NASDAQ · Financial Services

Willis Towers Watson Public Limited Company

WTW · Insurance Brokers

$258.95

▲ 2.61 (1.02%)

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Mr. Market is currently offering Willis Towers Watson Public Limited Company at $258.95.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 42.1%

Operating Margin 23.2%

Net Income Margin 16.5%

Fin. Health C

Years to Pay Off Debt 4.3 yrs

Working Capital vs Long-Term Debt -$2.9B

Working Capital $2.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.06x

Cash Flow A

Free Cash Flow $1.5B

CapEx % of Net Income 14.3%

Owner Earnings $2.3B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $24.4B

Enterprise Value $29.3B

P/E (TTM) 15.21

Dividend Yield 1.09%

Exchange NASDAQ

Key Margins

Gross Profit 42.1%

Operating Margin 23.2%

Net Margin 16.5%

Company Info

Sector Financial Services

Industry Insurance Brokers

Employees 47000

Country United Kingdom

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Willis Towers Watson Public Limited Company at $258.95.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $258.95, the stock trades at a 47% premium to its Graham Number of $175.93. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Willis Towers Watson Public Limited Company

Willis Towers Watson Public Limited Company operates as an advisory, broking, and solutions company worldwide. The company operates through two segments: Health, Wealth & Career and Risk & Broking. It offers strategy and design consulting, plan management service and support, broking and administration services for health, wellbeing, and other group benefit programs, including medical, dental, disability, life, voluntary benefits, and other coverages; actuarial support, plan design, and administrative services for pension and retirement savings plans; retirement consulting services and solutions; and integrated solutions that consists of investment discretionary management, pension administration, core actuarial, and communication and change management assistance services. The company also provides advice, data, software, and products to address clients' total rewards and talent issues; and risk advice, insurance brokerage, and consulting services in the areas of property and casualty, affinity, risk and analytics, aerospace, construction, global markets direct and facultative, financial, executive and professional risks, credit risk solutions, crisis management, surety, marine, and natural resources. In addition, it offers software and technology, risk and capital management, products and product pricing, financial and regulatory reporting, financial and capital modeling, M&A, outsourcing, and business management services. The company was formerly known as Willis Group Holdings Public Limited Company and changed its name to Willis Towers Watson Public Limited Company in January 2016. Willis Towers Watson Public Limited Company was founded in 1828 and is based in London, the United Kingdom.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	42.1% ▼	44.6%	43.6%	42.9%	N/A
Operating Margin %	23.2% ▲	21.5%	19.2%	17.4%	N/A
Net Income %	16.5% ▲	-1.0%	11.1%	11.4%	N/A
Diluted EPS	16.26 ▲	-0.96	9.95	8.98	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$29.5B	$27.7B	$29.1B	$31.8B	N/A
Total Debt	$6.9B ↑	$5.9B	$5.9B	$5.5B	N/A
Working Capital	$2.9B ▲	$2.5B	$803M	$1.1B	N/A
Years to Pay Debt	4.30	-60.52	5.63	5.43	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.5B ▲	$1.3B	$1.1B	$608M	N/A
Owner Earnings	$2.3B	$603M	$1.8B	$1.8B	N/A
CapEx % of Net Income	14.3%	N/A	22.9%	20.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	-386,400	-70,896	-54,591
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,631,000	2,661,000	2,438,000	2,387,000
Total Unusual Items	0	-1,840,000	-422,000	-354,000
Total Unusual Items Excluding Goodwill	0	-1,840,000	-422,000	-354,000
