olivLaw · US equity research
WTW (Willis Towers Watson PLC) WTW
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
WTW is a global advisory, broking and solutions firm operating in two segments: Health, Wealth & Career (55% of segment revenue in 2025) and Risk & Broking (45%). Fiscal 2025 revenue was 9708 million USD, with organic growth of 5%. Q2 2026 revenue reached 2466 million USD with an adjusted operating margin of 19.5%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, WTW (Willis Towers Watson PLC) (WTW) stock was 337.37 USD (+2.96% on the day), with market capitalisation 31.1 bn USD, P/E 20.5 on diluted EPS of 16.42 USD over the last 12 months, dividend yield 1.13%, beta 0.22, 52-week range 242.12–350.75 USD. Latest reported quarter (Q3 2026): revenue of 2.5 bn USD (+7.5% YoY), net income of 303.0 m USD (−0.3% YoY), diluted EPS 3.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 291.50 – 340.72
- in the upper half of the band · %B 0.93 · band width 15.6%
- SMA 50 / 200
- 314.02 / 296.71
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 6.26 / 4.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.1% | −1.1% | +18.2 pp | — |
| 3 months | −0.2% | −0.5% | +0.2 pp | — |
| 6 months | +33.7% | +4.4% | +29.3 pp | — |
| Year to date | +2.7% | +12.3% | −9.6 pp | — |
| 1 year | +4.5% | +13.5% | −9.0 pp | −3.9% |
| 3 years | +42.8% | +76.4% | −33.6 pp | +1.3% |
| 5 years | +45.9% | +63.7% | −17.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 2.2 bn | 2.3 bn | 2.3 bn | 2.9 bn | 2.4 bn | 2.5 bn | 2.5 bn |
| Operating income | 901.0 m | 432.0 m | 368.0 m | 418.0 m | 1.0 bn | 448.0 m | 364.0 m | 429.0 m |
| Interest expense | 66.0 m | 65.0 m | 64.0 m | 65.0 m | 66.0 m | 77.0 m | 78.0 m | 80.0 m |
| Pre-tax income | 1.7 bn | 303.0 m | 313.0 m | 390.0 m | 947.0 m | 376.0 m | 292.0 m | 401.0 m |
| Income tax | 440.0 m | 65.0 m | -21.0 m | 77.0 m | 197.0 m | 70.0 m | 57.0 m | 79.0 m |
| Net income | 1.2 bn | 235.0 m | 331.0 m | 304.0 m | 735.0 m | 297.0 m | 229.0 m | 303.0 m |
| Diluted EPS | 12.58 ≈ | 2.33 | 3.32 | 3.11 | 7.65 ≈ | 3.10 | 2.43 | 3.24 |
| Operating cash flow | 599.0 m | -35.0 m | 361.0 m ≈ | 678.0 m ≈ | 771.0 m | -10.0 m | 484.0 m ≈ | 739.0 m ≈ |
| Capex | 56.0 m | 51.0 m | 58.0 m ≈ | 57.0 m ≈ | 63.0 m | 55.0 m | 59.0 m ≈ | 64.0 m ≈ |
| Dividends paid | 89.0 m | 88.0 m | 91.0 m ≈ | 90.0 m ≈ | 89.0 m | 88.0 m | 90.0 m ≈ | 89.0 m ≈ |
| Share repurchases | 395.0 m | 200.0 m | 500.0 m ≈ | 600.0 m ≈ | 350.0 m | 300.0 m | 450.0 m ≈ | 220.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 27 percentile of its own 41-quarter history (min 7.0, median 25.2, max 170.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.5 bn | 8.4 bn | 8.6 bn | 9.0 bn | 8.9 bn | 9.5 bn | 9.9 bn | 9.7 bn |
| Revenue YoY | +3.8% | −1.7% | +2.9% | +4.4% | −1.5% | +7.0% | +4.7% | −2.2% |
| Net income | 695.0 m | 1.0 bn | 996.0 m | 4.2 bn | 1.0 bn | 1.1 bn | -98.0 m | 1.6 bn |
| Net income YoY | +22.4% | +50.2% | −4.6% | +323.9% | −76.1% | +4.6% | −109.3% | unavailable |
| Diluted EPS | 5.27 | 8.02 | 7.65 | 32.78 | 8.98 | 9.95 | -0.96 | 16.26 |
| Diluted EPS YoY | +26.1% | +52.2% | −4.6% | +328.5% | −72.6% | +10.8% | −109.6% | unavailable |
| net % | 8.2% | 12.5% | 11.6% | 46.9% | 11.4% | 11.1% | -1.0% | 16.5% |
| Free cash flow | 1.0 bn | unavailable | unavailable | unavailable | unavailable | 1.1 bn | 1.3 bn | 1.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 bn USD
- Financial debt
- 6.3 bn USD
- Net debt
- 3.2 bn USD
- Equity
- 8.1 bn USD
- Total assets
- 29.5 bn USD
- Debt / equity
- 0.78x
- Current ratio
- 1.20x
- ROE
- 20.0%
- ROA
- 5.6%
- FCF margin
