WTWWillis Towers Watson

Financials · Insurance Brokers · Nasdaq

WTW and 9 peers, year by year

The 9 Financials companies closest to WTW in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
WTW Willis Towers Watson	FY2025	$9.7B	−2.3%	-	23.0%	16.5%	15.9%	20.1%	1.21
HBAN Huntington Bancshares	FY2025	$8.2B	+6.4%	-	-	27.1%	27.1%	9.1%	0.76
MTB M&T Bank	FY2025	$9.7B	+7.5%	-	-	29.4%	-	9.8%	0.45
BEN Franklin Resources	FY2026	$9.4B	+7.3%	-	12.5%	11.4%	8.7%	9.0%	0.22
NDAQ Nasdaq, Inc.	FY2025	$8.3B	+11.6%	63.5%	28.2%	21.6%	24.1%	14.6%	0.74
GPN Global Payments	FY2025	$7.7B	−0.4%	-	22.8%	18.2%	26.5%	6.1%	0.94
CFG Citizens Financial Group	FY2025	$8.2B	+6.7%	-	-	22.2%	-	7.0%	0.43
FITB Fifth Third Bancorp	FY2025	$9.0B	−20.0%	-	-	28.0%	43.6%	11.6%	0.67
NTRS Northern Trust	FY2025	$8.1B	+6.1%	-	-	21.5%	67.5%	13.4%	-
MCO Moody's Corporation	FY2025	$7.7B	+8.9%	-	43.4%	31.9%	33.4%	60.7%	1.73

Revenuepeer median $8.2B

Sales growthpeer median +6.7%

Operating marginpeer median 25.5%

MCO 43.4%
NDAQ 28.2%
WTW 23.0%
GPN 22.8%
BEN 12.5%
HBAN -
MTB -
CFG -
FITB -
NTRS -

Net marginpeer median 22.2%

FCF marginpeer median 27.1%

Return on equitypeer median 9.8%

Debt / equitypeer median 0.70

MCO 1.73
WTW 1.21
GPN 0.94
HBAN 0.76
NDAQ 0.74
FITB 0.67
MTB 0.45
CFG 0.43
BEN 0.22
NTRS -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2015 to FY2025

Revenue as reported in the 10-K.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	$3.8B	$7.9B	$8.2B	$8.5B	$8.4B	$8.6B	$9.5B	$9.9B	$9.7B
HBAN Dec	$3.0B	$3.5B	$4.3B	$4.5B	$4.7B	$4.8B	$6.0B	$7.4B	$8.2B
MTB Dec	$4.7B	$5.3B	$5.6B	$5.9B	$6.2B	$6.0B	$6.0B	$9.3B	$9.7B
BEN Sep	-	$6.6B	$6.4B	$6.3B	$5.8B	$5.6B	$8.4B	$8.5B	$8.8B
NDAQ Dec	$3.4B	$3.7B	$3.9B	$4.3B	$4.3B	$5.6B	$5.9B	$7.4B	$8.3B
GPN Dec	-	$3.4B	$4.0B	$3.4B	$4.9B	$7.4B	$8.5B	$7.7B	$7.7B
CFG Dec	$4.8B	$5.3B	$5.7B	$6.1B	$6.5B	$6.9B	$6.6B	$7.8B	$8.2B
FITB Dec	$6.5B	$6.3B	$7.0B	$6.9B	$8.3B	$7.6B	$7.9B	$8.5B	$9.0B
NTRS Dec	$4.7B	$5.0B	$5.4B	$6.0B	$6.1B	$6.1B	$6.5B	$8.3B	$8.1B
MCO Dec	$3.5B	$3.6B	$4.2B	$4.4B	$4.8B	$5.4B	$6.2B	$7.1B	$7.7B
Peer median	$4.7B	$5.0B	$5.4B	$5.9B	$5.8B	$6.0B	$6.5B	$7.8B	$8.2B

