WAM ResearchASX:WAX +1.88%35 EV-to-FCF is 12.47 as of Jul. 05, 2026, which is 249% above its 10-year median of 3.57. GuruFocus rates ASX:WAX with a GF Score™ of 35/100 and a GF Value™ of A$0.01 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 937 Asset Management companies, WAM Research ranks better than 56.35% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, WAM Research's Enterprise Value is A$213.09 Mil.
WAM Research's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was A$17.08 Mil. Therefore, WAM Research's EV-to-FCF for today is 12.47.
The historical rank and industry rank for WAM Research's EV-to-FCF or its related term are showing as below:
ASX:WAX'
s EV-to-FCF Range Over the Past 10 Years
Min: -58.4 Med: 3.57 Max: 57.23
Current: 12.47
During the past 13 years, the highest EV-to-FCF of WAM Research was 57.23. The lowest was -58.40. And the median was 3.57.
ASX:WAX's EV-to-FCF is ranked better than 56.35% of 937
companies
in the Asset Management industry
Industry Median: 14.56
vs ASX:WAX: 12.47
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
WAM Research's PE Ratio (TTM) for today is calculated as:
WAM Research's share price for today is A$1.085.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. WAM Research's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2025 was A$-0.006.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
WAM Research EV-to-FCF Related Terms
WAM Research EV-to-FCF Historical Data
* Premium members only.
The historical data trend for WAM Research's EV-to-FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Asset Management subindustry, WAM Research's EV-to-FCF, along with its competitors' market caps and EV-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
WAM Research EV-to-FCF vs Asset Management Industry
For the Asset Management industry and Financial Services sector, WAM Research's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where WAM Research's EV-to-FCF falls into.
WAM Research's current Enterprise Value is A$213.09 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. WAM Research's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was A$17.08 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
WAM Research (ASX:WAX) has a EV-to-FCF of 12.47 as of Jul. 05, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on WAM Research and its competitors. This is 249% above median its historical median of 3.57. According to the industry distribution chart, WAM Research ranks #409 out of 937 companies in the Asset Management industry, placing it in the top 43.6%.
Is WAM Research's EV-to-FCF too high?
WAM Research's current EV-to-FCF of 12.47 is 249% above median its 10-year median of 3.57. The Asset Management industry median EV-to-FCF is 14.56. WAM Research's value of 12.47 is 14.4% below this industry median. Based on the distribution chart, WAM Research ranks #409 out of 937 companies in the Asset Management industry, which is above the industry midpoint. Overall, WAM Research has a GF Score™ of 35/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does WAM Research's EV-to-FCF compare to BLK and BX?
According to the Asset Management industry distribution chart, WAM Research ranks #409 out of 937 companies for EV-to-FCF. This puts WAM Research in the upper half of its industry. The industry median EV-to-FCF is 14.56. WAM Research's value of 12.47 is 14.4% below this benchmark. While the company's 10-year median is 3.57 vs. the industry median of 14.56, WAM Research has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for an Asset Management company?
The median EV-to-FCF among Asset Management companies is 14.56, based on 937 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. WAM Research's current EV-to-FCF of 12.47 is 14.4% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on WAM Research and its competitors. For the Asset Management industry, the median EV-to-FCF is 14.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. WAM Research's current EV-to-FCF is 12.47, which is 249% above median its own 10-year median of 3.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is WAM Research stock overvalued right now?
Based on GuruFocus' analysis, WAM Research (ASX:WAX) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.01, compared to a current price of A$1.09 — trading 10750% above its estimated fair value. The current EV-to-FCF is 12.47, which is 249% above median its 10-year median of 3.57 and 14.4% below the Asset Management industry median of 14.56. WAM Research's overall GF Score™ is 35/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For WAM Research (ASX:WAX), the current EV-to-FCF is 12.47 as of Jul. 05, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is WAM Research (ASX:WAX) Overvalued in 2026?
Based on GuruFocus' analysis, WAM Research stock appears to be overvalued.
The current stock price of A$1.09 is trading 10750% above its estimated GF Value™ of A$0.01.
GuruFocus considers WAM Research to be Significantly Overvalued.
Key valuation signals for ASX:WAX:
EV-to-FCF: 12.47 (249% above median its 10-year median of 3.57)
GF Value™: A$0.01 vs. price of A$1.09 (10750% above fair value)
Industry Position: 14.4% below the Asset Management median (#409 of 937)
No single metric tells the full story. See the ASX:WAX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
WAM Research Ltd is engaged in making investments in listed companies, including cash, term deposits, and equity investments. The company's investment objectives are to deliver a stream of fully franked dividends and to achieve a high real rate of return, comprising both income and capital growth, within the risk parameters acceptable.
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