# Wisetech Global (WTC.AU)

Canonical: https://gigainvestors.com/s/WTC.AU

Analysis as of: 2026-10-16T07:36:21.593Z. Financial observations: FY2012–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 34.50 per share; close as of 2026-10-15.

Estimated value: low AUD 18.90 per share, central AUD 21.30 per share, high AUD 24.50 per share. Buy at or below the central value AUD 21.30 per share. Valuation as of 2026-10-16T07:36:21.593Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.28×

- FY2018: 0.29×

- FY2019: 0.24×

- FY2020: 0.19×

- FY2021: 0.30×

- FY2022: 0.41×

- FY2023: 0.37×

- FY2024: 0.37×

- FY2025: 0.37×

- FY2026: 0.31×

### moat: fail

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

- Recent gross margin fell 9.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 47.9%

- ROIC, second-lowest year: 12.8%

- Typical minus recent gross margin: 9.8 pp

- Typical gross margin (annual median): 77.8%

- Recent gross margin (lower of latest and 3-year median): 68.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 10.3%

- ROIC including acquisitions, ten-year median: 14.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 53.5%

- FY2018: 12.8%

- FY2019: 7.8%

- FY2020: 41.9%

- FY2021: 56.5%

- FY2022: 90.1%

- FY2023: 46.5%

- FY2024: 50.5%

- FY2025: 49.3%

- FY2026: 31.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 1.5B

- Net income, five-year total: AUD 1.2B

- Return on incremental invested capital: 1040.1%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.7 pp

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

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

- FY2022: 0.85×

- FY2023: 0.81×

- FY2024: 0.78×

- FY2025: 1.36×

- FY2026: 2.10×

### management: pass

- 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: 12.8% vs 49.3%

- Per-share earnings: 0.11 to 0.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: AUD 9.1B

- Cumulative retained earnings: AUD 1.2B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 28.0%

- Per-share value change: AUD 0.68

- Per-share value, starting three-year median: AUD 0.11

- Per-share value, ending three-year median: AUD 0.79

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 0.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: AUD 7.7B

- Cumulative net income, 10 years: AUD 1.6B

- ROIC, first three-year median: 12.8%

- ROIC, last three-year median: 49.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 0.11

- FY2018: AUD 0.14

- FY2019: AUD 0.17

- FY2020: AUD 0.50

- FY2021: AUD 0.33

- FY2022: AUD 0.60

- FY2023: AUD 0.64

- FY2024: AUD 0.79

- FY2025: AUD 0.91

- FY2026: AUD 0.78

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.34×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.09×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.4%

- FY2018: -5.7%

- FY2019: -5.2%

- FY2020: 2.4%

- FY2021: -7.3%

- FY2022: -6.6%

- FY2023: -6.4%

- FY2024: -6.6%

- FY2025: -7.6%

- FY2026: -4.6%

## Holders

## Price story

Down 75% since Sep 2024 · "Australia's WiseTech slumps after annual earnings and FY26 outlook miss" (finance.yahoo.com, Aug 2025) · sales +74.1%

Story as of 2026-10-16T10:00:07.273Z; price observation 2026-10-15.

Price needs cash profits to grow 7.3% a year for ten years

- 2025-08-27: Australia's WiseTech slumps after annual earnings and FY26 outlook miss ([finance.yahoo.com](https://finance.yahoo.com/news/australias-wisetech-sees-lower-expected-004733065.html))

