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Willis Towers Watson Public (WTW) Financials

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$299.83 +0.83 (+0.28%)
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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
Net Income / (Loss) Attributable to Common Shareholders		 373 420 568 695 1,044 996 1,055 1,009 1,055 -98
Consolidated Net Income / (Loss)		 373 438 592 715 1,073 1,020 1,064 1,024 1,064 -88
Net Income / (Loss) Continuing Operations		 373 438 592 715 849 762 1,064 1,064 1,064 -88
Total Pre-Tax Income 		340 342 492 851 1,046 1,011 1,279 1,258 1,279 104
Total Operating Income		 427 348 516 809 1,054 859 1,365 1,178 1,365 627
Total Gross Profit		 1,526 3,038 3,235 3,390 3,441 3,458 4,139 3,801 4,139 4,428
Total Revenue		 3,829 7,887 8,202 8,513 8,370 8,615 9,483 8,866 9,483 9,930
Operating Revenue		 3,809 7,887 8,202 8,513 8,370 8,615 9,483 8,866 9,483 9,930
Total Cost of Revenue		 2,303 4,849 4,967 5,123 4,929 5,157 5,344 5,065 5,344 5,502
Operating Cost of Revenue		 2,303 4,849 4,967 5,123 4,929 5,157 5,344 5,065 5,344 5,502
Total Operating Expenses		 1,099 2,690 2,719 2,581 2,387 2,599 2,774 2,623 2,774 3,801
Selling, General & Admin Expense		 718 1,551 1,534 1,637 1,647 1,697 1,815 1,695 1,815 1,833
Depreciation Expense		 95 178 203 208 239 307 242 255 242 230
Amortization Expense		 76 591 581 534 488 461 263 312 263 226
Other Operating Expenses / (Income)		 - - 269 202 13 110 386 181 386 409
Impairment Charge		 - - - - - - - 81 0.00 1,042
Restructuring Charge		 210 370 132 0.00 0.00 24 68 99 68 61
Total Other Income / (Expense), net		 -87 -6.00 -24 42 -8.00 152 -86 80 -86 -523
Interest Expense		 142 184 188 208 234 244 235 208 235 263
Other Income / (Expense), net		 55 178 164 250 226 396 149 288 149 -260
Income Tax Expense		 -33 -96 -100 136 197 249 215 194 215 192
Net Income / (Loss) Discontinued Operations		 - - - - 224 258 0.00 -40 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 18 24 20 29 24 9.00 15 9.00 10
Basic Earnings per Share		 $5.49 $3.07 $4.21 $5.29 $8.05 $7.68 $10.01 $9.00 $10.01 ($0.96)
Weighted Average Basic Shares Outstanding		 138.17M 135.53M 132.22M 129.10M 128.72M 128.97M 102.48M 106.58M - 99.69M
Diluted Earnings per Share		 $5.41 $3.04 $4.18 $5.27 $8.02 $7.65 $9.95 $8.98 $9.95 ($0.96)
Weighted Average Diluted Shares Outstanding		 138.17M 135.53M 132.22M 129.10M 128.72M 128.97M 102.48M 106.58M - 99.69M
Weighted Average Basic & Diluted Shares Outstanding		 138.17M 135.53M 132.22M 129.10M 128.72M 128.97M 102.48M 106.58M - 99.69M
Cash Dividends to Common per Share		 $3.28 $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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Net Income / (Loss) Attributable to Common Shareholders		 190 588 203 94 136 622 190 141 -1,675 1,246 235
Consolidated Net Income / (Loss)		 192 593 206 96 139 623 194 142 -1,672 1,248 239
Net Income / (Loss) Continuing Operations		 184 606 206 96 0.00 762 194 142 0.00 -424 238
Total Pre-Tax Income 		185 737 256 120 164 739 242 168 -1,994 1,688 303
Total Operating Income		 154 708 285 142 159 779 280 212 -766 901 432
Total Gross Profit		 728 1,459 931 812 807 1,589 999 868 893 1,668 899
Total Revenue		 1,953 2,722 2,244 2,159 2,166 2,914 2,341 2,265 2,289 3,035 2,223
Operating Revenue		 1,953 2,722 2,244 2,159 2,166 2,914 2,341 2,265 2,289 3,035 2,223
Total Cost of Revenue		 1,225 1,263 1,313 1,347 1,359 1,325 1,342 1,397 1,396 1,367 1,324
Operating Cost of Revenue		 1,225 1,263 1,313 1,347 1,359 1,325 1,342 1,397 1,396 1,367 1,324
Total Operating Expenses		 574 751 646 670 648 810 719 656 1,659 767 467
Selling, General & Admin Expense		 384 432 453 433 396 533 457 439 419 518 365
Depreciation Expense		 60 64 60 64 60 58 59 57 60 54 54
Amortization Expense		 71 73 71 70 62 60 60 60 56 50 48
Other Operating Expenses / (Income)		 50 73 59 93 113 121 125 97 74 113 0.00
Restructuring Charge		 9.00 28 3.00 10 17 38 18 3.00 8.00 32 0.00
Total Other Income / (Expense), net		 31 29 -29 -22 5.00 -40 -38 -44 -1,228 787 -129
Interest Expense		 54 54 54 57 61 63 64 68 65 66 65
Other Income / (Expense), net		 85 83 25 35 66 23 26 24 -1,163 853 -64
Income Tax Expense		 1.00 131 50 24 25 116 48 26 -322 440 65
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.00 5.00 3.00 2.00 3.00 1.00 4.00 1.00 3.00 2.00 4.00
Basic Earnings per Share		 $1.72 $5.28 $1.89 $0.88 $1.30 $5.94 $1.84 $1.37 ($16.44) $12.27 $2.34
Weighted Average Basic Shares Outstanding		 108.24M 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M
Diluted Earnings per Share		 $1.72 $5.26 $1.88 $0.88 $1.29 $5.90 $1.83 $1.36 ($16.44) $12.29 $2.33
Weighted Average Diluted Shares Outstanding		 108.24M 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M
