WTWisdomTree, Inc.
Security Brokers, Dealers & Flotation Companies
- Revenue
- $494M
- 15% YoY
- Operating margin
- 35.3%
- 9.9% YoY
- EBITDA
- $178M
- 28% YoY
- Market cap
- $3.1B
- Employees
- 360
- $1M revenue each
- Net debt / EBITDA
- 0.8×
- $142M net debt
- AI in 10-K
- 4.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo131% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo81% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo22% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 61st pctBottom quartile of its SIC industry
- Quiet on AINo4.0 per 10K words · 78th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $304M | $301M | $349M | $428M | $494M | 15% |
| Operating income | $89M | $60M | $87M | $137M | $174M | 27% |
| Net income | $50M | $51M | $103M | $67M | $113M | 69% |
| Operating cash flow | $75M | $55M | $86M | $113M | $148M | 30% |
| Capex | $293K | $220K | $113K | $141K | $215K | 52% |
| Stock-based comp | $10M | $10M | $16M | $21M | $22M | 4.5% |
| Buybacks | $35M | $3M | $4M | $63M | $103M | 63% |
| Dividends | $19M | $19M | $20M | $19M | $17M | 8.9% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 9, 2024 | ETFS Capital Limited. | SC 13D/A | 10.0% | Passive |
| Apr 18, 2024 | ETFS Capital Limited. | SC 13D/A | 10.0% | Active |
| Mar 25, 2024 | ETFS Capital Limited. | SC 13D/A | 10.0% | Active |
| Jun 28, 2023 | ETFS Capital Limited. | SC 13D/A | 10.2% | Passive |
| May 12, 2023 | ETFS Capital Limited. | SC 13D/A | 10.2% | Active |
| Apr 14, 2023 | ETFS Capital Limited. | SC 13D/A | 10.2% | Active |
| Dec 16, 2022 | ETFS Capital (Holdings) Ltd | SC 13D/A | 10.4% | Active |
| May 27, 2022 | ETFS Capital (Holdings) Ltd | SC 13D/A | 10.4% | Active |
| May 6, 2022 | ETFS Capital Limited. | SC 13D/A | 10.4% | Active |
| Mar 22, 2022 | ETFS Capital Limited. | SC 13D/A | 10.5% | Active |
Insider trading
- Open-market buys, 12 mo
- $2K · 2
- Open-market sells, 12 mo
- $5M · 8
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $10M | 248 | 211 |
| FY2024 | $7M | $15M | 211 | 201 |
| FY2023 | $7M | $10M | 138 | 145 |
| FY2022 | $5M | $6M | 106 | 111 |
| FY2021 | $4M | $4M | 117 | 148 |