MKTW · MARKETWISE, INC.
MarketWise, Inc. operates a content and technology multi-brand platform for self-directed investors in the United States and Internationally. Its platform provides financial research, software, education, and tools to navigate the financial markets through subscription businesses. The company also offers various investment strategies, such as value investing, income, growth, commodities, cryptocurrencies, venture, crowdfunded investing, biotechnology, mutual funds, options, and trading; and investment research product portfolio through a range of media, including desktops, laptops, tablets, and mobile. In addition, it provides a diversified product portfolio for various financial research products under the Stansberry Research, Chaikin Analytics, Brownstone Research, InvestorPlace, Altimetry, Wide Moat Research, Brownstone Research, The Opportunistic Trader, and TradeSmith brand names. Further, the company develops screeners, monitors, portfolio management tools, and proprietary indicators that produce a composite score to rank publicly traded companies. The company was founded in 1999 and is based in Baltimore, Maryland.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $17.27 |
| SO | 10.3M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 10.3M |
| MC | $178.7M |
| Cash | $52.7M |
| Total debt | $0.7M |
| EV | $126.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.4x |
| EV / EBITDA | 2.7x |
| MC / Net Income | 3.8x |
| EV / FCF | 3.1x |
| MC / FCF | 4.3x |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2020-07-23. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 77.03 | 83.39 | 81.27 | 79.95 |
| Revenue YoY % | (7.8%) | (14.4%) | (16.4%) | (23.9%) |
| Cost of Revenue | 11.15 | 10.85 | 10.60 | 10.95 |
| Gross Profit | 65.88 | 72.54 | 70.67 | 69.00 |
| Gross Profit YoY % | (8.0%) | (16.1%) | (16.2%) | (24.7%) |
| Gross Margin % | 85.5% | 87.0% | 87.0% | 86.3% |
| SG&A | 63.86 | 56.54 | 49.93 | 51.37 |
| R&D | 2.33 | 2.19 | 2.14 | 2.14 |
| Operating Expense | 66.98 | 59.36 | 52.85 | 54.19 |
| Operating Income | (1.10) | 13.19 | 17.82 | 14.81 |
| Operating Income YoY % | (106.5%) | (45.5%) | (18.6%) | (30.6%) |
| Operating Margin % | (1.4%) | 15.8% | 21.9% | 18.5% |
| EBITDA | (0.58) | 13.69 | 18.47 | 15.31 |
| EBITDA Margin % | (0.8%) | 16.4% | 22.7% | 19.2% |
| Pretax Income | (0.49) | 13.81 | 18.98 | 15.92 |
| Tax Provision | 0.06 | (0.16) | 1.07 | 0.61 |
| Net Income | (0.55) | 13.97 | 17.91 | 15.31 |
| Net Income to Common | (0.57) | 1.93 | 1.50 | 1.30 |
| Net Margin % | (0.7%) | 16.8% | 22.0% | 19.1% |
| Diluted EPS | -$0.23 | $0.77 | $0.58 | $0.53 |
| Basic EPS | -$0.23 | $0.80 | $0.60 | $0.55 |
| Diluted Avg Shares | 2.5 | 0.0 | 2.6 | 2.4 |
| Basic Avg Shares | 2.5 | 0.0 | 2.5 | 2.4 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 321.64 | 328.12 | 408.70 | 448.18 | 512.40 |
| Revenue YoY % | (2.0%) | (19.7%) | (8.8%) | (12.5%) | — |
| Cost of Revenue | 43.55 | 44.34 | 50.66 | 56.80 | 62.70 |
| Gross Profit | 278.10 | 283.79 | 358.04 | 391.38 | 449.71 |
| Gross Profit YoY % | (2.0%) | (20.7%) | (8.5%) | (13.0%) | — |
| Gross Margin % | 86.5% | 86.5% | 87.6% | 87.3% | 87.8% |
| SG&A | 221.70 | 209.25 | 251.42 | 323.77 | 350.14 |
| R&D | 8.79 | 8.81 | 9.91 | 8.83 | 8.82 |
| Operating Expense | 233.38 | 221.19 | 269.05 | 339.57 | 362.42 |
| Operating Income | 44.72 | 62.60 | 88.99 | 51.80 | 87.28 |
| Operating Income YoY % | (28.6%) | (29.7%) | 71.8% | (40.6%) | — |
