Detailed financial statements for Wise Group plc Class A Ordinary Shares (WSE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Headquartered in St. Helier, United Kingdom, Wise Group Plc specializes in providing international payment solutions. This company, established on June 17, 2025, delivers cross-border payment capabilities for both financial institutions and individual clients.
Analysis Summary
Wise Group plc Class A Ordinary Shares reported revenue of 2.05B GBP in the most recent fiscal year, growing at a 5-year CAGR of 37.2%. Net income reached 377.2M GBP, with a 64.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 57.5%, operating margin 22.2%, net margin 18.4%. Free cash flow grew at 22.7% CAGR over 5 years.
At the current price of $11.67, WSE trades at a P/E of 23.62 and an ROE of 26.12%. Market capitalisation stands at $11.7B, placing it among large-cap names.
Balance sheet quality for WSE: current ratio of 1,467.1, net cash position of 24.13B GBP. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 5.70B GBP represents 1511% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 66.3M GBP | 117.3M GBP | 177.9M GBP | 302.6M GBP | 421.0M GBP | 563.8M GBP | 986.3M GBP | 1.41B GBP | 1.81B GBP | 2.05B GBP |
| Cost of Revenue | 20.3M GBP | 39.8M GBP | 67.5M GBP | 114.5M GBP | 160.5M GBP | 194.7M GBP | 348.1M GBP | 307.4M GBP | 498.4M GBP | 869.7M GBP |
| Gross Profit | 46.1M GBP | 77.5M GBP | 110.4M GBP | 188.1M GBP | 260.5M GBP | 369.1M GBP | 638.2M GBP | 1.10B GBP | 1.31B GBP | 1.18B GBP |
| Research & Development | 0 | 2.8M GBP | 0 | 0 | 19.9M GBP | 25.0M GBP | 42.7M GBP | 53.5M GBP | 65.9M GBP | 0 |
| Selling, General & Admin | 46.6M GBP | 68.0M GBP | 93.2M GBP | 148.2M GBP | 73.7M GBP | 118.4M GBP | 181.1M GBP | 222.4M GBP | 326.0M GBP | 417.0M GBP |
| Operating Expenses | 46.6M GBP | 68.0M GBP | 99.1M GBP | 168.6M GBP | 213.7M GBP | 320.4M GBP | 483.8M GBP | 603.0M GBP | 728.2M GBP | 724.2M GBP |
| Operating Income | -519,000 GBP | 9.5M GBP | 12.2M GBP | 23.6M GBP | 44.9M GBP | 48.7M GBP | 157.2M GBP | 501.9M GBP | 579.6M GBP | 453.9M GBP |
| EBITDA | 315,000 GBP | 10.6M GBP | 18.5M GBP | 45.5M GBP | 70.4M GBP | 71.2M GBP | 179.7M GBP | 520.0M GBP | 598.6M GBP | 525.2M GBP |
| Interest Expense | 0 | 0 | 2.1M GBP | 4.5M GBP | 7.6M GBP | 11.5M GBP | 10.0M GBP | 20.3M GBP | 15.4M GBP | 14.8M GBP |
| Pre-tax Income | -801,000 GBP | 7.8M GBP | 10.1M GBP | 20.4M GBP | 41.1M GBP | 43.9M GBP | 146.5M GBP | 481.4M GBP | 564.8M GBP | 499.5M GBP |
| Income Tax | -7.0M GBP | 1.6M GBP | -200,000 GBP | 5.4M GBP | 10.2M GBP | 11.0M GBP | 32.5M GBP | 126.8M GBP | 148.1M GBP | 122.3M GBP |
