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Willis Towers Watson Public (WTW) Financials

Willis Towers Watson Public logo
$339.25 +2.10 (+0.62%)
Closing price 08/22/2025 04:00 PM Eastern
Extended Trading
$339.38 +0.13 (+0.04%)
As of 08/22/2025 05:01 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Willis Towers Watson Public

Annual Income Statements for Willis Towers Watson Public

This table shows Willis Towers Watson Public's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 362 373 420 568 695 1,044 996 4,222 1,009 1,055 -98
Consolidated Net Income / (Loss)		 373 373 438 592 715 1,073 1,020 4,236 1,024 1,064 -88
Net Income / (Loss) Continuing Operations		 359 373 438 592 715 849 762 2,156 1,064 1,064 -88
Total Pre-Tax Income 		518 340 342 492 851 1,046 1,011 2,692 1,258 1,279 104
Total Operating Income		 647 427 348 516 809 1,054 859 2,202 1,178 1,365 627
Total Gross Profit		 1,488 1,526 3,038 3,235 3,390 3,441 3,458 3,745 3,801 4,139 4,428
Total Revenue		 3,802 3,829 7,887 8,202 8,513 8,370 8,615 8,998 8,866 9,483 9,930
Operating Revenue		 3,767 3,809 7,887 8,202 8,513 8,370 8,615 8,998 8,866 9,483 9,930
Total Cost of Revenue		 2,314 2,303 4,849 4,967 5,123 4,929 5,157 5,253 5,065 5,344 5,502
Operating Cost of Revenue		 2,314 2,303 4,849 4,967 5,123 4,929 5,157 5,253 5,065 5,344 5,502
Total Operating Expenses		 841 1,099 2,690 2,719 2,581 2,387 2,599 1,543 2,623 2,774 3,801
Selling, General & Admin Expense		 659 718 1,551 1,534 1,637 1,647 1,697 1,673 1,695 1,815 1,833
Depreciation Expense		 92 95 178 203 208 239 307 281 255 242 230
Amortization Expense		 54 76 591 581 534 488 461 369 312 263 226
Other Operating Expenses / (Income)		 - - - 269 202 13 110 -806 181 386 409
Impairment Charge		 - - - - - - - - 81 0.00 1,042
Restructuring Charge		 36 210 370 132 0.00 0.00 24 26 99 68 61
Total Other Income / (Expense), net		 -129 -87 -6.00 -24 42 -8.00 152 490 80 -86 -523
Interest Expense		 135 142 184 188 208 234 244 211 208 235 263
Other Income / (Expense), net		 6.00 55 178 164 250 226 396 701 288 149 -260
Income Tax Expense		 159 -33 -96 -100 136 197 249 536 194 215 192
Net Income / (Loss) Discontinued Operations		 - - - - - 224 258 2,080 -40 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 - 18 24 20 29 24 14 15 9.00 10
Basic Earnings per Share		 $5.40 $5.49 $3.07 $4.21 $5.29 $8.05 $7.68 $32.88 $9.00 $10.01 ($0.96)
Weighted Average Basic Shares Outstanding		 179.48M 138.17M 135.53M 132.22M 129.10M 128.72M 128.97M 102.48M 106.58M - 99.69M
Diluted Earnings per Share		 $5.32 $5.41 $3.04 $4.18 $5.27 $8.02 $7.65 $32.78 $8.98 $9.95 ($0.96)
Weighted Average Diluted Shares Outstanding		 179.48M 138.17M 135.53M 132.22M 129.10M 128.72M 128.97M 102.48M 106.58M - 99.69M
Weighted Average Basic & Diluted Shares Outstanding		 179.48M 138.17M 135.53M 132.22M 129.10M 128.72M 128.97M 102.48M 106.58M - 99.69M
Cash Dividends to Common per Share		 $3.18 $3.28 $1.92 $2.12 $2.40 $2.60 $2.75 $3.02 $3.28 $3.36 $3.52

Quarterly Income Statements for Willis Towers Watson Public

This table shows Willis Towers Watson Public's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 588 203 94 136 622 190 141 -1,675 1,246 235 331
Consolidated Net Income / (Loss)		 593 206 96 139 623 194 142 -1,672 1,248 239 332
Net Income / (Loss) Continuing Operations		 606 206 96 0.00 762 194 142 0.00 -424 238 332
Total Pre-Tax Income 		737 256 120 164 739 242 167 -1,994 1,688 303 313
Total Operating Income		 708 285 142 159 779 280 212 -766 901 432 368
Total Gross Profit		 1,459 931 812 807 1,589 999 868 893 1,668 899 812
Total Revenue		 2,722 2,244 2,159 2,166 2,914 2,341 2,265 2,289 3,035 2,223 2,261
Operating Revenue		 2,722 2,244 2,159 2,166 2,914 2,341 2,265 2,289 3,035 2,223 2,261
Total Cost of Revenue		 1,263 1,313 1,347 1,359 1,325 1,342 1,397 1,396 1,367 1,324 1,449
Operating Cost of Revenue		 1,263 1,313 1,347 1,359 1,325 1,342 1,397 1,396 1,367 1,324 1,449
Total Operating Expenses		 751 646 670 648 810 719 656 1,659 767 467 444
Selling, General & Admin Expense		 432 453 433 396 533 457 439 419 518 365 336
Depreciation Expense		 64 60 64 60 58 59 57 60 54 54 57
Amortization Expense		 73 71 70 62 60 60 60 56 50 48 49
Other Operating Expenses / (Income)		 73 59 93 113 121 125 97 74 113 0.00 2.00
Restructuring Charge		 28 3.00 10 17 38 18 3.00 8.00 32 0.00 0.00
Total Other Income / (Expense), net		 29 -29 -22 5.00 -40 -38 -45 -1,228 787 -129 -55
Interest Expense		 54 54 57 61 63 64 68 65 66 65 64
Other Income / (Expense), net		 83 25 35 66 23 26 23 -1,163 853 -64 9.00
Income Tax Expense		 131 50 24 25 116 48 26 -322 440 65 -21
Other Gains / (Losses), net		 - - - - - - 1.00 - - - -2.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 5.00 3.00 2.00 3.00 1.00 4.00 1.00 3.00 2.00 4.00 1.00
Basic Earnings per Share		 $5.28 $1.89 $0.88 $1.30 $5.94 $1.84 $1.37 ($16.44) $12.27 $2.34 $3.34
Weighted Average Basic Shares Outstanding		 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M 97.55M
Diluted Earnings per Share		 $5.26 $1.88 $0.88 $1.29 $5.90 $1.83 $1.36 ($16.44) $12.29 $2.33 $3.32
Weighted Average Diluted Shares Outstanding		 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M 97.55M
Weighted Average Basic & Diluted Shares Outstanding		 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M 97.55M
Cash Dividends to Common per Share		 - $0.84 $0.84 $0.84 - $0.88 $0.88 $0.88 - $0.92 $0.92