| Operating Margin % | 13.9% | 19.1% | 21.8% | 11.6% | 17.0% |
| EBITDA | 46.89 | 64.78 | 91.74 | 55.63 | 90.37 |
| EBITDA Margin % | 14.6% | 19.7% | 22.4% | 12.4% | 17.6% |
| Pretax Income | 48.23 | 66.60 | 96.36 | 56.10 | 102.66 |
| Tax Provision | 1.58 | 2.56 | 3.25 | 1.80 | 1.49 |
| Net Income | 46.65 | 64.04 | 93.11 | 54.30 | 101.17 |
| Net Income to Common | 4.16 | 5.62 | 7.06 | 1.78 | 17.99 |
| Net Margin % | 14.5% | 19.5% | 22.8% | 12.1% | 19.7% |
| Diluted EPS | $1.65 | $2.31 | $3.58 | $1.07 | $0.73 |
| Basic EPS | $1.72 | $2.41 | $3.67 | $1.12 | $0.73 |
| Diluted Avg Shares | 2.5 | 2.4 | 2.0 | 1.7 | 24.7 |
| Basic Avg Shares | 2.5 | 2.3 | 1.9 | 1.6 | 24.6 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 52.67 | 70.14 | 50.53 | 69.11 |
| Receivables | 4.60 | 5.72 | 4.15 | 4.07 |
| Total Current Assets | 111.83 | 131.70 | 117.02 | 130.04 |
| Net PPE | 0.89 | 0.45 | 0.28 | 0.29 |
| Goodwill | 30.04 | 30.04 | 30.04 | 30.04 |
| Total Assets | 201.92 | 218.38 | 201.66 | 211.75 |
| Total Current Liabilities | 229.14 | 234.20 | 229.19 | 239.52 |
| Total Liabilities | 428.81 | 432.00 | 427.61 | 438.77 |
| Retained Earnings | (114.24) | (113.66) | (115.59) | (117.10) |
| Total Equity | (226.89) | (213.62) | (225.95) | (227.02) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 52.67 | 70.14 | 97.88 | 155.17 | 158.57 |
| Receivables | 4.60 | 5.72 | 1.88 | 4.53 | 4.04 |
| Total Current Assets | 111.83 | 131.70 | 168.83 | 267.84 | 279.18 |
| Net PPE | 0.89 | 0.45 | 0.59 | 0.69 | 0.89 |
| Goodwill | 30.04 | 30.04 | 30.04 | 31.04 | 31.31 |
| Total Assets | 201.92 | 218.38 | 259.51 | 396.56 | 442.51 |
| Total Current Liabilities | 229.14 | 234.20 | 260.21 | 373.89 | 385.51 |
| Long-term Debt | — | — | — | 0.00 | — |
| Total Liabilities | 428.81 | 432.00 | 477.44 | 685.50 | 740.89 |
| Retained Earnings | (114.24) | (113.66) | (119.28) | (126.34) | (128.12) |
| Total Equity | (226.89) | (213.62) | (217.92) | (288.94) | (298.38) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (0.57) | 1.93 | 1.50 | 1.30 |
| D&A | 0.52 | 0.50 | 0.65 | 0.50 |
| Stock-Based Comp | 2.21 | 2.66 | 2.75 | 2.56 |
| Operating Cash Flow | (2.08) | 24.21 | 2.17 | 17.84 |
| CapEx | (0.47) | (0.21) | (0.01) | (0.12) |
| Investing Cash Flow | (0.60) | (0.53) | (0.48) | (0.34) |
| Stock Issuance | — | 0.14 | 0.00 | — |
| Stock Buyback | (0.06) | (0.48) | (1.05) | (1.85) |
| Financing Cash Flow | (14.79) | (4.09) | (20.23) | (27.57) |
| Effect of FX on Cash | (0.01) | 0.01 | (0.03) | 0.00 |
| Free Cash Flow | (2.55) | 24.00 | 2.15 | 17.72 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 4.16 | 5.62 | 7.06 | 1.78 | 17.99 |
| D&A | 2.17 | 2.19 | 2.75 | 3.82 | 3.09 |
| Stock-Based Comp | 10.17 | 11.11 | 12.20 | 23.38 | 9.04 |
| Operating Cash Flow | 42.15 | 45.96 | (22.15) | 62.43 | 48.37 |
| CapEx | (0.82) | (0.39) | (0.13) | (0.07) | (0.04) |
| Investing Cash Flow | (1.95) | (1.57) | (0.68) | (1.90) | (13.24) |
| Stock Issuance | — | 0.42 | 0.30 | 0.68 | 0.83 |
| Stock Buyback | (3.44) | (3.38) | (10.80) | 0.00 | (13.05) |
| Financing Cash Flow | (66.69) | (72.11) | (34.46) | (63.95) | (16.19) |
| Effect of FX on Cash | (0.03) | (0.02) | (0.01) | 0.02 | 0.05 |
| Free Cash Flow | 41.33 | 45.57 | (22.28) | 62.36 | 48.34 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.49 | 0.56 | 0.51 | 0.54 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | -1.89 | -2.02 | -1.89 | -1.93 |
| EBITDA Margin % | (0.8%) | 16.4% | 22.7% | 19.2% |
| Working Capital | (117.31) | (102.50) | (112.18) | (109.47) |
