# Wolters Kluwer N.V. (WKL.AS)

Canonical: https://gigainvestors.com/s/WKL.AS

Analysis as of: 2026-10-16T07:34:44.371Z. Financial observations: FY1998–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 81.42 per share; close as of 2026-10-15.

Estimated value: low EUR 86.93 per share, central EUR 123.98 per share, high EUR 144.64 per share. Buy at or below the central value EUR 123.98 per share. Valuation as of 2026-10-16T07:34:44.371Z; scenarios are not confidence intervals.

Expected annual return: 13.7% at the stated quote. About 13.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.18×

- FY2018: 0.20×

- FY2019: 0.21×

- FY2020: 0.22×

- FY2021: 0.23×

- FY2022: 0.24×

- FY2023: 0.24×

- FY2024: 0.24×

- FY2025: 0.25×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: -3.1 pp

- Typical gross margin (annual median): 69.4%

- Recent gross margin (lower of latest and 3-year median): 72.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 19.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: 20.1%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.6B

- Net income, five-year total: EUR 5.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: 19.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.16×

- FY2022: 1.07×

- FY2023: 1.06×

- FY2024: 1.11×

- FY2025: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 124.9% vs 2403.0%

- Per-share earnings: 1.67 to 4.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.4%

- Ordinary dilution, 5-year annual growth: -2.7%

- Market cap gain: EUR 10B

- Cumulative retained earnings: EUR -1.3B

- Diluted shares, 10-year annual growth: -2.4%

- Diluted shares, 5-year annual growth: -2.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.4%

- Per-share value change: EUR 2.89

- Per-share value, starting three-year median: EUR 1.67

- Per-share value, ending three-year median: EUR 4.55

- Buybacks concentrated in cheaper years (correlation): 0.44

- Average buyback yield: 2.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.2B

- Cumulative net income, 10 years: EUR 8.4B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.67

- FY2017: EUR 2.34

- FY2018: EUR 2.38

- FY2019: EUR 2.47

- FY2020: EUR 2.72

- FY2021: EUR 2.79

- FY2022: EUR 4.04

- FY2023: EUR 4.12

- FY2024: EUR 4.55

- FY2025: EUR 5.64

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 8.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -3.2%

- FY2018: -4.0%

- FY2019: -4.9%

- FY2020: -5.7%

- FY2021: -6.1%

- FY2022: -5.8%

- FY2023: -5.9%

- FY2024: -6.1%

- FY2025: -3.8%

## Holders

## Price story

Down 54% since Jan 2025 · "RELX, Wolters Kluwer Shares Plunge on AI Competition Fears" (finance.yahoo.com, Feb 2026) · sales +3.5%

Story as of 2026-10-16T10:00:02.212Z; price observation 2026-10-15.

Price needs cash profits to grow 2% a year for ten years

### Sales · FY2024–2025

sales +3.5%; source https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml; observed 2026-03-18.

- FY2016: EUR 4.3B 

- FY2017: EUR 4.4B 

- FY2018: EUR 4.3B 

- FY2019: EUR 4.6B 

- FY2020: EUR 4.6B 

- FY2021: EUR 4.8B 

- FY2022: EUR 5.5B 

- FY2023: EUR 5.6B 

- FY2024: EUR 5.9B 

- FY2025: EUR 6.1B 

### Gross margin · FY2025

gross margin 73.5%; source https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml; observed 2026-03-18.

- FY2016: 69.3% 

- FY2017: 69.5% 

- FY2018: 69.5% 

- FY2019: 66.8% 

- FY2020: 67.3% 

- FY2021: 68.5% 

- FY2022: 68.5% 

- FY2023: 71.8% 

- FY2024: 72.5% 

- FY2025: 73.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Gets 27.1% of sales from Tax & Accounting; keeps 73.5 cents per sales dollar after product costs.

- Source: https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml (filed 2026-03-18); FY2025: revenue 6125000000; grossProfit 4500000000; margin = grossProfit / revenue.

