One-glance verdict
Within fair range
$16.42 our estimate vs market $23.49
Wall Street consensus: $26.33 (60.4% higher than our fair-value estimate)
43% above our estimate
Fundamentals snapshot
WisdomTree, Inc.
WT · NYQ · Financial Services · Asset Management
Current price
$23.49
52-week range
$10.69 - $25.91
Market cap
$3.56B
Balance sheet
Stretched
5.88x Adequate
Net debt $745.93M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 23.5% last year.
- Reward Returns 18.7% on equity, ahead of 33% of its peers.
- Risk Net debt grew 735.8% over 3 years.
- Risk Stock trades 123.4% above its 5-year average P/E.
What this company does
WisdomTree, Inc.
WisdomTree is an investment company that creates and sells exchange-traded funds, or ETFs (baskets of investments like stocks or bonds that trade as a single share). It makes most of its money by charging a small, recurring fee on the total amount of money people have invested in its funds. This means the company's success is directly tied to its ability to attract and retain investors' money, growing the total assets (the value of all the investments it oversees) it manages.
How the company got here
WisdomTree started in 1985 as a data company and even published a personal finance magazine. The big shift happened in 2005 when founder Jonathan Steinberg decided to focus on a new type of investment product. In 2006, they launched their first Exchange-Traded Funds (ETFs), which are like baskets of stocks or other investments that trade on an exchange like a single stock. Their unique approach was to weight the investments in their funds based on company fundamentals like dividends (a portion of a company's profits paid out to shareholders) instead of just the company's size, a method influenced by the research of Professor Jeremy Siegel. This idea caught on, helping the company grow into a major global ETF provider.
What it actually does
WisdomTree creates and manages investment products that make it easier for people to invest in a wide range of things, from stocks and bonds to currencies and commodities like gold. Think of them as a creator of investment recipes. They design a 'recipe' (called an index), and then offer a product that follows that recipe, which investors can buy and sell easily. They primarily offer these products as Exchange-Traded Funds (ETFs) and similar products, serving everyone from individuals just starting out to large financial institutions. The company makes money by charging a small management fee on the money invested in its products.
Exchange-Traded Products (ETPs)
This is WisdomTree's core business and generates most of its revenue. They offer a wide variety of Exchange-Traded Products (which includes ETFs) that allow people to invest in diverse areas like U.S. and international stocks, bonds (a type of loan to a company or government), and commodities. Instead of picking individual stocks, an investor can buy a single WisdomTree ETP to get exposure to a whole market, like Japanese stocks or companies that pay high dividends. Financial advisors and individual investors pay WisdomTree a recurring fee, calculated as a percentage of the assets (the total money) they have invested in these funds.
Digital Assets and Tokenization
This is a newer and fast-growing part of the company that focuses on using modern technology like blockchain. WisdomTree has developed a digital wallet app called WisdomTree Prime®, which allows users to invest in digital versions of funds and gold. They are also a leader in 'tokenization,' which means creating digital representations of real-world assets on a blockchain, making them easier to trade and manage. This segment aims to attract a new generation of investors and institutions by making investing more accessible and efficient, earning revenue through the management of these digital funds and platforms.
Private Market Investments
This is a smaller but strategic business for WisdomTree, representing an expansion beyond publicly traded products. Through an acquisition, the company now offers investments in U.S. farmland, which is not something you can typically buy on a stock exchange. This allows their clients, who are typically professional investors, to diversify their portfolios with assets that aren't directly tied to the daily swings of the stock market. WisdomTree earns fees for managing these specialized investments.
