# WisdomTree (WT.US)

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

Analysis as of: 2026-10-16T07:33:13.164Z. Financial observations: FY2009–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $21.61 per share; close as of 2026-10-15.

Estimated value: low $10.20 per share, central $12.18 per share, high $13.90 per share. Buy at or below the central value $12.18 per share. Valuation as of 2026-10-16T07:33:13.164Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.29×

- FY2017: 0.22×

- FY2018: 0.22×

- FY2019: 0.20×

- FY2020: 0.22×

- FY2021: 0.29×

- FY2022: 0.20×

- FY2023: 0.25×

- FY2024: 0.32×

- FY2025: 0.35×

### moat: pass

- ROIC, median of available years: 17.0%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: -21.7 pp

- Typical gross margin (annual median): 49.9%

- Recent gross margin (lower of latest and 3-year median): 71.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 11.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 91.2%

- FY2017: 44.6%

- FY2018: 11.6%

- FY2019: 9.7%

- FY2020: 16.8%

- FY2021: 33.3%

- FY2022: 15.1%

- FY2023: 13.9%

- FY2024: 17.2%

- FY2025: 18.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $390M

- Net income, five-year total: $379M

- Return on incremental invested capital: 1702.8%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.7 pp

- Working capital / revenue, final three-year average: 5.6%

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

- FY2021: 1.05×

- FY2022: 1.02×

- FY2023: 1.00×

- FY2024: 1.04×

- FY2025: 1.05×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 44.6% vs 17.2%

- Per-share earnings: 0.20 to 0.60 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: $195M

- Cumulative retained earnings: $246M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.8%

- Per-share value change: $0.40

- Per-share value, starting three-year median: $0.20

- Per-share value, ending three-year median: $0.60

- Buybacks concentrated in cheaper years (correlation): -0.37

- Average buyback yield: 2.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $524M

- Cumulative net income, 10 years: $423M

- ROIC, first three-year median: 44.6%

- ROIC, last three-year median: 17.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.19

- FY2017: $0.20

- FY2018: $0.46

- FY2019: -$0.06

- FY2020: -$0.24

- FY2021: $0.31

- FY2022: $0.32

- FY2023: $0.60

- FY2024: $0.42

- FY2025: $0.75

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.24×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.5%

- FY2017: -8.4%

- FY2018: -0.1%

- FY2019: -6.1%

- FY2020: -7.3%

- FY2021: -2.5%

- FY2022: -0.4%

- FY2023: 1.8%

- FY2024: -4.5%

- FY2025: -2.7%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.1% a year for ten years · sales +15.4%

Story as of 2026-10-16T09:59:53.347Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

### Sales · FY2024–2025

sales +15.4%; source https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm; observed 2026-02-25.

- FY2016: $219M 

- FY2017: $228M 

- FY2018: $274M 

- FY2019: $267M 

- FY2020: $250M 

- FY2021: $304M 

- FY2022: $301M 

- FY2023: $349M 

- FY2024: $428M 

- FY2025: $494M 

### Gross margin · FY2025

gross margin 72.1%; source https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm; observed 2026-02-25.

- FY2016: 52.3% 

- FY2017: 45.8% 

- FY2018: 52.1% 

- FY2019: 47.3% 

- FY2020: 47.4% 

- FY2021: 51.7% 

- FY2022: 46.0% 

- FY2023: 48.2% 

- FY2024: 71.6% 

- FY2025: 72.1% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are USD 493.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm#000121465926002458 (filed 2026-02-25); FY2025: revenue 493753000; grossProfit 356074000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WT.US: WisdomTree, Inc., through its subsidiaries, operates as an exchange-traded funds (ETFs) sponsor and asset manager. It offers ETFs in equities, currency, fixed income, and alternatives asset classes. The company also licenses its indexes to third parties for proprietary products, as well as offers a platform to promote the use of WisdomTree ETFs in 401(k) plans. It develops index using its fundamentally weighted index methodology. In addition, the company provides investment advisory services. The company was founded in 1985 and is based in New York, New York.

### Why customers stay

Margins ranged from 48.2% to 72.1% during 2023–25; it earns 17% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 48.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 71.6%.

- Source: https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 72.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.9119604634707235],[2017,0.44647309871965296],[2018,0.11561801457666353],[2019,0.09720946474466421],[2020,0.16781376299632864],[2021,0.3332094271242265],[2022,0.15068111827784408],[2023,0.1390173178780888],[2024,0.17156615860095636],[2025,0.18493856358544353]]; median 0.16968996079864251. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns over 100% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 1070000; cash acquisitions 11818000; owner earnings 26390000. Growth capex plus acquisitions / owner earnings = 0.4478211443728685.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 447638.26143246144; upkeep 1979361.7385675386; owner earnings 26614638.26143246. Growth capex / owner earnings = 0.016819250257522324.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 71000; cash acquisitions 239313000; owner earnings 37863000. Growth capex plus acquisitions / owner earnings = 6.320497583392758.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 293000; owner earnings 52192000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 220000; cash acquisitions 0; owner earnings 51689000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 105000; upkeep 2157000; cash acquisitions 0; owner earnings 102546000. Growth capex plus acquisitions / owner earnings = 0.0010239307237727459.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 141000; cash acquisitions 0; owner earnings 69608000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 215000; cash acquisitions 270346000; owner earnings 114223000. Growth capex plus acquisitions / owner earnings = 2.3668262959298914.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 17.027874168989154, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,43660000],[2017,43777000],[2018,19236000],[2019,20385000],[2020,20113000],[2021,19459000],[2022,19362000],[2023,20144000],[2024,19002000],[2025,17308000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 102732000 USD.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 3.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.14748286306284963. Price 21.61; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5766396542409509 → FY2025 0.7880763631596741. Closing-price date 2026-10-15.

