Willis Towers Watson Public Limited Company (WTW)
POSITIVEFundamental
72
Preço
$347.80
Capitalização de Mercado
$31.76B
Parte 1 · Quanto vale a empresa
Visão Geral
WTW advises companies on two related but distinct problems: how to run and pay for employee benefits, retirement plans and workforce programs (Health, Wealth & Career), and how to identify, price and place their insurance risk with underwriters (Risk & Broking). It does not take on insurance risk itself — it earns fees and commissions for the advice and for arranging coverage, sitting as an intermediary between corporate clients and the insurers, reinsurers and pension providers that actually carry the risk.
Como gera receita
Risk & Broking earns commissions and fees typically set as a percentage of the insurance premium it places, so revenue rises when insurance prices are rising (a "hard market") even if the volume of risk placed stays flat. Health, Wealth & Career charges advisory fees for benefits and retirement consulting, plus asset-based fees on the retirement assets it advises on. Neither segment underwrites risk on its own balance sheet, which keeps the business fee-driven rather than capital-intensive.
Receita por segmento
Consulting and administration for employee health, retirement and benefits programs, plus advice on workforce and career strategy.
Brokerage placing corporate and specialty insurance and reinsurance with underwriters, plus related risk consulting and technology.
Vantagem competitiva
Custos de mudança · EstreitaOnce WTW is embedded as a company's broker of record or benefits administrator, switching means re-underwriting relationships, re-running procurement and retraining internal teams, so clients tend to renew rather than re-tender every year. Aon, Marsh McLennan and Gallagher offer the same lock-in to their own clients, so the advantage is about retaining existing accounts more than winning new ones on merit alone.
O que impulsiona a procura
Moderadamente cíclicoCompanies need employee benefits and insurance coverage in good times and bad, which makes underlying demand fairly steady. But Risk & Broking's revenue is also shaped by the insurance pricing cycle — commissions swell when premiums are rising and can stall when a soft market sets in — so results move with insurance pricing even when the amount of risk being placed does not change much.
Principais riscos
- Legacy pension liabilities — The company carries material unfunded and underfunded pension obligations, and moves in interest rates, investment returns or inflation can materially affect the level of those liabilities.
- Professional liability and errors claims — Giving advice on risk, benefits and insurance placement exposes WTW to errors-and-omissions claims from clients when outcomes go wrong, regardless of whether the advice was reasonable at the time.
- Cybersecurity threats — WTW and its vendors regularly face cybersecurity incidents, and the company acknowledges these risks are evolving, including threats amplified by generative AI, with no guarantee a future incident stays immaterial.
- Sensitivity to the insurance pricing cycle — Risk & Broking commissions are tied to insurance premium levels; a prolonged soft market where premiums fall would reduce revenue even if the amount of risk placed stays the same.
Os argumentos a favor
Buyers argue that being one of a handful of global brokers gives WTW pricing power and scale advantages smaller rivals cannot match, that switching costs keep client relationships sticky, and that a hardening insurance market lifts commission revenue without WTW having to do anything differently.
Os argumentos contra
Sellers fear that a softening insurance cycle would compress commission revenue across the board, that legacy pension liabilities remain a source of unpredictable charges, and that professional liability exposure from decades of advice is a risk that never fully goes away.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balanço & Liquidez
Receita
$9.91B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$1.56B
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$1.55B
Capital Próprio Total
$7.98B
Passivo Total
$21.48B
Rácio de Liquidez
1.10
Cobertura de Juros
7.85
Dívida/EBITDA
2.52
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$428.17
Preço Atual
$347.80
Margem de Segurança
+18.8%
Intervalo de Valor Justo
$278.31 - $578.02
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
21.73
ROE
20.1%
Rácio P/B
4.24
P/FCF
19.29
Margem Bruta
-
ROIC
11.6%
Radar de Rentabilidade
Value Creation (Economic Moat)
ROIC
11.6%
WACC
7.1%
ROIC − WACC
+4.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Critérios de Análise Fundamental
Aprovado (20)
- EPS shows upward trend
- EPS CAGR 12.99%
- Price CAGR 10.83%
- ROIC 11.6%
- P/FCF 19.29
- Debt/Equity ratio
- Operating Margin 22.7%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 20.0%
- Analyst Consensus 71% Buy
- PEG Ratio 1.25
- Earnings Quality (OCF/NI) 1.23
- Share Dilution -3.3%
- Net Margin Trend 15.8% vs 1.4%
- Piotroski F-Score 6/9
Reprovado (6)
- P/B Ratio 4.24
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y 2.4%
- Earnings Surprise avg 1.9%
Indisponível (2)
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-Score
Sinais mistos: algumas áreas requerem atenção
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Carl Aaron Hess CERA, F.S.A. | CEO & Director | 63 |
| Mr. Andrew Jay Krasner | CFO & Co-head of Corporate Development | 48 |
| Mr. Matthew S. Furman | General Counsel | 55 |
| Ms. Julie Jarecke Gebauer | President of Health, Wealth & Career | 64 |
| Ms. Lucy Clarke | President of Risk & Broking | 58 |
| Ms. Alexis Faber | Chief Operating Officer | 47 |
| Mr. Joseph Stephen Kurpis | Principal Accounting Officer & Controller | 65 |
| Mr. Eric Arnaldo Latalladi | Global Head of Technology | - |
| Ms. Claudia De La Hoz | Head of Investor Relations | - |
| Ms. Kristy D. Banas | Chief Human Resources Officer and Head of Marketing & Communication | 53 |
Risco de Auditoria
2
Risco do Conselho
2
Risco de Remuneração
2
Risco dos Direitos dos Acionistas
6
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for WTW, sourced from Markets Gazette.
- 6/4/2026POSITIVEWeight Watchers Broadens GLP-1 Reach As Eli Lilly Pursues New Kidney Disease Therapies
Weight Watchers is expanding its reach for GLP-1 medications through a new partnership with LillyDirect, a platform by Eli Lilly and Company. This collaboration aims to provide Weight Watchers members with enhanced access to GLP-1 treatments, potentially boosting membership and revenue. Concurrently, Eli Lilly is advancing its kidney disease pipeline with a significant research agreement with Ascidian, valued up to $1.9 billion. While the Ascidian deal highlights Lilly's broader therapeutic ambitions, the Weight Watchers partnership directly impacts its core business, suggesting a positive outlook for the company's strategy in leveraging pharmaceutical advancements.
- 6/2/2026POSITIVEInsurance giant WTW moves into crypto asset recovery with Redefind buy
Global insurance broker WTW has entered the digital asset space by acquiring crypto insurance platform Redefind. This strategic move includes the launch of a new digital asset protection service, which will offer comprehensive coverage for asset tracing and legal recovery costs. The acquisition signals WTW's commitment to adapting its services to the evolving digital economy and addressing the growing need for security and recovery solutions within the cryptocurrency market. Investors may view this as a positive step towards diversification and capturing new revenue streams in a burgeoning sector.
via Markets Gazette