WTW
Willis Towers Watson Public Limited Company
WTW's fundamentals are mixed: revenue grew 4.8%, but earnings per share fell 23%. At 20x earnings, it's trading below its usual 23x. Analysts expect earnings growth.
WTW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
WTW's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like WTW.
WTW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $208 | -37% |
| Forward | 15x | $329 | — |
| Current | 20x | $329 | — |
| Fair | 23x | $368 | +12% |
| Expensive | 27x | $441 | +34% |
Historical ranges are pointers, not guarantees.
WTW's PE is in its fair range at 20x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
WTW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for WTW, with profitability improving.
WTW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $21.62 | +33% |
| Q3 2026 | $16.27 | -23% |
| Q2 2026 | $16.14 | +976% |
| Q1 2026 | $17.03 | +$17.49 |
| Q4 2025 | $16.26 | +$17.22 |
| Q3 2025 | $21.05 | +$28.40 |
| Q2 2025 | $1.50 | -86% |
| Q1 2025 | -$0.46 | -105% |
| Q4 2024 | -$0.96 | -110% |
WTW's earnings per share have fallen from their peak: $16.27 over the past year, against $32.78 in late 2021.
WTW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +7.5% |
| Q2 2026 | $2.5B | +9.1% |
| Q1 2026 | $2.4B | +8.5% |
| Q4 2025 | $2.9B | -3.3% |
| Q3 2025 | $2.3B | 0% |
| Q2 2025 | $2.3B | -0.2% |
| Q1 2025 | $2.2B | -5% |
| Q4 2024 | $3B | +4.2% |
WTW's revenue is recovering but still below its 2024 peak: $2.5B last quarter, up 7.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | -0.8 points |
| Q2 2026 | 15% | -1.5 points |
| Q1 2026 | 19% | -0.9 points |
| Q4 2025 | 35% | +4.9 points |
| Q3 2025 | 18% | +52 points |
| Q2 2025 | 16% | +6.9 points |
| Q1 2025 | 19% | +7.5 points |
| Q4 2024 | 30% | +3 points |
WTW's operating margin was 17% last quarter, down 0.8 points from the same quarter a year ago.
WTW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $675M | +8.7% |
| Q2 2026 | $425M | +40% |
| Q1 2026 | -$65M | +$21M |
| Q4 2025 | $708M | +18% |
| Q3 2025 | $621M | +29% |
| Q2 2025 | $303M | -26% |
| Q1 2025 | -$86M | -458% |
| Q4 2024 | $599M | +15% |
WTW's free cash flow was $1.7B over the past year, up 21% from the year before. Free cash flow isn't a meaningful measure for financial services companies like WTW.
WTW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -4.1% | -4M shares |
| 3 years | -10% | -11M shares |
| 5 years | -27% | -35M shares |
| Available history | -28% | -36M shares |
WTW has 94M diluted shares, down 4.1% from a year ago, with $1.3B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $220M |
| Q2 2026 | $450M |
| Q1 2026 | $300M |
| Q4 2025 | $350M |
| Q3 2025 | $600M |
| Q2 2025 | $500M |
| Q1 2025 | $200M |
| Q4 2024 | $395M |
WTW spent $1.3B buying back its own shares over the past year, down 22% from the year before.
WTW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.2x | Elevated |
WTW's net debt is about 1.7 years of its operating earnings (EBITDA), up from 1.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WTW.
WTW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.2 | Neutral |
| Stochastic | 64.5 | Neutral |
WTW's weekly RSI is 58 (neutral) and its Stochastic is 65 (neutral).
WTW PE vs Financial Services Sector
| Metric | WTW | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 55% above |
| PE % | 38 | 63 | 25 pts below |
WTW is trading at 20x earnings, a 55% premium to the Financial Services sector's median of 13x.
WTW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $312.7 | 5.1% above |
| 20 week MA | $316.2 | 4% above |
| 50 week MA | $302.5 | 8.7% above |
| 100 week MA | $311.7 | 5.5% above |
| 200 week MA | $282.0 | 17% above |
WTW is in an uptrend: it's above all five of its weekly moving averages, and 17% above its 200-week average.
WTW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $201.8 | $211.8 | +5% |
| 2021 | $211.8 | $236.5 | +12% |
| 2022 | $236.5 | $244.4 | +3.4% |
| 2023 | $244.4 | $241.2 | -1.3% |
| 2024 | $241.2 | $316.3 | +31% |
| 2025 | $316.3 | $334.6 | +5.8% |
| 2026 YTD | $334.6 | $328.8 | -1.7% |
WTW has finished higher in five of the last six years. It's down 1.7% so far in 2026.