Annual Cash Flow Statements for Willis Towers Watson Public

This table details how cash moves in and out of Willis Towers Watson Public's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -122 -59 353 48 44 -78 1,992 1,517 -2,806 -940 1,303
Net Cash From Operating Activities		 477 244 933 862 1,288 1,081 1,774 2,061 812 1,345 1,512
Net Cash From Continuing Operating Activities		 477 244 933 862 1,288 1,081 1,774 2,061 812 1,345 1,512
Net Income / (Loss) Continuing Operations		 373 384 438 592 715 1,073 1,020 4,236 1,024 1,064 -88
Consolidated Net Income / (Loss)		 373 384 438 592 715 1,073 1,020 4,236 1,024 1,064 -88
Depreciation Expense		 92 95 178 252 213 240 308 281 255 242 230
Amortization Expense		 54 76 591 581 534 489 462 369 312 263 226
Non-Cash Adjustments To Reconcile Net Income		 -854 -499 -184 -1,202 -924 145 -197 -2,620 151 260 1,662
Changes in Operating Assets and Liabilities, net		 812 188 -90 639 750 -866 181 -205 -930 -484 -518
Net Cash From Investing Activities		 -276 -943 195 -335 -341 -1,614 -160 2,570 -173 -1,085 250
Net Cash From Continuing Investing Activities		 -276 -943 195 -335 -341 -1,614 -160 2,570 -173 -1,085 250
Purchase of Property, Plant & Equipment		 -113 -146 -303 -75 -54 -305 -286 -201 -66 -242 -245
Acquisitions		 -245 -857 476 -13 -36 -1,329 -69 -47 -81 -6.00 -107
Divestitures		 86 44 -1.00 57 4.00 17 -25 -1,030 -29 -922 -5.00
Sale and/or Maturity of Investments		 - - - - - - - -200 200 -4.00 -12
Other Investing Activities, net		 -4.00 16 23 -304 -255 3.00 220 4,048 -197 89 619
Net Cash From Financing Activities		 -323 640 -775 -479 -903 455 378 -3,114 -3,445 -1,200 -459
Net Cash From Continuing Financing Activities		 -323 640 -775 -479 -903 455 378 -3,114 -3,445 -1,200 -459
Repayment of Debt		 -18 -171 -1,915 -743 -932 -1,139 -332 -1,012 -590 -261 -664
Repurchase of Common Equity		 -213 -82 -396 -532 -602 -150 0.00 -1,627 -3,530 -1,000 -901
Payment of Dividends		 -231 -298 -220 -328 -332 -384 -374 -410 -380 -415 -367
Issuance of Debt		 0.00 1,061 1,773 1,323 998 2,097 282 0.00 750 748 746
Issuance of Common Equity		 139 131 63 61 45 45 16 10 7.00 0.00 0.00
Other Financing Activities, net		 0.00 -1.00 -80 -260 -80 -14 786 -75 298 -272 727

Quarterly Cash Flow Statements for Willis Towers Watson Public

This table details how cash moves in and out of Willis Towers Watson Public's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -76 -380 -338 -217 -5.00 1,506 -869 251 415 -95 233
Net Cash From Operating Activities		 375 134 296 393 522 24 407 482 599 -35 361
Net Cash From Continuing Operating Activities		 375 134 296 393 522 24 407 482 599 -35 361
Net Income / (Loss) Continuing Operations		 593 206 96 139 623 194 142 -1,672 1,248 239 332
Consolidated Net Income / (Loss)		 593 206 96 139 623 194 142 -1,672 1,248 239 332
Depreciation Expense		 64 60 64 60 58 59 57 60 54 54 57
Amortization Expense		 73 71 70 62 60 60 60 56 50 48 49
Non-Cash Adjustments To Reconcile Net Income		 45 83 80 -5.00 102 86 83 2,294 -801 175 94
Changes in Operating Assets and Liabilities, net		 -400 -286 -14 137 -321 -375 65 -256 48 -551 -171
Net Cash From Investing Activities		 -115 -61 -974 5.00 -55 -74 -84 -72 480 -84 696
Net Cash From Continuing Investing Activities		 -115 -61 -974 5.00 -55 -74 -84 -72 480 -84 696
Purchase of Property, Plant & Equipment		 -16 -19 -22 -25 -176 -60 -29 -27 -162 -51 -58
Acquisitions		 -1.00 -4.00 - -2.00 - -15 -3.00 -10 -79 -1.00 -21
Divestitures		 -1.00 0.00 -907 71 -86 0.00 - - -5.00 0.00 836
Net Cash From Financing Activities		 -336 -453 340 -615 -472 1,556 -1,192 -159 -664 24 -824
Net Cash From Continuing Financing Activities		 -336 -453 340 -615 -472 1,556 -1,192 -159 -664 24 -824
Repayment of Debt		 - -1.00 -7.00 -252 -1.00 -8.00 -653 -1.00 -2.00 -1.00 -1.00
Repurchase of Common Equity		 -440 -104 -350 -350 -196 -101 -200 -205 -395 -200 -500
Payment of Dividends		 -91 -87 -94 -131 -103 -87 -92 -96 -92 -88 -93
Other Financing Activities, net		 195 -261 43 118 -172 1,006 -247 143 -175 313 -230

Annual Balance Sheets for Willis Towers Watson Public

This table presents Willis Towers Watson Public's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 15,421 18,839 30,253 32,458 32,385 35,426 38,531 34,970 31,769 29,090 27,681
Total Current Assets		 10,839 12,503 13,792 15,861 16,420 17,037 20,301 18,488 15,835 13,433 15,105
Cash & Equivalents		 635 532 870 1,030 1,033 887 2,039 4,486 1,262 1,424 1,890
Restricted Cash		 - - - 12,155 12,604 13,004 12,003 11,014 11,772 9,073 9,504
Accounts Receivable		 1,044 1,258 2,080 2,246 2,379 2,621 2,408 2,370 2,387 2,572 2,494
Prepaid Expenses		 - 255 337 430 404 525 479 612 414 364 1,217
Plant, Property, & Equipment, net		 483 563 839 985 0.00 0.00 1,013 851 718 720 661
Total Noncurrent Assets		 4,099 5,773 15,622 15,612 15,965 18,389 17,217 15,631 15,216 14,937 11,915
Goodwill		 2,937 3,737 10,413 10,519 10,465 11,194 10,392 10,183 10,173 10,195 8,799
Intangible Assets		 450 1,115 4,368 3,882 3,318 3,478 2,989 2,555 2,273 2,016 1,295
Employee Benefit Assets		 314 623 488 764 773 868 971 971 827 588 530
Other Noncurrent Operating Assets		 210 298 353 447 1,409 2,849 1,981 1,922 1,943 2,138 1,291
Total Liabilities & Shareholders' Equity		 15,421 18,839 30,253 32,458 32,385 35,426 38,531 34,970 31,769 29,090 27,681
Total Liabilities		 13,355 16,426 20,019 22,181 22,388 25,057 27,599 21,662 21,676 19,497 19,664
Total Current Liabilities		 10,211 12,801 13,370 14,755 15,301 16,070 19,332 14,724 14,779 12,630 12,598
Short-Term Debt		 167 988 508 85 186 316 971 613 250 650 0.00
Current Deferred Revenue		 619 752 1,481 1,711 1,647 1,784 2,098 - 1,915 2,104 2,211
Other Current Liabilities		 9,392 11,061 11,381 12,959 13,468 13,970 12,953 12,179 12,614 9,876 10,387
Total Noncurrent Liabilities		 3,144 3,625 6,649 7,426 7,087 8,987 8,267 6,938 6,897 6,867 7,066
Long-Term Debt		 2,130 2,278 3,357 4,450 4,389 5,301 4,664 3,974 4,471 4,567 5,309
Noncurrent Employee Benefit Liabilities		 284 279 1,321 1,259 1,170 1,324 1,403 757 480 563 615
Other Noncurrent Operating Liabilities		 389 828 1,107 544 969 1,836 1,613 1,362 1,198 1,195 1,142
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,007 2,360 10,183 10,249 9,971 10,369 10,932 13,308 10,093 9,593 8,017
Total Preferred & Common Equity		 1,985 2,229 10,065 10,126 9,852 10,249 10,820 13,260 10,016 9,520 7,940
Total Common Equity		 1,985 2,229 10,065 10,126 9,852 10,249 10,820 13,260 10,016 9,520 7,940
Common Stock		 1,524 1,672 10,596 10,538 10,615 10,687 10,748 10,804 10,876 10,910 10,989
Retained Earnings		 1,530 1,597 1,452 1,104 1,201 1,792 2,434 4,645 1,764 1,466 109
Treasury Stock		 -3.00 -3.00 -99 -3.00 -3.00 -3.00 -3.00 -3.00 -3.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -1,066 -1,037 -1,884 -1,513 -1,961 -2,227 -2,359 -2,186 -2,621 -2,856 -3,158
Noncontrolling Interest		 22 131 118 123 119 120 112 48 77 73 77

