MARKETWISE, INC. MKTW
We started in 1999 with the simple idea that, if we could publish intelligent, independent, insightful, and in-depth investment research and treat the subscriber the way we would want to be treated, then subscribers would renew their subscriptions and stay with us. That simple idea worked and has guided our decisions ever since.
Today, we are a leading multi-brand platform of subscription businesses that provides premium financial research, software, education, and tools for self-directed investors. We provide our subscribers with the research, education, and tools that they need to navigate the financial markets.
We have evolved significantly since our inception in 1999. Over the years, we have expanded our business into a comprehensive suite of investment research products and solutions. We now produce a diversified product portfolio from a variety of financial research brands such as Stansberry Research, Chaikin Analytics, Brownstone Research, InvestorPlace, and TradeSmith. Our entire investment research product portfolio is 100% digital and
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $328.1M | $408.7M | $448.2M | $512.4M | $549.2M | $360.8M | $265.4M | — |
| Cost of revenue | $44.3M | $50.7M | $56.8M | $62.7M | $239.3M | $154.6M | $42.6M | — |
| Gross profit | $283.8M | $358.0M | $391.4M | $449.7M | $309.9M | $206.2M | $222.8M | — |
| R&D | $8.8M | $9.9M | $8.8M | $8.8M | $7.5M | $4.8M | $3.7M | — |
| SG&A | $78.3M | $90.7M | $125.2M | $114.8M | $960.2M | $526.6M | $91.7M | — |
| Total operating expenses | $265.5M | $319.7M | $396.4M | $425.1M | $1.52B | $902.9M | $246.7M | — |
| Operating income | $62.6M | $89.0M | $51.8M | $87.3M | -$967.6M | -$538.7M | $25.6M | — |
| Pre-tax income | $66.6M | $96.4M | $56.1M | $102.7M | -$951.5M | -$541.1M | $28.0M | — |
| Income tax | $2.6M | $3.3M | $1.8M | $1.5M | $2.4M | $0 | $0 | — |
| Net income | $5.6M | $7.1M | $1.8M | $18.0M | -$1.01B | -$538.4M | $28.0M | — |
| EPS, basic | 2.41 | 3.67 | 1.12 | 0.73 | — | — | — | — |
| EPS, diluted | 2.31 | 3.58 | 1.07 | 0.73 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $2.4M | $2.0M | $1.7M | $24.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.1M | $97.9M | $155.2M | $158.6M | $139.6M | $114.9M | $172.1M | $132.9M |
| Receivables | $5.7M | $1.9M | $4.5M | $4.0M | $7.8M | $12.4M | $7.3M | — |
| Total current assets | $131.7M | $168.8M | $267.8M | $279.2M | $246.4M | $180.6M | — | — |
| Property, plant and equipment | $453.0K | $592.0K | $690.0K | $892.0K | $1.2M | $1.4M | — | — |
| Goodwill | $30.0M | $30.0M | $31.0M | $31.3M | $23.3M | $18.1M | $18.1M | — |
| Other intangibles | $3.8M | $4.7M | $6.3M | $16.0M | $8.6M | $5.3M | — | — |
| Total assets | $218.4M | $259.5M | $396.6M | $442.5M | $421.6M | $284.8M | — | — |
| Accounts payable | — | — | — | — | — | $22.1K | — | — |
| Short-term debt | — | — | — | — | — | $0 | — | — |
| Total current liabilities | $234.2M | $260.2M | $373.9M | $385.5M | $395.5M | $345.5M | — | — |
| Total liabilities | $432.0M | $477.4M | $685.5M | $740.9M | $826.8M | $1.21B | — | — |
| Retained earnings | -$113.7M | -$119.3M | -$126.3M | -$128.1M | -$146.1M | -$29.6M | — | — |
| Total equity | -$11.7M | -$12.5M | -$288.9M | -$298.4M | -$405.3M | -$920.6M | $0 | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $46.0M | -$22.1M | $62.4M | $48.4M | $63.6M | $55.9M | $54.2M | — |
| Depreciation and amortisation | $2.2M | $2.8M | $3.8M | $3.1M | $2.7M | $2.6M | $2.3M | — |
| Stock-based compensation | $11.1M | $12.2M | $23.4M | $9.0M | $210.9M | $18.7M | $8.6M | — |
| Capital expenditure | $391.0K | $133.0K | $65.0K | $35.0K | $157.0K | $290.0K | $177.0K | — |
| Investing cash flow | -$1.6M | -$681.0K | -$1.9M | -$13.2M | -$8.3M | -$9.6M | $12.4M | — |
| Financing cash flow | -$72.1M | -$34.5M | -$64.0M | -$16.2M | -$30.7M | -$103.4M | -$27.3M | — |
| Buybacks | $3.4M | $10.8M | $0 | $13.1M | $3.3M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001805651-26-000016.
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