Latest Ratios: P/E Ratio 19.8x · EV/EBITDA 12.7x · 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 | $31.1B | $32.5B | $32.0B | $25.6B | $27.4B | $30.6B | $27.4B | $26.3B | $20.0B | $20.5B | $16.9B |
| Enterprise Value | $34.8B | $36.3B | $36.0B | $30.1B | $31.6B | $31.6B | $32.1B | $32.1B | $23.7B | $24.2B | $20.0B |
| P/E Ratio → | 19.77 | 20.21 | — | 24.24 | 27.24 | 15.94 | 27.54 | 25.15 | 28.82 | 36.05 | 54.11 |
| P/S Ratio | 3.02 | 3.35 | 3.22 | 2.70 | 3.09 | 3.40 | 3.18 | 3.14 | 2.35 | 2.50 | 2.14 |
| P/B Ratio | 4.04 | 4.04 | 3.99 | 2.67 | 2.71 | 2.30 | 2.51 | 2.53 | 2.00 | 1.99 | 1.67 |
| P/FCF | 17.82 | 21.04 | 25.22 | 23.18 | 45.05 | 16.47 | 18.41 | 33.83 | 20.75 | 42.08 | 25.57 |
| P/OCF | 17.50 | 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 | 12.65 | 13.69 | 33.23 | 16.09 | 18.11 | 11.09 | 19.69 | 18.02 | 15.25 | 17.91 | 17.91 |
| EV / EBIT | 15.59 | 16.09 | 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 | 1.1% | 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 | 5.1% | 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 | 5.3% | 5.1% | 2.8% | 3.9% | 12.9% | 5.3% | 0.0% | 0.6% | 3.0% | 3.5% | 2.3% |
| Total Shareholder Yield | 6.4% | 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 |
Includes 30+ ratios · 26 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WTW stock.
Willis Towers Watson Public Limited Company's current P/E ratio is 19.8x. 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 12.7x. 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 19.8x. 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 1.10% 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.
Key Metrics
Top Statement Risk
Volatile quarterly earnings and returns
Metrics are mathematically derived from official filings.
Premium Multiple Outpaces Trailing Returns
Based on reported figures, WTW trades at 4.14 times book and 20.70 times trailing earnings, a premium to its own sub-5-percent quarterly ROE profile that suggests investors are pricing in a recovery in brokerage returns rather than current earnings power.
The 4.14 price-to-book multiple implies the market expects returns on equity well above the 2.9% to 4.0% range reported in most recent quarters, which the valuation appears to rely on. Relative to MMC at 6.38 times book and AON at 7.81 times, WTW's discount on book value may reflect its weaker ROE of roughly 4% to 9% against peer returns near 27% and 40%. Investors should monitor whether the forward P/E of 17.00 reflects a durable margin improvement or simply normalization from volatile quarterly results.
Quarterly ROE Swings Obscure Earnings Base
As reported in quarterly financials, WTW's ROE ranged from negative 19.7% in 2024Q3 to 16.0% in 2024Q4, with most other quarters clustering between 1.5% and 4.0%, indicating earnings are dominated by discrete items rather than steady operating returns.
The wide dispersion in ROE and ROA suggests reported profitability is driven by timing or non-recurring factors rather than a consistent underwriting or brokerage spread. Because the supplied data does not decompose investment income from operating results, the relative contribution of each cannot be determined from these figures. The gap between WTW's typical 1% to 4% ROE and peer ROE levels warrants further investigation into the drivers of the persistent shortfall.
Expense Ratio Volatility Signals Cost Pressure
Based on WTW's reported figures, the expense ratio moved from 21.0% in 2025Q1 to 72.5% in 2024Q3, with the latest reported period near 21.3%, pointing to a cost base that has been highly sensitive to period-specific charges.
The spike in expense ratio during 2024Q3 coincides with the combined ratio exceeding 133%, which may indicate elevated one-time costs rather than structural inefficiency. Where the expense ratio stabilizes near 20% to 21%, the cost base appears more consistent, though the quarters with missing expense data limit a complete trend read. Investors should monitor whether these charges recur, since repeated spikes would weigh on margin durability.
Debt Load Moderate Against Equity Base
According to reported balance sheet figures, WTW's debt-to-equity ratio stayed between 0.64 and 0.91 across ten quarters, with interest coverage ranging from 3.46 to 26.58 times, suggesting leverage has been manageable though coverage has been uneven.
A debt-to-equity ratio near 0.9 in the latest quarter, paired with coverage of roughly 6 times, suggests the balance sheet is serviceable but not conservatively positioned. The sharp coverage swing, including readings above 26 times in 2024Q4, appears tied to earnings volatility rather than to a structural change in debt. Because the supplied data does not report cash or detailed debt maturity, the liquidity cushion behind these ratios cannot be verified.
Lagging Returns Justify Relative Discount
Based on peer context data, WTW's ROE of roughly 4% trails MMC at 26.9% and AON at 39.9%, while its net margin and ROIC also sit below those leaders, which may partly explain the lower book multiple relative to the group.
The gap in return metrics suggests WTW lacks the margin profile that supports premium book valuations among large brokers, which is consistent with its 4.14 times book multiple sitting well below MMC and AON. Its ROIC appears more comparable to AJG and BRO, yet AJG's elevated P/E of 50.11 reflects a different growth or recovery expectation rather than superior current returns. Investors should monitor whether WTW can narrow the return gap, since sustained underperformance would likely keep the valuation anchored at a discount.
Trailing P/E Misleads on Earnings Quality
The trailing P/E of 20.70 is the most commonly misapplied metric here, since reported quarterly earnings swing from large losses to peak profits, meaning a single-period earnings base may not represent sustainable profitability.
Relying on the 20.70 trailing multiple assumes the most recent earnings are representative, yet the quarterly data includes a 2024Q3 loss and a 2024Q4 spike in ROE that distort any single-period read. A more reliable approach for a broker of this profile would be to normalize earnings across a full cycle and to pair book value with a return-on-equity-adjusted multiple. Investors should monitor the reconciliation between reported and normalized earnings before treating the forward P/E of 17.00 as a reliable anchor.