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Willis Towers WatsonFRA:WTY +1.16%77 Owner Earnings per Share (TTM) is 11.06 as of Mar. 2026, which is 59% below its 10-year median of 26.72. GuruFocus rates FRA:WTY with a GF Score™ of 77/100 and a GF Value™ of €275.82 (Fairly Valued). The stock has 1 warning sign investors should review. Among 353 Insurance companies, Willis Towers Watson ranks worse than 82.15% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Willis Towers Watson's Owner Earnings per Share (TTM) ended in Mar. 2026 was €11.06. It's Price-to-Owner-Earnings ratio for today is 22.79.
The historical rank and industry rank for Willis Towers Watson's Owner Earnings per Share (TTM) or its related term are showing as below:
FRA:WTY'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 5.68 Med: 26.72 Max: 70.78
Current: 22.78
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Willis Towers Watson Owner Earnings per Share (TTM) Related Terms
Willis Towers Watson Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Willis Towers Watson's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Willis Towers Watson Owner Earnings per Share (TTM) Chart
FRA:WTY vs BRO, ERIE, NP: Owner Earnings per Share (TTM) Comparison
For the Insurance Brokers subindustry, Willis Towers Watson's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Willis Towers Watson Price-to-Owner-Earnings vs Insurance Industry
For the Insurance industry and Financial Services sector, Willis Towers Watson's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Willis Towers Watson's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Willis Towers Watson's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was €40 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = €202 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Willis Towers Watson's 5-Year Average Maintenance Capital Expenditure = €202 Mil
5. "Change In Working Capital" is from cashflow statement. Willis Towers Watson's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was €-578 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 11.06 mean?
Willis Towers Watson (FRA:WTY) has a Owner Earnings per Share (TTM) of 11.06 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Willis Towers Watson. This is 59% below median its historical median of 26.72. Over the past decade, Willis Towers Watson's Owner Earnings per Share (TTM) has ranged from 5.68 to 70.78. According to the industry distribution chart, Willis Towers Watson ranks #290 out of 353 companies in the Insurance industry, placing it in the top 82.2%.
Is Willis Towers Watson's Owner Earnings per Share (TTM) too high?
Willis Towers Watson's current Owner Earnings per Share (TTM) of 11.06 is 59% below median its 10-year median of 26.72. Over the past 10 years, this metric has ranged from a low of 5.68 to a high of 70.78. The Insurance industry median Owner Earnings per Share (TTM) is 8.33. Willis Towers Watson's value of 11.06 is 32.8% above this industry median. Based on the distribution chart, Willis Towers Watson ranks #290 out of 353 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Willis Towers Watson has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Willis Towers Watson's Owner Earnings per Share (TTM) compare to BRO and ERIE?
According to the Insurance industry distribution chart, Willis Towers Watson ranks #290 out of 353 companies for Owner Earnings per Share (TTM). This places Willis Towers Watson in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 8.33. Willis Towers Watson's value of 11.06 is 32.8% above this benchmark. Historically, Willis Towers Watson's own Owner Earnings per Share (TTM) has ranged from 5.68 to 70.78 over the past decade. While the company's 10-year median is 26.72 vs. the industry median of 8.33, Willis Towers Watson has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for an Insurance company?
The median Owner Earnings per Share (TTM) among Insurance companies is 8.33, based on 353 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Willis Towers Watson's current Owner Earnings per Share (TTM) of 11.06 is 32.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Willis Towers Watson. For the Insurance industry, the median Owner Earnings per Share (TTM) is 8.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Willis Towers Watson's current Owner Earnings per Share (TTM) is 11.06, which is 59% below median its own 10-year median of 26.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Willis Towers Watson stock overvalued right now?
Based on GuruFocus' analysis, Willis Towers Watson (FRA:WTY) is currently considered Fairly Valued. The stock's GF Value™ is €275.82, compared to a current price of €252.10 — trading 8.6% below its estimated fair value. The current Owner Earnings per Share (TTM) is 11.06, which is 59% below median its 10-year median of 26.72 and 32.8% above the Insurance industry median of 8.33. Willis Towers Watson's overall GF Score™ is 77/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Willis Towers Watson (FRA:WTY), the current Owner Earnings per Share (TTM) is 11.06 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Willis Towers Watson (FRA:WTY) Overvalued in 2026?
Based on GuruFocus' analysis, Willis Towers Watson stock appears to be undervalued.
The current stock price of €252.10 is trading 8.6% below its estimated GF Value™ of €275.82.
GuruFocus considers Willis Towers Watson to be Fairly Valued.
Key valuation signals for FRA:WTY:
Owner Earnings per Share (TTM): 11.06 (59% below median its 10-year median of 26.72)
GF Value™: €275.82 vs. price of €252.10 (8.6% below fair value)
Industry Position: 32.8% above the Insurance median (#290 of 353)
No single metric tells the full story. See the FRA:WTY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Willis Towers Watson PLC is an advisory, broking, and solutions company that provides data-driven, insight-led solutions in the areas of people, risk, and capital. The company's segments include Health, Wealth & Career (HWC) and Risk & Broking (R&B). The HWC segment provides an array of advice, broking, solutions and technology for employee benefit plans, institutional investors, compensation and career programs, and employee experience overall. It focuses on four key areas: Health, Wealth, Career and Benefits Delivery & Outsourcing. The R&B segment provides risk advice, insurance brokerage and consulting services to clients ranging from small businesses to multinational corporations. Its R&B segment includes two businesses: Corporate Risk & Broking and Insurance Consulting and Technology.
77GF Score
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