Where do Willis Towers Watson's ratios come from?

Every ratio is computed from Willis Towers Watson's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

	FY'25	FY'24	FY'23	FY'22
Profitability
Operating margin	23%+16.7pp	6.3%-8.1pp	14.4%+1.1pp	13.3%-11.2pp
Net margin	16.5%—	——	11.1%-0.3pp	11.4%-35.5pp
EBITDA margin	27.3%+16.4pp	10.9%-8.8pp	19.7%0.0pp	19.7%-12.0pp
Free cash flow margin	15.9%+3.2pp	12.8%+1.1pp	11.6%—	——
Returns
Return on equity	20.2%—	——	10.8%+2.1pp	8.7%-26.4pp
Return on assets	5.6%—	——	3.5%+0.4pp	3%-8.5pp
Return on invested capital	15.8%+13.4pp	2.4%-5.6pp	8%+1.0pp	7%-4.9pp
Efficiency
Asset turnover	0.3×0.0×	0.3×0.0×	0.3×0.0×	0.3×0.0×
Liquidity
Current ratio	1.2×0.0×	1.2×+0.1×	1.1×0.0×	1.1×-0.2×
Quick ratio	1.2×0.0×	1.2×+0.1×	1.1×0.0×	1.1×-0.2×
Cash ratio	0.2×+0.1×	0.2×0.0×	0.1×0.0×	0.1×-0.2×
Leverage
Debt-to-equity	0.9×+0.1×	0.7×+0.1×	0.6×+0.1×	0.5×+0.1×
Debt-to-assets	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×0.0×
Net debt / EBITDA	1.4×-2.3×	3.7×+1.3×	2.4×0.0×	2.4×+2.1×
Interest coverage	8.6×+6.2×	2.4×-3.4×	5.8×+0.1×	5.7×-4.8×
Per Share
Book value per share	$80.57+3.5%	$77.84-13.3%	$89.81+0.4%	$89.43-13.0%
Valuation
Market capitalization	$31.46B-0.3%	$31.55B+26.7%	$24.91B-5.9%	$26.47B-10.5%
Enterprise value	$35.24B-1.0%	$35.6B+21.0%	$29.43B-4.1%	$30.69B+0.3%
Price / earnings	19.6×—	——	23.6×-2.6×	26.2×+19.2×
Price / sales	3.2×+0.1×	3.2×+0.6×	2.6×-0.4×	3×-0.3×
Price / book	3.9×0.0×	4×+1.4×	2.6×0.0×	2.6×+0.4×
EV / EBITDA	13.3×-19.6×	32.9×+17.1×	15.7×-1.9×	17.6×+6.9×
EV / sales	3.6×0.0×	3.6×+0.5×	3.1×-0.4×	3.5×+0.1×
Free cash flow yield	4.9%+0.9pp	4%-0.4pp	4.4%—	——
Earnings yield	5.1%—	——	4.2%+0.4pp	3.8%-10.5pp
Dividend yield	1.1%0.0pp	1.1%-0.3pp	1.4%0.0pp	1.4%+0.1pp

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Where do Willis Towers Watson's ratios come from?: Every ratio is computed from Willis Towers Watson's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.