Waton Financial Ltd is a US-listed company in the investment banking & brokerage industry. Its financial year ends in March.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $11m. That growth ranks 6 of 40 among the investment banking & brokerage companies we cover. The diluted share count is up 15.4% on a year earlier, which dilutes existing holders.
Our model value for Waton Financial 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.
Waton Financial Ltd's trailing-twelve-month revenue grew 48.8% year on year, with a free-cash-flow margin of -66.6%. Where it stands out: change in growth rate of +74.7pp ranks 3 of 40 investment banking & brokerage companies we cover. Where it lags: stock pay as % of revenue of 63.7% ranks 35 of 36 investment banking & brokerage companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 48.8% (+74.7pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for WTF from the sources we follow. See filings →
No model value for Waton Financial Ltd at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Waton Financial Ltd as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.0 ~$0.5–$1.9 | Left out: out of range vs price (0.02x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Waton Financial Ltd with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Waton Financial Ltd: too few analysts cover it.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| WTF | −34% |
| Industry peers (median) | −16% |
| S&P 500 | +11% |
| Months that ended higher | |
| WTF | 46% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| WTF | −59% |
| S&P 500 | −9% |
Worst fall since April 1, 2025: 90% from April 1, 2025 to October 29, 2026. Getting back needed a 873% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $5.7M |
| FY24 Q4 | $10.1M |
| FY25 Q4 | $7.4M |
| FY26 Q4 | $11.1M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | 53.4% |
| FY24 Q4 | 29.3% |
| FY25 Q4 | -143.0% |
| FY26 Q4 | -131.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 208.5% |
| FY24 Q4 | -21.0% |
| FY25 Q4 | 4.6% |
| FY26 Q4 | -66.6% |
| Fiscal year | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 6 | 10 | 7 | 11 |
| EBITDA | 3 | 3 | −11 | −14 |
| Operating income | 3 | 3 | −11 | −15 |
| Net income | 3 | 2 | −12 | −15 |
| Diluted EPS | $0.09 | $0.04 | −$0.29 | −$0.31 |
| Growth (year on year) | ||||
| Revenue | — | +75.2% | −25.9% | +48.8% |
| EBITDA | — | −2.0% | −450.4% | — |
| Operating income | — | −4.0% | −461.9% | — |
| Net income | — | −19.0% | −579.4% | — |
| Diluted EPS | — | −55.6% | −825.0% | — |
| Margins | ||||
| EBITDA margin | 53.5% | 29.9% | −141.6% | −129.7% |
| Operating margin | 53.4% | 29.3% | −143.0% | −131.1% |
| Net margin | 53.7% | 24.8% | −160.7% | −136.7% |
| Free-cash-flow margin | 208.5% | −21.0% | 4.6% | −66.6% |
| Cash flow | ||||
| Cash from operations | 12 | −2 | 0 | −7 |
| Capital spending | 0 | 0 | 0 | 0 |
| Free cash flow | 12 | −2 | 0 | −7 |
| Stock-based pay | 0 | 0 | 9 | 7 |
| Free cash flow after stock pay | 12 | −2 | −8 | −14 |
| Balance sheet | ||||
| Cash | 19 | 5 | 8 | 10 |
| Total debt | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −19 | −5 | −8 | −10 |
| Diluted shares | 35m | 63m | 42m | 48m |
| Returned to shareholders | ||||
| Buybacks | 0 | 6 | 0 | 0 |
| Total returned | 0 | 6 | 0 | 0 |
| Last 12 months unless stated | WTF | LGHL | NCTY | ARBK | GSIW | PMAX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $11m | $9m | $15m | $16m | $7m | $6m | $2.0bn |
| Revenue growth, last 12 months | 48.8% | 657.5% | −3.3% | −67.0% | 33.2% | 30.8% | 20.7% |
| Gross margin | — | −392.5% | 1.7% | 1.8% | — | 49.5% | 3.6% |
| Operating margin | −131.1% | −27.6% | −260.5% | −86.3% | — | −47.9% | −2.3% |
| Net margin | −136.7% | −52.8% | −373.0% | 32.8% | −190.1% | −49.3% | 5.8% |
| Cash from operations / revenue | −63.7% | −37.5% | −29.4% | −161.1% | −58.2% | −18.4% | 7.7% |
| Free-cash-flow margin | −66.6% | −37.6% | −76.5% | −161.9% | −59.6% | −18.4% | 5.2% |
| Stock pay / revenue | 63.7% | 2.3% | 107.6% | 17.1% | 62.2% | 0.2% | 4.7% |
| Change in share count | 15.4% | 37.0% | 62.0% | 260.0% | 7.7% | 65.1% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 48.8% | 20.8% | 6 of 40 |
| Change in growth rate Growth | +74.7pp | -0.3pp | 3 of 40 |
| Operating margin Profitability | -131.1% | -2.3% | 14 of 17 |
| Net margin Profitability | -136.7% | 6.0% | 36 of 40 |
| Stock pay as % of revenue Cash generation | 63.7% | 4.8% | 35 of 36 |
| Change in share count Balance sheet | 15.4% | 1.2% | 27 of 35 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Jane Street Group, LLC | $179,165 | 70K | 37.9% | New |
| Marex Group Ltd | $120,679 | 47K | 25.5% | New |
| UBS Group AG | $95,761 | 38K | 20.3% | ▲ 89.5% |
| Geode Capital Management, LLC | $75,423 | 30K | 15.9% | 0.0% |
| Osaic Holdings, Inc. | $1,848 | 1K | 0.4% | 0.0% |
| Caitong International Asset Management Co., Ltd | $8 | 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 Waton Financial Ltd's complete shareholder register. Values are as reported by the filers .
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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