Latest Ratios: P/E Ratio 18.1x · EV/EBITDA 11.9x · ROE 20.0%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.7B | $32.5B | $32.0B | $25.6B | $27.4B | $30.6B | $27.4B | $26.3B | $20.0B | $20.5B | $16.9B |
| Enterprise Value | $31.5B | $36.3B | $36.0B | $30.1B | $31.6B | $31.6B | $32.1B | $32.1B | $23.7B | $24.2B | $20.0B |
| P/E Ratio → | 18.07 | 20.21 | — | 24.24 | 27.24 | 15.94 | 27.54 | 25.15 | 28.82 | 36.05 | 54.11 |
| P/S Ratio | 2.85 | 3.35 | 3.22 | 2.70 | 3.09 | 3.40 | 3.18 | 3.14 | 2.35 | 2.50 | 2.14 |
| P/B Ratio | 3.61 | 4.04 | 3.99 | 2.67 | 2.71 | 2.30 | 2.51 | 2.53 | 2.00 | 1.99 | 1.67 |
| P/FCF | 17.92 | 21.04 | 25.22 | 23.18 | 45.05 | 16.47 | 18.41 | 33.83 | 20.75 | 42.08 | 25.57 |
| P/OCF | 15.61 | 18.33 | 21.13 | 19.01 | 33.74 | 14.86 | 15.44 | 24.29 | 15.56 | 23.77 | 17.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.74 | 3.62 | 3.17 | 3.57 | 3.52 | 3.72 | 3.84 | 2.79 | 2.95 | 2.54 |
| EV / EBITDA | 11.87 | 13.69 | 33.23 | 16.09 | 18.11 | 11.09 | 19.69 | 18.02 | 15.25 | 17.91 | 17.91 |
| EV / EBIT | 14.09 | 16.08 | 98.07 | 19.87 | 21.56 | 10.90 | 25.56 | 25.10 | 22.41 | 35.54 | 38.03 |
| EV / FCF | — | 23.48 | 28.41 | 27.27 | 51.99 | 17.01 | 21.55 | 41.41 | 24.57 | 49.62 | 30.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.1% | 42.1% | 44.6% | 43.6% | 42.9% | 41.6% | 40.1% | 41.1% | 39.8% | 39.4% | 38.5% |
| Operating Margin | 23.0% | 23.0% | 6.3% | 14.4% | 13.3% | 24.5% | 10.0% | 12.6% | 9.5% | 6.3% | 4.4% |
| Net Profit Margin | 16.5% | 16.5% | -1.0% | 11.1% | 11.4% | 46.9% | 11.6% | 12.5% | 8.2% | 6.9% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.0% | 20.0% | -1.1% | 10.7% | 8.6% | 34.8% | 9.4% | 10.2% | 6.9% | 5.6% | 6.7% |
| ROA | 5.6% | 5.6% | -0.3% | 3.5% | 3.0% | 11.5% | 2.7% | 3.1% | 2.1% | 1.8% | 1.7% |
| ROIC | 14.0% | 14.0% | 3.6% | 7.2% | 6.2% | 11.0% | 4.0% | 5.3% | 4.4% | 2.8% | 2.8% |
| ROCE | 14.6% | 14.6% | 4.0% | 8.2% | 6.3% | 11.2% | 4.5% | 5.8% | 4.6% | 3.0% | 3.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 0.74 | 0.62 | 0.54 | 0.41 | 0.61 | 0.65 | 0.47 | 0.46 | 0.40 |
| Debt / EBITDA | 2.60 | 2.60 | 5.48 | 3.18 | 3.14 | 1.92 | 4.13 | 3.80 | 3.04 | 3.48 | 3.58 |
| Net Debt / Equity | — | 0.47 | 0.50 | 0.47 | 0.42 | 0.08 | 0.43 | 0.57 | 0.37 | 0.36 | 0.31 |
| Net Debt / EBITDA | 1.42 | 1.42 | 3.73 | 2.42 | 2.42 | 0.35 | 2.88 | 3.30 | 2.37 | 2.72 | 2.80 |
| Debt / FCF | — | 2.44 | 3.19 | 4.10 | 6.94 | 0.54 | 3.15 | 7.58 | 3.82 | 7.54 | 4.74 |
| Interest Coverage | 8.68 | 8.68 | 1.40 | 6.44 | 7.05 | 13.76 | 5.14 | 5.47 | 5.09 | 3.62 | 2.86 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.20 | 1.20 | 1.20 | 1.06 | 1.07 | 1.26 | 1.05 | 1.06 | 1.07 | 1.07 | 1.03 |
| Quick Ratio | 1.20 | 1.20 | 1.20 | 1.06 | 1.07 | 1.26 | 1.05 | 1.06 | 1.07 | 1.07 | 1.03 |
| Cash Ratio | 0.22 | 0.22 | 0.15 | 0.11 | 0.09 | 0.32 | 0.11 | 0.05 | 0.07 | 0.07 | 0.07 |
| Asset Turnover | — | 0.33 | 0.36 | 0.33 | 0.28 | 0.26 | 0.22 | 0.24 | 0.26 | 0.25 | 0.26 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.1% | 1.1% | 1.4% | 1.3% | 1.2% | 1.3% | 1.3% | 1.5% | 1.4% | 1.2% |
| Payout Ratio | 22.3% | 22.3% | — | 33.4% | 36.6% | 8.9% | 34.7% | 31.5% | 44.0% | 48.8% | 47.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 4.9% | — | 4.1% | 3.7% | 6.3% | 3.6% | 4.0% | 3.5% | 2.8% | 1.8% |
| FCF Yield | 5.6% | 4.8% | 4.0% | 4.3% | 2.2% | 6.1% | 5.4% | 3.0% | 4.8% | 2.4% | 3.9% |
| Buyback Yield | 6.0% | 5.1% | 2.8% | 3.9% | 12.9% | 5.3% | 0.0% | 0.6% | 3.0% | 3.5% | 2.3% |
| Total Shareholder Yield | 7.2% | 6.2% | 3.9% | 5.3% | 14.2% | 6.5% | 1.3% | 1.8% | 4.5% | 4.8% | 3.5% |
| Shares Outstanding | — | $99M | $102M | $106M | $112M | $129M | $130M | $130M | $132M | $136M | $138M |
Producer attrition and integration
Based on reported figures, WTW trades at a P/B of 3.26, which appears to be a significant discount relative to industry peers like Marsh McLennan and Aon, suggesting that the market remains skeptical of the firm's ability to restore historical ROE levels following recent organizational restructuring.