- Source: https://assets.contenthub.wolterskluwer.com/api/public/content/3210406-wolters-kluwer-2025-annual-report-pdf-8bb01b4e47?v=ddef685b (filed 2026-03-11); 40 basis points to 27.5% Divisional summary Divisional summary € million, unless otherwise stated 2025 2024 Δ Δ CC Δ OG Group organic revenue growth was 6%, led by Tax & Accounting and Corporate Performance & ESG. Revenues The increase in group adjusted operating profit margin was driven by Tax & Accounting and Health. Health 1,596 1,584 +1% +5% +5% → For a more detailed discussion of divisional performance, see pages 19-38 of this annual report Tax & Accounting 1,660 1,561 +6% +9% +7% Financial & Corporate Compliance 1,239 1,228 +1% +5% +3% Corporate expenses Legal & Regulatory 1,005 946 +6% +8% +5% Corporate Performance & ESG 625 597 +5% +7% +7% € million, unless otherwise stated 2025 2024 Δ Δ CC Δ OG Adjusted operating profit (77) (69) +12% +13% +13% Total revenues 6,125 5,916 +4% +7% +6% Operating profit (77) (69) +12% Adjusted operating profit Net capital expenditure 0 0 Health 512 480 +7% +11% +10% Ultimo FTEs 141 148 Tax & Accounting 584 519 +13% +16% +14% Financial & Corporate Compliance 437 433 +1% +5% +2% ∆: % Change ∆ CC: % Change in constant currencies (€/$ 1.08) Legal & Regulatory 183 176 +4% +5% +

### Why customers stay

Margins ranged from 71.8% to 73.5% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 71.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 72.5%.

- Source: https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 73.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,1.249001954332103],[2017,1.2750384333632545],[2018,1.0433647130276344],[2019,1.2665915199861266],[2020,1.528333497374626],[2021,2.3331385652541576],[2022,5.647064305684996],[2023,27.761799579070203],[2024,0.2010208780828871],[2025,24.02953661755788]]; median 1.4016859653689404. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 0; upkeep 224000000; owner earnings 625000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 210000000; owner earnings 856000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 214000000; owner earnings 876000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 226000000; owner earnings 790400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 238000000; owner earnings 836400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 0; upkeep 240000000; owner earnings 842800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 0; upkeep 295000000; owner earnings 1101400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 0; upkeep 323000000; owner earnings 1069600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 313000000; owner earnings 1196600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 303000000; owner earnings 1424600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,223000000],[2017,232000000],[2018,277000000],[2019,280000000],[2020,334000000],[2021,373000000],[2022,424000000],[2023,467000000],[2024,521000000],[2025,563000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml (filed 2026-03-18); FY2025: cash repurchases 1096000000 EUR.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WKL.AS SharesStats.PercentInsiders = 0.246 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2% yearly over ten years; actual growth was 11.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.009700304846652144. Price 81.42; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0703653585926927 → FY2025 6.145815358067299. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 35.26 per share

