WW International, Inc. (WW) AI Stock Analysis

• Market Cap: $182.64M
• Dividend Yield: N/A
• Average Volume (3M): 230.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.73
• Revenue Growth: -9.32%
• EPS Growth: N/A
• Country: US
• Employees: 3,700
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Personal Products & Services
• EPS (TTM): -0.58
• Shares Outstanding: 9,996,468
• 10 Day Avg. Volume: 230,070
• 30 Day Avg. Volume: 230,947
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 0.41
• P/FCF Ratio: -10.07
• Enterprise Value/Market Cap: 2.69
• Enterprise Value/Revenue: 0.69
• Enterprise Value/Gross Profit: 1.06
• Enterprise Value/Ebitda: 4.14
• 1Y Price Target: $34.50
• Price Target Upside: 57.61% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.84
• Revenue Forecast (FY): $631.76M

• Rating: 43 Neutral
• Price Target: $18.00 ▼(-17.77% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held down primarily by weak financial performance (negative TTM operating and free cash flow, thin operating profitability, and a historically stressed balance sheet) and bearish technicals (price below key moving averages with negative MACD). The earnings call adds some support via strong clinic growth and higher-end guidance, but valuation signals are not informative due to the non-meaningful P/E and lack of dividend yield.

Positive Factors

Clinical subscriber growth

A 60% YoY increase in clinical subscribers reflects a structural shift toward a higher-engagement, higher-value segment. Clinical members typically have higher retention and monetization potential, diversifying revenue away from pressured behavioral subscriptions and improving long-term revenue mix stability.

Demonstrated clinical outcomes with GLP-1 users

Documented, strong long-term weight-loss results for members on GLP-1 medications bolster the company’s value proposition and clinical credibility. Durable efficacy supports member retention, premium product positioning, and differentiation versus non-clinical competitors over the medium term.

High adjusted EBITDA margin

A near-25% adjusted EBITDA margin indicates meaningful operating leverage in the model and the potential to sustain profitability even with top-line pressure. If maintained, this margin profile improves cash available for reinvestment and reduces reliance on external financing over time.

Negative Factors

Declining behavioral subscriber base

A 20% decline in core behavioral subscribers signals erosion in the company’s primary recurring revenue franchise. Given subscriptions drive the business, sustained attrition in the behavioral cohort materially pressures revenue stability and increases the reliance on clinical growth to offset losses.

Weak cash generation

Negative trailing twelve‑month operating and free cash flow show the company is not reliably converting earnings to cash. This undermines self-funding for product investment and marketing, heightens refinancing risk, and constrains the ability to scale digital transformation without external capital.

Historically stressed balance sheet

Multi-year negative shareholders’ equity through 2024 reflects past losses and leverage that limit financial flexibility. Even with recent TTM improvement, the history of negative equity increases refinancing and covenant risk, reducing the firm's buffer to absorb shocks or fund strategic initiatives.

WW International, Inc. Business Overview & Revenue Model

Company Description

WW International, Inc. provides weight management products and services worldwide. The company operates in four segments: North America, Continental Europe, United Kingdom, and Other. It offers a range of nutritional, activity, behavioral, and lifestyle tools and approaches products and services. The company also provides various digital subscription products to wellness and weight management business, which provide interactive and personalized resources that allow users to follow its weight management program through its app and Web-based products, including personal coaching and digital products; and allows members to inspire and support each other by sharing their experiences with other people on weight management and wellness journeys. In addition, it offers various consumer products, including bars, snacks, cookbooks, kitchen tools, and other products. Further, the company licenses its trademarks and other intellectual property in food, beverages, and other relevant consumer products and services, as well as provides publishing services. It offers products through e-commerce platforms and through partners. The company was formerly known as Weight Watchers International, Inc. and changed its name to WW International, Inc. in September 2019. WW International, Inc. was founded in 1961 and is headquartered in New York, New York.

How the Company Makes Money

WW primarily generates revenue from subscriptions/memberships to its weight management programs. The company’s core revenue stream is recurring fees paid by members for access to digital tools (e.g., tracking, content, and coaching features) and/or access to in-person workshops, depending on the membership tier and market availability. Revenue is therefore driven by subscriber acquisition, retention, and pricing/mix between digital-only and workshop-inclusive plans. WW may also earn revenue from other offerings such as branded products, licensing, or partnerships; null for specifics on significant partnerships or the precise contribution of non-subscription revenue streams because such details are not provided here.

WW International, Inc. Financial Statement Overview

Summary

Financial quality remains weak despite a TTM swing to reported profitability: revenue is still declining and operating margins are thin. Cash conversion is a major concern with negative TTM operating cash flow and free cash flow, and the balance sheet has been historically stressed (multi-year negative equity), limiting flexibility.

Income Statement

TTM (Trailing-Twelve-Months) shows a sharp swing to reported profitability (net margin ~151%), but operating profitability remains thin (EBIT margin ~1.7%) and revenue continues to decline (about -3.2%). Looking back at annual results, the business has been volatile with sizable losses in 2022–2024 and a multi-year revenue downtrend, partially offset by consistently strong gross margins (roughly 56%–72%). Overall: improved headline earnings in TTM, but the core earnings profile and top-line trajectory remain pressured.

Balance Sheet

Leverage and capital structure have been a persistent overhang: stockholders’ equity was negative in each annual period from 2020–2024, signaling a weak balance-sheet cushion. While TTM shows equity turning positive and total debt appearing very low versus equity, the prior years’ heavy debt load and negative equity highlight elevated financial risk and limited flexibility. Returns on equity are also erratic, reinforcing the instability of the underlying balance sheet picture.

Cash Flow

Cash generation is currently weak: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both negative, indicating the company is not translating reported profitability into cash. Annual cash flow has been inconsistent—strongly positive in 2020–2021 and 2022, then turning negative in 2023–2024—suggesting elevated volatility and reduced self-funding capacity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	710.64M	785.92M	889.55M	1.04B	1.21B
Gross Profit	461.58M	533.10M	529.30M	621.38M	726.67M
EBITDA	118.70M	-198.44M	74.73M	-241.86M	213.44M
Net Income	1.06B	-345.70M	-112.25M	-256.87M	67.13M
Balance Sheet
Total Assets	946.76M	550.28M	982.03M	1.03B	1.43B
Cash, Cash Equivalents and Short-Term Investments	160.28M	53.02M	109.37M	178.33M	153.79M
Total Debt	3.15M	1.48B	1.49B	1.51B	1.52B
Total Liabilities	628.69M	1.66B	1.74B	1.71B	1.89B
Stockholders Equity	318.07M	-1.11B	-761.09M	-685.78M	-456.40M
Cash Flow
Free Cash Flow	-28.98M	-33.25M	-29.61M	38.39M	119.63M
Operating Cash Flow	-28.90M	-16.84M	6.69M	76.65M	157.28M
Investing Cash Flow	-19.50M	-16.41M	-74.70M	-42.64M	-52.75M
Financing Cash Flow	153.90M	-17.34M	-2.75M	-4.72M	-111.54M

WW International, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MRM	58 Neutral	$9.96M	-0.60	48.22%	―	13.71%	―
WW	43 Neutral	$182.64M	-12.51	-2622.23%	―	-9.32%	―
MED	43 Neutral	$111.01M	-1.62	-8.89%	―	-36.29%	-96.65%