Willis Towers Watson Public Limited Company (WTW) Key Metrics
WTW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $29.30B
- Enterprise value
- $28.85B
- P/E (TTM)
- 19.5 10-yr median 27.1
- Forward P/E
- 13.1
- PEG ratio
- 1.08
- Price / sales
- 2.9 10-yr median 3.1
- Price / book
- 3.0 10-yr median 2.5
- EV / EBITDA
- 10.6 10-yr median 15.7
- Dividend yield
- 1.22% $3.84 a year
- Beta
- 0.47
WTW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWTW valuation Price multiples at each fiscal year-end price.
WTW returns How much profit the business earns on the capital it uses.
WTW per-share figures Results divided by the shares outstanding at year-end.
WTW financial health Debt, liquidity and how easily interest is covered.
WTW efficiency & capital use Working capital cycle and where the cash goes.
WTW valuation history
WTW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WTW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WTW cash returned to shareholders
WTW price vs earnings per share
WTW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $32.53B | $31.95B | $25.57B | $27.39B | $30.64B | $27.39B | $26.25B | $20.05B | $20.49B | $16.87B |
| Enterprise value | $36.30B | $35.99B | $30.08B | $31.61B | $31.44B | $32.07B | $32.13B | $23.74B | $24.16B | $20.00B |
| P/E ratio | 20.3 | — | 24.2 | 27.1 | 7.3 | 27.5 | 25.1 | 28.8 | 36.1 | 40.2 |
| Price / sales | 3.4 | 3.2 | 2.7 | 3.1 | 3.4 | 3.2 | 3.1 | 2.4 | 2.5 | 2.1 |
| Price / book | 4.1 | 4.0 | 2.7 | 2.7 | 2.3 | 2.5 | 2.6 | 2.0 | 2.0 | 1.7 |
| Price / free cash flow | 21.0 | 25.2 | 23.2 | 45.1 | 16.5 | 18.4 | 33.8 | 20.8 | 42.1 | 25.6 |
| Price / operating cash flow | 18.3 | 21.1 | 19.0 | 33.7 | 14.9 | 15.4 | 24.3 | 15.6 | 23.8 | 17.5 |
| EV / sales | 3.7 | 3.6 | 3.2 | 3.6 | 3.5 | 3.7 | 3.8 | 2.8 | 2.9 | 2.5 |
| EV / EBITDA | 13.6 | 43.7 | 22.0 | 15.5 | 8.8 | 15.8 | 16.0 | 13.1 | 16.0 | 15.4 |
| EV / free cash flow | 23.5 | 28.4 | 27.3 | 52.0 | 16.9 | 21.6 | 41.4 | 24.6 | 49.6 | 30.3 |
| Earnings yield | 4.9% | −0.3% | 4.1% | 3.7% | 13.8% | 3.6% | 4.0% | 3.5% | 2.8% | 2.5% |
| Free cash flow yield | 4.8% | 4.0% | 4.3% | 2.2% | 6.1% | 5.4% | 3.0% | 4.8% | 2.4% | 3.9% |
| Dividend yield | 1.1% | 1.1% | 1.4% | 1.3% | 1.2% | 1.3% | 1.3% | 1.5% | 1.4% | 1.2% |
| Shareholder yield (dividends + buybacks) | 6.2% | 3.9% | 5.3% | 14.2% | 6.5% | 1.3% | 1.8% | 4.5% | 4.8% | 3.5% |
| Share price at fiscal year-end | $328.60 | $313.24 | $241.20 | $244.58 | $237.49 | $210.68 | $201.94 | $151.86 | $150.69 | $122.28 |
| Per share | ||||||||||
| Revenue per share | $98.06 | $97.35 | $89.46 | $79.16 | $69.75 | $66.27 | $64.38 | $64.49 | $60.31 | $57.15 |
| Earnings per share | $16.21 | −$0.96 | $9.95 | $9.01 | $32.73 | $7.66 | $8.03 | $5.27 | $4.18 | $3.04 |
| Operating cash flow per share | $17.93 | $14.82 | $12.69 | $7.25 | $15.98 | $13.65 | $8.32 | $9.76 | $6.34 | $7.01 |
| Free cash flow per share | $15.62 | $12.42 | $10.41 | $5.43 | $14.42 | $11.45 | $5.97 | $7.32 | $3.58 | $4.78 |
| Cash per share | $31.64 | $18.53 | $13.43 | $11.27 | $36.33 | $15.68 | $6.82 | $7.83 | $7.57 | $6.30 |
| Book value per share | $80.57 | $77.84 | $89.81 | $89.43 | $102.79 | $83.23 | $78.84 | $74.64 | $74.46 | $72.12 |
| Tangible book value per share | −$21.24 | −$21.12 | −$25.39 | −$21.70 | $4.05 | −$26.36 | −$34.02 | −$29.87 | −$31.43 | −$35.09 |
| Dividends per share | $3.62 | $3.47 | $3.32 | $3.29 | $2.90 | $2.66 | $2.53 | $2.32 | $2.04 | $1.44 |
| Capex per share | $2.31 | $2.40 | $2.28 | $1.82 | $1.56 | $2.20 | $2.35 | $2.44 | $2.76 | $2.22 |
