Financial Services · Asset Management
Price
$2.53
Market Cap
$122.0M
Employees
31
Beta
1.39
Avg Volume
126,066
CEO
Chun On Chu
Business Description
Waton Financial Limited, established in 1989 and based in Kowloon City, Hong Kong, specializes in providing securities brokerage and financial technology services. The company offers clients access to trading on major stock exchanges, including the Hong Kong Stock Exchange (encompassing shares under the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs), the New York Stock Exchange, and the Nasdaq Stock Market. Through an electronic trading platform, it delivers securities brokerage, margin financing, and supplementary services to both corporate and individual investors, alongside bond distribution services. In its financial technology arm, Waton Financial Limited provides software licensing and related support services to financial institutions. This includes the provision of trading platform applications (APPs), along with upgrades, enhancements, and ongoing maintenance. Furthermore, the company develops integrated and customizable software solutions designed to manage the full scope of securities brokerage operations. These solutions cover front-office functions like electronic trade order placement, middle-office tasks such as customer relationship and operational data management, and back-office processes including securities order clearing and settlement. Such offerings enable brokerage clients to digitize and streamline their business operations, facilitating more effective interaction with financial markets. Formerly known as IAM Group Inc., the company officially adopted the name Waton Financial Limited in July 2023 and operates as a subsidiary of Waton Corporation Limited.
Business History
Price Overview
Last updated: Jun 27, 2026 9:00am (just now)$2.53
-0.09 (-3.44%)
Day Range
$2.53 – $2.72
52-Week Range
$2.28 – $7.22
50-Day MA
$3.30
200-Day MA
$4.06
Volume
2,946.00
Share Structure
Outstanding
48,237,472.00
Float
5,439,257.00
Free Float
11.3%
Very low free float
— 11.3% of shares trade freely, ~88.7% held by insiders/institutions
Thinly traded — expect wider bid-ask spreads and sharp price swings on modest volume. Institutional investors may avoid due to liquidity constraints.
Small absolute float (5.4M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-10.12
Stock Price: $2.53
EPS (Diluted): -0.25
EPS (Diluted): -0.25
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
74.46
Stock Price: $2.53
Total Equity: $12.77M
Shares: 47,895,601
Total Equity: $12.77M
Shares: 47,895,601
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-55.82
Market Cap: $122.04M
Total Debt: $31,682
Cash: $7.72M
EBITDA: -$10.87M
Total Debt: $31,682
Cash: $7.72M
EBITDA: -$10.87M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$943.5M
Market Cap: $122.04M
Total Debt: $31,682
Cash: $7.72M
Total Debt: $31,682
Cash: $7.72M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
127.65
Stock Price: $2.53
Revenue: $7.45M
Shares: 47,895,601
Revenue: $7.45M
Shares: 47,895,601
EV/Sales (Total value vs revenue — works when P/E can't)
API126.68
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
40.3%
Gross Profit: $3.00M
Revenue: $7.45M
Revenue: $7.45M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-143.0%
Operating Income: -$10.65M
Revenue: $7.45M
Revenue: $7.45M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-160.7%
Net Income: -$11.97M
Revenue: $7.45M
Revenue: $7.45M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-30.2%
Net Income: -$11.97M
Total Equity: $12.77M
Total Equity: $12.77M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-940.7%
Operating Income: -$10.65M
Tax Rate: -1.3%
Equity: $12.77M
Total Debt: $31,682
Cash: $7.72M
Tax Rate: -1.3%
Equity: $12.77M
Total Debt: $31,682
Cash: $7.72M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.41
Current Assets: $25.34M
Current Liabilities: $17.93M
Current Liabilities: $17.93M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $31,682
Long-Term Debt: $0.00
Total Debt: $31,682
Total Equity: $12.77M
Long-Term Debt: $0.00
Total Debt: $31,682
Total Equity: $12.77M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.16
Revenue: $7.45M
Shares: 47,895,601
Shares: 47,895,601
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.27
Total Equity: $12.77M
Shares: 47,895,601
Shares: 47,895,601
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$0.01
Operating CF: $359,965
CapEx: -$13,744
Shares: 47,895,601
CapEx: -$13,744
Shares: 47,895,601
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $2.53
Stock Price: $2.53
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$11.97M
Net Income: -$11.97M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares WTF against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 1:37am (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $252,822 | $5.7M | $10.1M | $7.4M |
| Cost of Revenue | $61,667 | $1.4M | $3.3M | $4.4M |
| Gross Profit | $191,155 | $4.3M | $6.7M | $3.0M |
| Operating Expenses | $1.8M | $1.3M | $3.8M | $13.7M |
| Operating Income | -$1.6M | $3.1M | $2.9M | -$10.7M |
| Net Income | -$1.5M | $3.1M | $2.5M | -$12.0M |
| EBITDA | -$1.6M | $3.9M | $3.5M | -$10.9M |
| EPS | $-0.03 | $0.06 | $0.05 | $-0.25 |
| EPS (Diluted) | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 1:37am (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $1.7M | $19.1M | $4.9M | $7.7M |
| Total Current Assets | $4.3M | $40.0M | $25.8M | $25.3M |
| Total Assets | $5.8M | $40.8M | $32.7M | $30.7M |
| Current Liabilities | $5.0M | $26.6M | $21.5M | $17.9M |
| Long-Term Debt | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.0M | $26.6M | $21.9M | $18.0M |
| Total Equity | $816,842 | $14.2M | $10.7M | $12.8M |
| Retained Earnings | -$3.9M | $363,806 | $2.9M | -$9.1M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 1:37am (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Cash Flow | $750,913 | $12.0M | -$1.8M | $359,965 |
| Capital Expenditure | $-5,357 | $-4,978 | $-262,091 | $-13,744 |
| Free Cash Flow | $745,556 | $12.0M | -$2.1M | $346,221 |
| Acquisitions (net) | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — |
| Dividends Paid | — | — | — | — |
| Stock Buybacks | $0 | $0 | -$6.0M | $0 |
| Net Change in Cash | $1.8M | $24.8M | -$18.2M | $3.2M |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 1:37am (3d ago)| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | +2,169.9% | +75.2% | -25.9% |
| Gross Profit Growth | +2,175.2% | +55.0% | -55.5% |
| Operating Income Growth | +287.5% | -4.0% | -461.9% |
| Net Income Growth | +305.7% | -19.0% | -579.4% |
| EBITDA Growth | +340.3% | -9.6% | -407.7% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-03-18 | JIANG Wen | 0.00 | $0.00 | $0 | |
| 2026-03-18 | FUNG Chi Kin | 0.00 | $0.00 | $0 | |
| 2026-03-18 | WEN HUAXIN | 0.00 | $0.00 | $0 | |
| 2026-03-18 | CHU Chun On Franco | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Rogers James Beeland Jr. | 0.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for WTF — it's generated by the pipeline (
market-narrative step).
No community reviews yet for WTF.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30