- 2016-11: EUR 34.02 per share

- 2016-12: EUR 34.42 per share

- 2017-01: EUR 35.36 per share

- 2017-02: EUR 38.67 per share

- 2017-03: EUR 38.97 per share

- 2017-04: EUR 38.99 per share

- 2017-05: EUR 39.05 per share

- 2017-06: EUR 37.07 per share

- 2017-07: EUR 37.62 per share

- 2017-08: EUR 36.70 per share

- 2017-09: EUR 39.10 per share

- 2017-10: EUR 42.08 per share

- 2017-11: EUR 43.53 per share

- 2017-12: EUR 43.48 per share

- 2018-01: EUR 42.63 per share

- 2018-02: EUR 41.68 per share

- 2018-03: EUR 43.19 per share

- 2018-04: EUR 44.83 per share

- 2018-05: EUR 48.04 per share

- 2018-06: EUR 48.26 per share

- 2018-07: EUR 51.56 per share

- 2018-08: EUR 54.60 per share

- 2018-09: EUR 53.68 per share

- 2018-10: EUR 50.16 per share

- 2018-11: EUR 53.32 per share

- 2018-12: EUR 51.66 per share

- 2019-01: EUR 54.40 per share

- 2019-02: EUR 57.98 per share

- 2019-03: EUR 60.70 per share

- 2019-04: EUR 62.18 per share

- 2019-05: EUR 62.54 per share

- 2019-06: EUR 64.02 per share

- 2019-07: EUR 65.56 per share

- 2019-08: EUR 65.52 per share

- 2019-09: EUR 66.98 per share

- 2019-10: EUR 66.02 per share

- 2019-11: EUR 65.16 per share

- 2019-12: EUR 65.02 per share

- 2020-01: EUR 67.92 per share

- 2020-02: EUR 66.32 per share

- 2020-03: EUR 64.18 per share

- 2020-04: EUR 67.12 per share

- 2020-05: EUR 71.68 per share

- 2020-06: EUR 69.52 per share

- 2020-07: EUR 66.86 per share

- 2020-08: EUR 68.80 per share

- 2020-09: EUR 72.84 per share

- 2020-10: EUR 69.58 per share

- 2020-11: EUR 70.30 per share

- 2020-12: EUR 69.06 per share

- 2021-01: EUR 68.44 per share

- 2021-02: EUR 65.68 per share

- 2021-03: EUR 74.12 per share

- 2021-04: EUR 75.26 per share

- 2021-05: EUR 78.44 per share

- 2021-06: EUR 84.72 per share

- 2021-07: EUR 96.08 per share

- 2021-08: EUR 97.42 per share

- 2021-09: EUR 91.58 per share

- 2021-10: EUR 90.64 per share

- 2021-11: EUR 99.26 per share

- 2021-12: EUR 103.60 per share

- 2022-01: EUR 90.24 per share

- 2022-02: EUR 90.82 per share

- 2022-03: EUR 96.58 per share

- 2022-04: EUR 96.58 per share

- 2022-05: EUR 92.14 per share

- 2022-06: EUR 92.56 per share

- 2022-07: EUR 106.00 per share

- 2022-08: EUR 97.44 per share

- 2022-09: EUR 99.92 per share

- 2022-10: EUR 107.55 per share

- 2022-11: EUR 105.20 per share

- 2022-12: EUR 97.76 per share

- 2023-01: EUR 100.15 per share

- 2023-02: EUR 109.45 per share

- 2023-03: EUR 116.35 per share

- 2023-04: EUR 120.15 per share

- 2023-05: EUR 106.80 per share

- 2023-06: EUR 116.30 per share

- 2023-07: EUR 114.20 per share

- 2023-08: EUR 111.20 per share

- 2023-09: EUR 114.65 per share

- 2023-10: EUR 121.10 per share

- 2023-11: EUR 126.30 per share

- 2023-12: EUR 128.70 per share

- 2024-01: EUR 136.50 per share

- 2024-02: EUR 145.85 per share

- 2024-03: EUR 145.20 per share

- 2024-04: EUR 140.75 per share

- 2024-05: EUR 146.05 per share

- 2024-06: EUR 154.80 per share

- 2024-07: EUR 155.10 per share

- 2024-08: EUR 154.15 per share

- 2024-09: EUR 151.30 per share

- 2024-10: EUR 154.70 per share

- 2024-11: EUR 157.95 per share

- 2024-12: EUR 160.40 per share

- 2025-01: EUR 175.75 per share

- 2025-02: EUR 147.60 per share

- 2025-03: EUR 143.55 per share

- 2025-04: EUR 155.45 per share

- 2025-05: EUR 156.30 per share

- 2025-06: EUR 141.95 per share

- 2025-07: EUR 136.70 per share

- 2025-08: EUR 107.60 per share

- 2025-09: EUR 116.15 per share

- 2025-10: EUR 106.25 per share

- 2025-11: EUR 91.60 per share

- 2025-12: EUR 88.34 per share

- 2026-01: EUR 78.88 per share

- 2026-02: EUR 68.10 per share

- 2026-03: EUR 64.62 per share

- 2026-04: EUR 66.42 per share

- 2026-05: EUR 61.02 per share

- 2026-06: EUR 56.44 per share

- 2026-07: EUR 67.88 per share

- 2026-08: EUR 70.84 per share

- 2026-09: EUR 67.72 per share

- 2026-10: EUR 78.84 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 26.14 per share, central EUR 29.35 per share, high EUR 33.61 per share

- FY2017: low EUR 27.60 per share, central EUR 30.96 per share, high EUR 35.43 per share

- FY2018: low EUR 32.79 per share, central EUR 36.97 per share, high EUR 42.52 per share

- FY2019: low EUR 34.82 per share, central EUR 39.21 per share, high EUR 45.05 per share

- FY2020: low EUR 45.94 per share, central EUR 62.91 per share, high EUR 73.39 per share

- FY2021: low EUR 50.86 per share, central EUR 71.39 per share, high EUR 83.25 per share

- FY2022: low EUR 59.44 per share, central EUR 81.53 per share, high EUR 94.85 per share

- FY2023: low EUR 61.71 per share, central EUR 84.27 per share, high EUR 98.14 per share

- FY2024: low EUR 68.36 per share, central EUR 91.78 per share, high EUR 106.97 per share

- FY2025: low EUR 80.99 per share, central EUR 116.54 per share, high EUR 136.37 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500TEM53I0U077B74/2025-12-31/ESEF/NL/0/wolt-2025-12-31-0-en/reports/wolt-2025-12-31-0-en.xhtml); period 2025-12-31, filed 2026-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations