WisdomTree Investments Inc Stock Research

WETF Alerts

Big fall in earnings (Y/Y)
Losses in recent quarter

WETF Stock Price

WETF RSI Chart

WETF Valuation

Market Cap

742.8M

Price/Earnings (Trailing)

14.66

Price/Sales (Trailing)

2.47

EV/EBITDA

11.07

Price/Free Cashflow

13.54

WETF Price/Sales (Trailing)

WETF Profitability

EBT Margin

13.26%

Return on Equity

16.58%

Return on Assets

4.9%

Free Cashflow Yield

7.39%

WETF Fundamentals

WETF Revenue

Revenue (TTM)

301.3M

Revenue Y/Y

-7.41%

Revenue Q/Q

1.24%

WETF Earnings

Earnings (TTM)

50.7M

Earnings Y/Y

-352.87%

Earnings Q/Q

-134.83%

Price Action

Last 7 days

-3.7%

Last 30 days

9.4%

Last 90 days

-2.1%

Trailing 12 Months

-21.4%

WETF Financial Health

Current Ratio

1.98

Debt/Equity

1.24

Debt/Cashflow

0.27

WETF Investor Care

Dividend Yield

2.37%

Dividend/Share (TTM)

0.12

Shares Dilution (1Y)

0.97%

Diluted EPS (TTM)

0.31

Peers (Alternatives to WisdomTree Investments)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
GS	104.7B	39.7B	-13.39%	-5.14%	9.3	2.64	-24.93%	-47.95%
SCHW	100.5B	20.8B	-33.43%	-40.90%	13.99	4.84	12.11%	22.68%
BLK	96.6B	17.9B	-6.19%	-12.03%	18.65	5.4	-7.75%	-12.25%
CME	65.8B	5.0B	-1.84%	-24.68%	24.47	13.12	7.03%	2.07%
ICE	54.5B	9.6B	-6.52%	-27.55%	37.69	5.66	5.10%	-64.37%
MID-CAP
IBKR	7.8B	2.7B	-10.58%	16.00%	4.26	2.92	95.77%	12.59%
SEIC	7.4B	2.0B	-8.39%	-8.44%	15.46	3.69	3.79%	-13.01%
SF	6.2B	4.6B	-14.56%	-20.26%	9.32	1.34	-3.98%	-19.72%
SNEX	2.0B	64.7B	-3.72%	25.59%	8.24	0.03	35.87%	74.73%
SMALL-CAP
PIPR	1.9B	1.4B	-10.70%	5.37%	16.72	1.29	-29.71%	-60.26%
VIRT	1.8B	2.4B	-10.24%	-52.58%	6.67	0.75	-15.89%	-44.42%
COWN	1.1B	1.5B	0.39%	32.10%	14.3	0.71	-27.22%	-74.14%
AC	810.8M	10.3M	2.36%	-10.12%	-15.26	78.78	-29.47%	-152.67%
WETF	742.8M	301.3M	9.41%	-21.41%	14.66	2.47	-0.98%	1.78%
OPY	420.2M	1.1B	-14.10%	-10.79%	12.99	0.38	-20.31%	-79.65%

Financials for WisdomTree Investments

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-1.9%	301	307	313	311	304
Operating Expenses	2.1%	241	236	233	223	215
EBITDA	-44.1%	55.00	99.00	21.00	31.00	-
EBITDA Margin	-43.0%	0.18*	0.32*	0.07*	0.10*	-
Earnings Before Taxes	-52.2%	40.00	84.00	5.00	17.00	57.00
EBT Margin	-51.2%	0.13*	0.27*	0.02*	0.05*	-
Interest Expenses	0.0%	15.00	15.00	15.00	14.00	12.00
Net Income	-43.8%	51.00	90.00	15.00	24.00	50.00
Net Income Margin	-42.7%	0.17*	0.29*	0.05*	0.08*	-
Free Cahsflow	-19.4%	55.00	68.00	61.00	71.00	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.7%	1,034	1,016	1,006	1,001	1,038
Current Assets	1.5%	294	289	282	286	304
Cash Equivalents	-0.5%	132	133	110	110	141
Net PPE	-5.4%	1.00	1.00	1.00	1.00	1.00
Goodwill	0%	86.00	86.00	86.00	86.00	86.00
Liabilities	8.0%	596	551	617	615	636
Current Liabilities	-41.4%	148	253	242	67.00	84.00
Shareholder's Equity	-8.1%	306	332	257	253	269
Retained Earnings	-70.7%	14.00	47.00	-24.70	-32.71	-22.44
Additional Paid-In Capital	0.9%	292	289	282	284	290
Accumulated Depreciation	12.4%	0.00	0.00	0.00	0.00	-
Shares Outstanding	0.0%	147	147	147	147	145

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-19.4%	55.00	68.00	61.00	70.00	75.00
Share Based Compensation	2.2%	10.00	10.00	10.00	10.00	10.00
Cashflow From Investing	-14.8%	-37.66	-32.79	-92.25	-112	-99.63
Cashflow From Financing	-0.2%	-22.78	-22.74	-22.67	92.00	93.00
Dividend Payments	0.2%	19.00	19.00	19.00	19.00	19.00
Buy Backs	0%	3.00	3.00	3.00	35.00	35.00

Risks for WETF

What is the probability of a big loss on WETF?