Net Income From Continuing Operation Net Minority Interest	1,605,000	-98,000	1,055,000	1,049,000
Reconciled Depreciation	418,000	456,000	505,000	567,000
Reconciled Cost Of Revenue	5,625,000	5,502,000	5,344,000	5,065,000
EBITDA	2,631,000	821,000	2,016,000	2,033,000
EBIT	2,213,000	365,000	1,511,000	1,466,000
Net Interest Income	-260,000	-263,000	-235,000	-208,000
Interest Expense	260,000	263,000	235,000	208,000
Normalized Income	1,605,000	1,355,600	1,406,104	1,348,409
Net Income From Continuing And Discontinued Operation	1,605,000	-98,000	1,055,000	1,009,000
Total Expenses	7,451,000	7,791,000	7,664,000	7,327,000
Total Operating Income As Reported	2,234,000	627,000	1,365,000	1,178,000
Diluted Average Shares	99,000	102,000	106,000	112,000
Basic Average Shares	98,000	102,000	105,000	112,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,605,000	-98,000	1,055,000	1,009,000
Net Income Common Stockholders	1,605,000	-98,000	1,055,000	1,009,000
Net Income	1,605,000	-98,000	1,055,000	1,009,000
Minority Interests	-8,000	-10,000	-9,000	-15,000
Net Income Including Noncontrolling Interests	1,613,000	-88,000	1,064,000	1,024,000
Net Income Discontinuous Operations		0	0	-40,000	2,080,000
Net Income Continuous Operations	1,613,000	-88,000	1,064,000	1,064,000
Earnings From Equity Interest Net Of Tax	-22,000	2,000	3,000
Tax Provision	318,000	192,000	215,000	194,000
Pretax Income	1,953,000	102,000	1,276,000	1,258,000
Other Income Expense	-44,000	-1,774,000	-308,000	-73,000
Other Non Operating Income Expenses	-44,000	66,000	114,000	277,000
Special Income Charges	17,000	-1,849,000	-411,000	-354,000
Gain On Sale Of Business	40,000	-337,000	43,000	7,000
Impairment Of Capital Assets	0	1,042,000	0	81,000
Restructuring And Mergern Acquisition	23,000	470,000	454,000	280,000
Earnings From Equity Interest		2,000	3,000	4,000	8,000
Gain On Sale Of Security	-17,000	9,000	-11,000		8,000
Net Non Operating Interest Income Expense	-260,000	-263,000	-235,000	-208,000
Interest Expense Non Operating	260,000	263,000	235,000	208,000
Operating Income	2,257,000	2,139,000	1,819,000	1,539,000
Operating Expense	1,826,000	2,289,000	2,320,000	2,262,000
Other Operating Expenses	1,408,000	1,833,000	1,815,000	1,695,000
Depreciation Amortization Depletion Income Statement	418,000	456,000	505,000	567,000
Depreciation And Amortization In Income Statement	418,000	456,000	505,000	567,000
Amortization	192,000	226,000	263,000	312,000
Amortization Of Intangibles Income Statement	192,000	226,000	263,000	312,000
Depreciation Income Statement	226,000	230,000	242,000	255,000
Gross Profit	4,083,000	4,428,000	4,139,000	3,801,000
Cost Of Revenue	5,625,000	5,502,000	5,344,000	5,065,000
Total Revenue	9,708,000	9,930,000	9,483,000	8,866,000
Operating Revenue	9,056,000	9,321,000	8,904,000	8,326,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number			0	18	18
Ordinary Shares Number	95,080	99,806	102,538	106,756
Share Issued	95,080	99,806	102,538	106,774
Net Debt	3,174,000	3,419,000	3,793,000	3,459,000
Total Debt	6,903,000	5,931,000	5,941,000	5,479,000
Tangible Book Value	-2,103,000	-2,154,000	-2,691,000	-2,430,000
Invested Capital	14,282,000	13,249,000	14,737,000	14,737,000
Working Capital	2,870,000	2,507,000	803,000	1,056,000
Net Tangible Assets	-2,103,000	-2,154,000	-2,691,000	-2,430,000
Capital Lease Obligations	597,000	622,000	724,000	758,000
Common Stock Equity	7,976,000	7,940,000	9,520,000	10,016,000
Total Capitalization	13,732,000	13,249,000	14,087,000	14,487,000
Total Equity Gross Minority Interest	8,052,000	8,017,000	9,593,000	10,093,000
Minority Interest	76,000	77,000	73,000	77,000
Gains Losses Not Affecting Retained Earnings	-2,834,000	-3,158,000	-2,856,000	-2,621,000
Other Equity Adjustments	-2,834,000	-3,158,000	-2,856,000	-2,621,000
Treasury Stock			0	3,000	3,000
Retained Earnings	-296,000	109,000	1,466,000	1,764,000
