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WW

WW International, Inc.

WW

WW International, Inc. • NASDAQ
$28.37 ▲ 3.16% (+0.87)
Market Cap $283.33 M
52w High $46.95
52w Low $20.53
Dividend Yield 0%
P/E 2.09
Volume 112.92K
Outstanding Shares 9.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $170.929M ▼ $116.076M ▲ $-57.516M ▼ -33.649% ▼ $-5.76 ▼ $16.848M ▼
Q2-2025 $176.997M ▼ $89.104M ▼ $1.191B ▲ 672.716% ▲ $14.81 ▲ $1.19B ▲
Q1-2025 $186.571M ▲ $153.077M ▲ $-72.585M ▼ -38.905% ▼ $-0.91 ▼ $-15.493M ▼
Q4-2024 $184.413M ▼ $92.291M ▼ $25.123M ▲ 13.623% ▲ $0.31 ▲ $49.091M ▲
Q3-2024 $192.887M $168.541M $-46.192M -23.948% $-0.58 $-35.76M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $177.566M ▲ $968.752M ▼ $645.763M ▼ $322.989M ▼
Q2-2025 $152.379M ▼ $1.033B ▲ $652.149M ▼ $380.969M ▲
Q1-2025 $236.346M ▲ $696.873M ▲ $1.88B ▲ $-1.183B ▼
Q4-2024 $53.024M ▼ $550.276M ▼ $1.665B ▼ $-1.114B ▲
Q3-2024 $57.181M $562.353M $1.691B $-1.129B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-57.516M ▼ $-3.09M ▲ $-4.519M ▼ $0 ▲ $-7.861M ▲ $-3.096M ▲
Q2-2025 $1.192B ▲ $-37.913M ▼ $-3.354M ▼ $-17.35M ▼ $-55.64M ▼ $-37.995M ▼
Q1-2025 $-72.585M ▼ $14.998M ▲ $-3.175M ▲ $171.248M ▲ $184.6M ▲ $11.823M ▲
Q4-2024 $25.123M ▲ $4.607M ▼ $-3.192M ▼ $-208K ▼ $-661K ▼ $1.415M ▼
Q3-2024 $-46.191M $16.529M $-3.112M $-3K $14.472M $13.417M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription
Subscription
 $180.00M ▲$190.00M ▲$180.00M ▼$180.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been shrinking steadily over the past several years, while gross profit has held up better, suggesting the core service still carries healthy pricing but is being spread over a smaller customer base. Profitability has deteriorated: operating income has swung from meaningful profits earlier in the period to a clear loss most recently, and net income has been negative for three years in a row with losses deepening in the latest year. That pattern points to a company in the middle of a costly strategic shift and restructuring, where spending on transformation, marketing, and clinical integration is not yet matched by revenue growth. The income statement shows a real need for WW to either re‑accelerate growth or further reshape its cost base to reach sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet is pressured. Total assets have declined quite a bit over the period, and the cash cushion has thinned meaningfully. Debt remains high and only modestly lower than a few years ago, while shareholders’ equity has been negative throughout and has moved further into the red most recently. Negative equity is not unusual for highly leveraged, asset‑light brands, but it does mean there is little balance‑sheet buffer and a greater dependence on stable cash flow and lender support. Overall, leverage is elevated, financial flexibility appears limited, and the room for operational missteps is narrow.

Cash Flow

Cash Flow Cash generation has weakened. The business used to produce reasonably solid operating cash flow, but this has trended down and has recently turned slightly negative, indicating the operations are no longer clearly self‑funding. Free cash flow followed a similar pattern: positive in earlier years, briefly dipping, recovering, and then slipping back into negative territory. Capital spending itself is low, so the strain comes mainly from the core business performance rather than heavy investment. Combined with the smaller cash balance, this underscores the importance of restoring positive, dependable cash flow to comfortably service debt and fund ongoing innovation.

Competitive Edge

Competitive Edge WW still benefits from a long‑standing, trusted brand in weight management and a very large member community, which together create real stickiness and word‑of‑mouth strength. Its shift to a hybrid model—combining behavioral coaching, digital tools, and access to clinical care and weight‑loss medications—gives it a differentiated position versus pure diet apps or pure telehealth providers. However, the broader market is changing quickly, with many digital‑only competitors and new GLP‑1‑focused offerings. WW’s challenge is to prove that its combined behavioral and medical approach delivers better outcomes and keeps members engaged long enough to offset churn and pricing pressure. Brand and community are clear strengths; execution in this new clinical era is the key uncertainty.

Innovation and R&D

Innovation and R&D Innovation is a bright spot. WW has moved decisively beyond in‑person meetings into an AI‑enabled digital platform with personalized points, photo‑based food logging, and deeper nutrition insights. The acquisition of Sequence and integration of clinician‑guided weight‑loss medication programs significantly expand its capabilities and align WW with the medical side of obesity care. The company is also exploring more specialized programs, such as women’s health and employer or partner channels. These initiatives could increase relevance and pricing power, but they also add complexity, regulatory considerations, and upfront cost. The main question is whether these innovations translate into durable subscriber growth and better unit economics rather than just higher near‑term spending.

Summary

WW is in the middle of a major strategic transition: from a traditional, workshop‑centric diet brand to a digitally driven, clinically integrated weight‑management platform. Strategically, the company has notable strengths—an iconic brand, a large community, and increasingly sophisticated digital and clinical offerings. Financially, however, it is under strain: revenue has been drifting down, profits have turned into losses, cash generation has weakened, and leverage remains high with negative equity. The story is now largely about execution risk: can WW stabilize and grow its subscriber base, especially in higher‑value clinical programs, while managing costs and servicing its debt? If it succeeds, the model could look much stronger and more diversified; if progress is slow, the current balance‑sheet and cash‑flow profile leave limited room for error.

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