Willis Towers Watson Public (WTW) Financials

$327.16 -0.86 (-0.26%)

Closing price 04/15/2025 04:00 PM Eastern

Extended Trading

$327.21 +0.05 (+0.02%)

As of 04/15/2025 06:00 PM Eastern

Annual Income Statements for Willis Towers Watson Public

This table shows Willis Towers Watson Public's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	373	420	568	695	1,044	996	1,055	1,009	1,055	-98
Consolidated Net Income / (Loss)	373	438	592	715	1,073	1,020	1,064	1,024	1,064	-88
Net Income / (Loss) Continuing Operations	373	438	592	715	849	762	1,064	1,064	1,064	-88
Total Pre-Tax Income	340	342	492	851	1,046	1,011	1,279	1,258	1,279	104
Total Operating Income	427	348	516	809	1,054	859	1,365	1,178	1,365	627
Total Gross Profit	1,526	3,038	3,235	3,390	3,441	3,458	4,139	3,801	4,139	4,428
Total Revenue	3,829	7,887	8,202	8,513	8,370	8,615	9,483	8,866	9,483	9,930
Operating Revenue	3,809	7,887	8,202	8,513	8,370	8,615	9,483	8,866	9,483	9,930
Total Cost of Revenue	2,303	4,849	4,967	5,123	4,929	5,157	5,344	5,065	5,344	5,502
Operating Cost of Revenue	2,303	4,849	4,967	5,123	4,929	5,157	5,344	5,065	5,344	5,502
Total Operating Expenses	1,099	2,690	2,719	2,581	2,387	2,599	2,774	2,623	2,774	3,801
Selling, General & Admin Expense	718	1,551	1,534	1,637	1,647	1,697	1,815	1,695	1,815	1,833
Depreciation Expense	95	178	203	208	239	307	242	255	242	230
Amortization Expense	76	591	581	534	488	461	263	312	263	226
Other Operating Expenses / (Income)	-	-	269	202	13	110	386	181	386	409
Impairment Charge	-	-	-	-	-	-	-	81	0.00	1,042
Restructuring Charge	210	370	132	0.00	0.00	24	68	99	68	61
Total Other Income / (Expense), net	-87	-6.00	-24	42	-8.00	152	-86	80	-86	-523
Interest Expense	142	184	188	208	234	244	235	208	235	263
Other Income / (Expense), net	55	178	164	250	226	396	149	288	149	-260
Income Tax Expense	-33	-96	-100	136	197	249	215	194	215	192
Net Income / (Loss) Discontinued Operations	-	-	-	-	224	258	0.00	-40	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	18	24	20	29	24	9.00	15	9.00	10
Basic Earnings per Share	$5.49	$3.07	$4.21	$5.29	$8.05	$7.68	$10.01	$9.00	$10.01	($0.96)
Weighted Average Basic Shares Outstanding	138.17M	135.53M	132.22M	129.10M	128.72M	128.97M	102.48M	106.58M	-	99.69M
Diluted Earnings per Share	$5.41	$3.04	$4.18	$5.27	$8.02	$7.65	$9.95	$8.98	$9.95	($0.96)
Weighted Average Diluted Shares Outstanding	138.17M	135.53M	132.22M	129.10M	128.72M	128.97M	102.48M	106.58M	-	99.69M
Weighted Average Basic & Diluted Shares Outstanding	138.17M	135.53M	132.22M	129.10M	128.72M	128.97M	102.48M	106.58M	-	99.69M
Cash Dividends to Common per Share	$3.28	$1.92	$2.12	$2.40	$2.60	$2.75	$3.02	$3.28	$3.36	$3.52

This table shows Willis Towers Watson Public's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	190	588	203	94	136	622	190	141	-1,675	1,246
Consolidated Net Income / (Loss)	192	593	206	96	139	623	194	142	-1,672	1,248
Net Income / (Loss) Continuing Operations	184	606	206	96	0.00	762	194	142	0.00	-424
Total Pre-Tax Income	185	737	256	120	164	739	242	168	-1,994	1,688
Total Operating Income	154	708	285	142	159	779	280	212	-766	901
Total Gross Profit	728	1,459	931	812	807	1,589	999	868	893	1,668
Total Revenue	1,953	2,722	2,244	2,159	2,166	2,914	2,341	2,265	2,289	3,035
Operating Revenue	1,953	2,722	2,244	2,159	2,166	2,914	2,341	2,265	2,289	3,035
Total Cost of Revenue	1,225	1,263	1,313	1,347	1,359	1,325	1,342	1,397	1,396	1,367
Operating Cost of Revenue	1,225	1,263	1,313	1,347	1,359	1,325	1,342	1,397	1,396	1,367
Total Operating Expenses	574	751	646	670	648	810	719	656	1,659	767
Selling, General & Admin Expense	384	432	453	433	396	533	457	439	419	518
Depreciation Expense	60	64	60	64	60	58	59	57	60	54
Amortization Expense	71	73	71	70	62	60	60	60	56	50
Other Operating Expenses / (Income)	50	73	59	93	113	121	125	97	74	113
Restructuring Charge	9.00	28	3.00	10	17	38	18	3.00	8.00	32
Total Other Income / (Expense), net	31	29	-29	-22	5.00	-40	-38	-44	-1,228	787
Interest Expense	54	54	54	57	61	63	64	68	65	66
Other Income / (Expense), net	85	83	25	35	66	23	26	24	-1,163	853
Income Tax Expense	1.00	131	50	24	25	116	48	26	-322	440
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	5.00	3.00	2.00	3.00	1.00	4.00	1.00	3.00	2.00
Basic Earnings per Share	$1.72	$5.28	$1.89	$0.88	$1.30	$5.94	$1.84	$1.37	($16.44)	$12.27
Weighted Average Basic Shares Outstanding	108.24M	106.58M	106.41M	104.82M	103.26M	0.00	102.24M	101.56M	100.73M	99.69M
Diluted Earnings per Share	$1.72	$5.26	$1.88	$0.88	$1.29	$5.90	$1.83	$1.36	($16.44)	$12.29
Weighted Average Diluted Shares Outstanding	108.24M	106.58M	106.41M	104.82M	103.26M	0.00	102.24M	101.56M	100.73M	99.69M
Weighted Average Basic & Diluted Shares Outstanding	108.24M	106.58M	106.41M	104.82M	103.26M	0.00	102.24M	101.56M	100.73M	99.69M

