Willis Towers Watson Public (WTW) Financials

$316.11 +0.83 (+0.26%)

Closing price 05/30/2025 04:00 PM Eastern

Extended Trading

$316.50 +0.38 (+0.12%)

As of 05/30/2025 05:24 PM Eastern

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	235	1,246	-1,675	141	190	622	136	94	203	588	190
Consolidated Net Income / (Loss)	239	1,248	-1,672	142	194	623	139	96	206	593	192
Net Income / (Loss) Continuing Operations	238	-424	0.00	142	194	762	0.00	96	206	606	184
Total Pre-Tax Income	303	1,688	-1,994	168	242	739	164	120	256	737	185
Total Operating Income	432	901	-766	212	280	779	159	142	285	708	154
Total Gross Profit	899	1,668	893	868	999	1,589	807	812	931	1,459	728
Total Revenue	2,223	3,035	2,289	2,265	2,341	2,914	2,166	2,159	2,244	2,722	1,953
Operating Revenue	2,223	3,035	2,289	2,265	2,341	2,914	2,166	2,159	2,244	2,722	1,953
Total Cost of Revenue	1,324	1,367	1,396	1,397	1,342	1,325	1,359	1,347	1,313	1,263	1,225
Operating Cost of Revenue	1,324	1,367	1,396	1,397	1,342	1,325	1,359	1,347	1,313	1,263	1,225
Total Operating Expenses	467	767	1,659	656	719	810	648	670	646	751	574
Selling, General & Admin Expense	365	518	419	439	457	533	396	433	453	432	384
Depreciation Expense	54	54	60	57	59	58	60	64	60	64	60
Amortization Expense	48	50	56	60	60	60	62	70	71	73	71
Other Operating Expenses / (Income)	0.00	113	74	97	125	121	113	93	59	73	50
Restructuring Charge	0.00	32	8.00	3.00	18	38	17	10	3.00	28	9.00
Total Other Income / (Expense), net	-129	787	-1,228	-44	-38	-40	5.00	-22	-29	29	31
Interest Expense	65	66	65	68	64	63	61	57	54	54	54
Other Income / (Expense), net	-64	853	-1,163	24	26	23	66	35	25	83	85
Income Tax Expense	65	440	-322	26	48	116	25	24	50	131	1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	2.00	3.00	1.00	4.00	1.00	3.00	2.00	3.00	5.00	2.00
Basic Earnings per Share	$2.34	$12.27	($16.44)	$1.37	$1.84	$5.94	$1.30	$0.88	$1.89	$5.28	$1.72
Weighted Average Basic Shares Outstanding	99.15M	99.69M	100.73M	101.56M	102.24M	0.00	103.26M	104.82M	106.41M	106.58M	108.24M
Diluted Earnings per Share	$2.33	$12.29	($16.44)	$1.36	$1.83	$5.90	$1.29	$0.88	$1.88	$5.26	$1.72
Weighted Average Diluted Shares Outstanding	99.15M	99.69M	100.73M	101.56M	102.24M	0.00	103.26M	104.82M	106.41M	106.58M	108.24M
Weighted Average Basic & Diluted Shares Outstanding	99.15M	99.69M	100.73M	101.56M	102.24M	0.00	103.26M	104.82M	106.41M	106.58M	108.24M
Cash Dividends to Common per Share	$0.92	-	$0.88	$0.88	$0.88	-	$0.84	$0.84	$0.84	-	$0.82