Weighted Average Basic & Diluted Shares Outstanding		 108.24M 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M
Cash Dividends to Common per Share		 $0.82 - $0.84 $0.84 $0.84 - $0.88 $0.88 $0.88 - $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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 -59 353 48 44 -78 1,992 1,517 -2,806 -940 1,303
Net Cash From Operating Activities		 244 933 862 1,288 1,081 1,774 2,061 812 1,345 1,512
Net Cash From Continuing Operating Activities		 244 933 862 1,288 1,081 1,774 2,061 812 1,345 1,512
Net Income / (Loss) Continuing Operations		 384 438 592 715 1,073 1,020 4,236 1,024 1,064 -88
Consolidated Net Income / (Loss)		 384 438 592 715 1,073 1,020 4,236 1,024 1,064 -88
Depreciation Expense		 95 178 252 213 240 308 281 255 242 230
Amortization Expense		 76 591 581 534 489 462 369 312 263 226
Non-Cash Adjustments To Reconcile Net Income		 -499 -184 -1,202 -924 145 -197 -2,620 151 260 1,662
Changes in Operating Assets and Liabilities, net		 188 -90 639 750 -866 181 -205 -930 -484 -518
Net Cash From Investing Activities		 -943 195 -335 -341 -1,614 -160 2,570 -173 -1,085 250
Net Cash From Continuing Investing Activities		 -943 195 -335 -341 -1,614 -160 2,570 -173 -1,085 250
Purchase of Property, Plant & Equipment		 -146 -303 -75 -54 -305 -286 -201 -66 -242 -245
Acquisitions		 -857 476 -13 -36 -1,329 -69 -47 -81 -6.00 -107
Divestitures		 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		 16 23 -304 -255 3.00 220 4,048 -197 89 619
Net Cash From Financing Activities		 640 -775 -479 -903 455 378 -3,114 -3,445 -1,200 -459
Net Cash From Continuing Financing Activities		 640 -775 -479 -903 455 378 -3,114 -3,445 -1,200 -459
Repayment of Debt		 -171 -1,915 -743 -932 -1,139 -332 -1,012 -590 -261 -664
Repurchase of Common Equity		 -82 -396 -532 -602 -150 0.00 -1,627 -3,530 -1,000 -901
Payment of Dividends		 -298 -220 -328 -332 -384 -374 -410 -380 -415 -367
Issuance of Debt		 1,061 1,773 1,323 998 2,097 282 0.00 750 748 746
Issuance of Common Equity		 131 63 61 45 45 16 10 7.00 0.00 0.00
Other Financing Activities, net		 -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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Net Change in Cash & Equivalents		 -317 -76 -380 -338 -217 -5.00 1,506 -869 251 415 -95
Net Cash From Operating Activities		 179 375 134 296 393 522 24 407 482 599 -35
Net Cash From Continuing Operating Activities		 179 375 134 296 393 522 24 407 482 599 -35
Net Income / (Loss) Continuing Operations		 192 593 206 96 139 623 194 142 -1,672 1,248 239
Consolidated Net Income / (Loss)		 192 593 206 96 139 623 194 142 -1,672 1,248 239
Depreciation Expense		 60 64 60 64 60 58 59 57 60 54 54
Amortization Expense		 71 73 71 70 62 60 60 60 56 50 48
Non-Cash Adjustments To Reconcile Net Income		 -163 45 83 80 -5.00 102 86 83 2,294 -801 175
Changes in Operating Assets and Liabilities, net		 19 -400 -286 -14 137 -321 -375 65 -256 48 -551
Net Cash From Investing Activities		 -77 -115 -61 -974 5.00 -55 -74 -84 -72 480 -84
Net Cash From Continuing Investing Activities		 -77 -115 -61 -974 5.00 -55 -74 -84 -72 480 -84
Purchase of Property, Plant & Equipment		 -17 -16 -19 -22 -25 -176 -27 -29 -27 -162 -51
Acquisitions		 -4.00 -1.00 -4.00 - -2.00 - -15 -3.00 -10 -79 -1.00
Divestitures		 -16 -1.00 0.00 -907 71 -86 0.00 - - -5.00 0.00
Sale and/or Maturity of Investments		 - - 4.00 -4.00 - - 1.00 -1.00 - - -32
Net Cash From Financing Activities		 -419 -336 -453 340 -615 -472 1,556 -1,192 -159 -664 24
Net Cash From Continuing Financing Activities		 -419 -336 -453 340 -615 -472 1,556 -1,192 -159 -664 24
Repayment of Debt		 -2.00 - -1.00 -7.00 -252 -1.00 -8.00 -653 -1.00 -2.00 -1.00
Repurchase of Common Equity		 -369 -440 -104 -350 -350 -196 -101 -200 -205 -395 -200
Payment of Dividends		 -97 -91 -87 -94 -131 -103 -87 -92 -96 -92 -88
Issuance of Debt		 - - 0.00 748 - - 746 - - - 0.00
Other Financing Activities, net		 43 195 -261 43 118 -172 1,006 -247 143 -175 313

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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
Total Assets		 18,839 30,253 32,458 32,385 35,426 38,531 29,090 31,769 29,090 27,681
Total Current Assets		 12,503 13,792 15,861 16,420 17,037 20,301 13,433 15,835 13,433 15,105
Cash & Equivalents		 532 870 1,030 1,033 887 2,039 1,424 1,262 1,424 1,890
Restricted Cash		 - - 12,155 12,604 13,004 12,003 9,073 11,772 9,073 9,504
Accounts Receivable		 1,258 2,080 2,246 2,379 2,621 2,408 2,572 2,387 2,572 2,494
Prepaid Expenses		 255 337 430 404 525 479 364 414 364 1,217
Plant, Property, & Equipment, net		 563 839 985 0.00 0.00 1,013 720 718 720 661
Total Noncurrent Assets		 5,773 15,622 15,612 15,965 18,389 17,217 14,937 15,216 14,937 11,915