This table details how cash moves in and out of Willis Towers Watson Public's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-59	353	48	44	-78	1,992	1,517	-2,806	-940	1,303
Net Cash From Operating Activities	244	933	862	1,288	1,081	1,774	2,061	812	1,345	1,512
Net Cash From Continuing Operating Activities	244	933	862	1,288	1,081	1,774	2,061	812	1,345	1,512
Net Income / (Loss) Continuing Operations	384	438	592	715	1,073	1,020	4,236	1,024	1,064	-88
Consolidated Net Income / (Loss)	384	438	592	715	1,073	1,020	4,236	1,024	1,064	-88
Depreciation Expense	95	178	252	213	240	308	281	255	242	230
Amortization Expense	76	591	581	534	489	462	369	312	263	226
Non-Cash Adjustments To Reconcile Net Income	-499	-184	-1,202	-924	145	-197	-2,620	151	260	1,662
Changes in Operating Assets and Liabilities, net	188	-90	639	750	-866	181	-205	-930	-484	-518
Net Cash From Investing Activities	-943	195	-335	-341	-1,614	-160	2,570	-173	-1,085	250
Net Cash From Continuing Investing Activities	-943	195	-335	-341	-1,614	-160	2,570	-173	-1,085	250
Purchase of Property, Plant & Equipment	-146	-303	-75	-54	-305	-286	-201	-66	-242	-245
Acquisitions	-857	476	-13	-36	-1,329	-69	-47	-81	-6.00	-107
Divestitures	44	-1.00	57	4.00	17	-25	-1,030	-29	-922	-5.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	-200	200	-4.00	-12
Other Investing Activities, net	16	23	-304	-255	3.00	220	4,048	-197	89	619
Net Cash From Financing Activities	640	-775	-479	-903	455	378	-3,114	-3,445	-1,200	-459
Net Cash From Continuing Financing Activities	640	-775	-479	-903	455	378	-3,114	-3,445	-1,200	-459
Repayment of Debt	-171	-1,915	-743	-932	-1,139	-332	-1,012	-590	-261	-664
Repurchase of Common Equity	-82	-396	-532	-602	-150	0.00	-1,627	-3,530	-1,000	-901
Payment of Dividends	-298	-220	-328	-332	-384	-374	-410	-380	-415	-367
Issuance of Debt	1,061	1,773	1,323	998	2,097	282	0.00	750	748	746
Issuance of Common Equity	131	63	61	45	45	16	10	7.00	0.00	0.00
Other Financing Activities, net	-1.00	-80	-260	-80	-14	786	-75	298	-272	727

This table details how cash moves in and out of Willis Towers Watson Public's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-317	-76	-380	-338	-217	-5.00	1,506	-869	251	415
Net Cash From Operating Activities	179	375	134	296	393	522	24	407	482	599
Net Cash From Continuing Operating Activities	179	375	134	296	393	522	24	407	482	599
Net Income / (Loss) Continuing Operations	192	593	206	96	139	623	194	142	-1,672	1,248
Consolidated Net Income / (Loss)	192	593	206	96	139	623	194	142	-1,672	1,248
Depreciation Expense	60	64	60	64	60	58	59	57	60	54
Amortization Expense	71	73	71	70	62	60	60	60	56	50
Non-Cash Adjustments To Reconcile Net Income	-163	45	83	80	-5.00	102	86	83	2,294	-801
Changes in Operating Assets and Liabilities, net	19	-400	-286	-14	137	-321	-375	65	-256	48
Net Cash From Investing Activities	-77	-115	-61	-974	5.00	-55	-74	-84	-72	480
Net Cash From Continuing Investing Activities	-77	-115	-61	-974	5.00	-55	-74	-84	-72	480
Purchase of Property, Plant & Equipment	-17	-16	-19	-22	-25	-176	-27	-29	-27	-162
Acquisitions	-4.00	-1.00	-4.00	-	-2.00	-	-15	-3.00	-10	-79
Divestitures	-16	-1.00	0.00	-907	71	-86	0.00	-	-	-5.00
Other Investing Activities, net	-40	-97	-42	-38	-36	205	-33	-37	-36	725
Net Cash From Financing Activities	-419	-336	-453	340	-615	-472	1,556	-1,192	-159	-664
Net Cash From Continuing Financing Activities	-419	-336	-453	340	-615	-472	1,556	-1,192	-159	-664
Repayment of Debt	-2.00	-	-1.00	-7.00	-252	-1.00	-8.00	-653	-1.00	-2.00
Repurchase of Common Equity	-369	-440	-104	-350	-350	-196	-101	-200	-205	-395
Payment of Dividends	-97	-91	-87	-94	-131	-103	-87	-92	-96	-92
Other Financing Activities, net	43	195	-261	43	118	-172	1,006	-247	143	-175

This table presents Willis Towers Watson Public's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	18,839	30,253	32,458	32,385	35,426	38,531	29,090	31,769	29,090	27,681
Total Current Assets	12,503	13,792	15,861	16,420	17,037	20,301	13,433	15,835	13,433	15,105
Cash & Equivalents	532	870	1,030	1,033	887	2,039	1,424	1,262	1,424	1,890
Restricted Cash	-	-	12,155	12,604	13,004	12,003	9,073	11,772	9,073	9,504
Accounts Receivable	1,258	2,080	2,246	2,379	2,621	2,408	2,572	2,387	2,572	2,494
Prepaid Expenses	255	337	430	404	525	479	364	414	364	1,217
Plant, Property, & Equipment, net	563	839	985	0.00	0.00	1,013	720	718	720	661
Total Noncurrent Assets	5,773	15,622	15,612	15,965	18,389	17,217	14,937	15,216	14,937	11,915
Goodwill	3,737	10,413	10,519	10,465	11,194	10,392	10,195	10,173	10,195	8,799
Intangible Assets	1,115	4,368	3,882	3,318	3,478	2,989	2,016	2,273	2,016	1,295
Employee Benefit Assets	623	488	764	773	868	971	588	827	588	530
Other Noncurrent Operating Assets	298	353	447	1,409	2,849	1,981	2,138	1,943	2,138	1,291
Total Liabilities & Shareholders' Equity	18,839	30,253	32,458	32,385	35,426	38,531	29,090	31,769	29,090	27,681
Total Liabilities	16,426	20,019	22,181	22,388	25,057	27,599	19,497	21,676	19,497	19,664
Total Current Liabilities	12,801	13,370	14,755	15,301	16,070	19,332	12,630	14,779	12,630	12,598
Short-Term Debt	988	508	85	186	316	971	650	250	650	0.00
Accrued Expenses	-	-	-	-	-	-	-	1,915	-	2,211
Other Current Liabilities	11,061	11,381	12,959	13,468	13,970	12,953	9,876	12,614	9,876	10,387
Total Noncurrent Liabilities	3,625	6,649	7,426	7,087	8,987	8,267	6,867	6,897	6,867	7,066
Long-Term Debt	2,278	3,357	4,450	4,389	5,301	4,664	4,567	4,471	4,567	5,309
Noncurrent Deferred & Payable Income Tax Liabilities	240	864	615	559	526	561	542	748	542	45
Noncurrent Employee Benefit Liabilities	279	1,321	1,259	1,170	1,324	1,403	563	480	563	615
Other Noncurrent Operating Liabilities	828	1,107	544	969	1,836	1,613	1,195	1,198	1,195	1,097
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,360	10,183	10,249	9,971	10,369	10,932	9,593	10,093	9,593	8,017
Total Preferred & Common Equity	2,229	10,065	10,126	9,852	10,249	10,820	9,520	10,016	9,520	7,940
Total Common Equity	2,229	10,065	10,126	9,852	10,249	10,820	9,520	10,016	9,520	7,940
Common Stock	1,672	10,596	10,538	10,615	10,687	10,748	10,910	10,876	10,910	10,989
Retained Earnings	1,597	1,452	1,104	1,201	1,792	2,434	1,466	1,764	1,466	109
Treasury Stock	-3.00	-99	-3.00	-3.00	-3.00	-3.00	0.00	-3.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-1,037	-1,884	-1,513	-1,961	-2,227	-2,359	-2,856	-2,621	-2,856	-3,158
Noncontrolling Interest	131	118	123	119	120	112	73	77	73	77

