ERIE vs WTW: Erie Indemnity and Willis Towers Watson compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Willis Towers Watson is the larger company, worth $29.2B, about 2.4 times Erie Indemnity.
- Willis Towers Watson grew revenue faster over the last year (+9.1% vs +2.8%).
- Willis Towers Watson keeps more of each dollar of revenue as operating profit (22.2% vs 17.9%).
- On earnings, Willis Towers Watson is the cheaper stock (18.1x vs 21.3x).
- Erie Indemnity's price assumes faster free cash flow growth: about 6% a year, against 4% for Willis Towers Watson (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ERIE | WTW |
|---|---|---|
| Market cap | $12.2B | $29.2B |
| Share price | $222.04 | $296.26 |
| Revenue (last fiscal year) | $4.1B | $9.7B |
| Free cash flow (last fiscal year) | $571M | $1.5B |
| Revenue growth, last year | +2.8% | +9.1% |
| Revenue growth per year, last 5 fiscal years | +11.5% | +1.9% |
| Operating margin | 17.9% | 22.2% |
| Net margin | 14.0% | 15.5% |
| Return on equity | 23.4% | 20.4% |
| P/E (trailing) | 21.3x | 18.1x |
| Price / free cash flow | 21.3x | 18.9x |
| EV / EBITDA | — | 12.7x |
| FCF growth the price implies | 5.8% | 4.2% |
| Dividend yield | 2.4% | 0.90% |
| Debt / equity | 0.44x | 2.96x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 11 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Erie Indemnity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $254M | 12.1% |
| 2022 | $2.8B | $299M | 13.2% |
| 2023 | $3.3B | $289M | 15.9% |
| 2024 | $3.8B | $486M | 17.8% |
| 2025 | $4.1B | $571M | 17.6% |
Willis Towers Watson
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.0B | $2.0B | 24.5% |
| 2022 | $8.9B | $746M | 13.3% |
| 2023 | $9.5B | $1.0B | 14.4% |
| 2024 | $9.9B | $1.2B | 6.3% |
| 2025 | $9.7B | $1.5B | 23.0% |
Where the revenue comes from
Erie Indemnity · by products, 2025
Management fee revenue - policy issuance and renewal services$3.1B77%
Administrative services reimbursement revenue$837M21%
Management fee revenue - administrative services$74M2%
Service agreement revenue$25M1%
Willis Towers Watson · by segments, 2025
HWC$5.3B56%
R&B$4.2B44%
Corporate$3M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ERIE in InvestinglyQuestions
Which is bigger, Erie Indemnity or Willis Towers Watson?
Willis Towers Watson (WTW), at $29.2B against $12.2B.
Is ERIE or WTW cheaper?
By trailing P/E, Willis Towers Watson (18.1x) is cheaper than Erie Indemnity (21.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, ERIE or WTW?
Willis Towers Watson: revenue grew +9.1% over the last year, against +2.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.