Share count
42Mpeak FY2024
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WTF, Waton Financial Limited
Capital Markets & Asset Management financial
An exchange, a toll booth on trading and the market data that trading generates.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$7M
−25.9% YoY
Vital signs · TTM, with 3-yr average
Revenue $7M 3-yr avg $8M
Net margin −160.7% 3-yr avg −27.4%
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
- Trading volume and the data franchise. What decides it: volumes across its markets, which spike when volatility does; the network economics of a deep liquidity pool rivals cannot easily replicate; and the recurring, high-margin market-data and listing fees layered on top. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has held high for a exchange (median 29% across the record). It earns this on little capital, so return on equity has run near 22%, 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 volumes and the data franchise hold their pricing is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $6M | $10M | $7M | $7M | RevenueRevenue |
| 53.4% | 29.3% | −143.0% | −143.0% | Operating marginOp. mgn |
| 53.7% | 24.8% | −160.7% | −160.7% | Net marginNet mgn |
| $3M | $2M | ($12M) | ($12M) | Net incomeNet inc. |
| 19% | 15% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $12M | ($2M) | $346K | $346K | Owner earningsOwner earn. |
| 22% | 23% | -94% | -94% | Return on equityROE |
| 22% | 23% | −94% | −94% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $33M | $31M | $31M | Total assetsAssets |
| $19M | $5M | $8M | $8M | Cash & investmentsCash+inv |
| $14M | $11M | $13M | $13M | Shareholders’ equityEquity |
| Per share | ||||
| 34.7M | 62.8M | 41.8M | 43.2M | Shares out (diluted)Shares |
| $0.17 | $0.16 | $0.18 | $0.17 | Revenue / shareRev/sh |
| $0.09 | $0.04 | $-0.29 | $-0.28 | EPS (diluted)EPS |
| $0.34 | $-0.03 | $0.01 | $0.01 | Owner earnings / shareOE/sh |
| $0.41 | $0.17 | $0.31 | $0.30 | Book value / shareBVPS |
The diluted share count moved ×1.81 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/1.5 into 2025 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$7Mlow FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“However, in connection with the audits of our consolidated financial statements for the years ended March 31, 2025, 2024, and 2023, we identified material weaknesses in our internal control over financial reporting as well as other control deficiencies for…”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Operating margin −143.0%Thin for a fee businessOperating income ($11M) ÷ revenue $7MIndustry peers: median 18%
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The heart of a exchange: how much of each fee dollar survives the cost of running the business. Revenue is a toll on trading volume plus the recurring market-data and listing fees the venue generates, protected by the network economics of a deep liquidity pool that rivals cannot easily replicate. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −160.7%SlimNet income ($12M) ÷ revenue $7M
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 −94%Below the cost of equityNet income ($12M) ÷ equity $13MIndustry peers: median 5%
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 Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“If the AI tools that we use in the future are deficient, inaccurate, or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.”
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 fiscal year-end, Mar 31, 2025Can 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$25M
- Cash & short-term investments$8M
- Other current assets$18M
Current liabilities$18M
- Other current liabilities$18M
Current ratio1.41×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.41×stricter: inventory excluded
Cash ratio0.43×strictest: cash alone against what's due
Working capital$7Mthe cushion left after near-term bills
Deeper floors
Tangible book value$13Mequity stripped of goodwill & intangibles
Net current asset value$7MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$463K$463K of it operating leases
From the company's latest filing.
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 |
|---|---|---|---|---|
| RPCRidgepost Capital Inc. | $297M | 21.9% | 6.6% | 5% |
| JSMNavient Corp | $271M | 882.2% | 110.0% | 17% |
| ALTIAlTi Global Inc. | $255M | -21.8% | -46.9% | -27% |
| ABXAbacus Global Management Inc. | $235M | 37.0% | 14.9% | 6% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| VALUValue Line Inc. | $35M | 18.1% | 43.3% | 26% |
| WTFWaton Financial Limited | $7M | 29.3% | 24.8% | 22% |
| TOPTOP Financial Group Limited | $5M | -24.9% | -24.8% | -3% |
| Group median | — | 20.0% | 10.7% | 5% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Waton Financial Limited's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Waton Financial Limited has delivered.
$
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, delivered—
Owner-earnings growth, delivered—
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 $346K on 48M shares outstanding, per the 20-F cover, as of 2025-03-31; net cash $8M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). 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, "Waton Financial Limited (WTF), the owner's record," https://ownerscorecard.com/c/WTF, data as of 2026-07-09.
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