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WAM Capital Ltd. (WAM) AI Stock Analysis

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AU:WAM

WAM Capital Ltd.

(ASX:WAM)

Select Model
Rating:58Neutral
Price Target:AUD 1.00â–²(2.56% Upside)
Action:downgraded
Date:09/06/26

The overall score reflects a balance between WAM Capital’s strong, low-risk balance sheet and solid but volatile cash generation on one hand, and its highly cyclical earnings profile with a recent sizeable loss on the other. Weak technicals, with the share price trending below all major moving averages and deeply oversold momentum indicators, further dampen the outlook. A very high dividend yield partially offsets these risks from a valuation perspective but is tempered by current losses, resulting in a moderately above-average risk-adjusted score.

Positive Factors
Debt-free balance sheetA debt-free structure gives WAM Capital substantial financial flexibility and limits interest and refinancing pressure. Its sizable equity base can support portfolio management through market cycles, preserve liquidity, and reduce the risk that leverage amplifies periods of investment underperformance.
Negative Factors
Large latest-period lossThe latest annual loss demonstrates that WAM’s reported profitability can deteriorate sharply when market conditions and portfolio valuations turn unfavorable. Such a reversal reduces earnings visibility, makes distributions more dependent on portfolio outcomes, and weakens confidence in near-term sustainable returns.

WAM Capital Ltd. (WAM) vs. iShares MSCI Australia ETF (EWA)

-40%-30%-20%-10%0%10%20%AU:WAM-36.85%EWA+13.35%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
AUD 1.09B
Dividend Yield
15.77%
Average Volume (3M)
1.96M
Price to Earnings (P/E)
-8.9
Beta (1Y)
0.33
Revenue Growth
-145.54%
EPS Growth
-156.29%
Country
Australia
Employees
―
Sector
Financial
Sector Strength
68
Industry
Asset Management

WAM Capital Ltd. Business Overview & Revenue Model

Company Description

WAM Capital Limited operates as a closed-end equity investment fund, established in Australia on March 8, 1999, and managed by Wilson Asset Management (International) Pty Limited. This fund primarily invests in publicly traded Australian equities, wi...

How the Company Makes Money

WAM Capital Ltd. makes money primarily through investment returns generated by its portfolio and, indirectly, through shareholder capital management typical of a listed investment company structure. Key sources include: (1) Portfolio income: dividend...

WAM Capital Ltd. Financial Statement Overview

Summary

Financial performance is mixed, combining a conservative, debt-free balance sheet and consistently positive operating and free cash flow with highly volatile revenues and earnings, including a sizeable loss and negative return on equity in 2026. The strong capital buffer and cash generation support resilience, but cyclicality and recent losses keep the score in the mid range.

Income Statement

40Negative

Balance Sheet

82Very Positive

Cash Flow

70Positive
Financial statement breakdown
BreakdownTTMJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue-161.99M-161.99M323.93M343.38M250.76M-406.90M
Gross Profit-184.70M-184.70M323.93M337.50M250.76M-406.90M
EBITDA-186.72M-186.72M304.03M319.37M233.18M-425.94M
Net Income-125.90M-125.90M219.63M229.23M173.30M-293.70M
Balance Sheet
Total Assets1.67B1.67B2.03B1.93B1.78B1.77B
Cash, Cash Equivalents and Short-Term Investments1.38B1.38B209.62M1.72B160.81M250.09M
Total Debt000000
Total Liabilities72.27M72.27M153.43M122.47M48.07M59.50M
Stockholders Equity1.59B1.59B1.88B1.81B1.73B1.71B
Cash Flow
Free Cash Flow126.53M126.53M109.34M229.74M51.54M214.66M
Operating Cash Flow126.53M126.53M109.34M229.74M51.54M214.66M
Investing Cash Flow000000
Financing Cash Flow-154.94M-154.94M-153.38M-151.63M-148.03M-134.10M

WAM Capital Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price0.97

Price Trends

50DMA1.08Negative
100DMA1.26Negative
200DMA1.39Negative

Market Momentum

MACD-0.03Negative
RSI32.22Neutral
STOCH10.90Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAM, the sentiment is Negative. The current price of 0.97 is below the 20-day moving average (MA) of 1.01, below the 50-day MA of 1.08, and below the 200-day MA of 1.39, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 32.22 is Neutral, neither overbought nor oversold. The STOCH value of 10.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAM.

