Brokers/Services) with a market value of $30.3B, the 360th largest of 3,117 United States companies the cockpit tracks. Shares closed at $328.86 on 6 Nov 2026.
Performance Over six months the shares gained 28.8%, against +25.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 8 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +7.6%); the operating margin is 23.6% (peer median 20.4%).
Valuation It trades at 3.91× book value against a peer median of 3.00× (4th most expensive of 8).
Price implies The share price implies a return on equity of about 19.0%; Willis Towers Watson delivers 20.2%, so the price asks less than the business earns today.
Backlog Backlog (remaining performance obligations) was $1.65B at 30 Sep 2026, up 2% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $10.3B | $9.71B | $9.93B | $9.48B | $8.86B |
| Revenue growth | — | -2% | +5% | +7% | — |
| Gross profit | $8.37B | $7.88B | $7.64B | $7.16B | $6.52B |
| EBITDA | $2.86B | $2.69B | $2.58B | $2.33B | $1.88B |
| Net income | $1.56B | $1.60B | -$98.0M | $1.05B | $1.07B |
| Free cash flow | $1.74B | $1.55B | $1.27B | $1.19B | $674M |
| Capital expenditure | $241M | $229M | $245M | $242M | $204M |
| Total debt | $7.10B | $6.90B | $5.93B | $5.94B | $5.48B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Willis Towers Watson WTW | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% |
| Marsh McLennan MRSH | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% |
| Aon AON | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% |
| Arthur J. Gallagher & AJG | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% |
| Brown & Brown BRO | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WTW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | +15.9% | 2nd lowest of 8 |
| 6-month return | +28.8% | +25.5% | 3rd highest of 8 |
| Return on equity | 20.2% | 14.7% | 3rd highest of 8 |
| Price / book | 3.91× | 3.00× | 4th most expensive of 8 |
| Trailing P/E | 20.1× | 22.8× | 3rd cheapest of 8 |
| ROE the price implies | 19.0% | 16.5% | 4th most demanding of 8 |
| ROE delivered | 20.2% | 14.7% | 3rd highest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Willis Towers Watson WTW | United States | $30.3B | +29% | +5% | 20% | 3.91× | 19.0% | 20.2% |
| Brown & Brown BRO | United States | $23.9B | +28% | +26% | 10% | 1.87× | 11.3% | 9.6% |
| Tryg A/S TRYG.CO | Denmark | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% | 12.4% |
| Aon AON | United States | $71.0B | +7% | +3% | 44% | 7.03× | 38.0% | 43.6% |
| Arthur J. Gallagher & AJG | United States | $72.2B | +42% | +26% | 7% | 3.00× | 15.6% | 7.2% |
| Assicurazioni Generali G.MI | Italy | $73.8B | +12% | -8% | 15% | 2.06× | 16.5% | 14.7% |
| Ryan Specialty RYAN | United States | $12.0B | +52% | +9% | 19% | 12.86× | 61.4% | 19.4% |
| Marsh McLennan MRSH | United States | $97.4B | +25% | +8% | 27% | 6.64× | 32.7% | 27.1% |
Willis Towers Watson reported $1.65B of remaining performance obligations at 30 Sep 2026, up 2% from a year earlier and up 11% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.07.