Quarterly Balance Sheets for Willis Towers Watson Public

This table presents Willis Towers Watson Public's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 31,769 31,906 28,773 27,623 29,090 30,237 29,622 27,168 27,681 28,064 28,478
Total Current Assets		 15,835 15,946 12,817 11,834 13,433 14,642 14,029 14,313 15,105 15,461 15,605
Cash & Equivalents		 1,262 1,135 1,602 1,247 1,424 1,893 1,247 1,372 1,890 1,507 1,963
Restricted Cash		 11,772 12,213 8,608 8,039 9,073 9,940 9,925 9,176 9,504 10,293 10,720
Accounts Receivable		 2,387 2,261 2,206 2,079 2,572 2,430 2,425 2,118 2,494 2,366 2,364
Prepaid Expenses		 414 337 401 469 364 379 432 558 1,217 1,295 558
Plant, Property, & Equipment, net		 718 723 725 710 720 703 709 710 661 667 696
Total Noncurrent Assets		 15,216 15,237 15,231 15,079 14,937 14,892 14,884 12,145 11,915 11,936 12,177
Goodwill		 10,173 10,193 10,202 10,143 10,195 10,186 10,184 8,882 8,799 8,841 8,938
Intangible Assets		 2,273 2,212 2,146 2,064 2,016 1,960 1,898 1,360 1,295 1,255 1,232
Employee Benefit Assets		 827 863 893 908 588 598 611 632 530 550 578
Other Noncurrent Operating Assets		 1,943 1,969 1,990 1,964 2,138 2,148 2,191 1,271 1,291 1,290 1,429
Total Liabilities & Shareholders' Equity		 31,769 31,906 28,773 27,623 29,090 30,237 29,622 27,168 27,681 28,064 28,478
Total Liabilities		 21,676 21,730 18,896 18,138 19,497 20,669 20,207 19,598 19,664 19,850 20,298
Total Current Liabilities		 14,779 14,889 11,969 11,305 12,630 13,118 12,674 12,535 12,598 13,384 13,871
Short-Term Debt		 250 250 899 649 650 650 0.00 0.00 0.00 549 549
Current Deferred Revenue		 - - 1,685 1,868 2,104 - - 2,027 - - 1,726
Other Current Liabilities		 12,614 13,154 9,385 8,788 9,876 10,830 10,783 10,033 10,387 11,336 11,596
Total Noncurrent Liabilities		 6,897 6,841 6,927 6,833 6,867 7,551 7,533 7,063 7,066 6,466 6,427
Long-Term Debt		 4,471 4,472 4,565 4,565 4,567 5,307 5,307 5,308 5,309 4,761 4,762
Noncurrent Employee Benefit Liabilities		 480 457 452 433 563 526 505 487 615 552 550
Other Noncurrent Operating Liabilities		 1,198 1,176 1,189 1,129 1,195 1,168 1,169 1,174 1,097 1,153 1,115
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 10,093 10,176 9,877 9,485 9,593 9,568 9,415 7,570 8,017 8,214 8,180
Total Preferred & Common Equity		 10,016 10,096 9,799 9,410 9,520 9,489 9,337 7,492 7,940 8,133 8,100
Total Common Equity		 10,016 10,096 9,799 9,410 9,520 9,489 9,337 7,492 7,940 8,133 8,100
Common Stock		 10,876 10,890 10,910 10,903 10,910 10,930 10,943 10,957 10,989 11,017 11,012
Retained Earnings		 1,764 1,774 1,429 1,127 1,466 1,464 1,315 -650 109 51 -206
Treasury Stock		 -3.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.00 0.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -2,621 -2,568 -2,540 -2,620 -2,856 -2,905 -2,921 -2,810 -3,158 -2,935 -2,706
Noncontrolling Interest		 77 80 78 75 73 79 78 78 77 81 80