This table presents Willis Towers Watson Public's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	30,991	31,769	31,906	28,773	27,623	29,090	30,237	29,622	27,168	27,681
Total Current Assets	15,051	15,835	15,946	12,817	11,834	13,433	14,642	14,029	14,313	15,105
Cash & Equivalents	1,496	1,262	1,135	1,602	1,247	1,424	1,893	1,247	1,372	1,890
Restricted Cash	11,190	11,772	12,213	8,608	8,039	9,073	9,940	9,925	9,176	9,504
Accounts Receivable	1,884	2,387	2,261	2,206	2,079	2,572	2,430	2,425	2,118	2,494
Prepaid Expenses	476	414	337	401	469	364	379	432	558	1,217
Plant, Property, & Equipment, net	701	718	723	725	710	720	703	709	710	661
Total Noncurrent Assets	15,239	15,216	15,237	15,231	15,079	14,937	14,892	14,884	12,145	11,915
Goodwill	10,089	10,173	10,193	10,202	10,143	10,195	10,186	10,184	8,882	8,799
Intangible Assets	2,314	2,273	2,212	2,146	2,064	2,016	1,960	1,898	1,360	1,295
Employee Benefit Assets	1,008	827	863	893	908	588	598	611	632	530
Other Noncurrent Operating Assets	1,828	1,943	1,969	1,990	1,964	2,138	2,148	2,191	1,271	1,291
Total Liabilities & Shareholders' Equity	30,991	31,769	31,906	28,773	27,623	29,090	30,237	29,622	27,168	27,681
Total Liabilities	21,078	21,676	21,730	18,896	18,138	19,497	20,669	20,207	19,598	19,664
Total Current Liabilities	14,122	14,779	14,889	11,969	11,305	12,630	13,118	12,674	12,535	12,598
Short-Term Debt	250	250	250	899	649	650	650	0.00	0.00	0.00
Accrued Expenses	-	1,915	1,485	-	-	-	1,638	1,891	-	2,211
Other Current Liabilities	12,167	12,614	13,154	9,385	8,788	9,876	10,830	10,783	10,033	10,387
Total Noncurrent Liabilities	6,956	6,897	6,841	6,927	6,833	6,867	7,551	7,533	7,063	7,066
Long-Term Debt	4,470	4,471	4,472	4,565	4,565	4,567	5,307	5,307	5,308	5,309
Noncurrent Deferred & Payable Income Tax Liabilities	758	748	736	721	706	542	550	552	94	45
Noncurrent Employee Benefit Liabilities	552	480	457	452	433	563	526	505	487	615
Other Noncurrent Operating Liabilities	1,176	1,198	1,176	1,189	1,129	1,195	1,168	1,169	1,174	1,097
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,913	10,093	10,176	9,877	9,485	9,593	9,568	9,415	7,570	8,017
Total Preferred & Common Equity	9,838	10,016	10,096	9,799	9,410	9,520	9,489	9,337	7,492	7,940
Total Common Equity	9,838	10,016	10,096	9,799	9,410	9,520	9,489	9,337	7,492	7,940
Common Stock	10,855	10,876	10,890	10,910	10,903	10,910	10,930	10,943	10,957	10,989
Retained Earnings	1,706	1,764	1,774	1,429	1,127	1,466	1,464	1,315	-650	109
Treasury Stock	-3.00	-3.00	0.00	0.00	0.00	0.00	0.00	0.00	-5.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-2,720	-2,621	-2,568	-2,540	-2,620	-2,856	-2,905	-2,921	-2,810	-3,158
Noncontrolling Interest	75	77	80	78	75	73	79	78	78	77