What management is betting on now
Management is making a significant bet on the future of finance being on the blockchain, a secure and transparent digital ledger. They are investing heavily in what they call WisdomTree Onchain™, an ecosystem for tokenized funds and digital assets. The strategy is to disrupt the traditional investment world, much like how ETFs disrupted mutual funds, by making it possible to buy, sell, and use investments 24/7 through digital wallets like WisdomTree Prime®. They believe that by tokenizing real-world assets, from stocks to gold, they can offer more accessible, transparent, and efficient financial products for everyone.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$47.69M
FY2024 Q4
$34.56M
FY2025 Q1
$6.34M
FY2025 Q2
$38.72M
FY2025 Q3
$48.04M
FY2025 Q4
$54.63M
FY2026 Q1
$17.93M
FY2026 Q2
$75.32M
Revenue
$177.16M
Net income
$44.28M
Diluted EPS
0.28
Operating cash flow
$75.50M
Free cash flow
$75.32M
Fetching…
Sources
Revenue
$159.47M
Net income
$-23.13M
Diluted EPS
-0.17
Operating cash flow
$17.96M
Free cash flow
$17.93M
Fetching…
Sources
Revenue
$147.43M
Net income
$40.03M
Diluted EPS
0.28
Operating cash flow
$54.69M
Free cash flow
$54.63M
Fetching…
Sources
Revenue
$125.62M
Net income
$19.70M
Diluted EPS
0.13
Operating cash flow
$48.08M
Free cash flow
$48.04M
Fetching…
Sources
Revenue
$112.62M
Net income
$24.78M
Diluted EPS
0.17
Operating cash flow
$38.81M
Free cash flow
$38.72M
Fetching…
Sources
Revenue
$108.08M
Net income
$24.63M
Diluted EPS
0.17
Operating cash flow
$6.37M
Free cash flow
$6.34M
Fetching…
Sources
Revenue
$110.70M
Net income
$27.31M
Diluted EPS
0.20
Operating cash flow
$34.58M
Free cash flow
$34.56M
Fetching…
Sources
Revenue
$113.17M
Net income
$-4.49M
Diluted EPS
-0.13
Operating cash flow
$47.71M
Free cash flow
$47.69M
Fetching…
Sources
Is it cheap or expensive?
Fair value $16.42 vs current price $23.49
Wall Street consensus is the average analyst price target: $26.33 (60.4% higher than our fair-value estimate).
Our most-likely fair value is $16.42 a share — about 30.1% away from today's price of $23.49, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $745.9M. Interest coverage 5.9x.
Net debt
$745.93M
Interest coverage
5.88x
WisdomTree, Inc.'s profit covers its interest bill about 5.9 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
WT
BASELINE
WisdomTree, Inc.
Total debt $1.08B Interest coverage 5.88x This is the baseline the peer rows are being compared against.
Total debt $1.62B Interest coverage -8.43x -100% vs WT This peer has almost no interest-payment cushion compared with WT.
Total debt $1.01B Interest coverage 8.47x +44% vs WT Carries about 1.4x more debt cushion than WT.
Total debt $3.57B Interest coverage 11.59x +97% vs WT Carries about 2.0x more debt cushion than WT.
Total debt $3.20B Interest coverage 3.48x -41% vs WT Carries about 1.7x less debt cushion than WT.
Total debt $67.85M Interest coverage 1,030.07x +17,416% vs WT Carries about 175.2x more debt cushion than WT.
What you should know
The case for and against WT
3 Rewards
3 Risks
Rewards
-
Revenue grew 23.5% last year.
-
Returns 18.7% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 735.8% over 3 years.
-
Stock trades 123.4% above its 5-year average P/E.
-
Insider ownership is only 9.5% (peer median: 11.2%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
42.71x
Forward P/E
17.36x
P/B
8.30x
P/S
5.84x
EV/EBITDA
17.38x
PEG ratio
1.54x
Profitability
How much profit each dollar creates
Gross margin
53.3%
Operating margin
41.2%
Net margin
13.3%
ROE
18.7%
ROA
11.2%
Health
Liquidity and balance-sheet strength
Debt / equity
2.58x
Current ratio
3.00x
Quick ratio
2.88x
Total debt
$1.08B
Total cash
$332.47M
Growth
How the business has been compounding
Revenue TTM
$609.68M
Revenue 5Y CAGR
12.9%
EPS TTM
0.55
EPS 5Y CAGR
34.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$196.23M
Free CF TTM
$147.73M
FCF margin
24.2%
Dividend
Shareholder payout
Yield
0.5%
Payout ratio
21.8%
Last ex-div date
2026-08-12