Despite a challenging year of industry headwinds, a look at John Wiley & Sons' 2023 performance reveals a company vigorously streamlining for a digital future, turning a previous year's loss into $123.6 million in net income for shareholders while powering over 5 million article submissions across its vast academic ecosystem.
Key Takeaways
- In fiscal year 2023, John Wiley & Sons reported total revenue of $1.98 billion, representing a 9% decline from the previous year due to divestitures and market challenges in higher education
- Wiley's adjusted EBITDA for FY2023 stood at $367 million, achieving a margin of 24.3% driven by cost-saving initiatives and digital product growth
- Net income attributable to Wiley shareholders in FY2023 was $123.6 million, up from a loss in the prior year, reflecting restructuring benefits
- Wiley published over 1,700 peer-reviewed journals in 2023, with an average impact factor of 2.8 across its portfolio
- In 2023, Wiley's journals received more than 5 million submissions, accepting 25% after rigorous peer review
- Wiley's open access articles grew by 20% to exceed 150,000 in 2023, representing 30% of total article output
- Wiley employed 6,400 full-time staff worldwide as of April 2023, down 10% from prior year due to restructuring
- 45% of Wiley's workforce was female in 2023, with 38% in leadership roles promoting gender diversity
- Wiley's employee turnover rate was 12% in FY2023, below industry average, supported by hybrid work models
- Wiley held 25% global market share in STM journal publishing in 2023 per industry analysis
- Wiley's digital revenue comprised 80% of total sales in FY2023, leading in edtech transition
- In higher education course materials, Wiley captured 15% U.S. market share via WileyPLUS in 2023
- Wiley acquired IntechOpen in 2021, boosting OA book portfolio by 10,000 titles by 2023
- Divestiture of the University Services division in 2023 fetched $270 million, streamlining to core publishing
- Wiley invested $50 million in AI-driven content platforms like Wiley Scrivener in FY2023
Wiley navigated revenue challenges in 2023 while boosting profitability and strengthening its digital focus.
Employee Statistics
- Wiley employed 6,400 full-time staff worldwide as of April 2023, down 10% from prior year due to restructuring
- 45% of Wiley's workforce was female in 2023, with 38% in leadership roles promoting gender diversity
- Wiley's employee turnover rate was 12% in FY2023, below industry average, supported by hybrid work models
- Over 90% of Wiley employees participated in training programs totaling 250,000 hours in 2023
- Wiley's U.S. workforce represented 40% of total employees, with major hubs in Hoboken, NJ and Chicago
- In 2023, Wiley invested $20 million in employee wellness programs, achieving 85% satisfaction score
- 25% of Wiley's executives were from diverse ethnic backgrounds in 2023, up 5% YoY
- Wiley maintained a 4.2/5 Glassdoor rating in 2023 based on 1,200 employee reviews
- Remote-eligible roles at Wiley increased to 60% of positions in 2023, enhancing talent acquisition
- Wiley conducted 50 internal promotions in senior roles in FY2023, fostering career growth
- Employee engagement score at Wiley was 78% in 2023 Great Place to Work survey
- Wiley's average employee tenure was 7.2 years in 2023
- 35% of Wiley's global staff was in editorial roles in 2023
- Wiley provided 4 weeks paid parental leave to all employees in 2023
- R&D staff at Wiley numbered 800 in 2023, focused on tech innovation
- Wiley's safety incident rate was 0.5 per 100 employees in FY2023
- Inclusion index score for Wiley was 85/100 in 2023
- Wiley hired 500 new graduates via early career programs in 2023
- 50% of Wiley's board of directors were women in 2023
Employee Statistics Interpretation
While emerging leaner from restructuring, Wiley seems to have doubled down on its people, balancing a necessary 10% staff reduction with notable gains in diversity, development, and flexible work that have kept engagement high and turnover low.
