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Wellchange Holdings Co Ltd (WCT) stock

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NASDAQ: WCT Nasdaq Application Software

E Fundamentals grade

Wellchange Holdings Co Ltd is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Wellchange Holdings Co Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: share count (2m) is 0.033x the cover-page count (46m). We'll show the comparison once resolved.

Wellchange Holdings Co Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Wellchange Holdings files

Where Wellchange stands after its latest Filing

Wellchange has little or no product revenue yet; it used $6m of cash in the twelve months. That puts it 179 of 183 for growth among the application software companies we cover. The diluted share count is up 280.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 4 of our 6 financial-health checks.

Our model value for Wellchange Holdings is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Wellchange Holdings Co Ltd's trailing-twelve-month revenue fell 41.6% year on year, with a free-cash-flow margin of -468.7%. Where it lags: change in share count of 280.9% ranks 160 of 163 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1898.5% while net income fell 1596.9%: a 302pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 41.6% over the last 12 months.
  • Growth slowing. The growth rate is 34.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -469.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 449.3 points on a year ago.
  • Burning cash. Free cash flow was -468.7% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 80.5% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.

Price chart

  • 1 day-6.3%
  • 1 week-9.6%
  • 1 month-78.2%
  • This year-96.5%
  • 1 year-97.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3M
Operating margin
-469.1%
Net margin
-543.2%
EPS (TTM, diluted)
$-4.73

Growth

Revenue growth
−41.6%
Change in growth rate
−34.4 pts
Share count change
+280.9%

Cash

Free cash flow (TTM)
-$6.3M
FCF margin
-468.7%
Stock pay % of revenue
80.5%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for WCT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Wellchange Holdings Co Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: share count (2m) is 0.033x the cover-page count (46m): held for review.

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025
Share price$48.00$8.00
Market value$78m$12m
+ Net debt (− = net cash)$617670−$2m
Enterprise value$79m$10m
Multiples
Price / sales 33.8x9.2x
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Wellchange Holdings Co Ltd: too few analysts cover it.

Positioning

Short interest
0.7%
of tradable shares
Days to cover
0.06
at average volume
Short interest, 1 month
+34%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
3.8%
of shares
Employees
8
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 20252026 to date
Return
WCT−83%−97%
Industry peers (median)−20%−14%
S&P 500+18%+11%
Months that ended higher
WCT58%27%
S&P 50075%46%
Largest fall from a high during the year
WCT−95%−99%
S&P 500−19%−9%

Worst fall since October 2, 2024: 100% from November 11, 2024 to November 2, 2026. Getting back needed a 159864% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.28 – $47.50
From 52-week high
−99.4%
vs 50-day average
−92.9%
vs 200-day average
−97.7%
Volatility (1 year)
484%
Beta vs S&P 500
0.85

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Wellchange Holdings Co Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Wellchange Holdings Co Ltd
$1M $1.5M $2M $2.5M FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $1.7M Revenue (TTM), FY23 Q4: $2.5M Revenue (TTM), FY24 Q4: $2.3M Revenue (TTM), FY25 Q4: $1.3M $1.3M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY22 Q4 $1.7M
FY23 Q4 $2.5M
FY24 Q4 $2.3M
FY25 Q4 $1.3M
Operating margin (TTM) Wellchange Holdings Co Ltd
-600% -400% -200% 0% 200% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY22 Q4: 56.2% Operating margin (TTM), FY23 Q4: 47.5% Operating margin (TTM), FY24 Q4: -19.8% Operating margin (TTM), FY25 Q4: -469.1% -469.1%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY22 Q4 56.2%
FY23 Q4 47.5%
FY24 Q4 -19.8%
FY25 Q4 -469.1%
FCF margin (TTM) Wellchange Holdings Co Ltd
-600% -400% -200% 0% 200% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY22 Q4: 62.4% FCF margin (TTM), FY23 Q4: 32.0% FCF margin (TTM), FY24 Q4: -13.7% FCF margin (TTM), FY25 Q4: -468.7% -468.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY22 Q4 62.4%
FY23 Q4 32.0%
FY24 Q4 -13.7%
FY25 Q4 -468.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 1,671 2,490 2,309 1,348
Gross profit 1,318 1,942 1,617 575
EBITDA 978 1,224 −416 −6,284
Operating income 939 1,183 −457 −6,324
Net income 781 938 −432 −7,323
Diluted EPS $0.49 $0.59 −$0.27 −$4.73
Growth (year on year)
Revenue — +49.0% −7.3% −41.6%
EBITDA — +25.2% −134.0% —
Operating income — +26.0% −138.6% —
Net income — +20.1% −146.0% —
Diluted EPS — +20.2% −145.3% —
Margins
Gross margin 78.9% 78.0% 70.0% 42.7%
EBITDA margin 58.5% 49.1% −18.0% −466.1%
Operating margin 56.2% 47.5% −19.8% −469.1%
Net margin 46.7% 37.7% −18.7% −543.2%
Free-cash-flow margin 62.4% 32.0% −13.7% −468.7%
Cash flow
Cash from operations 1,168 797 −316 −6,318
Capital spending 126 1 0 0
Free cash flow 1,043 796 −316 −6,318
Stock-based pay 91 254 218 1,085
Free cash flow after stock pay 952 543 −534 −7,403
Balance sheet
Cash 261 13 250 2,805
Total debt 0 993 868 832
Net debt (negative = net cash) −261 980 618 −1,974
Diluted shares 2m 2m 2m 2m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · December 31, 2025
What it owns · $14m
Short-term assets $6mLonger-term assets $8m
What it owes, and who funded it · $14m
Short-term liabilities $1mLonger-term liabilities $1mShareholders' equity $11m
  • Short-term assets cover short-term liabilities $6m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6m short-term assets against $1m of longer-dated liabilities.
  • More cash than debt $3m of cash against $831,894 of debt.
  • Debt below 40% of shareholders' equity Debt is 7% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$6m of operating cash flow against $831,894 of debt.
  • Operating profit covers interest at least five times over Operating income of −$6m against $12,437 of interest.

