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1. Company Snapshot

1.a. Company Description

Willis Towers Watson Public Limited Company operates as an advisory, broking, and solutions company worldwide.It operates through two segments, Health, Wealth and Career; and Risk and Broking.The company offers actuarial support, plan design, and administrative services for traditional pension and retirement savings plans; plan management consulting, broking, and administration services for health and group benefit programs; and benefits outsourcing services.


It also provides advice, data, software, and products to address clients' total rewards and talent issues.In addition, the company offers risk advice, insurance brokerage, and consulting services in the areas of property and casualty, aerospace, construction, and marine.Further, it offers investment consulting and discretionary management services to insurance and reinsurance companies; insurance consulting and technology, risk and capital management, pricing and predictive modeling, financial and regulatory reporting, financial and capital modeling, merger and acquisition, outsourcing, and business management services; wholesale insurance broking services to retail and wholesale brokers; and underwriting and capital management, capital market, and advisory and brokerage services.


Additionally, the company provides primary medical and ancillary benefit exchange, and outsourcing services to active employees and retirees in the group and individual markets, as well as delivers healthcare and reimbursement accounts, including health savings accounts, health reimbursement arrangements, flexible spending accounts, and other consumer-directed accounts.The company was formerly known as Willis Group Holdings Public Limited Company and changed its name to Willis Towers Watson Public Limited Company in January 2016.Willis Towers Watson Public Limited Company was founded in 1828 and is based in London, the United Kingdom.

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1.b. Last Insights on WTW

Willis Towers Watson's recent performance was driven by strong Q2 earnings, beating estimates with $2.86 per share, and solid revenue growth. The company's Risk & Broking segment contributed significantly to revenue, while cost discipline and lower expenses led to margin expansion. Additionally, the company's balance sheet remains strong, with a focus on aggressive share buybacks, prioritizing $1.5 billion in repurchases this year.

1.c. Company Highlights

2. WTW's Q3 2025 Earnings: A Strong Performance

WTW delivered a solid financial performance in Q3 2025, with 5% organic revenue growth, 230 basis points of adjusted operating margin expansion, and adjusted EPS of $3.07, up 11% year-over-year. The company's adjusted diluted earnings per share beat analyst estimates of $3.05. Revenue growth was driven by both the Health, Wealth & Career and Risk & Broking segments, with 4% and 6% organic growth, respectively. WTW's operating margin expanded to 20.4%, a 230 basis point improvement over the prior year, including a 110 basis point tailwind from the TRANZACT divestiture.

Publication Date: Nov -01

📋 Highlights
  • Overall Growth:: 5% organic revenue growth, 230 bps adjusted operating margin expansion, and 11% adjusted EPS increase to $3.07.
  • Segment Performance:: Health, Wealth & Career (4% growth, strong margin expansion) and Risk & Broking (6% growth, 70 bps margin expansion) outperformed with 11th consecutive quarter of high single-digit growth.
  • Free Cash Flow:: $838 million generated in 9 months 2025, $114 million higher than prior year, driven by margin expansion and reduced transformation costs.
  • Shareholder Returns:: $690 million returned via $600 million share buybacks and $90 million dividends, with $1.5 billion buyback target for 2025.
  • Healthcare Momentum:: Health business grew 7% (8% excluding settlements), with strong demand for cost management solutions amid rising healthcare inflation.

Segment Performance

The Health, Wealth & Career segment delivered 4% organic growth, driven by strong demand for healthcare cost management solutions and derisking defined benefit pension plans. The Risk & Broking segment generated 6% organic growth, driven by specialization strategy and investments in talent, data, and technology. The company's investments in digital tools, AI, and automation have helped capture growth opportunities and create efficiencies.

Valuation Metrics

WTW's current valuation metrics indicate a reasonable price for the stock. The P/E Ratio is 14.65, and the EV/EBITDA is 10.53, suggesting that the market has priced in moderate growth expectations. The ROE of 26.53% and ROIC of 12.32% indicate a strong return on equity and invested capital, respectively. With a dividend yield of 1.16% and a free cash flow yield of 5.32%, WTW appears to offer a relatively attractive return profile. Analysts estimate next year's revenue growth at 6.0%, which may support the current valuation.

Outlook and Guidance

WTW remains confident in its ability to continue delivering strong results, with all its businesses operating with continued discipline and rigor. The company expects mid- to high single-digit growth in Risk & Broking for the year and mid-single-digit growth in Benefits, Delivery & Outsourcing. The Health business is expected to continue its strong performance, driven by a strong pipeline and supportive external trends.

Capital Allocation

WTW has returned $690 million to shareholders via share repurchases and dividends in the first nine months of 2025. The company expects to continue its share repurchase program, with a target of approximately $1.5 billion in 2025, subject to market conditions and potential capital allocation opportunities.

