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Data as of Q3 2026
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Ranked against 11 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MRSH | $93.7B | 23.4× | 16.8× | 3.5× | 10.3% | — | 15.4% | 27.2% | 11.9% | 2.6× | 453 |
| AJG | $68.8B | 46.7× | — | 4.9× | 20.7% | — | 10.7% | 6.4% | 4.1% | — | 387 |
| AON | $68.3B | 18.9× | 18.2× | 4.0× | 9.4% | — | 21.5% | 39.5% | 15.0% | 3.1× | 324 |
| WTW | $29.8B | 19.7× | 13.4× | 3.1× | -2.2% | — | 16.5% | 20.1% | 11.2% | 1.3× | 172 |
| BRO | $22.5B | 21.5× | — | 3.8× | 22.8% | — | 17.9% | 8.4% | 5.2% | — | 216 |
| ACT | $6.6B | 10.6× | — | 5.3× | 2.8% | — | 54.6% | 12.6% | 11.1% | — | 56 |
| BWIN | $4.5B | — | 21.6× | 3.0× | 8.3% | — | -2.2% | -5.6% | -5.5% | -0.6× | 36 |
| CRVL | $4.2B | 38.4× | — | 4.3× | 7.0% | 24.3% | 11.5% | 28.0% | 28.0% | — | 61 |
| LIFE | $2.8B | 35.8× | 35.0× | 7.3× | 52.0% | 98.3% | 18.4% | -295% | -295% | -1.2× | 8 |
| TWFG | $1.5B | 51.2× | 23.8× | 5.9× | 22.0% | — | 16.6% | 49.4% | 47.1% | -2.8× | 5 |
| GSHD | $1.1B | 45.7× | 16.2× | 3.1× | 16.2% | — | 7.6% | -29.1% | 14.1% | 3.0× | 45 |
| WDH | $363M | 50.5× | 5.5× | 0.6× | 49.8% | — | 14.2% | 11.0% | 10.9% | -1.1× | 3 |
Peers = companies sharing WDH's sector (Insurance Agents, Brokers & Service) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 4 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 61% of free cash flow, leaving room to grow it and fund buybacks. Last year: $18.6M dividends + $0 buybacks = $18.6M returned on $30.6M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 5 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 11%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $568.8M 100.0% | $2.77B 100.0% | $2.63B 100.0% | $2.80B 100.0% | $3.21B 100.0% |
| Research & Development | $33.3M 5.8% | $216.5M 7.8% | $299.1M 11.4% | $291.3M 10.4% | $379.0M 11.8% |
| Selling, General & Admin | $44.3M 7.8% | $367.7M 13.3% | $402.4M 15.3% | $388.7M 13.9% | $530.5M 16.5% |
| Total Operating Expenses | $515.8M 90.7% | $2.59B 93.6% | $2.64B 100.3% | $2.32B 82.9% | $5.07B 158.1% |
| Operating Income | $53.0M 9.3% | $178.2M 6.4% | -$6.7M -0.3% | $478.0M 17.1% | -$1.86B -58.1% |
| Interest & Investment Income | $19.4M 3.4% | $149.1M 5.4% | $136.0M 5.2% | $81.7M 2.9% | $48.7M 1.5% |
| Other Income (Expense), net | $5.2M 0.9% | $25.3M 0.9% | $30.6M 1.2% | $66.9M 2.4% | $9.8M 0.3% |
| Pretax Income | $77.7M 13.7% | $360.6M 13.0% | $164.2M 6.2% | $630.7M 22.5% | -$1.80B -56.0% |
| Income Tax Expense | -$3.1M -0.5% | $9.7M 0.4% | $555K 0.0% | $23.0M 0.8% | -$221.0M -6.9% |
| Net Income | $568.9M 100.0% | $367.5M 13.3% | $167.2M 6.4% | $607.7M 21.7% | -$1.57B -49.1% |
| Per Share | |||||
| EPS (Basic) | $0.02 | $0.10 | $0.04 | $0.15 | -$0.58 |
| EPS (Diluted) | $0.02 | $0.10 | $0.04 | $0.15 | -$0.58 |
| Weighted Avg Shares (Basic) | 3.62B | 3.65B | 3.77B | 3.92B | 2.99B |
| Weighted Avg Shares (Diluted) | 3.71B | 3.72B | 3.88B | 4.02B | 2.99B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Leverage ratios is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $69.1M fully covers short-term debt of $6.7M.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
A reverse discounted cash flow is not shown for an insurer.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Classified from the filings: SIC code.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-29
Where each multiple sits in its own 5-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 11% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| R&D | 11.8 | 10.4 | 11.4 | 7.8 | 5.8 |
| SG&A | 16.5 | 13.9 | 15.3 | 13.3 | 7.8 |
| Operating Income | -58.1 | 17.1 | -0.3 | 6.4 | 9.3 |
| Income Tax | -6.9 | 0.8 | 0.0 | 0.4 | -0.5 |
| Net Income | -49.1 | 21.7 | 6.4 | 13.3 | 100.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WDH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2021 | not reported | -58.1% | -49.1% |
| FY2022 | not reported | 17.1% | 21.7% |
| FY2023 | not reported | -0.3% | 6.2% |
| FY2024 | not reported | 6.4% | 12.7% |
| FY2025 | not reported | 9.3% | 14.2% |
Return on equity (11%) and return on invested capital (11%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Accruals are positive and DSO is up +28 days over 3 years — profit is being recognised ahead of collection.
Reported free cash flow is $31M; after share-based compensation it is $23M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a insurer.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by policyholder float, not debt. Reserve adequacy and RBC are the right questions and are not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $1.01, free cash flow must compound -5.3%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2023 | −49.4% | −5.3% |
| FY2024 | −45.8% | −5.3% |
| FY2025 | 2.2% | −5.3% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. No TTM point: the four most recent quarters do not form a usable window.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $81M | $81M |
| Share-based comp | $7M | $88M |
| Other non-cash & working capital | −$53M | $35M |
| Operating cash flow | $35M | $35M |
| Capex | −$4M | $31M |
| Free cash flow | $31M | $31M |
| FCF after SBC | $23M | $23M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2022 | -19.3% | -3.0% | 16.2 points |
| FY2023 | -8.8% | -0.4% | 8.4 points |
| FY2024 | 2.5% | 0.5% | -2.0 points |
| FY2025 | 49.8% | 83.7% | 33.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2021 | 73.3 days | not reported | not reported | not reported |
| FY2022 | 88 days | not reported | not reported | not reported |
| FY2023 | 96.2 days | not reported | not reported | not reported |
| FY2024 | 94.3 days | not reported | not reported | not reported |
| FY2025 | 115.7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | -9.1 percent |
| FY2022 | -2.7 percent |
| FY2023 | -4.0 percent |
| FY2024 | -1.3 percent |
| FY2025 | 4.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.