Wam Research Ltd (WAX) - Net Assets

Latest as of June 2025: AU$226.21 Million AUD ≈ $160.06 Million USD

Based on the latest financial reports, Wam Research Ltd (WAX) has net assets worth AU$226.21 Million AUD (≈ $160.06 Million USD) as of June 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (AU$243.28 Million ≈ $172.14 Million USD) and total liabilities (AU$17.07 Million ≈ $12.08 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Wam Research Ltd (WAX) strategic asset index to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	AU$226.21 Million
% of Total Assets	92.98%
Annual Growth Rate	1.66%
5-Year Change	-4.0%
10-Year Change	8.35%
Growth Volatility	12.55

Wam Research Ltd - Net Assets Trend (2004–2025)

This chart illustrates how Wam Research Ltd's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see WAX company net worth.

Annual Net Assets for Wam Research Ltd (2004–2025)

The table below shows the annual net assets of Wam Research Ltd from 2004 to 2025. Also explore Wam Research Ltd (WAX) net asset momentum to track the company's year-over-year net asset growth rate.

Year	Net Assets	Change
2025-06-30	AU$226.21 Million ≈ $160.06 Million	+5.38%
2024-06-30	AU$214.66 Million ≈ $151.89 Million	+7.80%
2023-06-30	AU$199.14 Million ≈ $140.90 Million	+0.16%
2022-06-30	AU$198.83 Million ≈ $140.68 Million	-15.62%
2021-06-30	AU$235.63 Million ≈ $166.72 Million	+18.53%
2020-06-30	AU$198.80 Million ≈ $140.66 Million	-10.45%
2019-06-30	AU$222.00 Million ≈ $157.08 Million	-5.54%
2018-06-30	AU$235.02 Million ≈ $166.29 Million	+4.63%
2017-06-30	AU$224.62 Million ≈ $158.93 Million	+7.59%
2016-06-30	AU$208.77 Million ≈ $147.72 Million	+12.14%
2015-06-30	AU$186.17 Million ≈ $131.73 Million	+25.32%
2014-06-30	AU$148.56 Million ≈ $105.11 Million	+22.02%
2013-06-30	AU$121.75 Million ≈ $86.15 Million	+12.51%
2012-06-30	AU$108.22 Million ≈ $76.57 Million	-2.89%
2011-06-30	AU$111.44 Million ≈ $78.85 Million	+6.20%
2010-06-30	AU$104.94 Million ≈ $74.25 Million	-2.33%
2009-06-30	AU$107.44 Million ≈ $76.02 Million	-6.62%
2008-06-30	AU$115.06 Million ≈ $81.41 Million	-26.79%
2007-06-30	AU$157.16 Million ≈ $111.20 Million	+13.58%
2006-06-30	AU$138.37 Million ≈ $97.90 Million	-4.51%
2005-06-30	AU$144.89 Million ≈ $102.52 Million	-9.40%
2004-06-30	AU$159.93 Million ≈ $113.16 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Wam Research Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 194.9% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (June 2025)

Component	Amount	Percentage
Common Stock	AU$228.96 Million	101.22%
Other Comprehensive Income	AU$-7.49K	0.00%
Total Equity	AU$226.21 Million	100.00%

Wam Research Ltd Competitors by Market Cap

The table below lists competitors of Wam Research Ltd ranked by their market capitalization.

Company	Market Cap
Cheops Technology France SA PA:MLCHE	$127.65 Million
Ryder Capital Ltd AU:RYD	$127.67 Million
Garuda Maintenance Facility AeroAsia Tbk PT JK:GMFI	$127.67 Million
City Lodge Hotels Ltd JSE:CLH	$127.68 Million
Ikegps Group Ltd AU:IKE	$127.57 Million
FACT II Acquisition Corp. Class A Ordinary Shares NASDAQ:FACT	$127.56 Million
Electrotherm (India) Limited NSE:ELECTHERM	$127.54 Million
Paramita Bangun Sarana Tbk PT JK:PBSA	$127.45 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Wam Research Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 214,664,486 to 226,209,496, a change of 11,545,010 (5.4%).
Net income of 28,486,073 contributed positively to equity growth.
Dividend payments of 17,232,150 reduced retained earnings.
Other comprehensive income decreased equity by 67,063,292.
Other factors increased equity by 67,354,379.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	AU$28.49 Million	+12.59%
Dividends Paid	AU$17.23 Million	-7.62%
Other Comprehensive Income	AU$-67.06 Million	-29.65%
Other Changes	AU$67.35 Million	+29.78%
Total Change	AU$-	5.38%

