Willis Towers Watson Ratios (2009-2025) | WTW

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Ratios	Mar2009	Jun2009	Sep2009	Dec2009	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin		82.27%	79.17%	80.22%	83.10%	82.40%	81.76%			80.79%	76.31%	84.60%	84.68%	80.64%	80.60%	84.59%	82.13%	81.26%	81.94%	84.96%	81.50%	80.79%	82.78%	85.28%	80.59%	79.08%	79.26%	80.71%	80.86%	79.18%	80.28%	82.71%	79.98%	80.24%	81.91%	81.54%	79.60%	79.88%	81.70%	81.92%	79.88%	79.03%	85.13%	77.19%	79.92%	80.50%	81.75%	82.05%	81.64%	80.49%	81.37%	77.50%	80.65%	80.34%	84.13%	79.81%	79.94%	81.72%	81.71%	80.48%	80.62%	81.70%	82.93%	83.58%	85.14%	84.62%
EBT Margin	34.95%	15.56%	4.83%	15.41%	16.02%	9.00%	16.30%			6.84%	4.52%	28.13%	17.34%	5.04%	-92.54%	24.36%	15.62%	-1.89%	12.95%	26.80%	11.76%	-1.11%	12.84%	23.37%	10.09%	0.12%	-0.82%	11.73%	4.87%	-3.26%	2.23%	17.16%	2.51%	-1.89%	3.85%	11.52%	3.72%	1.94%	20.11%	15.57%	9.13%	5.03%	14.83%	18.43%	9.19%	8.49%	22.26%	26.48%	9.18%	60.11%	26.76%	7.27%	8.81%	9.47%	27.08%	11.41%	5.56%	7.57%	25.36%	10.34%	7.37%	-87.29%	55.78%	13.63%	13.84%	17.05%
EBIT Margin	29.46%	21.05%	11.31%	21.00%	21.15%	14.46%	21.38%			11.84%	9.89%	31.29%	21.26%	9.28%	-90.82%	26.74%	18.76%	8.81%	15.78%	29.72%	15.83%	4.19%	14.51%	26.95%	11.39%	3.19%	0.21%	14.59%	6.98%	0.06%	4.57%	17.29%	3.12%	-1.40%	3.85%	11.30%	3.17%	0.91%	19.81%	15.53%	8.59%	5.38%	25.54%	6.60%	3.84%	3.48%	21.69%	9.47%	8.13%	57.32%	25.50%	8.29%	6.75%	7.89%	26.01%	12.70%	6.58%	7.34%	26.73%	11.96%	9.36%	-33.46%	29.69%	19.43%	16.28%	18.27%
EBITDA Margin	29.46%	22.83%	13.38%	23.54%	23.15%	16.37%	23.55%			1.18%	12.09%	33.17%	23.52%	7.03%	-1.15%	29.21%	21.12%	11.45%	18.61%	31.81%	18.40%	7.02%	16.81%	28.98%	13.88%	6.15%	2.77%	10.34%	-3.18%	-4.11%	-27.24%	14.27%	9.27%	2.48%	20.69%	13.31%	-5.88%	1.29%	2.07%	13.62%	6.45%	-2.26%	16.28%	4.38%	8.20%	13.71%	14.16%	35.28%	10.47%	41.87%	95.34%	3.19%	-6.65%	-2.25%	25.75%	11.54%	5.74%	2.82%	13.28%	6.19%	5.56%	-68.33%	29.59%	20.78%	24.81%	13.24%
Operating Margin	29.46%	21.05%	11.31%	21.00%	21.15%	14.46%	21.38%			11.84%	9.89%	31.29%	21.26%	9.28%	-90.82%	26.74%	18.76%	8.81%	15.78%	29.72%	15.83%	4.19%	14.51%	26.95%	11.39%	3.19%	0.21%	14.59%	6.98%	0.06%	4.57%	17.29%	3.12%	-1.40%	3.85%	11.30%	3.17%	0.91%	19.81%	15.53%	8.59%	5.38%	25.54%	6.60%	3.84%	3.48%	21.69%	9.47%	8.13%	57.32%	25.50%	8.29%	6.75%	7.89%	26.01%	12.70%	6.58%	7.34%	26.73%	11.96%	9.36%	-33.46%	29.69%	19.43%	16.28%	18.27%
