WLY
John Wiley & Sons, Inc.Communication Services·Publishing
$42.08
$2.2B market cap
Revenue
$1.7B
Free Cash Flow
$163.2M
Rev Growth
+1.3%
FCF Margin
9.8%
P/FCF
13.7x
EV/FCF
18.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
John Wiley & Sons, Inc. operates as a research and education company worldwide. The company operates through three segments: Research Publishing & Platforms, Academic & Professional Learning, and Education Services. The Research Publishing & Platforms segment offers scientific, technical, medical, and scholarly journals, as well as related content and services to learned societies, individual researchers, other professionals, and academic, corporate, and government libraries. This segment also p
2-Year Price History
$42.34+23.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 410.0 | 105.4 | 69.8 | 29.7 | 179.8 | 153.0 | -12.9 | 95.1 | 897.4 | 52.7 | 23.0% | 9.2x | 6.5x |
| Act | 2026-Q2 | 421.8 | 105.6 | 79.0 | 44.9 | 8.5 | -17.9 | -13.1 | 67.4 | 1,041 | 53.5 | 24.1% | 9.1x | 9.0x |
| Act | 2026-Q1 | 396.8 | 68.0 | 31.0 | 11.7 | -85.0 | -97.0 | -12.0 | 81.9 | 1,020 | 54.0 | 9.4% | 6.2x | 9.6x |
| Act | 2025-Q4 | 442.6 | 102.3 | 76.5 | 68.1 | 150.3 | 125.1 | -25.2 | 85.9 | 899.2 | 54.5 | 31.7% | 9.1x | 9.4x |
| Act | 2025-Q3 | 404.6 | 69.2 | 51.8 | -23.0 | 146.2 | 104.9 | -21.4 | 104.5 | 988.8 | 54.0 | 13.6% | 4.9x | 9.0x |
| Act | 2025-Q2 | 426.6 | 100.1 | 64.1 | 40.5 | -5.3 | -29.7 | -18.3 | 75.5 | 1,067 | 54.9 | 20.1% | 6.9x | 15.1x |
| Act | 2025-Q1 | 403.8 | 75.1 | 29.0 | -1.4 | -88.7 | -107.2 | -16.5 | 82.6 | 1,045 | 54.4 | 7.2% | 5.9x | 18.6x |
| Act | 2024-Q4 | 468.5 | 113.3 | 79.8 | 25.3 | 183.3 | 147.6 | -28.2 | 83.4 | 887.3 | 55.4 | 23.4% | 9.9x | 59.6x |
| Act | 2024-Q3 | 460.7 | -48.7 | 50.2 | -113.9 | 107.8 | 76.9 | -23.9 | 93.2 | 1,041 | 54.8 | 18.7% | -3.7x | 31.2x |
| Act | 2024-Q2 | 492.8 | 31.1 | 46.2 | -19.5 | -1.2 | -27.9 | -26.7 | 83.2 | 1,080 | 55.1 | 15.7% | 2.4x | 25.1x |
| Act | 2024-Q1 | 451.0 | -47.1 | 22.5 | -92.3 | -82.3 | -111.7 | -24.7 | 75.1 | 1,038 | 55.3 | 7.5% | -4.2x | 14.2x |
| Act | 2023-Q4 | 526.1 | 149.9 | 82.5 | 68.3 | 223.4 | 190.9 | -31.3 | 106.7 | 883.5 | 56.1 | 22.4% | 14.2x | 10.1x |
| Act | 2023-Q3 | 491.4 | -13.5 | -67.1 | -71.5 | 129.9 | 97.5 | -25.4 | 126.5 | 1,085 | 55.5 | -18.1% | -1.2x | 13.0x |
| Act | 2023-Q2 | 514.8 | 111.9 | 57.4 | 38.2 | 13.7 | -12.8 | -26.2 | 118.4 | 1,162 | 56.2 | 12.8% | 12.0x | 8.7x |
| Act | 2023-Q1 | 487.6 | 41.2 | -17.0 | -17.8 | -89.9 | -113.7 | -23.8 | 104.5 | 1,106 | 55.7 | -3.2% | 6.5x | 9.6x |
| Act | 2022-Q4 | 545.7 | 109.5 | 58.4 | 43.2 | 180.6 | 135.0 | -36.9 | 100.4 | 940.1 | 56.5 | 14.9% | 21.6x | 8.8x |
| Act | 2022-Q3 | 515.9 | 101.7 | 46.0 | 35.4 | 234.1 | 201.6 | -32.5 | 109.4 | 1,100 | 56.4 | 10.3% | 19.9x | -- |
| Act | 2022-Q2 | 533.0 | 130.2 | 73.9 | 56.0 | 9.2 | -19.3 | -28.5 | 100.9 | 1,233 | 56.4 | 14.8% | 26.1x | -- |
| Act | 2022-Q1 | 488.4 | 103.2 | 41.0 | 13.8 | -84.8 | -108.7 | -23.9 | 83.0 | 1,153 | 56.6 | 7.1% | 22.3x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 35.87 | — | 21.3% | 445 | 6.7× | 14.2× | 14.3× | 1.0× |
| 2023 | 29.59 | -3.0% | 14.3% | 290 | 9.7× | 17.3× | 117.6× | 1.0× |
| 2024 | 42.08 | -7.3% | 2.6% | 49 | 70.8× | 40.5× | n/m | 1.4× |
| 2025 | 30.63 | -10.4% | 20.7% | 347 | 8.5× | 31.8× | 25.5× | 1.3× |
| TTM | 42.08 | -1.9% | 22.8% | 381 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$42.08