- 15.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.6 bn | 9.0 bn | 8.9 bn | 9.5 bn | 9.9 bn | 9.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 859.0 m | 2.2 bn | 1.2 bn | 1.4 bn | 627.0 m | 2.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 244.0 m | 211.0 m | 208.0 m | 235.0 m | 263.0 m | 260.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 1.0 bn | 2.7 bn | 1.3 bn | 1.3 bn | 102.0 m | 2.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 249.0 m | 536.0 m | 194.0 m | 215.0 m | 192.0 m | 318.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 996.0 m | 4.2 bn | 1.0 bn | 1.1 bn | -98.0 m | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 7.65 | 32.78 | 8.98 | 9.95 | -0.96 | 16.26 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 130.0 m | 129.0 m | 112.0 m | 106.0 m | 102.0 m | 99.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 2.75 | 3.02 | 3.28 | 3.36 | 3.52 | 3.68 | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.0 bn | 4.5 bn | 1.3 bn | 1.4 bn | 1.9 bn | 3.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 2.4 bn | 2.4 bn | 2.4 bn | 2.6 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 20.3 bn | 18.5 bn | 15.8 bn | 13.4 bn | 15.1 bn | 16.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 1.0 bn | 851.0 m | 718.0 m | 720.0 m | 661.0 m | 695.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 10.4 bn | 10.2 bn | 10.2 bn | 10.2 bn | 8.8 bn | 8.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.0 bn | 2.6 bn | 2.3 bn | 2.0 bn | 1.3 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 38.5 bn | 35.0 bn | 31.8 bn | 29.1 bn | 27.7 bn | 29.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 971.0 m | 613.0 m | 250.0 m | 650.0 m | 0 | 550.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 4.7 bn | 4.0 bn | 4.5 bn | 4.6 bn | 5.3 bn | 5.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 19.3 bn | 14.7 bn | 14.8 bn | 12.6 bn | 12.6 bn | 14.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 27.6 bn | 21.7 bn | 21.7 bn | 19.5 bn | 19.7 bn | 21.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 10.9 bn | 13.3 bn | 10.1 bn | 9.6 bn | 8.0 bn | 8.1 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 2.1 bn | 812.0 m | 1.3 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | — | — | — | 242.0 m | 245.0 m | 229.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | — | — | — | 1.1 bn ≈ | 1.3 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -160.0 m | 2.6 bn | -173.0 m | -1.1 bn | 250.0 m | 447.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 378.0 m | -3.1 bn | -3.4 bn | -1.2 bn | -459.0 m | -936.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 346.0 m | 374.0 m | 369.0 m | 352.0 m | 354.0 m | 358.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 0 | 1.6 bn | 3.5 bn | 1.0 bn | 901.0 m | 1.7 bn | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 31.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet65
- Valuation70
- Quality89
- Growth63
- Returns86
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 242.65 – 706.24 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)252.28 – 436.16 (Mid 321.45)WACC 8.5% · starting FCFF 2.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 4.9%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E242.65 – 706.24 (Mid 413.70)11 companies used · median multiple 25.2x · quartiles 14.8x – 43.0xACT, AJG, AON, BRO, CRVL, GSHD, MRSH, RYAN, SLQT, TWFG, WDH
- Dividend discount (DDM)outside the aggregate48.36 – 65.03 (Mid 55.47)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.3% | 86 (vs peers) | 13% |
| Net margin · Quality | 15.2% | 83 (vs peers) | 8% |
| FCF conversion · Quality | 111.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 3.1% | 26 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 21.9% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.5x | 92 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.5x | 69 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 5.4% | 77 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 20.4% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth63/100 · 2/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns86/100 · 2/2 factors with a value
- Valuation70/100 · 2/3 factors with a value
Memo
WILLIS TOWERS WATSON PLC (WTW). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 9.7 bn USD in 2025; YoY growth -2.2%; net margin 15.2%; ROE 20.2%.