Net Margin	-5.59%	-5.61%	0.14%		8.14%	3.82%	9.18%			6.58%	0.98%	18.56%	-2.73%	-3.18%	-3.10%	17.13%	-2.58%	-2.89%	-3.05%	18.32%	3.53%	-3.20%	6.89%	16.10%	-2.39%	2.36%	-14.68%	4.07%	-3.18%	-9.34%	-11.00%	9.75%	-4.25%	-8.91%	-7.46%	3.97%	-2.71%	2.47%	11.30%	12.67%	7.28%	4.02%	9.14%	8.62%	3.48%	0.16%	0.19%	8.53%	3.30%	-0.61%	67.74%	0.51%	-2.26%	0.41%	-0.48%					8.29%	6.23%	-73.22%	34.27%	10.71%	14.77%	13.68%
FCF Margin	10.86%	9.31%	5.66%	13.35%	-12.52%	27.83%	25.00%			16.45%	15.75%	2.57%	8.19%	15.65%	20.32%	1.52%	7.87%	25.41%	17.52%	-1.55%	12.30%	12.56%	17.12%	-7.45%	4.45%	6.26%	8.73%	3.18%	14.01%	7.09%	12.71%	1.42%	8.55%	6.32%	22.62%	-2.05%	15.13%	22.65%	23.57%	-2.77%	16.26%	15.49%	16.54%	0.38%	33.42%	26.62%	20.76%	-6.37%	23.00%	75.92%	6.32%	0.28%	10.78%	8.29%	13.19%	5.12%	12.69%	16.99%	17.12%	-1.54%	15.06%	18.30%	22.37%	-3.87%	13.40%	27.14%
Efficiency
Assets Average	23.76B	24.49B			16.32B	16.39B	15.80B	16.54B	17.59B	17.28B	16.17B				16.06B	15.46B	15.87B	15.63B	15.06B	15.31B	16.19B	15.88B	15.31B	15.76B	17.21B	18.07B	18.33B	25.93B	32.72B	32.10B	31.03B	31.24B	32.50B	32.52B	32.37B	33.34B	34.21B	33.63B	32.71B	34.14B	35.53B	35.43B	35.56B	36.58B	37.92B	38.07B	38.28B	38.58B	38.45B	37.77B	36.13B	33.91B	32.67B	31.75B	31.38B	31.84B	30.34B	28.20B	28.36B	29.66B	29.93B	28.39B	27.42B	27.87B	28.27B	27.96B
Equity Average					2.33B	2.46B	2.55B	2.64B	2.70B	2.73B	2.62B	2.61B	2.71B	2.70B	2.21B	1.81B	1.95B	2.02B	2.15B	2.36B	2.47B	2.37B	2.14B	2.16B	2.40B	2.49B	2.42B	6.83B	11.25B	11.04B	10.54B	10.29B	10.40B	10.21B	10.14B	10.53B	10.57B	10.26B	10.07B	10.09B	10.21B	10.10B	10.19B	10.38B	10.42B	10.54B	10.78B	11.25B	11.64B	11.57B	12.37B	12.19B	10.75B	10.16B	10.00B	10.13B	10.03B	9.68B	9.54B	9.58B	9.49B	8.49B	7.79B	8.12B	8.20B	8.00B
Invested Capital				4.39B	4.58B	4.70B	2.72B	2.81B	2.85B	2.83B	2.53B	2.70B	2.71B	2.71B	1.74B	1.91B	2.02B	2.06B	2.26B	2.49B	2.48B	2.44B	2.17B	2.49B	2.96B	2.81B	3.35B	11.70B	11.58B	11.40B	15.13B	10.80B	10.78B	10.86B	15.89B	10.89B	12.45B	12.26B	10.16B	12.31B	12.30B	12.70B	10.69B	11.09B	10.98B	11.59B	11.90B	12.04B	12.82B	12.08B	13.92B	11.67B	10.42B	10.16B	10.34B	10.43B	10.78B	10.13B	10.24B	10.22B	9.41B	7.57B	8.02B	8.76B	8.73B	8.36B
