WW International, Inc. (WW)
NASDAQ:WW
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WW International, Inc.
(NASDAQ:WW)
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Rating:47Neutral
Price Target:
$12.00
▼(-45.18% Downside)
Action:ReiteratedDate:04/07/26
The score is held down primarily by weak financial quality (negative cash generation, thin operating profitability, and a historically stressed balance sheet) and very bearish technicals. These are partially offset by a very low P/E and a cautiously constructive earnings-call outlook driven by clinical product momentum and guidance, though legacy subscriber declines and near-term cash/interest pressures remain key risks.
Positive Factors
Clinical subscriber momentum
Rapid clinical subscriber growth signals durable product-market fit for the higher‑margin Med+ offering. Sustained clinical adoption diversifies revenue away from the shrinking behavioral base, supports higher ARPU and recurring cash flow, and underpins a multi-quarter pathway to scale clinical revenue.
Negative Factors
Legacy behavioral subscriber decline
The core behavioral business is in secular decline, eroding the large recurring revenue base that historically funded marketing and product R&D. Persistent subscriber attrition creates a structural revenue headwind, forcing higher marketing investment and reliance on clinical monetization to offset lost recurring revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical subscriber momentum
Rapid clinical subscriber growth signals durable product-market fit for the higher‑margin Med+ offering. Sustained clinical adoption diversifies revenue away from the shrinking behavioral base, supports higher ARPU and recurring cash flow, and underpins a multi-quarter pathway to scale clinical revenue.
Read all positive factors
WW International, Inc. (WW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$106.96M
Dividend YieldN/A
Average Volume (3M)347.71K
Price to Earnings (P/E)0.3
Beta (1Y)1.20
Revenue Growth-9.32%
EPS GrowthN/A
CountryUS
Employees3,700
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)-0.58
Shares Outstanding9,996,468
10 Day Avg. Volume417,706
30 Day Avg. Volume347,709
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.92
Price to Sales (P/S)0.41
P/FCF Ratio-6.30
Enterprise Value/Market Cap3.91
Enterprise Value/Revenue0.59
Enterprise Value/Gross Profit0.82
Enterprise Value/Ebitda0.34
Forecast
1Y Price Target
$21.00Price Target Upside-4.07% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.42
Revenue Forecast (FY)$629.07M
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 lif...
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/o...
WW International, Inc. Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presents a constructive transformation story: the company materially strengthened its balance sheet, exceeded 2025 guidance, and showed strong early traction in its higher-margin clinical Med+ offering (notable subscriber growth, ARPU expansion, high gross margins and improving member outcomes). These positives are tempered by clear ongoing pressure in the legacy behavioral business (substantial subscriber declines and revenue contraction), front-loaded marketing and seasonality causing near-term cash use, interest costs on a new term loan, and transition-related distortions. On balance, the operational and clinical momentum, improved margins, and meaningful debt reduction outweigh the near-term headwinds, supporting a cautiously optimistic outlook for 2026.Positive Updates
Beat 2025 Guidance
Company beat previously provided 2025 revenue and adjusted EBITDA guidance, signaling stronger-than-expected execution following Chapter 11 reorganization.
Negative Updates
Quarterly Revenue Decline
Total revenue in Q4 was $163 million, down 12% year-over-year, reflecting a mix shift and declines in legacy behavioral revenue.
Read all updates
Q4-2025 Updates
Positive
Negative
Beat 2025 Guidance
Company beat previously provided 2025 revenue and adjusted EBITDA guidance, signaling stronger-than-expected execution following Chapter 11 reorganization.
Read all positive updates
Company Guidance
Guidance for fiscal 2026 calls for revenue of $620–$635 million and adjusted EBITDA of $105–$115 million, with marketing spend expected to increase modestly as a percent of revenue and ~40–45% of full‑year marketing front‑loaded into Q1; 2026 net cash taxes are expected to be $5–$10 million, product development run‑rate similar to H2 2025, modest SG&A savings (headquarters lease exit), and capex expected to begin returning toward historical levels. Management expects end‑of‑period clinical subscribers to be ~200,000 in Q1 (roughly 100% YoY on a compounding‑adjusted basis) and behavioral subscribers to be ~2.45 million at Q1 end (≈26% YoY decline), noting Q4 end‑period clinical subscribers were 130,000 and behavioral subs were 2.6 million, and that 2025’s subscriber mix creates an opening subscription revenue headwind in 2026 of ≈$50 million (with ~$20 million of 2025 revenue from the former compounded semaglutide offering). Recent Q4 metrics underpin the outlook: total Q4 revenue was $163 million (down 12% YoY), clinical revenue grew 32% while behavioral fell 17%, adjusted gross margin was 74.4%, Q4 adjusted EBITDA was $18 million (11.1% margin), ARPU rose 8% YoY to $18.73 (clinical ARPU remains >4x behavioral; Core+ price ~2x Core and ~20% of behavioral base), Q4 cash was $160 million (Q3 $170M), quarterly interest on the term loan was ~$13 million, Q4 capex was $7 million, the term loan balance is $465 million at SOFR + 680 bps maturing June 24, 2030, and any excess cash above $100 million based on the last 10 days of Q1 would trigger required prepayments (due June 24, 2026); management cautions Q1 will show meaningful cash use due to peak marketing.WW International, Inc. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
22
Negative
| 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 | 510.50M | 533.10M | 529.30M | 621.38M | 726.67M |
| EBITDA | 1.22B | -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 | 468.62M | 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 | -46.38M | -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. Risk Analysis
WW International, Inc. disclosed 39 risk factors in its most recent earnings report. WW International, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
WW International, Inc. Peers Comparison
UnderperformOutperform
Sector (61)
WW
WW International, Inc.
10.70
-19.50
-64.57%
MED
Medifast
10.06
-2.86
-22.14%
MRM
MEDIROM Healthcare Technologies
1.11
0.15
15.63%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.