Goodwill		 3,737 10,413 10,519 10,465 11,194 10,392 10,195 10,173 10,195 8,799
Intangible Assets		 1,115 4,368 3,882 3,318 3,478 2,989 2,016 2,273 2,016 1,295
Employee Benefit Assets		 623 488 764 773 868 971 588 827 588 530
Other Noncurrent Operating Assets		 298 353 447 1,409 2,849 1,981 2,138 1,943 2,138 1,291
Total Liabilities & Shareholders' Equity		 18,839 30,253 32,458 32,385 35,426 38,531 29,090 31,769 29,090 27,681
Total Liabilities		 16,426 20,019 22,181 22,388 25,057 27,599 19,497 21,676 19,497 19,664
Total Current Liabilities		 12,801 13,370 14,755 15,301 16,070 19,332 12,630 14,779 12,630 12,598
Short-Term Debt		 988 508 85 186 316 971 650 250 650 0.00
Accrued Expenses		 - - - - - - - 1,915 - 2,211
Other Current Liabilities		 11,061 11,381 12,959 13,468 13,970 12,953 9,876 12,614 9,876 10,387
Total Noncurrent Liabilities		 3,625 6,649 7,426 7,087 8,987 8,267 6,867 6,897 6,867 7,066
Long-Term Debt		 2,278 3,357 4,450 4,389 5,301 4,664 4,567 4,471 4,567 5,309
Noncurrent Deferred & Payable Income Tax Liabilities		 240 864 615 559 526 561 542 748 542 45
Noncurrent Employee Benefit Liabilities		 279 1,321 1,259 1,170 1,324 1,403 563 480 563 615
Other Noncurrent Operating Liabilities		 828 1,107 544 969 1,836 1,613 1,195 1,198 1,195 1,097
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		 2,360 10,183 10,249 9,971 10,369 10,932 9,593 10,093 9,593 8,017
Total Preferred & Common Equity		 2,229 10,065 10,126 9,852 10,249 10,820 9,520 10,016 9,520 7,940
Total Common Equity		 2,229 10,065 10,126 9,852 10,249 10,820 9,520 10,016 9,520 7,940
Common Stock		 1,672 10,596 10,538 10,615 10,687 10,748 10,910 10,876 10,910 10,989
Retained Earnings		 1,597 1,452 1,104 1,201 1,792 2,434 1,466 1,764 1,466 109
Treasury Stock		 -3.00 -99 -3.00 -3.00 -3.00 -3.00 0.00 -3.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -1,037 -1,884 -1,513 -1,961 -2,227 -2,359 -2,856 -2,621 -2,856 -3,158
Noncontrolling Interest		 131 118 123 119 120 112 73 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Total Assets		 30,991 31,769 31,906 28,773 27,623 29,090 30,237 29,622 27,168 27,681 28,064
Total Current Assets		 15,051 15,835 15,946 12,817 11,834 13,433 14,642 14,029 14,313 15,105 15,461
Cash & Equivalents		 1,496 1,262 1,135 1,602 1,247 1,424 1,893 1,247 1,372 1,890 1,507
Restricted Cash		 11,190 11,772 12,213 8,608 8,039 9,073 9,940 9,925 9,176 9,504 10,293
Accounts Receivable		 1,884 2,387 2,261 2,206 2,079 2,572 2,430 2,425 2,118 2,494 2,366
Prepaid Expenses		 476 414 337 401 469 364 379 432 558 1,217 1,295
Plant, Property, & Equipment, net		 701 718 723 725 710 720 703 709 710 661 667
Total Noncurrent Assets		 15,239 15,216 15,237 15,231 15,079 14,937 14,892 14,884 12,145 11,915 11,936
Goodwill		 10,089 10,173 10,193 10,202 10,143 10,195 10,186 10,184 8,882 8,799 8,841
Intangible Assets		 2,314 2,273 2,212 2,146 2,064 2,016 1,960 1,898 1,360 1,295 1,255
Employee Benefit Assets		 1,008 827 863 893 908 588 598 611 632 530 550
Other Noncurrent Operating Assets		 1,828 1,943 1,969 1,990 1,964 2,138 2,148 2,191 1,271 1,291 1,290
Total Liabilities & Shareholders' Equity		 30,991 31,769 31,906 28,773 27,623 29,090 30,237 29,622 27,168 27,681 28,064
Total Liabilities		 21,078 21,676 21,730 18,896 18,138 19,497 20,669 20,207 19,598 19,664 19,850
Total Current Liabilities		 14,122 14,779 14,889 11,969 11,305 12,630 13,118 12,674 12,535 12,598 13,384
Short-Term Debt		 250 250 250 899 649 650 650 0.00 0.00 0.00 549
Accrued Expenses		 - 1,915 1,485 - - - 1,638 1,891 - 2,211 1,499
Other Current Liabilities		 12,167 12,614 13,154 9,385 8,788 9,876 10,830 10,783 10,033 10,387 11,336
Total Noncurrent Liabilities		 6,956 6,897 6,841 6,927 6,833 6,867 7,551 7,533 7,063 7,066 6,466
Long-Term Debt		 4,470 4,471 4,472 4,565 4,565 4,567 5,307 5,307 5,308 5,309 4,761
Noncurrent Employee Benefit Liabilities		 552 480 457 452 433 563 526 505 487 615 552
Other Noncurrent Operating Liabilities		 1,176 1,198 1,176 1,189 1,129 1,195 1,168 1,169 1,174 1,097 1,153
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		 9,913 10,093 10,176 9,877 9,485 9,593 9,568 9,415 7,570 8,017 8,214
Total Preferred & Common Equity		 9,838 10,016 10,096 9,799 9,410 9,520 9,489 9,337 7,492 7,940 8,133
Total Common Equity		 9,838 10,016 10,096 9,799 9,410 9,520 9,489 9,337 7,492 7,940 8,133
Common Stock		 10,855 10,876 10,890 10,910 10,903 10,910 10,930 10,943 10,957 10,989 11,017
Retained Earnings		 1,706 1,764 1,774 1,429 1,127 1,466 1,464 1,315 -650 109 51
Treasury Stock		 -3.00 -3.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.00 0.00 0.00
Accumulated Other Comprehensive Income / (Loss)		 -2,720 -2,621 -2,568 -2,540 -2,620 -2,856 -2,905 -2,921 -2,810 -3,158 -2,935