Market Cap$2.2B
Enterprise Value$3.0B
P/S Ratio1.3x
P/FCF13.7x
EV/FCF18.6x
FCF Margin (TTM)9.8%
FCF Yield7.3%
Dividend Yield (TTM)4.2%
Annual Dilution-2.4%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.7B
Net Income$154.4M
Free Cash Flow$163.2M
Revenue Growth (YoY)+1.3%
EBITDA Margin22.8%
Net Margin9.2%
FCF Margin9.8%
CapEx % of Revenue3.8%
SBC % of Revenue-0.4%
ROIC22.0%
WC Change % Rev-0.8%
Interest Coverage8.4x
Forward Outlook & Risk
Short Interest
Short % of Float8.9%
Short Shares3.6M
Days to Cover9.4
Change (vs Prior)+0.3%
Short % Float History
8.90%+3.40pp
Options
Call IV (ATM)36%
Put IV (ATM)46%
ATM Spread6.7%
Call $OI (near money)$120K
Put $OI (near money)$41K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$40.0
Major Expirations3
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $25.00 | $16.00/$19.00 | 0 | --/$1.75 | 0 |
| $30.00 | $11.10/$13.80 | 0 | --/$2.35 | 0 |
| $35.00 | $6.50/$9.40 | 0 | --/$2.75 | 0 |
| $40.00 | $2.45/$5.30 | 0 | $0.25/$3.40 | 0 |
| $45.00 | $1.00/$2.10 | 0 | $2.90/$5.80 | 0 |
| $50.00 | --/$2.60 | 0 | $7.00/$9.60 | 0 |
| $55.00 | --/$2.25 | 0 | $11.70/$14.40 | 0 |
| $60.00 | --/$1.75 | 0 | $16.60/$19.40 | 0 |
Snapshot: 2026-05-22
Employees
Headcount6,400
Revenue / Employee$261,120
Gross Profit / Employee$183,330
2022: 9,500 → 2023: 8,800 → 2024: 6,400 → 2025: 5,200 (-18% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 13.4% of float, sold 7.9%. 3 filers moved >1% of shares (2 buying, 1 selling).
Net flow · Q1 2026still filing
+5.5% of float (net)
Bought 13.4% · Sold 7.9%
248 filers reported (last quarter: 237)
Ownership composition
Active
43.4%(-7.6% YoY)
231 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
27.7%(-4.1% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.4% YoY)
5 filers
Citadel, Susquehanna
Insiders
1.4%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $235M | $45.24 | +$1.2M | +$1.2M | -0.2% | $5.69T |
| Neuberger Berman Group LLC | $115M | $42.70 | −$1.9M | +$65.2M | -0.3% | $131.37B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $95.3M | $37.75 | +$94.4M | +$95.3M | — | $1.91T |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $90.8M | $35.87 | +$21.7M | +$30.4M | -0.2% | $121.82B |
| STATE STREET CORPPassive | $82.9M | $37.82 | +$18.1M | +$18.9M | -0.2% | $2.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $69.7M | $36.63 | +$8.6M | +$11.7M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $65.5M | $37.75 | +$64.9M | +$65.5M | — | $4.04T |
| BANK OF MONTREAL /CAN/ | $60.6M | $35.77 | +$43.4M | +$60.4M | -0.1% | $234.58B |
| BROWN ADVISORY INC | $46.1M | $41.70 | +$6.3M | +$932K | -0.5% | $60.79B |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $37.1M | $31.08 | +$1.9M | +$37.1M | -0.3% | $13.84B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $37.0M | $37.29 | +$636K | +$1.3M | +2.3% | $1.61T |
| Clarkston Capital Partners, LLC | $35.9M | $31.53 | −$63.2M | −$80.4M | -0.6% | $1.31B |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $31.3M | $33.95 | +$1.0M | −$7.0M | -0.4% | $30.11B |
| Invesco Ltd. | $31.1M | $37.20 | +$6.8M | +$23.4M | -0.2% | $652.04B |
| Bank of New York Mellon Corp | $30.3M | $34.57 | −$1.2M | +$326K | -0.2% | $543.21B |
| PALISADE CAPITAL MANAGEMENT LLC/NJ | $29.8M | $36.13 | −$1.6M | −$7.6M | -0.6% | $2.81B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $28.5M | $36.42 | +$2.9M | +$2.3M | +0.7% | $645.81B |