The current valuation multiple implies that investors are pricing in a higher risk premium for WTW compared to its larger peers, likely due to the lingering impact of the failed Aon merger and subsequent talent turnover. While the forward P/E of 13.59 suggests potential upside, this valuation is only justified if management can demonstrate consistent margin expansion and successfully leverage its proprietary actuarial software stack to drive organic growth.
According to recent SEC filings, WTW's combined ratio has exhibited extreme instability, ranging from a low of 65.4% in 2025Q4 to a peak of 133.5% in 2024Q3, indicating that underwriting profitability remains highly sensitive to non-recurring operational charges and potential adjustments to long-tail liability reserves.
The wide variance in the combined ratio suggests that the firm's core underwriting performance is frequently obscured by structural transformation costs. Investors should monitor whether the recent stabilization toward 81.4% in 2026Q1 represents a sustainable improvement in operational efficiency or merely a temporary reprieve from the volatility that characterized the previous fiscal year.
As reported in financial statements, WTW's ROE has fluctuated significantly, swinging from a negative 19.7% in 2024Q3 to a positive 9.3% in 2025Q4, which highlights the difficulty in maintaining consistent profitability while the company navigates ongoing post-divestiture optimization and high fixed-cost compensation structures.
The erratic ROE trajectory suggests that the firm's profitability is heavily dependent on the timing of restructuring charges rather than pure operational performance. A sustained recovery in ROE will likely require the company to better align its high-fixed-cost professional services model with the recurring revenue streams generated by its ICT software segment.
Based on the company's reported figures, WTW maintains a disciplined debt-to-equity ratio of 0.86%, which provides a stable capital base that allows management to continue aggressive share repurchases despite the inherent volatility in the firm's quarterly operating cash flow generation and underwriting results.
The firm's low leverage profile appears to be a strategic choice to maintain financial flexibility during a period of organizational transition. While this conservative stance supports the balance sheet, it also raises questions about whether the company is prioritizing capital returns over the necessary reinvestment required to capture market share in the competitive global risk advisory space.
Analysis of the provided income statement data suggests that the P/E ratio is a misleading metric for WTW, as it fails to account for the massive, non-recurring restructuring charges that have historically distorted net income and created artificial volatility in the firm's reported earnings per share.
Investors should instead focus on adjusted operating margins or cash-flow-based metrics to evaluate the firm's underlying health, as the P/E ratio is heavily influenced by one-time items related to the failed Aon merger and subsequent divestitures. Relying on P/E in this context may lead to an inaccurate assessment of the company's long-term earnings power and franchise value.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying WTW stock.
Willis Towers Watson Public Limited Company's current P/E ratio is 18.1x. The historical average is 22.8x. This places it at the 36th percentile of its historical range.
Willis Towers Watson Public Limited Company's current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
Willis Towers Watson Public Limited Company's return on equity (ROE) is 20.0%. The historical average is 14.9%.
Based on historical data, Willis Towers Watson Public Limited Company is trading at a P/E of 18.1x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Willis Towers Watson Public Limited Company's current dividend yield is 1.23% with a payout ratio of 22.3%.
Willis Towers Watson Public Limited Company has 42.1% gross margin and 23.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Willis Towers Watson Public Limited Company's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.