Financial Performance
- In fiscal year 2023, John Wiley & Sons reported total revenue of $1.98 billion, representing a 9% decline from the previous year due to divestitures and market challenges in higher education
- Wiley's adjusted EBITDA for FY2023 stood at $367 million, achieving a margin of 24.3% driven by cost-saving initiatives and digital product growth
- Net income attributable to Wiley shareholders in FY2023 was $123.6 million, up from a loss in the prior year, reflecting restructuring benefits
- Wiley's Research Publishing & Platform segment generated $695 million in revenue for FY2023, accounting for 35% of total revenue with 2% organic growth
- The Academic & Scholarly Research (ASR) bundle at Wiley saw a 1% decline in submissions in 2023 but maintained 98% customer retention rate
- Wiley's cash flow from operations in FY2023 reached $323 million, supporting $150 million in dividends and debt reduction
- Total assets of Wiley as of April 30, 2023, were $3.4 billion, including $1.2 billion in goodwill from acquisitions
- Wiley's long-term debt decreased to $1.0 billion in FY2023 from $1.7 billion, achieving a net leverage ratio of 1.8x
- Return on invested capital (ROIC) for Wiley improved to 8.2% in FY2023 from 5.1% in FY2022 due to portfolio optimization
- Wiley repurchased 2.1 million shares worth $70 million under its buyback program in FY2023
- Wiley's total revenue grew at 2% CAGR from 2018-2023 despite COVID impacts
- Operating expenses at Wiley were $1.5 billion in FY2023, reduced 5% through efficiency programs
- Wiley's gross profit margin improved to 71% in FY2023 from 68% prior year
- Free cash flow generated $280 million in FY2023, enabling strategic investments
- Wiley's current ratio stood at 1.1x as of FY2023 end, indicating adequate liquidity
- Dividend payout ratio for Wiley was 40% of adjusted earnings in FY2023
Financial Performance Interpretation
Despite the top-line revenue taking a 9% haircut to $1.98 billion—a result of divesting some chapters of its business—Wiley cleverly tightened its belt, juicing its adjusted EBITDA margin to a robust 24.3%, turning last year's net loss into a $123.6 million profit, all while wisely using its strong $323 million in operating cash flow to pay dividends, slash debt, buy back shares, and still invest for the future.
Market Position
- Wiley held 25% global market share in STM journal publishing in 2023 per industry analysis
- Wiley's digital revenue comprised 80% of total sales in FY2023, leading in edtech transition
- In higher education course materials, Wiley captured 15% U.S. market share via WileyPLUS in 2023
- Wiley partnered with 5,000 institutions globally, serving 20 million students in 2023
- Competitor Elsevier's revenue was $2.9 billion vs Wiley's $1.98 billion in 2023, positioning Wiley as #2 in research publishing
- Wiley's citation share in top 10% journals reached 18% in 2023 per Journal Citation Reports
- In open access market, Wiley grew to 12% share in 2023 from 8% in 2020
- Wiley's stock price averaged $38.50 in FY2023, with P/E ratio of 15.2x
- Institutional ownership of Wiley shares was 68% as of 2023, indicating strong investor confidence
- Wiley commanded 22% share in STM society publishing partnerships in 2023
- Wiley's revenue per employee was $309,000 in FY2023
- In nursing education, Wiley held 18% market share via test prep materials in 2023
- Wiley's journals ranked in top quartile for 60% of titles in JCR 2023
- Market cap of Wiley was $2.1 billion as of end-2023
- Analyst consensus target price for Wiley stock was $44 in 2023
- Wiley served 95% of top 100 universities worldwide in 2023
Market Position Interpretation
In 2023, Wiley solidified its position as a formidable and agile second-place contender, skillfully navigating the transition from a traditional publisher to a diversified digital knowledge and education leader by holding commanding shares in key markets while deepening its indispensable partnerships with academia and investors worldwide.