Sales growth, FY2015 to FY2025

Revenue against the fiscal year before.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	-	+106%	+4.0%	+3.8%	+6.3%	+3.2%	+6.6%	+4.7%	−2.3%
HBAN Dec	-	+17.7%	+22.4%	+4.7%	+6.6%	−5.9%	+25.9%	+4.9%	+6.4%
MTB Dec	-	+13.5%	+6.4%	+5.3%	+4.4%	−3.8%	+0.6%	+3.8%	+7.5%
BEN Sep	-	-	−3.4%	−1.1%	−8.6%	−1.8%	+51.4%	+8.0%	+3.5%
NDAQ Dec	-	+8.9%	+6.6%	+8.3%	−0.4%	+32.1%	+4.6%	+22.0%	+11.6%
GPN Dec	-	-	+17.9%	−15.3%	+45.9%	+51.1%	+14.8%	+4.8%	−0.4%
CFG Dec	-	+8.9%	+8.6%	+7.4%	+5.9%	−7.8%	+22.7%	+21.1%	+6.7%
FITB Dec	-	−3.4%	−0.7%	−0.9%	+2.9%	−1.1%	+7.3%	−25.9%	−20.0%
NTRS Dec	-	+5.5%	+8.3%	+9.3%	+2.6%	+3.7%	+9.2%	+8.4%	+6.1%
MCO Dec	-	+3.4%	+16.6%	+5.7%	+8.7%	+11.2%	+15.8%	+19.8%	+8.9%
Peer median	-	+8.9%	+8.3%	+5.3%	+4.4%	−1.1%	+14.8%	+8.0%	+6.4%

Gross margin, FY2015 to FY2025

Gross profit / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	-	-	-	-	-	-	-	-	-
HBAN Dec	-	-	-	-	-	-	-	-	-
MTB Dec	-	-	-	-	-	-	-	-	-
BEN Sep	-	-	-	-	-	-	-	-	-
NDAQ Dec	61.4%	61.4%	61.1%	59.1%	59.5%	51.6%	58.1%	62.8%	63.5%
GPN Dec	-	-	-	-	-	-	-	-	-
CFG Dec	-	-	-	-	-	-	-	-	-
FITB Dec	-	-	-	-	-	-	-	-	-
NTRS Dec	-	-	-	-	-	-	-	-	-
MCO Dec	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-

Operating margin, FY2015 to FY2025

Operating income / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	11.2%	4.4%	6.3%	9.5%	12.6%	10.0%	14.4%	6.3%	23.0%
HBAN Dec	-	-	-	-	-	-	-	-	-
MTB Dec	-	-	-	-	-	-	-	-	-
BEN Sep	-	35.7%	35.4%	32.1%	25.4%	18.8%	22.3%	4.8%	6.9%
NDAQ Dec	21.2%	22.6%	25.1%	24.0%	23.9%	21.9%	24.5%	24.3%	28.2%
GPN Dec	-	10.6%	14.1%	21.9%	16.1%	12.0%	15.9%	25.5%	22.8%
CFG Dec	-	-	-	-	-	-	-	-	-
FITB Dec	-	-	-	-	-	-	-	-	-
NTRS Dec	-	-	-	-	-	-	-	-	-
MCO Dec	42.3%	18.1%	43.3%	42.0%	41.4%	44.5%	45.7%	40.6%	43.4%
Peer median	-	20.3%	30.3%	28.1%	24.6%	20.4%	23.4%	24.9%	25.5%

