WTW
Willis Towers Watson Public Limited Company$263.54
LiveJun 05, 2026
Market cap
$24.89B
52w range
240.61 – 352.79
P / E
—
EPS · FY 2025
$16.26
Volume
659.29K
Revenue · FY 2025
$9.71B
-2.24% YoY
Explain this page
Arphra AIPlain-English read on Willis Towers Watson Public Limited Company’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
ATop tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin42.1%
Operating margin23.0%
Net margin16.5%
ROE19.9%
ROA5.4%
ROIC15.8%
Liquidity & leverage
Current ratio1.20×
Quick ratio1.20×
Debt / equity0.86×
Net debt / EBITDA1.41×
Interest coverage9×
Efficiency & per-share
Asset turnover0.33×
Inventory days0
Days sales out.102
FCF / share$15.62
Book value / share$81.33
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $31.95B | $32.2B | — | — | — |
| Enterprise value | — | — | — | $35.99B | $35.97B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.62 | 3.71 | — | — | — |
| EV / FCF | — | — | — | 28.41 | 23.27 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | -0.31% | +4.98% | — | — | — |
| Free cash flow yield | — | — | — | +3.97% | +4.80% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +41.62% | +42.87% | +43.65% | +44.59% | +42.06% | +42.36% | +42.85% | +42.55% |
| Operating margin | +24.47% | +13.29% | +14.39% | +6.31% | +23.01% | +14.47% | +14.50% | +14.32% |
| EBITDA margin | +39.49% | +22.93% | +21.29% | +8.29% | +27.55% | +18.68% | +18.63% | +18.92% |
| EBIT margin | +32.26% | +16.54% | +15.97% | +3.70% | +23.25% | +14.08% | +14.35% | +14.32% |
| Pre-tax margin | +29.92% | +14.19% | +13.49% | +1.05% | +19.89% | +11.58% | +11.44% | +11.41% |
| Net margin | +46.92% | +11.38% | +11.13% | -0.99% | +16.53% | +9.16% | +8.64% | +8.66% |
| Cost structure | ||||||||
| Cost of revenue / sales | +58.38% | +57.13% | +56.35% | +55.41% | +57.94% | +56.86% | +58.11% | +56.52% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +19.91% | +15.42% | +16.81% | +184.62% | +16.47% | +16.92% | +17.15% | +17.18% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +31.73% | +10.00% | +11.00% | -1.22% | +19.93% | +10.33% | +9.64% | +9.92% |
| Return on assets (ROA) | +12.07% | +3.18% | +3.63% | -0.35% | +5.44% | +3.05% | +2.95% | +2.99% |
| Return on capital (ROC) | +11.72% | +7.56% | +8.79% | +4.50% | +14.94% | +9.49% | +9.45% | +9.51% |
| Return on invested capital (ROIC) | +22.46% | +6.48% | +6.79% | +3.37% | +10.73% | +6.01% | +5.63% | +5.75% |
| Asset turnover | +25.73% | +27.91% | +32.60% | +35.87% | +32.88% | +33.26% | +34.14% | +34.50% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +46.92% | +11.38% | +11.13% | -0.99% | +16.53% | +9.16% | +8.64% | +8.66% |
| Asset turnover (× revenue / assets) | +25.73% | +27.91% | +32.60% | +35.87% | +32.88% | +33.26% | +34.14% | +34.50% |
| Equity multiplier (× assets / equity) | +262.77% | +314.76% | +303.24% | +345.28% | +366.74% | +339.25% | +326.68% | +332.14% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.26 | 0.28 | 0.33 | 0.36 | 0.33 | 0.33 | 0.34 | 0.34 |
| Fixed-asset turnover | 5.73 | 6.80 | 7.38 | 8.66 | 8.21 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 3.80 | 3.71 | 3.69 | 3.98 | 3.59 | — | — | — |
| Payables turnover | 5.85 | 5.19 | 4.98 | 5.23 | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 96.14 | 98.27 | 99.00 | 91.67 | 101.59 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 62.40 | 70.26 | 73.29 | 69.86 | — | — | — | — |
| Cash conversion cycle | 33.74 | 28.01 | 25.71 | 21.82 | 101.59 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.49 | 0.80 | 1.27 | -15.43 | 1.11 | 1.75 | 1.82 | 1.83 |
| FCF / Net income | 0.44 | 0.60 | 1.05 | -12.93 | 0.96 | 1.45 | 1.54 | 1.58 |
| FCF margin | +20.67% | +6.86% | +11.63% | +12.76% | +15.93% | +13.31% | +13.34% | +13.69% |
