# Wise Group Class A Ordinary Shares (WSE.US)

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

Analysis as of: 2026-10-16T07:35:39.348Z. Financial observations: FY2014–FY2026.

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: $12.10 per share; close as of 2026-10-15.

Estimated value: low $30.07 per share, central $32.31 per share, high $33.61 per share. Buy at or below the central value $32.31 per share. Valuation as of 2026-10-16T07:35:39.348Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.76×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.01×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.09×

- FY2023: 0.16×

- FY2024: 0.36×

- FY2025: 0.32×

- FY2026: 0.22×

### moat: fail

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

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: 7.6 pp

- Typical gross margin (annual median): 65.1%

- Recent gross margin (lower of latest and 3-year median): 57.5%

- Years with nonpositive capital: 10

- Capital spending / revenue: 2.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -0.7%

- FY2018: 5.9%

- FY2019: 8.7%

- FY2020: 6.7%

- FY2021: 8.8%

- FY2022: 7.2%

- FY2023: 14.5%

- FY2024: 30.7%

- FY2025: 27.2%

- FY2026: 18.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 212.2%

- Working capital / revenue, annual change: -3.3 pp

- Working capital / revenue, change between three-year averages: -24.7 pp

- Working capital / revenue, final three-year average: 16.9%

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

- FY2022: 1.33×

- FY2023: 1.13×

- FY2024: 1.01×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- ROIC first 3 years vs last 3 years: 5.9% vs 27.2%

- Per-share earnings: 0.02 to 0.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.5%

- Ordinary dilution, 5-year annual growth: -0.0%

- Diluted shares, 10-year annual growth: 10.5%

- Diluted shares, 5-year annual growth: -0.0%

- Per-share value growth: 48.5%

- Per-share value change: $0.35

- Per-share value, starting three-year median: $0.02

- Per-share value, ending three-year median: $0.37

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $24M

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 27.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.02

- FY2018: $0.02

- FY2019: $0.02

- FY2020: $0.01

- FY2021: $0.03

- FY2022: $0.03

- FY2023: $0.11

- FY2024: $0.34

- FY2025: $0.40

- FY2026: $0.37

### accounting: pass

- Sloan accruals: -21.2%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 15.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.9%

- FY2018: -48.8%

- FY2019: -60.5%

- FY2020: -49.4%

- FY2021: -47.5%

- FY2022: -41.0%

- FY2023: -32.0%

- FY2024: -19.1%

- FY2025: -21.2%

- FY2026: -21.2%

## Holders

## Price story

Down 14% since Apr 2026 · sales +13.4%

Story as of 2026-10-16T10:00:05.748Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +13.4%; source https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm; observed 2026-06-25.

- FY2017: $66M 

- FY2018: $117M 

- FY2019: $178M 

- FY2020: $303M 

- FY2021: $421M 

- FY2022: $564M 

- FY2023: $986M 

- FY2024: $1.4B 

- FY2025: $1.8B 

- FY2026: $2.0B 

### Gross margin · FY2026

gross margin 57.5%; source https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm; observed 2026-06-25.