Annual Metrics And Ratios for Willis Towers Watson Public

This table displays calculated financial ratios and metrics derived from Willis Towers Watson Public's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2023 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.02% 0.71% 105.98% 3.99% 3.79% -1.68% 2.93% 10.08% -6.51% 6.96% 4.71%
EBITDA Growth		 -4.88% -18.27% 98.32% 16.83% 19.37% 11.24% 0.80% 6.86% -6.05% -0.69% -59.24%
EBIT Growth		 -4.67% -26.19% 9.13% 29.28% 55.74% 20.87% -1.95% 20.64% -3.17% 3.27% -75.76%
NOPAT Growth		 -10.48% 4.47% -4.86% 39.31% 9.48% 25.86% -24.32% 75.39% -12.26% 13.97% -146.72%
Net Income Growth		 -1.06% 0.00% 17.43% 35.16% 20.78% 50.07% -4.94% 4.31% -3.76% 3.91% -108.27%
EPS Growth		 0.00% 1.69% -43.81% 37.50% 26.08% 52.18% -4.61% 30.07% -9.75% 10.80% -109.65%
Operating Cash Flow Growth		 -14.97% -48.85% 282.38% -7.61% 49.42% -16.07% 64.11% 16.18% -60.60% 65.64% 12.42%
Free Cash Flow Firm Growth		 57.97% -330.17% -582.08% 260.06% -88.78% -122.20% 473.53% -238.25% 324.45% -139.60% 232.42%
Invested Capital Growth		 -1.06% 44.62% 157.02% -87.70% -42.53% 124.06% -23.39% 168.72% -58.73% 142.30% -55.21%
Revenue Q/Q Growth		 0.96% 0.50% 13.74% 1.88% 3.58% -4.02% 1.39% 12.48% -5.02% 2.07% 0.00%
EBITDA Q/Q Growth		 -0.62% -14.19% 18.70% 4.78% 24.90% -2.95% -5.81% -31.37% 309.05% -0.39% 0.00%
EBIT Q/Q Growth		 0.77% -20.72% 12.39% 6.25% 61.19% -5.19% -8.66% -38.73% 2,343.33% 0.73% 0.00%
NOPAT Q/Q Growth		 -0.86% -17.29% 1.06% 79.97% 25.90% -4.45% -15.26% -20.79% 340.66% 7.03% 0.00%
Net Income Q/Q Growth		 2.47% -23.09% 68.46% 21.31% 22.22% 18.56% -6.25% -53.98% 406.59% 2.90% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 79.88% 24.78% 24.88% 19.17% -6.36% -43.75% 2,594.44% 6.87% 0.00%
Operating Cash Flow Q/Q Growth		 0.21% -21.04% 24.07% 4.23% 21.17% -9.31% 6.42% -15.71% 954.74% 12.27% 0.00%
Free Cash Flow Firm Q/Q Growth		 -94.69% 87.62% 15.71% 2,040.66% -89.83% 40.83% -71.16% 6.59% 872.00% 40.41% -49.95%
Invested Capital Q/Q Growth		 169.23% 15.09% -5.32% -88.16% 17.31% -5.07% 264.95% 101.17% -11.31% -20.32% 12.59%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 39.14% 39.85% 38.52% 39.44% 39.82% 41.11% 40.14% 43.65% 42.87% 43.65% 44.59%
EBITDA Margin		 21.02% 17.05% 16.42% 18.45% 21.21% 24.00% 23.51% 22.82% 22.93% 21.29% 8.29%
Operating Margin		 17.02% 11.15% 4.41% 6.29% 9.50% 12.59% 9.97% 14.39% 13.29% 14.39% 6.31%
EBIT Margin		 17.18% 12.59% 6.67% 8.29% 12.44% 15.29% 14.57% 15.97% 16.54% 15.97% 3.70%
Profit (Net Income) Margin		 9.81% 9.74% 5.55% 7.22% 8.40% 12.82% 11.84% 11.22% 11.55% 11.22% -0.89%
Tax Burden Percent		 72.01% 109.71% 128.07% 120.33% 84.02% 102.58% 100.89% 83.19% 81.40% 83.19% -84.62%
Interest Burden Percent		 79.33% 70.54% 65.02% 72.35% 80.36% 81.72% 80.56% 84.48% 85.81% 84.48% 28.34%
Effective Tax Rate		 30.70% -9.71% -28.07% -20.33% 15.98% 18.83% 24.63% 16.81% 15.42% 16.81% 184.62%
Return on Invested Capital (ROIC)		 12.53% 10.76% 4.85% 8.36% 53.06% 56.47% 35.00% 38.38% 32.70% 37.27% -16.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.24% 6.25% 4.58% 9.38% 52.66% 53.96% 30.76% 39.36% 32.30% 38.33% -24.78%
Return on Net Nonoperating Assets (RNNOA)		 4.78% 5.89% 2.08% -2.59% -46.01% -45.93% -25.42% -28.01% -22.30% -26.46% 15.99%
Return on Equity (ROE)		 17.31% 16.66% 6.93% 5.77% 7.05% 10.54% 9.58% 10.37% 10.40% 10.81% -1.00%
Cash Return on Invested Capital (CROIC)		 13.59% -25.72% -83.11% 164.55% 107.08% -20.10% 61.48% -53.14% 115.85% -45.87% 59.26%
Operating Return on Assets (OROA)		 4.32% 2.81% 2.14% 2.17% 3.27% 3.78% 3.39% 4.48% 4.82% 4.98% 1.29%
Return on Assets (ROA)		 2.47% 2.18% 1.78% 1.89% 2.21% 3.16% 2.76% 3.15% 3.37% 3.50% -0.31%
Return on Common Equity (ROCE)		 16.87% 15.67% 6.73% 5.68% 6.95% 10.40% 9.47% 10.27% 10.32% 10.73% -0.99%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 16.73% 4.35% 5.85% 7.26% 10.47% 9.43% 11.18% 10.22% 11.18% -1.11%
Net Operating Profit after Tax (NOPAT)		 448 468 446 621 680 855 647 1,136 996 1,136 -531
NOPAT Margin		 11.79% 12.23% 5.65% 7.57% 7.98% 10.22% 7.52% 11.97% 11.24% 11.97% -5.34%
Net Nonoperating Expense Percent (NNEP)		 5.30% 4.52% 0.27% -1.02% 0.40% 2.51% 4.23% -0.98% 0.41% -1.05% 7.79%
Return On Investment Capital (ROIC_SIMPLE)		 10.42% - - - - - - 7.67% 6.73% 7.67% -3.98%
Cost of Revenue to Revenue		 60.86% 60.15% 61.48% 60.56% 60.18% 58.89% 59.86% 56.35% 57.13% 56.35% 55.41%
SG&A Expenses to Revenue		 17.33% 18.75% 19.67% 18.70% 19.23% 19.68% 19.70% 19.14% 19.12% 19.14% 18.46%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 22.12% 28.70% 34.11% 33.15% 30.32% 28.52% 30.17% 29.25% 29.58% 29.25% 38.28%
Earnings before Interest and Taxes (EBIT)		 653 482 526 680 1,059 1,280 1,255 1,514 1,466 1,514 367
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 799 653 1,295 1,513 1,806 2,009 2,025 2,164 2,033 2,019 823
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.40 3.47 1.49 1.79 1.85 2.38 2.39 2.58 2.57 2.58 3.97
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.77 2.02 1.90 2.21 2.15 2.91 3.00 2.59 2.91 2.59 3.18
Price to Earnings (P/E)		 18.63 20.74 35.75 31.92 26.29 23.35 25.97 23.32 25.53 23.32 0.00
Dividend Yield		 3.15% 3.59% 1.75% 1.54% 1.71% 1.37% 1.37% 1.41% 1.38% 1.41% 1.12%
Earnings Yield		 5.37% 4.82% 2.80% 3.13% 3.80% 4.28% 3.85% 4.29% 3.92% 4.29% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.34 2.07 1.37 5.92 10.01 7.74 10.95 4.50 9.85 4.50 13.22
Enterprise Value to Revenue (EV/Rev)		 2.19 2.78 2.31 1.17 1.10 1.94 2.04 2.05 1.98 2.05 2.57
Enterprise Value to EBITDA (EV/EBITDA)		 10.41 16.32 14.04 6.37 5.18 8.07 8.68 8.96 8.62 9.61 31.04
Enterprise Value to EBIT (EV/EBIT)		 12.74 22.10 34.56 14.16 8.84 12.67 14.00 12.81 11.96 12.81 69.60
Enterprise Value to NOPAT (EV/NOPAT)		 18.55 22.74 40.79 15.51 13.77 18.96 27.14 17.08 17.59 17.08 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.44 43.66 19.48 11.17 7.26 15.01 9.90 9.41 21.59 14.42 16.89
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.10 0.00 0.00 0.79 6.82 0.00 15.45 0.00 4.97 0.00 13.80
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.11 1.35 0.38 0.44 0.46 0.54 0.52 0.54 0.47 0.54 0.66
Long-Term Debt to Equity		 1.03 0.94 0.33 0.43 0.44 0.51 0.43 0.48 0.44 0.48 0.66
Financial Leverage		 0.66 0.94 0.45 -0.28 -0.87 -0.85 -0.83 -0.71 -0.69 -0.69 -0.65