Additional Paid In Capital	11,106,000	10,989,000	10,910,000	10,876,000
Total Liabilities Net Minority Interest	21,478,000	19,664,000	19,497,000	21,676,000
Total Non Current Liabilities Net Minority Interest	7,474,000	7,066,000	6,867,000	6,897,000
Other Non Current Liabilities	62,000	71,000	65,000	27,000
Employee Benefits	660,000	615,000	563,000	480,000
Non Current Pension And Other Postretirement Benefit Plans	660,000	615,000	563,000	480,000
Tradeand Other Payables Non Current	31,000	75,000	42,000	40,000
Non Current Deferred Liabilities	153,000	151,000	666,000	890,000
Non Current Deferred Taxes Liabilities	41,000	45,000	542,000	748,000
Long Term Debt And Capital Lease Obligation	6,228,000	5,813,000	5,166,000	5,103,000
Long Term Capital Lease Obligation	472,000	504,000	599,000	632,000
Long Term Debt	5,756,000	5,309,000	4,567,000	4,471,000
Long Term Provisions	340,000	341,000	365,000	357,000
Current Liabilities	14,004,000	12,598,000	12,630,000	14,779,000
Other Current Liabilities	10,606,000	9,654,000	9,250,000	11,969,000
Current Deferred Liabilities	24,000	50,000	23,000	31,000
Current Debt And Capital Lease Obligation	675,000	118,000	775,000	376,000
Current Capital Lease Obligation	125,000	118,000	125,000	126,000
Current Debt	550,000		650,000	250,000	613,000
Other Current Borrowings	550,000		650,000	250,000	613,000
Current Notes Payable			0	250,000	613,000
Pensionand Other Post Retirement Benefit Plans Current	1,126,000	1,186,000	1,062,000	972,000
Payables And Accrued Expenses	1,573,000	1,590,000	1,520,000	1,431,000
Current Accrued Expenses	263,000	227,000	216,000	206,000
Interest Payable	62,000	61,000	50,000	49,000
Payables	1,310,000	1,363,000	1,304,000	1,225,000
Dividends Payable	109,000	107,000	103,000	102,000
Total Tax Payable	215,000	203,000	128,000	148,000
Income Tax Payable	104,000	105,000	50,000	83,000
Accounts Payable	986,000	1,053,000	1,073,000	975,000
Total Assets	29,530,000	27,681,000	29,090,000	31,769,000
Total Non Current Assets	12,656,000	12,576,000	15,657,000	15,934,000
Other Non Current Assets	59,000	34,000	49,000	58,000
Defined Pension Benefit	529,000	530,000	588,000	827,000
Non Current Prepaid Assets	20,000	17,000	9,000	10,000
Non Current Deferred Assets	465,000	504,000	317,000	268,000
Non Current Deferred Taxes Assets	167,000	238,000	86,000	68,000
Non Current Note Receivables		0	74,000	68,000	69,000
Non Current Accounts Receivable	101,000	94,000	1,036,000	863,000
Investments And Advances	221,000	157,000	88,000	90,000
Other Investments	78,000	73,000	79,000	90,000
Investmentin Financial Assets	43,000	0
Held To Maturity Securities	43,000	0
Long Term Equity Investment	100,000	84,000	9,000
Investmentsin Associatesat Cost	100,000	84,000	9,000
Goodwill And Other Intangible Assets	10,079,000	10,094,000	12,211,000	12,446,000
Other Intangible Assets	1,141,000	1,295,000	2,016,000	2,273,000
Goodwill	8,938,000	8,799,000	10,195,000	10,173,000
Net PPE	1,182,000	1,146,000	1,285,000	1,304,000
Accumulated Depreciation	-1,539,000	-1,326,000	-1,351,000	-1,269,000
Gross PPE	2,721,000	2,472,000	2,636,000	2,573,000
Leases	444,000	411,000	459,000	452,000
Other Properties	487,000	485,000	565,000	586,000
Machinery Furniture Equipment	1,704,000	1,492,000	1,527,000	1,452,000
Land And Improvements	86,000	84,000	85,000	83,000
Current Assets	16,874,000	15,105,000	13,433,000	15,835,000
Other Current Assets	56,000	60,000	53,000	54,000
Hedging Assets Current	28,000	1,000	4,000	43,000
Assets Held For Sale Current				0	6,000
Current Deferred Assets	109,000	103,000	92,000	87,000
Restricted Cash	10,445,000	9,504,000	9,073,000	11,772,000
Prepaid Assets				132,000	137,000
Receivables	3,071,000	3,547,000	2,787,000	2,617,000
Other Receivables	997,000	1,013,000	1,119,000	1,064,000
Taxes Receivable	241,000	106,000	87,000	89,000
Accrued Interest Receivable		750,000	0
Notes Receivable	0	74,000	0
Accounts Receivable	1,833,000	1,604,000	1,581,000	1,464,000