- FY2017: 69.4% 

- FY2018: 66.1% 

- FY2019: 62.1% 

- FY2020: 62.2% 

- FY2021: 61.9% 

- FY2022: 65.5% 

- FY2023: 64.7% 

- FY2024: 78.2% 

- FY2025: 72.4% 

- FY2026: 57.5% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are USD 2 billion.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2026-03-31 (filed 2026-06-25); FY2026: revenue 2047881996; grossProfit 1178139184; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WSE.US: Wise Group plc provides cross-border and domestic financial services in the United Kingdom, the rest of Europe, the Asia-Pacific, North America, and internationally. It offers money transfers, currency conversions, and account services. The company's products include Wise Account, a solution for individual customers to send, spend, hold, and get paid in one or more currencies; Wise Business, which offers the main features of the Wise Account product along with business-specific functionalities designed to enable businesses to operate internationally, including managing their accounting and accounts payable and receivables; and Wise Platform, which enables banks, financial institutions, and enterprises to integrate into a global payment infrastructure, allowing institutional partners to send and receive payments. Wise Group plc was founded in 2010 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 57.5% to 78.2% during 2024–26; it earns 8.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2024-03-31 (filed 2026-06-25); FY2024: grossProfit / revenue = 78.2%.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2025-03-31 (filed 2026-06-25); FY2025: grossProfit / revenue = 72.4%.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2026-03-31 (filed 2026-06-25); FY2026: grossProfit / revenue = 57.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); 10-year return on capital observations [[2017,-0.00687244384847469],[2018,0.05917932642070574],[2019,0.08695652173913043],[2020,0.06658841587287256],[2021,0.08790868309002434],[2022,0.07228612896574843],[2023,0.14540149751988737],[2024,0.30703457550364466],[2025,0.27205700002198807],[2026,0.18812094840736393]]; median 0.08743260241457738. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2017-03-31 (filed 2026-06-25); FY2017: growth capex 1023000; upkeep 834000; owner earnings 6192000. Growth capex / owner earnings = 0.16521317829457363.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2018-03-31 (filed 2026-06-25); FY2018: growth capex 1200000; upkeep 1100000; owner earnings 6200000. Growth capex / owner earnings = 0.1935483870967742.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2019-03-31 (filed 2026-06-25); FY2019: growth capex 2332545.3583233356; upkeep 11267454.641676664; owner earnings 5332545.358323336. Growth capex / owner earnings = 0.4374168809802186.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2020-03-31 (filed 2026-06-25); FY2020: growth capex 0; upkeep 18100000; owner earnings 17500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2021-03-31 (filed 2026-06-25); FY2021: growth capex 1500000; upkeep 21700000; owner earnings 30900000. Growth capex / owner earnings = 0.04854368932038835.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2022-03-31 (filed 2026-06-25); FY2022: growth capex 0; upkeep 11900000; owner earnings 43900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2023-03-31 (filed 2026-06-25); FY2023: growth capex 0; upkeep 8800000; owner earnings 128400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2024-03-31 (filed 2026-06-25); FY2024: growth capex 0; upkeep 13000000; owner earnings 359900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2025-03-31 (filed 2026-06-25); FY2025: growth capex 16302720.48691637; upkeep 19097279.51308363; owner earnings 416002720.48691636. Growth capex / owner earnings = 0.039188975658223144.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2026-03-31 (filed 2026-06-25); FY2026: growth capex 3933435; upkeep 10892586; owner earnings 377231467. Growth capex / owner earnings = 0.010427112645934175.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Incremental return on capital 2.122284915321072, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/WSE.US.json#2026-03-31 (filed 2026-06-25); FY2026: cash repurchases 358093797 USD.

### Are managers owners

Insiders own 22.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WSE.US SharesStats.PercentInsiders = 22.461000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-25); Closing price 12.095 USD; reporting-to-trading FX 1; FY2026 annual sales per share 1.9888142138486937; price multiple 6.081513253364234. FY2026 cash earnings/share 0.3663508468485967. Closing-price date 2026-10-15.

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

- 2026-04: $14.10 per share

- 2026-05: $12.77 per share

- 2026-06: $11.91 per share

- 2026-07: $12.00 per share

- 2026-08: $13.11 per share

- 2026-09: $11.39 per share

- 2026-10: $12.10 per share

## Annual estimated value (USD per share)

- FY2019: low $2.12 per share, central $2.14 per share, high $2.16 per share

- FY2020: low $2.31 per share, central $2.33 per share, high $2.36 per share

- FY2021: low $1.83 per share, central $1.86 per share, high $1.91 per share

- FY2022: low $2.58 per share, central $2.63 per share, high $2.69 per share

- FY2023: low $8.02 per share, central $8.13 per share, high $8.26 per share

- FY2024: low $10.19 per share, central $10.80 per share, high $11.16 per share

- FY2025: low $15.29 per share, central $16.60 per share, high $17.36 per share

- FY2026: low $28.73 per share, central $30.87 per share, high $32.11 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 20-F filing](https://www.sec.gov/Archives/edgar/data/2099039/000119312526282911/d17323d20f.htm); period 2026-03-31, filed 2026-06-25.

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.