3. NewsRoom

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WTW launches Radar Fusion to accelerate innovative commercial underwriting for sustainable growth

Dec -04

Source: globenewswire.com

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4 Stocks to Watch From the Thriving Insurance Brokerage Industry

Dec -04

Source: zacks.com

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WTW announces strategic acquisition of FlowStone Partners, enhancing its Wealth offerings

Dec -01

Source: globenewswire.com

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NatWest in exclusive talks to sell Cushon to Willis Towers Watson, sources said

Nov -28

Source: reuters.com

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Coldstream Capital Management Inc. Has $495,000 Stake in Willis Towers Watson Public Limited Company $WTW

Nov -28

Source: defenseworld.net

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Bill Nygren's Strategic Moves: Centene Corp Exits with a -2.14% Impact

Nov -25

Source: gurufocus.com

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Willis Towers Watson Public Limited Company (NASDAQ:WTW) Given Average Recommendation of “Moderate Buy” by Brokerages

Nov -18

Source: defenseworld.net

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Seth Klarman's Strategic Moves: Union Pacific Corp Takes Center Stage with 7.43% Portfolio Share

Nov -13

Source: gurufocus.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.31%)

6. Segments

Health, Wealth & Career (HWC)

Expected Growth: 4.2%

Growing demand for employee benefits, retirement and talent management solutions drives segment growth, fueled by increasing focus on health and wealth, and need for strategic talent management, Willis Towers Watson’s HWC segment is well-positioned to capitalize on these trends.

Risk & Broking (R&B)

Expected Growth: 4.5%

Growing demand for risk management and insurance brokerage services, driven by increasing global uncertainty, regulatory changes, and technological advancements, will drive the segment's growth, as companies seek to manage and mitigate risks effectively, leveraging Willis Towers Watson's expertise.

Unallocated Reimbursable Expenses and Other

Expected Growth: 3.4%

Willis Towers Watson’s unallocated reimbursable expenses and other segment growth is driven by increasing demand for risk management and consulting services, expansion in emerging markets, and strategic acquisitions, resulting in a forecasted growth rate.

7. Detailed Products

Human Capital and Benefits

Willis Towers Watson's Human Capital and Benefits segment provides a range of services including employee benefits, talent management, and rewards consulting to help organizations manage their workforce and benefits programs.

Risk and Broking

Willis Towers Watson's Risk and Broking segment provides risk advisory and broking services to help organizations manage and mitigate risk, including property and casualty insurance, captive insurance, and risk consulting.

Exchange Solutions

Willis Towers Watson's Exchange Solutions segment provides private exchange and benefits marketplace solutions to help organizations manage their employee benefits programs and provide employees with a range of benefits options.

Investment, Risk and Reinsurance

Willis Towers Watson's Investment, Risk and Reinsurance segment provides investment consulting, risk management, and reinsurance broking services to help organizations manage their investments and risk.

Talent and Rewards

Willis Towers Watson's Talent and Rewards segment provides talent management and rewards consulting services to help organizations attract, retain, and motivate their employees.

Insurance Consulting and Technology

Willis Towers Watson's Insurance Consulting and Technology segment provides insurance consulting and technology solutions to help insurers and reinsurers manage their operations and improve their performance.

8. Willis Towers Watson Public Limited Company's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Willis Towers Watson Public Limited Company is medium due to the presence of alternative insurance and consulting services.

Bargaining Power Of Customers

The bargaining power of customers for Willis Towers Watson Public Limited Company is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Willis Towers Watson Public Limited Company is medium due to the company's dependence on a few large suppliers for certain services.

Threat Of New Entrants

The threat of new entrants for Willis Towers Watson Public Limited Company is low due to the high barriers to entry in the insurance and consulting industries.

Intensity Of Rivalry

The intensity of rivalry for Willis Towers Watson Public Limited Company is high due to the presence of several large competitors in the insurance and consulting industries.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.94%
Debt Cost 4.75%
Equity Weight 64.06%
Equity Cost 7.70%
WACC 6.64%
Leverage 56.11%

11. Quality Control: Willis Towers Watson Public Limited Company passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Barclays

A-Score: 7.1/10

Value: 9.0

Growth: 7.2

Quality: 5.8

Yield: 5.0

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Danske Bank

A-Score: 6.8/10

Value: 5.5

Growth: 4.4

Quality: 5.6

Yield: 8.1

Momentum: 9.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
UniCredit

A-Score: 6.7/10

Value: 6.2

Growth: 5.9

Quality: 6.8

Yield: 6.9

Momentum: 9.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Deutsche Bank

A-Score: 5.8/10

Value: 8.3

Growth: 3.4

Quality: 5.9

Yield: 3.1

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Aon

A-Score: 4.9/10

Value: 1.8

Growth: 6.8

Quality: 6.0

Yield: 1.2

Momentum: 5.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Willis Towers Watson

A-Score: 4.9/10

Value: 2.4

Growth: 4.0

Quality: 5.7

Yield: 1.2

Momentum: 7.0

Volatility: 9.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

320.7$

Current Price

320.7$

Potential

-0.00%

Expected Cash-Flows