# John Wiley & Sons (WLY.US)

Canonical: https://gigainvestors.com/s/WLY

Analysis as of: 2026-10-16T07:33:08.037Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $52.97 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: 0.10×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.12×

- FY2025: 0.15×

- FY2026: 0.17×

- LTM to Jul 2026: 0.15×

### moat: pass

- ROIC, median of available years: 36.3%

- ROIC, second-lowest year: 22.7%

- Typical minus recent gross margin: -8.2 pp

- Typical gross margin (annual median): 66.1%

- Recent gross margin (lower of latest and 3-year median): 74.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 11.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 65.6%

- FY2019: 38.1%

- FY2020: 25.2%

- FY2021: 27.0%

- FY2022: 22.7%

- FY2023: 21.6%

- FY2024: 39.1%

- FY2025: 36.2%

- FY2026: 67.7%

- LTM to Jul 2026: 36.4%

### economics: pass

- Owner earnings / net income, 5-yr: 2.51×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $681M

- Net income, five-year total: $271M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 11.1%

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

- FY2022: 1.67×

- FY2023: 7.23×

- FY2024: 0.62×

- FY2025: 1.78×

- FY2026: 1.28×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 43.6% vs 39.1%

- Per-share earnings: 2.48 to 1.53 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: -$888M

- Cumulative retained earnings: $23M

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -5.8%

- Per-share value change: -$0.95

- Per-share value, starting three-year median: $2.48

- Per-share value, ending three-year median: $1.53

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 2.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $936M

- Cumulative net income, 10 years: $819M

- ROIC, first three-year median: 43.6%

- ROIC, last three-year median: 39.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.95

- FY2018: $3.32

- FY2019: $2.91

- FY2020: -$1.32

- FY2021: $2.63

- FY2022: $2.62

- FY2023: $0.31

- FY2024: -$3.65

- FY2025: $1.53

- FY2026: $4.16

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.7%

- FY2018: -6.4%

- FY2019: -2.8%

- FY2020: -11.4%

- FY2021: -6.1%

- FY2022: -5.7%

- FY2023: -8.4%

- FY2024: -15.0%

- FY2025: -4.4%

- FY2026: -1.5%

## Holders

## Price story

Up 75% since Oct 2023 · "Wiley Q4 2025 slides: AI licensing boosts margins as EPS jumps 31%" (investing.com, Jun 2025) · sales -0.6%

Story as of 2026-10-16T09:59:52.116Z; price observation 2026-10-15.

- 2025-06-18: Wiley Q4 2025 slides: AI licensing boosts margins as EPS jumps 31% ([investing.com](https://www.investing.com/news/company-news/wiley-q4-2025-slides-ai-licensing-boosts-margins-as-eps-jumps-31-93CH-4100382))

- 2026-03-05: AI Momentum, Material Margin Expansion, and Cash Flow Growth Highlight Wiley’s Third Quarter 2026 ([finance.yahoo.com](https://finance.yahoo.com/news/ai-momentum-material-margin-expansion-123000172.html))

### Sales · FY2026–2027

sales -0.6%; source https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm; observed 2026-06-24.

- FY2018: $1.8B 

- FY2019: $1.8B 

- FY2020: $1.8B 

- FY2021: $1.9B 

- FY2022: $2.1B 

- FY2023: $2.0B 

- FY2024: $1.9B 

- FY2025: $1.7B 

- FY2026: $1.7B 

- FY2027: $1.7B 

### Gross margin · FY2027

gross margin 75.4%; source https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm; observed 2026-06-24.