| Net Income | 6.2M GBP | 6.2M GBP | 10.3M GBP | 15.0M GBP | 30.9M GBP | 32.9M GBP | 114.0M GBP | 354.6M GBP | 416.7M GBP | 377.2M GBP |
| EPS | $0.02 | $0.02 | $0.03 | $0.04 | $0.03 | $0.03 | $0.11 | $0.34 | $0.40 | $0.37 |
| EPS (Diluted) | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.11 | $0.34 | $0.40 | $0.37 |
| Shares Outstanding (Diluted) | 382.0M GBP | 400.9M GBP | 481.0M GBP | 488.8M GBP | 1.02B GBP | 1.03B GBP | 1.04B GBP | 1.05B GBP | 1.05B GBP | 778.9M GBP |
Income Statement (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|---|---|---|---|
| Revenue | 807.8M GBP | 951.7M GBP | 959.2M GBP | 1.09B GBP |
| Gross Profit | 654.9M GBP | 630.9M GBP | 680.2M GBP | 497.9M GBP |
| Operating Income | 301.9M GBP | 287.5M GBP | 231.7M GBP | 222.2M GBP |
| EBITDA | 294.7M GBP | 308.7M GBP | 242.3M GBP | 282.9M GBP |
| Net Income | 217.3M GBP | 199.4M GBP | 187.2M GBP | 190.0M GBP |
| EPS | $0.21 | $0.19 | $0.18 | $0.19 |
| EPS (Diluted) | $0.21 | $0.19 | $0.18 | $0.19 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 71.4M GBP | 156.6M GBP | 856.1M GBP | 2.08B GBP | 885.7M GBP | 1.13B GBP | 3.85B GBP | 5.19B GBP | 8.18B GBP | 21.03B GBP |
| Short-term Investments | 0 | 0 | 109.7M GBP | 114.1M GBP | 737.5M GBP | 1.19B GBP | 3.80B GBP | 4.03B GBP | 4.65B GBP | 3.47B GBP |
| Receivables | 30.4M GBP | 41.2M GBP | 88.1M GBP | 53.3M GBP | 49.3M GBP | 95.7M GBP | 185.8M GBP | 387.7M GBP | 295.8M GBP | 184.7M GBP |
| Inventory | 2.3M GBP | 1.9M GBP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 110.7M GBP | 353.8M GBP | 1.07B GBP | 2.30B GBP | 4.18B GBP | 7.39B GBP | 11.74B GBP | 14.96B GBP | 19.00B GBP | 24.86B GBP |
| Property, Plant & Equipment | 2.6M GBP | 3.5M GBP | 4.5M GBP | 19.1M GBP | 24.0M GBP | 22.6M GBP | 21.1M GBP | 34.3M GBP | 115.9M GBP | 143.6M GBP |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.1M GBP | 14.0M GBP | 20.4M GBP | 21.3M GBP | 27.5M GBP | 20.3M GBP | 11.4M GBP | 6.5M GBP | 4.0M GBP | 3.4M GBP |
| Total Assets | 128.4M GBP | 378.4M GBP | 1.11B GBP | 2.38B GBP | 4.30B GBP | 7.56B GBP | 11.90B GBP | 15.14B GBP | 19.25B GBP | 25.16B GBP |
| Accounts Payable | 2.0M GBP | 6.8M GBP | 3.0M GBP | 5.5M GBP | 3.1M GBP | 10.4M GBP | 8.2M GBP | 7.9M GBP | 16.8M GBP | 11.9M GBP |
| Short-term Debt | 11.0M GBP | 20.2M GBP | 0 | 200,000 GBP | 0 | 5.5M GBP | 249.9M GBP | 4.3M GBP | 1.3M GBP | 4.5M GBP |
| Total Current Liabilities | 79.7M GBP | 270.3M GBP | 967.4M GBP | 2.11B GBP | 3.90B GBP | 7.05B GBP | 11.29B GBP | 13.89B GBP | 17.62B GBP | 16.9M GBP |
| Long-term Debt | 0 | 0 | 13.9M GBP | 49.0M GBP | 78.6M GBP | 78.5M GBP | 0 | 198.4M GBP | 98.1M GBP | 248.6M GBP |
