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WAM Research Ltd. (WAX) AI Stock Analysis
WAM Research Ltd.
(ASX:WAX)
The overall score balances a robust, debt-free balance sheet and strong historical profitability in good years against highly cyclical earnings, recent losses, and volatile cash flows, while weak current price momentum and a negative P/E ratio temper the attractiveness of the otherwise high dividend yield.
WAM Research Ltd. (WAX) vs. iShares MSCI Australia ETF (EWA)
- Market Cap
- AUD 164.88M
- Dividend Yield
- 12.96%
- Average Volume (3M)
- 274.92K
- Price to Earnings (P/E)
- -5.8
- Beta (1Y)
- 0.29
- Revenue Growth
- -181.06%
- EPS Growth
- -195.83%
- Country
- Australia
- Employees
- ―
- Sector
- Financial
- Sector Strength
- 68
- Industry
- Asset Management
WAM Research Ltd. Business Overview & Revenue Model
Company Description
WAM Research Limited is an Australian-domiciled closed-end equity investment vehicle, founded on May 10, 2002, and managed by MAM Pty Limited. The fund primarily directs its capital towards publicly listed companies within Australia, with a significa...
WAM Research Ltd. Financial Statement Overview
Summary
Score reflects a very strong, debt-free balance sheet and historically attractive returns on equity, offset by highly volatile revenue, deep losses in down years including 2026, and erratic but generally positive cash generation.
Income Statement
40NegativeBalance Sheet
80PositiveCash Flow
55Neutral| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -37.51M | -37.51M | 46.27M | 54.24M | 25.79M | 82.33M |
| Gross Profit | -40.18M | -40.18M | 46.27M | 54.24M | 23.29M | 82.33M |
| EBITDA | -40.88M | -40.88M | 39.39M | 45.20M | 22.65M | 73.50M |
| Net Income | -27.95M | -27.95M | 28.49M | 32.47M | 16.85M | 52.29M |
Balance Sheet | ||||||
| Total Assets | 186.05M | 186.05M | 243.28M | 233.64M | 203.56M | 263.54M |
| Cash, Cash Equivalents and Short-Term Investments | 159.88M | 159.88M | 233.81M | 217.68M | 183.82M | 248.21M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.39M | 5.39M | 17.07M | 18.97M | 4.43M | 27.91M |
| Stockholders Equity | 180.67M | 180.67M | 226.21M | 214.66M | 199.14M | 235.63M |
Cash Flow | ||||||
| Free Cash Flow | 10.34M | 10.34M | 15.70M | 17.27M | -10.13M | -5.86M |
| Operating Cash Flow | 10.34M | 10.34M | 15.70M | 17.27M | -10.13M | -5.86M |
| Investing Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Cash Flow | -17.38M | -17.38M | -17.23M | -16.70M | -16.29M | -15.65M |
WAM Research Ltd. Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAX, the sentiment is Negative. The current price of 0.79 is below the 20-day moving average (MA) of 0.82, below the 50-day MA of 0.83, and below the 200-day MA of 0.98, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 36.28 is Neutral, neither overbought nor oversold. The STOCH value of 5.77 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAX.
WAM Research Ltd. Peers Comparison
Overall Rating
AU:MAM71Outperform
AU:MFF67Neutral
AU:MIR65Neutral
AU:PAC63Neutral
AU:SB258Neutral- AU:WAX54Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| AU:MAM | 71Outperform | AUD 40.10M | 7.09 | 22.72% | 10.65% | -11.68% | -19.96% |
| Sector * | 68Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
| AU:MFF | 67Neutral | AUD 3.12B | 18.98 | 6.21% | 4.11% | 44.63% | -63.30% |
| AU:MIR | 65Neutral | AUD 517.06M | 39.83 | 2.07% | 4.53% | 45.10% | 44.28% |
| AU:PAC | 63Neutral | AUD 304.54M | -363.33 | -0.37% | 4.40% | -88.55% | -104.51% |
| AU:SB2 | 58Neutral | AUD 46.66M | -6.01 | -9.58% | 7.21% | -42.55% | -396.54% |
| AU:WAX | 54Neutral | AUD 164.88M | -5.79 | -14.16% | 12.96% | -181.06% | -195.83% |
* Financial Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| AU:WAX | WAM Research Ltd. | 0.79 | -0.33 | -29.72% | |
| AU:PAC | Pacific Current Group Ltd | 10.90 | 0.58 | 5.66% | |
| AU:MAM | Microequities Asset Management Group Ltd. | 0.31 | -0.22 | -40.95% | |
| AU:SB2 | Salter Brothers Emerging Companies Ltd. | 0.56 | -0.14 | -19.80% | |
| AU:MFF | MFF Capital Investments Ltd. | 5.23 | 0.67 | 14.77% | |
| AU:MIR | Mirrabooka Investments Ltd | 2.31 | -0.81 | -25.89% |
WAM Research Ltd. Corporate Events
WAM Research Expands ASX-Quoted Share Base Via Distribution Plan
WAM Research Ltd. has applied for quotation of 1,945,046 new fully paid ordinary shares on the ASX under its existing WAX ticker. The shares, issued on October 28, 2026 under a dividend or distribution plan, will increase the number of securities ava...