- FY2018: 67.7% 

- FY2019: 66.1% 

- FY2020: 64.3% 

- FY2021: 63.9% 

- FY2022: 62.3% 

- FY2023: 61.5% 

- FY2024: 66.1% 

- FY2025: 71.2% 

- FY2026: 74.3% 

- FY2027: 75.4% 

## Owner memo

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

### How it makes money

Operates in publishing; annual sales are USD 1.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm (filed 2026-06-24); FY2026: revenue 1676528000; grossProfit 1245019000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WLY.US: John Wiley & Sons, Inc., a publisher, provides authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning in the United States, the United Kingdom, Germany, and internationally. It operates through Research and Learning segment. The company's Research segment provides scientific, technical, medical, and scholarly journals, as well as related content and services in the areas of physical sciences and engineering, health sciences, social sciences, and humanities, and life sciences. This segment sells its products direct to research libraries and library consortia, as well as to researchers and professional society members, and other customers; and through independent subscription agents. The company's Learning segment offers scientific, professional, and education print and digital books; digital courseware to support students and instructors, and assessment services for businesses and professionals. This segment sells its products and services to business and leadership, technology, behavioral health, engineering/architecture, science, and professional education categories through brick-and-mortar and online retailers, wholesalers who supply such bookstores, college bookstores, individual practitioners, corporations, distributor networks, and government agencies. John Wiley & Sons, Inc. was founded in 1807 and is headquartered in Hoboken, New Jersey.

### Why customers stay

Margins ranged from 66.1% to 74.3% during 2024–26; it earns 36.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: grossProfit / revenue = 66.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: grossProfit / revenue = 71.2%.

- Source: https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm (filed 2026-06-24); FY2026: grossProfit / revenue = 74.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2018,0.6560714878866187],[2019,0.3805231874568676],[2020,0.25176531164457333],[2021,0.2700069439136555],[2022,0.2266610996413419],[2023,0.21577898175366805],[2024,0.39087811048137966],[2025,0.3615405231319451],[2026,0.6767133600408679],[2027,0.3642886149340621]]; median 0.3629145690330036. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.1% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 0; upkeep 110700000; cash acquisitions 125924000; owner earnings 159504000. Growth capex plus acquisitions / owner earnings = 0.7894723643294213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2018: growth capex 0; upkeep 140908000; cash acquisitions 0; owner earnings 205267000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2019: growth capex 0; upkeep 86661000; cash acquisitions 190415000; owner earnings 242757000. Growth capex plus acquisitions / owner earnings = 0.784385208253521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 0; upkeep 90433000; cash acquisitions 229629000; owner earnings 14607000. Growth capex plus acquisitions / owner earnings = 15.720476483877594.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 0; upkeep 133212000; cash acquisitions 299942000; owner earnings 220333000. Growth capex plus acquisitions / owner earnings = 1.3613121956311582.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2022: growth capex 0; upkeep 121696000; cash acquisitions 75703000; owner earnings 246983000. Growth capex plus acquisitions / owner earnings = 0.30651097443953634.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2023: growth capex 0; upkeep 106691000; cash acquisitions 7292000; owner earnings 124602000. Growth capex plus acquisitions / owner earnings = 0.05852233511500618.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 0; upkeep 82774000; cash acquisitions 3602000; owner earnings 149594000. Growth capex plus acquisitions / owner earnings = 0.024078505822426034.

- Source: https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm (filed 2026-06-24); FY2026: growth capex 0; upkeep 83846000; cash acquisitions 243000; owner earnings 283965000. Growth capex plus acquisitions / owner earnings = 0.000855739263641646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,71545000],[2018,73542000],[2019,75752000],[2020,76658000],[2021,76938000],[2022,77205000],[2023,77298000],[2024,76964000],[2025,76101000],[2026,74358000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm (filed 2026-06-24); FY2026: cash repurchases 100082000 USD.

### Are managers owners

Insiders own 10.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WLY.US SharesStats.PercentInsiders = 10.472 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Closing price 52.97 USD; reporting-to-trading FX 1; FY2026 annual sales per share 31.48586774841775; price multiple 1.6823420724258706. FY2026 cash earnings/share 5.332976505718632. Closing-price date 2026-10-15.