| Total Liabilities | 79.7M GBP | 271.0M GBP | 986.3M GBP | 2.18B GBP | 4.02B GBP | 7.16B GBP | 11.33B GBP | 14.16B GBP | 17.86B GBP | 23.70B GBP |
| Retained Earnings | -24.7M GBP | -18.5M GBP | -7.6M GBP | 8.9M GBP | 162.6M GBP | 224.5M GBP | 357.8M GBP | 742.9M GBP | 1.16B GBP | 1.60B GBP |
| Total Equity | 48.7M GBP | 107.4M GBP | 126.4M GBP | 196.8M GBP | 285.3M GBP | 409.2M GBP | 576.9M GBP | 979.9M GBP | 1.39B GBP | 1.46B GBP |
| Total Debt | 11.0M GBP | 20.2M GBP | 13.9M GBP | 63.8M GBP | 98.7M GBP | 95.7M GBP | 264.4M GBP | 224.2M GBP | 185.6M GBP | 365.9M GBP |
| Net Debt | -60.4M GBP | -136.4M GBP | -951.9M GBP | -2.13B GBP | -1.52B GBP | -2.22B GBP | -7.39B GBP | -9.00B GBP | -12.64B GBP | -24.13B GBP |
| Working Capital | 30.9M GBP | 83.5M GBP | 106.5M GBP | 183.8M GBP | 281.8M GBP | 347.0M GBP | 454.6M GBP | 1.07B GBP | 1.38B GBP | 24.84B GBP |
Balance Sheet (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|---|---|---|---|
| Cash & Equivalents | 11.89B GBP | 8.18B GBP | 1.58B GBP | 21.03B GBP |
| Total Assets | 16.51B GBP | 19.25B GBP | 22.11B GBP | 25.16B GBP |
| Total Liabilities | 15.34B GBP | 17.86B GBP | 20.68B GBP | 23.70B GBP |
| Total Equity | 1.17B GBP | 1.39B GBP | 1.43B GBP | 1.46B GBP |
| Total Debt | 52.4M GBP | 185.6M GBP | 301.3M GBP | 365.9M GBP |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 6.2M GBP | 6.2M GBP | 10.3M GBP | 15.0M GBP | 30.9M GBP | 32.9M GBP | 114.0M GBP | 354.6M GBP | 416.7M GBP | 377.2M GBP |
| Depreciation & Amortization | 2.1M GBP | 3.9M GBP | 6.3M GBP | 20.6M GBP | 21.7M GBP | 22.9M GBP | 23.2M GBP | 18.3M GBP | 18.3M GBP | 10.9M GBP |
| Stock-based Compensation | 2.1M GBP | 3.1M GBP | 7.0M GBP | 24.2M GBP | 38.5M GBP | 42.2M GBP | 58.2M GBP | 72.5M GBP | 58.4M GBP | 0 |
| Change in Working Capital | 8.7M GBP | 165.6M GBP | 664.8M GBP | 1.13B GBP | 1.95B GBP | 3.00B GBP | 3.81B GBP | 2.88B GBP | 4.10B GBP | 5.16B GBP |
| Operating Cash Flow | 16.3M GBP | 190.7M GBP | 683.8M GBP | 1.19B GBP | 2.07B GBP | 3.14B GBP | 3.92B GBP | 3.25B GBP | 4.49B GBP | 5.71B GBP |
| Capital Expenditure | -1.9M GBP | -2.3M GBP | -13.6M GBP | -18.1M GBP | -23.2M GBP | -11.9M GBP | -8.8M GBP | -13.0M GBP | -35.4M GBP | -14.8M GBP |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -10.1M GBP | -68.4M GBP | -72.6M GBP | -358.1M GBP |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 14.5M GBP | 188.4M GBP | 670.2M GBP | 1.17B GBP | 2.05B GBP | 3.13B GBP | 3.91B GBP | 3.24B GBP | 4.46B GBP | 5.70B GBP |
Cash Flow (Quarterly)
| Year | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | 2.01B GBP | 238.2M GBP | 394.7M GBP | 5.32B GBP |