### Sales · FY2025–2026

sales +74.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 154M 

- FY2018: AUD 222M 

- FY2019: AUD 348M 

- FY2020: AUD 429M 

- FY2021: AUD 508M 

- FY2022: AUD 632M 

- FY2023: AUD 817M 

- FY2024: AUD 1.0B 

- FY2025: AUD 1.2B 

- FY2026: AUD 2.1B 

### Gross margin · FY2026

gross margin 68%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 83.1% 

- FY2018: 82.5% 

- FY2019: 80.8% 

- FY2020: 73.5% 

- FY2021: 75.2% 

- FY2022: 78.1% 

- FY2023: 77.5% 

- FY2024: 76.1% 

- FY2025: 86.2% 

- FY2026: 68.0% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are AUD 2.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2026: revenue 2059995194; grossProfit 1400926597; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 68% to 86.2% during 2024–26; it earns 47.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2024: grossProfit / revenue = 76.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2025: grossProfit / revenue = 86.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2026: grossProfit / revenue = 68%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); 10-year return on capital observations [[2017,0.5345020160733673],[2018,0.1282320465469506],[2019,0.07829929156639223],[2020,0.41918398097051884],[2021,0.5648966919022059],[2022,0.9007878382130092],[2023,0.46520571611808303],[2024,0.5049371673397598],[2025,0.4929404452086038],[2026,0.31640050422500376]]; median 0.4790730806633434. 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 AUD 124.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2017: growth capex 0; upkeep 6890000; owner earnings 37369000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2018: growth capex 0; upkeep 5046000; owner earnings 55457000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2019: growth capex 0; upkeep 6600000; owner earnings 75281600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2020: growth capex 8310162.715313092; upkeep 82189837.28468691; owner earnings 118150162.71531309. Growth capex / owner earnings = 0.07033560110566006.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2021: growth capex 7945682.589503974; upkeep 82854317.41049603; owner earnings 77645682.58950397. Growth capex / owner earnings = 0.10233257438808399.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2022: growth capex 12945760.296840996; upkeep 89354239.703159; owner earnings 164545760.296841. Growth capex / owner earnings = 0.07867574511483498.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2023: growth capex 20801647.8122091; upkeep 121198352.1877909; owner earnings 172621647.8122091. Growth capex / owner earnings = 0.12050428249207021.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2024: growth capex 26955394.995564163; upkeep 171144605.00443584; owner earnings 205180882.99556416. Growth capex / owner earnings = 0.1313738132033817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2025: growth capex 0; upkeep 34946200; owner earnings 413597673. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2026: growth capex 0; upkeep 15938066; owner earnings 555028435. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); Dividend observations: [[2017,2937000],[2018,6036000],[2019,8962000],[2020,11100000],[2021,13200000],[2022,26500000],[2023,41600000],[2024,52800000],[2025,64118680],[2026,70097981]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); FY2026: cash repurchases 124553044 AUD.

### Are managers owners

Insiders own 41.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WTC.AU SharesStats.PercentInsiders = 41.346 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.3% yearly over ten years; actual growth was 46.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.593Z); Ten-year compound average after fade. Initial solved rate 0.09171749243312999. Price 34.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.03740312794530445 → FY2026 1.652059149021793. Closing-price date 2026-10-15.