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-95	415	251	-869	1,506	-5.00	-217	-338	-380	-76	-317
Net Cash From Operating Activities	-35	599	482	407	24	522	393	296	134	375	179
Net Cash From Continuing Operating Activities	-35	599	482	407	24	522	393	296	134	375	179
Net Income / (Loss) Continuing Operations	239	1,248	-1,672	142	194	623	139	96	206	593	192
Consolidated Net Income / (Loss)	239	1,248	-1,672	142	194	623	139	96	206	593	192
Depreciation Expense	54	54	60	57	59	58	60	64	60	64	60
Amortization Expense	48	50	56	60	60	60	62	70	71	73	71
Non-Cash Adjustments To Reconcile Net Income	175	-801	2,294	83	86	102	-5.00	80	83	45	-163
Changes in Operating Assets and Liabilities, net	-551	48	-256	65	-375	-321	137	-14	-286	-400	19
Net Cash From Investing Activities	-84	480	-72	-84	-74	-55	5.00	-974	-61	-115	-77
Net Cash From Continuing Investing Activities	-84	480	-72	-84	-74	-55	5.00	-974	-61	-115	-77
Purchase of Property, Plant & Equipment	-51	-162	-27	-29	-27	-176	-25	-22	-19	-16	-17
Acquisitions	-1.00	-79	-10	-3.00	-15	-	-2.00	-	-4.00	-1.00	-4.00
Divestitures	0.00	-5.00	-	-	0.00	-86	71	-907	0.00	-1.00	-16
Sale and/or Maturity of Investments	-32	-	-	-1.00	1.00	-	-	-4.00	4.00	-	-
Net Cash From Financing Activities	24	-664	-159	-1,192	1,556	-472	-615	340	-453	-336	-419
Net Cash From Continuing Financing Activities	24	-664	-159	-1,192	1,556	-472	-615	340	-453	-336	-419
Repayment of Debt	-1.00	-2.00	-1.00	-653	-8.00	-1.00	-252	-7.00	-1.00	-	-2.00
Repurchase of Common Equity	-200	-395	-205	-200	-101	-196	-350	-350	-104	-440	-369
Payment of Dividends	-88	-92	-96	-92	-87	-103	-131	-94	-87	-91	-97
Issuance of Debt	0.00	-	-	-	746	-	-	748	0.00	-	-
Other Financing Activities, net	313	-175	143	-247	1,006	-172	118	43	-261	195	43

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2023	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	27,681	29,090	31,769	29,090	38,531	35,426	32,385	32,458	30,253	18,839
Total Current Assets	15,105	13,433	15,835	13,433	20,301	17,037	16,420	15,861	13,792	12,503
Cash & Equivalents	1,890	1,424	1,262	1,424	2,039	887	1,033	1,030	870	532
Restricted Cash	9,504	9,073	11,772	9,073	12,003	13,004	12,604	12,155	-	-
Accounts Receivable	2,494	2,572	2,387	2,572	2,408	2,621	2,379	2,246	2,080	1,258
Prepaid Expenses	1,217	364	414	364	479	525	404	430	337	255
Plant, Property, & Equipment, net	661	720	718	720	1,013	0.00	0.00	985	839	563
Total Noncurrent Assets	11,915	14,937	15,216	14,937	17,217	18,389	15,965	15,612	15,622	5,773
Goodwill	8,799	10,195	10,173	10,195	10,392	11,194	10,465	10,519	10,413	3,737
Intangible Assets	1,295	2,016	2,273	2,016	2,989	3,478	3,318	3,882	4,368	1,115
Employee Benefit Assets	530	588	827	588	971	868	773	764	488	623
Other Noncurrent Operating Assets	1,291	2,138	1,943	2,138	1,981	2,849	1,409	447	353	298
Total Liabilities & Shareholders' Equity	27,681	29,090	31,769	29,090	38,531	35,426	32,385	32,458	30,253	18,839
Total Liabilities	19,664	19,497	21,676	19,497	27,599	25,057	22,388	22,181	20,019	16,426
Total Current Liabilities	12,598	12,630	14,779	12,630	19,332	16,070	15,301	14,755	13,370	12,801
Short-Term Debt	0.00	650	250	650	971	316	186	85	508	988
Accrued Expenses	2,211	-	1,915	-	-	-	-	-	-	-
Other Current Liabilities	10,387	9,876	12,614	9,876	12,953	13,970	13,468	12,959	11,381	11,061
Total Noncurrent Liabilities	7,066	6,867	6,897	6,867	8,267	8,987	7,087	7,426	6,649	3,625
Long-Term Debt	5,309	4,567	4,471	4,567	4,664	5,301	4,389	4,450	3,357	2,278
Noncurrent Deferred & Payable Income Tax Liabilities	45	542	748	542	561	526	559	615	864	240
Noncurrent Employee Benefit Liabilities	615	563	480	563	1,403	1,324	1,170	1,259	1,321	279
Other Noncurrent Operating Liabilities	1,097	1,195	1,198	1,195	1,613	1,836	969	544	1,107	828
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,017	9,593	10,093	9,593	10,932	10,369	9,971	10,249	10,183	2,360
Total Preferred & Common Equity	7,940	9,520	10,016	9,520	10,820	10,249	9,852	10,126	10,065	2,229
Total Common Equity	7,940	9,520	10,016	9,520	10,820	10,249	9,852	10,126	10,065	2,229
Common Stock	10,989	10,910	10,876	10,910	10,748	10,687	10,615	10,538	10,596	1,672
Retained Earnings	109	1,466	1,764	1,466	2,434	1,792	1,201	1,104	1,452	1,597
Treasury Stock	0.00	0.00	-3.00	0.00	-3.00	-3.00	-3.00	-3.00	-99	-3.00
Accumulated Other Comprehensive Income / (Loss)	-3,158	-2,856	-2,621	-2,856	-2,359	-2,227	-1,961	-1,513	-1,884	-1,037
Noncontrolling Interest	77	73	77	73	112	120	119	123	118	131