Asset Utilization Ratio	0.12	0.13			0.19	0.19	0.20	0.20	0.19	0.20	0.21				0.22	0.23	0.22	0.23	0.24	0.24	0.23	0.24	0.25	0.24	0.22	0.21	0.21	0.19	0.18	0.22	0.25	0.26	0.25	0.25	0.25	0.25	0.24	0.24	0.26	0.25	0.24	0.25	0.25	0.24	0.23	0.23	0.23	0.23	0.23	0.24	0.25	0.26	0.27	0.28	0.28	0.28	0.30	0.33	0.33	0.32	0.32	0.35	0.36	0.35	0.35	0.35
Leverage & Solvency
Interest Coverage Ratio	-7.21	3.84	1.74	3.76	4.12	2.65	4.21			2.37	1.84	9.91	5.42	2.19	-25.52	9.06	5.22	2.33	4.39	10.19	4.23	1.00	4.09	8.88	3.00	0.77	0.05	7.09	2.89	0.02	1.91	8.72	1.33	-0.55	1.63	5.08	1.21	0.33	8.70	6.65	3.14	1.73	11.08	2.30	1.19	1.08	9.65	3.58	3.27	22.62	13.80	3.65	2.69	2.85	13.11	5.28	2.49	2.61	12.37	4.38	3.12	-11.78	13.65	6.65	5.75	6.43
Debt to Equity				1.07	0.08	0.04	0.87	0.97	0.88	0.88	0.94			0.88	1.36	1.27	1.17	1.14	1.04	0.94	0.94	1.02	1.14	0.99	1.01	1.03	1.38	0.35	0.34	0.35	0.38	0.39	0.40	0.46	0.44	0.43	0.45	0.46	0.46	0.46	0.44	0.59	0.54	0.57	0.53	0.53	0.52	0.44	0.44	0.41	0.34	0.41	0.45	0.48	0.47	0.46	0.55	0.55	0.54	0.62	0.56	0.70	0.66	0.65	0.65	0.68
Debt Ratio	0.08	0.13		0.15	0.01	0.01	0.14	0.15	0.13	0.14	0.15			0.14	0.16	0.15	0.15	0.15	0.16	0.15	0.14	0.15	0.15	0.14	0.14	0.14	0.17	0.12	0.12	0.12	0.13	0.13	0.13	0.14	0.14	0.13	0.14	0.14	0.14	0.13	0.13	0.16	0.16	0.16	0.15	0.15	0.15	0.13	0.13	0.12	0.13	0.14	0.15	0.15	0.15	0.15	0.19	0.19	0.18	0.20	0.18	0.20	0.19	0.19	0.19	0.19
Equity Ratio				0.14	0.14	0.16	0.16	0.15	0.15	0.16	0.16			0.16	0.11	0.12	0.13	0.13	0.15	0.16	0.15	0.15	0.13	0.14	0.14	0.14	0.13	0.34	0.35	0.34	0.34	0.32	0.32	0.31	0.32	0.32	0.30	0.31	0.31	0.28	0.29	0.28	0.29	0.28	0.27	0.28	0.28	0.30	0.31	0.31	0.38	0.34	0.32	0.32	0.32	0.32	0.34	0.34	0.33	0.32	0.32	0.28	0.29	0.29	0.29	0.28
Times Interest Earned	-7.21	3.84	1.74	3.76	4.12	2.65	4.21			2.37	1.84	9.91	5.42	2.19	-25.52	9.06	5.22	2.33	4.39	10.19	4.23	1.00	4.09	8.88	3.00	0.77	0.05	7.09	2.89	0.02	1.91	8.72	1.33	-0.55	1.63	5.08	1.21	0.33	8.70	6.65	3.14	1.73	11.08	2.30	1.19	1.08	9.65	3.58	3.27	22.62	13.80	3.65	2.69	2.85	13.11	5.28	2.49	2.61	12.37	4.38	3.12	-11.78	13.65	6.65	5.75	6.43
Dividends & Payouts
FCF Payout Ratio	0.00	0.00	1.05	0.40	0.00	0.65	0.21			1.09	0.34	1.77	0.68	0.39	0.26	2.94	0.73	0.24	0.29	-2.94	0.46	0.53	0.45	-0.70	1.59	1.06	1.16	0.90	0.26	0.56	0.28	2.33	0.82	0.63	0.16	-1.68	0.25	0.19	0.15	-1.33	0.25	0.28	0.21	11.00	0.14	0.18	0.17	-0.65	0.19	0.07	0.64	16.33	0.41	0.53	0.25	0.77	0.32	0.24	0.18	-2.53	0.26	0.21	0.14	-1.08	0.29	0.15
Valuation