WAM Capital Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (68)

Financial Indicators

AU:WAM against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
AU:ARGAU:ARG77OutperformAUD 7.04B27.413.80%4.12%2.17%0.68%
AU:WLEAU:WLE72OutperformAUD 2.12B11.148.92%7.25%125.29%151.28%
AU:L1GAU:L1G69NeutralAUD 2.96B18.9949.77%2.54%586.06%463.96%
Sector *68Neutral$18.00B11.429.92%3.81%9.73%1.22%
AU:MFFAU:MFF67NeutralAUD 3.12B19.136.21%4.10%44.63%-63.30%
AU:PICAU:PIC60NeutralAUD 419.94M34.492.56%7.31%86.21%-44.46%
AU:WAMAU:WAM58NeutralAUD 1.11B-8.90-7.37%15.77%-145.54%-156.29%

* Financial Sector Average

Performance Comparison

-20%0%20%AU:WAMAU:L1GAU:PICAU:ARGAU:WLEAU:MFFDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
AU:WAM and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
AU:WAMWAM Capital Ltd.0.97-0.58-37.38%
AU:L1GPlatinum Asset Management Ltd1.180.1210.90%
AU:PICPerpetual Equity Investment Co. Ltd.1.09-0.05-4.13%
AU:ARGArgo Investments Limited9.350.475.28%
AU:WLEWAM Leaders Limited1.310.053.97%
AU:MFFMFF Capital Investments Ltd.5.240.6714.76%

WAM Capital Ltd. Corporate Events

WAM Capital Director Increases Indirect Shareholding

Nov 3, 2026

WAM Capital reported that director Geoff Wilson indirectly acquired 15,622 ordinary shares through his superannuation fund, Dynasty Peak Pty Limited, in an on-market purchase on 3 November 2026 for $15,261.13. His indirect holding increased from 1,85...

Wilson Asset Management Group Exits Substantial Holding in DXN

Nov 3, 2026

Wilson Asset Management Group reported that it ceased to be a substantial holder of DXN Limited on 13 October 2026. The notice indicates the group no longer held a substantial disclosed voting interest, potentially reducing its influence over the com...

WAM Capital Director Increases Indirect Shareholding

Nov 2, 2026

WAM Capital Ltd. disclosed that director Geoff Wilson acquired 15,229 ordinary shares through an indirect interest held by his superannuation fund on 2 November 2026, for $14,892.44. The on-market purchase increased his indirect holding from 1,836,46...

Geoff Wilson Increases Indirect Stake in WAM Capital

Nov 1, 2026

WAM Capital Limited reported that director Geoff Wilson increased his indirect interest through a superannuation fund by purchasing 20,651 ordinary shares on market for $20,454.82 on 30 October 2026. His indirect holding rose from 1,815,813 to 1,836,...

WAM Capital Director Geoff Wilson Increases Indirect Shareholding

Oct 29, 2026

WAM Capital Limited has disclosed a change in director Geoff Wilson’s indirect interest in the company’s ordinary shares. Wilson, via a superannuation fund associated with Dynasty Peak Pty Limited, acquired 20,346 shares in an on-market p...

WAM Capital Director Geoff Wilson Increases Indirect Shareholding

Oct 27, 2026

WAM Capital Limited has reported a change in director Geoff Wilson’s indirect holdings in the company, reflecting an on-market purchase of additional ordinary shares through his superannuation fund. The transaction increases Wilson’s indi...

WAM Capital Chairman Geoff Wilson Increases Indirect Shareholding

Oct 26, 2026

WAM Capital Ltd., an Australian listed investment company, offers investors access to a actively managed portfolio of domestic equities. Operating in the funds management segment of the financial services industry, it focuses on delivering returns th...

