WisdomTree Investments

WT · NYSE · Financials · Financials, fiscal 2016 to 2025

WT · Last close · October 26, 2026

$20.98

WisdomTree Investments' revenue rose 15.4% to $494 million in fiscal 2025. Its operating margin was 35.3%, up from 32.1% a year earlier. Free cash flow was $148 million, up 30.4%. It paid out $120 million in dividends and buybacks, 81% of free cash flow. The diluted share count fell 8.8%.

WisdomTree, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001214659-26-002458 Updated October 24, 2026

Revenue

$494M

15.4%

Operating margin

35.3%

3.2 pts

Net income

$109M

63.6%

Free cash flow

$148M

30.4%

Return on equity

26.8%

10.3 pts

Market cap

$3.3B

Oct 26 close

P/E

40.3x

On $0.52 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. WisdomTree's 2025 filing doesn't tag its debt in the SEC's structured data, so return on capital, net debt to EBITDA and the Piotroski score are left blank for 2025. WisdomTree's balance sheet lists about US$133 million of convertible preferred stock between liabilities and equity until it was redeemed in 2024, so liabilities plus equity fall short of assets in those periods, as filed.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 16.5% a year and net income 17.2% a year, as new shares raised the share count by 7% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value WisdomTree Investments yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from WisdomTree Investments' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from WisdomTree Investments' fiscal 2025 free cash flow of $148M, net cash of −$763M at June 30, 2026 and 145 million diluted shares, from its filings. The scenarios are fitted to WisdomTree Investments: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 17.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Asset Management & Custody Banks), plus 1 point as a smaller company, worth $3.3B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to WisdomTree Investments's own revenue growth, as above. Cautious: growth of 9% then 5.5% a year, 2% after year 10, a 11% discount rate. Base: growth of 18% then 10% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $20.98
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from WisdomTree Investments' earnings per share of $0.52 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of WisdomTree Investments' own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Federated Hermes, Affiliated Managers Group, SEI Investments.

Earnings growth in the years ahead (% a year) Starts at WisdomTree Investments' revenue growth over the last 3 years, 17.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $20.98
Value at this multiple, against the last close: —
WisdomTree Investments' P/E at the last close: 40.3×

Company	Last close	Earnings per share	P/E today
WisdomTree InvestmentsWT	$20.98	$0.52	40.3×
SEI InvestmentsSEIC	$103.34	$5.75	18.0×
Affiliated Managers GroupAMG	$390.97	$28.57	13.7×
Federated HermesFHI	$56.93	$5.37	10.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	141	132	129	181	312
Debt incl. finance leases	319	321	39	27	—
Net debt (negative means net cash)	178	189	−90	−154	—
Net debt to EBITDA	2.0x	3.1x	−1.0x	−1.1x	—
Debt to equity	1.2x	1.1x	0.1x	0.1x	—
Interest coverage	7.2x	4.0x	5.7x	7.3x	5.7x
Current ratio	3.6x	2.0x	2.2x	2.9x	1.8x
Quick ratio	3.6x	2.0x	2.2x	2.9x	1.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $1,500 of WisdomTree Investments shares on the open market, and 3 insiders sold $4.5 million, $2.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 9, 2026	Lilien R JarrettPresident and COO	Sold plan	30,000	$24.56	$736,800	Form 4
May 20, 2026	Lilien R JarrettPresident and COO	Sold plan	30,000	$18.99	$569,700	Form 4
May 19, 2026	Peter M ZiembaChief Administrative Officer	Sold	100,000	$19.31	$1.9 million	Form 4
May 5, 2026	David M YatesChief Information Officer	Sold	15,000	$18.06	$270,900	Form 4
Feb 25, 2026	Lilien R JarrettPresident and COO	Sold plan	30,000	$16.84	$505,200	Form 4
Feb 25, 2026	Tonia L PankopfDirector	Bought	44	$16.94	$751	Form 4
Dec 2, 2025	David M YatesChief Information Officer	Sold	6,820	$11.13	$75,907	Form 4
Nov 26, 2025	Tonia L PankopfDirector	Bought	68	$11.05	$749	Form 4
Nov 25, 2025	Lilien R JarrettPresident and COO	Sold plan	12,500	$11.01	$137,625	Form 4
Nov 12, 2025	Lilien R JarrettPresident and COO	Sold plan	25,000	$11.77	$294,250	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	—
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 8	7 of 8	—
Accruals ratio	1.7%	−4.7%	−3.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put WisdomTree Investments side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
WisdomTree Investments	FY25	15.4%	35.3%	29.9%	—	—	—
Hamilton Lane	FY26	6.5%	—	55.2%	34.5%	−0.2x	—	Compare
Federated Hermes	FY25	10.3%	28.5%	16.4%	40.9%	−0.4x	7	Compare
Affiliated Managers Group	FY25	1.6%	—	46.6%	16.5%	—	—	Compare
SEI Investments	FY25	8.1%	27.3%	25.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	219	228	274	—	—	304	301	349	428	494
Revenue growth	−26.8%	4.3%	20.1%	—	—	—	−1.0%	15.8%	22.6%	15.4%
Gross profit	178	186	217	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	63	49	61	54	55	89	60	88	137	174
Net income	26	27	37	−10	−36	50	51	102	67	109
Diluted EPS (US$)	0.19	0.20	0.23	−0.08	−0.25	0.31	0.31	0.64	0.33	0.75
Diluted shares (millions)	136	136	158	152	149	161	159	170	159	145
Cash flow
Cash from operations	55	48	38	58	47	75	55	86	114	148
Capital expenditure	1	0	0	0	0	0	0	0	0	0
Free cash flow	54	48	37	57	47	75	55	85	113	148
Dividends paid	44	44	19	20	20	20	19	20	19	17
Share buybacks	39	8	3	2	31	34	3	4	63	103
Acquisitions	12	0	239	0	0	0	0	0	0	270
Stock-based compensation	15	15	13	12	12	10	10	16	21	22
Balance sheet at fiscal year end
Cash and short-term investments	93	54	78	75	73	141	132	129	181	312
Debt incl. finance leases	—	—	195	176	167	319	321	39	27	—
Total assets	250	255	938	935	897	1,038	1,034	944	1,034	1,513
Total liabilities	48	62	447	465	498	636	596	402	634	1,099
Shareholders' equity	201	193	358	337	266	269	306	409	400	414
Margins and ratios
Gross margin	81.2%	81.5%	79.3%	—	—	—	—	—	—	—
Operating margin	29.0%	21.5%	22.4%	—	—	29.3%	19.9%	25.1%	32.1%	35.3%
Net margin	11.9%	11.9%	13.4%	—	—	16.4%	16.8%	29.4%	15.6%	22.1%
Free cash flow margin	24.6%	21.1%	13.6%	—	—	24.6%	18.2%	24.5%	26.5%	29.9%
Return on capital	—	—	—	5.9%	10.9%	19.4%	12.8%	18.5%	34.0%	—
Return on equity	12.0%	13.8%	13.3%	−3.0%	−11.8%	18.6%	17.6%	28.7%	16.5%	26.8%
Return on assets	9.6%	10.8%	6.1%	−1.1%	−3.9%	5.2%	4.9%	10.4%	6.7%	8.6%
Net debt to EBITDA	—	—	1.9x	1.9x	1.7x	2.0x	3.1x	−1.0x	−1.1x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: WisdomTree Investments' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with WisdomTree Investments.