Enterprise Value	-0.16B	-0.10B	-0.18B	-0.17B	-0.14B	-0.13B	-0.30B	-0.39B	-0.34B	-0.39B	-0.42B	-0.43B	-0.38B	-0.41B	-0.47B	-0.50B	-0.48B	-0.60B	-0.77B	-0.70B	-0.69B	-0.64B	-0.58B	-0.45B	-0.39B	-0.37B	-0.40B	-0.80B	-0.81B	-0.63B	-0.75B	-0.78B	-0.73B	-0.80B	-0.91B	-0.82B	-0.79B	-0.82B	-0.91B	-0.92B	-0.70B	-0.76B	-0.78B	-0.78B	-0.97B	-1.55B	-1.95B	-1.92B	-2.18B	-2.13B	-4.64B	-2.13B	-1.84B	-1.42B	-1.21B	-1.06B	-1.53B	-1.17B	-1.36B	-1.82B	-1.17B	-1.30B	-1.81B	-1.43B	-1.91B	-1.84B
Return Ratios
Return on Sales	0.00%	0.03%	0.00%	0.00%	0.12%	0.08%	0.13%	0.08%	0.05%	0.07%	0.05%	0.21%	0.00%	0.07%	0.00%	0.20%	0.06%	0.06%	0.06%	0.21%	0.05%	-0.01%	0.09%	0.18%	0.08%	0.13%	-0.01%	0.11%	0.04%	-0.02%	-0.05%	0.15%	0.02%	-0.03%	-0.02%	0.10%	0.03%	0.02%	0.11%	0.13%	0.07%	0.04%	0.09%	0.09%	0.03%	0.00%	0.00%	0.09%	0.03%	-0.01%	0.68%	0.01%	-0.02%	0.00%	0.00%	-0.01%	0.00%	0.00%		0.08%	0.06%	-0.73%	0.34%	0.11%	0.15%	0.14%
Return on Capital Employed							0.11%			0.08%	0.07%				-0.04%	-0.05%	-0.05%	-0.05%	0.12%	0.14%	0.13%	0.11%	0.13%	0.12%	0.12%	0.09%	0.08%	0.04%	0.03%	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.05%	0.06%	0.06%	0.06%	0.07%	0.06%	0.05%	0.05%	0.05%	0.05%	0.05%	0.11%	0.10%	0.11%	0.12%	0.07%	0.07%	0.08%	0.07%	0.08%	0.09%	0.08%	0.08%	0.03%	0.04%	0.05%	0.06%	0.14%
Return on Invested Capital					0.11%	0.10%	0.13%			0.15%	0.15%	0.21%	0.20%	0.19%	-0.13%	-0.17%	-0.17%	-0.16%	0.23%	0.22%	0.19%	0.18%	0.19%	0.18%	0.16%	0.20%	0.15%	0.07%	0.05%	0.04%	0.02%	0.03%	0.03%	0.03%	0.02%	0.01%	0.02%	0.02%	0.05%	0.06%	0.06%	0.06%	0.08%	0.07%	0.06%	0.06%	0.06%	0.06%	0.07%	0.14%	0.14%	0.13%	0.15%	0.09%	0.09%	0.10%	0.10%	0.10%	0.10%	0.10%	0.11%	0.06%	-0.23%	-0.14%	-0.02%	0.18%
Return on Assets	0.01%	0.00%			0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%				0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.06%	0.06%	0.05%	0.06%	0.00%	0.00%	0.00%	0.00%		0.01%	0.01%	-0.05%	-0.01%	-0.01%	0.00%	0.07%
Return on Equity					0.04%	0.06%	0.10%	0.10%	0.06%	0.06%	0.03%	0.12%	0.11%	0.10%	0.10%	0.11%	0.11%	0.10%	0.10%	0.10%	0.11%	0.11%	0.17%	0.15%	0.15%	0.19%	0.15%	0.06%	0.04%	0.02%	0.02%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%	0.06%	0.07%	0.07%	0.08%	0.08%	0.06%	0.06%	0.05%	0.02%	0.02%	0.02%	0.02%	0.17%	0.16%	0.17%	0.18%	0.00%	-0.01%	0.00%	0.00%		0.02%	0.04%	-0.16%	-0.04%	-0.03%	-0.01%	0.24%

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Willis Towers Watson Ratios (2009-2025) | WTW

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