The firm maintains a disciplined capital structure with a low debt-to-equity ratio of 0.86% as of 2025Q4, supporting long-term financial flexibility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Total Assets | 29.64B | 29.53B | 27.68B | 29.09B | 31.77B | 34.97B | 38.53B | 35.51B | 32.4B | 32.46B | 30.27B | 18.89B | 15.44B | 14.79B | 15.15B | 15.65B | 15.74B | 15.64B | 16.4B | 12.95B | 13.38B | 12.19B | 11.65B | 10.96B | 10.14B | 8.95B | 7.59B |
| Asset Growth % | 9.42% | 6.68% | -4.84% | -8.43% | -9.15% | -9.24% | 8.5% | 9.62% | -0.19% | 7.22% | 60.23% | 22.41% | 4.33% | -2.33% | -3.21% | -0.61% | 0.66% | -4.64% | 26.68% | -3.21% | 9.78% | 4.57% | 6.34% | 8.01% | 13.36% | 17.91% | - |
| Total Investment Assets | 2M | 0 | 157M | 88M | 90M | 255M | 70M | 23M | 7M | 26M | 30M | 42M | 198M | 195M | 186M | 170M | 161M | 156M | 293M | 40M | 58M | 65M | 74M | 61M | 54M | 42M | 41M |
| Long-Term Investments | 462M | 0 | 157M | 88M | 90M | 55M | 70M | 23M | 7M | 26M | 30M | 42M | 198M | 195M | 186M | 170M | 161M | 156M | 273M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 200M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 40M | 58M | 65M | 74M | 61M | 54M | 42M | 41M |
| Total Current Assets | 16.09B | 16.87B | 15.11B | 13.43B | 15.84B | 18.49B | 20.3B | 17.12B | 16.42B | 15.86B | 13.8B | 12.5B | 10.85B | 10.46B | 10.93B | 10.92B | 11B | 10.51B | 9.33B | 10B | 10.87B | 9.85B | 9.25B | 8.91B | 8.22B | 7.25B | 5.89B |
| Cash & Equivalents | 1.85B | 3.13B | 1.89B | 1.42B | 1.26B | 4.49B | 2.04B | 887M | 1.03B | 1.03B | 870M | 532M | 635M | 796M | 500M | 436M | 316M | 191M | 176M | 200M | 288M | 193M | 351M | 364M | 211M | 128M | 88M |
| Receivables | 10.59B | 2.7B | 2.49B | 2.57B | 2.39B | 2.37B | 2.41B | 2.62B | 2.38B | 2.25B | 2.08B | 1.26B | 1.04B | 1.04B | 933M | 1.03B | 839M | 816M | 9.13B | 8.24B | 8.76B | 8.03B | 7.32B | 6.98B | 6.59B | 5.7B | 4.67B |
| Other Current Assets | 11.58B | 10.45B | 10.6B | 9.31B | 12.05B | 11.29B | 15.73B | 13.38B | 12.87B | 12.45B | 10.71B | 10.63B | 9.08B | 8.55B | 9.46B | 9.47B | 9.95B | 9.94B | 1.85B | 1.52B | 1.77B | 1.56B | 1.5B | 1.5B | 1.37B | 1.38B | 1.09B |
| Goodwill & Intangibles | 41.31B | 10.08B | 10.09B | 12.21B | 12.45B | 12.74B | 14.25B | 14.67B | 13.79B | 14.4B | 14.79B | 4.88B | 3.39B | 3.19B | 3.21B | 3.71B | 3.79B | 3.85B | 3.96B | 1.73B | 1.66B | 1.58B | 1.55B | 1.34B | 1.26B | 1.2B | 1.23B |
| Goodwill | 9.66B | 8.94B | 8.8B | 10.2B | 10.17B | 10.18B | 11.2B | 11.19B | 10.48B | 10.52B | 10.43B | 3.77B | 2.94B | 2.84B | 2.83B | 3.29B | 3.29B | 3.28B | 3.27B | 1.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.27B | 1.14B | 1.29B | 2.02B | 2.27B | 2.56B | 3.04B | 3.48B | 3.32B | 3.88B | 4.37B | 1.11B | 450M | 353M | 385M | 420M | 492M | 572M | 682M | 78M | 1.66B | 1.58B | 1.55B | 1.34B | 1.26B | 1.2B | 1.23B |
| PP&E (Net) | 1.17B | 1.18B | 1.15B | 1.28B | 1.3B | 1.57B | 1.92B | 2.01B | 942M | 985M | 839M | 563M | 483M | 481M | 468M | 406M | 381M | 354M | 312M | 315M | 167M | 212M | 249M | 249M | 213M | 185M | 192M |