Net margin, FY2015 to FY2025

Net income / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	9.7%	5.3%	6.9%	8.2%	12.5%	11.6%	11.1%	−1.0%	16.5%
HBAN Dec	23.2%	20.2%	27.5%	30.9%	30.2%	17.0%	21.6%	26.3%	27.1%
MTB Dec	23.1%	24.8%	25.0%	32.4%	31.2%	22.7%	31.0%	27.9%	29.4%
BEN Sep	-	26.1%	26.5%	12.1%	20.7%	14.4%	21.7%	5.5%	6.0%
NDAQ Dec	12.6%	2.9%	18.5%	10.7%	18.2%	16.6%	20.2%	15.1%	21.6%
GPN Dec	-	6.0%	11.8%	13.4%	8.8%	7.9%	11.3%	20.3%	18.2%
CFG Dec	17.4%	19.9%	28.9%	28.1%	27.6%	15.3%	34.9%	19.3%	22.2%
FITB Dec	26.2%	24.5%	31.0%	31.6%	30.1%	18.7%	35.1%	27.3%	28.0%
NTRS Dec	20.7%	20.8%	22.3%	26.1%	24.6%	19.8%	23.9%	24.5%	21.5%
MCO Dec	27.0%	7.4%	23.8%	29.5%	29.4%	33.1%	35.6%	29.0%	31.9%
Peer median	23.1%	20.2%	25.0%	28.1%	27.6%	17.0%	23.9%	24.5%	22.2%

Free cash flow, FY2015 to FY2025

Cash from operations minus capital spending.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	$98.0M	$715.0M	$562.0M	$1.0B	-	-	$1.1B	$1.3B	$1.5B
HBAN Dec	$940.0M	$1.1B	$1.8B	$1.6B	$1.5B	$1.2B	$1.8B	$1.7B	$2.2B
MTB Dec	$1.7B	$1.1B	$2.7B	$2.0B	$2.2B	$617.2M	$2.6B	-	-
BEN Sep	-	$1.6B	$1.1B	$2.1B	$34.8M	$979.6M	$1.2B	$794.2M	$911.6M
NDAQ Dec	$594.0M	$642.0M	$765.0M	$917.0M	$836.0M	$1.1B	$920.0M	$1.7B	$2.0B
GPN Dec	-	-	$330.5M	$892.8M	$1.1B	$1.9B	$2.3B	$2.4B	$2.0B
CFG Dec	$1.1B	$1.4B	$1.6B	$1.5B	$1.6B	-	-	-	-
FITB Dec	$2.3B	$1.9B	$1.3B	$2.7B	$1.6B	$66.0M	$2.4B	$2.4B	$3.9B
NTRS Dec	$1.7B	$1.4B	$1.6B	$1.7B	$2.4B	$1.8B	$1.3B	−$587.5M	$5.5B
MCO Dec	$1.1B	$1.1B	$664.0M	$1.4B	$1.6B	$2.0B	$1.9B	$2.5B	$2.6B
Peer median	$1.1B	$1.2B	$1.3B	$1.6B	$1.6B	$1.1B	$1.8B	$1.7B	$2.2B

FCF margin, FY2015 to FY2025

Free cash flow / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	2.6%	9.1%	6.9%	12.0%	-	-	11.6%	12.8%	15.9%
HBAN Dec	31.4%	31.1%	40.8%	35.8%	31.4%	25.0%	30.3%	22.9%	27.1%
MTB Dec	35.6%	20.3%	48.0%	33.6%	35.2%	10.4%	42.8%	-	-
BEN Sep	-	24.6%	16.6%	33.6%	0.6%	17.6%	13.8%	9.4%	10.4%
NDAQ Dec	17.5%	17.3%	19.4%	21.4%	19.6%	18.9%	15.6%	23.4%	24.1%
GPN Dec	-	-	8.3%	26.5%	22.1%	25.3%	26.8%	30.8%	26.5%
CFG Dec	23.0%	25.7%	28.6%	25.0%	24.2%	-	-	-	-
FITB Dec	34.5%	30.2%	18.2%	38.4%	19.0%	0.9%	30.4%	28.4%	43.6%
NTRS Dec	36.9%	28.2%	30.3%	28.0%	40.1%	28.9%	19.5%	−7.1%	67.5%
MCO Dec	31.8%	31.7%	15.8%	30.8%	33.3%	38.0%	30.0%	35.6%	33.4%
Peer median	31.8%	27.0%	19.4%	30.8%	24.2%	22.0%	28.4%	23.4%	27.1%