| Net Debt | — | — | — | — |
| ROE % | 0.2% | (6.5%) | (7.9%) | (6.7%) |
| ROA % | (0.3%) | 6.4% | 8.9% | 7.2% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.49 | 0.56 | 0.65 | 0.72 | 0.72 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | -1.89 | -2.02 | -2.19 | -2.37 | -2.48 |
| EBITDA Margin % | 14.6% | 19.7% | 22.4% | 12.4% | 17.6% |
| Working Capital | (117.31) | (102.50) | (91.38) | (106.05) | (106.33) |
| Net Debt | — | — | — | (155.17) | — |
| ROE % | (20.6%) | (30.0%) | (42.7%) | (18.8%) | (33.9%) |
| ROA % | 23.1% | 29.3% | 35.9% | 13.7% | 22.9% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-14 | P | 10,000 | $17.99 | $179,900 |
| 2026-05-14 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-14 | P | 10,000 | $18.25 | $182,500 |
| 2026-05-14 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-12 | P | 10,000 | $18.50 | $185,000 |
| 2026-05-12 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-11 | P | 10,000 | $18.89 | $188,900 |
| 2026-05-12 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-08 | P | 11,000 | $17.15 | $188,650 |
| 2026-05-12 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-08 | P | 11,749 | $19.22 | $225,816 |
| 2026-05-12 | Stansberry Frank Porter | Director, 10% Owner | 2026-05-08 | P | 18,626 | $19.93 | $371,216 |
| 2026-05-11 | Galsim Marco | Officer (Chief Information Officer) | 2026-05-05 | A | 10,000 | — | $0 |
| 2026-03-24 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-23 | S | (6,000) | $14.70 | -$88,200 |
| 2026-03-23 | Stansberry Frank Porter | Director, 10% Owner | 2026-03-20 | P | 10,000 | $14.78 | $147,800 |
| 2026-03-23 | Stansberry Frank Porter | Director, 10% Owner | 2026-03-20 | P | 7,270 | $15.76 | $114,575 |
| 2026-03-23 | Stansberry Frank Porter | Director, 10% Owner | 2026-03-19 | P | 23,103 | $14.28 | $329,911 |
| 2026-03-20 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-19 | S | (3,334) | $13.83 | -$46,109 |
| 2026-03-20 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-18 | S | (6,666) | $14.10 | -$93,991 |
| 2026-03-17 | Forney Scott Daniel | Officer (General Counsel) | 2026-03-13 | A | 2,000 | — | $0 |
| 2026-03-17 | Forney Scott Daniel | Officer (General Counsel) | 2026-03-13 | F | (805) | $14.15 | -$11,391 |
| 2026-03-17 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-13 | A | 43,911 | — | $0 |
| 2026-03-17 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-13 | F | (5,284) | $14.15 | -$74,769 |
| 2026-03-17 | Kaufman Steven Andrew | Officer (Controller) | 2026-03-13 | F | (350) | $14.15 | -$4,952 |
| 2026-03-17 | Galsim Marco | Officer (Chief Information Officer) | 2026-03-13 | F | (2,288) | $14.15 | -$32,375 |
| 2026-03-12 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-11 | S | (6,666) | $14.73 | -$98,190 |
| 2026-03-12 | Mickels Erik | Officer (Chief Financial Officer) | 2026-03-10 | S | (3,334) | $15.20 | -$50,677 |
| 2025-10-06 | Eifrig David | Director, Officer (Chief Executive Officer) | 2025-09-16 | J | (1,250) | — | $-0 |
| 2025-10-06 | Galsim Marco | Officer (Chief Information Officer) | 2025-09-16 | J | (2,750) | — | $-0 |
| 2025-10-06 | Palmer Michael Alan | Director | 2025-09-16 | J | (7,500) | — | $-0 |
| 2025-07-25 | Forney Scott Daniel | Officer (General Counsel) | 2025-07-21 | F | (76) | $18.22 | -$1,385 |
| 2025-07-25 | Kaufman Steven Andrew | Officer (Controller) | 2025-07-21 | F | (76) | $18.22 | -$1,385 |
| 2025-07-25 | Galsim Marco | Officer (Chief Information Officer) | 2025-07-21 | F | (326) | $18.22 | -$5,940 |