95.4%

Probability that WisdomTree Investments stock will be more than 20% underwater in next one year

61.5%

Probability that WisdomTree Investments stock will be more than 30% underwater in next one year.

38.9%

Probability that WisdomTree Investments stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WETF drawdown profile look like?

Y-axis is the maximum loss one would have experienced if WisdomTree Investments was unfortunately bought at previous high price.

Drawdowns

Returns for WETF

Cumulative Returns on WETF

0.5%

10-Year Cumulative Returns

-15.9%

7-Year Cumulative Returns

-13.8%

5-Year Cumulative Returns

1.1%

3-Year Cumulative Returns

What are the long-term rolling returns for WETF?

FIve years rolling returns for WisdomTree Investments.

Annualized Returns

Which funds bought or sold WETF recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.02	18,443	131,443	-%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-	-	-%
2023-03-06	Rockefeller Capital Management L.P.	new	-	111,000	111,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-17.83	-12,991	301,009	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	26,000	186,000	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-	-11,000	-	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	621	621	-%
2023-02-15	PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	reduced	-69.29	-24,000	13,000	-%
2023-02-15	GABELLI & Co INVESTMENT ADVISERS, INC.	sold off	-100	-505,000	-	-%
2023-02-15	CAPTRUST FINANCIAL ADVISORS	sold off	-100	-62,000	-	-%

Latest Funds Activity

Are funds buying WETF calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WETF

No. of Funds

WisdomTree Investments News

Schedule 13G FIlings of WisdomTree Investments

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	arrowmark colorado holdings llc	10.88%	15,934,997	SC 13G/A
Feb 13, 2023	steinhardt michael h	6.12%	8,969,441	SC 13G/A
Feb 09, 2023	vanguard group inc	9.75%	14,282,732	SC 13G/A
Feb 08, 2023	massachusetts financial services co /ma/	6.0%	8,773,849	SC 13G/A
Jan 24, 2023	blackrock inc.	12.7%	18,616,457	SC 13G
Dec 16, 2022	etfs capital (holdings) ltd	10.4%	15,250,000	SC 13D/A
May 27, 2022	etfs capital (holdings) ltd	10.4%	15,250,000	SC 13D/A
May 06, 2022	etfs capital limited.	10.4%	15,250,000	SC 13D/A
Mar 10, 2022	etfs capital limited.	10.5%	15,250,000	SC 13D/A
Feb 14, 2022	arrowmark colorado holdings llc	10.83%	15,723,871	SC 13G/A

WETF Fair Value

WisdomTree Investments fair value in different scenarios

The table shows the Fair Value estimates for WisdomTree Investments for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	2.19 -	2.56 -	3.62 -	4.31 -	5.16 -
Current Inflation	2.09 -	2.41 -	3.31 -	3.91 -	4.62 -
Very High Inflation	1.95 -	2.22 -	2.95 -	3.42 -	4.00 -

Historical WisdomTree Investments Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of WisdomTree Investments

View All Filings

Date Filed	Form Type	Document
Mar 21, 2023	CERT	CERT
Mar 20, 2023	8-A12B	8-A12B
Mar 20, 2023	8-K	Current Report
Mar 20, 2023	DEFA14A	DEFA14A
Mar 03, 2023	4/A	Insider Trading
Mar 03, 2023	4/A	Insider Trading
Mar 03, 2023	4/A	Insider Trading
Mar 03, 2023	4/A	Insider Trading
Mar 03, 2023	4/A	Insider Trading
Mar 03, 2023	4/A	Insider Trading

Latest Insider Trading transactions for WETF

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-07-25	NEUGER WIN J	acquired	-	-	19,762	-
2022-07-25	SALERNO FRANK	acquired	-	-	19,762	-
2022-07-25	Blake Lynn S.	acquired	-	-	19,762	-
2022-07-25	Cosgrove Susan J	acquired	-	-	19,762	-
2022-07-25	Singleton Harold III	acquired	-	-	19,762	-
2022-07-25	Bossone Anthony	acquired	-	-	19,762	-
2022-07-25	Conjeevaram Smita	acquired	-	-	19,762	-
2022-07-25	Fuhr Deborah	acquired	-	-	19,762	-
2022-06-06	Ziemba Peter M	gifted	-	-	-9,250	chief administrative officer
2022-06-03	Ziemba Peter M	gifted	-	-	-10,000	chief administrative officer

About WisdomTree Investments

Jonathan L. Steinberg

www.wisdomtree.com

240

WisdomTree Investments, 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.