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

- 2016-10: AUD 6.09 per share

- 2016-11: AUD 5.80 per share

- 2016-12: AUD 5.65 per share

- 2017-01: AUD 4.80 per share

- 2017-02: AUD 5.44 per share

- 2017-03: AUD 5.63 per share

- 2017-04: AUD 5.80 per share

- 2017-05: AUD 7.22 per share

- 2017-06: AUD 6.92 per share

- 2017-07: AUD 7.03 per share

- 2017-08: AUD 7.99 per share

- 2017-09: AUD 8.70 per share

- 2017-10: AUD 11.67 per share

- 2017-11: AUD 12.13 per share

- 2017-12: AUD 14.15 per share

- 2018-01: AUD 15.49 per share

- 2018-02: AUD 10.65 per share

- 2018-03: AUD 9.42 per share

- 2018-04: AUD 10.04 per share

- 2018-05: AUD 14.70 per share

- 2018-06: AUD 15.66 per share

- 2018-07: AUD 15.25 per share

- 2018-08: AUD 21.36 per share

- 2018-09: AUD 22.09 per share

- 2018-10: AUD 16.05 per share

- 2018-11: AUD 18.70 per share

- 2018-12: AUD 16.90 per share

- 2019-01: AUD 20.34 per share

- 2019-02: AUD 19.26 per share

- 2019-03: AUD 23.12 per share

- 2019-04: AUD 22.38 per share

- 2019-05: AUD 24.36 per share

- 2019-06: AUD 27.71 per share

- 2019-07: AUD 31.94 per share

- 2019-08: AUD 36.93 per share

- 2019-09: AUD 34.73 per share

- 2019-10: AUD 26.17 per share

- 2019-11: AUD 27.28 per share

- 2019-12: AUD 23.37 per share

- 2020-01: AUD 25.03 per share

- 2020-02: AUD 15.10 per share

- 2020-03: AUD 17.10 per share

- 2020-04: AUD 18.59 per share

- 2020-05: AUD 20.39 per share

- 2020-06: AUD 19.35 per share

- 2020-07: AUD 20.65 per share

- 2020-08: AUD 28.18 per share

- 2020-09: AUD 25.79 per share

- 2020-10: AUD 28.89 per share

- 2020-11: AUD 30.90 per share

- 2020-12: AUD 30.75 per share

- 2021-01: AUD 31.28 per share

- 2021-02: AUD 27.27 per share

- 2021-03: AUD 29.05 per share

- 2021-04: AUD 31.43 per share

- 2021-05: AUD 28.23 per share

- 2021-06: AUD 31.93 per share

- 2021-07: AUD 30.79 per share

- 2021-08: AUD 48.34 per share

- 2021-09: AUD 53.65 per share

- 2021-10: AUD 51.08 per share

- 2021-11: AUD 52.47 per share

- 2021-12: AUD 58.58 per share

- 2022-01: AUD 45.30 per share

- 2022-02: AUD 43.58 per share

- 2022-03: AUD 51.08 per share

- 2022-04: AUD 45.27 per share

- 2022-05: AUD 42.10 per share

- 2022-06: AUD 37.85 per share

- 2022-07: AUD 50.10 per share

- 2022-08: AUD 58.77 per share

- 2022-09: AUD 52.00 per share

- 2022-10: AUD 58.16 per share

- 2022-11: AUD 56.99 per share

- 2022-12: AUD 50.75 per share

- 2023-01: AUD 60.54 per share

- 2023-02: AUD 63.00 per share

- 2023-03: AUD 65.14 per share

- 2023-04: AUD 68.56 per share

- 2023-05: AUD 74.83 per share

- 2023-06: AUD 79.81 per share

- 2023-07: AUD 85.79 per share

- 2023-08: AUD 69.50 per share

- 2023-09: AUD 65.05 per share

- 2023-10: AUD 58.16 per share

- 2023-11: AUD 66.80 per share

- 2023-12: AUD 75.37 per share

- 2024-01: AUD 72.99 per share

- 2024-02: AUD 94.48 per share

- 2024-03: AUD 93.95 per share

- 2024-04: AUD 92.79 per share

- 2024-05: AUD 96.67 per share

- 2024-06: AUD 100.30 per share

- 2024-07: AUD 95.06 per share

- 2024-08: AUD 118.87 per share

- 2024-09: AUD 137.19 per share

- 2024-10: AUD 118.28 per share

- 2024-11: AUD 128.10 per share

- 2024-12: AUD 121.06 per share

- 2025-01: AUD 123.81 per share

- 2025-02: AUD 89.50 per share

- 2025-03: AUD 81.23 per share

- 2025-04: AUD 88.52 per share

- 2025-05: AUD 107.15 per share

- 2025-06: AUD 109.03 per share

- 2025-07: AUD 119.38 per share

- 2025-08: AUD 101.79 per share

- 2025-09: AUD 90.25 per share

- 2025-10: AUD 69.12 per share

- 2025-11: AUD 73.02 per share

- 2025-12: AUD 68.46 per share

- 2026-01: AUD 58.00 per share

- 2026-02: AUD 47.54 per share

- 2026-03: AUD 38.02 per share

- 2026-04: AUD 42.72 per share

- 2026-05: AUD 36.01 per share

- 2026-06: AUD 33.00 per share

- 2026-07: AUD 36.30 per share

- 2026-08: AUD 40.38 per share

- 2026-09: AUD 32.46 per share

- 2026-10: AUD 33.11 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 0.95 per share, central AUD 1.04 per share, high AUD 1.15 per share

- FY2018: low AUD 1.42 per share, central AUD 1.56 per share, high AUD 1.75 per share

- FY2019: low AUD 3.37 per share, central AUD 3.73 per share, high AUD 4.20 per share

- FY2020: low AUD 4.17 per share, central AUD 4.66 per share, high AUD 5.30 per share

- FY2021: low AUD 5.08 per share, central AUD 5.65 per share, high AUD 6.41 per share

- FY2022: low AUD 6.73 per share, central AUD 7.46 per share, high AUD 8.43 per share

- FY2023: low AUD 6.18 per share, central AUD 6.98 per share, high AUD 8.04 per share

- FY2024: low AUD 7.51 per share, central AUD 8.50 per share, high AUD 9.82 per share

- FY2025: low AUD 8.83 per share, central AUD 9.95 per share, high AUD 11.45 per share

- FY2026: low AUD 18.92 per share, central AUD 21.33 per share, high AUD 24.53 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

Prior published observations retained from 2026-10-15T06:42:08.188Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.