Book Value vs Market Value Analysis

This analysis compares Wam Research Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.79x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 1.08x to 0.79x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-06-30	AU$0.80	AU$0.87	x
2005-06-30	AU$0.73	AU$0.87	x
2006-06-30	AU$0.70	AU$0.87	x
2007-06-30	AU$0.79	AU$0.87	x
2008-06-30	AU$0.58	AU$0.87	x
2009-06-30	AU$0.54	AU$0.87	x
2010-06-30	AU$0.53	AU$0.87	x
2011-06-30	AU$0.56	AU$0.87	x
2012-06-30	AU$0.54	AU$0.87	x
2013-06-30	AU$0.61	AU$0.87	x
2014-06-30	AU$0.75	AU$0.87	x
2015-06-30	AU$0.94	AU$0.87	x
2016-06-30	AU$1.05	AU$0.87	x
2017-06-30	AU$1.13	AU$0.87	x
2018-06-30	AU$1.18	AU$0.87	x
2019-06-30	AU$1.12	AU$0.87	x
2020-06-30	AU$1.00	AU$0.87	x
2021-06-30	AU$1.18	AU$0.87	x
2022-06-30	AU$1.00	AU$0.87	x
2023-06-30	AU$1.00	AU$0.87	x
2024-06-30	AU$1.06	AU$0.87	x
2025-06-30	AU$1.10	AU$0.87	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Wam Research Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 12.59%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 61.56%
• Asset Turnover: 0.19x
• Equity Multiplier: 1.08x
Recent ROE (12.59%) is above the historical average (6.58%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	2.82%	56.60%	0.05x	1.03x	AU$-11.49 Million
2005	3.32%	59.69%	0.05x	1.03x	AU$-9.68 Million
2006	4.01%	65.89%	0.06x	1.04x	AU$-8.29 Million
2007	4.77%	70.39%	0.06x	1.09x	AU$-8.22 Million
2008	5.60%	60.14%	0.09x	1.00x	AU$-5.06 Million
2009	1.93%	34.83%	0.06x	1.00x	AU$-8.67 Million
2010	3.81%	74.56%	0.05x	1.01x	AU$-6.49 Million
2011	8.45%	17.99%	0.46x	1.02x	AU$-1.73 Million
2012	1.81%	2.64%	0.67x	1.02x	AU$-8.87 Million
2013	13.70%	16.90%	0.79x	1.03x	AU$4.51 Million
2014	10.65%	68.33%	0.15x	1.06x	AU$961.02K
2015	10.45%	67.87%	0.14x	1.07x	AU$846.29K
2016	12.53%	67.99%	0.17x	1.10x	AU$5.28 Million
2017	6.94%	67.46%	0.10x	1.02x	AU$-6.87 Million
2018	9.19%	68.10%	0.13x	1.06x	AU$-1.90 Million
2019	0.73%	52.72%	0.01x	1.04x	AU$-20.59 Million
2020	-3.94%	0.00%	-0.05x	1.04x	AU$-27.72 Million
2021	22.19%	63.51%	0.31x	1.12x	AU$28.72 Million
2022	-10.41%	0.00%	-0.14x	1.03x	AU$-40.58 Million
2023	8.46%	65.35%	0.13x	1.02x	AU$-3.06 Million
2024	15.13%	59.86%	0.23x	1.09x	AU$11.00 Million
2025	12.59%	61.56%	0.19x	1.08x	AU$5.87 Million

Industry Comparison

This section compares Wam Research Ltd's net assets metrics with peer companies in the Asset Management industry.

Industry Context

Industry: Asset Management
Average net assets among peers: $929,378,316
Average return on equity (ROE) among peers: 11.77%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Wam Research Ltd (WAX)	AU$226.21 Million	2.82%	0.08x	$127.58 Million
Acorn Capital Investment Fund Ltd (ACQ)	$97.27 Million	3.12%	0.02x	$57.41 Million
Australian Ethical Investment Ltd (AEF)	$15.31 Million	33.19%	0.51x	$333.44 Million
Australian Foundation Investment Company Ltd (AFI)	$1.92 Billion	4.89%	0.10x	$5.73 Billion
Alternative Investment Trust (AIQ)	$0.00	0.00%	0.00x	$33.44 Million
Argo Global Listed Infrastructure Ltd (ALI)	$417.88 Million	2.30%	0.04x	$329.25 Million
Amcil Ltd (AMH)	$3.45 Billion	-1.39%	0.80x	$199.18 Million
Associate Global Partners Ltd (APL)	$864.08K	9.22%	0.04x	$10.38 Million
Ariadne Australia Ltd (ARA)	$179.97 Million	43.89%	0.05x	$64.62 Million
ARC Funds Ltd (ARC)	$7.44 Million	17.23%	0.01x	$3.50 Million
Argo Investments Ltd (ARG)	$3.21 Billion	5.21%	0.09x	$4.93 Billion

About Wam Research Ltd

AU:WAX Australia Asset Management

Market Cap

$127.58 Million

AU$180.31 Million AUD

Market Cap Rank

#18369 Global

#571 in Australia

Share Price

AU$0.87

Change (1 day)

+1.76%

52-Week Range

AU$0.85 - AU$1.35

All Time High

AU$1.43