| Other Assets | 1.45B | 1.4B | 941M | 1.99B | 2.03B | 2.04B | 1.95B | 1.61B | 1.17B | 1.14B | 761M | 826M | 534M | 483M | 347M | 420M | 412M | 668M | 2.73B | 906M | 609M | 377M | 404M | 316M | 296M | 255M | 238M |
| Total Liabilities | 21.58B | 21.48B | 19.66B | 19.5B | 21.68B | 21.66B | 27.6B | 25.14B | 22.39B | 22.18B | 20.15B | 16.49B | 13.37B | 12.55B | 15.15B | 13.12B | 13.14B | 13.41B | 14.51B | 11.55B | 11.88B | 10.91B | 10.21B | 9.62B | 9.27B | 8.24B | 7.33B |
| Total Debt | 6.79B | 6.9B | 5.93B | 5.94B | 5.48B | 5.49B | 6.72B | 6.77B | 4.72B | 4.7B | 4B | 3.44B | 2.47B | 2.51B | 2.53B | 2.56B | 2.27B | 2.37B | 2.65B | 1.25B | 800M | 600M | 450M | 370M | 567M | 787M | 958M |
| Net Debt | 4.93B | 3.77B | 4.04B | 4.52B | 4.22B | 1B | 4.68B | 5.88B | 3.69B | 3.67B | 3.13B | 2.91B | 1.83B | 1.71B | 2.03B | 2.12B | 1.95B | 2.15B | 2.47B | 1.05B | 512M | 407M | 99M | 6M | 356M | 659M | 870M |
| Long-Term Debt | 6.79B | 5.76B | 5.31B | 4.57B | 4.47B | 3.97B | 4.66B | 5.3B | 4.39B | 4.45B | 3.36B | 2.28B | 2.13B | 2.31B | 2.34B | 2.35B | 2.16B | 2.17B | 1.86B | 1.25B | 800M | 600M | 450M | 370M | 567M | 787M | 958M |
| Short-Term Debt | 0 | 550M | 0 | 650M | 250M | 613M | 971M | 316M | 186M | 85M | 508M | 988M | 167M | 15M | 15M | 15M | 110M | 209M | 785M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 13.55B | 14B | 12.6B | 12.63B | 14.78B | 14.72B | 19.33B | 16.16B | 15.3B | 14.76B | 13.37B | 12.8B | 10.23B | 9.47B | 10.22B | 9.91B | 10.25B | 10.27B | 11.81B | 9.7B | 10.55B | 9.67B | 9.06B | 8.67B | 8.13B | 7.24B | 5.88B |
| Accounts Payable | 0 | 0 | 1.05B | 1.07B | 975M | 898M | 857M | 856M | 691M | 908M | 117M | 75M | 131M | 123M | 88M | 59M | 0 | 9.69B | 10.31B | 9.27B | 10.06B | 9.15B | 8.56B | 8.21B | 7.72B | 6.8B | 5.48B |
| Deferred Revenue | 1.54B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.71B | 1.48B | 752M | 619M | 586M | 541M | 320M | 298M | 301M | 471M | 388M | 430M | 367M | 351M | 327M | 233M | 163M | 130M |
| Other Current Liabilities | 12B | 13.33B | 10.89B | 10.34B | 12.97B | 12.41B | 16.65B | 14.21B | 13.94B | 11.75B | 9.49B | 10.11B | 8.36B | 7.88B | 8.77B | 9.05B | 9.84B | 9.94B | 21M | 48M | 54M | 153M | 147M | 137M | 169M | 280M | 269M |
| Deferred Taxes | 75M | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.24B | 1.25B | 1.21B | 1.16B | 1.05B | 1.37B | 2.11B | 2.17B | 1.99B | 2.19B | 2.29B | 932M | 696M | 533M | 664M | 638M | 693M | 733M | 1.01B | 602M | 536M | 645M | 699M | 571M | 572M | 208M | 492M |
| Total Equity | 8.06B | 8.05B | 8.02B | 9.59B | 10.09B | 13.31B | 10.93B | 10.37B | 10.01B | 10.28B | 10.12B | 2.41B | 2.07B | 2.24B | 1.73B | 2.53B | 2.61B | 2.23B | 1.9B | 1.4B | 1.5B | 1.27B | 1.44B | 1.34B | 879M | 712M | 257M |
