MeritValue

WisdomTree, Inc.

WTdata completeness 88%17 fiscal years on file
The thesis, from the filings

WisdomTree, Inc. earns about 41% on invested capital, far above its ~9% cost of capital, but has diluted owners by 89777% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $4.77 and $48.78 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$304.3M1$301.3M2$349M3$427.7M3$493.8M3
Net income$49.8M4$50.7M5$102.5M6$66.7M6$109.1M6
Operating cash flow$75.3M7$55.1M8$85.6M9$113.5M9$147.9M9
Capital expenditure$293,00010$220,00011$113,00012$141,00012$215,00012
Free cash flow (derived)$75M7$54.9M8$85.5M9$113.3M9$147.7M9
Total debt$318.6M13$321.2M13———
Cash & equivalents$140.7M14$132.1M15$129.3M15$181.2M16$311.7M16
Diluted shares161,263158,914170.4M158.8M144.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$28.54
your share of equity
Profit it earned you last year
$7.53
Free cash flow it threw off
$10.19
Debt you’d be carrying
—

10 shares is a claim on $28.54 of net worth that earned you $7.53 and generated $10.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
41% avg · 5y
FY21 14%FY22 11%FY23 41%FY24 31%FY25 108%

It earned about 41% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+89777% shares · 5y

Share count is up 89777% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $4.77 and $48.78 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$48.78
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$113.3M
DCF · Growth Exit 5Y
$27.64
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$113.3M
Earnings Power Value
$4.77
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$66.7M
  • growthAssumed0.0%
Graham Number
$6.94
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $27.64
The three cases
Bear0.0%$13.32
Base20.0%$27.64
Bull20.0%$27.64

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001214659-24-003435 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001214659-25-003503 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001214659-26-002458 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001214659-24-003435 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001214659-25-003503 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001214659-26-002458 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001214659-24-003435 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001214659-25-003503 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001214659-26-002458 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001214659-24-003435 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001214659-25-003503 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001214659-26-002458 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-054126 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001193125-23-054126 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001214659-24-003435 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001214659-26-002458 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)