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	28,064	27,681	27,168	29,622	30,237	29,090	27,623	28,773	31,906	31,769	30,991
Total Current Assets	15,461	15,105	14,313	14,029	14,642	13,433	11,834	12,817	15,946	15,835	15,051
Cash & Equivalents	1,507	1,890	1,372	1,247	1,893	1,424	1,247	1,602	1,135	1,262	1,496
Restricted Cash	10,293	9,504	9,176	9,925	9,940	9,073	8,039	8,608	12,213	11,772	11,190
Accounts Receivable	2,366	2,494	2,118	2,425	2,430	2,572	2,079	2,206	2,261	2,387	1,884
Prepaid Expenses	1,295	1,217	558	432	379	364	469	401	337	414	476
Plant, Property, & Equipment, net	667	661	710	709	703	720	710	725	723	718	701
Total Noncurrent Assets	11,936	11,915	12,145	14,884	14,892	14,937	15,079	15,231	15,237	15,216	15,239
Goodwill	8,841	8,799	8,882	10,184	10,186	10,195	10,143	10,202	10,193	10,173	10,089
Intangible Assets	1,255	1,295	1,360	1,898	1,960	2,016	2,064	2,146	2,212	2,273	2,314
Employee Benefit Assets	550	530	632	611	598	588	908	893	863	827	1,008
Other Noncurrent Operating Assets	1,290	1,291	1,271	2,191	2,148	2,138	1,964	1,990	1,969	1,943	1,828
Total Liabilities & Shareholders' Equity	28,064	27,681	27,168	29,622	30,237	29,090	27,623	28,773	31,906	31,769	30,991
Total Liabilities	19,850	19,664	19,598	20,207	20,669	19,497	18,138	18,896	21,730	21,676	21,078
Total Current Liabilities	13,384	12,598	12,535	12,674	13,118	12,630	11,305	11,969	14,889	14,779	14,122
Short-Term Debt	549	0.00	0.00	0.00	650	650	649	899	250	250	250
Accrued Expenses	1,499	2,211	-	1,891	1,638	-	-	-	1,485	1,915	-
Other Current Liabilities	11,336	10,387	10,033	10,783	10,830	9,876	8,788	9,385	13,154	12,614	12,167
Total Noncurrent Liabilities	6,466	7,066	7,063	7,533	7,551	6,867	6,833	6,927	6,841	6,897	6,956
Long-Term Debt	4,761	5,309	5,308	5,307	5,307	4,567	4,565	4,565	4,472	4,471	4,470
Noncurrent Employee Benefit Liabilities	552	615	487	505	526	563	433	452	457	480	552
Other Noncurrent Operating Liabilities	1,153	1,097	1,174	1,169	1,168	1,195	1,129	1,189	1,176	1,198	1,176
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	8,214	8,017	7,570	9,415	9,568	9,593	9,485	9,877	10,176	10,093	9,913
Total Preferred & Common Equity	8,133	7,940	7,492	9,337	9,489	9,520	9,410	9,799	10,096	10,016	9,838
Total Common Equity	8,133	7,940	7,492	9,337	9,489	9,520	9,410	9,799	10,096	10,016	9,838
Common Stock	11,017	10,989	10,957	10,943	10,930	10,910	10,903	10,910	10,890	10,876	10,855
Retained Earnings	51	109	-650	1,315	1,464	1,466	1,127	1,429	1,774	1,764	1,706
Treasury Stock	0.00	0.00	-5.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.00	-3.00
Accumulated Other Comprehensive Income / (Loss)	-2,935	-3,158	-2,810	-2,921	-2,905	-2,856	-2,620	-2,540	-2,568	-2,621	-2,720
Noncontrolling Interest	81	77	78	78	79	73	75	78	80	77	75