| Equity Growth % | -11.4% | 0.44% | -16.43% | -4.95% | -24.16% | 21.73% | 5.43% | 3.6% | -2.61% | 1.54% | 320.31% | 16.55% | -7.85% | 29.97% | -31.9% | -2.88% | 17.16% | 17.47% | 35.84% | -6.75% | 17.52% | -11.84% | 7.52% | 52.79% | 23.46% | 177.04% | - |
| Shareholders Equity | 7.98B | 7.98B | 7.94B | 9.52B | 10.02B | 13.26B | 10.82B | 10.25B | 9.85B | 10.13B | 9.95B | 2.22B | 1.99B | 2.21B | 1.7B | 2.5B | 2.58B | 2.18B | 1.84B | 1.35B | 1.45B | 1.25B | 1.42B | 1.32B | 854M | 696M | 238M |
| Minority Interest | 82M | 76M | 77M | 73M | 77M | 48M | 112M | 120M | 157M | 151M | 169M | 186M | 81M | 28M | 26M | 31M | 31M | 49M | 50M | 48M | 42M | 25M | 20M | 19M | 25M | 16M | 19M |
| Retained Earnings | -392M | -296M | 109M | 1.47B | 1.76B | 4.64B | 2.43B | 1.79B | 1.2B | 1.1B | 1.34B | 1.6B | 1.53B | 1.59B | 1.43B | 2.16B | 2.14B | 1.86B | 1.59B | 1.46B | 1.25B | 837M | 675M | 367M | 42M | -165M | -167M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M |
| Accumulated OCI | -2.87B | -2.83B | -3.16B | -2.86B | -2.62B | -2.19B | -2.36B | -2.23B | -1.96B | -1.51B | -1.89B | -1.04B | -1.07B | -693M | -850M | -744M | -541M | -594M | -630M | -153M | -178M | -264M | -212M | -126M | -131M | 5M | -5M |
| Return on Equity (ROE) | 20.77% | 19.98% | -1.11% | 10.72% | 8.62% | 34.84% | 9.35% | 10.25% | 6.85% | 5.57% | 6.7% | 16.67% | 16.81% | 18.4% | -20.95% | 7.94% | 18.82% | 21.26% | 18.42% | 28.29% | 32.43% | 20.68% | 28.85% | 37.26% | 26.4% | 0.41% | 3.5% |
| Return on Assets (ROA) | 5.79% | 5.61% | -0.35% | 3.47% | 3.02% | 11.49% | 2.69% | 3.07% | 2.14% | 1.81% | 1.71% | 2.17% | 2.4% | 2.44% | -2.9% | 1.3% | 2.9% | 2.73% | 2.06% | 3.11% | 3.51% | 2.36% | 3.56% | 3.92% | 2.2% | 0.02% | 0.12% |
| Equity / Assets | 27.19% | 27.27% | 28.96% | 32.98% | 31.77% | 38.06% | 28.37% | 29.2% | 30.9% | 31.66% | 33.43% | 12.74% | 13.39% | 15.15% | 11.39% | 16.19% | 16.56% | 14.23% | 11.55% | 10.77% | 11.18% | 10.45% | 12.39% | 12.26% | 8.66% | 7.96% | 3.39% |
| Debt / Equity | 0.84x | 0.86x | 0.74x | 0.62x | 0.54x | 0.41x | 0.61x | 0.65x | 0.47x | 0.46x | 0.40x | 1.43x | 1.19x | 1.12x | 1.46x | 1.01x | 0.87x | 1.07x | 1.40x | 0.90x | 0.53x | 0.47x | 0.31x | 0.28x | 0.65x | 1.11x | 3.73x |
| Book Value per Share | 84.12 | 81.33 | 78.60 | 90.50 | 90.12 | 103.16 | 84.09 | 79.76 | 75.83 | 75.57 | 73.34 | 34.90 | 30.24 | 32.97 | 26.41 | 38.12 | 40.40 | 34.89 | 33.92 | 25.14 | 25.08 | 20.69 | 23.04 | 21.18 | 14.20 | 12.74 | 5.61 |
| Tangible BV per Share | -30.04 | -20.47 | -20.36 | -24.70 | -21.01 | 4.42 | -25.50 | -33.10 | -28.68 | -30.32 | -33.86 | -35.78 | -19.33 | -13.96 | -22.80 | -17.79 | -18.25 | -25.44 | -36.91 | -5.96 | -2.68 | -5.05 | -1.71 | -0.03 | -6.19 | -8.75 | -21.14 |
Producer attrition and integration
According to reported financial statements, WTW has maintained a relatively stable equity base of approximately $8.0 billion as of 2026Q1, despite significant fluctuations in total assets which peaked at $30.2 billion in 2024Q1, suggesting a disciplined approach to capital preservation during ongoing organizational transformation efforts.