Noncontrolling Interest		 75 77 80 78 75 73 79 78 78 77 81

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 0.71% 105.98% 3.99% 3.79% -1.68% 2.93% 10.08% -6.51% 6.96% 4.71%
EBITDA Growth		 -18.27% 98.32% 16.83% 19.37% 11.24% 0.80% 6.86% -6.05% -0.69% -59.24%
EBIT Growth		 -26.19% 9.13% 29.28% 55.74% 20.87% -1.95% 20.64% -3.17% 3.27% -75.76%
NOPAT Growth		 4.47% -4.86% 39.31% 9.48% 25.86% -24.32% 75.39% -12.26% 13.97% -146.72%
Net Income Growth		 0.00% 17.43% 35.16% 20.78% 50.07% -4.94% 4.31% -3.76% 3.91% -108.27%
EPS Growth		 1.69% -43.81% 37.50% 26.08% 52.18% -4.61% 30.07% -9.75% 10.80% -109.65%
Operating Cash Flow Growth		 -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		 -330.17% -582.08% 260.06% -88.78% -122.20% 473.53% -238.25% 324.45% -139.60% 232.42%
Invested Capital Growth		 44.62% 157.02% -87.70% -42.53% 124.06% -23.39% 168.72% -58.73% 142.30% -55.21%
Revenue Q/Q Growth		 0.50% 13.74% 1.88% 3.58% -4.02% 1.39% 12.48% -5.02% 2.07% 0.00%
EBITDA Q/Q Growth		 -14.19% 18.70% 4.78% 24.90% -2.95% -5.81% -31.37% 309.05% -0.39% 0.00%
EBIT Q/Q Growth		 -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		 -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		 -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% 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		 -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		 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		 15.09% -5.32% -88.16% 17.31% -5.07% 264.95% 101.17% -11.31% -20.32% 12.59%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 39.85% 38.52% 39.44% 39.82% 41.11% 40.14% 43.65% 42.87% 43.65% 44.59%
EBITDA Margin		 17.05% 16.42% 18.45% 21.21% 24.00% 23.51% 22.82% 22.93% 21.29% 8.29%
Operating Margin		 11.15% 4.41% 6.29% 9.50% 12.59% 9.97% 14.39% 13.29% 14.39% 6.31%
EBIT Margin		 12.59% 6.67% 8.29% 12.44% 15.29% 14.57% 15.97% 16.54% 15.97% 3.70%
Profit (Net Income) Margin		 9.74% 5.55% 7.22% 8.40% 12.82% 11.84% 11.22% 11.55% 11.22% -0.89%
Tax Burden Percent		 109.71% 128.07% 120.33% 84.02% 102.58% 100.89% 83.19% 81.40% 83.19% -84.62%
Interest Burden Percent		 70.54% 65.02% 72.35% 80.36% 81.72% 80.56% 84.48% 85.81% 84.48% 28.34%
Effective Tax Rate		 -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)		 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)		 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)		 5.89% 2.08% -2.59% -46.01% -45.93% -25.42% -28.01% -22.30% -26.46% 15.99%
Return on Equity (ROE)		 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)		 -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)		 2.81% 2.14% 2.17% 3.27% 3.78% 3.39% 4.48% 4.82% 4.98% 1.29%
Return on Assets (ROA)		 2.18% 1.78% 1.89% 2.21% 3.16% 2.76% 3.15% 3.37% 3.50% -0.31%
Return on Common Equity (ROCE)		 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)		 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)		 468 446 621 680 855 647 1,136 996 1,136 -531
NOPAT Margin		 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)		 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)		 - - - - - - 7.67% 6.73% 7.67% -3.98%
Cost of Revenue to Revenue		 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		 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%
Operating Expenses to Revenue		 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)		 482 526 680 1,059 1,280 1,255 1,514 1,466 1,514 367
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 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)		 3.47 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
Price to Revenue (P/Rev)		 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)		 20.74 35.75 31.92 26.29 23.35 25.97 23.32 25.53 23.32 0.00
Dividend Yield		 3.59% 1.75% 1.54% 1.71% 1.37% 1.37% 1.41% 1.38% 1.41% 1.12%
Earnings Yield		 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)		 2.07 1.37 5.92 10.01 7.74 10.95 4.50 9.85 4.50 13.22
Enterprise Value to Revenue (EV/Rev)		 2.78 2.31 1.17 1.10 1.94 2.04 2.05 1.98 2.05 2.57
Enterprise Value to EBITDA (EV/EBITDA)		 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)		 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)		 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)		 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)		 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		 1.35 0.38 0.44 0.46 0.54 0.52 0.54 0.47 0.54 0.66
Long-Term Debt to Equity		 0.94 0.33 0.43 0.44 0.51 0.43 0.48 0.44 0.48 0.66
Financial Leverage		 0.94 0.45 -0.28 -0.87 -0.85 -0.83 -0.71 -0.69 -0.69 -0.65
Leverage Ratio		 7.65 3.88 3.06 3.20 3.33 3.47 3.29 3.09 3.09 3.22
Compound Leverage Factor		 5.40 2.52 2.21 2.57 2.72 2.80 2.78 2.65 2.61 0.91
Debt to Total Capital		 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		 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		 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%
