MARKETWISE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data MARKETWISE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	272	364	549	512	448	409	328
Cost of revenue	42.6	155	239	62.7	56.8	50.7	44.3
Gross profit	230	210	310	450	391	358	284
Research and development	3.67	4.77	7.49	8.82	8.83	9.91	8.81
Selling and marketing	106	214	297	235	199	161	131
General and administrative	91.7	527	960	115	125	90.7	78.3
Operating income	25.6	-539	-968	87.3	51.8	89	62.6
Other non-operating income	0.87	-2.88	16.2	15.7	-0.61	2.09	1.04
Pre-tax income	28	-541	-952	103	56.1	96.4	66.6
Income tax	0	0	2.36	1.49	1.8	3.25	2.56
Net income to minority interests	0.04	-2.72	59.4	83.2	52.5	86	58.4
Net income	28	-538	-1,013	18	1.78	7.06	5.62
EBITDA	27.9	-536	-965	90.4	55.6	91.7	64.8
EPS, basic				15.62	1.12	3.67	2.41
EPS, diluted				15.62	1.07	3.58	2.31
Shares, basic (weighted)				1.15	1.59	1.92	2.33
Shares, diluted (weighted)				1.16	1.67	1.97	2.44

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	171	114	139	159	155	97.9	70.1
Receivables	7.33	12.4	7.81	4.04	4.53	1.88	5.72
Other current assets		1.89	2.48	3.36	2.17	1.27	0.81
Total current assets		181	246	279	268	169	132
Property, plant and equipment		1.42	1.19	0.89	0.69	0.59	0.45
Lease right-of-use assets		12.3	10.9	9.47	7.33	3.18	6.68
Goodwill	18.1	18.1	23.3	31.3	31	30	30
Intangible assets		5.28	8.61	16	6.26	4.67	3.81
Other non-current assets		0.68	0.97	0.63	0.29	0
Total assets		285	422	443	397	260	218
Accounts payable		0.02
Accrued liabilities		32.1	46.5	46	55	23.3	33.2
Deferred revenue	191	275	312	311	285	215	182
Short-term debt		0
Total current liabilities		346	395	386	374	260	234
Long-term debt					0
Lease liabilities		7.83	6.93	5.83	4.37	2.74	5.18
Other non-current liabilities				1.28	0.75	2.81	2.61
Total liabilities		1,205	827	741	685	477	432
Total debt					0
Paid-in capital		34.6	97.5	107	115	107	102
Retained earnings		-29.6	-146	-128	-126	-119	-114
Other comprehensive income		-0.02	-0.01	0.04	0.07	0.06	0.04
Shareholders' equity		5	-48.5	-21.2	-11.1	-12.5	-11.7
Minority interests			-357	-277	-278	-205	-202
Total equity		-921	-405	-298	-289	-218	-214
Total liabilities and equity		285	422	443	397	260	218

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	28	-541	-954	101	54.3	93.1	64
Depreciation and amortization	2.33	2.55	2.68	3.09	3.82	2.75	2.19
Stock-based compensation	8.61	18.7	211	9.05	23.4	12.2	11.1
Deferred income tax	0	0	2.36	1.49	1.8	2.87	0.95
Change in receivables	-6.51	-5.07	4.59	3.77	-0.49	2.65	-3.81
Change in payables	-5.22	6.99	-7.28	-3.98	-0.2	3.47	-0.12
Cash from operations	54.2	55.9	63.6	48.4	62.4	-22.2	46
Capital expenditures	-0.18	-0.29	-0.16	-0.04	-0.07	-0.13	-0.39
Acquisitions	-1.48	0	-7.14	-12.8	-0.17	0	0
Cash from investing	12.4	-9.65	-8.31	-13.2	-1.9	-0.68	-1.57
Stock issued		0	0	0.83	0.68	0.3	0.42
Share buybacks	0	0	-3.34	-13.1	0	-10.8	-3.38
Dividends paid			0	0	-5.74	-1.51	-4.78
Cash from financing	-27.3	-103	-30.7	-16.2	-64	-34.5	-72.1
Exchange rate effect	-0.04	-0.01	0.01	0.05	0.02	-0.01	-0.02
Net change in cash	39.2	-57.2	24.7	19	-3.4	-57.3	-27.7
Free cash flow	54	55.6	63.5	48.3	62.4	-22.3	45.6
Interest paid	0.37	0.34	0.07	0.86	0.78	0.73	0.01
Income taxes paid				0	0	0.33	0.49

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.34 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	86.2%	Gross profit / revenue.
Operating margin	8.1%	Operating income / revenue.
EBITDA margin	8.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.3%	Pre-tax income / revenue.
Net margin	0.7%	Net income / revenue.
FCF margin	14.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.7%	Cash from operations / revenue.
Effective tax rate	2.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.2%	Net income / average total assets.
R&D / revenue	3.0%	Research and development expense / revenue.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-19.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-20.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-14.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-29.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-20.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-32.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-35.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-47.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-3.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-1.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-15.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-21.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	23.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	28.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.35x	Current assets / current liabilities.
Quick ratio	0.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	243.8%	Total liabilities / total assets.
Working capital	-$160.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$67.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.71x	Revenue / average total assets.
Fixed asset turnover	763x	Revenue / average property, plant and equipment.
Receivables turnover	102x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
FCF conversion	2,056.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$120.13	Revenue / diluted weighted shares.
FCF per share	$17.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.68	Cash from operations / diluted weighted shares.
Book value per share	-$12.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$25.46	Tangible book value / shares outstanding.
Cash per share	$12.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	194.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	9.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$320.9M	Share price x shares outstanding.
Enterprise value	$287.9M	Market cap + total debt - cash - short-term investments.
P/E	144x	Market cap / net income. Only when net income is positive.
P/S	1.01x	Market cap / revenue.
P/FCF	6.99x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.87x	Market cap / cash from operations, when positive.
EV/Sales	0.91x	Enterprise value / revenue.
EV/EBIT	11.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.28x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.3%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was MARKETWISE, INC.'s revenue in fiscal 2025?

MARKETWISE, INC. reported revenue of $328.1M for fiscal 2025, 19.7% lower than the year before.

Was MARKETWISE, INC. profitable in fiscal 2025?

Yes. Net income was $5.6M, a net margin of 1.7%.

How much free cash flow did MARKETWISE, INC. generate in fiscal 2025?

Cash from operations of $46.0M minus capital expenditures of $391.0K left free cash flow of $45.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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