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.04%	4.15%	5.68%	4.91%	4.32%	7.05%	10.91%	6.30%	3.89%	0.59%	-1.01%
EBITDA Growth	10.59%	101.96%	-622.48%	13.50%	-3.63%	-0.86%	-6.22%	-17.72%	23.53%	0.22%	-73.38%
EBIT Growth	20.26%	118.70%	-957.33%	33.33%	-1.29%	1.39%	-5.86%	-23.04%	50.49%	2.20%	-80.66%
NOPAT Growth	51.17%	1.43%	-497.89%	57.74%	-2.12%	12.81%	-12.02%	-7.23%	76.45%	6.42%	-82.52%
Net Income Growth	23.20%	100.32%	-1,302.88%	47.92%	-5.83%	5.06%	-27.60%	-15.79%	64.80%	-75.36%	-78.83%
EPS Growth	27.32%	108.31%	-1,374.42%	54.55%	-2.66%	12.17%	-25.00%	-9.28%	82.52%	-71.95%	-75.39%
Operating Cash Flow Growth	-245.83%	14.75%	22.65%	37.50%	-82.09%	39.20%	119.55%	24.89%	538.10%	103.80%	-88.15%
Free Cash Flow Firm Growth	220.33%	262.40%	196.62%	147.20%	-484.02%	-160.23%	-1,227.36%	-92.08%	117.31%	244.16%	112.95%
Invested Capital Growth	-53.30%	-55.21%	-68.30%	-30.81%	138.19%	142.30%	169.71%	298.37%	-14.84%	-58.73%	-6.39%
Revenue Q/Q Growth	-26.75%	32.59%	1.06%	-3.25%	0.00%	34.53%	0.32%	-3.79%	-17.56%	39.38%	-3.84%
EBITDA Q/Q Growth	-74.70%	202.48%	-613.60%	-16.94%	0.00%	165.13%	11.58%	-29.48%	-52.48%	150.81%	-2.12%
EBIT Q/Q Growth	-79.02%	190.93%	-917.37%	-22.88%	0.00%	256.44%	27.12%	-42.90%	-60.81%	230.96%	3.91%
NOPAT Q/Q Growth	-49.06%	224.23%	-399.23%	-20.17%	0.00%	387.32%	18.63%	-50.47%	-60.61%	280.08%	25.08%
Net Income Q/Q Growth	-80.85%	174.64%	-1,277.46%	-26.80%	0.00%	348.20%	44.79%	-53.40%	-65.26%	208.85%	68.42%
EPS Q/Q Growth	-81.04%	174.76%	-1,308.82%	-25.68%	0.00%	357.36%	46.59%	-53.19%	-64.26%	205.81%	77.32%
Operating Cash Flow Q/Q Growth	-105.84%	24.27%	18.43%	1,595.83%	0.00%	32.82%	32.77%	120.90%	-64.27%	109.50%	-24.47%
Free Cash Flow Firm Q/Q Growth	-24.28%	-3.60%	79.57%	191.79%	0.00%	42.64%	12.29%	-846.87%	-83.97%	973.57%	114.95%
Invested Capital Q/Q Growth	-10.77%	12.59%	-51.66%	-3.85%	0.00%	-20.32%	5.50%	231.03%	-12.92%	-11.31%	55.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.44%	54.96%	39.01%	38.32%	42.67%	54.53%	37.26%	37.61%	41.49%	53.60%	37.28%
EBITDA Margin	21.14%	61.22%	-79.20%	15.59%	18.15%	31.57%	16.02%	14.40%	19.65%	34.09%	18.95%
Operating Margin	19.43%	29.69%	-33.46%	9.36%	11.96%	26.73%	7.34%	6.58%	12.70%	26.01%	7.89%
EBIT Margin	16.55%	57.79%	-84.27%	10.42%	13.07%	27.52%	10.39%	8.20%	13.81%	29.06%	12.24%
Profit (Net Income) Margin	10.75%	41.12%	-73.05%	6.27%	8.29%	21.38%	6.42%	4.45%	9.18%	21.79%	9.83%
Tax Burden Percent	78.88%	73.93%	83.85%	84.52%	80.17%	84.30%	84.76%	80.00%	80.47%	80.46%	103.78%
Interest Burden Percent	82.34%	96.24%	103.37%	71.19%	79.09%	92.14%	72.89%	67.80%	82.58%	93.17%	77.41%
Effective Tax Rate	21.45%	26.07%	0.00%	15.48%	19.83%	15.70%	15.24%	20.00%	19.53%	17.77%	0.54%