| Debt per share | $69.75 | $58.15 | $56.05 | $48.92 | $42.53 | $51.72 | $52.05 | $35.79 | $34.57 | $28.97 |
| Shares outstanding | 99.0M | 102.0M | 106.0M | 112.0M | 129.0M | 130.0M | 130.0M | 132.0M | 136.0M | 138.0M |
| Change in shares outstanding | −2.9% | −3.8% | −5.4% | −13.2% | −0.8% | 0.0% | −1.5% | −2.9% | −1.4% | +100.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 20.2% | −1.1% | 10.8% | 8.7% | 35.1% | 9.5% | 10.4% | 7.0% | 5.7% | 6.9% |
| Return on invested capital (ROIC) | 15.7% | 2.4% | 9.7% | 7.0% | 11.9% | 4.1% | 5.8% | 5.0% | 3.8% | 3.8% |
| Return on assets (ROA) | 5.6% | −0.3% | 3.5% | 3.0% | 11.5% | 2.7% | 3.1% | 2.1% | 1.8% | 1.7% |
| Return on tangible assets | 8.3% | −0.6% | 6.3% | 5.2% | 19.0% | 4.1% | 5.0% | 3.7% | 3.1% | 2.7% |
| Free cash flow margin | 15.9% | 12.8% | 11.6% | 6.9% | 20.7% | 17.3% | 9.3% | 11.3% | 5.9% | 8.4% |
| Income quality (OCF / net income) | 1.11 | — | 1.27 | 0.80 | 0.49 | 1.78 | 1.04 | 1.85 | 1.52 | 2.30 |
| Financial health | ||||||||||
| Total debt | $6.91B | $5.93B | $5.94B | $5.48B | $5.49B | $6.72B | $6.77B | $4.72B | $4.70B | $4.00B |
| Cash & short-term investments | $3.13B | $1.89B | $1.42B | $1.26B | $4.69B | $2.04B | $887.0M | $1.03B | $1.03B | $870.0M |
| Net debt | $3.77B | $4.04B | $4.52B | $4.22B | $800.0M | $4.68B | $5.88B | $3.69B | $3.67B | $3.13B |
| Debt / equity | 0.87 | 0.75 | 0.62 | 0.55 | 0.41 | 0.62 | 0.66 | 0.48 | 0.46 | 0.40 |
| Debt / assets | 0.23 | 0.21 | 0.20 | 0.17 | 0.16 | 0.17 | 0.19 | 0.15 | 0.14 | 0.13 |
| Net debt / EBITDA | 1.41 | 4.91 | 3.31 | 2.07 | 0.23 | 2.31 | 2.93 | 2.04 | 2.43 | 2.42 |
| Current ratio | 1.20 | 1.20 | 1.06 | 1.07 | 1.26 | 1.05 | 1.06 | 1.07 | 1.07 | 1.03 |
| Quick ratio | 1.20 | 1.20 | 1.06 | 2.47 | 0.51 | 0.27 | 0.25 | 0.25 | 0.25 | 0.25 |
| Interest coverage | 8.6 | 2.4 | 5.8 | 5.7 | 10.4 | 3.5 | 4.5 | 3.9 | 2.7 | 1.9 |
| Working capital | $2.87B | $2.51B | $803.0M | $1.06B | $3.76B | $969.0M | $967.0M | $1.12B | $1.11B | $426.0M |
| Invested capital | $11.75B | $11.98B | $14.04B | $14.23B | $14.06B | $15.50B | $16.13B | $13.54B | $13.80B | $13.08B |
| Tangible asset value | −$2.03B | −$2.08B | −$2.62B | −$2.35B | $570.0M | −$3.31B | −$4.30B | −$3.79B | −$4.12B | −$4.67B |
| Net current asset value | −$4.60B | −$4.56B | −$6.06B | −$5.84B | −$3.17B | −$7.30B | −$8.02B | −$5.97B | −$6.32B | −$6.35B |
| Graham number | $171.43 | — | $141.82 | $134.64 | $275.13 | $119.78 | $119.35 | $94.03 | $83.65 | $70.27 |
| Graham net-net per share | −$164.84 | −$155.92 | −$151.87 | −$258.49 | −$75.10 | −$124.42 | −$121.11 | −$100.51 | −$98.45 | −$90.36 |
| Capital allocation | ||||||||||
| Dividends paid | $358.0M | $354.0M | $352.0M | $369.0M | $374.0M | $346.0M | $329.0M | $306.0M | $277.0M | $199.0M |
| Share buybacks (net) | $1.65B | $901.0M | $1.00B | $3.53B | $1.63B | $0 | $150.0M | $602.0M | $709.0M | $396.0M |
| Dividend payout ratio | 22.3% | — | 33.4% | 36.6% | 8.9% | 34.7% | 31.5% | 44.0% | 48.8% | 47.4% |
| Dividends + buybacks / free cash flow | 129.9% | 99.1% | 122.6% | 641.3% | 107.6% | 23.3% | 61.7% | 94.0% | 202.5% | 90.2% |
| Capex / revenue | 2.4% | 2.5% | 2.6% | 2.3% | 2.2% | 3.3% | 3.6% | 3.8% | 4.6% | 3.9% |
| Capex / operating cash flow | 12.9% | 16.2% | 18.0% | 25.1% | 9.8% | 16.1% | 28.2% | 25.0% | 43.5% | 31.7% |
| Capex / depreciation | 0.55 | 0.54 | 0.48 | 0.36 | 0.31 | 0.37 | 0.42 | 0.43 | 0.45 | 0.40 |
| Stock-based compensation / revenue | 1.6% | 1.2% | 1.3% | 1.1% | 1.1% | 1.0% | 0.9% | 0.6% | 0.8% | 1.6% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | — | — | — | 77.2% | 77.0% | — | — | — | — | — |