WAM Capital Director Geoff Wilson Increases Indirect Shareholding

Oct 25, 2026

WAM Capital Limited has reported a change in the indirect shareholding of director Geoff Wilson, disclosed via an Appendix 3Y notice to the ASX. Wilson holds his interest through a superannuation fund structure, reflecting his ongoing financial align...

WAM Capital Director Geoff Wilson Increases Indirect Shareholding

Oct 22, 2026

WAM Capital Limited has disclosed a change in the indirect shareholding of director Geoff Wilson, reflecting an update in his relevant interests in the company’s securities. The notice, lodged under ASX listing rules, details movements within a...

WAM Capital Discloses Increase in Director Geoff Wilson’s Shareholding

Oct 21, 2026

WAM Capital Limited, an Australian listed investment company, focuses on building an actively managed portfolio of domestic equities for its shareholders. It operates within the funds management and listed investment company space, where director sha...

WAM Capital Director Increases Indirect Shareholding via Dividend Reinvestment

Oct 21, 2026

WAM Capital Limited has disclosed a change in director James Chirnside’s indirect interest in the company’s ordinary shares. The change arises from additional shares issued to his superannuation-related entity, Billilla Holdings Pty Ltd ,...

WAM Capital Seeks ASX Quotation for 9.8 Million New Shares

Oct 21, 2026

WAM Capital Limited has applied for quotation on the ASX of 9,817,324 ordinary fully paid shares, to be issued on 21 October 2026. The new securities are being listed under the existing WAM ticker, expanding the company’s quoted share base and...

WAM Capital Director Geoff Wilson Increases Indirect Shareholding

Oct 20, 2026

WAM Capital Limited has disclosed a change in director Geoff Wilson’s indirect interest in the company’s shares, reflecting an on-market purchase through a superannuation fund associated with Dynasty Peak Pty Limited. Following the acquis...

WAM Capital Director Geoff Wilson Lifts Indirect Shareholding

Oct 19, 2026

WAM Capital Limited has disclosed a change in director Geoff Wilson’s indirect shareholding, reflecting an on-market purchase through a superannuation fund structure. The transaction involved the acquisition of 34,936 ordinary shares, increasin...

WAM Capital Founder Geoff Wilson Increases Indirect Shareholding via On-Market Purchase

Oct 19, 2026

WAM Capital Limited has disclosed a change in director Geoff Wilson’s relevant interests in the company’s securities, in line with ASX listing rule 3.19A.2. The notice confirms that Wilson’s interest is held indirectly through a sup...

WAM Capital Updates Dividend Reinvestment Plan Pricing for June 2026 Period

Oct 13, 2026

WAM Capital Limited has updated its previously announced dividend details for holders of its ordinary fully paid shares, relating to the six‑month period ended 30 June 2026. The update, released on 13 October 2026, revises the Dividend Reinvest...

WAM Capital Director Geoff Wilson Increases Indirect Shareholding

Oct 12, 2026

WAM Capital Limited has disclosed a change in director Geoff Wilson’s indirect interest in the company’s ordinary shares. Through a superannuation fund held via Dynasty Peak Pty Limited, Wilson acquired 90,233 shares in an on-market purch...

WAM Capital Schedules FY2026 Results Q&A Webinar

Sep 23, 2026

WAM Capital Ltd. has announced it will host a FY2026 full year results Q&A webinar, led by lead portfolio manager Oscar Oberg and portfolio manager Tobias Yao. The session, recorded on 22 September 2026, is intended to provide investors with insi...

Wilson Asset Management exits substantial holding in Artrya

Sep 18, 2026

Wilson Asset Management Group has notified Artrya Limited that it has ceased to be a substantial holder in the company, lodging a formal notice under section 671B of the Corporations Act. The change reflects a reduction in the group’s relevant...

WAM Capital Ceases Substantial Holding in Integral Diagnostics

Sep 17, 2026

WAM Capital Ltd has filed a notice indicating that it has ceased to be a substantial holder in Integral Diagnostics Limited, an ASX-listed medical imaging provider. The disclosure is made under section 671B of the Corporations Act 2001 and reflects c...