Return on Invested Capital (ROIC)	55.31%	69.80%	0.00%	0.00%	0.00%	70.15%	15.58%	14.88%	54.28%	62.24%	35.27%
ROIC Less NNEP Spread (ROIC-NNEP)	56.93%	59.56%	0.00%	0.00%	0.00%	70.65%	15.51%	15.14%	54.55%	62.08%	34.82%
Return on Net Nonoperating Assets (RNNOA)	-39.59%	-38.44%	0.00%	0.00%	0.00%	-48.78%	-9.58%	-10.35%	-45.90%	-42.87%	-28.05%
Return on Equity (ROE)	15.72%	31.36%	0.00%	0.00%	0.00%	21.37%	6.00%	4.53%	8.39%	19.37%	7.22%
Cash Return on Invested Capital (CROIC)	65.00%	59.26%	103.72%	36.42%	-81.72%	-45.87%	-63.21%	-85.95%	80.94%	115.85%	17.49%
Operating Return on Assets (OROA)	5.57%	20.22%	0.00%	0.00%	0.00%	8.58%	3.29%	2.43%	3.82%	8.47%	3.35%
Return on Assets (ROA)	3.62%	14.39%	0.00%	0.00%	0.00%	6.66%	2.03%	1.32%	2.54%	6.35%	2.69%
Return on Common Equity (ROCE)	15.58%	31.09%	0.00%	0.00%	0.00%	21.21%	5.96%	4.50%	8.33%	19.23%	7.18%
Return on Equity Simple (ROE_SIMPLE)	-0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	10.99%	11.09%	10.94%	0.00%	-3.40%
Net Operating Profit after Tax (NOPAT)	339	666	-536	179	224	657	135	114	229	582	153
NOPAT Margin	15.26%	21.95%	-23.43%	7.91%	9.59%	22.54%	6.22%	5.26%	10.22%	21.39%	7.84%
Net Nonoperating Expense Percent (NNEP)	-1.62%	10.24%	-22.89%	-0.70%	-0.42%	-0.50%	0.07%	-0.25%	-0.26%	0.16%	0.45%
Return On Investment Capital (ROIC_SIMPLE)	2.51%	5.00%	-	-	-	4.43%	-	-	-	3.93%	-
Cost of Revenue to Revenue	59.56%	45.04%	60.99%	61.68%	57.33%	45.47%	62.74%	62.39%	58.51%	46.40%	62.72%
SG&A Expenses to Revenue	16.42%	17.07%	18.30%	19.38%	19.52%	18.29%	18.28%	20.06%	20.19%	15.87%	19.66%
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	21.01%	25.27%	72.48%	28.96%	30.71%	27.80%	29.92%	31.03%	28.79%	27.59%	29.39%
Earnings before Interest and Taxes (EBIT)	368	1,754	-1,929	236	306	802	225	177	310	791	239
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	470	1,858	-1,813	353	425	920	347	311	441	928	370
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.14	3.97	3.99	2.87	2.98	2.58	2.30	2.52	2.41	2.57	2.19
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)	3.43	3.18	0.00	0.00	0.00	2.59	2.33	2.72	2.72	2.91	2.31
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	23.32	21.17	22.99	22.32	25.53	0.00
Dividend Yield	1.05%	1.12%	1.18%	1.31%	1.24%	1.41%	1.62%	1.43%	1.45%	1.38%	1.66%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	4.29%	4.72%	4.35%	4.48%	3.92%	0.00%
Enterprise Value to Invested Capital (EV/IC)	15.82	13.22	14.42	5.92	6.10	4.50	3.26	3.91	10.19	9.85	6.81
Enterprise Value to Revenue (EV/Rev)	2.78	2.57	0.00	0.00	0.00	2.05	1.90	2.21	1.76	1.98	1.46
Enterprise Value to EBITDA (EV/EBITDA)	31.43	31.04	0.00	0.00	0.00	9.61	8.69	9.78	7.46	8.62	27.50
Enterprise Value to EBIT (EV/EBIT)	63.59	69.60	0.00	0.00	0.00	12.81	11.72	13.21	10.06	11.96	227.77