This table displays calculated financial ratios and metrics derived from Willis Towers Watson Public's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.71%	105.98%	3.99%	3.79%	-1.68%	2.93%	10.08%	-6.51%	6.96%	4.71%
EBITDA Growth	-18.27%	98.32%	16.83%	19.37%	11.24%	0.80%	6.86%	-6.05%	-0.69%	-59.24%
EBIT Growth	-26.19%	9.13%	29.28%	55.74%	20.87%	-1.95%	20.64%	-3.17%	3.27%	-75.76%
NOPAT Growth	4.47%	-4.86%	39.31%	9.48%	25.86%	-24.32%	75.39%	-12.26%	13.97%	-146.72%
Net Income Growth	0.00%	17.43%	35.16%	20.78%	50.07%	-4.94%	4.31%	-3.76%	3.91%	-108.27%
EPS Growth	1.69%	-43.81%	37.50%	26.08%	52.18%	-4.61%	30.07%	-9.75%	10.80%	-109.65%
Operating Cash Flow Growth	-48.85%	282.38%	-7.61%	49.42%	-16.07%	64.11%	16.18%	-60.60%	65.64%	12.42%
Free Cash Flow Firm Growth	-330.17%	-582.08%	260.06%	-88.78%	-122.20%	473.53%	-238.25%	324.45%	-139.60%	232.42%
Invested Capital Growth	44.62%	157.02%	-87.70%	-42.53%	124.06%	-23.39%	168.72%	-58.73%	142.30%	-55.21%
Revenue Q/Q Growth	0.50%	13.74%	1.88%	3.58%	-4.02%	1.39%	12.48%	-5.02%	2.07%	0.00%
EBITDA Q/Q Growth	-14.19%	18.70%	4.78%	24.90%	-2.95%	-5.81%	-31.37%	309.05%	-0.39%	0.00%
EBIT Q/Q Growth	-20.72%	12.39%	6.25%	61.19%	-5.19%	-8.66%	-38.73%	2,343.33%	0.73%	0.00%
NOPAT Q/Q Growth	-17.29%	1.06%	79.97%	25.90%	-4.45%	-15.26%	-20.79%	340.66%	7.03%	0.00%
Net Income Q/Q Growth	-23.09%	68.46%	21.31%	22.22%	18.56%	-6.25%	-53.98%	406.59%	2.90%	0.00%
EPS Q/Q Growth	0.00%	79.88%	24.78%	24.88%	19.17%	-6.36%	-43.75%	2,594.44%	6.87%	0.00%
Operating Cash Flow Q/Q Growth	-21.04%	24.07%	4.23%	21.17%	-9.31%	6.42%	-15.71%	954.74%	12.27%	0.00%
Free Cash Flow Firm Q/Q Growth	87.62%	15.71%	2,040.66%	-89.83%	40.83%	-71.16%	6.59%	872.00%	40.41%	-49.95%
Invested Capital Q/Q Growth	15.09%	-5.32%	-88.16%	17.31%	-5.07%	264.95%	101.17%	-11.31%	-20.32%	12.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.85%	38.52%	39.44%	39.82%	41.11%	40.14%	43.65%	42.87%	43.65%	44.59%
EBITDA Margin	17.05%	16.42%	18.45%	21.21%	24.00%	23.51%	22.82%	22.93%	21.29%	8.29%
Operating Margin	11.15%	4.41%	6.29%	9.50%	12.59%	9.97%	14.39%	13.29%	14.39%	6.31%
EBIT Margin	12.59%	6.67%	8.29%	12.44%	15.29%	14.57%	15.97%	16.54%	15.97%	3.70%
Profit (Net Income) Margin	9.74%	5.55%	7.22%	8.40%	12.82%	11.84%	11.22%	11.55%	11.22%	-0.89%
Tax Burden Percent	109.71%	128.07%	120.33%	84.02%	102.58%	100.89%	83.19%	81.40%	83.19%	-84.62%
Interest Burden Percent	70.54%	65.02%	72.35%	80.36%	81.72%	80.56%	84.48%	85.81%	84.48%	28.34%
Effective Tax Rate	-9.71%	-28.07%	-20.33%	15.98%	18.83%	24.63%	16.81%	15.42%	16.81%	184.62%
Return on Invested Capital (ROIC)	10.76%	4.85%	8.36%	53.06%	56.47%	35.00%	38.38%	32.70%	37.27%	-16.99%
ROIC Less NNEP Spread (ROIC-NNEP)	6.25%	4.58%	9.38%	52.66%	53.96%	30.76%	39.36%	32.30%	38.33%	-24.78%
Return on Net Nonoperating Assets (RNNOA)	5.89%	2.08%	-2.59%	-46.01%	-45.93%	-25.42%	-28.01%	-22.30%	-26.46%	15.99%
Return on Equity (ROE)	16.66%	6.93%	5.77%	7.05%	10.54%	9.58%	10.37%	10.40%	10.81%	-1.00%
Cash Return on Invested Capital (CROIC)	-25.72%	-83.11%	164.55%	107.08%	-20.10%	61.48%	-53.14%	115.85%	-45.87%	59.26%
Operating Return on Assets (OROA)	2.81%	2.14%	2.17%	3.27%	3.78%	3.39%	4.48%	4.82%	4.98%	1.29%
Return on Assets (ROA)	2.18%	1.78%	1.89%	2.21%	3.16%	2.76%	3.15%	3.37%	3.50%	-0.31%
Return on Common Equity (ROCE)	15.67%	6.73%	5.68%	6.95%	10.40%	9.47%	10.27%	10.32%	10.73%	-0.99%
Return on Equity Simple (ROE_SIMPLE)	16.73%	4.35%	5.85%	7.26%	10.47%	9.43%	11.18%	10.22%	11.18%	-1.11%
Net Operating Profit after Tax (NOPAT)	468	446	621	680	855	647	1,136	996	1,136	-531
NOPAT Margin	12.23%	5.65%	7.57%	7.98%	10.22%	7.52%	11.97%	11.24%	11.97%	-5.34%
Net Nonoperating Expense Percent (NNEP)	4.52%	0.27%	-1.02%	0.40%	2.51%	4.23%	-0.98%	0.41%	-1.05%	7.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	7.67%	6.73%	7.67%	-3.98%
Cost of Revenue to Revenue	60.15%	61.48%	60.56%	60.18%	58.89%	59.86%	56.35%	57.13%	56.35%	55.41%
SG&A Expenses to Revenue	18.75%	19.67%	18.70%	19.23%	19.68%	19.70%	19.14%	19.12%	19.14%	18.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.70%	34.11%	33.15%	30.32%	28.52%	30.17%	29.25%	29.58%	29.25%	38.28%
Earnings before Interest and Taxes (EBIT)	482	526	680	1,059	1,280	1,255	1,514	1,466	1,514	367
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	653	1,295	1,513	1,806	2,009	2,025	2,164	2,033	2,019	823
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.47	1.49	1.79	1.85	2.38	2.39	2.58	2.57	2.58	3.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.02	1.90	2.21	2.15	2.91	3.00	2.59	2.91	2.59	3.18
Price to Earnings (P/E)	20.74	35.75	31.92	26.29	23.35	25.97	23.32	25.53	23.32	0.00
Dividend Yield	3.59%	1.75%	1.54%	1.71%	1.37%	1.37%	1.41%	1.38%	1.41%	1.12%
Earnings Yield	4.82%	2.80%	3.13%	3.80%	4.28%	3.85%	4.29%	3.92%	4.29%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.07	1.37	5.92	10.01	7.74	10.95	4.50	9.85	4.50	13.22
Enterprise Value to Revenue (EV/Rev)	2.78	2.31	1.17	1.10	1.94	2.04	2.05	1.98	2.05	2.57
Enterprise Value to EBITDA (EV/EBITDA)	16.32	14.04	6.37	5.18	8.07	8.68	8.96	8.62	9.61	31.04
Enterprise Value to EBIT (EV/EBIT)	22.10	34.56	14.16	8.84	12.67	14.00	12.81	11.96	12.81	69.60
Enterprise Value to NOPAT (EV/NOPAT)	22.74	40.79	15.51	13.77	18.96	27.14	17.08	17.59	17.08	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	43.66	19.48	11.17	7.26	15.01	9.90	9.41	21.59	14.42	16.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.79	6.82	0.00	15.45	0.00	4.97	0.00	13.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.35	0.38	0.44	0.46	0.54	0.52	0.54	0.47	0.54	0.66
Long-Term Debt to Equity	0.94	0.33	0.43	0.44	0.51	0.43	0.48	0.44	0.48	0.66
Financial Leverage	0.94	0.45	-0.28	-0.87	-0.85	-0.83	-0.71	-0.69	-0.69	-0.65
Leverage Ratio	7.65	3.88	3.06	3.20	3.33	3.47	3.29	3.09	3.09	3.22