Leverage Ratio		 7.01 7.65 3.88 3.06 3.20 3.33 3.47 3.29 3.09 3.09 3.22
Compound Leverage Factor		 5.56 5.40 2.52 2.21 2.57 2.72 2.80 2.78 2.65 2.61 0.91
Debt to Total Capital		 52.65% 57.51% 27.41% 30.62% 31.40% 35.14% 34.01% 35.23% 31.87% 35.23% 39.84%
Short-Term Debt to Total Capital		 3.83% 17.40% 3.60% 0.57% 1.28% 1.98% 5.86% 4.39% 1.69% 4.39% 0.00%
Long-Term Debt to Total Capital		 48.82% 40.11% 23.81% 30.04% 30.12% 33.16% 28.15% 30.84% 30.18% 30.84% 39.84%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.86% 3.24% 1.20% 1.02% 1.00% 0.75% 0.68% 0.49% 0.52% 0.49% 0.58%
Common Equity to Total Capital		 45.50% 39.25% 71.39% 68.36% 67.61% 64.11% 65.31% 64.28% 67.61% 64.28% 59.58%
Debt to EBITDA		 2.87 5.00 2.98 3.00 2.53 2.80 2.78 2.41 2.32 2.58 6.45
Net Debt to EBITDA		 1.87 4.19 2.31 -5.72 -5.02 -4.12 -4.15 -2.44 -4.09 -2.62 -7.39
Long-Term Debt to EBITDA		 2.67 3.49 2.59 2.94 2.43 2.64 2.30 2.11 2.20 2.26 6.45
Debt to NOPAT		 5.12 6.97 8.67 7.30 6.73 6.57 8.70 4.59 4.74 4.59 -10.01
Net Debt to NOPAT		 3.33 5.84 6.72 -13.93 -13.33 -9.67 -12.99 -4.65 -8.34 -4.65 11.47
Long-Term Debt to NOPAT		 4.75 4.86 7.53 7.17 6.46 6.20 7.20 4.02 4.49 4.02 -10.01
Altman Z-Score		 0.88 0.67 0.85 0.90 0.95 1.04 1.01 1.36 1.26 1.36 1.48
Noncontrolling Interest Sharing Ratio		 2.53% 5.92% 2.79% 1.56% 1.46% 1.30% 1.09% 0.90% 0.76% 0.76% 0.85%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.06 0.98 1.03 1.08 1.07 1.06 1.05 1.06 1.07 1.06 1.20
Quick Ratio		 0.16 0.14 0.22 0.22 0.22 0.22 0.23 0.32 0.25 0.32 0.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 486 -1,120 -7,636 12,223 1,372 -305 1,137 -1,572 3,529 -1,397 1,850
Operating Cash Flow to CapEx		 422.12% 167.12% 307.92% 1,149.33% 2,385.19% 354.43% 620.28% 1,025.37% 1,230.30% 555.79% 617.14%
Free Cash Flow to Firm to Interest Expense		 3.60 -7.88 -41.50 65.02 6.59 -1.30 4.66 -6.69 16.97 -5.95 7.04
Operating Cash Flow to Interest Expense		 3.53 1.72 5.07 4.59 6.19 4.62 7.27 8.77 3.90 5.72 5.75
Operating Cash Flow Less CapEx to Interest Expense		 2.70 0.69 3.42 4.19 5.93 3.32 6.10 7.91 3.59 4.69 4.82
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.25 0.22 0.32 0.26 0.26 0.25 0.23 0.28 0.29 0.31 0.35
Accounts Receivable Turnover		 3.65 3.33 4.73 3.79 3.68 3.35 3.43 3.81 3.58 3.82 3.92
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 7.89 7.32 11.25 8.99 0.00 0.00 0.00 10.94 12.33 13.19 14.38
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 100.08 109.72 77.24 96.26 99.15 109.02 106.53 95.84 102.08 95.44 93.11
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 100.08 109.72 77.24 96.26 99.15 109.02 106.53 95.84 102.08 95.44 93.11
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,559 5,147 13,229 1,627 935 2,095 1,605 4,313 1,780 4,313 1,932
Invested Capital Turnover		 1.06 0.88 0.86 1.10 6.65 5.52 4.66 3.20 2.91 3.11 3.18
Increase / (Decrease) in Invested Capital		 -38 1,588 8,082 -11,602 -692 1,160 -490 2,708 -2,533 2,533 -2,381
Enterprise Value (EV)		 8,317 10,654 18,179 9,630 9,357 16,222 17,569 19,393 17,528 19,393 25,543
Market Capitalization		 6,743 7,736 15,015 18,129 18,274 24,376 25,864 24,600 25,764 24,600 31,551
Book Value per Share		 $11.21 $12.37 $73.60 $76.69 $75.82 $79.71 $83.94 $92.19 $92.54 $92.19 $78.83
Tangible Book Value per Share		 ($7.92) ($14.55) ($34.49) ($32.38) ($30.25) ($34.40) ($19.87) ($26.06) ($22.45) ($26.06) ($21.38)
Total Capital		 4,363 5,679 14,099 14,812 14,572 15,986 16,567 14,810 14,814 14,810 13,326
Total Debt		 2,297 3,266 3,865 4,535 4,575 5,617 5,635 5,217 4,721 5,217 5,309
Total Long-Term Debt		 2,130 2,278 3,357 4,450 4,389 5,301 4,664 4,567 4,471 4,567 5,309
Net Debt		 1,493 2,734 2,995 -8,650 -9,062 -8,274 -8,407 -5,280 -8,313 -5,280 -6,085
Capital Expenditures (CapEx)		 113 146 303 75 54 305 286 201 66 242 245
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 160 158 60 -11,994 -12,332 -12,608 -12,102 -9,044 -11,728 -9,044 -8,887
Debt-free Net Working Capital (DFNWC)		 795 690 930 1,191 1,305 1,283 1,940 1,453 1,306 1,453 2,507
Net Working Capital (NWC)		 628 -298 422 1,106 1,119 967 969 803 1,056 803 2,507
Net Nonoperating Expense (NNE)		 75 95 7.68 29 -35 -218 -373 72 -28 72 -443
Net Nonoperating Obligations (NNO)		 1,493 2,734 2,995 -8,650 -9,062 -8,274 -9,327 -5,280 -8,313 -5,280 -6,085
Total Depreciation and Amortization (D&A)		 146 171 769 833 747 729 770 650 567 505 456
Debt-free, Cash-free Net Working Capital to Revenue		 4.21% 4.13% 0.76% -146.23% -144.86% -150.63% -140.48% -95.37% -132.28% -95.37% -89.50%
Debt-free Net Working Capital to Revenue		 20.91% 18.02% 11.79% 14.52% 15.33% 15.33% 22.52% 15.32% 14.73% 15.32% 25.25%
Net Working Capital to Revenue		 16.52% -7.78% 5.35% 13.48% 13.14% 11.55% 11.25% 8.47% 11.91% 8.47% 25.25%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $5.49 $3.07 $0.00 $5.29 $8.05 $7.68 $0.00 $0.00 $0.00 ($0.96)
Adjusted Weighted Average Basic Shares Outstanding		 179.48M 138.17M 135.53M 0.00 129.10M 128.72M 128.97M 0.00 0.00 0.00 99.69M
Adjusted Diluted Earnings per Share		 $0.00 $5.41 $3.04 $0.00 $5.27 $8.02 $7.65 $0.00 $0.00 $0.00 ($0.96)
Adjusted Weighted Average Diluted Shares Outstanding		 179.48M 138.17M 135.53M 0.00 129.10M 128.72M 128.97M 0.00 0.00 0.00 99.69M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 179.48M 138.17M 135.53M 0.00 129.10M 128.72M 128.97M 0.00 0.00 0.00 99.69M
Normalized Net Operating Profit after Tax (NOPAT)		 473 446 503 454 680 855 666 1,192 1,149 1,192 1,211
Normalized NOPAT Margin		 12.45% 11.65% 6.37% 5.53% 7.98% 10.22% 7.73% 12.57% 12.95% 12.57% 12.20%
Pre Tax Income Margin		 13.62% 8.88% 4.34% 6.00% 10.00% 12.50% 11.74% 13.49% 14.19% 13.49% 1.05%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.84 3.39 2.86 3.62 5.09 5.47 5.14 6.44 7.05 6.44 1.40
NOPAT to Interest Expense		 3.32 3.30 2.42 3.30 3.27 3.66 2.65 4.83 4.79 4.83 -2.02
EBIT Less CapEx to Interest Expense		 4.00 2.37 1.21 3.22 4.83 4.17 3.97 5.59 6.73 5.41 0.46
NOPAT Less CapEx to Interest Expense		 2.48 2.27 0.78 2.90 3.01 2.35 1.48 3.98 4.47 3.80 -2.95
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 61.93% 79.89% 50.23% 55.41% 46.43% 35.79% 36.67% 38.53% 37.11% 39.00% -417.05%
Augmented Payout Ratio		 119.03% 101.88% 140.64% 145.27% 130.63% 49.77% 36.67% 191.45% 381.84% 132.99% -1,440.91%