WAM Capital Schedules National 2026 Shareholder Roadshow

Sep 16, 2026

Wilson Asset Management and Future Generation are launching a series of shareholder presentations across multiple Australian cities in October and November 2026, including Wollongong, Newcastle, Noosa, Toowoomba, the Gold Coast and Geelong. The event...

WAM Capital to Host FY2026 Results Webinar with Investor Q&A

Sep 15, 2026

WAM Capital Ltd. and its affiliated funds WAM Microcap and WAM Research will host a FY2026 full-year results webinar on Tuesday 22 September 2026 at 2:00pm Sydney time. The session will feature portfolio managers Oscar Oberg and Tobias Yao, who will...

WAM Capital Sets Higher FY2027 Dividend Target After Portfolio Outperformance

Sep 6, 2026

WAM Capital has declared a final FY2026 dividend of 7.75 cents per share, partially franked at 60%, and set a FY2027 full-year dividend target of 8.0 cents per share, split evenly between interim and final payments, to balance income and capital grow...

WAM Capital Director Philippa Ryan Boosts Shareholding via On-Market Purchase

Sep 4, 2026

WAM Capital Limited, an Australian listed investment company, offers investors exposure to actively managed portfolios of domestic equities and related securities. The firm targets Australian markets with a focus on delivering investment returns thro...

WAM Capital releases FY2026 results and dividend webinar for investors

Sep 3, 2026

WAM Capital Ltd., overseen by Chairman and CIO Geoff Wilson and lead portfolio manager Oscar Oberg, functions as a listed investment company providing investors with access to professionally managed equity portfolios. Through Wilson Asset Management,...

WAM Capital Director Kate Thorley Increases Indirect Shareholding

Sep 2, 2026

WAM Capital Ltd. reported a change in director Kate Thorley’s indirect interest in the company’s ordinary shares, disclosed under ASX listing rules. Her holdings are held through superannuation and investment entities, reflecting standard...

WAM Capital Chair Geoff Wilson Lifts Indirect Shareholding

Aug 31, 2026

WAM Capital has disclosed a change in director Geoff Wilson’s indirect shareholding, reflecting an increase in his stake via a superannuation fund structure. The shares are held through Dynasty Peak Pty Limited, which acts as the vehicle for th...

WAM Capital Cuts FY2027 Dividend Target to Rebuild Reserves After Loss

Aug 27, 2026

WAM Capital has maintained its FY2026 full-year dividend at 15.5 cents per share, partially franked at 60%, despite reporting a significant operating loss and a 10.5% decline in its investment portfolio. The board has used accumulated profits reserve...

WAM Capital Posts Heavy Loss but Maintains Dividend and DRP

Aug 27, 2026

WAM Capital Ltd., an Australian listed investment company, reported a sharp deterioration in financial performance for the year ended 30 June 2026, with revenue from ordinary activities falling 145.5% and a net loss after tax of $125.9 million compar...

WAM Capital Declares Interim Dividend for Six-Month Period to June 2026

Aug 27, 2026

WAM Capital Ltd., a listed investment company on the ASX, operates in the financial services and investment management industry, offering ordinary fully paid shares that provide investors with exposure to a diversified portfolio. The company focuses...

WAM Capital Updates Governance Framework for 2026 Financial Year

Aug 27, 2026

WAM Capital Limited’s Board has reaffirmed its commitment to effective governance and shareholder interests by adopting the ASX Corporate Governance Council’s Principles and Recommendations (4th Edition, 2019 amendments) for the 2026 fina...

WAM Capital Details NTA, Dividend Strength and Mixed Portfolio Drivers in July

Aug 11, 2026

WAM Capital reported a July 2026 pre-tax net tangible asset backing of 119.50 cents per share and an after-tax-refund NTA of 121.17 cents, supported by a current tax asset of $19 million and total net tax assets of 17.08 cents per share. The company...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 06, 2026