Noncontrolling Interests to Total Capital		 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		 39.25% 71.39% 68.36% 67.61% 64.11% 65.31% 64.28% 67.61% 64.28% 59.58%
Debt to EBITDA		 5.00 2.98 3.00 2.53 2.80 2.78 2.41 2.32 2.58 6.45
Net Debt to EBITDA		 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		 3.49 2.59 2.94 2.43 2.64 2.30 2.11 2.20 2.26 6.45
Debt to NOPAT		 6.97 8.67 7.30 6.73 6.57 8.70 4.59 4.74 4.59 -10.01
Net Debt to NOPAT		 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		 4.86 7.53 7.17 6.46 6.20 7.20 4.02 4.49 4.02 -10.01
Altman Z-Score		 0.67 0.85 0.90 0.95 1.04 1.01 1.36 1.26 1.36 1.48
Noncontrolling Interest Sharing Ratio		 5.92% 2.79% 1.56% 1.46% 1.30% 1.09% 0.90% 0.76% 0.76% 0.85%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.98 1.03 1.08 1.07 1.06 1.05 1.06 1.07 1.06 1.20
Quick Ratio		 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)		 -1,120 -7,636 12,223 1,372 -305 1,137 -1,572 3,529 -1,397 1,850
Operating Cash Flow to CapEx		 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		 -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		 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		 0.69 3.42 4.19 5.93 3.32 6.10 7.91 3.59 4.69 4.82
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.22 0.32 0.26 0.26 0.25 0.23 0.28 0.29 0.31 0.35
Accounts Receivable Turnover		 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
Fixed Asset Turnover		 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
Days Sales Outstanding (DSO)		 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
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)		 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		 5,147 13,229 1,627 935 2,095 1,605 4,313 1,780 4,313 1,932
Invested Capital Turnover		 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		 1,588 8,082 -11,602 -692 1,160 -490 2,708 -2,533 2,533 -2,381
Enterprise Value (EV)		 10,654 18,179 9,630 9,357 16,222 17,569 19,393 17,528 19,393 25,543
Market Capitalization		 7,736 15,015 18,129 18,274 24,376 25,864 24,600 25,764 24,600 31,551
Book Value per Share		 $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		 ($14.55) ($34.49) ($32.38) ($30.25) ($34.40) ($19.87) ($26.06) ($22.45) ($26.06) ($21.38)
Total Capital		 5,679 14,099 14,812 14,572 15,986 16,567 14,810 14,814 14,810 13,326
Total Debt		 3,266 3,865 4,535 4,575 5,617 5,635 5,217 4,721 5,217 5,309
Total Long-Term Debt		 2,278 3,357 4,450 4,389 5,301 4,664 4,567 4,471 4,567 5,309
Net Debt		 2,734 2,995 -8,650 -9,062 -8,274 -8,407 -5,280 -8,313 -5,280 -6,085
Capital Expenditures (CapEx)		 146 303 75 54 305 286 201 66 242 245
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 158 60 -11,994 -12,332 -12,608 -12,102 -9,044 -11,728 -9,044 -8,887
Debt-free Net Working Capital (DFNWC)		 690 930 1,191 1,305 1,283 1,940 1,453 1,306 1,453 2,507
Net Working Capital (NWC)		 -298 422 1,106 1,119 967 969 803 1,056 803 2,507
Net Nonoperating Expense (NNE)		 95 7.68 29 -35 -218 -373 72 -28 72 -443
Net Nonoperating Obligations (NNO)		 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)		 171 769 833 747 729 770 650 567 505 456
Debt-free, Cash-free Net Working Capital to Revenue		 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		 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		 -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		 $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		 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		 $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		 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
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 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)		 446 503 454 680 855 666 1,192 1,149 1,192 1,211
Normalized NOPAT Margin		 11.65% 6.37% 5.53% 7.98% 10.22% 7.73% 12.57% 12.95% 12.57% 12.20%
Pre Tax Income Margin		 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		 3.39 2.86 3.62 5.09 5.47 5.14 6.44 7.05 6.44 1.40
NOPAT to Interest Expense		 3.30 2.42 3.30 3.27 3.66 2.65 4.83 4.79 4.83 -2.02
EBIT Less CapEx to Interest Expense		 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		 2.27 0.78 2.90 3.01 2.35 1.48 3.98 4.47 3.80 -2.95
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 79.89% 50.23% 55.41% 46.43% 35.79% 36.67% 38.53% 37.11% 39.00% -417.05%
Augmented Payout Ratio		 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.01% 0.59% 3.89% 6.30% 10.91% 7.05% 4.32% 4.91% 5.68% 4.15% -5.04%
EBITDA Growth		 -73.38% 0.22% 23.53% -17.72% -6.22% -0.86% -3.63% 13.50% -622.48% 101.96% 10.59%
EBIT Growth		 -80.66% 2.20% 50.49% -23.04% -5.86% 1.39% -1.29% 33.33% -957.33% 118.70% 20.26%
