Willis Towers Watson PLC (WTW) intrinsic value & 10-year financials
Willis Towers Watson PLC (WTW) has a Graham intrinsic value of $540.09 per share. At $315.49 on Oct 17, 2026, the stock trades 42% below that value. Over the last 10 fiscal years revenue grew 2.1% a year to $9.5B, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- $540.09
- Share price (Oct 17, 2026)
- $315.49
- Price vs Graham value
- 42% below
- Market cap
- $31.2B
- Revenue (FY2025)
- $9.5B
- Revenue growth (10-yr CAGR)
- 2.1%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2025)
- $1.5B
WTW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.5B | $1.6B | $16.26 | $1.5B | 23.5% | 15.9% |
| FY2024 | $9.7B | -$98.0M | -$0.96 | $1.3B | 6.4% | 2.4% |
| FY2023 | $9.3B | $1.1B | $9.95 | $1.1B | 14.7% | 8.1% |
| FY2022 | $8.7B | $1.0B | $8.98 | — | 13.5% | 7.0% |
| FY2021 | $8.8B | $4.2B | $32.78 | — | 24.9% | 13.3% |
| FY2020 | $9.3B | $996.0M | $7.65 | — | 12.7% | 5.7% |
| FY2019 | $8.9B | $1.0B | $8.02 | — | 14.9% | 7.3% |
| FY2018 | $8.4B | $695.0M | $5.27 | $1.0B | 9.6% | 5.0% |
| FY2017 | $8.2B | $568.0M | $4.18 | $562.0M | 9.0% | 5.7% |
| FY2016 | $7.9B | $420.0M | $3.04 | $702.0M | 7.0% | 4.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Willis Towers Watson has demonstrated mature, steady growth, with revenue compounding at 2.1% annually over the past decade.
Willis Towers Watson has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
Over the decade, Willis Towers Watson shows that management has aggressively returned capital to shareholders by retiring 28.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Willis Towers Watson is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $540.09 per share.