Return on equity, FY2015 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	16.7%	4.2%	5.6%	7.1%	10.2%	9.2%	11.1%	−1.2%	20.1%
HBAN Dec	10.5%	6.9%	11.0%	12.5%	12.0%	6.3%	6.7%	9.8%	9.1%
MTB Dec	6.7%	8.0%	8.7%	12.4%	12.3%	8.4%	10.4%	8.9%	9.8%
BEN Sep	-	14.5%	13.4%	7.7%	12.1%	7.9%	16.3%	3.7%	4.3%
NDAQ Dec	7.6%	2.0%	12.4%	8.4%	13.7%	14.5%	18.6%	10.0%	14.6%
GPN Dec	-	7.7%	12.3%	11.3%	1.5%	2.1%	3.8%	7.0%	6.1%
CFG Dec	4.3%	5.3%	8.1%	8.3%	8.1%	4.7%	9.9%	6.2%	7.0%
FITB Dec	10.8%	9.5%	13.5%	13.5%	11.8%	6.2%	12.5%	11.8%	11.6%
NTRS Dec	11.2%	10.6%	11.7%	14.8%	13.5%	10.3%	12.9%	15.9%	13.4%
MCO Dec	n/m	n/m	n/m	n/m	n/m	113.3%	81.2%	57.7%	60.7%
Peer median	9.1%	7.8%	12.0%	11.9%	12.0%	7.9%	12.5%	9.8%	9.8%

Debt / equity, FY2015 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	1.47	0.54	0.57	0.65	0.78	0.73	0.78	1.08	1.21
HBAN Dec	1.16	1.16	1.32	0.96	1.06	0.66	0.39	0.84	0.76
MTB Dec	0.79	0.59	0.51	0.83	0.45	0.27	0.20	0.47	0.45
BEN Sep	-	0.12	0.08	0.07	0.07	0.30	0.30	0.22	0.20
NDAQ Dec	0.42	0.66	0.72	0.70	0.60	0.86	0.91	0.85	0.74
GPN Dec	-	1.69	1.23	1.29	0.33	0.34	0.45	0.73	0.94
CFG Dec	0.68	0.87	0.71	0.83	0.65	0.38	0.30	0.51	0.43
FITB Dec	1.00	0.89	0.92	0.89	0.71	0.65	0.53	0.97	0.67
NTRS Dec	-	-	-	-	-	-	-	-	-
MCO Dec	n/m	n/m	n/m	12.37	9.12	4.09	2.72	2.08	1.73
Peer median	0.79	0.87	0.72	0.86	0.62	0.51	0.42	0.78	0.70

EPS (diluted), FY2015 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2024	FY2025
WTW Dec	$5.41	$3.04	$4.18	$5.27	$8.02	$7.65	$9.95	−$0.96	$16.26
HBAN Dec	$0.81	$0.70	$1.00	$1.20	$1.27	$0.69	$0.90	$1.22	$1.39
MTB Dec	$7.18	$7.78	$8.70	$12.74	$13.75	$9.94	$13.80	$14.64	$17.00
BEN Sep	-	$2.94	$3.01	$1.39	$2.35	$1.59	$3.57	$0.85	$0.91
NDAQ Dec	$0.83	$0.21	$1.43	$0.91	$1.54	$1.86	$2.35	$1.93	$3.09
GPN Dec	-	$1.37	$3.01	$2.84	$2.16	$1.95	$3.29	$6.16	$5.78
CFG Dec	$1.55	$1.97	$3.25	$3.52	$3.81	$2.22	$5.16	$3.03	$3.86
FITB Dec	$2.01	$1.91	$2.81	$3.06	$3.33	$1.83	$3.73	$3.14	$3.53
NTRS Dec	$3.99	$4.32	$4.92	$6.64	$6.63	$5.46	$7.14	$9.77	$8.74
MCO Dec	$4.63	$1.36	$5.15	$6.74	$7.42	$9.39	$11.78	$11.26	$13.67
Peer median	$2.01	$1.91	$3.01	$3.06	$3.33	$1.95	$3.73	$3.14	$3.86

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out WTW and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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