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	17.08	16.61	18.48	14.43	17.59	60.44
Enterprise Value to Operating Cash Flow (EV/OCF)	18.78	16.89	0.00	0.00	0.00	14.42	14.71	20.37	17.07	21.59	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	15.50	13.80	6.69	13.29	0.00	0.00	0.00	0.00	11.58	4.97	37.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.66	0.70	0.56	0.62	0.54	0.55	0.55	0.46	0.47	0.48
Long-Term Debt to Equity	0.58	0.66	0.70	0.56	0.55	0.48	0.48	0.46	0.44	0.44	0.45
Financial Leverage	-0.70	-0.65	-0.58	-0.55	-0.73	-0.69	-0.62	-0.68	-0.84	-0.69	-0.81
Leverage Ratio	3.28	3.22	3.21	3.03	3.15	3.09	3.02	3.02	3.05	3.09	3.20
Compound Leverage Factor	2.70	3.10	3.32	2.15	2.49	2.85	2.20	2.05	2.52	2.88	2.48
Debt to Total Capital	39.26%	39.84%	41.22%	36.05%	38.37%	35.23%	35.47%	35.62%	31.70%	31.87%	32.26%
Short-Term Debt to Total Capital	4.06%	0.00%	0.00%	0.00%	4.19%	4.39%	4.42%	5.86%	1.68%	1.69%	1.71%
Long-Term Debt to Total Capital	35.20%	39.84%	41.22%	36.05%	34.18%	30.84%	31.06%	29.76%	30.02%	30.18%	30.55%
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	0.60%	0.58%	0.61%	0.53%	0.51%	0.49%	0.51%	0.51%	0.54%	0.52%	0.51%
Common Equity to Total Capital	60.14%	59.58%	58.18%	63.42%	61.12%	64.28%	64.02%	63.87%	67.77%	67.61%	67.23%
Debt to EBITDA	6.12	6.45	0.00	0.00	0.00	2.58	2.57	2.67	2.23	2.32	9.50
Net Debt to EBITDA	-7.48	-7.39	0.00	0.00	0.00	-2.62	-2.01	-2.32	-4.07	-4.09	-16.03
Long-Term Debt to EBITDA	5.49	6.45	0.00	0.00	0.00	2.26	2.25	2.23	2.11	2.20	8.99
Debt to NOPAT	-25.56	-10.01	0.00	0.00	0.00	4.59	4.91	5.04	4.32	4.74	20.88
Net Debt to NOPAT	31.24	11.47	0.00	0.00	0.00	-4.65	-3.84	-4.38	-7.89	-8.34	-35.23
Long-Term Debt to NOPAT	-22.92	-10.01	0.00	0.00	0.00	4.02	4.30	4.21	4.09	4.49	19.77
Altman Z-Score	1.50	1.64	0.73	0.94	0.98	1.28	1.16	1.23	1.10	1.19	1.05
Noncontrolling Interest Sharing Ratio	0.90%	0.85%	0.90%	0.81%	0.81%	0.76%	0.77%	0.78%	0.71%	0.76%	0.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.16	1.20	1.14	1.11	1.12	1.06	1.05	1.07	1.07	1.07	1.07
Quick Ratio	0.29	0.35	0.28	0.29	0.33	0.32	0.29	0.32	0.23	0.25	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,307	3,047	3,161	1,760	-1,918	-1,876	-3,271	-3,729	499	3,115	290
Operating Cash Flow to CapEx	-68.63%	369.75%	1,785.19%	1,403.45%	88.89%	296.59%	1,572.00%	1,345.45%	705.26%	2,343.75%	1,052.94%
Free Cash Flow to Firm to Interest Expense	35.50	46.17	48.63	25.89	-29.96	-29.78	-53.63	-65.43	9.25	57.69	5.37
Operating Cash Flow to Interest Expense	-0.54	9.08	7.42	5.99	0.38	8.29	6.44	5.19	2.48	6.94	3.31
Operating Cash Flow Less CapEx to Interest Expense	-1.32	6.62	7.00	5.56	-0.05	5.49	6.03	4.81	2.13	6.65	3.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.35	0.00	0.00	0.00	0.31	0.32	0.30	0.28	0.29	0.27