Allowance For Doubtful Accounts Receivable	-30,000	-36,000	-34,000	-46,000
Gross Accounts Receivable	1,863,000	1,640,000	1,615,000	1,510,000
Cash Cash Equivalents And Short Term Investments	3,165,000	1,890,000	1,424,000	1,262,000
Other Short Term Investments	33,000	0		0	200,000
Cash And Cash Equivalents	3,132,000	1,890,000	1,424,000	1,262,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,546,000	1,267,000	1,103,000	608,000
Repurchase Of Capital Stock	-1,650,000	-901,000	-1,000,000	-3,530,000
Repayment Of Debt	-5,000	-655,000	-254,000	-585,000
Issuance Of Debt	999,000	746,000	748,000	750,000
Issuance Of Capital Stock		0	0	7,000	10,000
Capital Expenditure	-229,000	-245,000	-242,000	-204,000
Interest Paid Supplemental Data	252,000	242,000	223,000	201,000
Income Tax Paid Supplemental Data		312,000	348,000	428,000
End Cash Position	6,487,000	4,998,000	3,792,000	4,721,000
Beginning Cash Position	4,998,000	3,792,000	4,721,000	7,691,000
Effect Of Exchange Rate Changes	203,000	-97,000	11,000	-164,000
Changes In Cash	1,286,000	1,303,000	-940,000	-2,806,000
Financing Cash Flow	-936,000	-459,000	-1,200,000	-3,445,000
Cash Flow From Continuing Financing Activities	-936,000	-459,000	-1,200,000	-3,445,000
Net Other Financing Charges	78,000	705,000	-342,000	282,000
Cash Dividends Paid	-358,000	-354,000	-352,000	-369,000
Common Stock Dividend Paid	-358,000	-354,000	-352,000	-369,000
Net Common Stock Issuance	-1,650,000	-901,000	-1,000,000	-3,523,000
Common Stock Payments	-1,650,000	-901,000	-1,000,000	-3,530,000
Common Stock Issuance		0	0	7,000	10,000
Net Issuance Payments Of Debt	994,000	91,000	494,000	165,000
Net Long Term Debt Issuance	994,000	91,000	494,000	165,000
Long Term Debt Payments	-5,000	-655,000	-254,000	-585,000
Long Term Debt Issuance	999,000	746,000	748,000	750,000
Investing Cash Flow	447,000	250,000	-1,085,000	-173,000
Cash Flow From Continuing Investing Activities	447,000	250,000	-1,085,000	-173,000
Net Investment Purchase And Sale	-90,000	-12,000	-4,000	200,000
Purchase Of Investment	-90,000	-12,000	-4,000		-200,000
Net Business Purchase And Sale	766,000	507,000	-839,000	-169,000
Sale Of Business	870,000	619,000	89,000		4,048,000
Purchase Of Business	-104,000	-112,000	-928,000	-169,000
Net PPE Purchase And Sale	-229,000	-245,000	-242,000	-138,000
Purchase Of PPE	-229,000	-245,000	-242,000	-138,000
Capital Expenditure Reported		-109,000	-89,000	-66,000	-53,000
Operating Cash Flow	1,775,000	1,512,000	1,345,000	812,000
Cash Flow From Continuing Operating Activities	1,775,000	1,512,000	1,345,000	812,000
Change In Working Capital	-711,000	-326,000	-371,000	-888,000
Change In Other Working Capital	-9,000	-21,000	4,000	-8,000
Change In Other Current Liabilities	-458,000	301,000	16,000	-495,000
Change In Other Current Assets	-116,000	-373,000	-185,000	-197,000
Change In Receivables	-128,000	-233,000	-206,000	-188,000
Changes In Account Receivables	-128,000	-233,000	-206,000	-188,000
Other Non Cash Items	156,000	197,000	174,000	197,000
Stock Based Compensation	153,000	121,000	125,000	99,000
Provisionand Write Offof Assets	6,000	13,000	6,000	13,000
Asset Impairment Charge	0	1,042,000	0	81,000
Deferred Tax	55,000	-213,000	-109,000	-50,000
Deferred Income Tax	55,000	-213,000	-109,000	-50,000
Depreciation Amortization Depletion	418,000	456,000	505,000	567,000
Depreciation And Amortization	418,000	456,000	505,000	567,000
Amortization Cash Flow	192,000	226,000	263,000	312,000
Amortization Of Intangibles	192,000	226,000	263,000	312,000
Depreciation	226,000	230,000	242,000	255,000
Operating Gains Losses	85,000	310,000	-49,000	-231,000
Pension And Employee Benefit Expense	112,000	4,000	-26,000	-153,000
Net Foreign Currency Exchange Gain Loss	13,000	-31,000	20,000	-137,000
Gain Loss On Sale Of Business	-40,000	337,000	-43,000	59,000
Net Income From Continuing Operations	1,613,000	-88,000	1,064,000	1,024,000