| 2025-07-03 | Forney Scott Daniel | Officer (General Counsel) | 2025-07-01 | F | (719) | $19.82 | -$14,251 |
| 2025-07-03 | Mickels Erik | Officer (Chief Financial Officer) | 2025-07-01 | F | (3,561) | $19.82 | -$70,579 |
| 2025-07-03 | Galsim Marco | Officer (Chief Information Officer) | 2025-07-01 | F | (1,870) | $19.82 | -$37,063 |
| 2025-07-03 | Kaufman Steven Andrew | Officer (Controller) | 2025-07-01 | F | (449) | $19.82 | -$8,899 |
| 2025-07-03 | Stansberry Frank Porter | Director, 10% Owner | 2025-06-12 | A | 6,775 | — | $0 |
| 2025-07-03 | Smith Matthew Tate | Director | 2025-06-12 | A | 6,775 | — | $0 |
| 2025-07-03 | Tongue Glenn H | Director | 2025-06-12 | A | 7,317 | — | $0 |
| 2025-07-03 | Turner Matthew Joseph | Director | 2025-06-12 | A | 7,317 | — | $0 |
| 2025-07-03 | SIMMONS VAN D | Director | 2025-06-12 | A | 6,775 | — | $0 |
| 2025-06-20 | Mickels Erik | Officer (Chief Financial Officer) | 2025-06-17 | P | 940 | $17.94 | $16,864 |
| 2025-03-17 | Forney Scott Daniel | Officer (General Counsel) | 2025-03-14 | F | (16,061) | $0.61 | -$9,733 |
| 2025-03-17 | Mickels Erik | Officer (Chief Financial Officer) | 2025-03-14 | F | (94,720) | $0.61 | -$57,400 |
| 2025-03-17 | Kaufman Steven Andrew | Officer (Controller) | 2025-03-14 | F | (6,969) | $0.61 | -$4,223 |
| 2025-03-17 | Galsim Marco | Officer (Chief Information Officer) | 2025-03-14 | F | (31,541) | $0.61 | -$19,114 |
| 2024-11-22 | Elizabeth W. P. Bonner 2009 Irrevocable Trust Number Two | 10% Owner | 2023-08-31 | J | 6,311,026 | — | $0 |
| 2024-11-22 | Elizabeth W. P. Bonner 2009 Irrevocable Trust Number Two | 10% Owner | 2023-08-31 | J | 6,311,026 | — | $0 |
| 2024-09-19 | Tongue Glenn H | Director | 2024-09-18 | P | 5,000 | $0.70 | $3,500 |
| 2024-09-19 | Tongue Glenn H | Director | 2024-09-17 | P | 2,782 | $0.69 | $1,932 |
| 2024-09-19 | Tongue Glenn H | Director | 2024-09-17 | P | 7,982 | $0.70 | $5,587 |
| 2024-07-22 | Forney Scott Daniel | Officer (General Counsel) | 2024-07-19 | F | (1,502) | $1.12 | -$1,682 |
| 2024-07-22 | Galsim Marco | Officer (Chief Information Officer) | 2024-07-19 | F | (4,683) | $1.12 | -$5,245 |
| 2024-07-22 | Kaufman Steven Andrew | Officer (Controller) | 2024-07-19 | F | (1,520) | $1.12 | -$1,702 |
| 2024-07-03 | Kaufman Steven Andrew | Officer (Controller) | 2024-07-01 | A | 109,649 | — | $0 |
| 2024-07-03 | Eifrig David | Director | 2024-07-01 | A | 657,894 | — | $0 |
| 2024-07-03 | Curlett Charles N Jr | Officer (Chief Operating Officer) | 2024-07-01 | A | 345,394 | — | $0 |
| 2024-07-03 | Mickels Erik | Officer (Chief Financial Officer) | 2024-07-01 | A | 657,894 | — | $0 |
| 2024-07-03 | Palmer Michael Alan | Director | 2024-07-01 | A | 345,394 | — | $0 |
| 2024-07-03 | Galsim Marco | Officer (Chief Information Officer) | 2024-07-01 | A | 345,394 | — | $0 |
| 2024-07-03 | Forney Scott Daniel | Officer (General Counsel) | 2024-07-01 | A | 172,697 | — | $0 |
| 2024-06-10 | Smith Matthew Tate | Director | 2024-06-06 | A | 94,696 | — | $0 |
| 2024-06-10 | Turner Matthew Joseph | Director | 2024-06-06 | A | 94,696 | — | $0 |
| 2024-06-10 | SIMMONS VAN D | Director | 2024-06-06 | A | 94,696 | — | $0 |
| 2024-06-10 | Tongue Glenn H | Director | 2024-06-06 | A | 102,272 | — | $0 |
| 2024-05-22 | Greenhaven Road Investment Management, L.P. | 10% Owner | 2024-05-17 | S | (47,385) | $1.58 | -$74,911 |
| 2024-05-22 | Greenhaven Road Investment Management, L.P. | 10% Owner | 2024-05-17 | S | (55,919) | $1.58 | -$88,402 |