The estimated value range is 247.46–571.20 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 367.57 USD, the price of 337.37 USD leaves a potential of 9.0% (value / price − 1) and a margin of safety of 8.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.3%
- Net margin: 15.2%
- FCF conversion: 111.4%
- EPS CAGR 3Y: 21.9%
- Interest coverage: 7.5x
- FCF yield: 5.6%
- Shareholder yield (distributions): 5.4%
- Payout ratio (FCF): 20.4%
What contradicts it
- Revenue CAGR 3Y: 3.1%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +43% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| ZBAOZhibao Technology Inc. | — | — | -141.3% | -22.4% | +53.0% | −99% / unavailable |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
1- and 3-year price returns: for WTW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 202.97 Total return -39% · Per year -39% | 359.09 Total return 8% · Per year 8% | 541.23 Total return 62% · Per year 62% |
| 3 years | 191.37 Total return -41% · Per year -16% | 381.48 Total return 17% · Per year 5% | 632.11 Total return 92% · Per year 24% |
| 5 years | 180.43 Total return -42% · Per year -10% | 405.26 Total return 26% · Per year 5% | 738.26 Total return 127% · Per year 18% |
- Exit P/E± 95.37
- Net margin± 66.76
- Annual revenue growth± 55.56
- Annual dilution± 5.61
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
WTW is a global advisory, broking and solutions firm operating in two segments: Health, Wealth & Career (55% of segment revenue in 2025) and Risk & Broking (45%) 1. Fiscal 2025 revenue was 9708 million USD, with organic growth of 5% 1. Q2 2026 revenue reached 2466 million USD with an adjusted operating margin of 19.5% 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Cyclicality of insurance premiumshigh
A period of falling premium rates could reduce commissions and revenue 1.
- Execution of strategy and the Propel planhigh
If technology and automation investments do not yield the expected savings, the margin target could be delayed 3.
- Pension liabilities and debtmedium
Fluctuations in pension liabilities and the cost of debt could affect financial position and net income 1.
- Cyber and data risksmedium
Security breaches or data regulation failures could generate losses and legal liability 1.
- Currency and geopolitical exposuremedium
A large part of activity takes place outside the United States, where currency swings and conflicts can influence results 1.
Investment thesis
What would need to be true (bull case)
- If organic growth holds and the Propel plan delivers the estimated savings, operating margin could move toward the 2028 target 3.
- A broad base of multinational clients and recurring revenue could cushion market cycles 1.
- An expanded buyback programme and free cash flow generation could support capital efficiency, depending on market conditions 3.
What would break the thesis
What to watch
- Trend in insurance premium rates and organic growth in Risk & BrokingQ3 2026
- Progress of the Propel programme and realised savings2027
- Full-year 2026 guidance on organic growth and adjusted marginQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
WTW describes itself as a company providing data-driven solutions in people, risk and capital, with about 47000 colleagues serving more than 140 countries and markets 1. It is not an insurer and does not underwrite risk for its own account; revenue comes mainly from brokerage commissions and consulting fees 1. Strategy rests on three objectives: accelerating performance, enhancing efficiency and optimizing the portfolio through acquisitions and divestitures 1.
In July 2026 the company announced Propel, an AI and automation acceleration plan targeting an adjusted operating margin of about 30% in 2028 3. The board increased share repurchase authority by 1.5 billion USD, in addition to about 500 million USD remaining 3.
Market context
Revenue depends on insurance premium levels: a soft market with falling premiums pressures commissions, while a hard market lifts them 1. At the time of the latest quarterly report, market conditions continued to soften, except for U.S. casualty and some specialty lines 2.
Demand for consulting and benefits services is supported by regulatory and technological change, and some health and benefits activity can be counter-cyclical early in an economic shift 1. Demand for M&A-related services can fall when economic activity slows 2.
Trends
- Softening insurance marketheadwind
If premium rates keep falling, commission revenue could come under pressure, particularly in Risk & Broking 2.
- Macroeconomic and tariff uncertaintymixed
Persistent inflation, fluctuating interest rates and geopolitical tensions could affect client spending and company costs 2.
- Artificial intelligence and automationmixed
The Propel plan aims to lower costs and lift margins, but it requires significant investment and its results depend on execution 3.
- Regulatory and legislative changetailwind
Regulatory shifts can create demand for advisory work, but they can also raise compliance costs or limit compensation 1.
Competitive position
WTW operates in a competitive brokerage and consulting sector where decision factors include reputation, global scale, service quality and the ability to tailor solutions 1. The company points to established and new competitors in its markets 1.
Differentiation rests on combining data, analytics and technology, and Propel is designed to strengthen that position 3. Competitive pressure could affect pricing and share if technology investments fail to deliver expected returns 1.
- Marsh & McLennanMMC
Direct competitor in brokerage and consulting, named here only as a sector peer; the supplied sources do not name it, so the description is general.
- AonAON
Major player in insurance brokerage and benefits consulting; the supplied sources do not detail it, so it is a general reference.
- Arthur J. GallagherAJG
Global insurance broker competing in risk and brokerage; the supplied sources do not name it, so the position is general.
- Regional and specialist brokers and consultants
Local and niche firms competing in specific segments or markets, referred to generically in the sector risks.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Willis Towers Watson Stock: Is WTW Underperforming the Financial Service Sector?Yahoo Finance — News · 15 Sept 2026 · EN
The latest news item in our archive is from 15 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Departure or appointment of officers
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Annual report25 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / WTW (Willis Towers Watson PLC) · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WTW (Willis Towers Watson PLC) · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / WTW (Willis Towers Watson PLC) · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.