| Efficiency | ||||||||||
| Days sales outstanding | 97.7 | 93.1 | 95.4 | 97.9 | 96.9 | 106.5 | 109.0 | 99.1 | 96.3 | 77.2 |
| Days of inventory on hand | — | — | -2,067.6 | -347.2 | 909.5 | 999.7 | 951.3 | 882.0 | 832.6 | 789.0 |
| Days payables outstanding | 66.2 | 70.5 | 205.9 | 67.5 | 61.0 | 60.6 | 57.3 | 57.0 | 37.7 | 7.2 |
| Cash conversion cycle (days) | 31.5 | 22.6 | -2,178.1 | -316.7 | 945.5 | 1,045.6 | 1,003.0 | 924.2 | 891.2 | 859.0 |
| Receivables turnover | 3.74 | 3.92 | 3.82 | 3.73 | 3.77 | 3.43 | 3.35 | 3.68 | 3.79 | 4.73 |
| Payables turnover | 5.52 | 5.18 | 1.77 | 5.41 | 5.99 | 6.02 | 6.37 | 6.41 | 9.69 | 50.51 |
| Inventory turnover | — | — | — | — | 0.40 | 0.37 | 0.38 | 0.41 | 0.44 | 0.46 |
| Asset turnover | 0.34 | 0.35 | 0.31 | 0.27 | 0.24 | 0.23 | 0.25 | 0.26 | 0.26 | 0.32 |
| Average receivables | $2.60B | $2.53B | $2.48B | $2.38B | $2.39B | $2.51B | $2.50B | $2.31B | $2.16B | $1.67B |
| Average payables | $1.02B | $1.06B | $1.02B | $936.5M | $877.5M | $856.5M | $773.5M | $799.5M | $512.5M | $96.0M |
| Average inventory | — | — | −$10.28B | −$4.82B | $13.09B | $14.12B | $12.85B | $12.38B | $11.33B | $10.48B |
| Intangibles / total assets | 34.1% | 36.5% | 42.0% | 39.2% | 36.4% | 37.0% | 41.3% | 42.6% | 44.4% | 48.9% |
Computed from WTW's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WTW valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), WTW traded at 20.3 times earnings, against a 10-year median of 27.1. Based on the latest twelve months, the trailing P/E is 19.5 and the forward P/E is 13.1. WTW earned a return on equity of 20.2% and a return on invested capital of 15.7% in fiscal 2025. It ended the year with $6.9 billion of debt and $3.1 billion in cash and short-term investments, net debt of $3.8 billion. It returned $2.0 billion to shareholders: $358.0 million in dividends and $1.6 billion in share buybacks, 130% of free cash flow. The share count fell 28.3% from 138.0M to 99.0M over 9 years.
See the WTW income statement, the WTW chart for price history, or the WTW stock overview for the latest quote and news.
WTW key metrics FAQ
What is WTW's P/E ratio?
WTW's trailing P/E ratio is 19.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.1. At the end of fiscal 2025 it was 20.3, compared with a 10-year median of 27.1.
What is WTW's EV/EBITDA?
WTW's enterprise value was 13.6 times EBITDA at the end of fiscal 2025 (enterprise value $36.3 billion, EBITDA $2.7 billion); the current EV/EBITDA is 10.6.
What is WTW's return on equity?
WTW's return on equity (ROE) was 20.2% in fiscal 2025: net income of $1.6 billion on average shareholders' equity of $8.0 billion.
What is WTW's ROIC?
WTW's return on invested capital was 15.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does WTW have?
WTW had total debt of $6.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.87 and $3.8 billion of net debt (1.41 times EBITDA).
What is WTW's dividend yield?
WTW's forward dividend yield is 1.22%. WTW paid $358.0 million in dividends in fiscal 2025 ($3.62 per share), a payout ratio of 22.3%.
Does WTW buy back its shares?
Yes. WTW spent $1.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.9% over the year, to 99.0M..
What is WTW's free cash flow yield?
WTW generated $1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.8% on its market value at year-end ($32.5 billion).
What is WTW's current ratio?
WTW's current ratio was 1.20 at the end of fiscal 2025: current assets were 1.20 times current liabilities.