| OCF margin | +22.91% | +9.16% | +14.18% | +15.23% | +18.28% | +16.05% | +15.74% | +15.88% |
| CapEx / Revenue | +2.23% | +2.30% | +2.55% | +2.47% | +2.36% | +2.44% | +2.39% | +2.47% |
| CapEx / D&A | 0.31 | 0.36 | 0.48 | 0.54 | 1.01 | — | — | — |
| Stock-based comp / Revenue | +1.12% | +1.12% | +1.32% | +1.22% | +1.58% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 14.90 | 8.98 | 9.95 | -0.96 | 16.26 | 19.54 | 22.13 | 25.10 |
| EPS · basic | 15.02 | 9.00 | 10.05 | -0.96 | 16.34 | 19.69 | 22.49 | 25.03 |
| Book value / share | 103.16 | 90.12 | 90.50 | 78.60 | 81.33 | 93.76 | 99.56 | 103.46 |
| Tangible BV / share | 4.42 | -21.01 | -24.70 | -20.36 | -20.47 | 93.76 | 99.56 | 103.46 |
| Sales / share | 69.75 | 79.16 | 89.46 | 97.35 | 98.06 | 105.78 | 111.04 | 118.54 |
| Operating CF / share | 15.98 | 7.25 | 12.69 | 14.82 | 17.93 | 16.98 | 17.48 | 18.82 |
| Free cash flow / share | 14.42 | 5.43 | 10.41 | 12.42 | 15.62 | 14.08 | 14.81 | 16.22 |
| Dividends / share | 2.90 | 3.29 | 3.32 | 3.47 | 3.62 | 3.80 | 4.13 | 4.39 |
| Payout ratio | +8.86% | +36.57% | +33.36% | -361.22% | +22.31% | +39.22% | +43.09% | +42.77% |
| Retention ratio | +91.14% | +63.43% | +66.64% | +461.22% | +77.69% | +60.78% | +56.91% | +57.23% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | -1.47% | +6.96% | +4.71% | -2.24% | +7.32% | +5.53% | +5.81% | +3.74% |
| Gross profit · YoY | — | +1.50% | +8.89% | +6.98% | -7.79% | +8.10% | +6.75% | +5.05% | +4.06% |
| Profit | |||||||||
| Operating income · YoY | — | -46.50% | +15.87% | -54.07% | +256.30% | -32.52% | +5.74% | +4.50% | -3.91% |
| EBITDA · YoY | — | -42.78% | -0.69% | -59.24% | +225.03% | -27.24% | +5.22% | +7.46% | -6.61% |
| Net income · YoY | — | -76.10% | +4.56% | -109.29% | +1737.76% | -40.57% | -0.40% | +6.03% | -18.51% |
| Operating | |||||||||
| EBIT · YoY | — | -49.50% | +3.27% | -75.76% | +514.99% | -35.01% | +7.58% | +5.54% | -7.63% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -39.73% | +10.80% | -109.65% | +1793.75% | +20.19% | +13.24% | +13.40% | +7.73% |
| EPS · basic · YoY | — | -40.08% | +11.67% | -109.55% | +1802.08% | +20.48% | +14.23% | +11.28% | +7.57% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $5.49B | $5.48B | $5.94B | $5.93B | $6.9B | $6.65B | $7.02B | $7.37B |
| Net debt | $1B | $4.22B | $4.52B | $4.04B | $3.77B | $4.33B | $4.63B | $4.82B |
| Net debt / EBITDA | 0.28 | 2.07 | 2.24 | 4.91 | 1.41 | 2.22 | 2.26 | 2.19 |
| Debt / equity | 0.41 | 0.54 | 0.62 | 0.74 | 0.86 | 0.72 | 0.71 | 0.73 |
| Debt / assets | +15.69% | +17.25% | +20.42% | +21.43% | +23.38% | +21.22% | +21.79% | +21.85% |
| Equity / assets | +38.06% | +31.77% | +32.98% | +28.96% | +27.27% | +29.48% | +30.61% | +30.11% |
| Coverage | ||||||||
| EBITDA / interest expense | 16.84 | 9.77 | 8.59 | 3.13 | 10.29 | 6.99 | 7.24 | 7.49 |
| Operating income / interest | 10.44 | 5.66 | 5.81 | 2.38 | 8.59 | 5.42 | 5.64 | 5.67 |
| Interest expense | $211M | $208M | $235M | $263M | $260M | $278.27M | $282.78M | $293.88M |
| Liquidity | ||||||||
| Current ratio | 1.26 | 1.07 | 1.06 | 1.20 | 1.20 | — | — | — |
| Quick ratio | 0.48 | 0.25 | 0.32 | 0.35 | 0.42 | — | — | — |
| Cash ratio | 0.30 | 0.09 | 0.11 | 0.15 | 0.22 | — | — | — |
| Working capital | $3.76B | $1.06B | $803M | $2.51B | $2.87B | — | — | — |
| Working capital / revenue | +41.83% | +11.91% | +8.47% | +25.25% | +29.56% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 3.71x | 3.62x |
| Earnings yield | 5.0% | -0.3% |
| FCF yield | 4.8% | 4.0% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 20.1% | -1.2% |
| ROA | 5.4% | -0.4% |
| ROIC | 11.5% | -3.5% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 1.41 | 4.91 |
| Interest coverage | — | — |
| Current ratio | 1.20x | 1.20x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).