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Willis Towers Watson

WTW on Nasdaq. Willis Towers Watson sells insurance brokerage and consulting services to businesses. Market value $26.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
10.8%five-year median

Yearly profit per dollar of owners' money: 11 cents. Above 10 is good.

Price to book
quarterly report to June 2026
3.5×

What you pay for each dollar of net assets: $3.53.

Earnings yield
past 12 months to June 2026
5.8%

Profit per $100 you pay: $5.77.

Quality score: 50 of 100. Price score: 36 of 100. Our list needs 70 on quality and 60 on price.

$291.98 a share, 21% above its 1-year low

Over the past year the price has ranged from $240.61 to $352.79.

Dividend: 1.3% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$9.0bn$8.9bn$9.5bn$9.9bn$9.7bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.10bn0.10bn0.10bn0.09bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsSlow, 2.4% a year
  • Buying back its own sharesYes, 14% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.5 billion last quarter, up 9% on a year ago.
  • Profit: $229 million, down 31% on a year ago.
  • Spare cash over the past 12 months: $1.7 billion, up from $1.2 billion.
  • 6% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.3bn
December 2024$3.0bn
March 2025$2.2bn
June 2025$2.3bn
September 2025$2.3bn
December 2025$2.9bn
March 2026$2.4bn
June 2026$2.5bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$1.7bn
December 2024$1.2bn
March 2025$235m
June 2025$331m
September 2025$304m
December 2025$735m
March 2026$297m
June 2026$229m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
29 October 2026
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

12 long-term investors we follow own it, down from 15 last quarter. 689 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $2m of shares on the open market. 2 sold $1m.

  • Faber Alexis
    Chief Operating Officer
    Sold
    Date
    10 August 2026
    Shares
    730
    Price
    $342.70
    Value
    $250,172
  • Clarke Lucy
    President of Risk & Broking
    Bought
    Date
    6 May 2026
    Shares
    1,896
    Price
    $263.37
    Value
    $499,350
  • Hess Carl Aaron
    Chief Executive Officer, Director
    Bought
    Date
    4 May 2026
    Shares
    2,000
    Price
    $255.08
    Value
    $510,160
  • Furman Matthew
    General Counsel
    Sold
    Date
    3 March 2026
    Shares
    3,000
    Price
    $304.00
    Value
    $912,000
  • Clarke Lucy
    President of Risk & Broking
    Bought
    Date
    13 February 2026
    Shares
    3,500
    Price
    $284.84
    Value
    $996,940
  • Hammond Michael P.
    Director
    Bought
    Date
    12 February 2026
    Shares
    241
    Price
    $278.86
    Value
    $67,205

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.