Quarterly Metrics And Ratios for Willis Towers Watson Public

This table displays calculated financial ratios and metrics derived from Willis Towers Watson Public's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.59% 3.89% 6.30% 10.91% 7.05% 4.32% 4.91% 5.68% 4.15% -5.04% -0.18%
EBITDA Growth		 0.22% 23.53% -17.72% -6.22% -0.86% -3.63% 13.50% -622.48% 101.96% 10.59% 37.22%
EBIT Growth		 2.20% 50.49% -23.04% -5.86% 1.39% -1.29% 33.33% -957.33% 118.70% 20.26% 60.43%
NOPAT Growth		 6.42% 76.45% -7.23% -12.02% 12.81% -2.12% 57.74% -497.89% 1.43% 51.17% 119.39%
Net Income Growth		 -75.36% 64.80% -15.79% -27.60% 5.06% -5.83% 47.92% -1,302.88% 100.32% 23.20% 133.80%
EPS Growth		 -71.95% 82.52% -9.28% -25.00% 12.17% -2.66% 54.55% -1,374.42% 108.31% 27.32% 144.12%
Operating Cash Flow Growth		 103.80% 538.10% 24.89% 119.55% 39.20% -82.09% 37.50% 22.65% 14.75% -245.83% -11.30%
Free Cash Flow Firm Growth		 244.16% 117.31% -92.08% -1,227.36% -160.23% -484.02% 147.20% 196.62% 262.40% 220.33% 78.11%
Invested Capital Growth		 -58.73% -14.84% 298.37% 169.71% 142.30% 138.19% -30.81% -68.30% -55.21% -53.30% -77.24%
Revenue Q/Q Growth		 39.38% -17.56% -3.79% 0.32% 34.53% 0.00% -3.25% 1.06% 32.59% -26.75% 1.71%
EBITDA Q/Q Growth		 150.81% -52.48% -29.48% 11.58% 165.13% 0.00% -16.94% -613.60% 202.48% -74.70% 2.77%
EBIT Q/Q Growth		 230.96% -60.81% -42.90% 27.12% 256.44% 0.00% -22.88% -917.37% 190.93% -79.02% 2.45%
NOPAT Q/Q Growth		 280.08% -60.61% -50.47% 18.63% 387.32% 0.00% -20.17% -399.23% 224.23% -49.06% 15.73%
Net Income Q/Q Growth		 208.85% -65.26% -53.40% 44.79% 348.20% 0.00% -26.80% -1,277.46% 174.64% -80.85% 38.91%
EPS Q/Q Growth		 205.81% -64.26% -53.19% 46.59% 357.36% 0.00% -25.68% -1,308.82% 174.76% -81.04% 42.49%
Operating Cash Flow Q/Q Growth		 109.50% -64.27% 120.90% 32.77% 32.82% 0.00% 1,595.83% 18.43% 24.27% -105.84% 1,131.43%
Free Cash Flow Firm Q/Q Growth		 973.57% -83.97% -846.87% 12.29% 42.64% 0.00% 191.79% 79.57% -3.60% -24.28% 35.86%
Invested Capital Q/Q Growth		 -11.31% -12.92% 231.03% 5.50% -20.32% 0.00% -3.85% -51.66% 12.59% -10.77% -53.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 53.60% 41.49% 37.61% 37.26% 54.53% 42.67% 38.32% 39.01% 54.96% 40.44% 35.91%
EBITDA Margin		 34.09% 19.65% 14.40% 16.02% 31.57% 18.15% 15.59% -79.20% 61.22% 21.14% 21.36%
Operating Margin		 26.01% 12.70% 6.58% 7.34% 26.73% 11.96% 9.36% -33.46% 29.69% 19.43% 16.28%
EBIT Margin		 29.06% 13.81% 8.20% 10.39% 27.52% 13.07% 10.42% -84.27% 57.79% 16.55% 16.67%
Profit (Net Income) Margin		 21.79% 9.18% 4.45% 6.42% 21.38% 8.29% 6.27% -73.05% 41.12% 10.75% 14.68%
Tax Burden Percent		 80.46% 80.47% 80.00% 84.76% 84.30% 80.17% 84.52% 83.85% 73.93% 78.88% 106.07%
Interest Burden Percent		 93.17% 82.58% 67.80% 72.89% 92.14% 79.09% 71.19% 103.37% 96.24% 82.34% 83.02%
Effective Tax Rate		 17.77% 19.53% 20.00% 15.24% 15.70% 19.83% 15.48% 0.00% 26.07% 21.45% -6.71%
Return on Invested Capital (ROIC)		 62.24% 54.28% 14.88% 15.58% 70.15% 0.00% 0.00% 0.00% 69.80% 55.31% 78.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 62.08% 54.55% 15.14% 15.51% 70.65% 0.00% 0.00% 0.00% 59.56% 56.93% 79.09%
Return on Net Nonoperating Assets (RNNOA)		 -42.87% -45.90% -10.35% -9.58% -48.78% 0.00% 0.00% 0.00% -38.44% -39.59% -59.50%
Return on Equity (ROE)		 19.37% 8.39% 4.53% 6.00% 21.37% 0.00% 0.00% 0.00% 31.36% 15.72% 18.67%
Cash Return on Invested Capital (CROIC)		 115.85% 80.94% -85.95% -63.21% -45.87% -81.72% 36.42% 103.72% 59.26% 65.00% 146.40%
Operating Return on Assets (OROA)		 8.47% 3.82% 2.43% 3.29% 8.58% 0.00% 0.00% 0.00% 20.22% 5.57% 5.63%
Return on Assets (ROA)		 6.35% 2.54% 1.32% 2.03% 6.66% 0.00% 0.00% 0.00% 14.39% 3.62% 4.96%
Return on Common Equity (ROCE)		 19.23% 8.33% 4.50% 5.96% 21.21% 0.00% 0.00% 0.00% 31.09% 15.58% 18.51%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.94% 11.09% 10.99% 0.00% 0.00% 0.00% 0.00% 0.00% -0.53% 0.00%
Net Operating Profit after Tax (NOPAT)		 582 229 114 135 657 224 179 -536 666 339 393
NOPAT Margin		 21.39% 10.22% 5.26% 6.22% 22.54% 9.59% 7.91% -23.43% 21.95% 15.26% 17.37%
Net Nonoperating Expense Percent (NNEP)		 0.16% -0.26% -0.25% 0.07% -0.50% -0.42% -0.70% -22.89% 10.24% -1.62% -0.92%
Return On Investment Capital (ROIC_SIMPLE)		 3.93% - - - 4.43% - - - 5.00% 2.51% 2.91%
Cost of Revenue to Revenue		 46.40% 58.51% 62.39% 62.74% 45.47% 57.33% 61.68% 60.99% 45.04% 59.56% 64.09%
SG&A Expenses to Revenue		 15.87% 20.19% 20.06% 18.28% 18.29% 19.52% 19.38% 18.30% 17.07% 16.42% 14.86%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.59% 28.79% 31.03% 29.92% 27.80% 30.71% 28.96% 72.48% 25.27% 21.01% 19.64%
Earnings before Interest and Taxes (EBIT)		 791 310 177 225 802 306 236 -1,929 1,754 368 377
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 928 441 311 347 920 425 353 -1,813 1,858 470 483
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.57 2.41 2.52 2.30 2.58 2.98 2.87 3.99 3.97 4.14 3.75
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.91 2.72 2.72 2.33 2.59 0.00 0.00 0.00 3.18 3.43 3.10
Price to Earnings (P/E)		 25.53 22.32 22.99 21.17 23.32 0.00 0.00 0.00 0.00 0.00 221.82
Dividend Yield		 1.38% 1.45% 1.43% 1.62% 1.41% 1.24% 1.31% 1.18% 1.12% 1.05% 1.17%
Earnings Yield		 3.92% 4.48% 4.35% 4.72% 4.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.45%
Enterprise Value to Invested Capital (EV/IC)		 9.85 10.19 3.91 3.26 4.50 6.10 5.92 14.42 13.22 15.82 28.59
Enterprise Value to Revenue (EV/Rev)		 1.98 1.76 2.21 1.90 2.05 0.00 0.00 0.00 2.57 2.78 2.36
Enterprise Value to EBITDA (EV/EBITDA)		 8.62 7.46 9.78 8.69 9.61 0.00 0.00 0.00 31.04 31.43 23.12
Enterprise Value to EBIT (EV/EBIT)		 11.96 10.06 13.21 11.72 12.81 0.00 0.00 0.00 69.60 63.59 40.45
Enterprise Value to NOPAT (EV/NOPAT)		 17.59 14.43 18.48 16.61 17.08 0.00 0.00 0.00 0.00 0.00 51.56
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.59 17.07 20.37 14.71 14.42 0.00 0.00 0.00 16.89 18.78 16.42
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.97 11.58 0.00 0.00 0.00 0.00 13.29 6.69 13.80 15.50 7.24
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.47 0.46 0.55 0.55 0.54 0.62 0.56 0.70 0.66 0.65 0.65
Long-Term Debt to Equity		 0.44 0.44 0.46 0.48 0.48 0.55 0.56 0.70 0.66 0.58 0.58
Financial Leverage		 -0.69 -0.84 -0.68 -0.62 -0.69 -0.73 -0.55 -0.58 -0.65 -0.70 -0.75