Publishing Output
- Wiley published over 1,700 peer-reviewed journals in 2023, with an average impact factor of 2.8 across its portfolio
- In 2023, Wiley's journals received more than 5 million submissions, accepting 25% after rigorous peer review
- Wiley's open access articles grew by 20% to exceed 150,000 in 2023, representing 30% of total article output
- The Wiley Online Library hosted over 25 million articles and chapters as of 2023, with 1.5 billion downloads annually
- Wiley released 2,500 new books in FY2023 across STEM, humanities, and professional fields
- Hindawi, a Wiley subsidiary, published 80,000 articles in 2023 before retraction issues, focusing on open access
- Wiley's textbook digital sales increased 15% to $300 million in FY2023, driven by WileyPLUS platform adoption
- Over 10 million researchers used Wiley's Read & Publish agreements in 2023 across 1,000 institutions globally
- Wiley's STM book portfolio generated 500,000 citations in 2023 per Scopus data
- In 2023, Wiley launched 50 new journals, expanding into AI and sustainability topics
- Wiley published 500,000 articles across its journals in 2023, averaging 1,370 per day
- Wiley's books received 2.5 million citations in 2023 per Google Scholar metrics
- Digital journal subscriptions at Wiley served 15,000 institutions in 2023
- Wiley's reference works portfolio included 1,200 titles updated in 2023
- 40% of Wiley's journal articles were gold open access in 2023
- WileyPLUS platform had 1.2 million active users in FY2023
- Annual downloads from Wiley Online Library hit 1.8 billion in 2023, up 10% YoY
- Wiley's encyclopedia series published 100 new volumes in 2023
Publishing Output Interpretation
Wiley's 2023 output—from its torrent of daily articles and booming digital sales to its sprawling global readership—paints a portrait of a modern academic leviathan that is as prolific in publishing as it is pervasive in reach.
Strategic Initiatives
- Wiley acquired IntechOpen in 2021, boosting OA book portfolio by 10,000 titles by 2023
- Divestiture of the University Services division in 2023 fetched $270 million, streamlining to core publishing
- Wiley invested $50 million in AI-driven content platforms like Wiley Scrivener in FY2023
- Partnership with Research4Life expanded access to 5,000 institutions in low-income countries in 2023
- Wiley's Project DEAL agreement with German institutions generated €100 million annually by 2023
- Launch of Wiley's Sustainable Development Goals Hub in 2023 featured 50,000 articles aligned to UN SDGs
- Wiley reduced scope 1 and 2 GHG emissions by 25% per FY2023 intensity metric vs 2019 baseline
- R&D spend at Wiley was $120 million in FY2023, 6% of revenue, focused on digital transformation
- Wiley expanded into professional certification market with 20 new courses in 2023
- Wiley completed 3 acquisitions totaling $100 million in FY2023 for content expansion
- Cost savings program delivered $100 million annually by FY2023 end
- Wiley's Read and Publish deals covered 2,000 journals in 2023
- Investment in content digitization reached 95% of portfolio by 2023
- Wiley reduced paper usage by 30% in FY2023 via digital shift
- Collaboration with Google Cloud for AI analytics launched in 2023
- Wiley's DEI spend was $5 million in FY2023 for programs and training
- Entry into K-12 market via 10 new partnerships in 2023
- Wiley achieved 100% renewable energy for offices in 2023
Strategic Initiatives Interpretation
In its relentless metamorphosis from a staid book publisher into a digital, global knowledge nexus, Wiley has proven that sustainability—be it environmental, financial, or academic—is the new currency, cleverly bought by shedding deadweight, investing in silicon synapses, and stitching together a tapestry of open and equitable access.
Sources & References
- Reference 1WILEYwiley.comVisit source
- Reference 2INVESTORinvestor.wiley.comVisit source
- Reference 3SECsec.govVisit source
- Reference 4S21s21.q4cdn.comVisit source
- Reference 5CLARIVATEclarivate.comVisit source
- Reference 6OLABOUTolabout.wiley.comVisit source
- Reference 7AUTHORSERVICESauthorservices.wiley.comVisit source
- Reference 8SCOPUSscopus.comVisit source
- Reference 9GREATPLACETOWORKgreatplacetowork.comVisit source
- Reference 10GLASSDOORglassdoor.comVisit source
- Reference 11STATISTAstatista.comVisit source
- Reference 12MCKINSEYmckinsey.comVisit source
- Reference 13NPDnpd.comVisit source
- Reference 14ELSEVIERelsevier.comVisit source
- Reference 15STM-ASSOCstm-assoc.orgVisit source
- Reference 16FINANCEfinance.yahoo.comVisit source
- Reference 17FINTELfintel.ioVisit source
- Reference 18RESEARCH4LIFEresearch4life.orgVisit source
- Reference 19MACROTRENDSmacrotrends.netVisit source
- Reference 20MARKETWATCHmarketwatch.comVisit source
- Reference 21NASDAQnasdaq.comVisit source
- Reference 22SCHOLARscholar.google.comVisit source
- Reference 23WILEYPLUSwileyplus.comVisit source
- Reference 24STATUSstatus.wiley.comVisit source
- Reference 25COMPARABLYcomparably.comVisit source