WAM Research Updates Dividend and DRP Details for June 2026 Period
WAM Research Limited has updated its notification regarding a dividend tied to the six‑month period ending 30 June 2026, payable on its ordinary fully paid shares under ASX code WAX. The update, dated 20 October 2026, revises the Dividend Reinv...
WAM Research Portfolio Outperforms as Dividend Capacity and AI Exposure Strengthen
WAM Research Limited reported a September 2026 net tangible asset per share of 77.16 cents before the declared final dividend, supported by assets of $161.2 million and a substantial profits reserve. The company continues to target income investors,...
WAM Research hosts FY2026 results webinar with investor guidance
WAM Research Ltd, through its manager Wilson Asset Management, held a FY2026 full-year results Q&A webinar led by portfolio managers Oscar Oberg and Tobias Yao to update investors on the company’s performance and portfolio positioning. The...
Wilson Asset Management exits substantial holding in Artrya
WAM Research Ltd., through its manager Wilson Asset Management Group, is a specialist Australian equities investor with a focus on actively managed portfolios of listed companies, particularly in the small- and mid-cap segments of the local market. T...
Wilson Asset Management exits substantial holder position in Integral Diagnostics
Wilson Asset Management Group has disclosed to Integral Diagnostics Limited that it has ceased to be a substantial holder in the ASX‑listed medical imaging company. The notice, lodged under section 671B of the Corporations Act, indicates that W...
WAM Funds to Host FY2026 Results Q&A Webinar for Shareholders
Wilson Asset Management’s listed investment companies WAM Capital, WAM Microcap and WAM Research operate in the Australian equities space, providing investors with actively managed portfolios and market insights. These vehicles cater to shareho...
WAM Research Holds FY2026 Dividend Amid Portfolio Slump, Warns on Future Franking
WAM Research has declared a final dividend of 5.0 cents per share, partially franked at 50%, bringing total dividends for FY2026 to 10.0 cents per share franked at 55% in aggregate. The Board highlighted that the level of franking reflects the compan...
WAM Research Posts Loss but Maintains Dividends and DRP
WAM Research Ltd reported a sharp deterioration in its financial performance for the year ended 30 June 2026, moving to a net loss after tax of $27.95 million compared with the prior year, alongside a significant fall in revenue from ordinary activit...
WAM Research Declares AUD 0.05 Interim Dividend for June Half
WAM Research Ltd. has declared a fully paid ordinary share dividend of AUD 0.05 for the six-month period ended 30 June 2026, reinforcing its pattern of income returns to shareholders. The stock will trade ex-dividend on 15 October 2026, with a record...
WAM Research Outlines 2026 Governance Framework for Externally Managed Structure
WAM Research Limited has detailed its 2026 corporate governance framework, confirming adoption of the ASX Corporate Governance Council’s 4th Edition Principles and Recommendations, with some exceptions reflecting its externally managed, no-empl...
WAM Research affirms ASX-aligned governance for 2026
WAM Research Limited has confirmed that its corporate governance statement for the year ended 30 June 2026 is available on its website and has been approved by the board as at 24 August 2026. The lodgement, made in conjunction with its annual report,...
WAM Research posts solid NTA, maintains dividends amid mixed portfolio moves
WAM Research reported net tangible assets of 74.00 cents per share before tax at 31 July 2026, with a small tax refund lifting after-tax NTA to 74.48 cents and a net tax asset position that includes carried-forward tax losses. The company highlighted...
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: Aug 26, 2026