NOPAT Growth		 -82.52% 6.42% 76.45% -7.23% -12.02% 12.81% -2.12% 57.74% -497.89% 1.43% 51.17%
Net Income Growth		 -78.83% -75.36% 64.80% -15.79% -27.60% 5.06% -5.83% 47.92% -1,302.88% 100.32% 23.20%
EPS Growth		 -75.39% -71.95% 82.52% -9.28% -25.00% 12.17% -2.66% 54.55% -1,374.42% 108.31% 27.32%
Operating Cash Flow Growth		 -88.15% 103.80% 538.10% 24.89% 119.55% 39.20% -82.09% 37.50% 22.65% 14.75% -245.83%
Free Cash Flow Firm Growth		 112.95% 244.16% 117.31% -92.08% -1,227.36% -160.23% -484.02% 147.20% 196.62% 262.40% 220.33%
Invested Capital Growth		 -6.39% -58.73% -14.84% 298.37% 169.71% 142.30% 138.19% -30.81% -68.30% -55.21% -53.30%
Revenue Q/Q Growth		 -3.84% 39.38% -17.56% -3.79% 0.32% 34.53% 0.00% -3.25% 1.06% 32.59% -26.75%
EBITDA Q/Q Growth		 -2.12% 150.81% -52.48% -29.48% 11.58% 165.13% 0.00% -16.94% -613.60% 202.48% -74.70%
EBIT Q/Q Growth		 3.91% 230.96% -60.81% -42.90% 27.12% 256.44% 0.00% -22.88% -917.37% 190.93% -79.02%
NOPAT Q/Q Growth		 25.08% 280.08% -60.61% -50.47% 18.63% 387.32% 0.00% -20.17% -399.23% 224.23% -49.06%
Net Income Q/Q Growth		 68.42% 208.85% -65.26% -53.40% 44.79% 348.20% 0.00% -26.80% -1,277.46% 174.64% -80.85%
EPS Q/Q Growth		 77.32% 205.81% -64.26% -53.19% 46.59% 357.36% 0.00% -25.68% -1,308.82% 174.76% -81.04%
Operating Cash Flow Q/Q Growth		 -24.47% 109.50% -64.27% 120.90% 32.77% 32.82% 0.00% 1,595.83% 18.43% 24.27% -105.84%
Free Cash Flow Firm Q/Q Growth		 114.95% 973.57% -83.97% -846.87% 12.29% 42.64% 0.00% 191.79% 79.57% -3.60% -24.28%
Invested Capital Q/Q Growth		 55.82% -11.31% -12.92% 231.03% 5.50% -20.32% 0.00% -3.85% -51.66% 12.59% -10.77%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 37.28% 53.60% 41.49% 37.61% 37.26% 54.53% 42.67% 38.32% 39.01% 54.96% 40.44%
EBITDA Margin		 18.95% 34.09% 19.65% 14.40% 16.02% 31.57% 18.15% 15.59% -79.20% 61.22% 21.14%
Operating Margin		 7.89% 26.01% 12.70% 6.58% 7.34% 26.73% 11.96% 9.36% -33.46% 29.69% 19.43%
EBIT Margin		 12.24% 29.06% 13.81% 8.20% 10.39% 27.52% 13.07% 10.42% -84.27% 57.79% 16.55%
Profit (Net Income) Margin		 9.83% 21.79% 9.18% 4.45% 6.42% 21.38% 8.29% 6.27% -73.05% 41.12% 10.75%
Tax Burden Percent		 103.78% 80.46% 80.47% 80.00% 84.76% 84.30% 80.17% 84.52% 83.85% 73.93% 78.88%
Interest Burden Percent		 77.41% 93.17% 82.58% 67.80% 72.89% 92.14% 79.09% 71.19% 103.37% 96.24% 82.34%
Effective Tax Rate		 0.54% 17.77% 19.53% 20.00% 15.24% 15.70% 19.83% 15.48% 0.00% 26.07% 21.45%
Return on Invested Capital (ROIC)		 35.27% 62.24% 54.28% 14.88% 15.58% 70.15% 0.00% 0.00% 0.00% 69.80% 55.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 34.82% 62.08% 54.55% 15.14% 15.51% 70.65% 0.00% 0.00% 0.00% 59.56% 56.93%
Return on Net Nonoperating Assets (RNNOA)		 -28.05% -42.87% -45.90% -10.35% -9.58% -48.78% 0.00% 0.00% 0.00% -38.44% -39.59%
Return on Equity (ROE)		 7.22% 19.37% 8.39% 4.53% 6.00% 21.37% 0.00% 0.00% 0.00% 31.36% 15.72%
Cash Return on Invested Capital (CROIC)		 17.49% 115.85% 80.94% -85.95% -63.21% -45.87% -81.72% 36.42% 103.72% 59.26% 65.00%
Operating Return on Assets (OROA)		 3.35% 8.47% 3.82% 2.43% 3.29% 8.58% 0.00% 0.00% 0.00% 20.22% 5.57%
Return on Assets (ROA)		 2.69% 6.35% 2.54% 1.32% 2.03% 6.66% 0.00% 0.00% 0.00% 14.39% 3.62%
Return on Common Equity (ROCE)		 7.18% 19.23% 8.33% 4.50% 5.96% 21.21% 0.00% 0.00% 0.00% 31.09% 15.58%
Return on Equity Simple (ROE_SIMPLE)		 -3.40% 0.00% 10.94% 11.09% 10.99% 0.00% 0.00% 0.00% 0.00% 0.00% -0.53%
Net Operating Profit after Tax (NOPAT)		 153 582 229 114 135 657 224 179 -536 666 339
NOPAT Margin		 7.84% 21.39% 10.22% 5.26% 6.22% 22.54% 9.59% 7.91% -23.43% 21.95% 15.26%
Net Nonoperating Expense Percent (NNEP)		 0.45% 0.16% -0.26% -0.25% 0.07% -0.50% -0.42% -0.70% -22.89% 10.24% -1.62%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.93% - - - 4.43% - - - 5.00% 2.51%
Cost of Revenue to Revenue		 62.72% 46.40% 58.51% 62.39% 62.74% 45.47% 57.33% 61.68% 60.99% 45.04% 59.56%
SG&A Expenses to Revenue		 19.66% 15.87% 20.19% 20.06% 18.28% 18.29% 19.52% 19.38% 18.30% 17.07% 16.42%
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		 29.39% 27.59% 28.79% 31.03% 29.92% 27.80% 30.71% 28.96% 72.48% 25.27% 21.01%
Earnings before Interest and Taxes (EBIT)		 239 791 310 177 225 802 306 236 -1,929 1,754 368
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 370 928 441 311 347 920 425 353 -1,813 1,858 470
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.19 2.57 2.41 2.52 2.30 2.58 2.98 2.87 3.99 3.97 4.14
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)		 2.31 2.91 2.72 2.72 2.33 2.59 0.00 0.00 0.00 3.18 3.43
Price to Earnings (P/E)		 0.00 25.53 22.32 22.99 21.17 23.32 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 1.66% 1.38% 1.45% 1.43% 1.62% 1.41% 1.24% 1.31% 1.18% 1.12% 1.05%