Compound Leverage Factor	5.40	2.52	2.21	2.57	2.72	2.80	2.78	2.65	2.61	0.91
Debt to Total Capital	57.51%	27.41%	30.62%	31.40%	35.14%	34.01%	35.23%	31.87%	35.23%	39.84%
Short-Term Debt to Total Capital	17.40%	3.60%	0.57%	1.28%	1.98%	5.86%	4.39%	1.69%	4.39%	0.00%
Long-Term Debt to Total Capital	40.11%	23.81%	30.04%	30.12%	33.16%	28.15%	30.84%	30.18%	30.84%	39.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.24%	1.20%	1.02%	1.00%	0.75%	0.68%	0.49%	0.52%	0.49%	0.58%
Common Equity to Total Capital	39.25%	71.39%	68.36%	67.61%	64.11%	65.31%	64.28%	67.61%	64.28%	59.58%
Debt to EBITDA	5.00	2.98	3.00	2.53	2.80	2.78	2.41	2.32	2.58	6.45
Net Debt to EBITDA	4.19	2.31	-5.72	-5.02	-4.12	-4.15	-2.44	-4.09	-2.62	-7.39
Long-Term Debt to EBITDA	3.49	2.59	2.94	2.43	2.64	2.30	2.11	2.20	2.26	6.45
Debt to NOPAT	6.97	8.67	7.30	6.73	6.57	8.70	4.59	4.74	4.59	-10.01
Net Debt to NOPAT	5.84	6.72	-13.93	-13.33	-9.67	-12.99	-4.65	-8.34	-4.65	11.47
Long-Term Debt to NOPAT	4.86	7.53	7.17	6.46	6.20	7.20	4.02	4.49	4.02	-10.01
Altman Z-Score	0.67	0.85	0.90	0.95	1.04	1.01	1.36	1.26	1.36	1.48
Noncontrolling Interest Sharing Ratio	5.92%	2.79%	1.56%	1.46%	1.30%	1.09%	0.90%	0.76%	0.76%	0.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.98	1.03	1.08	1.07	1.06	1.05	1.06	1.07	1.06	1.20
Quick Ratio	0.14	0.22	0.22	0.22	0.22	0.23	0.32	0.25	0.32	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,120	-7,636	12,223	1,372	-305	1,137	-1,572	3,529	-1,397	1,850
Operating Cash Flow to CapEx	167.12%	307.92%	1,149.33%	2,385.19%	354.43%	620.28%	1,025.37%	1,230.30%	555.79%	617.14%
Free Cash Flow to Firm to Interest Expense	-7.88	-41.50	65.02	6.59	-1.30	4.66	-6.69	16.97	-5.95	7.04
Operating Cash Flow to Interest Expense	1.72	5.07	4.59	6.19	4.62	7.27	8.77	3.90	5.72	5.75
Operating Cash Flow Less CapEx to Interest Expense	0.69	3.42	4.19	5.93	3.32	6.10	7.91	3.59	4.69	4.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.32	0.26	0.26	0.25	0.23	0.28	0.29	0.31	0.35
Accounts Receivable Turnover	3.33	4.73	3.79	3.68	3.35	3.43	3.81	3.58	3.82	3.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.32	11.25	8.99	0.00	0.00	0.00	10.94	12.33	13.19	14.38
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	109.72	77.24	96.26	99.15	109.02	106.53	95.84	102.08	95.44	93.11
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	109.72	77.24	96.26	99.15	109.02	106.53	95.84	102.08	95.44	93.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,147	13,229	1,627	935	2,095	1,605	4,313	1,780	4,313	1,932
Invested Capital Turnover	0.88	0.86	1.10	6.65	5.52	4.66	3.20	2.91	3.11	3.18
Increase / (Decrease) in Invested Capital	1,588	8,082	-11,602	-692	1,160	-490	2,708	-2,533	2,533	-2,381
Enterprise Value (EV)	10,654	18,179	9,630	9,357	16,222	17,569	19,393	17,528	19,393	25,543
Market Capitalization	7,736	15,015	18,129	18,274	24,376	25,864	24,600	25,764	24,600	31,551
Book Value per Share	$12.37	$73.60	$76.69	$75.82	$79.71	$83.94	$92.19	$92.54	$92.19	$78.83
Tangible Book Value per Share	($14.55)	($34.49)	($32.38)	($30.25)	($34.40)	($19.87)	($26.06)	($22.45)	($26.06)	($21.38)
Total Capital	5,679	14,099	14,812	14,572	15,986	16,567	14,810	14,814	14,810	13,326
Total Debt	3,266	3,865	4,535	4,575	5,617	5,635	5,217	4,721	5,217	5,309
Total Long-Term Debt	2,278	3,357	4,450	4,389	5,301	4,664	4,567	4,471	4,567	5,309
Net Debt	2,734	2,995	-8,650	-9,062	-8,274	-8,407	-5,280	-8,313	-5,280	-6,085
Capital Expenditures (CapEx)	146	303	75	54	305	286	201	66	242	245
Debt-free, Cash-free Net Working Capital (DFCFNWC)	158	60	-11,994	-12,332	-12,608	-12,102	-9,044	-11,728	-9,044	-8,887
Debt-free Net Working Capital (DFNWC)	690	930	1,191	1,305	1,283	1,940	1,453	1,306	1,453	2,507
Net Working Capital (NWC)	-298	422	1,106	1,119	967	969	803	1,056	803	2,507
Net Nonoperating Expense (NNE)	95	7.68	29	-35	-218	-373	72	-28	72	-443
Net Nonoperating Obligations (NNO)	2,734	2,995	-8,650	-9,062	-8,274	-9,327	-5,280	-8,313	-5,280	-6,085
Total Depreciation and Amortization (D&A)	171	769	833	747	729	770	650	567	505	456
Debt-free, Cash-free Net Working Capital to Revenue	4.13%	0.76%	-146.23%	-144.86%	-150.63%	-140.48%	-95.37%	-132.28%	-95.37%	-89.50%
Debt-free Net Working Capital to Revenue	18.02%	11.79%	14.52%	15.33%	15.33%	22.52%	15.32%	14.73%	15.32%	25.25%
Net Working Capital to Revenue	-7.78%	5.35%	13.48%	13.14%	11.55%	11.25%	8.47%	11.91%	8.47%	25.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.49	$3.07	$0.00	$5.29	$8.05	$7.68	$0.00	$0.00	$0.00	($0.96)
Adjusted Weighted Average Basic Shares Outstanding	138.17M	135.53M	0.00	129.10M	128.72M	128.97M	0.00	0.00	0.00	99.69M
Adjusted Diluted Earnings per Share	$5.41	$3.04	$0.00	$5.27	$8.02	$7.65	$0.00	$0.00	$0.00	($0.96)
Adjusted Weighted Average Diluted Shares Outstanding	138.17M	135.53M	0.00	129.10M	128.72M	128.97M	0.00	0.00	0.00	99.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	138.17M	135.53M	0.00	129.10M	128.72M	128.97M	0.00	0.00	0.00	99.69M
Normalized Net Operating Profit after Tax (NOPAT)	446	503	454	680	855	666	1,192	1,149	1,192	1,211
Normalized NOPAT Margin	11.65%	6.37%	5.53%	7.98%	10.22%	7.73%	12.57%	12.95%	12.57%	12.20%
Pre Tax Income Margin	8.88%	4.34%	6.00%	10.00%	12.50%	11.74%	13.49%	14.19%	13.49%	1.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.39	2.86	3.62	5.09	5.47	5.14	6.44	7.05	6.44	1.40
NOPAT to Interest Expense	3.30	2.42	3.30	3.27	3.66	2.65	4.83	4.79	4.83	-2.02
EBIT Less CapEx to Interest Expense	2.37	1.21	3.22	4.83	4.17	3.97	5.59	6.73	5.41	0.46
NOPAT Less CapEx to Interest Expense	2.27	0.78	2.90	3.01	2.35	1.48	3.98	4.47	3.80	-2.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	79.89%	50.23%	55.41%	46.43%	35.79%	36.67%	38.53%	37.11%	39.00%	-417.05%
Augmented Payout Ratio	101.88%	140.64%	145.27%	130.63%	49.77%	36.67%	191.45%	381.84%	132.99%	-1,440.91%

