Just noticed WTW dropped about 10% since their last earnings release. Looked into what happened and honestly the numbers don't look that bad on the surface. They actually beat estimates on Q4 earnings with $8.12 per share, and revenues came in ahead too. Operating margins expanded across both their main segments, so where's the selloff coming from? I think it's more about forward guidance and analyst sentiment shifting. Since the earnings dropped, estimates have been trending downward which usually signals trouble ahead. Their Rank 3 Hold rating suggests the market's expecting inline returns at best. What caught my eye though is they're projecting solid margin expansion for 2026, especially in their Risk & Broking division where they're looking at 100 basis points of expansion over two years. They also pulled in over $1.5 billion in free cash flow last year with a 22% increase, so the underlying business is generating real cash. The Newfront acquisition is coming with some dilution expected but could add $250 million in revenues. Feels like a value trap situation where the fundamentals are decent but momentum's just not there. Probably a hold until we see if they can actually execute on those margin expansion targets.