John Wiley & Sons, Inc. (NYSE: WLY)

John Wiley & Sons, Inc. is a global leader in research and learning, operating in the publishing industry. The company provides content, services, platforms, and knowledge networks tailored to meet the evolving needs of researchers, students, instructors, professionals, institutions, and corporations. Wiley's offerings span scientific, technical, medical, and scholarly journals, as well as educational materials and professional development resources. The company is predominantly digital, with 83% of its Adjusted Revenue for fiscal year 2025 generated by digital products and services.

Wiley generates revenue through a diverse portfolio of products and services. Its primary offerings include over 1,800 scientific, technical, medical, and scholarly journals, digital courseware, assessments, and professional publishing. The company's customer base is broad, encompassing academic institutions, corporate entities, government agencies, and individual professionals. Wiley's revenue model includes subscription-based services, open access publishing, and licensing agreements, with a significant portion of its revenue being recurring.

• Research: This segment includes Research Publishing and Research Solutions. Research Publishing offers over 1,800 journals and related content, catering to researchers, professionals, and learners. Key products include Journal Subscriptions, Transformational Agreements, Open Access journals, and The Cochrane Library. Research Solutions provides content platforms and services for corporations and societies, including advertising, recruitment platforms, and spectral database licenses. This segment serves academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers, technologists, scholarly and professional societies, and students and professors. It accounted for approximately 64% of Wiley's consolidated revenue in the year ended April 30, 2025, with a 32.1% Adjusted EBITDA margin.

• Learning: This segment includes Academic and Professional, offering scientific, professional, and education print and digital books, digital courseware, and assessment services. Key products include WileyPLUS, zyBooks, alta, Everything DiSC, The Five Behaviors, Leadership Practices Inventory, and PXT Select. The segment serves primary categories such as business and leadership, technology, behavioral health, engineering/architecture, science, and professional education. Products are sold to brick-and-mortar and online retailers, wholesalers, college bookstores, individual practitioners, corporations, distributor networks, and government agencies. Learning accounted for approximately 35% of Wiley's consolidated revenue in the year ended April 30, 2025, with a 37.4% Adjusted EBITDA margin.

• Held for Sale or Sold: This segment primarily includes non-core businesses that were classified as held-for-sale until the date of sale, as well as other businesses that were sold. This includes University Services, Wiley Edge, CrossKnowledge, and other businesses sold in fiscal years 2024 and 2023. This segment accounted for approximately 1% of Wiley's consolidated revenue in the year ended April 30, 2025, with a (20.6)% Adjusted EBITDA margin.

Wiley holds a strong position within the publishing industry, competing with key players such as Elsevier, Springer Nature, and Pearson. The company's competitive advantages include its extensive journal portfolio, long-term publishing alliances with prestigious societies, and a robust digital platform, Wiley Online Library. Wiley's performance in the 2024 release of the Journal Citation Reports remains strong, maintaining its top 3 position in terms of citations received. The company's strategic focus on expanding its publishing program, driving additional value in subscription-based models, and selectively scaling high-value digital content further solidifies its market position.

Wiley's customer base is diverse and global, including academic institutions, corporate entities, government agencies, and individual professionals. The company's products and services cater to a wide range of needs, from research and education to professional development. Wiley's commitment to environmental sustainability and inclusion and belonging further enhances its appeal to a broad spectrum of customers.