NYSE:WT
WisdomTree, Inc.
WisdomTree (WT) offers specialized passive investment indices and ETFs to investors seeking global diversification and tax-efficient alternatives.
Key Metrics
Investment Thesis
Bull Case
WisdomTree is well-positioned to capitalize on the long-term structural shift toward passive investing and the specific demand for non-U.S. and alternative asset exposure. The stock's recent profitability rebound, coupled with a healthy balance sheet showing $311.7M in ending cash, suggests an attractive entry point for value-oriented investors seeking exposure to the ETF industry.
Bear Case
Despite the revenue recovery, the company still carries significant long-term liabilities of $817.2M, which could constrain future growth if AUM growth stalls. Investors should also monitor the sustainability of high share repurchases given the capital intensive nature of maintaining a leading position in the competitive ETF landscape.
About WisdomTree, Inc.
WisdomTree, Inc. is a premier provider of passive investment solutions and ETFs, serving global institutional and retail investors across equity, fixed income, and alternative asset classes. The company leverages its proprietary WisdomTree index methodology to deliver diversified exposure while maintaining low costs and high transparency. With revenue reaching $493.8M in 2025, the firm capitalizes on growing demand for automated portfolio management tools.
Analysis
Management Discussion
The company demonstrated significant financial resilience in 2025, reporting revenue of $493.8M and net income of $109.1M, marking a strong recovery from the prior year's performance. Cash flow from operations of $147.9M reflects efficient working capital management, while substantial share repurchases of $102.7M signal confidence in future earnings potential.
Industry Overview
The passive investment industry is experiencing rapid expansion as investors increasingly favor low-cost index funds over active management strategies. This trend benefits WisdomTree, but competition remains fierce with established players like Vanguard and BlackRock continuously innovating to capture market share.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $301.3M | $349.0M | $427.7M | $493.8M |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $301.3M | $349.0M | $427.7M | $493.8M |
| Operating Expenses | $241.3M | $261.5M | $290.4M | $319.6M |
| Operating Income | $60.1M | $87.5M | $137.3M | $174.2M |
| G&A | — | — | $84.0M | $89.1M |
| Stock-Based Comp | $10.4M | $16.2M | $20.7M | $21.6M |
| D&A | $262.0K | $872.0K | $1.8M | $3.8M |
| Other OpEx | — | — | $206.5M | $230.4M |
| Non-Operating Income | $-20.1M | $31.5M | $-41.9M | $-32.0M |
| Interest Expense | $14.9M | $15.2M | — | — |
| Interest Income | $3.3M | $4.1M | $6.8M | $11.0M |
| Pre-Tax Income | $40.0M | $119.0M | $95.4M | $142.2M |
| Income Tax | $-10.7M | $16.5M | $28.7M | $33.1M |
| Continuing Ops | $50.7M | $102.5M | $66.7M | $109.1M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $50.7M | $102.5M | $66.7M | $109.1M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $50.7M | $102.5M | $66.7M | $109.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $294.0M | $229.8M | $318.4M | $492.4M |
| Cash & Equivalents | $132.1M | $129.3M | — | — |
| Accounts Receivable | $30.5M | $35.5M | $44.9M | $64.5M |
| Other Current Assets | $131.3M | $65.0M | $273.5M | $427.9M |
| Long-Term Assets | $739.9M | $714.3M | $715.2M | $1.02B |
| PP&E (Net) | $544.0K | $427.0K | $336.0K | $431.0K |
| Intangibles | $603.6M | $605.1M | $605.9M | $749.0M |
| Goodwill | $85.9M | $86.8M | $86.8M | $228.6M |
| Operating Leases | $1.4M | $563.0K | $880.0K | $2.8M |
| Other LT Assets | $48.4M | $21.4M | $21.2M | $39.8M |
| Total Assets | $1.03B | $944.1M | $1.03B | $1.51B |
| Current Liabilities | $148.4M | $103.2M | $109.2M | $282.1M |
| Current Leases | $1.1M | $578.0K | $709.0K | $1.6M |
| Other Current Liab | $147.3M | $102.6M | $108.5M | $280.4M |
| Long-Term Liabilities | $447.2M | $299.2M | $524.4M | $817.2M |
| LT Operating Leases | $339.0K | — | $171.0K | $1.2M |
| Other LT Liab | $446.9M | — | $524.2M | $816.0M |
| Total Liabilities | $595.6M | $402.4M | $633.6M | $1.10B |
| Shareholders' Equity | $438.2M | $541.7M | $400.0M | $413.7M |
| Paid-In Capital | — | — | $270.3M | — |
| Retained Earnings | $13.7M | $95.7M | $129.8M | $220.8M |
| AOCI | $-1.4M | $-548.0K | $-1.6M | $2.2M |
| Total L&E | $1.03B | $944.1M | $1.03B | $1.51B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $50.7M | $102.5M | $66.7M | $109.1M |
| Non-Cash Adjustments | $422.0K | $-33.1M | $31.5M | $30.9M |
| Working Capital Changes | $4.0M | $16.1M | $15.2M | $7.9M |
| Cash from Operations | $55.1M | $85.6M | $113.5M | $147.9M |
| Capital Expenditures | $220.0K | $113.0K | $141.0K | $215.0K |
| Cash from Investing | $-37.7M | $82.0M | $-23.9M | $-313.0M |
| Debt Repayments | $0 | — | — | — |
| Share Buybacks | $3.4M | $3.6M | $62.9M | $102.7M |
| Dividends Paid | $19.4M | $20.1M | $19.0M | $17.3M |
| Cash from Financing | $-22.8M | $-171.6M | $-36.0M | $289.8M |
| FX Effect | $-3.3M | $1.2M | $-1.7M | $5.8M |
| Net Change in Cash | $-8.6M | $-2.8M | $51.9M | $130.5M |
| Beginning Cash | $140.7M | $132.1M | $129.3M | $181.2M |
| Ending Cash | $132.1M | $129.3M | $181.2M | $311.7M |
Frequently Asked Questions
How does WisdomTree, Inc. make money?
Proprietary Index Development and Licensing, Exchange Traded Fund Management, and Data Analytics & Consulting services.
What are the main risks for WT?
Market volatility impacting ETF Assets Under Management (AUM) and associated fee revenues, intense competition from major financial institutions launching their own passive products, and potential regulatory changes affecting the ETF sector or index licensing fees.
What is WT's competitive advantage?
WisdomTree's unique focus on non-U.S. markets and alternative asset classes like commodities and real estate creates a differentiated product suite less correlated to traditional large-cap indices. The company maintains strong institutional relationships through its robust data infrastructure and tailored solutions for asset managers seeking customized exposure.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.