Earnings Yield		 0.00% 3.92% 4.48% 4.35% 4.72% 4.29% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 6.81 9.85 10.19 3.91 3.26 4.50 6.10 5.92 14.42 13.22 15.82
Enterprise Value to Revenue (EV/Rev)		 1.46 1.98 1.76 2.21 1.90 2.05 0.00 0.00 0.00 2.57 2.78
Enterprise Value to EBITDA (EV/EBITDA)		 27.50 8.62 7.46 9.78 8.69 9.61 0.00 0.00 0.00 31.04 31.43
Enterprise Value to EBIT (EV/EBIT)		 227.77 11.96 10.06 13.21 11.72 12.81 0.00 0.00 0.00 69.60 63.59
Enterprise Value to NOPAT (EV/NOPAT)		 60.44 17.59 14.43 18.48 16.61 17.08 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 21.59 17.07 20.37 14.71 14.42 0.00 0.00 0.00 16.89 18.78
Enterprise Value to Free Cash Flow (EV/FCFF)		 37.64 4.97 11.58 0.00 0.00 0.00 0.00 13.29 6.69 13.80 15.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.48 0.47 0.46 0.55 0.55 0.54 0.62 0.56 0.70 0.66 0.65
Long-Term Debt to Equity		 0.45 0.44 0.44 0.46 0.48 0.48 0.55 0.56 0.70 0.66 0.58
Financial Leverage		 -0.81 -0.69 -0.84 -0.68 -0.62 -0.69 -0.73 -0.55 -0.58 -0.65 -0.70
Leverage Ratio		 3.20 3.09 3.05 3.02 3.02 3.09 3.15 3.03 3.21 3.22 3.28
Compound Leverage Factor		 2.48 2.88 2.52 2.05 2.20 2.85 2.49 2.15 3.32 3.10 2.70
Debt to Total Capital		 32.26% 31.87% 31.70% 35.62% 35.47% 35.23% 38.37% 36.05% 41.22% 39.84% 39.26%
Short-Term Debt to Total Capital		 1.71% 1.69% 1.68% 5.86% 4.42% 4.39% 4.19% 0.00% 0.00% 0.00% 4.06%
Long-Term Debt to Total Capital		 30.55% 30.18% 30.02% 29.76% 31.06% 30.84% 34.18% 36.05% 41.22% 39.84% 35.20%
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		 0.51% 0.52% 0.54% 0.51% 0.51% 0.49% 0.51% 0.53% 0.61% 0.58% 0.60%
Common Equity to Total Capital		 67.23% 67.61% 67.77% 63.87% 64.02% 64.28% 61.12% 63.42% 58.18% 59.58% 60.14%
Debt to EBITDA		 9.50 2.32 2.23 2.67 2.57 2.58 0.00 0.00 0.00 6.45 6.12
Net Debt to EBITDA		 -16.03 -4.09 -4.07 -2.32 -2.01 -2.62 0.00 0.00 0.00 -7.39 -7.48
Long-Term Debt to EBITDA		 8.99 2.20 2.11 2.23 2.25 2.26 0.00 0.00 0.00 6.45 5.49
Debt to NOPAT		 20.88 4.74 4.32 5.04 4.91 4.59 0.00 0.00 0.00 -10.01 -25.56
Net Debt to NOPAT		 -35.23 -8.34 -7.89 -4.38 -3.84 -4.65 0.00 0.00 0.00 11.47 31.24
Long-Term Debt to NOPAT		 19.77 4.49 4.09 4.21 4.30 4.02 0.00 0.00 0.00 -10.01 -22.92
Altman Z-Score		 1.05 1.19 1.10 1.23 1.16 1.28 0.98 0.94 0.73 1.64 1.50
Noncontrolling Interest Sharing Ratio		 0.54% 0.76% 0.71% 0.78% 0.77% 0.76% 0.81% 0.81% 0.90% 0.85% 0.90%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.07 1.07 1.07 1.07 1.05 1.06 1.12 1.11 1.14 1.20 1.16
Quick Ratio		 0.24 0.25 0.23 0.32 0.29 0.32 0.33 0.29 0.28 0.35 0.29
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 290 3,115 499 -3,729 -3,271 -1,876 -1,918 1,760 3,161 3,047 2,307
Operating Cash Flow to CapEx		 1,052.94% 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%
Free Cash Flow to Firm to Interest Expense		 5.37 57.69 9.25 -65.43 -53.63 -29.78 -29.96 25.89 48.63 46.17 35.50
Operating Cash Flow to Interest Expense		 3.31 6.94 2.48 5.19 6.44 8.29 0.38 5.99 7.42 9.08 -0.54
Operating Cash Flow Less CapEx to Interest Expense		 3.00 6.65 2.13 4.81 6.03 5.49 -0.05 5.56 7.00 6.62 -1.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.29 0.28 0.30 0.32 0.31 0.00 0.00 0.00 0.35 0.34
Accounts Receivable Turnover		 4.73 3.58 4.03 4.29 4.69 3.82 0.00 0.00 0.00 3.92 4.09
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		 11.80 12.33 11.62 12.36 13.17 13.19 0.00 0.00 0.00 14.38 14.32
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)		 77.20 102.08 90.68 85.06 77.84 95.44 0.00 0.00 0.00 93.11 89.20
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)		 77.20 102.08 90.68 85.06 77.84 95.44 0.00 0.00 0.00 93.11 89.20
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,007 1,780 1,550 5,131 5,413 4,313 3,692 3,550 1,716 1,932 1,724
Invested Capital Turnover		 4.50 2.91 5.31 2.83 2.50 3.11 0.00 0.00 0.00 3.18 3.62
Increase / (Decrease) in Invested Capital		 -137 -2,533 -270 3,843 3,406 2,533 2,142 -1,581 -3,697 -2,381 -1,968
Enterprise Value (EV)		 13,666 17,528 15,787 20,043 17,622 19,393 22,505 21,013 24,749 25,543 27,282
Market Capitalization		 21,557 25,764 24,333 24,711 21,619 24,600 28,302 26,800 29,911 31,551 33,691
Book Value per Share		 $89.46 $92.54 $94.73 $92.08 $89.77 $92.19 $92.81 $91.33 $73.77 $78.83 $81.58
Tangible Book Value per Share		 ($23.33) ($22.45) ($21.67) ($23.95) ($26.68) ($26.06) ($25.99) ($26.85) ($27.08) ($21.38) ($19.69)
Total Capital		 14,633 14,814 14,898 15,341 14,699 14,810 15,525 14,722 12,878 13,326 13,524
Total Debt		 4,720 4,721 4,722 5,464 5,214 5,217 5,957 5,307 5,308 5,309 5,310
Total Long-Term Debt		 4,470 4,471 4,472 4,565 4,565 4,567 5,307 5,307 5,308 5,309 4,761
Net Debt		 -7,966 -8,313 -8,626 -4,746 -4,072 -5,280 -5,876 -5,865 -5,240 -6,085 -6,490
Capital Expenditures (CapEx)		 17 16 19 22 25 176 27 29 27 162 51