From Wellchange Holdings Co Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+280.9%
year over year
Days sales outstanding
218 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated WCT AUID PDC TWAV SPAI BMR Median
Revenue, last 12 months $1m $1m $2m $2m $3m $3m $482m
Revenue growth, last 12 months −41.6% −42.0% −42.0% 4.1% 92.6% 1.0% 12.0%
Revenue growth, 3-year average — 50.7% — −18.9% — — 11.1%
Revenue growth, latest quarter — −66.0% — −11.8% >999% — 11.9%
Gross margin 42.7% 67.4% 59.5% 52.3% 62.2% 89.7% 69.2%
Operating margin −469.1% <−999% <−999% −121.8% −513.8% −208.6% 1.1%
Operating margin, 3-year average — <−999% — −136.4% −588.4% — −0.8%
Net margin −543.2% <−999% <−999% −272.1% −500.0% −194.6% 2.1%
Cash from operations / revenue −468.7% <−999% −250.3% −142.2% −287.6% −151.9% 18.2%
Free-cash-flow margin −468.7% <−999% −253.4% −142.2% −292.3% −152.8% 15.0%
Free-cash-flow margin, 3-year average — −916.0% — −109.4% — — 16.2%
Stock pay / revenue 80.5% 310.7% 0.9% 13.7% — 22.1% 9.3%
Change in share count 280.9% 31.6% 16.1% 386.5% 44.0% 2.4% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -41.6% 12.0% 180 of 184
Change in growth rate Growth -34.4pp +0.2pp 176 of 184
Gross margin Profitability 42.7% 69.8% 129 of 160
Operating margin Profitability -469.1% 1.1% 168 of 181
Net margin Profitability -543.2% 2.1% 173 of 185
Free-cash-flow margin Cash generation -468.7% 15.2% 173 of 180
Stock pay as % of revenue Cash generation 80.5% 9.3% 167 of 177
Long-term debt as % of assets Balance sheet 3.1% 16.9% 25 of 98
Change in share count Balance sheet 280.9% 1.7% 160 of 163
Days sales outstanding Balance sheet 218 days 57 days 158 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

13F filings for June 30, 2026
Reported value
$47,377
Institutions reporting
5
Shares held vs prior quarter
▲ 10894.1%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jane Street Group, LLC $28,451 30K 60.1% New
Two Sigma Securities, LLC $16,924 18K 35.7% New
Royal Bank Of Canada $2,000 2K 4.2% New
UBS Group AG $1 0K 0.0% ▼ 99.8%
Caitong International Asset Management Co., Ltd $1 0K 0.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Wellchange Holdings Co Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Data status

When each part of this page on Wellchange Holdings Co Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Wellchange Holdings Co Ltd in brief

What does Wellchange Holdings Co Ltd do?
Wellchange Holdings Co Ltd is a US-listed company in the application software industry. Its financial year ends in December.
What is Wellchange Holdings Co Ltd's stock ticker?
Wellchange Holdings Co Ltd trades under the ticker WCT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Wellchange Holdings Co Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Wellchange Holdings Co Ltd reported revenue of $1.3M, 41.6% lower than a year earlier, according to its SEC filings.
What is Wellchange Holdings Co Ltd's free cash flow?
Wellchange Holdings Co Ltd's free-cash-flow margin is -468.7% of revenue over the trailing twelve months, ranking 173 of the 180 application software companies we cover.
Who are Wellchange Holdings Co Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jane Street Group, LLC, Two Sigma Securities, LLC and Royal Bank Of Canada. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Wellchange Holdings Co Ltd's market cap?
On December 31, 2025, Wellchange Holdings Co Ltd's market capitalisation was about $12.4M and net debt of -$2M. Market figures come from third-party market data and may be delayed.
How much debt does Wellchange Holdings Co Ltd have?
Wellchange Holdings Co Ltd's debt-to-equity ratio is 7.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Wellchange Holdings Co Ltd's competitors?
In our Application Software peer group, the companies closest to Wellchange Holdings Co Ltd are Authid Inc., Perpetuals.com Ltd, Taoweave, Inc., Safe Pro Group Inc. and Beamr Imaging Ltd. The side-by-side comparison below sets their revenue, margins and growth against Wellchange Holdings Co Ltd's.