This table displays calculated financial ratios and metrics derived from Willis Towers Watson Public's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.01%	0.59%	3.89%	6.30%	10.91%	7.05%	4.32%	4.91%	5.68%	4.15%
EBITDA Growth	-73.38%	0.22%	23.53%	-17.72%	-6.22%	-0.86%	-3.63%	13.50%	-622.48%	101.96%
EBIT Growth	-80.66%	2.20%	50.49%	-23.04%	-5.86%	1.39%	-1.29%	33.33%	-957.33%	118.70%
NOPAT Growth	-82.52%	6.42%	76.45%	-7.23%	-12.02%	12.81%	-2.12%	57.74%	-497.89%	1.43%
Net Income Growth	-78.83%	-75.36%	64.80%	-15.79%	-27.60%	5.06%	-5.83%	47.92%	-1,302.88%	100.32%
EPS Growth	-75.39%	-71.95%	82.52%	-9.28%	-25.00%	12.17%	-2.66%	54.55%	-1,374.42%	108.31%
Operating Cash Flow Growth	-88.15%	103.80%	538.10%	24.89%	119.55%	39.20%	-82.09%	37.50%	22.65%	14.75%
Free Cash Flow Firm Growth	112.95%	244.16%	117.31%	-92.08%	-1,227.36%	-160.23%	-484.02%	147.20%	196.62%	262.40%
Invested Capital Growth	-6.39%	-58.73%	-14.84%	298.37%	169.71%	142.30%	138.19%	-30.81%	-68.30%	-55.21%
Revenue Q/Q Growth	-3.84%	39.38%	-17.56%	-3.79%	0.32%	34.53%	0.00%	-3.25%	1.06%	32.59%
EBITDA Q/Q Growth	-2.12%	150.81%	-52.48%	-29.48%	11.58%	165.13%	0.00%	-16.94%	-613.60%	202.48%
EBIT Q/Q Growth	3.91%	230.96%	-60.81%	-42.90%	27.12%	256.44%	0.00%	-22.88%	-917.37%	190.93%
NOPAT Q/Q Growth	25.08%	280.08%	-60.61%	-50.47%	18.63%	387.32%	0.00%	-20.17%	-399.23%	224.23%
Net Income Q/Q Growth	68.42%	208.85%	-65.26%	-53.40%	44.79%	348.20%	0.00%	-26.80%	-1,277.46%	174.64%
EPS Q/Q Growth	77.32%	205.81%	-64.26%	-53.19%	46.59%	357.36%	0.00%	-25.68%	-1,308.82%	174.76%
Operating Cash Flow Q/Q Growth	-24.47%	109.50%	-64.27%	120.90%	32.77%	32.82%	0.00%	1,595.83%	18.43%	24.27%
Free Cash Flow Firm Q/Q Growth	114.95%	973.57%	-83.97%	-846.87%	12.29%	42.64%	0.00%	191.79%	79.57%	-3.60%
Invested Capital Q/Q Growth	55.82%	-11.31%	-12.92%	231.03%	5.50%	-20.32%	0.00%	-3.85%	-51.66%	12.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.28%	53.60%	41.49%	37.61%	37.26%	54.53%	42.67%	38.32%	39.01%	54.96%
EBITDA Margin	18.95%	34.09%	19.65%	14.40%	16.02%	31.57%	18.15%	15.59%	-79.20%	61.22%
Operating Margin	7.89%	26.01%	12.70%	6.58%	7.34%	26.73%	11.96%	9.36%	-33.46%	29.69%
EBIT Margin	12.24%	29.06%	13.81%	8.20%	10.39%	27.52%	13.07%	10.42%	-84.27%	57.79%
Profit (Net Income) Margin	9.83%	21.79%	9.18%	4.45%	6.42%	21.38%	8.29%	6.27%	-73.05%	41.12%
Tax Burden Percent	103.78%	80.46%	80.47%	80.00%	84.76%	84.30%	80.17%	84.52%	83.85%	73.93%
Interest Burden Percent	77.41%	93.17%	82.58%	67.80%	72.89%	92.14%	79.09%	71.19%	103.37%	96.24%
Effective Tax Rate	0.54%	17.77%	19.53%	20.00%	15.24%	15.70%	19.83%	15.48%	0.00%	26.07%
Return on Invested Capital (ROIC)	35.27%	62.24%	54.28%	14.88%	15.58%	70.15%	0.00%	0.00%	0.00%	69.80%
ROIC Less NNEP Spread (ROIC-NNEP)	34.82%	62.08%	54.55%	15.14%	15.51%	70.65%	0.00%	0.00%	0.00%	59.56%
Return on Net Nonoperating Assets (RNNOA)	-28.05%	-42.87%	-45.90%	-10.35%	-9.58%	-48.78%	0.00%	0.00%	0.00%	-38.44%
Return on Equity (ROE)	7.22%	19.37%	8.39%	4.53%	6.00%	21.37%	0.00%	0.00%	0.00%	31.36%
Cash Return on Invested Capital (CROIC)	17.49%	115.85%	80.94%	-85.95%	-63.21%	-45.87%	-81.72%	36.42%	103.72%	59.26%
Operating Return on Assets (OROA)	3.35%	8.47%	3.82%	2.43%	3.29%	8.58%	0.00%	0.00%	0.00%	20.22%
Return on Assets (ROA)	2.69%	6.35%	2.54%	1.32%	2.03%	6.66%	0.00%	0.00%	0.00%	14.39%
Return on Common Equity (ROCE)	7.18%	19.23%	8.33%	4.50%	5.96%	21.21%	0.00%	0.00%	0.00%	31.09%
Return on Equity Simple (ROE_SIMPLE)	-3.40%	0.00%	10.94%	11.09%	10.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	153	582	229	114	135	657	224	179	-536	666
NOPAT Margin	7.84%	21.39%	10.22%	5.26%	6.22%	22.54%	9.59%	7.91%	-23.43%	21.95%
Net Nonoperating Expense Percent (NNEP)	0.45%	0.16%	-0.26%	-0.25%	0.07%	-0.50%	-0.42%	-0.70%	-22.89%	10.24%
Return On Investment Capital (ROIC_SIMPLE)	-	3.93%	-	-	-	4.43%	-	-	-	5.00%
Cost of Revenue to Revenue	62.72%	46.40%	58.51%	62.39%	62.74%	45.47%	57.33%	61.68%	60.99%	45.04%
SG&A Expenses to Revenue	19.66%	15.87%	20.19%	20.06%	18.28%	18.29%	19.52%	19.38%	18.30%	17.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.39%	27.59%	28.79%	31.03%	29.92%	27.80%	30.71%	28.96%	72.48%	25.27%
Earnings before Interest and Taxes (EBIT)	239	791	310	177	225	802	306	236	-1,929	1,754
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	370	928	441	311	347	920	425	353	-1,813	1,858
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.19	2.57	2.41	2.52	2.30	2.58	2.98	2.87	3.99	3.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.31	2.91	2.72	2.72	2.33	2.59	0.00	0.00	0.00	3.18
Price to Earnings (P/E)	0.00	25.53	22.32	22.99	21.17	23.32	0.00	0.00	0.00	0.00
Dividend Yield	1.66%	1.38%	1.45%	1.43%	1.62%	1.41%	1.24%	1.31%	1.18%	1.12%
Earnings Yield	0.00%	3.92%	4.48%	4.35%	4.72%	4.29%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.81	9.85	10.19	3.91	3.26	4.50	6.10	5.92	14.42	13.22
Enterprise Value to Revenue (EV/Rev)	1.46	1.98	1.76	2.21	1.90	2.05	0.00	0.00	0.00	2.57
Enterprise Value to EBITDA (EV/EBITDA)	27.50	8.62	7.46	9.78	8.69	9.61	0.00	0.00	0.00	31.04
Enterprise Value to EBIT (EV/EBIT)	227.77	11.96	10.06	13.21	11.72	12.81	0.00	0.00	0.00	69.60
Enterprise Value to NOPAT (EV/NOPAT)	60.44	17.59	14.43	18.48	16.61	17.08	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	21.59	17.07	20.37	14.71	14.42	0.00	0.00	0.00	16.89
Enterprise Value to Free Cash Flow (EV/FCFF)	37.64	4.97	11.58	0.00	0.00	0.00	0.00	13.29	6.69	13.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.47	0.46	0.55	0.55	0.54	0.62	0.56	0.70	0.66
Long-Term Debt to Equity	0.45	0.44	0.44	0.46	0.48	0.48	0.55	0.56	0.70	0.66
Financial Leverage	-0.81	-0.69	-0.84	-0.68	-0.62	-0.69	-0.73	-0.55	-0.58	-0.65
Leverage Ratio	3.20	3.09	3.05	3.02	3.02	3.09	3.15	3.03	3.21	3.22
Compound Leverage Factor	2.48	2.88	2.52	2.05	2.20	2.85	2.49	2.15	3.32	3.10