Accounts Receivable Turnover	4.09	3.92	0.00	0.00	0.00	3.82	4.69	4.29	4.03	3.58	4.73
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	14.32	14.38	0.00	0.00	0.00	13.19	13.17	12.36	11.62	12.33	11.80
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)	89.20	93.11	0.00	0.00	0.00	95.44	77.84	85.06	90.68	102.08	77.20
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)	89.20	93.11	0.00	0.00	0.00	95.44	77.84	85.06	90.68	102.08	77.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,724	1,932	1,716	3,550	3,692	4,313	5,413	5,131	1,550	1,780	2,007
Invested Capital Turnover	3.62	3.18	0.00	0.00	0.00	3.11	2.50	2.83	5.31	2.91	4.50
Increase / (Decrease) in Invested Capital	-1,968	-2,381	-3,697	-1,581	2,142	2,533	3,406	3,843	-270	-2,533	-137
Enterprise Value (EV)	27,282	25,543	24,749	21,013	22,505	19,393	17,622	20,043	15,787	17,528	13,666
Market Capitalization	33,691	31,551	29,911	26,800	28,302	24,600	21,619	24,711	24,333	25,764	21,557
Book Value per Share	$81.58	$78.83	$73.77	$91.33	$92.81	$92.19	$89.77	$92.08	$94.73	$92.54	$89.46
Tangible Book Value per Share	($19.69)	($21.38)	($27.08)	($26.85)	($25.99)	($26.06)	($26.68)	($23.95)	($21.67)	($22.45)	($23.33)
Total Capital	13,524	13,326	12,878	14,722	15,525	14,810	14,699	15,341	14,898	14,814	14,633
Total Debt	5,310	5,309	5,308	5,307	5,957	5,217	5,214	5,464	4,722	4,721	4,720
Total Long-Term Debt	4,761	5,309	5,308	5,307	5,307	4,567	4,565	4,565	4,472	4,471	4,470
Net Debt	-6,490	-6,085	-5,240	-5,865	-5,876	-5,280	-4,072	-4,746	-8,626	-8,313	-7,966
Capital Expenditures (CapEx)	51	162	27	29	27	176	25	22	19	16	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9,174	-8,887	-8,770	-9,817	-9,659	-9,044	-8,108	-8,463	-12,041	-11,728	-11,507
Debt-free Net Working Capital (DFNWC)	2,626	2,507	1,778	1,355	2,174	1,453	1,178	1,747	1,307	1,306	1,179
Net Working Capital (NWC)	2,077	2,507	1,778	1,355	1,524	803	529	848	1,057	1,056	929
Net Nonoperating Expense (NNE)	100	-582	1,136	37	30	34	-4.24	18	23	-11	-39
Net Nonoperating Obligations (NNO)	-6,490	-6,085	-5,854	-5,865	-5,876	-5,280	-4,072	-4,746	-8,626	-8,313	-7,906
Total Depreciation and Amortization (D&A)	102	104	116	117	119	118	122	134	131	137	131
Debt-free, Cash-free Net Working Capital to Revenue	-93.50%	-89.50%	0.00%	0.00%	0.00%	-95.37%	-87.27%	-93.23%	-134.54%	-132.28%	-123.27%
Debt-free Net Working Capital to Revenue	26.76%	25.25%	0.00%	0.00%	0.00%	15.32%	12.68%	19.24%	14.60%	14.73%	12.63%
Net Working Capital to Revenue	21.17%	25.25%	0.00%	0.00%	0.00%	8.47%	5.69%	9.34%	11.81%	11.91%	9.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.34	$12.27	($16.44)	$1.37	$1.84	$5.94	$1.30	$0.88	$1.89	$5.28	$1.72
Adjusted Weighted Average Basic Shares Outstanding	99.15M	99.69M	100.73M	101.56M	102.24M	0.00	103.26M	104.82M	106.41M	106.58M	108.24M