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

- 2016-10: $8.58 per share

- 2016-11: $11.06 per share

- 2016-12: $11.14 per share

- 2017-01: $10.30 per share

- 2017-02: $9.11 per share

- 2017-03: $9.08 per share

- 2017-04: $8.35 per share

- 2017-05: $9.51 per share

- 2017-06: $10.17 per share

- 2017-07: $10.44 per share

- 2017-08: $9.17 per share

- 2017-09: $10.18 per share

- 2017-10: $11.09 per share

- 2017-11: $11.50 per share

- 2017-12: $12.55 per share

- 2018-01: $11.59 per share

- 2018-02: $9.61 per share

- 2018-03: $9.17 per share

- 2018-04: $10.57 per share

- 2018-05: $10.96 per share

- 2018-06: $9.08 per share

- 2018-07: $8.74 per share

- 2018-08: $8.22 per share

- 2018-09: $8.48 per share

- 2018-10: $7.77 per share

- 2018-11: $7.09 per share

- 2018-12: $6.65 per share

- 2019-01: $6.70 per share

- 2019-02: $7.78 per share

- 2019-03: $7.06 per share

- 2019-04: $7.20 per share

- 2019-05: $6.01 per share

- 2019-06: $6.17 per share

- 2019-07: $6.20 per share

- 2019-08: $4.81 per share

- 2019-09: $5.23 per share

- 2019-10: $5.11 per share

- 2019-11: $4.86 per share

- 2019-12: $4.84 per share

- 2020-01: $4.21 per share

- 2020-02: $4.06 per share

- 2020-03: $2.33 per share

- 2020-04: $3.24 per share

- 2020-05: $2.99 per share

- 2020-06: $3.47 per share

- 2020-07: $3.60 per share

- 2020-08: $3.74 per share

- 2020-09: $3.20 per share

- 2020-10: $3.64 per share

- 2020-11: $4.28 per share

- 2020-12: $5.35 per share

- 2021-01: $5.34 per share

- 2021-02: $5.30 per share

- 2021-03: $6.25 per share

- 2021-04: $6.79 per share

- 2021-05: $6.70 per share

- 2021-06: $6.20 per share

- 2021-07: $6.18 per share

- 2021-08: $6.31 per share

- 2021-09: $5.67 per share

- 2021-10: $6.39 per share

- 2021-11: $6.14 per share

- 2021-12: $6.12 per share

- 2022-01: $5.61 per share

- 2022-02: $5.63 per share

- 2022-03: $5.87 per share

- 2022-04: $5.83 per share

- 2022-05: $5.95 per share

- 2022-06: $5.07 per share

- 2022-07: $5.20 per share

- 2022-08: $5.01 per share

- 2022-09: $4.68 per share

- 2022-10: $5.43 per share

- 2022-11: $5.57 per share

- 2022-12: $5.45 per share

- 2023-01: $5.76 per share

- 2023-02: $5.97 per share

- 2023-03: $5.86 per share

- 2023-04: $6.24 per share

- 2023-05: $6.80 per share

- 2023-06: $6.86 per share

- 2023-07: $6.96 per share

- 2023-08: $7.30 per share

- 2023-09: $7.00 per share

- 2023-10: $6.20 per share

- 2023-11: $6.51 per share

- 2023-12: $6.93 per share

- 2024-01: $6.77 per share

- 2024-02: $8.06 per share

- 2024-03: $9.19 per share

- 2024-04: $8.90 per share

- 2024-05: $9.97 per share

- 2024-06: $9.91 per share

- 2024-07: $11.94 per share

- 2024-08: $10.14 per share

- 2024-09: $9.99 per share

- 2024-10: $10.35 per share

- 2024-11: $11.95 per share

- 2024-12: $10.50 per share

- 2025-01: $9.79 per share

- 2025-02: $9.12 per share

- 2025-03: $8.92 per share

- 2025-04: $8.70 per share

- 2025-05: $9.44 per share

- 2025-06: $11.51 per share

- 2025-07: $13.27 per share

- 2025-08: $13.61 per share

- 2025-09: $13.90 per share

- 2025-10: $11.96 per share

- 2025-11: $11.04 per share

- 2025-12: $12.19 per share

- 2026-01: $16.20 per share

- 2026-02: $17.11 per share

- 2026-03: $14.56 per share

- 2026-04: $17.00 per share

- 2026-05: $19.05 per share

- 2026-06: $16.94 per share

- 2026-07: $19.37 per share

- 2026-08: $24.06 per share

- 2026-09: $24.29 per share

- 2026-10: $21.61 per share

## Annual estimated value (USD per share)

- FY2016: low $5.84 per share, central $6.50 per share, high $7.36 per share

- FY2017: low $5.75 per share, central $6.42 per share, high $7.32 per share

- FY2018: low $6.25 per share, central $6.97 per share, high $7.93 per share

- FY2019: low $3.13 per share, central $4.25 per share, high $4.90 per share

- FY2020: low $3.36 per share, central $4.50 per share, high $5.17 per share

- FY2021: low $4.61 per share, central $5.90 per share, high $6.64 per share

- FY2022: low $5.15 per share, central $6.67 per share, high $7.56 per share

- FY2023: low $5.46 per share, central $6.83 per share, high $7.81 per share

- FY2024: low $6.74 per share, central $7.53 per share, high $8.49 per share

- FY2025: low $9.74 per share, central $11.39 per share, high $12.81 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/880631/000121465926002458/wti-20251231.htm); period 2025-12-31, filed 2026-02-25.

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.