WETF Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Operating Revenues:

Total revenues

$ 301,345

$ 304,318

$ 249,912

Operating Expenses:

Compensation and benefits

97,897

88,163

74,675

Fund management and administration

64,761

58,912

56,728

Marketing and advertising

15,302

14,090

11,128

Sales and business development

11,871

9,907

10,579

Contractual gold payments (Note 10)

17,108

17,096

16,811

Professional fees

13,800

7,616

4,902

Occupancy, communications and equipment

3,898

4,629

6,427

Depreciation and amortization

262

738

1,021

Third-party distribution fees

7,656

7,176

5,219

Acquisition and disposition-related costs

416

Other

8,705

6,933

6,924

Total operating expenses

241,260

215,260

194,830

Operating income

60,085

89,058

55,082

Other Income/(Expenses):

Interest expense

(14,935)

(12,332)

(9,668)

Gain/(loss) on revaluation of deferred consideration—gold payments (Note 10)

^[1]

27,765

2,018

(56,821)

Interest income

3,320

2,009

744

Impairments (Note 26)

(16,156)

(22,752)

Loss on extinguishment of debt (Note 11)

(2,387)

Other losses and gains, net

(36,285)

(7,926)

580

Income/(loss) before income taxes

39,950

56,671

(35,222)

Income tax (benefit)/expense

^[2]

(10,734)

6,874

433

Net income/(loss)

$ 50,684

$ 49,797

$ (35,655)

Earnings/(loss) per share—basic

$ 0.31

$ (0.25)

Earnings/(loss) per share—diluted

$ 0.31

$ (0.25)

Weighted-average common shares—basic

143,020

143,847

148,682

Weighted-average common shares—diluted

158,914

161,263

148,682

^[3]

Cash dividends declared per common share

$ 0.12

Advisory Fees [Member]

Operating Revenues:

Total revenues

$ 293,632

$ 298,052

$ 246,395

Other Income [Member]

Operating Revenues:

Total revenues

$ 7,713

$ 6,266

$ 3,517

[1]	Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations.
[2]	The (gain)/loss on revaluation of deferred consideration is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary that is based in Jersey, a jurisdiction where the Company is subject to a zero percent tax rate.
[3]	Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands).

WETF Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 132,101	$ 140,709
Financial instruments owned, at fair value (including $25,283 and $18,526 invested in WisdomTree products at December 31, 2022 and 2021, respectively)	126,239	127,166
Accounts receivable (including $24,139 and $25,628 due from related parties at December 31, 2022 and 2021, respectively)	30,549	31,864
Prepaid expenses	4,684	3,952
Other current assets	390	276
Total current assets	293,963	303,967
Fixed assets, net	544	557
Indemnification receivable (Note 22)	1,353	21,925
Securities held-to-maturity	259	308
Deferred tax assets, net	10,536	8,881
Investments (Note 8)	35,721	14,238
Right of use assets—operating leases (Note 14)	1,449	520
Goodwill (Note 24)	85,856	85,856
Intangible assets, net (Note 24)	603,567	601,247
Other noncurrent assets	571	361
Total assets	1,033,819	1,037,860
Current liabilities:
Convertible notes—current (Notes 12 and 27)	59,197	0
Fund management and administration payable	36,521	20,661
Compensation and benefits payable	24,121	32,782
Deferred consideration—gold payments (Note 10)	16,796	16,739
Income taxes payable	1,599	3,979
Operating lease liabilities (Note 14)	1,125	209
Accounts payable and other liabilities	9,075	9,297
Total current liabilities	148,434	83,667
Convertible notes (Notes 12 and 27)	262,019	318,624
Deferred consideration—gold payments (Note 10)	183,494	211,323
Operating lease liabilities (Note 14)	339	328
Other noncurrent liabilities (Note 22)	1,353	21,925
Total liabilities	595,639	635,867
Preferred stock—Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $77,969 and $90,741 at December 31, 2022 and 2021, respectively) (Note 13)	132,569	132,569
Contingencies (Note XX)
Stockholders' equity
Preferred stock, par value $0.01; 2,000 shares authorized:	0
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding: 146,517 and 145,107 at December 31, 2022 and 2021, respectively	1,465	1,451
Additional paid-in capital	291,847	289,736
Accumulated other comprehensive (loss)/income	(1,420)	682
Retained earnings/(accumulated deficit)	13,719	(22,445)
Total stockholders' equity	305,611	269,424
Total liabilities and stockholders' equity	$ 1,033,819	$ 1,037,860