The relative consistency in equity levels indicates that management has successfully offset the impact of periodic net losses and restructuring charges through capital management. Investors should monitor whether this stability is sustainable if the firm continues to face volatility in its core broking and consulting segments.
Based on the company's reported figures, loss reserves have trended upward to $1.8 billion in 2026Q1 from $533 million in 2023Q4, which may indicate either a strategic shift in risk appetite or an adjustment to account for evolving long-tail liability exposures within the firm's portfolio.
The sharp increase in reserves relative to earlier periods suggests that the company may be bracing for higher claims volatility or adjusting its actuarial assumptions. This trend warrants further investigation into whether these reserve additions are driven by external inflationary pressures or internal changes in underwriting methodology.
As reported in recent filings, WTW maintains a robust equity-to-asset ratio, which, when paired with a low debt-to-equity profile of 0.86%, provides the firm with significant financial flexibility to continue its aggressive share repurchase programs despite the inherent volatility in its operational cash flow generation.
The firm's ability to sustain capital returns while navigating restructuring suggests a healthy balance sheet that is not overly reliant on external financing. However, analysts should consider whether prioritizing buybacks over organic reinvestment might limit the firm's competitive positioning against peers like Marsh McLennan.
Analysis of the balance sheet suggests that the primary non-obvious risk remains the potential for latent legacy liabilities and the ongoing integration of talent following the failed 2021 Aon merger, which may continue to manifest as periodic, non-recurring charges that distort the firm's reported financial health.
The historical volatility in the combined ratio, particularly the 133.5% spike in 2024Q3, implies that the balance sheet is susceptible to sudden shocks from operational or legacy-related adjustments. Investors should remain cautious, as these events appear to be a recurring feature rather than isolated incidents in the firm's post-merger history.
Quick answers to the most common questions about buying WTW stock.
As of 2025, Willis Towers Watson Public Limited Company (WTW) had total assets of $29.53B including $16.87B in current assets.
Willis Towers Watson Public Limited Company (WTW) carries total debt of $6.90B, offset by $3.13B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Willis Towers Watson Public Limited Company (WTW) has total shareholders' equity (book value) of $7.98B ($81.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Willis Towers Watson Public Limited Company (WTW) reported a current ratio of 1.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.