Debt to Total Capital	32.26%	31.87%	31.70%	35.62%	35.47%	35.23%	38.37%	36.05%	41.22%	39.84%
Short-Term Debt to Total Capital	1.71%	1.69%	1.68%	5.86%	4.42%	4.39%	4.19%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	30.55%	30.18%	30.02%	29.76%	31.06%	30.84%	34.18%	36.05%	41.22%	39.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.51%	0.52%	0.54%	0.51%	0.51%	0.49%	0.51%	0.53%	0.61%	0.58%
Common Equity to Total Capital	67.23%	67.61%	67.77%	63.87%	64.02%	64.28%	61.12%	63.42%	58.18%	59.58%
Debt to EBITDA	9.50	2.32	2.23	2.67	2.57	2.58	0.00	0.00	0.00	6.45
Net Debt to EBITDA	-16.03	-4.09	-4.07	-2.32	-2.01	-2.62	0.00	0.00	0.00	-7.39
Long-Term Debt to EBITDA	8.99	2.20	2.11	2.23	2.25	2.26	0.00	0.00	0.00	6.45
Debt to NOPAT	20.88	4.74	4.32	5.04	4.91	4.59	0.00	0.00	0.00	-10.01
Net Debt to NOPAT	-35.23	-8.34	-7.89	-4.38	-3.84	-4.65	0.00	0.00	0.00	11.47
Long-Term Debt to NOPAT	19.77	4.49	4.09	4.21	4.30	4.02	0.00	0.00	0.00	-10.01
Altman Z-Score	1.05	1.19	1.10	1.23	1.16	1.28	0.98	0.94	0.73	1.64
Noncontrolling Interest Sharing Ratio	0.54%	0.76%	0.71%	0.78%	0.77%	0.76%	0.81%	0.81%	0.90%	0.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	1.07	1.07	1.07	1.05	1.06	1.12	1.11	1.14	1.20
Quick Ratio	0.24	0.25	0.23	0.32	0.29	0.32	0.33	0.29	0.28	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	290	3,115	499	-3,729	-3,271	-1,876	-1,918	1,760	3,161	3,047
Operating Cash Flow to CapEx	1,052.94%	2,343.75%	705.26%	1,345.45%	1,572.00%	296.59%	88.89%	1,403.45%	1,785.19%	369.75%
Free Cash Flow to Firm to Interest Expense	5.37	57.69	9.25	-65.43	-53.63	-29.78	-29.96	25.89	48.63	46.17
Operating Cash Flow to Interest Expense	3.31	6.94	2.48	5.19	6.44	8.29	0.38	5.99	7.42	9.08
Operating Cash Flow Less CapEx to Interest Expense	3.00	6.65	2.13	4.81	6.03	5.49	-0.05	5.56	7.00	6.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.29	0.28	0.30	0.32	0.31	0.00	0.00	0.00	0.35
Accounts Receivable Turnover	4.73	3.58	4.03	4.29	4.69	3.82	0.00	0.00	0.00	3.92
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.80	12.33	11.62	12.36	13.17	13.19	0.00	0.00	0.00	14.38
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	77.20	102.08	90.68	85.06	77.84	95.44	0.00	0.00	0.00	93.11
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	77.20	102.08	90.68	85.06	77.84	95.44	0.00	0.00	0.00	93.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,007	1,780	1,550	5,131	5,413	4,313	3,692	3,550	1,716	1,932
Invested Capital Turnover	4.50	2.91	5.31	2.83	2.50	3.11	0.00	0.00	0.00	3.18
Increase / (Decrease) in Invested Capital	-137	-2,533	-270	3,843	3,406	2,533	2,142	-1,581	-3,697	-2,381
Enterprise Value (EV)	13,666	17,528	15,787	20,043	17,622	19,393	22,505	21,013	24,749	25,543
Market Capitalization	21,557	25,764	24,333	24,711	21,619	24,600	28,302	26,800	29,911	31,551
Book Value per Share	$89.46	$92.54	$94.73	$92.08	$89.77	$92.19	$92.81	$91.33	$73.77	$78.83
Tangible Book Value per Share	($23.33)	($22.45)	($21.67)	($23.95)	($26.68)	($26.06)	($25.99)	($26.85)	($27.08)	($21.38)
Total Capital	14,633	14,814	14,898	15,341	14,699	14,810	15,525	14,722	12,878	13,326
Total Debt	4,720	4,721	4,722	5,464	5,214	5,217	5,957	5,307	5,308	5,309
Total Long-Term Debt	4,470	4,471	4,472	4,565	4,565	4,567	5,307	5,307	5,308	5,309
Net Debt	-7,966	-8,313	-8,626	-4,746	-4,072	-5,280	-5,876	-5,865	-5,240	-6,085
Capital Expenditures (CapEx)	17	16	19	22	25	176	27	29	27	162
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11,507	-11,728	-12,041	-8,463	-8,108	-9,044	-9,659	-9,817	-8,770	-8,887
Debt-free Net Working Capital (DFNWC)	1,179	1,306	1,307	1,747	1,178	1,453	2,174	1,355	1,778	2,507
Net Working Capital (NWC)	929	1,056	1,057	848	529	803	1,524	1,355	1,778	2,507
Net Nonoperating Expense (NNE)	-39	-11	23	18	-4.24	34	30	37	1,136	-582
Net Nonoperating Obligations (NNO)	-7,906	-8,313	-8,626	-4,746	-4,072	-5,280	-5,876	-5,865	-5,854	-6,085
Total Depreciation and Amortization (D&A)	131	137	131	134	122	118	119	117	116	104
Debt-free, Cash-free Net Working Capital to Revenue	-123.27%	-132.28%	-134.54%	-93.23%	-87.27%	-95.37%	0.00%	0.00%	0.00%	-89.50%
Debt-free Net Working Capital to Revenue	12.63%	14.73%	14.60%	19.24%	12.68%	15.32%	0.00%	0.00%	0.00%	25.25%
Net Working Capital to Revenue	9.95%	11.91%	11.81%	9.34%	5.69%	8.47%	0.00%	0.00%	0.00%	25.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$5.28	$1.89	$0.88	$1.30	$5.94	$1.84	$1.37	($16.44)	$12.27
Adjusted Weighted Average Basic Shares Outstanding	108.24M	106.58M	106.41M	104.82M	103.26M	0.00	102.24M	101.56M	100.73M	99.69M
Adjusted Diluted Earnings per Share	$1.72	$5.26	$1.88	$0.88	$1.29	$5.90	$1.83	$1.36	($16.44)	$12.29
Adjusted Weighted Average Diluted Shares Outstanding	108.24M	106.58M	106.41M	104.82M	103.26M	0.00	102.24M	101.56M	100.73M	99.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	108.24M	106.58M	106.41M	104.82M	103.26M	0.00	102.24M	101.56M	100.73M	99.69M
Normalized Net Operating Profit after Tax (NOPAT)	162	605	232	122	149	689	239	182	199	690
Normalized NOPAT Margin	8.30%	22.23%	10.33%	5.63%	6.89%	23.64%	10.20%	8.02%	8.69%	22.73%
Pre Tax Income Margin	9.47%	27.08%	11.41%	5.56%	7.57%	25.36%	10.34%	7.42%	-87.11%	55.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.43	14.65	5.74	3.11	3.69	12.73	4.78	3.47	-29.68	26.58
NOPAT to Interest Expense	2.84	10.78	4.25	1.99	2.21	10.42	3.51	2.64	-8.25	10.09
EBIT Less CapEx to Interest Expense	4.11	14.35	5.39	2.72	3.28	9.94	4.36	3.04	-30.09	24.12
NOPAT Less CapEx to Interest Expense	2.52	10.48	3.90	1.61	1.80	7.63	3.09	2.21	-8.66	7.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-117.96%	37.11%	33.39%	33.95%	38.97%	39.00%	0.00%	0.00%	0.00%	-417.05%
Augmented Payout Ratio	-1,043.11%	381.84%	158.64%	150.14%	159.28%	132.99%	0.00%	0.00%	0.00%	-1,440.91%

