Share count
145Mpeak FY2023
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WT, WisdomTree Inc.
Capital Markets & Asset Management financial
WisdomTree Products We offer products covering equity, commodities, fixed income, leveraged-and-inverse, cryptocurrency, currency, alternatives, and private assets.
We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products.
Leveraging the latest financial infrastructure, we create products that emphasize access and transparency and provide an enhanced user experience.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$494M
+15.4% YoY · 12% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $545M 5-yr avg $375M
Net margin 11.3% 5-yr avg 20.1%
Revenue $159M +47.5% vs yr-ago qtr
Operating margin 37.2% yr-ago 31.6%
Net income ($23M) yr-ago $25M
Net margin −14.5% yr-ago 22.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has held high for a asset manager (median 29% across the record). It earns this on little capital, so return on equity has run near 18%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →38% of revenue comes from outside the United States.
Revenue by geography, FY2025
- United States62%$304M
- Jersey31%$154M
- Ireland7%$36M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2014–2025
realized figures from each filing · older years to the left| 2014’14 | 2015’15 | 2016’16 | 2017’17 | 2018’18 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $184M | $299M | $219M | $228M | $274M | $304M | $301M | $349M | $428M | $494M | $545M | RevenueRevenue |
| 40.0% | 45.9% | 29.0% | 21.5% | 22.4% | 29.3% | 19.9% | 25.1% | 32.1% | 35.3% | 36.6% | Operating marginOp. mgn |
| 33.2% | 26.8% | 11.9% | 11.9% | 13.4% | 16.4% | 16.8% | 29.4% | 15.6% | 22.1% | 11.3% | Net marginNet mgn |
| $61M | $80M | $26M | $27M | $37M | $50M | $51M | $103M | $67M | $109M | $61M | Net incomeNet inc. |
| 17% | 42% | 53% | 53% | 28% | 12% | — | 14% | 30% | 23% | 37% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $82M | $154M | $54M | $48M | $37M | $75M | $55M | $85M | $113M | $148M | $159M | Owner earningsOwner earn. |
| 33% | 34% | 13% | 14% | 10% | 18% | 17% | 25% | 17% | 26% | 13% | Return on equityROE |
| 27% | 1% | −9% | −9% | 5% | 11% | 10% | 20% | 12% | 22% | 9% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $221M | $293M | $250M | $255M | $938M | $1.0B | $1.0B | $944M | $1.0B | $1.5B | $1.8B | Total assetsAssets |
| $165M | $210M | $93M | $54M | $78M | $141M | $132M | $129M | $181M | $312M | $626M | Cash & investmentsCash+inv |
| $184M | $235M | $201M | $193M | $358M | $269M | $306M | $409M | $400M | $414M | $475M | Shareholders’ equityEquity |
| Per share | |||||||||||
| 139M | 139M | 136M | 136M | 158M | 161M | 159M | 170M | 159M | 145M | 138M | Shares out (diluted)Shares |
| $1.33 | $2.15 | $1.62 | $1.68 | $1.73 | $1.89 | $1.90 | $2.05 | $2.69 | $3.41 | $3.95 | Revenue / shareRev/sh |
| $0.44 | $0.58 | $0.19 | $0.20 | $0.23 | $0.31 | $0.32 | $0.60 | $0.42 | $0.75 | $0.44 | EPS (diluted)EPS |
| $0.59 | $1.11 | $0.40 | $0.35 | $0.24 | $0.47 | $0.35 | $0.50 | $0.71 | $1.02 | $1.15 | Owner earnings / shareOE/sh |
| $0.08 | $0.57 | $0.32 | $0.32 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.13 | Dividends / shareDiv/sh |
| $1.33 | $1.69 | $1.49 | $1.42 | $2.26 | $1.67 | $1.92 | $2.40 | $2.52 | $2.85 | $3.44 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 11-yr | 5-yr | |
|---|---|---|
| Revenue / share | +9.0%/yr | +15.9%/yr (4-yr) |
| Owner earnings / share | +5.1%/yr | +21.7%/yr (4-yr) |
| EPS | +5.0%/yr | +25.0%/yr (4-yr) |
| Dividends / share | +4.0%/yr | −0.3%/yr (4-yr) |
| Capital spending / share | −25.0%/yr | −4.9%/yr (4-yr) |
| Book value / share | +7.2%/yr | +14.3%/yr (4-yr) |
The record, charted
FY2014–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$494Mlow FY2014
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Operating margin 35.3%Wide fee margin (≥30%)Operating income $174M ÷ revenue $494MIndustry peers: median 27%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 22.1%WideNet income $109M ÷ revenue $494M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity 26%Very high (≥25%)Net income $109M ÷ equity $414MIndustry peers: median 26%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“Our competitors may adopt or deploy AI technologies more effectively or more rapidly than we do, which could place us at a competitive disadvantage with respect to operational efficiency, cost management or market participation.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$768M
- Cash & short-term investments$626M
- Receivables$66M
- Other current assets$76M
Current liabilities$168M
- Accounts payable$34M
- Other current liabilities$134M
Current ratio4.57×all current assets ÷ what's due · Graham looked for 2×
Quick ratio4.57×stricter: inventory excluded
Cash ratio3.72×strictest: cash alone against what's due
Working capital$600Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+47.5%the freshest read on whether the business is still growing
Current ratio, recent quarters3.0× → 4.6×
Deeper floors
Tangible book value($502M)equity stripped of goodwill & intangibles
Net current asset value($541M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$277M$2M of it operating leases
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 10-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$978M65% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity55%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$523Mover 10 years buying other businesses, against $10M of capital spent building
$43M written down across 4 years (2016, 2018, 2021, 2023): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Mr. Steinberg | $4.3M | $4.3M | $75M |
| 2022 | Mr. Steinberg | $5.4M | $5.5M | $55M |
| 2023 | Mr. Steinberg | $6.7M | $9.9M | $85M |
| 2024 | Mr. Steinberg | $6.7M | $15.3M | $113M |
| 2025 | Mr. Steinberg | $6.7M | $9.9M | $148M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio30:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$22M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 12% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Acquisitions, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| SEICSEI Investments Company | $2.3B | 26.6% | 27.0% | 27% |
| PIPRPiper Sandler | $1.9B | 10.0% | 7.6% | 9% |
| MIAXMiami International Holdings Inc. | $1.4B | -0.2% | -2.0% | -8% |
| MKTXMarketAxess | $846M | 48.5% | 35.9% | 26% |
| GCMGGCM Grosvenor Inc. | $558M | 18.9% | 3.3% | 168% |
| CNSCohen & Steers | $556M | 38.3% | 28.4% | 39% |
| WTWisdomTree Inc. | $494M | 29.1% | 16.6% | 18% |
| JSMNavient Corp | $271M | 882.2% | 110.0% | 17% |
| Group median | — | 27.9% | 21.8% | 22% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what WisdomTree Inc. has delivered.
WisdomTree Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, WisdomTree Inc. earns about $122M on its 24.6% median owner-earnings margin. This year’s 29.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+19%/yr
Owner-earnings growth · ’14→’25+1%/yr
Owner-earnings growth · ’14→’25+1%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $159M on 153M shares outstanding, per the 10-Q cover, as of 2026-05-04; net debt $500M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "WisdomTree Inc. (WT), the owner's record," https://ownerscorecard.com/c/WT, data as of 2026-07-09.
Manual order: ← WST its page in the Manual WTBA →
Industry order: ← WLTH the Capital Markets & Asset Management chapter WTF →