Leverage Ratio		 3.09 3.05 3.02 3.02 3.09 3.15 3.03 3.21 3.22 3.28 3.30
Compound Leverage Factor		 2.88 2.52 2.05 2.20 2.85 2.49 2.15 3.32 3.10 2.70 2.74
Debt to Total Capital		 31.87% 31.70% 35.62% 35.47% 35.23% 38.37% 36.05% 41.22% 39.84% 39.26% 39.37%
Short-Term Debt to Total Capital		 1.69% 1.68% 5.86% 4.42% 4.39% 4.19% 0.00% 0.00% 0.00% 4.06% 4.07%
Long-Term Debt to Total Capital		 30.18% 30.02% 29.76% 31.06% 30.84% 34.18% 36.05% 41.22% 39.84% 35.20% 35.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.52% 0.54% 0.51% 0.51% 0.49% 0.51% 0.53% 0.61% 0.58% 0.60% 0.59%
Common Equity to Total Capital		 67.61% 67.77% 63.87% 64.02% 64.28% 61.12% 63.42% 58.18% 59.58% 60.14% 60.04%
Debt to EBITDA		 2.32 2.23 2.67 2.57 2.58 0.00 0.00 0.00 6.45 6.12 5.32
Net Debt to EBITDA		 -4.09 -4.07 -2.32 -2.01 -2.62 0.00 0.00 0.00 -7.39 -7.48 -7.38
Long-Term Debt to EBITDA		 2.20 2.11 2.23 2.25 2.26 0.00 0.00 0.00 6.45 5.49 4.77
Debt to NOPAT		 4.74 4.32 5.04 4.91 4.59 0.00 0.00 0.00 -10.01 -25.56 11.86
Net Debt to NOPAT		 -8.34 -7.89 -4.38 -3.84 -4.65 0.00 0.00 0.00 11.47 31.24 -16.46
Long-Term Debt to NOPAT		 4.49 4.09 4.21 4.30 4.02 0.00 0.00 0.00 -10.01 -22.92 10.63
Altman Z-Score		 1.19 1.10 1.23 1.16 1.28 0.98 0.94 0.73 1.64 1.50 1.35
Noncontrolling Interest Sharing Ratio		 0.76% 0.71% 0.78% 0.77% 0.76% 0.81% 0.81% 0.90% 0.85% 0.90% 0.90%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.07 1.07 1.07 1.05 1.06 1.12 1.11 1.14 1.20 1.16 1.13
Quick Ratio		 0.25 0.23 0.32 0.29 0.32 0.33 0.29 0.28 0.35 0.29 0.31
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,115 499 -3,729 -3,271 -1,876 -1,918 1,760 3,161 3,047 2,307 3,135
Operating Cash Flow to CapEx		 2,343.75% 705.26% 1,345.45% 1,572.00% 296.59% 88.89% 1,403.45% 1,785.19% 369.75% -68.63% 622.41%
Free Cash Flow to Firm to Interest Expense		 57.69 9.25 -65.43 -53.63 -29.78 -29.96 25.89 48.63 46.17 35.50 48.98
Operating Cash Flow to Interest Expense		 6.94 2.48 5.19 6.44 8.29 0.38 5.99 7.42 9.08 -0.54 5.64
Operating Cash Flow Less CapEx to Interest Expense		 6.65 2.13 4.81 6.03 5.49 -0.05 5.56 7.00 6.62 -1.32 4.73
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.29 0.28 0.30 0.32 0.31 0.00 0.00 0.00 0.35 0.34 0.34
Accounts Receivable Turnover		 3.58 4.03 4.29 4.69 3.82 0.00 0.00 0.00 3.92 4.09 4.10
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 12.33 11.62 12.36 13.17 13.19 0.00 0.00 0.00 14.38 14.32 13.96
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 102.08 90.68 85.06 77.84 95.44 0.00 0.00 0.00 93.11 89.20 89.11
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 102.08 90.68 85.06 77.84 95.44 0.00 0.00 0.00 93.11 89.20 89.11
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,780 1,550 5,131 5,413 4,313 3,692 3,550 1,716 1,932 1,724 808
Invested Capital Turnover		 2.91 5.31 2.83 2.50 3.11 0.00 0.00 0.00 3.18 3.62 4.50
Increase / (Decrease) in Invested Capital		 -2,533 -270 3,843 3,406 2,533 2,142 -1,581 -3,697 -2,381 -1,968 -2,742
Enterprise Value (EV)		 17,528 15,787 20,043 17,622 19,393 22,505 21,013 24,749 25,543 27,282 23,097
Market Capitalization		 25,764 24,333 24,711 21,619 24,600 28,302 26,800 29,911 31,551 33,691 30,389
Book Value per Share		 $92.54 $94.73 $92.08 $89.77 $92.19 $92.81 $91.33 $73.77 $78.83 $81.58 $81.69
Tangible Book Value per Share		 ($22.45) ($21.67) ($23.95) ($26.68) ($26.06) ($25.99) ($26.85) ($27.08) ($21.38) ($19.69) ($20.88)
Total Capital		 14,814 14,898 15,341 14,699 14,810 15,525 14,722 12,878 13,326 13,524 13,491
Total Debt		 4,721 4,722 5,464 5,214 5,217 5,957 5,307 5,308 5,309 5,310 5,311
Total Long-Term Debt		 4,471 4,472 4,565 4,565 4,567 5,307 5,307 5,308 5,309 4,761 4,762
Net Debt		 -8,313 -8,626 -4,746 -4,072 -5,280 -5,876 -5,865 -5,240 -6,085 -6,490 -7,372
Capital Expenditures (CapEx)		 16 19 22 25 176 27 29 27 162 51 58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -11,728 -12,041 -8,463 -8,108 -9,044 -9,659 -9,817 -8,770 -8,887 -9,174 -10,400
Debt-free Net Working Capital (DFNWC)		 1,306 1,307 1,747 1,178 1,453 2,174 1,355 1,778 2,507 2,626 2,283
Net Working Capital (NWC)		 1,056 1,057 848 529 803 1,524 1,355 1,778 2,507 2,077 1,734
Net Nonoperating Expense (NNE)		 -11 23 18 -4.24 34 30 37 1,136 -582 100 61
Net Nonoperating Obligations (NNO)		 -8,313 -8,626 -4,746 -4,072 -5,280 -5,876 -5,865 -5,854 -6,085 -6,490 -7,372
Total Depreciation and Amortization (D&A)		 137 131 134 122 118 119 117 116 104 102 106
Debt-free, Cash-free Net Working Capital to Revenue		 -132.28% -134.54% -93.23% -87.27% -95.37% 0.00% 0.00% 0.00% -89.50% -93.50% -106.04%
Debt-free Net Working Capital to Revenue		 14.73% 14.60% 19.24% 12.68% 15.32% 0.00% 0.00% 0.00% 25.25% 26.76% 23.28%
Net Working Capital to Revenue		 11.91% 11.81% 9.34% 5.69% 8.47% 0.00% 0.00% 0.00% 25.25% 21.17% 17.68%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $5.28 $1.89 $0.88 $1.30 $5.94 $1.84 $1.37 ($16.44) $12.27 $2.34 $3.34
Adjusted Weighted Average Basic Shares Outstanding		 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M 97.55M
Adjusted Diluted Earnings per Share		 $5.26 $1.88 $0.88 $1.29 $5.90 $1.83 $1.36 ($16.44) $12.29 $2.33 $3.32
Adjusted Weighted Average Diluted Shares Outstanding		 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M 97.55M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M 97.55M
Normalized Net Operating Profit after Tax (NOPAT)		 605 232 122 149 689 239 182 199 690 339 258
Normalized NOPAT Margin		 22.23% 10.33% 5.63% 6.89% 23.64% 10.20% 8.02% 8.69% 22.73% 15.26% 11.39%
Pre Tax Income Margin		 27.08% 11.41% 5.56% 7.57% 25.36% 10.34% 7.42% -87.11% 55.62% 13.63% 13.84%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 14.65 5.74 3.11 3.69 12.73 4.78 3.47 -29.68 26.58 5.66 5.89
NOPAT to Interest Expense		 10.78 4.25 1.99 2.21 10.42 3.51 2.64 -8.25 10.09 5.22 6.14
EBIT Less CapEx to Interest Expense		 14.35 5.39 2.72 3.28 9.94 4.36 3.04 -30.09 24.12 4.88 4.98
NOPAT Less CapEx to Interest Expense		 10.48 3.90 1.61 1.80 7.63 3.09 2.21 -8.66 7.64 4.44 5.23
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 37.11% 33.39% 33.95% 38.97% 39.00% 0.00% 0.00% 0.00% -417.05% -855.81% 251.02%
Augmented Payout Ratio		 381.84% 158.64% 150.14% 159.28% 132.99% 0.00% 0.00% 0.00% -1,440.91% -3,181.40% 1,135.37%