Frequently Asked Questions About Willis Towers Watson Public's Financials

When does Willis Towers Watson Public's fiscal year end?

According to the most recent income statement we have on file, Willis Towers Watson Public's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Willis Towers Watson Public's net income changed over the last 9 years?

Willis Towers Watson Public's net income appears to be on an upward trend, with a most recent value of -$88 million in 2024, falling from $373 million in 2015. The previous period was $1.06 billion in 2023.

What is Willis Towers Watson Public's operating income?

Willis Towers Watson Public's total operating income in 2024 was $627 million, based on the following breakdown:

Total Gross Profit: $4.43 billion
Total Operating Expenses: $3.80 billion

How has Willis Towers Watson Public revenue changed over the last 9 years?

Over the last 9 years, Willis Towers Watson Public's total revenue changed from $3.83 billion in 2015 to $9.93 billion in 2024, a change of 159.3%.

How much debt does Willis Towers Watson Public have?

Willis Towers Watson Public's total liabilities were at $19.66 billion at the end of 2024, a 0.9% increase from 2023, and a 19.7% increase since 2015.

How much cash does Willis Towers Watson Public have?

In the past 9 years, Willis Towers Watson Public's cash and equivalents has ranged from $532 million in 2015 to $2.04 billion in 2020, and is currently $1.89 billion as of their latest financial filing in 2024.

How has Willis Towers Watson Public's book value per share changed over the last 9 years?

Over the last 9 years, Willis Towers Watson Public's book value per share changed from 12.37 in 2015 to 78.83 in 2024, a change of 537.3%.

Remove Ads

Related Companies

This page (NASDAQ:WTW) was last updated on 4/16/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Willis Towers Watson Public (WTW) Financials

Frequently Asked Questions About Willis Towers Watson Public's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Willis Towers Watson Public (WTW) Financials

Annual Income Statements for Willis Towers Watson Public

Quarterly Income Statements for Willis Towers Watson Public

Annual Cash Flow Statements for Willis Towers Watson Public

Quarterly Cash Flow Statements for Willis Towers Watson Public

Annual Balance Sheets for Willis Towers Watson Public

Quarterly Balance Sheets for Willis Towers Watson Public

Annual Metrics and Ratios for Willis Towers Watson Public

Quarterly Metrics and Ratios for Willis Towers Watson Public

Frequently Asked Questions About Willis Towers Watson Public's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools