TakeoverPE & activists

WTWWILLIS TOWERS WATSON PLC

Insurance Agents, Brokers & Service · $29.9B market cap · 47,000 employees

0.2×

Less likely than average to be taken private

Top 53% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    111% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Goodwill-heavyNo
    33% of assets
    Over 40% of assets
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Quiet on AINo
    1.9 per 10K words · 53rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    3.1× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $29.9B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $911K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 8, 2020DEFM14AAon plc$1.08—
May 11, 2020PREM14AAon plc$187.408%

Key numbers

Revenue
$9.5BFY2021: $8.8BFY2022: $8.7BFY2023: $9.3BFY2024: $9.7BFY2025: $9.5B
2.3% YoY
Operating margin
23.5%FY2021: 24.9%FY2022: 13.5%FY2023: 14.7%FY2024: 6.4%FY2025: 23.5%
265% YoY
EBITDA
$2.5BFY2021: $2.5BFY2022: $1.4BFY2023: $1.6BFY2024: $857MFY2025: $2.5B
187% YoY
Net debt / EBITDA
3.1×
$7.7B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$8.8B$8.7B$9.3B$9.7B$9.5B 2.3% FY2021: $8.8BFY2022: $8.7BFY2023: $9.3BFY2024: $9.7BFY2025: $9.5B
Operating income$2.2B$1.2B$1.4B$627M$2.2B 256% FY2021: $2.2BFY2022: $1.2BFY2023: $1.4BFY2024: $627MFY2025: $2.2B
Net income$4.2B$1.0B$1.1B−$98M$1.6B 1738% FY2021: $4.2BFY2022: $1.0BFY2023: $1.1BFY2024: −$98MFY2025: $1.6B
Operating cash flow$2.1B$812M$1.3B$1.5B$1.8B 17% FY2021: $2.1BFY2022: $812MFY2023: $1.3BFY2024: $1.5BFY2025: $1.8B
Capex——$242M$245M$229M 6.5% FY2023: $242MFY2024: $245MFY2025: $229M
Stock-based comp$101M$99M$125M$121M$153M 26% FY2021: $101MFY2022: $99MFY2023: $125MFY2024: $121MFY2025: $153M
Buybacks$1.6B$3.5B$1.0B$901M$1.6B 83% FY2021: $1.6BFY2022: $3.5BFY2023: $1.0BFY2024: $901MFY2025: $1.6B
Dividends$374M$369M$352M$354M$358M 1.1% FY2021: $374MFY2022: $369MFY2023: $352MFY2024: $354MFY2025: $358M

13D filers

None on file.

Insider trading

+$911Knet buying by insiders, open market, last 12 months
Bought $2M · 4 tradesSold $1M · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.