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -11,507 -11,728 -12,041 -8,463 -8,108 -9,044 -9,659 -9,817 -8,770 -8,887 -9,174
Debt-free Net Working Capital (DFNWC)		 1,179 1,306 1,307 1,747 1,178 1,453 2,174 1,355 1,778 2,507 2,626
Net Working Capital (NWC)		 929 1,056 1,057 848 529 803 1,524 1,355 1,778 2,507 2,077
Net Nonoperating Expense (NNE)		 -39 -11 23 18 -4.24 34 30 37 1,136 -582 100
Net Nonoperating Obligations (NNO)		 -7,906 -8,313 -8,626 -4,746 -4,072 -5,280 -5,876 -5,865 -5,854 -6,085 -6,490
Total Depreciation and Amortization (D&A)		 131 137 131 134 122 118 119 117 116 104 102
Debt-free, Cash-free Net Working Capital to Revenue		 -123.27% -132.28% -134.54% -93.23% -87.27% -95.37% 0.00% 0.00% 0.00% -89.50% -93.50%
Debt-free Net Working Capital to Revenue		 12.63% 14.73% 14.60% 19.24% 12.68% 15.32% 0.00% 0.00% 0.00% 25.25% 26.76%
Net Working Capital to Revenue		 9.95% 11.91% 11.81% 9.34% 5.69% 8.47% 0.00% 0.00% 0.00% 25.25% 21.17%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.72 $5.28 $1.89 $0.88 $1.30 $5.94 $1.84 $1.37 ($16.44) $12.27 $2.34
Adjusted Weighted Average Basic Shares Outstanding		 108.24M 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M
Adjusted Diluted Earnings per Share		 $1.72 $5.26 $1.88 $0.88 $1.29 $5.90 $1.83 $1.36 ($16.44) $12.29 $2.33
Adjusted Weighted Average Diluted Shares Outstanding		 108.24M 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M
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		 108.24M 106.58M 106.41M 104.82M 103.26M 0.00 102.24M 101.56M 100.73M 99.69M 99.15M
Normalized Net Operating Profit after Tax (NOPAT)		 162 605 232 122 149 689 239 182 199 690 339
Normalized NOPAT Margin		 8.30% 22.23% 10.33% 5.63% 6.89% 23.64% 10.20% 8.02% 8.69% 22.73% 15.26%
Pre Tax Income Margin		 9.47% 27.08% 11.41% 5.56% 7.57% 25.36% 10.34% 7.42% -87.11% 55.62% 13.63%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.43 14.65 5.74 3.11 3.69 12.73 4.78 3.47 -29.68 26.58 5.66
NOPAT to Interest Expense		 2.84 10.78 4.25 1.99 2.21 10.42 3.51 2.64 -8.25 10.09 5.22
EBIT Less CapEx to Interest Expense		 4.11 14.35 5.39 2.72 3.28 9.94 4.36 3.04 -30.09 24.12 4.88
NOPAT Less CapEx to Interest Expense		 2.52 10.48 3.90 1.61 1.80 7.63 3.09 2.21 -8.66 7.64 4.44
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -117.96% 37.11% 33.39% 33.95% 38.97% 39.00% 0.00% 0.00% 0.00% -417.05% -855.81%
Augmented Payout Ratio		 -1,043.11% 381.84% 158.64% 150.14% 159.28% 132.99% 0.00% 0.00% 0.00% -1,440.91% -3,181.40%

Key Financial Trends

Willis Towers Watson reported mixed Q1 2025 results, with profitability and capital returns remaining healthy despite top‐line pressures and weaker operating cash flow. The company’s strong cash position and continued share repurchases support shareholder returns, while revenue declines and margin contraction warrant monitoring.

  • Net Income Growth: Net income attributable to common shareholders rose to $235 M in Q1 2025, up 23% from $190 M in Q1 2024.
  • Free Cash Flow to Firm (FCFF): FCFF remained robust at $2.31 B, reflecting disciplined capital allocation and non‐operating adjustments.
  • Book Value per Share: Increased to $81.58 in Q1 2025 from $78.83 in Q4 2024, supporting a P/B of ~4.14x.
  • Share Repurchases: Repurchased $200 M of common equity in Q1 2025, demonstrating commitment to returning excess capital.
  • Net Cash Position: Net debt remains negative at –$6.49 B, driven by substantial cash & equivalents ($1.51 B) and restricted cash balances.
  • Dividend Yield: Cash dividends per share of $0.92 translate to a yield of ~1.05%, consistent with recent quarters.
  • Leverage Ratio: Financial leverage stands at ~3.28x, in line with historical norms and manageable given cash flows.
  • Revenue Decline: Total revenue fell 5.04% YoY and 26.75% QoQ in Q1 2025, reflecting softer market activity.
  • Margin Contraction: Operating margin narrowed to 19.43% in Q1 2025 from 29.69% in Q4 2024, pressured by SG&A and non‐core expenses.
  • Operating Cash Flow: Net cash from operating activities was –$35 M, down from +$24 M in Q1 2024, indicating working capital headwinds.

Investors should weigh the company’s solid profitability and capital returns against slowing revenue growth and margin pressures as Willis Towers Watson navigates a challenging market.

06/23/25 09:44 AMAI 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 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. Find out what analysts predict for Willis Towers Watson Public in the coming months.

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 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 6/23/2025 by MarketBeat.com Staff
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