# Willis Towers Watson Public Limited Company (WTW)

> Source: Nexqual · https://nexqual.com/WTW · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Willis Towers Watson Public Limited Company (WTW), nexqual.com/WTW" · informational, not investment advice.

**Price:** USD 321.63 (+0.62% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 319.66 · day 318.6–324.78 · 52w 240.61–351.51 · market cap $29.9B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.1B, net income $1.56B (15.5% margin), free cash flow $1.69B (SEC filings).
- Valuation: P/E 19.1x (avg 22.3x at the last 2 fiscal year-ends), EV/EBITDA 14.1x, net debt $4.87B.
- 4 of 80 tracked superinvestors hold WTW (13F, Q2 2026): 0 new, 2 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $250K; 1 not under a Rule 10b5-1 plan ($250K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $1.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.24 on a 1–5 scale) (21 analysts), mean target USD 370.63 (range 310–455).
- Total return with dividends: 1Y +2.6% vs S&P 500 +13.6%; 5Y +41.9% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 9.2, revenue estimate $3.13B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.00B | $8.87B | $9.48B | $9.93B | $9.71B | $10.1B |
| Operating income | $2.20B | $1.18B | $1.36B | $627M | $2.23B | $2.25B |
| Net income | $4.22B | $1.01B | $1.05B | -$98.0M | $1.60B | $1.56B |
| EPS (diluted) | $32.78 | $8.98 | $9.95 | -$0.96 | $16.26 | — |
| Free cash flow | — | — | $1.10B | $1.27B | $1.55B | $1.69B |
| Operating margin | 24.5% | 13.3% | 14.4% | 6.3% | 23.0% | 22.2% |
| Net margin | 46.9% | 11.4% | 11.1% | -1.0% | 16.5% | 15.5% |
| Revenue growth | +4.4% | -1.5% | +7.0% | +4.7% | -2.2% | — |
| Cash + short-term investments | $4.69B | $1.26B | — | $1.89B | $3.16B | — |
| Total debt | $6.64B | $6.76B | $7.43B | $8.61B | $9.69B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.1x · P/S 3.0x · EV/EBITDA 14.1x · EV/Sales 3.4x · P/FCF 17.7x · P/B 3.9x · FCF yield 5.65% · Earnings yield 5.24% · Dividend yield (paid, TTM) 1.20% · Buyback yield (TTM) 5.69% · Net debt $4.87B · EV $34.7B
P/E at fiscal year-ends: Dec 2025 20.3x, Dec 2023 24.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold WTW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Abrams | Abrams Capital Management | 3.44% | $188M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 1.95% | $1.17B | Added +3.1% |
| Dodge & Cox Funds | Dodge & Cox | 1.10% | $2.10B | Added +9.4% |
| Polen Capital | Polen Capital Management | 0.03% | $3.4M | Reduced -33.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-10 | Faber Alexis | Chief Operating Officer | 730 | $250K | 6.4% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-06 | Clarke Lucy | President of Risk & Broking | 1,896 | $499K | 263.37 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Hess Carl Aaron | Chief Executive Officer | 2,000 | $510K | 255.08 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 21 analysts; mean target USD 370.63 (low 310, high 455).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $378 → $364 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $380 → $349 |
| 2026-10-07 | Barclays | Target raised | Equal-Weight | $303 → $332 |
| 2026-10-06 | Morgan Stanley | Target lowered | Equal-Weight | $350 → $310 |
| 2026-10-06 | UBS | Target lowered | Buy | $405 → $398 |
| 2026-09-16 | Mizuho | Target lowered | Outperform | $406 → $380 |
| 2026-08-20 | TD Cowen | Target raised | Buy | $391 → $455 |
| 2026-08-19 | Morgan Stanley | Target raised | Equal-Weight | $315 → $350 |
| 2026-08-04 | Keefe, Bruyette & Woods | Target raised | Outperform | $381 → $394 |
| 2026-08-03 | UBS | Target raised | Buy | $382 → $405 |
| 2026-08-03 | Goldman Sachs | Target raised | Buy | $316 → $385 |
| 2026-08-03 | Cantor Fitzgerald | Target raised | Neutral | $344 → $380 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +2.6% | +41.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +2.6% | +7.2% |
| Volatility (annualized) | 31.5% | 23.4% |
| Max drawdown | -28.5% (Feb 2026→May 2026) | -28.0% (Sep 2025→May 2026) |

## Peers (Insurance Brokers)
BRO (Brown & Brown, Inc.) USD 65.88 -2.47% · AJG (Arthur J. Gallagher & Co.) USD 260.42 +0.54% · AON (Aon plc) USD 315.72 +4.37% · ERIE (Erie Indemnity Company) USD 246.39 -0.20% · RYAN (Ryan Specialty Holdings, Inc.) USD 42.62 +0.57% · MRSH (Marsh) USD 192.3 +0.85%

## More
Full page: https://nexqual.com/WTW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $9.20 | $3.57 | +157.8% | $3.13B | 21 |
| Next quarter (ends 2026-12-31) | $4.28 | $4.17 | +2.7% | $2.55B | 20 |
| Current fiscal year (ends 2026-12-31) | $19.82 | $19.50 | +1.6% | $10.47B | 21 |
| Next fiscal year (ends 2027-12-31) | $22.93 | $22.17 | +3.5% | $11.03B | 21 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $3.63 | $3.59 | Beat +1.1% | — |
| — | Quarter ended Mar 31, 2026 | $3.72 | $3.65 | Beat +1.9% | — |
| — | Quarter ended Sep 30, 2025 | $3.07 | $3.05 | Beat +0.7% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1140536/000117184326006942/0001171843-26-006942-index.htm |
| 2026-08-13 | Schedule 13G/A | Dodge & Cox: 8.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1140536/000119312526349459/0001193125-26-349459-index.htm |
| 2026-08-13 | Schedule 13G | Artisan Partners Asset Management Inc., Artisan Partners Holdings LP: 5.9% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1140536/000119312526349312/0001193125-26-349312-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1140536/000119312526325374/0001193125-26-325374-index.htm |
| 2026-07-30 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1140536/000117184326005042/0001171843-26-005042-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.