Adjusted Diluted Earnings per Share	$2.33	$12.29	($16.44)	$1.36	$1.83	$5.90	$1.29	$0.88	$1.88	$5.26	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	99.15M	99.69M	100.73M	101.56M	102.24M	0.00	103.26M	104.82M	106.41M	106.58M	108.24M
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	99.15M	99.69M	100.73M	101.56M	102.24M	0.00	103.26M	104.82M	106.41M	106.58M	108.24M
Normalized Net Operating Profit after Tax (NOPAT)	339	690	199	182	239	689	149	122	232	605	162
Normalized NOPAT Margin	15.26%	22.73%	8.69%	8.02%	10.20%	23.64%	6.89%	5.63%	10.33%	22.23%	8.30%
Pre Tax Income Margin	13.63%	55.62%	-87.11%	7.42%	10.34%	25.36%	7.57%	5.56%	11.41%	27.08%	9.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.66	26.58	-29.68	3.47	4.78	12.73	3.69	3.11	5.74	14.65	4.43
NOPAT to Interest Expense	5.22	10.09	-8.25	2.64	3.51	10.42	2.21	1.99	4.25	10.78	2.84
EBIT Less CapEx to Interest Expense	4.88	24.12	-30.09	3.04	4.36	9.94	3.28	2.72	5.39	14.35	4.11
NOPAT Less CapEx to Interest Expense	4.44	7.64	-8.66	2.21	3.09	7.63	1.80	1.61	3.90	10.48	2.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-855.81%	-417.05%	0.00%	0.00%	0.00%	39.00%	38.97%	33.95%	33.39%	37.11%	-117.96%
Augmented Payout Ratio	-3,181.40%	-1,440.91%	0.00%	0.00%	0.00%	132.99%	159.28%	150.14%	158.64%	381.84%	-1,043.11%

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 9 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 2015. The previous period was $1.06 billion in 2023. View Willis Towers Watson Public's forecast to see where analysts expect Willis Towers Watson Public to go next.

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 revenue changed over the last 9 years?

Over the last 9 years, Willis Towers Watson Public's total revenue changed from $3.83 billion in 2015 to $9.93 billion in 2024, a change of 159.3%.

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 19.7% increase since 2015.

How much cash does Willis Towers Watson Public have?

In the past 9 years, Willis Towers Watson Public's cash and equivalents has ranged from $532 million in 2015 to $2.04 billion in 2020, 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 9 years?

Over the last 9 years, Willis Towers Watson Public's book value per share changed from 12.37 in 2015 to 78.83 in 2024, a change of 537.3%.

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This page (NASDAQ:WTW) was last updated on 6/1/2025 by MarketBeat.com Staff

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Willis Towers Watson Public (WTW) Financials

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Willis Towers Watson Public (WTW) Financials

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