Key Financial Trends

Willis Towers Watson (NASDAQ: WTW) has shown a generally positive financial trend over the last four years ending in Q2 2025, with some notable fluctuations and strategic shifts. We analyze the key financial statement components: income statement, balance sheet, and cash flow statement, highlighting trends and impacts relevant to retail investors.

Positive Trends:

  • Net income has rebounded strongly in recent quarters, with Q2 2025 net income coming in at $332 million, up from $239 million in Q1 2025 and significant improvement after losses in 2024 Q3 and Q4.
  • Operating revenue showed steady growth, reaching $2.26 billion in Q2 2025, marginally higher than $2.22 billion in Q1 2025, indicating stable top-line performance.
  • The company generated strong operating cash flow of $361 million in Q2 2025, a significant turnaround from the negative operating cash flow in Q1 2025 (-$35 million), reflecting improved core business performance and working capital management.
  • Significant divestiture cash inflows ($836 million in Q2 2025) helped boost investing cash flow to a positive $696 million, improving liquidity positions.
  • Willis Towers Watson has maintained a solid equity base, with total common equity at $8.1 billion as of Q2 2025, broadly stable compared to $8.13 billion in Q1 2025.
  • The company continues returning cash to shareholders through dividends (e.g., $0.92/share in Q2 2025) and significant share repurchases ($500 million in Q2 2025), boosting shareholder value.
  • Restricted cash balances have increased steadily, rising from about $8.6 billion in mid-2023 to over $10.7 billion by Q2 2025, enhancing liquidity cushions.

Neutral Observations:

  • Depreciation and amortization expenses have remained consistent with minor variances quarter-to-quarter, indicating steady capital asset use and intangible amortization without major impairments recently.
  • Interest expense has been roughly steady around $60-$68 million per quarter, reflecting manageable debt servicing costs relative to earnings.
  • Working capital showed volatility with changes in operating assets and liabilities impacting cash flow significantly from quarter to quarter, which suggests active working capital management but potential cyclical working capital swings.

Negative Trends / Concerns:

  • The company experienced large impairment charges and restructuring costs in 2023, particularly Q3 2024 with a $1.04 billion impairment charge, which led to substantial net losses that quarter (net loss of $1.67 billion Q3 2024).
  • There was a severe dip in net income and operating cash flow during the latter half of 2023, with losses and negative cash flows signaling operational challenges and one-time charges.
  • Long-term debt remains at a high level, approximately $4.76-$5.3 billion range over past quarters, which despite steady interest expenses warrants monitoring for leverage risks.
  • Accumulated other comprehensive losses remain significant (roughly -$2.7 billion to -$3.1 billion), which reduces total common equity and reflects unrealized losses in some financial or hedging activities.

Summary:

Willis Towers Watson's financials over the last few years show a company that faced headwinds in 2023 with high goodwill impairments and restructuring charges but has made a strong recovery in 2024 and into 2025, with improving revenue, profitability, and cash flow generation. The company is actively managing its balance sheet via divestitures, share repurchases, and dividend payments. Investors should watch for stabilization in operating expenses and any future impairment risks, as well as monitor debt levels and comprehensive loss impacts. Overall, WTW appears to be in a recovery and growth phase following significant challenges, which could bode well for shareholder returns if the momentum sustains.

08/23/25 08:21 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Willis Towers Watson Public's Financials

When does Willis Towers Watson Public's financial year end?

According to the most recent income statement we have on file, Willis Towers Watson Public's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Willis Towers Watson Public's net income changed over the last 10 years?

Willis Towers Watson Public's net income appears to be on an upward trend, with a most recent value of -$88 million in 2024, falling from $373 million in 2014. The previous period was $1.06 billion in 2023. Check out Willis Towers Watson Public's forecast to explore projected trends and price targets.

What is Willis Towers Watson Public's operating income?
Willis Towers Watson Public's total operating income in 2024 was $627 million, based on the following breakdown:
  • Total Gross Profit: $4.43 billion
  • Total Operating Expenses: $3.80 billion
How has Willis Towers Watson Public's revenue changed over the last 10 years?

Over the last 10 years, Willis Towers Watson Public's total revenue changed from $3.80 billion in 2014 to $9.93 billion in 2024, a change of 161.2%.

How much debt does Willis Towers Watson Public have?

Willis Towers Watson Public's total liabilities were at $19.66 billion at the end of 2024, a 0.9% increase from 2023, and a 47.2% increase since 2014.

How much cash does Willis Towers Watson Public have?

In the past 10 years, Willis Towers Watson Public's cash and equivalents has ranged from $532 million in 2015 to $4.49 billion in 2021, and is currently $1.89 billion as of their latest financial filing in 2024.

How has Willis Towers Watson Public's book value per share changed over the last 10 years?

Over the last 10 years, Willis Towers Watson Public's book value per share changed from 11.21 in 2014 to 78.83 in 2024, a change of 603.3%.


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This page (NASDAQ:WTW) was last updated on 8/23/2025 by MarketBeat.com Staff
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