These metrics estimate what Willis Towers Watson Public Limited Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$175.93

Margin of Safety

Market Cap ÷ Company Value

1.71

P/B Ratio

3.06

Warren's Owner Earnings

$2.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$9.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.20x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.09%

vs Uninterrupted dividends

✅ Earnings Growth

+81.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.06x P/B (P/E×P/B: 46.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-48.83

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$266.00

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	14.3%	N/A	22.9%	20.2%	N/A
Repurchase of Capital Stock	-$1.6B	-$901M	-$1.0B	-$3.5B	N/A
Free Cash Flow	$1.5B ▲	$1.3B ▲	$1.1B ▲	$608M •	N/A •
Warren's Owner Earnings	$2.3B	$603M	$1.8B	$1.8B	N/A

Peers & Industry

No auto-detected peers for Insurance Brokers. You can manually compare WTW against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.26%

Low — management has little skin in the game

Return on Equity (ROE)

20.1%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

5.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+16.4% YoY

Debt is growing — management is leveraging up

Leadership Team

Carl Aaron Hess CERA,

CEO & Director

Age 63

Pay: $3,581,326

0.223% of net income

Andrew Jay Krasner

CFO & Co-head of Corporate Development

Age 48

Pay: $2,458,205

0.153% of net income

Julie Jarecke Gebauer

President of Health, Wealth & Career

Age 64

Pay: $2,136,441

0.133% of net income

Lucy Clarke

President of Risk & Broking

Age 58

Pay: $1,832,049

0.114% of net income

Alexis Faber

Chief Operating Officer

Age 47

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.91%	11,217,909
Blackrock Inc.	8.99%	8,467,266
Dodge & Cox Inc.	7.35%	6,925,525
Massachusetts Financial Services Co.	6.35%	5,977,816
Harris Associates L.P.	5.96%	5,613,089
First Eagle Investment Management, LLC	4.51%	4,250,802
State Street Corporation	4.49%	4,227,039
T. Rowe Price Investment Management, Inc.	3.72%	3,505,195

Risk Analysis

Beta (Market Risk)

0.45

Low volatility — more stable than the market

Short Interest

2.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.86x

Conservative balance sheet — low financial risk

Current Ratio

1.19x

Adequate liquidity

52-Week Price Range

Low: $246.61 Current: $258.95 High: $352.79

Currently at 12% of 52-week range

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