| MORGAN STANLEY | $26.1M | $41.73 | +$2.3M | −$20.4M | -0.3% | $1.65T |
| Madison Avenue Partners, LP | $25.8M | $39.00 | −$17.7M | −$58.3M | +2.9% | $2.25B |
| JPMORGAN CHASE & CO | $23.3M | $37.53 | −$779K | +$5.1M | -0.2% | $1.47T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.12%
avg per quarter
Holders (ex-self)
-0.11%
excl. this stock
Buyers (this Q)
-0.23%
123 buyers · $0.53B in
Sellers (this Q)
+0.23%
87 sellers · $0.04B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+6.9%
how holders react when this stock falls
On quiet Qs
-0.2%
−10% to +10% baseline
On rallies (+10%+)
-32.8%
how they react when this stock rises
Holders' portfolio flow this Q
-1.9%
outflows — trims may be forced
Sellers' portfolio flow this Q
-77.0%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.4%
Holder mid (any stock)
-2.4%
Holder rally (any stock)
-5.0%
Biggest decreases this quarter
Clarkston Capital Partners, LLC−$63.2Mα-0.6Madison Avenue Partners, LP−$17.7Mα+2.9Intrinsic Edge Capital Management LLCexited−$8.7MSG Capital Management LLCexited−$7.7MHEALTHCARE OF ONTARIO PENSION PLAN TRUST FUNDexited−$3.1MSEIZERT CAPITAL PARTNERS, LLCexited−$2.0MNeuberger Berman Group LLC−$1.9Mα-0.3Elo Mutual Pension Insurance Coexited−$1.7MPALISADE CAPITAL MANAGEMENT LLC/NJ−$1.6Mα-0.6Bank of New York Mellon Corp−$1.2Mα-0.2
New buyers this quarter
Top-5 holders · 38.7%
BlackRock, Inc.--
Neuberger Berman Group LLC--
VANGUARD PORTFOLIO MANAGEMENT LLC--
SCHRODER INVESTMENT MANAGEMENT GROUP--
STATE STREET CORP--
Put / call ratio: 0.44 (+8.4% QoQ) — net bullish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Clarkston Capital Partners, LLC943KChamplain Investment Partners, LLC—Neuberger Berman Group LLC3.0MMadison Avenue Partners, LP678KCARDINAL CAPITAL MANAGEMENT LLC /CT—SCHRODER INVESTMENT MANAGEMENT GROUP2.4MGOLDMAN SACHS GROUP INC354KBank of New York Mellon Corp796KSG Capital Management LLC—BANK OF MONTREAL /CAN/1.6M
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
2
Buy: 1Hold: 2Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2024 Q1 | 393M | 63M | 24M | $0.45 | $0.45 – $0.45 | 1 |
| 2024 Q2 | 439M | 96M | 43M | $0.81 | $0.81 – $0.81 | 1 |
| 2024 Q3 | 387M | 85M | 29M | $0.55 | $0.55 – $0.55 | 1 |
| 2024 Q4 | 420M | 92M | 46M | $0.88 | $0.88 – $0.88 | 1 |
| 2025 Q1 | 401M | 88M | 34M | $0.65 | $0.65 – $0.65 | 1 |
| 2025 Q2 | 435M | 95M | 67M | $1.27 | $1.27 – $1.27 | 1 |
| 2025 Q3 | 375M | 82M | 17M | $0.32 | $0.32 – $0.32 | 1 |
| 2025 Q4 | 416M | 91M | 41M | $0.78 | $0.78 – $0.78 | 1 |
| 2026 Q1 | 391M | 85M | 45M | $0.86 | $0.86 – $0.86 | 1 |
| 2026 Q2 | 450M | 98M | 87M | $1.65 | $1.65 – $1.65 | 1 |
Corporate
Executive Compensation (2004-2006)
Direct Pay$22.8M
Incentive & Other$0.4M
Total Compensation$23.2M
% of Revenue0.4%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$615K
3 txns · 3 insiders · 13,965 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-07-02 | SELL | Flynn Jay | officer: EVP & GM, Research & Learning | 5,300 | $43.30 | $230K | $668K |
| 2025-07-01 | SELL | Caridi Christopher | officer: SVP, Chief Accounting Officer | 5,665 | $44.14 | $250K | $350K |
| 2025-06-30 | SELL | Monaco Kevin | officer: SVP, Treasurer & Tax | 3,000 | $45.10 | $135K | $492K |
Order Flow (FINRA, ~3w lag)
11.5%retail-1.2pp
25.5%dark-1.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q3)
| Research Segment | $274.1M | +3% |
| Learning Segment | $135.9M | -1% |