| Capital Expenditure | -11.7M GBP | -22.8M GBP | -11.7M GBP | -3.1M GBP |
| Free Cash Flow | 2.00B GBP | 215.4M GBP | 383.0M GBP | 5.32B GBP |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 31.0M GBP | 27.4M GBP | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +76.8% | +51.7% | +70.1% | +39.1% | +33.9% | +74.9% | +43.2% | +27.9% | +13.4% | |
| Net Income Growth (YoY) | +0.1% | +66.1% | +45.6% | +106.0% | +6.5% | +246.5% | +211.1% | +17.5% | -9.5% | |
| EPS Growth (YoY) | -4.3% | +65.2% | +42.6% | -9.3% | +2.7% | +223.5% | +209.1% | +17.6% | -7.5% | |
| Shares Change (YoY) | +4.9% | +20.0% | +1.6% | +108.2% | +1.6% | +0.8% | +0.9% | -0.3% | -25.7% | |
| FCF Growth (YoY) | +1,203.6% | +255.7% | +74.6% | +75.2% | +52.4% | +25.1% | -17.3% | +37.8% | +27.8% | |
| Gross Margin | 69.4% | 66.1% | 62.1% | 62.2% | 61.9% | 65.5% | 64.7% | 78.2% | 72.4% | 57.5% |
| Operating Margin | -0.8% | 8.1% | 6.9% | 7.8% | 10.7% | 8.6% | 15.9% | 35.5% | 32.1% | 22.2% |
| EBITDA Margin | 0.5% | 9.0% | 10.4% | 15.0% | 16.7% | 12.6% | 18.2% | 36.8% | 33.1% | 25.6% |
| Net Margin | 9.3% | 5.3% | 5.8% | 5.0% | 7.3% | 5.8% | 11.6% | 25.1% | 23.1% | 18.4% |
| FCF Margin | 21.8% | 160.6% | 376.7% | 386.7% | 487.1% | 554.5% | 396.5% | 229.1% | 246.9% | 278.3% |
| Effective Tax Rate | 873.0% | 20.5% | -2.0% | 26.5% | 24.8% | 25.1% | 22.2% | 26.3% | 26.2% | 24.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.04 | $0.47 | $1.39 | $2.39 | $2.02 | $3.02 | $3.75 | $3.08 | $4.25 | $7.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 382.0M GBP | 400.9M GBP | 479.1M GBP | 487.0M GBP | 1.02B GBP | 1.03B GBP | 1.04B GBP | 1.05B GBP | 1.03B GBP | 771.2M GBP |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 26.12% |
| Return on Invested Capital | 1.36% |
| Return on Assets | 1.50% |
| Gross Margin | 57.53% |
| Operating Margin | 22.17% |
| Net Margin | 18.42% |
Financial Health
| Debt / Equity | 0.25 |
| Current Ratio | 1,467.09 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.63 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 466.96 | 196.55 | 127.78 | 94.08 | 93.60 | 322.34 | 106.13 | 33.74 | 27.87 | 29.43 |
| P/B | 59.39 | 11.37 | 12.40 | 8.50 | 11.04 | 27.69 | 21.09 | 12.31 | 8.30 | 5.77 |
| P/S | 43.57 | 10.41 | 8.81 | 5.53 | 7.48 | 20.10 | 12.33 | 8.54 | 6.37 | 4.10 |
| Gross Margin | 69.4% | 66.1% | 62.1% | 62.2% | 61.9% | 65.5% | 64.7% | 78.2% | 72.4% | 57.5% |
| Operating Margin | -0.8% | 8.1% | 6.9% | 7.8% | 10.7% | 8.6% | 15.9% | 35.5% | 32.1% | 22.2% |
| Net Margin | 9.3% | 5.3% | 5.8% | 5.0% | 7.3% | 5.8% | 11.6% | 25.1% | 23.1% | 18.4% |
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