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

- 2016-10: $51.60 per share

- 2016-11: $54.85 per share

- 2016-12: $54.50 per share

- 2017-01: $55.10 per share

- 2017-02: $52.20 per share

- 2017-03: $53.80 per share

- 2017-04: $52.70 per share

- 2017-05: $50.70 per share

- 2017-06: $52.75 per share

- 2017-07: $55.25 per share

- 2017-08: $53.95 per share

- 2017-09: $53.50 per share

- 2017-10: $54.65 per share

- 2017-11: $59.15 per share

- 2017-12: $65.75 per share

- 2018-01: $63.40 per share

- 2018-02: $64.25 per share

- 2018-03: $63.70 per share

- 2018-04: $65.95 per share

- 2018-05: $67.80 per share

- 2018-06: $62.40 per share

- 2018-07: $63.15 per share

- 2018-08: $64.55 per share

- 2018-09: $60.60 per share

- 2018-10: $54.24 per share

- 2018-11: $55.29 per share

- 2018-12: $46.97 per share

- 2019-01: $51.78 per share

- 2019-02: $51.89 per share

- 2019-03: $44.22 per share

- 2019-04: $46.18 per share

- 2019-05: $41.78 per share

- 2019-06: $45.86 per share

- 2019-07: $45.51 per share

- 2019-08: $44.50 per share

- 2019-09: $43.94 per share

- 2019-10: $46.07 per share

- 2019-11: $47.26 per share

- 2019-12: $48.52 per share

- 2020-01: $43.62 per share

- 2020-02: $37.19 per share

- 2020-03: $37.49 per share

- 2020-04: $37.55 per share

- 2020-05: $40.20 per share

- 2020-06: $39.00 per share

- 2020-07: $33.83 per share

- 2020-08: $31.65 per share

- 2020-09: $31.71 per share

- 2020-10: $30.96 per share

- 2020-11: $34.54 per share

- 2020-12: $45.66 per share

- 2021-01: $45.61 per share

- 2021-02: $52.68 per share

- 2021-03: $54.20 per share

- 2021-04: $56.94 per share

- 2021-05: $63.38 per share

- 2021-06: $60.18 per share

- 2021-07: $58.78 per share

- 2021-08: $58.10 per share

- 2021-09: $52.21 per share

- 2021-10: $54.17 per share

- 2021-11: $51.98 per share

- 2021-12: $57.27 per share

- 2022-01: $50.75 per share

- 2022-02: $50.31 per share

- 2022-03: $53.03 per share

- 2022-04: $50.89 per share

- 2022-05: $52.96 per share

- 2022-06: $47.76 per share

- 2022-07: $52.22 per share

- 2022-08: $46.03 per share

- 2022-09: $37.56 per share

- 2022-10: $42.19 per share

- 2022-11: $47.41 per share

- 2022-12: $40.06 per share

- 2023-01: $45.80 per share

- 2023-02: $44.49 per share

- 2023-03: $38.77 per share

- 2023-04: $38.57 per share

- 2023-05: $36.00 per share

- 2023-06: $34.03 per share

- 2023-07: $34.23 per share

- 2023-08: $37.16 per share

- 2023-09: $37.17 per share

- 2023-10: $30.27 per share

- 2023-11: $30.21 per share

- 2023-12: $31.74 per share

- 2024-01: $33.84 per share

- 2024-02: $33.35 per share

- 2024-03: $38.13 per share

- 2024-04: $37.57 per share

- 2024-05: $36.45 per share

- 2024-06: $40.70 per share

- 2024-07: $47.75 per share

- 2024-08: $48.31 per share

- 2024-09: $48.25 per share

- 2024-10: $49.30 per share

- 2024-11: $52.18 per share

- 2024-12: $43.71 per share

- 2025-01: $40.93 per share

- 2025-02: $39.88 per share

- 2025-03: $44.56 per share

- 2025-04: $43.64 per share

- 2025-05: $39.12 per share

- 2025-06: $44.63 per share

- 2025-07: $38.60 per share

- 2025-08: $40.58 per share

- 2025-09: $40.47 per share

- 2025-10: $36.87 per share

- 2025-11: $36.36 per share

- 2025-12: $30.63 per share

- 2026-01: $31.23 per share

- 2026-02: $31.02 per share

- 2026-03: $38.10 per share

- 2026-04: $40.93 per share

- 2026-05: $42.08 per share

- 2026-06: $48.51 per share

- 2026-07: $52.20 per share

- 2026-08: $52.39 per share

- 2026-09: $47.76 per share

- 2026-10: $52.97 per share

## Annual estimated value (USD 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 10-K filing](https://www.sec.gov/Archives/edgar/data/107140/000162828026045111/jwa-20260430.htm); period 2026-04-30, filed 2026-06-24.

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.